PSE Circular for Brokers No. 1578-99

July 1, 1999 PSE CIRCULAR FOR BROKERS NO. 1578-99 June 30, 1999 PRESS RELEASE Ref : RENE B . BERMIO Corporate Relations Office Tel. No. 734-95-78 La Tondea Seals Acquisition of Metro Pacific's Water Unit La Tondea Distillers, Inc. (LTDI) and Metro Pacific Corporation jointly announced the completion of the sale of Metro Bottled Water Corporation (MBWC), effective 30 June 1999. LTDI, a subsidiary of San Miguel Corporation, bought MBWC from Metro Pacific Corporation which has decided to concentrate on its real property businesses. Cdphil "There are many synergies that will result from this consolidation. We intend to take full advantage of our combined resources and expertise to seize growth opportunities in the market," said LTDI President Bernabe L. Navarro. Napoleon L. Nazareno, Metro Pacific's President and CEO, stated that "The sale of MBWC is another step in focusing the Group on its property interests. We are pleased, however, to be able to conclude the sale to a respected industry player that will further develop this successful company." LTDI's flagship bottled water brand, VIVA ! Mineral Water and MBWC's Wilkins Distilled are segment leaders, each holding significant market share. Combined LTDI now dominates the bottled water retail market, selling more than four times the volume of its closest competitor. "Our vision for La Tondea is to become the beverage industry's best. The LTDI and MBWC partnership is another successful milestone toward the attainment of this goal. And with the combined strengths of our Wilkins and VIVA! brands, we will further broaden our markets and provide the best bottled water products and services to our consumers." said SMC Chairman Eduardo M. Cojuangco, Jr.