PSE Circular for Brokers No. 2226-99

September 6, 1999 PSE CIRCULAR FOR BROKERS NO. 2226-99 September 6, 1999 San Miguel announces details of Coca-Cola Amatil offering San Miguel Corporation ("San Miguel") today announced the details of the offering of its approximately 21.5% stake in Australian bottler, Coca-Cola Amatil Limited ("Cola-Cola Amatil"). San Miguel intends to sell its shares in Coca-Cola Amatil by way of a global bookbuild offering. LibLex San Miguel is selling up to 219,056,440 ordinary shares in Coca-Cola Amatil, comprising 195,000,000 shares being offered for sale through the global bookbuild offering. with an over-allotment option granted to the Joint Global Coordinators in respect of the balance of San Miguel's shareholding, being 24,056,440 shares. The shares are being offered to both retail and Institutional investors in Australia, qualified institutional buyers in the United States (pursuant to Rule 144A under the US Securities Act of 1933, as amended, the "US Securities Act") and to institutional investors in the Rest of the World (pursuant to Regulation S of the US Securities Act). Retail investors in Australia will be able to bid for shares in the Bookbuild through any ASX participating organization and will be entitled to a 3% discount to the final price determined at the conclusion of the bookbuild process. Institutional participants will pay the final price. prcd The bookbuild is scheduled to open on Monday, 13 September 1999 (at 9.00 am AEST) and close on Tuesday, 21 September 1999 (at 7.00 pm AEST). The final price is expected to be announced on Wednesday, 22 September 1999 San Miguel's decision to proceed with the offering follows San Miguel board approval and the announcement by Coca-Cola Amatil today of its intention to release San Miguel from a shareholder lock-up arrangement to the extent necessary to permit the sale of shares sold pursuant to the bookbuild. The completion of the offering remains subject to prevailing market and pricing conditions. Following completion of the offering, public ownership of Coca-Cola Amatil will increase from approximately 36% to approximately 57% of its issued capital. Australian stock exchange Limited has advised that following the sale of San Miguel's shares, the Liquidity Factor of Coca-Cola Amatil will be increased from 75% to 100% effective 1 October 1999 For further information please contact: Graham Canning CanningsPhone: 02 9929 4565 Fax: 02 9929 9818 The shares to be offered have not been and will not be registered under the US Securities Act of 1933, as amended (the US Securities Act") and may not be offered or sold in the United States or to, for the account or benefit of, a US person (as defined in Regulation S under the US Securities Act) absent registration or an applicable exemption from registration . This press release is not intended for distribution in the United States .