PSE Circular for Brokers No. 387-99

March 3, 1999 PSE CIRCULAR FOR BROKERS NO. 387-99 March 2, 1999 SMC DECLARES STOCK, CASH DIVIDENDS The Board of Directors of San Miguel Corporation, at its last regular meeting, declared a 10% stork dividend, subject to stockholder approval at the company's annual stockholders' meeting to be held on May 5, 1999. In the same Board meeting, the SMC Directors also declared a 20 centavo cash dividend per share to be paid on April 29, 1999 to all stockholders of record as of March 26, 1999. For purposes of the cash dividend. SMC's stock transfer books will be closed from May 27, 1999 to April 9, 1999. Earlier, the SMC Board declared a special one-time cash dividend of 40 centavos per share to all stockholders as of February 26, 1999. This will be paid out on March 26, 1999. As a result of management's directive for a group-wide effort to conserve financial resources and improve capital and asset productivity, San Miguel ended 1998 in a much stronger financial position. San Miguel's 1998 consolidated net profits amounted to P24.4 billion .including the gain on the sale of the company's holdings in Coca-Cola Beverages of Europe and Nestle Philippines, Inc. Against the backdrop of continuing economic difficulties, most of SMC's businesses performed favorably resulting in an increase of 16.5% in consolidated sales revenue to P78.2 billion and a 12.6%. rise in operating profits to P4.1 billion. prLL