PSE Circular for Brokers No. 228-00

February 1, 2000 PSE CIRCULAR FOR BROKERS NO. 228-00 January 31, 2000 Philippine Stock Exchange PSE Center, Exchange Road Ortigas Center, Pasig City Attention : Ma . Isabel Garcia Head, Listing & Compliance and Surveillance Department RE : " Government Service Insurance System v. Hon. Vincent Pacquing, et al., CA-G.R. No. 51131-SP ("Bengson Commercial Building, Inc. represented by its President, Romualdo F. Bengson v. Government Service Insurance System, Civil Case No. 2794, RTC-San Fernando La Union, Branch 26) Gentlemen: You will recall that on 8 January 1999, we informed this Honorable Exchange that, conformably with the instructions of Atty. Mario Anacleto Baez, Clerk of Court and Ex-Officio Sheriff of La Union, San Miguel Corporation (the "Company") caused the annotation of a Certificate of Sale issued by Sheriff Baez over 6,200,000 Class A shares of stock in the Company owned by Government Service Insurance System (GSIS) in favor of Bengson Commercial Building, Inc. represented by its President, Romualdo F. Bengson ("Bengson"). cdlex We understand that, subsequently, the Regional Trial Court of San Fernando La Union ordered the Company to issue new stock certificates to Bengson but GSIS filed a petition for certiorari seeking to annul the orders of Hon. Vincent Pacquing. GSIS was able to obtain a temporary restraining order. Please be advised that the Company has received notice that, on 14 January 2000, the Court of Appeals issued a decision dismissing GSIS' petition for certiorari and lifting the Temporary Restraining Order earlier issued against the implementation of such orders. Very truly yours, SAN MIGUEL CORPORATION By: (SGD.) FRANCIS H. JARDELEZA Senior Vice President-General Counsel and Assistant Corporate Secretary