SAN MIGUEL SAYS IT'S NOT THE CONGLOMERATE CITED BY IMF IN REPORT

     (The following press release from San Miguel Corp. was received by e-mail. 
The sender verified the statement.) 
San Miguel Corporation (SMC) today debunked rumors linking it to a recent news 
article entitled “IMF warns of conglomerate’s default.” 
“We would like to clarify that the conglomerate, which was the subject of the 
news article that referred to an IMF report dated April as the source, was not 
SMC. It is unfortunate that certain people have taken advantage of that 
information to fabricate and spread malicious stories and sow panic in the 
market to the detriment of our shareholders and the investing public, in 
general,” Ramon S. Ang, SMC president and COO said.  
He firmly maintained his optimistic outlook on the company’s prospects for 
further growth, considering the Company’s strong revenues and consistent 
profitability that underpin its robust balance sheet.  
As of the first quarter of this year, SMC’s consolidated cash and cash 
equivalent stood at P152.3B while its gearing ratio, at 3.1x net debt to 
ebitda, is lower than the 5.5x stipulated in its loan covenants. 
With respect to the IMF report, the company pointed out that:  
1.    No specific conglomerate was mentioned in the report.  
2.    The report does not even remotely suggest that a specific conglomerate is 
on the verge of default. In fact, it categorically stated that the “likelihood 
of a default happening is low.”  
3.    The report was written as part of the regular Article IV consultations 
with sovereign members. IMF came out with such to outline possible scenarios 
and appropriate sovereign responses.  
Mr. Ang added that in view of this unjust assault on SMC’s financial 
reputation, management shall hold accountable, through all possible means, 
individual or individuals who directly or indirectly fueled these unwarranted 
speculations. He said the Company would continue to drive value for its 
shareholders and exhaust every means to protect the value of their investments. 
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