PSE Circular for Brokers No. 2976-99

November 22, 1999 PSE CIRCULAR FOR BROKERS NO. 2976-99 20 November 1999 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Disclosure Department Listings and Disclosure Group Gentlemen: Please be advised that the Board of Directors of KEPPEL PHILIPPINES PROPERTIES, INC. (KPPI) in its meeting of 20 November 1999 at 8:00 a.m. at New World Hotel, Makati City, approved the following matters: 1. Resignation of Mr. Loh Wing Siew as Chairman and Director and Election of Mr. Kevin Wong Kingcheung as Chairman and Director llcd 2. Amendment of By-Laws : 2.1) Creation of an Executive Committee (EXCOM) to be designated as Article IV of the By-laws 2.2) Inclusion of the positions of Senior Vice-President(s), Senior General Manager(s), General Manager, Assistant General Manager under the provision on Officers 2.3) the consequent re-numbering of the succeeding provisions of the by-laws cdll 3. Resignation of Mr. Lawrence Peh Yeow Beng and Election of Mr. Choo Chin Teck, as Director 4. Resignation of Mr. Barry Chia Soo Hock and Election of Mr. Liu Seng Fatt, as Director cdll 5. Resignation of Mr. Teo Soon Hoe and Election of Mr. Henry Sy, Sr., as Director 6. Resignation of Mr. Kevin Chee Fook Meng and Election of Mr. Ramon J. Abejuela, as Director We trust that the above disclosures comply with the rules and regulations of the Exchange. Very truly yours, (SGD.) CHEE FOOK MENG Corporate Information Officer