PSE Circular for Brokers No. 1945-99

August 5, 1999 PSE CIRCULAR FOR BROKERS NO. 1945-99 Ms. Grace B. De Guia, Assistant Manager Ms. Raquel R. Angeles, Assistant Disclosure Department Philippine Stock Exchange 4th Floor, Philippine Stock Exchange Centre Exchange Road Ortigas Center Pasig City Dear Ms. Guia and Ms. Angeles METRO PACIFIC CORPORATION ("MPC") METROVET, INC . ("Metrovet") We refer to your facsimile of today requesting comments on the article featured in Business World entitled "Metro Pacific planning to sell Metrovet as well". MPC has communicated through various public media, including the 1998 Annual Report, that the group intends to focus primarily on property related businesses. As part of the restructuring, MPC will likely reduce its interest in certain of the other businesses outside of its property companies. Consistent with this strategy, MPC has reduced its interest in Smart and announced the disposal of Metro Bottled Water Corporation and Metrolab Industries, Inc. in 1999. During the press briefing held yesterday in respect of the interim results, Mr. Nazareno, MPC's President and CEO, indicated that Metrovet would be considered for possible disposal. At this time, however, any discussions with respect to the possible sale of the company are at a preliminary stage and it is not possible to determine whether these will proceed further or be concluded in the near future. We trust that this satisfactorily addresses the matter, however, should you require any additional information, please do not hesitate to contact us. LLphil Very truly yours, (SGD.) IAN WILSON Director