PSE Circular for Brokers No. 2766-98

December 15, 1998 PSE CIRCULAR FOR BROKERS NO. 2766-98 Philippine Stock Exchange, Inc. Disclosure Department Listings and Disclosure Group 4th Floor, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Vice President Gentlemen : Please be advised that at today's meeting, the Board of Directors of San Miguel Corporation ("SMC") passed and approved the following resolutions on: 1. the declaration of a cash dividend of twenty centavos (P0.20) to all stockholders of record as of December 29, 1998, payable on January 29, 1999 and closing of transfer books from December 30, 1998 to January 8, 1999; 2. the 1999 Regular Stockholders Meeting to be held on April 27, 1999 at 2:00 p.m. at the EDSA Plaza Hotel; 3. the record date for stockholders entitled to vote at the Regular Stockholders Meeting which is on February 18, 1999 and closing of transfer books will be on February 19 to March 4, 1999; 4. the deadline for nominations for the Board of Directors which is on January 20, 1999. For your information. Very truly yours, SAN MIGUEL CORPORATION By: (SGD.) FRANCIS H. JARDELEZA Senior Vice President-General Counsel and Assistant Corporate Secretary