PSE Circular for Brokers No. 168-99

January 29, 1999 PSE CIRCULAR FOR BROKERS NO. 168-99 January 28, 1999 Philippine Stock Exchange, Inc . Disclosure Department Listings & Disclosure Group 4th Floor Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Gracita B . de Guia Assistant Manager Gentlemen : On December 15, 1998, we informed you that the Board of Directors of San Miguel Corporation ("SMC") approved, also on December 13, 1998, the resolution to hold the 1999 Regular Stockholders Meeting on April 27, 1999 at 2:00 p.m. at the EDSA Plaza Hotel to set the record date for the 1999 Regular stockholders meeting on February 18, 1999 and closing of transfer books from February 19 to March 4, 1999. We hereby inform you that at today's meeting of the Board of Directors of SMC, the Board approved the proposal to reschedule the 1999 Regular Stockholders Meeting to May 5, 1999 and to set the record date for stockholders entitle to vote at the Regular Stockholders Meeting on February 26, 1999; the closing of transfer books will be from February 27, 1999 to March 12, 1999 and the deadline for submission of proxies will be on April 11, 1999. prcd For your information. Very truly yours, (SGD.) FRANCIS H. JARDELEZA Senior Vice President-General Counsel and Assistant Corporate Secretary