Monterey-San Miguel Properties, Inc.

July 21, 1998 PSE CIRCULAR FOR BROKERS NO. 1685-98 SUBJECT : Monterey-San Miguel Properties, Inc . Monterey-San Miguel Properties, Inc. ("MFC") informed the Exchange that the Securities and Exchange Commission approved on July 14, 1998 the following amendments to its Articles of Incorporation: 1. Article First Change in the name of the Corporation from Monterey-San Miguel Properties, Inc. to "San Miguel Properties, Inc."; 2. Article Third Change in the principal office of the Corporation from Makati, Rizal to Metro Manila; 3. Article Sixth Decrease in the number of directors from seven (7) to five (5); 4. Article Seventh 1) Denial of pre-emptive rights in regard to stocks to be issued, sold or otherwise disposed of by the Corporation; 2) availability of maximum 40% equity to persons/entities regardless of any nationality or citizenship instead of limiting the same to citizens of the United States as stated in the present Articles; and 3) deletion of the provisions on stock option to specified persons which have been outdated. The change in MFC's corporate name will be reflected in the Exchange's computer system (electronic board and ticker), using the new stock trading symbol "SMP", on Thursday, July 23, 1998 . Furthermore, the SEC approved on the same date other amendments to the company's By-Laws as approved by the Board of Directors on April 6, 1998 and ratified by the stockholders in their Annual Meeting held on June 9, 1998. Copies of MFC's amended By-Laws and Articles of Incorporation are 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