Cebu Shipyard & Engineering Works, Inc. Additional Listing

June 4, 1998 PSE CIRCULAR FOR BROKERS NO. 1249-98 SUBJECT : Cebu Shipyard & Engineering Works, Inc. Additional Listing The Exchange approved the listing application of CEBU SHIPYARD & ENGINEERING WORKS, INC. to list additional 20,002,580 common shares, divided into 6,439,370 Class "A" shares and 13,563,210 Class "B" shares, with a par value of P1.00 per share, to cover the 10% stock dividend declaration to stockholders of record as of February 16, 1998. However, the actual number of shares issued were reduced to 19,816,933 common shares, divided into 6,272,889 Class "A" shares and 13,544,044 Class "B" shares. The difference of 185,647 common shares in the issuance of shares represent the following: Class "A" Class "B" 10% stock dividend of the treasury shares by virtue of the Company's buy-back program not entitled to dividends 166,000 19,000 Fractional shares which were dropped 481 166 Total 166,481 19,166 The non-issuance of the fractional shares is covered by a resolution passed and approved by the Board of Directors of Cebu Shipyard & Engineering Works, Inc. on December 10, 1997. In view thereof, the listing of the 19,816,933 common shares, divided into 6,272,889 Class "A" shares and 13,544,044 Class "B" shares is set for Monday, June 15, 1998. For your information and guidance. (SGD.) REYNOLD P. ONG President, Listings and Disclosures Group