Registration of Debt Securities (Under Shelf Registration) — San Miguel Corp.

February 14, 2017 SEC-MSRD ORDER NO. 3, S. 2017 IN THE MATTER OF SAN MIGUEL CORPORATION REGISTRATION OF DEBT SECURITIES (UNDER SHELF REGISTRATION) ORDER Upon consideration of the Registration Statement and other papers and documents attached thereto which were filed on behalf of San Miguel Corporation , the Commission resolved in its meeting on 09 February 2017 to render effective the same for the registration of Sixty Billion Pesos (P60,000,000,000.00) worth of Fixed Rate Bonds in accordance with Sections 8 and 12 of the Securities Regulation Code and its Implementing Rules and Regulations. aScITE For the first tranche, the company applied to offer Fifteen Billion Pesos (P15,000,000,000.00) with an Oversubscription Option of up to Five Billion Pesos (P5,000,000,000.00) worth of Fixed Rate Bonds consists of: Series "A" Bonds: 4.8243% per annum due 2022 Series "B" Bonds: 5.2840% per annum due 2024 Series "C" Bonds: 5.7613% per annum due 2027 In this regard and after determining that the company has complied with the required submissions as directed in the Pre-effective Letter issued on 10 February 2017, the subject Registration Statement is now rendered effective. Let a Certificate of Permit to Offer Securities for Sale authorizing the sale and distribution of Fifteen Billion Pesos (P15,000,000,000.00) with an Oversubscription Option of up to Five Billion Pesos (P5,000,000,000.00) worth of Fixed Rate Bonds relative to the first tranche to be issued in favor of the company. The sale and distribution of the remaining securities under the subsequent tranches shall be conducted only after the issuance by the Commission of the pertinent permit. Let this Order be published at the expense of the Issuer in a newspaper of general circulation and uploaded in its website within two (2) business days from its issuance. The corporation is hereby directed to furnish this Commission with a copy of the affidavit of publication of this Order. SO ORDERED. Pasay City, Philippines, February 14, 2017. (SGD.) VICENTE GRACIANO P. FELIZMENIO, JR. Director Published in The Philippine Star on February 16, 2017.