San Miguel Corporation

March 16, 2000 PSE CIRCULAR FOR BROKERS NO. 686-00 SUBJECT : San Miguel Corporation Further to Circular for Brokers No. 3096-99 dated December 6, 1999, San Miguel Corporation ("SMC") furnished the Exchange a copy of its SEC Form 34-A (Definitive Proxy Statement) including its 1999 Annual Report, in connection with its Annual Stockholders' Meeting which will be held on April 11, 2000 , at 2:00 p.m., at the Ballroom of the Westin Philippine Plaza, Roxas Boulevard, Pasay City. The agenda for the meeting shall be as follows: 1. Certification of Notice and Quorum 2. Approval of the Minutes of the Regular Stockholders' Meeting held on May 5, 1999 3. Presentation of Annual Report 4. Ratification of Acts and Proceedings of the Board of Directors and Corporate Officers 5. Appointment of External Auditors 6. Election of Board of Directors 7. Other business As previously announced, stockholders of record as of February 8, 2000 are entitled to notice of, and to vote at, said meeting. A copy of SMC's Definitive Proxy Statement, including its 1999 Annual Report is available for reference at the PSE Centre and PSE-Plaza Libraries. For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listing and Disclosure Group