PSE Circular for Brokers No. 2335-98

October 9, 1998 PSE CIRCULAR FOR BROKERS NO. 2335-98 October 9, 1998 Ms . Eileen M. Lacorte Disclosure Department Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City Dear Ms. Lacorte : Thank you for your letter of today seeking clarification regarding allegations made in a story in yesterday's Business World about plans by First Pacific Company Limited to privatize Metro Pacific Corporation. This is but one more example of the kind of irresponsible rumor-mongering that continues to characterize our market. We have adopted the policy of not commenting to the media on rumors, because doing so only serves to dignify such speculation and potentially launch a guessing game that would not be conducive to our real work at hand, which is running our businesses in the optimal manner on behalf of our shareholders. LLpr As you have asked for formal clarification of this item, however, we can confirm that no privatization plan has been put forward by First Pacific. Rest assured we will duly comply with the reporting and disclosure requirements of both the Philippine Stock Exchange and the Securities and Exchange Commission so that press releases or any significant corporate developments for that matter will be brought to your attention before making any announcement to the general public. Very truly yours, (SGD.) CORAZON P. GUIDOTE Group Vice President Corporate Communications and Investor Relations