PSE Circular for Brokers No. 011-99

January 5, 1999 PSE CIRCULAR FOR BROKERS NO. 011-99 January 4, 1999 Disclosure Department Listing and Disclosure Group 4/F, Philippine Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Fax No. 6342051 Attention: Mr . Reynaldo P . Hong Listing & Disclosure Group Gentlemen : With reference to the newspaper articles which appeared in the Manila Bulletin on January 3, 1999 (entitled "BHI board approves share buyback program") and the Manila Standard on January 2, 1999 (entitled "Cash-rich Boulevard Holdings to buy back shares this month") we would like to clarify the following matters: prLL 1. At the most recent board meeting held on December 23, 1998, the board discussed the possibility of buying back Boulevard Holdings Inc. shares in view of the improved earnings prospects for the current fiscal year ending in May 31, 1999. The board is bent on considering actual implementation of the buyback program pending the finalization of additional details in relation to the buyback such as, the number of shares to be purchased and retired to treasury, and the date when the buyback will take place. 2. The board also discussed a proposal to institute a regular dividend policy. The proposals is also being considered for implementation pending verification of the projection by Management of a regular dividend payment ratio of 3% 5%. The nature of the dividend, the dividend payment date and the amount of the dividend will be subject to board approval from time to time. Very truly yours, (SGD.) ATTY NONNATUS P. CHUA President & CEO