PSE Circular for Brokers No. 223-99

February 8, 1999 PSE CIRCULAR FOR BROKERS NO. 223-99 February 5, 1999 Disclosure Department Listings and Disclosure Group Philippine Stock Exchange 4 th Floor, Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City, Metro Manila Gentlemen : We were informed by Jardine Matheson Europe B.V. that in view of an internal restructuring of investments within the Jardine Group of Companies, Jardine Matheson Europe B.V. has acquired the following shares of Jardine Davies, Inc. from its affiliates: Affiliates No. of Shares Jardine Pacific Holdings Limited 16,544,639 common shares Jardine Asian Holdings Inc. 150,000 common shares Jardine Matheson Europe B.V., Jardine Pacific Holdings Limited and Jardine Asian Holdings Inc. are all members of the Jardine Group of Companies. The shares represent 38.04% of the issued and outstanding capital stock of Jardine Davies Inc. These transfers will increase the shareholdings of Jardine Matheson Europe B.V. from 55.58% to 93.62%. In compliance with your disclosure requirements, our Stock and Transfer Agent will file the requisite report, i.e., Change of Beneficial Ownership, on or before March 10, 1999. Very truly yours, JARDINE DAVIES, INC. By: (SGD.) DAVID C. CLYMO President