San Miguel Corporation

August 26, 1999 PSE CIRCULAR FOR BROKERS NO. 2136-99 SUBJECT : San Miguel Corporation This is with reference to a news article published in the August 26, 1999 issue of the Business World, which reported that San Miguel Corporation ("SMC") management plans to either take over or buy considerable shares in firms engaged in the food and beverage business as it fortifies its hold on the sector. Among the possible "target" companies are Tanduay Holdings, Inc., Universal Robina Corporation and Mercury Drug which could very well serve as SMC's retail arms. SMC, in a letter to the Exchange, explained that: ". . . While it is true that San Miguel Corporation at the moment is looking at other business opportunities, none of these are at the stage where a definitive disclosure can be made. When a definitive position is reached, the company will make me necessary announcement." For your information. (SGD.) ATTY. RUBEN L. ALMADRO Officer-in-Charge