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Jardine Davies Inc. ("JDI")

PSE Circular for Brokers No. 730-98 • Philippine Stock Exchange • Circulars for Brokers • Apr 21, 1998

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April 21, 1998 PSE CIRCULAR FOR BROKERS NO. 730-98 April 20, 1998 PHILIPPINE STOCK EXCHANGE, INC. Phil. Stock Exchange Centre, Exchange Road Ortigas Center, Pasig M. M. Attention: Mr . Reynold Ong Vice President, Listing Department Gentlemen : RE : Jardine Davies Inc . ("JDI") In compliance with your disclosure requirement, please be informed that Mr. James Reid has resigned as Director and Senior Vice President Corporate Marketing and Distribution to take effect on April 25, 1998. At the special meeting of the Board of Directors held today, the majority members of the Board still constituting a quorum elected Mr. Geoffrey D. Thomas as the replacement of Mr. James Reid to take effect on April 25, 1998 to serve for the unexpired term. LLpr Very truly yours, JARDINE DAVIES INC. (SGD.) B. S. CHUNGUNCO Corporate Secretary

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