PSE Circular for Brokers No. 1431-99

June 18, 1999 PSE CIRCULAR FOR BROKERS NO. 1431-99 June 17, 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Disclosure Department Listing and Disclosures Group Gentlemen : Please be advised that the Board of Directors of KEPPEL PHILIPPINES PROPERTIES, INC . (KPPI) in its meeting today (17 June 1999) at the Board Room, MV Delta Philippine Dream, Lapulapu City, Cebu, had approved the following matters: 1. Declaration of Dividends The Board of Directors approved a 7% cash dividend to be given to stockholders of record as of 15 July 1999. The issuance date shall be 12 August 1999. LexLib 2. - Amendment of the Articles of Incorporation and By-Laws Re : a) Change of Principal Office The Board of Directors approved the amendment of the articles of incorporation re change of address of principal office from Dad Cleland Avenue, Lapulapu City, Cebu to Makati City, and will submit the same to the stockholders for approval in the Stockholders' Meeting scheduled today. b) Decrease in the number of directors from 11 to 9 The Board of Directors approved the amendment of the articles of incorporation re number of directors decreased from eleven (11) to nine (9) and will submit the same to the Stockholders for approval in the meeting scheduled today. 3. Purchase of Condominium Office Units The Board of Directors approved the purchase of 34 condominium office units of Keppel Center located at Samar Loop Cor. Cardinal Rosales Avenue, Cebu Business Park from Keppel Monte Bank at the Price of P51,000 per square meter. The purchase price is payable over two years. CASH DIVIDEND CASH P0.07 PER SHARE EX-CASH JULY 9, 1999 RECORD DATE JULY 15, 1999 DATE PAYABLE AUGUST 12, 1999 Very truly yours, (SGD.) ALEX CHENG TEE HAN Corporate Information Officer