San Miguel Properties, Inc.

April 12, 1999 PSE CIRCULAR FOR BROKERS NO. 718-99 SUBJECT : San Miguel Properties, Inc. Further to Circular for Brokers No. 426-99 dated March 8, 1999 San Miguel Properties, Inc. ("SMP") furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement), including its 1998 Audited-Financial Statements, in connection with its Annual Stockholders' Meeting which will be held on April 27, 1999, at 3:00 P.M. at the Upper Penthouse, San Miguel Properties Centre, St. Francis Street, Mandaluyong City. The agenda for the meeting shall be as follows: 1. Approval of the Minutes of the 1998 Annual Stockholders' Meeting. 2. Approval of the Annual Report of Management for the year ended December 31, 1998. cdt 3. Ratification of Acts and Proceedings of the Board of Directors and Management for the period covering 1 January 1998 to April 26, 1999. 4. Election of External Auditors. 5. Amendment of Article Sixth of the Articles of Incorporation. 6. Amendment of Sec. 2, article III of the Company By-Laws. 7. Election of Directors 8. Other Matters. As previously announced, stockholders of record as of March 31, 1999 are entitled to notice of, and to vote at, said meeting. LLpr A copy of SMP's Definitive Information Statement, together with its 1998 Audited Financial Statements, is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO