Keppel Philippines Holdings, Inc.

April 17, 1998 PSE CIRCULAR FOR BROKERS NO. 703-98 SUBJECT : Keppel Philippines Holdings, Inc. Further to Circular No. 623-98 dated April 7, 1998, Keppel Philippines Holdings, Inc. ("KPH") furnished the Exchange on April 15, 1998 a copy of SEC Form 34-C (Preliminary Information Statement) in connection with its Annual Stockholders' Meeting which will be held on May 23, 1998 at 11:00 a.m., at the Garden Hall C, Dusit Hotel Nikko, Ayala Center, Makati City. The agenda for the meeting shall be as follows: 1. Call to Order 2. Proof of Notice of Meeting and Certification of Quorum 3. Reading and Approval of the Minutes of the Previous Meeting of 14 June 1997 4. Presentation of Approval of the 1997 Annual report/Audited Financial Statements LLpr 5. Ratification of the Acts and Proceedings of the Board of Directors, Officers and Management of the Corporation during the year under review 6. Stock Dividend Declaration 7. Acquisition of Cebu Shipyard and Engineering Works, Inc. (CSEW) shareholdings in Kepphil Shipyard, Inc. in Exchange for KPHI's shareholding in SM Keppel Land, Inc. 8. Approval of the Offer To Swap KPHI's shareholdings in Kepphil Shipyard, Inc. with CSEW minority shareholders 9. Election of Directors 10. Directors' Remuneration 11. Appointment of External Auditor 12. Such other matters as may properly come up before the meeting As previously announced, stockholders of record as of April 22 , 1998 , are entitled to notice of, and to vote at, said meeting. Cdphil A copy of KPH's SEC Form 34-C is available for reference at the PSE Library and the PSE-Plaza Administration Office. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group