PSE Circular for Brokers No. 1118-99

May 18, 1999 PSE CIRCULAR FOR BROKERS NO. 1118-99 May 17, 1999 Philippine Stock Exchange Disclosure Department Listings and Disclosure Group PSE Center, Exchange Road Pasig City Gentlemen : This is to inform you that RFM's biggest subsidiary, Swift Foods, Inc. (SFI), posted a net income of P119M from a net loss of P82M during the same period last year. SFI sales grew by 15% to P2.1B during the first quarter, from P1.8 B for the same period last year. Other subsidiaries of RFM outperformed their respective industries during the first three months. Cosmos Bottling Corporation, RFM's softdrink subsidiary, which also reported an 18% surge in sales, from P739M last year to P870M this year. LibLex On a consolidated basis, the entire RFM Group posted a 6% growth in Net Sales, from P3.69B in the first quarter last year to P3.93 this year. Recurring net income grew by 124% from P24.5M in the first quarter last year to P55M this year. With non-recurring income, last year's first quarter figure was higher at P266M due to one-time gain of 241M. Thank you. Very truly yours, (SGD.) ATTY. ANGELINE G. VILLAMAYOR Legal Counsel