PSE Circular for Brokers No. 354-99

February 26, 1999 PSE CIRCULAR FOR BROKERS NO. 354-99 February 25, 1999 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: Ms . Gracita B . de Guia Assistant Manager Gentlemen Please be informed that at today's regular meeting of the Board of Directors of San Miguel Corporation (the "Corporation") the Board declared a 10% stock dividend. The stock dividend declaration will be submitted to the stockholders for approval at the Regular Stockholders' Meeting on May 5, 1999. At the same meeting, the Board also declared a cash dividend of TWENTY CENTAVOS (P0.20) per share payable on April 29, 1999 to all Stockholders of record as of March 20, 1999. For purposes of the cash dividend the Corporations transfer books will be posed from March 27, 1999 to April 9, 1999. aisadc For your information. STOCK DIVIDEND STOCK 10% RECORD DATE TO BE ANNOUNCED CASH DIVIDEND CASH P0.20 PER SHARE EX-CASH MARCH 22, 1999 RECORD DATE MARCH 26, 1999 DATE PAYABLE APRIL 29, 1999 Very truly yours, (SGD.) FRANCIS H JARDELEZA Senior Vice President-General Counsel and Assistant Corporate Secretary