PSE Circular for Brokers No. 640-99

March 30, 1999 PSE CIRCULAR FOR BROKERS NO. 640-99 March 29, 1999 PRESS RELEASE JAPAN'S NTT CLOSES TRANSACTION ON SMART PURCHASE Metro Pacific Corporation ("MPC") announced today that Japan's Nippon Telegraph & Telephone Corporation ("NTT) closed the transaction to increase its holdings in Smart Communications, Inc. ("Smart"), the Philippines leading cellular carrier, to approximately 37 per cent from 15 per cent. NTT paid approximately PhP8.3 billion (US$214 million), for a combination of new shares issued by Smart worth PhP2.5 billion (US$65 million); and existing shares from MPC worth PhP1.6 billion (US$42 million), and affiliates of First Pacific Company Limited ("FPC") worth PhP4.2 billion(US$107 million). MPC's economic interest in Smart was reduced to 38 per cent from 52 per cent, while FPC's economic interest, held primarily through Philippine affiliates, was reduced to 18 per cent from 32 per cent. The transaction increased Smart's market value from PhP34.3 billion (US$880m) to PhP36.9 billion (US$945 million). For further information, please contact: Corazon P. Guidote Group VP-Corporate Communications & Investor Relations Metro Pacific Corporation Telephone No.: 811-0367 Peter J. Lawrence Senior Financial & Commercial Adviser Smart Communications, inc. telephone No.: 511-3914