Metro Pacific Acquires Bonifacio Land LTCP's

August 24, 1999 PSE CIRCULAR FOR BROKERS NO. 2093-99 August 23, 1999 Press Release Metro Pacific Acquires Bonifacio Land LTCP's Metro Pacific Corporation (MPC) announced today that it has acquired approximately 34 per cent of the outstanding long-term commercial papers (LTCP) of 66 per cent owned Bonifacio Land Corporation, which were issued in 1996 for a total value of Pesos 3 billion. MPC's acquisition cost for the LTCP amounted to Pesos 1.4 billion, which included accrued interest to the time of the purchase, and will be booked as receivables from BLC. cd The LTCP's, which are convertible into shares of BLC in 2001, were issued as part of BLC's financing program for its 55 per cent interest in Fort Bonifacio Development Corporation (FBDC), the developer of the Fort Bonifacio Global City. The remaining 45 per cent of FBDC is owned by the Government's Bases Conversion and Development Authority. The acquisition of BLC's LTCPs forms part of MPC's continuing consolidated debt reduction program. It will also enable MPC, which is re-focusing its operations on its core property businesses, to maintain substantially its current level of control over BLC should the other LTCP holders elect for conversion when the paper matures. For further information, please contact: CORAZON P. GUIDOTE Group Vice President Metro Pacific Corporation Tel. No . 811-0367 IAN CHRISTOPHER WILSON Chief Financial Officer Metro Pacific Corporation Tel. No . 811-0021