San Miguel Corporation

September 28, 1998 PSE CIRCULAR FOR BROKERS NO. 2254-98 SUBJECT : San Miguel Corporation Further to Circular No. 1952-98 dated August 24, 1998, San Miguel Corporation ("SMC") furnished the Exchange on September 25, 1998 a copy of SEC Form 34-A (Definite Proxy Statement) in connection with its Special Stockholders' Meeting which will be held on November 12, 1998 , at 3:00 p.m., at Isla Ballroom, Lower Mall, Edsa Shangri-La Hotel, 1 Garden Way, Ortigas Center, Mandaluyong City. The agenda for the meeting shall be as follows: 1. Certification of Notice and Quorum 2. Approval of the Disposition of the Company's interest in Nestle Philippines, Inc. and Rizalag Land Company, Inc. 3. Approval of Amendment of Article V, Section 1 of the Company By-Laws 4. Other Business Stockholders of record as of September 25, 1998 are entitled to notice of, and to vote at, said meeting. A copy of SMC's Definite Proxy 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