78JZ Sg Issuer 25

RNS Number:9828Q
First Pacific Capital (1997) Ld
5 February 2002


                        FIRST PACIFIC CAPITAL (1997) LIMITED

       US$350 Million 2.0 per cent. Guaranteed Convertible Bonds Due 2002 
 convertible into shares in, and unconditionally and irrevocably guaranteed by, 
                        First Pacific Company Limited

Pre Funding of the Trustee to Facilitate Repayment of the Bonds

We refer to the US$350 million 2.0 per cent Guaranteed Convertible Bonds Due
2002 ("Bonds") issued by First Pacific Capital (1997) Limited (the "Issuer") and
convertible into shares in, and unconditionally and irrevocably guaranteed by,
First Pacific Company Limited (the "Guarantor"). As at the date of this
announcement, a principal amount of US$130,443,000 of the Bonds is outstanding.
The Bonds are due to be redeemed at 134.129% of their principal amount on 27th
March, 2002 (the "Maturity Date"). The aggregate amount payable on redemption of
the Bonds on that date, including interest and redemption premium, is
US$176,266,321.47.

Pending the Maturity Date of the Bonds, and to facilitate the repayment of the
Bonds in full on the Maturity Date, First Pacific has deposited with the Trustee
funds in the amount of US$176,266,321.47, being an amount sufficient to redeem
the Bonds in full at their full redemption value (including accrued interest) on
the Maturity Date. These funds are held by the Trustee on trust for the
Bondholders with the intention that the funds will be applied to redeem the
Bonds on the Maturity Date at their full redemption value (including interest
accrued to the Maturity Date).

The Issuer and the Guarantor have made the above arrangements as a result of the
occurrence of certain potential events of default under condition 10 of the
Bonds, arising in connection with the failure by Metro Pacific Corporation (a
Philippine corporation and a "material subsidiary" of the Guarantor for the
purposes of condition 10 of the Bonds) to repay a short term loan facility of
US$90 million advanced to it by a wholly owned subsidiary of the Guarantor.
Having regard to the arrangements made by the Issuer and the Guarantor for the
redemption of the Bonds on the Maturity Date referred to above, the Trustee has
exercised its discretion to waive these potential events of default.

2nd February, 2002


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