San Miguel Corporation, the Philippines’ largest food and beverage company, yesterday announced its intention to make an off-market takeover bid for all the issued shares in J Boag & Son Limited (“J Boag & Son” or “the Company”) through a wholly-owned subsidiary (“San Miguel”). San Miguel will offer A$1.65 cash consideration for each ordinary share in J Boag & Son, valuing the company at approximately A$92 million (US$55 million). San Miguel will also bid for all the outstanding options over J Boag & Son shares at commensurate prices and shares issued pursuant to the exercise of those options. San Miguel believes that its offer is highly attractive and reflects full and fair value to J Boag & Son shareholders. The offer price represents a premium of 60.2% to J Boag & Son’s closing share price of A$1.03 on Friday April 14, 2000. In addition, it represents a premium of:

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