Quilmes Industrial (Quinsa) S.A. (NYSE:LQU; “Quinsa” or the “Company”) today announced that its subsidiary Cerveceria y Malteria Quilmes S.A. (“CMQ”) has reached an agreement with PepsiCo Inc., Citibank, Bank Boston and certain of their affiliates (the “Selling Shareholders”) on the final adjustment to the price paid for the 51.17% stake in BAESA it acquired on December 6, 1999. The adjustment, based on working capital variations that occurred prior to CMQ’s purchase of BAESA, has resulted in a US$ 7.0 million reduction in the price paid for its stake to US$ 73.6 million, or US$ 4.86 per share. The total amount of the price reduction will be reimbursed by the Selling Shareholders to CMQ. In accordance with its agreements with the Selling Shareholders, CMQ will be tendering for the BAESA shares it has not already acquired at a price per share yet to be determined, which in any event will be no lower than US$ 4.86. CMQ intends to initiate the appropriate filings with the Argentine Comision Nacional de Valores and the Securities and Exchange Commission of the U.S. within the next 30 days.

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