PSE Circular for Brokers No. 2819-99

November 4, 1999 PSE CIRCULAR FOR BROKERS NO. 2819-99 November 4, 1999 Ms. Grace B. De Guia Assistant Manager, Disclosure Department Philippine Stock Exchange 4th Floor, Philippine Stock Exchange Center Exchange Road Ortigas Center Pasig City Gentlemen: METRO PACIFIC CORPORATION ("MPC") We refer to you facsimile of earlier today requesting comments on the news article featuring in Business World. In connection with the report in the article, we wish to advise the Exchange that MPC has no plans to request a delisting. MFC has a significant portfolio of investments in the property sector (Fort Bonifacio Development Corporation, Landco Pacific Corporation and Pacific Plaza Towers), in shipping (Negros Navigation Co., Inc.), in telecommunications (Smart Communications, Inc., which will be exchanged for an interest in Philippine Long Distance Telephone Company), in packaging (Steniel Manufacturing Corporation), in banking (PDCP Development Bank, Inc.), and in consumer products (Metrovet, Inc.). MPC remains fully committed to its operations and the prospects for the various companies in the group. We trust that this satisfactorily addresses the matter, however, should you require any additional information, please do not hesitate to contact us. Very truly yours, (SGD.) IAN WILSON Director