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Share Re-Purchase

PSE Circular for Brokers No. 103-98 • Philippine Stock Exchange • Circulars for Brokers • Feb 10, 1998

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February 10, 1998 PSE CIRCULAR FOR BROKERS NO. 103-98 TO : Ms. Isabel Garcia Compliance & Surveillance Dept (PSE) : Fax: 02 6360809 : Atty. Melva E Valdez Bengzon Law Office FROM : Alex Cheng DATE : 9 February 1998 SUBJECT : Share Re-Purchase This serves to inform you that Cebu Shipyard re-purchased the following shares on the following date: 2/9/98 CSEW "A" 60,000 shares @ P1.00 (One Peso) per share. Thank you. Regards (SGD.) ALEX CHENG TEE HAN Treasurer/VP-Admin

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