SMC President Clarifies Courtesy Resignations

July 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1691-98 July 21, 1998 PRESS STATEMENT SMC PRESIDENT CLARIFIES COURTESY RESIGNATIONS Francisco C. Eizmendi, Jr., San Miguel president and chief operating officer, today said he and other senior corporate officers tendered their resignations on their own initiative as a courtesy to the newly elected chairman and chief executive officer, Eduardo Cojuangco, in order to give him a free hand in the choice of his management team. Eizmendi stressed that the courtesy resignations included only those of corporate or by-law officers elected, appointed or reappointed by the Board of Directors at its yearly organizational meeting. cdlex Eizmendi issued the clarification in the wake of a newspaper report saying the resignations had been demanded by Cojuangco, Jr, who was unanimously. elected chairman and chief executive officer of San Miguel on July 7 following the resignation of Andres Soriano III.