PSE Circular for Brokers No. 631-98

April 7, 1998 PSE CIRCULAR FOR BROKERS NO. 631-98 Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City Attention : Ms . Janet J . Alcala Assistant, Listings and Disclosure Group Gentlemen : STENIEL MANUFACTURING CORPORATION ("Steniel") We refer to your facsimile of 6 April 1998 regarding the article featured in the Philippine Daily Inquirer on 3 April 1998 entitled " Metro Pacific to Keep Steniel ." The purpose of this letter is to comment on the context in which the statements reported therein were made and to clarify certain factual aspects of the article. cdlex The interview with Mr. Palisoc, the President of Steniel, was arranged to discuss, in general terms, the operating performance of the group and its plans for the future. During the interview, Mr. Palisoc assured the reporter that the Steniel group is expected to remain part of the Metro Pacific group. Mr. Palisoc made this latter comment in response to unfounded rumors that indicated a possible disposal of the Steniel group by Metro Pacific Corporation. Mr. Palisoc has confirmed that any comments made during the interview regarding San Miguel Corporation, and merging the packaging groups, was solely made in the context of the discussions in newspapers earlier this year about such a possibility. Mr. Palisoc is not aware of any ongoing plans regarding such a transaction, contrary to the implication in the article. We understand that First Pacific Company Limited published an announcement on 12 January 1998, stating that any discussions regarding San Miguel Corporation had not reached a conclusion and had been discontinued. We are not aware of any further statements issued by First Pacific on this matter. LLjur Very truly yours (SGD.) MA. LOURDES C. RAUSA-CHAN Corporate Secretary