MPC Announces New Nenaco President and Coo

September 30, 1999 PSE CIRCULAR FOR BROKERS NO. 2467-99 MPC ANNOUNCES NEW NENACO PRESIDENT AND COO Metro Pacific Corporation (MPC) has announced that the Board of Directors of its 55 per cent subsidiary Negros Navigation Company, Inc. (Nenaco) approved the appointment of Mr. Francis G. Gaston as its President and Chief Operating Officer effective 1 October, 1999. llcd Mr. Gaston was also elected as a member of the Board of Directors of Nenaco, together with Ms. Corazon P Guidote, MPC's Group Vice President for Corporate Communications and Investor Relations who will replace Ma. Lourdes Rausa-Chan for the unexpired period of her term. Daniel L. Lacson will continue to be the Chairman of the Board and Chief Executive Officer of Nenaco. Mr. Manuel Garcia will remain as Executive Director, and has been appointed as Treasurer and Head of the Ship Management Division. Prior to his appointment, Mr. Gaston was a consultant for the Eusebio Tanco Group of Companies in charge of projects such as the Orbit Air Systems, Inc., a ground handling company at the Ninoy Aquino International Airport; Mactan Electric Company, Inc., an electric distribution company in Mactan, Cebu; and Blue Crown Marine and Hydro Services, Inc. a water distribution business in North Harbor. He has a Masters Degree in Business Management from the Asian Institute of Management. Mr. Gaston also held previous executive positions in United Coconut Planters Bank, UCPC General Insurance (formerly Allied Guarantee Insurance Corporation), Dutch Boy (Phil.), Inc., UCPB Realty Corporation and United Savings Bank. llcd