09:11     SAN MIGUEL HK<00236> - Announcement                                 

    The Stock Exchange takes no responsibility for the contents               
    of this announcement, makes no representation as to its                   
    accuracy or completeness and expressly disclaims any                      
    liability whatsoever for any loss howsoever arising from or               
    in reliance upon the whole or any part of the contents of                 
    this announcement.                                                        
                                                                              
    SAN MIGUEL BREWERY HONG KONG LIMITED                                      
    (Incorporated in Hong Kong with limited liability)                        
    (Stock Code: 236)                                                         
                                                                              
    The board of directors of San Miguel Brewery Hong Kong                    
    Limited ("the Company") notes the various articles which                  
    appeared in certain newspapers today which refer to                       
    speculation that the Company might be privatised by its                   
    controlling shareholder. The Company is not aware of the                  
    source of such speculation. The Company has not received any              
    privatisation proposal from its controlling shareholder.                  
                                                                              
    Shareholders and prospective investors are advised to                     
    exercise caution when dealing in the securities of the                    
    Company.                                                                  
                                                                              
    By Order of the Board                                                     
    Thomas R. Mainwaring                                                      
    Company Secretary                                                         
                                                                              
    Hong Kong, 25 February 2005                                               
                                                                              
    As at the date of this announcement, the executive directors              
    are Mr. Ramon A. de la Llana and Mr. Thomas R. Mainwaring;                
    the non-executive directors are Mr. Francisco C. Eizmendi,                
    Jr., Mr. Ramon S. Ang, Mr. Ferdinand K. Constantino, Mr.                  
    Faustino F. Galang, Mr. Francis H. Jardeleza, Mr. Estelito P.             
    Mendoza, and Mr. Gabriel L. Villareal; and the independent                
    non-executive directors are Dr. The Hon. David K.P. Li, Mr.               
    Wai Sun Ng and Mr. Ian F. Wade.