PSE Circular for Brokers No. 1988-98

August 27, 1998 PSE CIRCULAR FOR BROKERS NO. 1988-98 August 26, 1998 Disclosure Department Listings and Disclosure Group 4th Floor, Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Gentlemen : In compliance with your disclosure requirements, please refer to the attached announcement on the changes in the senior management of Jardine Davies, Inc. Kindly enter this as part of your record. aisadc Very truly yours, JARDINE DAVIES INC . By: (SGD.) BI YONG SO CHUNGUNCO Senior Vice President 26 August 1998 ANNOUNCEMENT JARDINE DAVIES SENIOR MANAGEMENT CHANGES A. B. Colayco, Chairman of Jardine Davies, announced today that David C. Clymo will be appointed as President of the Company with effect from 1st January 1999. In his new position, Mr. Clymo will be responsible for all of Jardine Davies' operations. Mr. Colayco will continue as Chairman of Jardine Davies and take a more active role in the other Jardine Matheson Group companies in the Philippines in his capacity as Country Chairman. David Clymo is currently Senior Vice-President for Finance and Treasury of Jardine Davies, a position he has held since November 1996. Prior to this appointment he was Group Finance Director of Jardine Schindler based in Hong Kong. Mr. Clymo is a Chartered Accountant who qualified with Price Waterhouse in London and has been with the Jardine Matheson Group for six years. Anthony Nightingale, Chairman of Jardine Pacific, said that opportunities for growth would continue to be explored in the Philippines which remains a long term strategic investment area for the Jardine Matheson Group.