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San Miguel CorporationSMC

PSE Disclosure Form 4-29 - Disbursement of Proceeds and Progress Report References: Memorandum No. 626 - 2007 dated December 20, 2007
Section 4.4 of the Revised Disclosure Rules

• Annual Report
• Quarterly Report
• OthersUpdated computation of net proceeds

Subject of the Disclosure
Updated computation of the net proceeds of the offering of Series "2-L", Series "2-N" and Series "2-O" Preferred Shares
Background/Description of the Disclosure
Please see attached updated computation of the net proceeds of the offering of Series "2-L", Series "2-N" and Series "2-O" Preferred Shares (the "Offering").
Other Relevant Information
A copy of the SEC FORM-17-C is attached for filing with the SEC.