Monterey-San Miguel Properties, Inc.

May 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1080-98 DATE : May 20, 1998 SUBJECT : Monterey-San Miguel Properties, Inc. Further to Circular No. 628-98 dated April 7, 1998, Monterey-San Miguel Properties, Inc. ("MFC") furnished the Exchange on May 19, 1998 a copy of SEC Form 34-C (Definitive Information Statement) in connection with its Annual Stockholders' Meeting which will be held on June 9, 1998, at 2:30 p.m., at the Upper Penthouse, San Miguel Properties Center, St. Francis Avenue, Metro Manila for the following purposes: 1. Approval of the Minutes of the 1997 Annual Stockholders' Meeting 2. Ratification of Acts and Proceedings of the Board of Directors and Management for the period covering 1 January 1997 to 31 December 1997 3. Election of External Auditors 4. Amendment of Articles First, Third, Sixth, Seventh of the Articles of Incorporation 5. Amendments to the Company's By-Laws 6. Election of Directors 7. Other Matters Stockholders of record as of March 26, 1998 are entitled to notice of, and to vote at, said meeting. The books of the company will not be closed. A copy of MFC's Definitive Information Statement is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group