Keppel Philippines Marine, Inc. Additional Listing

October 25, 1999 PSE CIRCULAR FOR BROKERS NO. 2727-99 SUBJECT : Keppel Philippines Marine, Inc. Additional Listing Further to Circular for Brokers Nos. 807-98 dated April 24, 1998, 1099-98 dated May 22, 1998 and 1493-98 dated July 1, 1998 on the corporate restructuring of the Keppel Philippines Group of Companies, the Exchange approved on October 13, 1999, the application submitted by KEPPEL PHILIPPINES MARINE, INC. to list additional 298,549,122 common shares, with a par value of P1.00 per share, to cover the share-for-share swap with Keppel Philippines Properties, Inc. ("KPPI") and Keppel Philippines Holdings, Inc. ("KPHI"). cdll This application is divided into the following: (1) 75,118,722 common shares share-for-share swap with KPPI at a swap price of P1.00 per share; and (2) 223,430,400 common shares share-for-share swap with KPHI, at a swap price of P1.668 per share. In exchange, KPM received 298,549,122 common shares of Keppel Cebu Shipyard, Inc. from KPPI, with a par value of P1.00 per share and at a swap price of P1.00 per share. Further, the Company's request for the reduction of 2,007 shares from the total number of listed shares due to unissued fractional shares related to the Company's 6% stock dividend declaration to stockholders of record as of June 22, 1998, was likewise approved. In view thereof, the listing of the 298,549,122 common shares is set for Wednesday, October 27, 1999. The designated Stock Transfer Agent is hereby authorized to record and register in its books the above number of shares. LexLib For your information and guidance. (SGD.) MARIA ISABEL B. GARCIA OIC, Listings and Disclosure Group