[Yasmin]

MONACO--(BUSINESS WIRE)--05/29/2004-- Fourth annual Ernst & Young event sees Tony Tan Caktiong, head of Jollibee Foods Corporation, selected from field of 31 nominees

Asian businessman Tony Tan Caktiong, head of Jollibee Foods Corporation was this evening named Ernst & Young's 2004 World Entrepreneur Of The Year (WEOY) at an award ceremony in Monte Carlo, Monaco.

From modest beginnings as the owner of two ice cream parlors in Manila in the 1970's, Jollibee has grown to become one of the most admired and respected companies in Asia.

Jollibee Foods Corporation now employs 26,000 people in almost 1,000 outlets in seven countries, including the United States and China. In the Philippines, Jollibee commands 65% of the domestic fast food market, competing very successfully against established global brands. In 1993, it became the first food service company to be listed on the Philippine Stock Exchange. In the ten years since, the company has been consistently profitable, reaching an annual turnover in 2003 of over 470 million euros.

Chairman of Ernst & Young, James S. Turley, said: "These awards are about celebrating global entrepreneurship and the desire to continually innovate and expand. Tony's story is a truly inspirational one, on both these counts. We are delighted he has been selected to receive this year's award."

Over the next five years Jollibee will continue to expand its presence in China and elsewhere, staying one step ahead of the competition by recognising the requirements and tastes of local markets, and providing a high quality of service and product. As he says himself, Tony is Jollibee's toughest quality controller.

"Tony's success is due to his ability to innovate, to look ahead, and to build an exceptional brand," said Gregory K. Ericksen, Global Director of the Ernst & Young Entrepreneur Of The Year program.

"'The Jollibee indicator', based on the company's sales, is accepted as an unofficial measure of the health of the wider Filipino economy, and the company logo - a distinctive red bee - has become the Philippine national symbol of happiness."

The judges identified the ability of Jollibee to fund its own growth by reinvesting its profits. Tony still retains a 65% share of ownership. "This is a success story based on solid foundations, not a meteor that will burn itself out," said Howard Stevenson, Professor of Entrepreneurship at Harvard Business School, and Chairman of the judging panel.

Tony was selected as the World Entrepreneur Of The Year from a field of 31 entrants - each of whom has been named Entrepreneur Of The Year (EOY) in national or regional programs run by Ernst & Young.

Collectively, the 31 finalists in this year's WEOY awards program employ more than 375,000 people and represent approximately 23 billion euros in revenue.

The panel of 9 judges - all of whom are past participants in the Entrepreneur Of The Year program in his or her country - chose Caktiong as the recipient of the award based on written applications and meetings held throughout the course of the four-day event.

The WEOY program was established four years ago, and builds on Ernst & Young's 18 years of success in running national EOY programs. The EOY award was begun by Ernst & Young in the United States in 1986 to recognize entrepreneurs who had created and sustained successful, growing business ventures. Since then, the program has grown throughout the world, expanding to six continents and more than 100 cities.

In 2003, Narayana Murthy, founder and chairman of Infosys Technologies Limited, headquartered in India, was named the World Entrepreneur Of The Year. Other previous winners were Stefan Vilsmeier, President and CEO of BrainLAB AG, headquartered in Germany, in 2002, and Italian Paolo della Porta, President, Chairman and Group CEO of Saes Getter S.p.A, in 2001.

Currently, 35 Ernst & Young country practices run Entrepreneur Of The Year programs. To participate in national Entrepreneur Of The Year and World Entrepreneur Of The Year events, entrants must own or manage a private or public company, be primarily responsible for the recent performance of the company, and still active in top-level management.

Ernst & Young, a global leader in professional services, is committed to restoring the public's trust in professional services firms and in the quality of financial reporting. Its 103,000 people in more than 140 countries around the globe pursue the highest levels of integrity, quality, and professionalism to provide clients with solutions based on financial, transactional, and risk-management knowledge in Ernst & Young's core services of audit, tax, and transaction advisory services. Ernst & Young practices also provide legal services in some parts of the world where permitted. Further information about Ernst & Young and its approach to a variety of business issues can be found at www.ey.com/perspectives. Ernst & Young refers to all the members of the global Ernst & Young organization.

Ernst & Young created the annual Entrepreneur Of The Year(R Award program in the United States in 1986 to recognize the most successful and innovative entrepreneurs. During the past 17 years, the Entrepreneur Of The Year Award program has expanded globally. In the year 2003, entrepreneurs from 31 countries were honored with their country's national Entrepreneur Of The Year Award. Ernst & Young is conducting programs in 35 countries in the year 2004. Each Entrepreneur Of The Year program honors successful entrepreneurs every year, and in so doing, brings to the public's attention role models for the aspiring entrepreneurs of tomorrow. The program provides a unique way of encouraging entrepreneurial activity and recognizing the achievement of outstanding men and women. For more information, see www.ey.com/weoy.