Metro Pacific Corporation to Dispose of Holland Pacific Paper, Inc.

July 30, 1998 PSE CIRCULAR FOR BROKERS NO. 1781-98 July 29, 1998 PRESS RELEASE METRO PACIFIC CORPORATION TO DISPOSE OF HOLLAND PACIFIC PAPER, INC . Metro Pacific Corporation ("MPC") today announced that it has signed an agreement to dispose of its interest in Holland Pacific Paper, Inc. ("Holland Pacific") at its carrying value. Holland Pacific, which is part of MPC's consumer products division, is involved in the manufacture of " Softee " and " Princess " bathroom and facial tissues, " Gem " and " Empress " table napkins, and " Superwipes " paper towels. The divestment, to one of the largest paper companies in Europe, will enable MPC's consumer products division to focus more on the continued development of its leading personal care and bottled water products. aisadc Mr. Napoleon L. Nazareno, President and Chief Executive Officer of MPC, commented " Holland Pacific has been able to develop a significant market share for its brands over the past several years, at the same time as the manufacturing operations were relocated to Cavite . Holland Pacific has experienced difficulties in returning to profitability following the significant changes in its operations ; however, the buyer's international network and expertise in this field should assist the company in its future development . The disposal will also allow the other companies in MPC's consumer products division to focus on the development of their leading products, including Eskinol facial astringent. and Wilkins distilled drinking water .