San Miguel to Sell Up to 100 Million CCB Shapes

July 6, 1998 PSE CIRCULAR FOR BROKERS NO. 1521-98 July 3, 1998 Press Release SAN MIGUEL TO SELL UP TO 100 MILLION CCB SHAPES San Miguel Corporation today served notice it intends to sell up to 100 million of its 212.3 million shares in Coca-Cola Beverages Plc, the recently demerged European business of the Australia-based Coca-Cola Amatil Limited. The Philippine food and beverage company had previously indicated an intention to sell a minimum of 50 million CCB shares. San Miguel has a 25% stake in CCA and acquired a proportionate number of shares in CCB following its spin-off last month from CCA, then The Coca-Cola Company's largest anchor bottler outside North America. Notice of San Miguel's intention to sell up to 100 million CCB shares was formally lodged with the National Registry Services Pty., Ltd. in Sydney, CCA's share register, prior to the start of a bookbuilding process between July 6 and 10. The bodybuilder, managed by SBC Warburg Dillon Read, is being held to provide stockholders who do not wish to keep their CCB shares a venue to sell those shares before CCB's listing on the London Stock Exchange on July 13, 1998. Roadshows conducted by CCA officials in the United States and Europe recently to drum up interest in CCB shares generated positive feedback from prospective investors. The lodging of San Miguel's intention to sell up to 100 million CCB shares provides it wider latitude to take advantage of a strong market that may develop for CCB shares. San Miguel, which will retain its holdings in CCA, has said it intends to use the cash it will generate from the sale of its CCB shares to reinvest in its other businesses and pay down its debt.