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First Pacific Cptl (78JZ)


Thursday 01 November, 2001

First Pacific Cptl

Repayment of Loan Extended

First Pacific Capital (1997) Ld
1 November 2001

Thursday, 1 November 2001

Metro Pacific to sell its interest in BLC; proceeds to repay debt

First Pacific Company today announced that it has agreed to extend the repayment
of the Metro Pacific US$90 million facility. The extension, to 31 December 2001,
is in accordance with the terms of the facility as approved by First Pacific 
shareholders at a Special General Meeting held on 11 April 2001.

On 3 October 2001, First Pacific announced that Metro Pacific was reviewing its 
strategic alternatives in relation to Bonifacio Land Corporation (BLC) and the 
Fort Bonifacio development. Having completed that review, Metro Pacific has 
determined to offer for sale its entire 69.6 per cent interest in BLC and has 
appointed ING Barings to advise it in connection with the disposal.

It is anticipated that the extension will provide Metro Pacific the opportunity 
to implement the sale process in an orderly manner, and thereby to realize 
significantly more value from its controlling interest than from sales of 
individual parcels of land at the Fort Bonifacio site. The proceeds of the 
disposal are expected to enable Metro Pacific to repay the First Pacific loan in
full and to meet other debt obligations as they fall due.

Background information:

Metro Pacific  Metro Pacific Corporation, which is based and listed in Manila,  
               principally holds property assets, including Bonifacio Land      
               Corporation, Landco Pacific and Pacific Plaza Towers.  First     
               Pacific's attributable economic interest in Metro Pacific is 80.6
               per cent.
BLC            Bonifacio Land Corporation is a 69.6 per cent subsidiary of Metro
               Pacific and owns 55.0 per cent of Fort Bonifacio Development     
               Corporation ('FBDC').  FBDC is developing Fort Bonifacio, a      
               former military base in Metro Manila. The remaining 45.0 per cent
               of FBDC is held by the Philippine Government's Bases Conversion  
               Development Authority.
                                   * * * 
For further information, please contact:

First Pacific Company Limited
Rebecca Brown                       Tel: (852) 2842 4301
Executive Vice President
Group Corporate Communications

Sara Cheung                          Tel: (852) 2842 4336
Assistant Vice President
Group Corporate Communications


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