Philippine Stock Exchange, Inc.

March 3, 1998 PSE CIRCULAR FOR BROKERS NO. 265-98 February 27, 1998 PHILIPPINE STOCK EXCHANGE, INC. PSE Center, Exchange Road Ortigas Center, Pasig City Metro Manila Attention : Atty . Ruben L . Almadro VP, Compliance & Surveillance Department RE : Kuok Philippine Properties, Inc . (PSE Control No . E-5007) Gentlemen : Please be advised that at the meeting of the Board of Directors of Kuok Philippine Properties, Inc. held at 11:30 a.m. today, the following matters were taken up and/or approved: 1) Mr. Thaddeus Thomas Beczak was elected to the positions of director and Vice Chairman, vice Mr. Rufo Colayco; and 2) The resignation of the undersigned from the position of Corporate Secretary, effective 30 March 1998, was accepted. Mr. Beczak is an American national and is currently an Executive Director of Kerry Holdings Limited, Deputy Chairman of Shangri-La Asia Limited and a Director of the China World Trade Center in Beijing, all of which companies are affiliated with the Kuok Group. Prior to joining the Kuok Group, Mr. Beczak was a Managing Director of J. P. Morgan, Inc. and President of J. P. Morgan Securities Asia Limited (Hong Kong). For your information and guidance. Thank you. Very truly yours, (SGD.) CYNTHIA M. LAURETA Corporate Secretary