PSE Circular for Brokers No. 1518-98

July 3, 1998 PSE CIRCULAR FOR BROKERS NO. 1518-98 July 3, 1998 Philippine Stock Exchange, Inc. Disclosure Department Listings and Disclosure Group 4th Floor Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Vice President Gentlemen : We refer to our prior disclosures on San Miguel Corporation's (SMC's) intended sale of a minimum of 50 million of its shares in Coca-Cola Beverages plc (CCB), the recently demerged European business of the Australia-based Coca-Cola Amatil Limited (CCA). Further thereto, please be advised that SMC today served notice upon the National Registry Services Pty., Ltd. in Sydney, CCA's share register, that it intends to sell up to 100 million of its said CCB shares. In accordance with the bodybuilder procedure, all CCA shareholders, including SMC, may revoke their Notice to Sell in respect of either part or all of their Shares until 5:00 p.m. (Sydney time), Friday, July 10, 1998. The final number of CCB shares to be sold by SMC will depend on the strike price resulting from the CCB bookbuild process. cdt For your information. Very truly yours, SAN MIGUEL CORPORATION By: (SGD.) FRANCIS H. JARDELEZA Senior Vice President, General Counsel and Assistant Corporate Secretary