Metro Pacific Stockholders Approve Increase in Capital to Pesos 30 Billion

April 13, 1998 PSE CIRCULAR FOR BROKERS NO. 653-98 April 08, 1998 METRO PACIFIC STOCKHOLDERS APPROVE INCREASE IN CAPITAL TO PESOS 30 BILLION At a special meeting of the stockholders of Metro Pacific Corporation ("Metro Pacific") held earlier today, approval was given to a proposal to increase the company's authorized capital stock from Pesos 10 billion to Pesos 30 billion. The increase in authorized capital is in preparation for a rights issue, announced earlier this year, that will raise an amount of Pesos 14 billion. The terms of the rights issue, including the price per share and the number of new shares to be issued, are currently being determined in conjunction with the underwriter. The rights issue is expected to be completed within the first semester of the year. First Pacific Company Limited ("First Pacific"), acting through its Philippine affiliates, has expressed its full support for the rights issue. Subject to the finalization of terms, First Pacific has stated its willingness to subscribe to its proportional share of any such issue, or to take up the full issue should other stockholders not wish to participate in the offer. The rights issue proceeds will be used primarily to retire a significant portion of existing head office debt and to support the capital expenditure program of Smart Communications, Inc.