Philippine Stock Exchange

March 3, 1998 PSE CIRCULAR FOR BROKERS NO. 264-98 March 2, 1998 Philippine Stock Exchange Philippine Stock Exchange Centre Exchange Road Ortigas Center, Pasig City Attention : Ms Maria Isabel Garcia Head, Listing Department Gentlemen: Further to our letter dated 27 February 1998, we wish to clarify that the directors who resigned at the regular meeting of Monterey-San Miguel Philippines, Inc. (M-SMPI), aside from Antonio T. Climent, were Ramon F. Llanos and Tomas V. Loanzon and not Teresa C. del Mundo and Franco L. Loyola as have previously reported. Ms. del Mundo and Mr. Loyola resigned at the special meeting of M-SMPI. LexLib Thank you. Very truly yours, MONTEREY-SAN MIGUEL PROPERTIES, INC. (SGD). ROSABEL SOCORRO TESTON-BALAN Assistant Corporate Secretary PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Centre Exchange Road Ortigas Center, Pasig City Attention : Ms Maria Isabel Garcia Head, Listing Department Gentlemen: During the regular meeting held on 27 February 1998, the following directors of Monterey-San Miguel Properties, Inc. (M-SMPI) resigned: 1) Antonio T. Climent; 2) Teresa C. del Mundo and 3) Franco L. Loyola. The Board of Directors of M-SMPI thereafter elected Ms. Ma. Lourdes G. Yambao as director of M-SMPI. Very truly yours, MONTEREY-SAN MIGUEL PROPERTIES, INC. (SGD.) ROSABEL SOCORRO TESTON-BALAN Assistant Corporate Secretary PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Centre Exchange Road Ortigas Center, Pasig City Attention : Ms Maria Isabel Garcia Head, Listing Department RE : Monterey-San Miguel Properties, Inc . Gentlemen : We write on behalf of Monterey-San Miguel Properties, Inc., formerly Monterey Farms Corporation, (Monterey). pred Please be informed that during the special meeting of the Board of Directors of Monterey held on 27 February 1998, the following directors resigned: Ms. Teresita Del Mundo, Angelita M. Sanchez, and Franco L. Loyola. The following were elected to replace the resigned directors: Delfin C. Gonzales, Jr., Faustino F. Galang, and Frederico C. Gonzales. Likewise, during said special meeting of Monterey's Board of Directors, Mr. Delfin C. Gonzales, Jr. was elected as Chairman of the Board of Directors to replace Mr. Antonio T. Climent; Mr. Frederico C. Gonzales was elected as President to replace Mr. Ramon F. Llanos, Mr. Tomas Maalac was elected as Treasurer and Chief Finance Officer and Atty. Francis H. Jardeleza was elected as Corporate Secretary to replace Atty. Lorna Patajo-Kapunan. LexLib This information is made in compliance with the SEC rules Requiring Disclosure of Material Facts By Corporations Whose Securities Are Listed In Any Stock Exchange Or Registered/Licensed Under The Revised Securities Act and by the PSE Revised Rules On Corporate Disclosure. Very Truly yours, ROCO BUNAG KAPUNAN & MIGALLOS By: (SGD.) FREDERICO G. NOEL, JR.