Keppel Philippine Properties, Inc.

June 17, 1999 PSE CIRCULAR FOR BROKERS NO. 1428-99 SUBJECT : Keppel Philippine Properties, Inc . Further to Circular for Brokers No. 979-99 dated May 5, 1999, Keppel Philippines Properties, Inc. ("KEP") furnished the Exchange a copy of its SEC Form 34-C (Definitive Information Statement), including its 1998 Annual Report, in connection with its Annual Stockholders' Meeting which, will be held on June 17, 1999, at 11:30 a.m. at the Upper Paseo, MV Delta Philippine Dream, Lapu-Lapu City, Cebu. The agenda for the meeting shall be as follows: 1. Call to Order 2. Proof of Notice of Meeting and Certification of Quorum. 3. Reading and Approval of the Minutes of the Previous Meeting of 22 May 1998 4. Chairman's Address 5. Presentation and Approval of the 1998 Annual Report/Audited Financial Statements 6. Ratification of the Acts and Proceedings of the Board of Directors, Officers and Management of the Corporation during the year under review LLpr 7. Amendment of the Articles of Incorporation By-Laws re: a) Change of principal office b) Decrease in the number of directors from 11 to 9 8. Election of Directors 9. Directors' Remuneration 10. Reappointment of Independent Auditor 11. Such other matters as may properly come up before the meeting 12. Adjournment As previously announced, stockholders of record as of May 17, 1999 are entitled to notice of, and to vote, at said meeting. A copy of KEP's Definitive Information Statement, including its 1998 Annual Report, is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President & CEO