Metro Pacific Closes Sale of Metrolab to Sara Lee

August 4, 1999 PSE CIRCULAR FOR BROKERS NO. 1927-99 August 2, 1999 PRESS RELEASE Metro Pacific Closes Sale of Metrolab to Sara Lee Metro Pacific Corporation announced today that it has closed the Pesos 1.02 billion sale of Metrolab Industries, Inc. (MLI), which produces Eskinol and other leading skin care products to Sara Lee (Philippines), Inc., a subsidiary of the U.S. based personal care company. Metro Pacific will record an exceptional gain of approximately Pesos 350 million on the disposal, and will use the proceeds for its ongoing debt reduction program. Metrolab is known for its market-leading skin care products including Eskinol for women and Master for men; Block and White skin whitening products; and Purinse, a hand-sanitizing gel. Its products have domestic market shares of 49 per cent of the facial-care products market, 10 per cent share of the hand and body lotions market, and 10 per cent of the deodorants market. Sara Lee, on the other hand, is a global manufacturer and marketer of high-quality consumer products with annual sales of US$20 billion. Sara Lee operates in more than 40 countries, employs 139,000 people worldwide, and markets branded products in more than 140 nations. Sara Lee in the Philippines currently markets brands like Kiwi shoe care products, Hanes apparel, Sara Lee cakes and desserts, Sanex and Badedas bodycare, Ridsect insecticide and wide range of skin care and cosmetics products through its Direct Selling operations under the umbrella brand "House of Sara Lee". prLL For further details please contact: Corazon P. Guidote Group Vice President Corporate Communications and Investor Relations Metro Pacific Corporation 811-03-67 or 811-00-55