Jardine Davies, Inc.

August 18, 1998 PSE CIRCULAR FOR BROKERS NO. 1912-98 SUBJECT : Jardine Davies, Inc . Jardine Davies, Inc. ("JDI") informed the Exchange, in a letter dated August 17, 1998, that in a special meeting held on August 17, 1998, the Board of Directors approved the declaration of a cash dividend of P25.00 per share to its stockholders of record as of August 28, 1998, payable on September 9, 1998. The cash dividend is part of the proceeds of the sale of Jardine Davies' 25% shareholdings in Republic Cement Corporation. The balance will be reinvested in Jardine Davies' core businesses and utilized to build up the company's cash reserves. prLL Attached is a press release by JDI entitled "Blue Circle Acquires Additional Stake in Republic Cement". For your information. CASH DIVIDEND CASH P 25.00 per share EX-CASH August 24, 1998 RECORD DATE August 28, 1998 DATE PAYABLE September 9, 1998 (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group PSE Code No. H8036 August 17, 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 be informed that in the special meeting held this afternoon on August 17, 1998, the Board of Directors approved the declaration of cash dividend of P25.00 per share to its stockholders of record as of August 28, 1998. The cash dividend will be payable on September 9, 1998. LLjur The cash dividend is part of the proceeds of the sale of Jardine Davies' 25% shareholdings in Republic Cement, Corporation. The balance will be reinvested in Jardine Davies' core businesses and utilized to build up the company's cash reserves. Please refer to the attached Press Release. Kindly enter this as part of your record. Very truly yours, JARDINE DAVIES INC. By: (SGD.) ALOYSIUS B. COLAYCO Chairman CASH DIVIDEND CASH P 25.00 per share E/C August 24, 1998 R/D August 28, 1998 D/P September 9, 1998 PRESS RELEASE August 17, 1998 Jardine Davies Inc. announced that it will declare a cash dividend of P25.00 per share to its stockholders of record as of August 28, 1998. The cash dividend is part of the proceeds of the sale of Jardine Davies' 25% shareholdings in Republic Cement Corporation. The balance will be reinvested in Jardine Davies' core businesses and utilized to build up the company's cash reserves. The cash dividend will be payable on September 9, 1998. For further information, contact: Jardine Davies Inc. Mr. Aloysius B. Colayco Chairman Tel. No. (632) 815-4483