PSE Circular for Brokers No. 2111-99

August 25, 1999 PSE CIRCULAR FOR BROKERS NO. 2111-99 Press Release August 25, 1999 San Miguel to Sell Stake in Coca-Cola Amatil San Miguel Corporation today announced plans to sell its 21.5% stake in Australian bottler, Coca-Cola Amatil Limited. The shares will be sold by way of a global offering expected to take place in late September 1999. "For over a year, San Miguel has been continuously reviewing its businesses, with a view to withdrawing from operations that the company does not control. Thus, we sold our share of the demerged European operations of Coca-Cola Amatil, as well as, our minority stake in Nestle Philippines, Inc. in 1998. Consistent with these divestments, we are now planning to sell our stake in Coca-Cola Amatil," said Eduardo M. Cojuangco, Jr., Chairman and Chief Executive officer of San Miguel Corporation. The company has requested Coca-Cola Amatil's participation in preparing for the sale, including the release of San Miguel from a shareholder lock-up arrangement. Under the terms of the lock-up, San Miguel is prohibited from selling its stake in CCA until 1 July 2000. The possible sale by San Miguel of its shares in CCA and details of the offer are subject to San Miguel board approval, release from the lock-up and prevailing market and pricing conditions.