15 May 2000

Keppel FELS buys back 5 million of its own shares

Keppel FELS Energy & Infrastructure Ltd (Keppel FELS) has to date bought 5 million of its shares since it started buying back its own shares on 17 March 2000.

The shares were bought at between $1.01 and $1.20 per share from the market.

Keppel FELS intends to pursue its share buy-back programme to further enhance value for shareholders. The Company believes that the current market prices of Keppel FELS shares do not reflect the value of the Company.

Keppel FELS is authorised to buy back up to 10% of its issued share capital of 677,597,376 shares.