PSE Circular for Brokers No. 278-99

February 15, 1999 PSE CIRCULAR FOR BROKERS NO. 278-99 February 12, 1999 Philippine Stock Exchange Disclosure Department Listings and Disclosure Group 4/F Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Vice President Listings & Disclosure Group Gentlemen : As required under the regulations issued by the Philippine Stock Exchange, we advise you that, at a meeting of the Board of Directors held earlier today, the following resolutions were approved: prLL 1. The legal merger of Metro Pacific Corporation and Pacific Plaza Towers, Inc. The merger is intended to provide a more appropriate corporate platform for the prestigious Pacific Plaza Towers development Pacific Plaza Towers is Metro Pacific Corporation's signature residential development in Bonifacio Global City. The project consists of two 54-storey towers with a total of 393 luxury residential condominiums to be completed by the year 2000. 2. The Board also resolved that 15 March 1999 shall be the record date for the purpose of determining the shareholders who shall be entitled to notice of, and to vote at, the annual meeting of the shareholders of the Corporation which will be held on 23 April 1999. A formal submission on SEC Form 11-C will also be made regarding these resolutions. Very truly yours, (SGD.) IAN WILSON Chief Finance Officer