Kuok Philippine Properties, Inc.

March 26, 1998 PSE CIRCULAR FOR BROKERS NO. 496-98 March 24, 1998 Philippine Stock Exchange, Inc. PSE Center, Exchange Road Ortigas Center, Pasig City Metro Manila Attention : Ms. Maria Isabel T. Garcia Head, Listing Department RE : Kuok Philippine Properties, Inc. Gentlemen: On Behalf of KUOK PHILIPPINE PROPERTIES, INC. (the "Corporation") we hereby advise that: 1. At a special meeting of the Board of Directors (the "Board") of the Corporation held earlier today, 25 March 1998, the following matters were approved: a) The Board Set the Annual General Meeting of the shareholders for the current year on 19 June 1998, and fixed the date of 20 May 1998 as the record date for the purposes of determining the shareholders entitled to notice and to attend the said meeting; and b) The Board elected Atty. Federico G. Noel as the Corporate Secretary of the Corporation, effective as at and from 1 April 1998, vice Atty. Cynthia M. Laureta, whose resignation as the Corporate Secretary is effective on 31 March 1998. 2. The Corporation's wholly-owned subsidiary, KPI Realty Corporation ("KRC"), has today filed a request with the Housing and Land Use Regulatory Board (the "HLURB") for the cancellation of the HLURB registration of The Shang Tower Ortigas project KRC's joint venture project with Asephil Manufacturing Corporation and Britanny Corporation, following the agreement of the said parties to discontinue the said project. The parties are in the process of winding up the said project. cdlex For your information and guidance. Thank you. Very truly yours, (SGD.) CYNTHIA M. LAURETA Corporate Secretary