PSE Circular for Brokers No. 2539-98

November 5, 1998 PSE CIRCULAR FOR BROKERS NO. 2539-98 November 5, 1998 Philippine Stock Exchange, Inc . Disclosure Department Listings & Disclosure Group 4th Floor, Phil. Stock Exchange Centre PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold Ong Vice President Gentlemen : We would like to clarify the news article captioned "Sale of 21% SMC stake in Coke Amatil suspended" published in the November 5, 1998 issue of the Philippine Daily Inquirer. LLjur We confirm that there are no immediate plans to sell San Miguel Corporation's stake in Coca-Cola Amatil, Ltd. nor has a specific proposal been presented to our board. It is part and parcel of management's ongoing activities to review its investments with the end in view of trying to achieve the best returns on our resources. It is in this light that the investment in CCA is being viewed. Very truly yours, (SGD.) FRANCIS H. JARDELEZA Senior Vice President-General Counsel and Assistant Corporate Secretary