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SMB - Final Prospectus

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San Miguel Brewery Inc. (A corporation organized and existing under Philippine laws) P 38,800,000,000.00 Fixed Rate Bonds consisting of Series A Bonds, Series B Bonds and Series C Bonds Due April 3, 2012 for Series A Bonds, April 4, 2014 for Series B Bonds and April 3, 2019 for Series C Bonds Issue Price of 100% Face Value Interest Rate of 8.250% p.a. for Series A Bonds, 8.875% p.a. for Series B Bonds and 10.500% for Series C Bonds San Miguel Brewery Inc. (the ‘‘Company’’ or the ‘‘Issuer’’) intends to offer for subscription and issue bonds (the ‘‘Bonds’’) with an aggregate principal amount of

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