Jardine Davies, Inc.

August 26, 1998 PSE CIRCULAR FOR BROKERS NO. 1978-98 SUBJECT : Jardine Davies, Inc . This has reference to Circular No. 1911-98 dated August 17, 1998 pertaining to Jardine Davies, Inc.'s ("JDI") agreement with Blue Circle Industries PLC ("Blue Circle") for its acquisition of JDI's 25% shareholdings in Republic Cement Corporation ("RCC"). Relative to the said sale, JDI furnished the Exchange a copy of SEC Form 11-C, filed with the Securities and Exchange Commission (SEC) on August 24, 1998, the financial information on Item No. 9 states that: "The gross proceeds of the sale amounted to P1,716,065,018.45. As of July 31, 1998, the net asset value of the shareholdings in Republic Cement Corporation is P767,000,000.00. dctai Cash reserves, even after the dividend declaration, will be approximately at P850 million. The disposition will not affect the core businesses of Jardine Davies, one of which is the trading and distribution of construction materials. The company will remain as one of the two distributors of Republic Cement Corporation even after the sale." For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group