San Miguel Brewery Hong Kong : LETTER TO SHAREHOLDERS

香港生力啤酒廠有限公司

(Incorporated in Hong Kong with limited liability) (Stock Code: 236)

18 March 2020

TO OUR SHAREHOLDERS

Dear Sir/Madam,

We have pleasure in enclosing the 2019 Annual Report of San Miguel Brewery Hong Kong Limited (the "Company"), the notice of the Fifty-seventh Annual General Meeting and the proxy form.

This year's Annual General Meeting will be held at Island Ballroom, Level 5, Island Shangri-La Hong Kong, Two Pacific Place, Supreme Court Road, Central, Hong Kong on 20 April 2020, Monday at 3:00 p.m.. Shareholders registration will start at 2:30 p.m..

This letter is being sent to all persons currently registered as shareholders. If you have sold your San Miguel shares, please disregard this notice.

In order to supply you with adequate facilities, we would appreciate notification of your intention to attend the meeting before 14 April 2020, Tuesday via completion and return of the appended slip.

Enclosed is a proxy form for shareholders who are unable to attend the Annual General Meeting and who wish to instruct how voting on resolutions should be registered on their behalf. Please return your proxy form to the share registrar of the Company, Computershare Hong Kong Investor Services Limited, at 17M Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong not less than 48 hours before the time of the meeting. (Please refer to note 6 of the proxy form for details.)

Yours faithfully,

SAN MIGUEL BREWERY HONG KONG LIMITED

Ramon G. Torralba

Managing Director

REPLY SLIP

The Company Secretary

San Miguel Brewery Hong Kong Limited 9/F., Citimark Building, 28 Yuen Shun Circuit Siu Lek Yuen, Shatin

New Territories Hong Kong

I shall attend the Fifty-seventh Annual General Meeting.

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(Please print name and address clearly in block letters.)

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