PSE Circular for Brokers No. 426-99

March 8, 1999 PSE CIRCULAR FOR BROKERS NO. 426-99 March 5, 1999 Philippine Stock Exchange, Inc. Disclosure Department Listings and Disclosure Group 4' Floor Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Ms . Gracita B . de Guia Assistant Manager Gentlemen : Please be advised that at today's meeting the Board of Directors of San Miguel Properties, Inc. ("SMPI") passed and approved the following: 1. Election of Mr. Francisco C. Eizmendi, Jr. as Chairman of the Board. He is concurrently the President and Chief Executive Officer of the Corporation. Mr. Eizmendi, Jr. continues to be the President and Chief Operating Officer of San Miguel Corporation 2. The 1999 Regular Stockholders Meeting to be held on April 27, 1999 at 3:00 p.m. at the Upper Penthouse San Miguel Properties Center, St. Francis Avenue Mandaluyong City. cdt 3. The record date for Stockholders entitled to vote at the Regular Stockholders Meeting is on March 31, 1999 and closing of transfer books will be on April 5 up to April 12, 1999. For your information. Very truly yours, SAN MIGUEL PROPERTIES, INC. By: (SGD.) RENATO P. MABUGAT Corporate Secretary