March 21, 2000

PSE CIRCULAR FOR BROKERS NO. 716-00

March 20, 2000

Philippine Stock Exchange, Inc.
Disclosure Department
Listings and Disclosure Group
4th Floor, Philippine Stock Exchange Center
PSE Center, Exchange Road
Ortigas Center, Pasig City

Attention: Ms. Grace B. de Guia

Assistant Manager, Disclosure Group

Gentlemen :

We reply to your request for clarification on the news item captioned "San Miguel said eyeing Splash Manufacturing" published in the March 20, 2000 issue of the Business World.

While it is true that San Miguel Corporation is at the moment looking at other business opportunities, none of these are at the stage where a definitive disclosure can be made. When a definitive position is reached, the company will make the necessary announcement.

Very truly yours,

(SGD.) FERDINAND K. CONSTANTINO
Corporate Information Officer