PSE Circular for Brokers No. 882-99

April 26, 1999 PSE CIRCULAR FOR BROKERS NO. 882-99 April 23, 1999 PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Ms . Grace de Guia Listings and Disclosure Group Gentlemen : In compliance with the continuing disclosure requirements of the Exchange, we report the following: 1. At the annual meeting of the stockholders of Metro Pacific Corporation held today, the following were elected as directors of the Corporation: Manuel V. Pangilinan Ricardo S. Pascua Napoleon L. Nazareno Albert F. del Rosario Enrique P. Esteban Edward S. Go Daniel L. Lacson Antonio A. Picazo Alberto G. Romulo Meliton V. Salazar Gemma M. Santos Orlando B. Vea Ian C. Wilson Alfred A. Xerez-Burgos, Jr. Christopher H. Young 2. At the organizational meeting of the Board of Directors following the aforementioned annual meeting of stockholders, the following were elected as officers of the Corporation: cdll Manual V. Pangilinan Chairman Ricardo S. Pascua Vice Chairman Napoleon L. Nazareno President and CEO Antonio A. Picazo Corporate Secretary Fernando A. Flores Treasurer 3. Merger with Pacific Plaza Towers, Inc . (PPTI) The Plan and Agreement of Merger and Articles of Merger between the Corporation and PPTI were approved by the Board of Directors and stockholders of the Corporation at their respective meetings today. Said documents embody the detailed terms of the merger between the Corporation and PPTI which was approved in principle by the Board of Directors of the Corporation on February 12, 1999. Cdphil 4. Reappointment of External Auditor The stockholders of the Corporation approved the reappointment of Joaquin Cunanan & Company as external auditor of the Corporation for the current fiscal year. Very truly yours, (SGD.) ANTONIO A. PICAZO Corporate Secretary