Steniel Announces Top Management Succession

May 7, 1998 PSE CIRCULAR FOR BROKERS NO. 961-98 STENIEL ANNOUNCES TOP MANAGEMENT SUCCESSION Steniel Manufacturing Corporation ("Steniel") today announced that Mr. Napoleon L. Nazareno, President and Chief Executive Officer of Metro Pacific Corporation, will take up simultaneous roles at Steniel, where he currently serves as Chairman of the Board of Directors. Mr. Nazareno will succeed Mr. Augusto Palisoc, Jr., President and Chief Executive Officer of Steniel since 1 January 1997, who has been reassigned to Thailand with effect from 1 July 1998. Mr. Palisoc has been responsible for leading Steniel through a process of reorganization that commenced in late 1996. This involved the successful consolidation of the Luzon corrugated carton operations at Steniel's modern Cavite plant with significant improvements in profitability. As the various strategic and organizational changes at Steniel have now been substantially completed, Mr. Palisoc has been appointed Executive Vice President of Berli Jucker Public Company Limited ("Berli Jucker"), the flagship in Thailand of First Pacific Company Limited, where he Will be responsible for Berli Jucker's investments, acquisitions, and expansion program. cdlex Commenting on the change, Mr. Napoleon L. Nazareno, who has extensive experience in the packaging field, stated that: " Augie has performed a difficult task in engineering the restructuring of the Steniel group . His accomplishments in the past eighteen months, working with the entire management team, have stabilized the Steniel group and positioned it for further developments . We have full confidence in the existing management team, and I look forward to working more closely with all the Steniel group companies . Metro Pacific Corporation, as its principal stockholder, remains committed to Steniel and to continuing the strategies and directions established as a result of the reorganization ." Steniel is a leading integrated packaging group in the Philippines, with three corrugated carton plants in Luzon, Visayas and Mindanao, two flexible packaging plants and one manufacturing plant for rigid plastic containers in Metro Manila cdt For further information contact: Augie Palisoc, Jr. Steniel Manufacturing Corporation President and Chief Executive Officer Tel: 638 6288 Rene Banez Metro Pacific Corporation Group Vice President Tel: 811 0041