Quilmes Industrial (Quinsa) S.A. (NYSE:LQU; "Quinsa" or the "Company") today announced that Cerveceria y Malteria Quilmes S.A.I.C.A. y G. ("Quilmes") announced the extension of its public tender offer for all of the outstanding class B shares and ADSs of Buenos Aires Embotelladora S.A. ("BAESA"). The U.S. offer to purchase and the Argentine offer to purchase will now expire at 4:00 p.m., New York time (5:00 p.m., Buenos Aires time), on Friday, July 7, 2000, unless further extended.

The offers were launched on May 31, 2000 and initially were scheduled to expire today at 4:00 p.m., New York time (5:00 p.m., Buenos Aires time).

About Quinsa

Quinsa is a Luxembourg-based holding company, which controls 85 percent of Quilmes International (Bermuda) Ltd., ("QIB"). The remaining 15 percent share is owned, since 1984, by Heineken International Beheer B.V. ("Heineken"). Heineken Technical Services B.V. renders technical assistance to the operating companies. Quinsa, through QIB, controls beverage and malting businesses in five Latin American countries. Its beer brands are market leaders in Argentina, Paraguay and Uruguay and have a strong presence in Bolivia and Chile. In Paraguay, Quinsa's soft drink business is the market leader. Quinsa has announced it is negotiating the sale of its Paraguayan soft drinks business to The Coca-Cola Export Corporation. The Company also owns a controlling interest in the largest PepsiCo bottler in Argentina. Quinsa's common and preferred shares are listed on the Luxembourg Stock Exchange (Reuters codes: QUIN.LU and QUINp.LU). Quinsa's American Depository Shares, representing the Company's preferred shares, are listed on the New York Stock Exchange (NYSE:LQU).