PSE Circular for Brokers No. 1296-98

June 10, 1998 PSE CIRCULAR FOR BROKERS NO. 1296-98 June 9, 1998 Philippine Stock Exchange, Inc. Disclosure Department Listings and Disclosure Group 4th Floor Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Vice President, Listings and Disclosure Group Gentlemen : Please be advised that at today's Annual Stockholders' Meeting of Monterey-San Miguel Properties, Inc. (M-SMPI), the stockholders approved, confirmed and ratified the following resolutions: 1. That the corporate name of M-SMPI be changed to "San Miguel Properties, Inc." considering that the public has associated the brand "Monterey" with meat products and would, thus, tend to be confused by the M-SMPI corporate name for property ventures; and M-SMPI's equities have been reclassified by the PSE under Property issues to properly reflect the nature of M-SMPI's business; 2. That the principal office be changed from Makati, Rizal to Metro Manila, and, for this purpose, to amend the Articles of Incorporation and By-laws accordingly; 3. That the number of directors be reduced from seven (7) to five (5) and, for this purpose, to amend the Articles of Incorporation and By-laws accordingly; 4. That the Articles of Incorporation be amended 1) to include a provision denying the pre-emptive rights of stockholders, 2) to make the 40% equity available to persons/entities of any nationality or citizenship and 3) to delete the provisions on stock option which have been outdated. The stockholders were also advised that the Board, pursuant to its delegated authority to amend the by-laws under Article VI, Section 2 of the Company By-laws, approved a resolution amending the By-laws to incorporate the amendments in the Articles of Incorporation and to update certain provisions conformably with existing law and organizational set-up. Also, at the same meeting, the following were elected as members of the Board of Directors. 1. Delfin C. Gonzalez, Jr. 2. Federico C. Gonzalez 3. Albert M. De Larrazabal 4. Faustino F. Galang 5. Ma. Lourdes G. Yambao For your information. Very truly yours, MONTEREY-SAN MIGUEL PROPERTIES, INC. By: (SGD.) FRANCIS H. JARDELEZA Corporate Secretary