SAN MIGUEL BREWERY REPORTS
NET INCOME GROWTH OF 23%

San Miguel Brewery Inc. today reported a September year-to-date net income of P7.0 billion, 22.8% higher than last year, bolstered by an estimated 6% growth in volumes. Sales revenue of P35.2 billion is 10% higher than the same period prior year. Operating income rose 22.5% to P10.8 billion.

Results were driven by strong execution, and strong consumption coming from increased visibility for flagship brand San Miguel Pale Pilsen during this year’s 120-day Oktoberfest celebration. Ads of key brands, San Mig Light, Gold Eagle and Red Horse have also stimulated consumption. Now on its tenth year, Red Horse Muziklablan continues to strengthen the brands’ following among younger entry drinkers.

Last August, the Brewery launched San Miguel Premium All-Malt Beer, a full-flavoured beer with a smooth balanced bitterness. Also launched recently was a special edition San Miguel Oktoberfest Brew. Both brands which come in attractive long necked bottles are available in selected upscale on-premise outlets in the Metro Manila area. Consumer acceptance has been strong particularly for All-Malt Premium. Plans are currently underway to extend the reach of the product beyond the metropolitan area.

The Company today also announced that its Board of Directors declared a cash dividend of P0.15 per share on the common stock of the Company, payable on November 12, 2008 to shareowners of record at the close of business on October 31, 2008. The closing of books period is from November 1 to 7, 2008.

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