PSE Circular for Brokers No. 1756-98

July 28, 1998 PSE CIRCULAR FOR BROKERS NO. 1756-98 Philippine Stock Exchange Disclosure Department Listings and Disclosure Group 4/F PSE Center Ortigas Center, Pasig City FAX NO. 634-5920/5113 Gentlemen : Please be advised that in the meeting of the Board of Directors of Cosmos Bottling Corporation held this morning, the creation of a Stock Option Plan for its officer was approved. The general terms and conditions of said Plan are as follows: 1. The shares to be issued from the unissued capital stock will be: 11,906,512 common shares 2,014,914 preferred shares to be sold to the participants at: P1.6350 per common share P4.20 per preferred share 2. The participants shall be a limited number of managers and executives who will primarily be selected on the basis of tenure; 3. The individual entitlement shall be passed on the income of the participants as of the date of the initial public offering. The board further approved the calling of a stockholders' meeting to approve, confirm and ratify the implementation of the Plan. For your information. Very truly yours, (SGD.) CRISTINA D. REYES