San Miguel Appoints Eduardo M. Cojuangco, Jr. Chairman and CEO

San Miguel Appoints Eduardo M. Cojuangco, Jr. Chairman and CEO

MANILA, Philippines–(BUSINESS WIRE)–July 7, 1998–San Miguel Corporation (SMC), the Philippines-based beverage, food and packaging group, today announced that at the special meeting of the Board of Directors of San Miguel Corporation (SMC) held today, the resignations of Mr. Andres Soriano III as Chairman and Chief Executive Officer and of Messrs. Eduardo J. Soriano, Roberto R. Romulo, Oscar J. Hilado and Cesar Sarino as directors were deliberated on and accepted by the Board.

The Board then elected by unanimous vote Eduardo M. Cojuangco, Jr. as Chairman of the Board and Chief Executive Officer of SMC. At the same meeting, the Board also elected Mr. Faustino F. Galang as director of SMC.

Founded in 1890, San Miguel is the largest food and beverage company listed in S.E. Asia and is active within the brewing and beverages, food and food-related, and packaging areas. San Miguel’s ordinary shares trade on the Philippine Stock Exchange and trade in ADR form in the US (each equal to ten SMC Class B common shares). Prices for the ADRs may be accessed on the NASD OTC Bulletin Board under the symbol SMGBY. Quotes for San Miguel ordinary shares may be accessed on Bloomberg under the symbol SMC/B PM and on the Reuter Equities 2000 Service under the symbol SMC.

CONTACT: Mike Suarez

San Miguel Corporation

011-632-632-3514

– or –

Brian J. Rafferty

Taylor Rafferty Associates

212-889-4350

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