Cebu Shipyard and Engineering Works, Inc.

September 30, 1998 PSE CIRCULAR FOR BROKERS NO. 2278-98 SUBJECT : Cebu Shipyard and Engineering Works, Inc . Cebu Shipyard and Engineering Works, Inc. ("CSE") informed the Exchange, in a letter dated September 28, 1998, that the Securities and Exchange Commission (SEC) approved on September 22, 1998 its Amended Articles of Incorporation, particularly the amendment to Article I, reflecting the change in its corporate name from Cebu Shipyard and Engineering Works, Inc. to Keppel Philippines Properties, Inc . Likewise, amendment to Article II, sections a) and b) reflects the change in primary purpose of the company from shipbuilding and ship repair, to investing and converting properties and property development, hereunder quoted: LexLib ". . . SECOND: That the purposes for which such corporation is formed are the following: a) To invest or acquire interest in, purchase, own or hold, directly or indirectly, shares of stock debentures or securities and all other properties of whatever kind or nature, personal as well as real, movable or immovable, to the extent allowed by law and to manage or dispose of the same as the corporation may deem necessary or advisable in the conduct of its business, without in any manner operating as an investment house or broker for securities. b) To invest in and undertake property development activities or transactions, whether through the Company alone or through joint ventures with other persons, or though ordinary investments, involving real or personal properties, provided that, the Company shall own real properties or real rights over real properties to the extent allowed by law. . ." The change in the company's name and stock trading symbol from "CSE" to " KEP " will be reflected in the Exchange's computer system (electronic board and ticker) on Monday, October 5, 1998. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group