PSE Circular for Brokers No. 1605-98

July 13, 1998 PSE CIRCULAR FOR BROKERS NO. 1605-98 July 13, 1998 PHILIPPINE STOCK EXCHANGE Disclosure Department Listings & Disclosure Group 4th Floor, Phil. Stock Exchange Centre Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Vice President, Listings & Disclosure Group Gentlemen : Please be advised that San Miguel Corporation has sold all of its shares in Coca-Cola Beverages plc of the United Kingdom (CCB), the demerged European bottling operation of Coca-Cola Amatil Limited of Australia, at a price of 160 pence per share before expenses, or a total of 339.6 million pounds (approximately P23 billion). As earlier disclosed, 100 million shares ware sold through the bookbuild process introducing CCB to the London Stock Exchange. The balance of approximately 112 million shares was sold at the same price in a private transaction to The Olayan Group. prLL The Olayan Group is a private international enterprise with interests in a number of industries including the Coca-Cola bottling operation in Saudi Arabia. Very truly yours, (SGD.) FRANCIS H. JARDELEZA Senior Vice-President, General Counsel & Assistant Corporate Secretary