Fort Bonifacio Reports First Half Profit of Pesos 1.3 billion

August 18, 1999 PSE CIRCULAR FOR BROKERS NO. 2051-99 PRESS RELEASE Fort Bonifacio Reports First Half Profit of Pesos 1.3 billion Fort Bonifacio Development Corporation (FBDC) today reported net income after tax of Pesos 1.3 billion for the first half of 1999 from revenues of Pesos 2.4 billion. This compares with Pesos 1.2 billion in net income in the same period last year from revenues of Pesos 2.5 billion. FBDC is 55 per cent held by Bonifacio Land Corporation, which in turn is owned 67 per cent by Metro Pacific Corporation. Total assets stood at P83.2 billion as at 30th June 1999, with shareholders' equity being P67.2 billion as of the same date. Net interest bearing debt amounted to only P500 million, resulting in a very low gearing ratio of .007 to 1. Majority of FBDC's revenues was derived from the sale of land in 1996, which is booked on a percentage completion basis for the 57-hectare first phase of the project known as the Big Delta. As of end June this year, Big Delta was 76 per cent complete, with full completion targeted by the end of the first quarter of next year. When completed, Big Delta can accommodate 2.9 million square metres (sqm) of gross floor area (GFA). This compares with the existing density of approximately 3.3 million sqm. of GFA at the Makati CBD. In May 1999, FBDC launched Bonifacio Ridge, a 25-year leasehold residential condominium project comprising four buildings with a total of 576 units that will be leased over 25 years for Pesos 4.5 million to Pesos 6.5 million each, depending on the unit's location and orientation. The size per unit is 113 sqm. The three-year project calls for the first two buildings to be built between September this year and early 2001, and the second two buildings to be constructed mid June 2001 and early 2002. Reservations have already been made for approximately 175 units in the first two buildings. Strong business traffic continued to be recorded at The Fort, FBDC's restaurant and entertainment complex, which opened in November last year. Construction will begin in the fourth quarter of an enlarged retail and entertainment center, which will increase the existing size of the Fort from 3,500 sqm to approximately 100,000 sqm by late 2001. FBDC President Ricardo Pascua said, "Momentum is fast building up in our Global City project at Fort Bonifacio. The country's largest retail and mall operators have expressed keen interest in participating in the build out of our retail and entertainment center; while our Bonifacio Ridge project has already drawn 175 reservations even before we break ground in September of this year. The weakness in the property sector has not been much of a problem for us as FBDC's working capital continues to be underpinned by the pre-sale of land during the peak of the property market in 1996. To date, FBDC has very little debt and is therefore properly hedged for the persistent tightness in the property market." For further information, please contact: Ronaldo Mayor Vice President-Marketing & Corporate Comm . Fort Bonifacio Development Corporation Tel. No.: 555-0216 /555-0001 Corazon P . Guidote Group Vice President Corporate Communication and Investor Relations Metro Pacific Corporation Tel No.: 811-0367/811-0053