PSE Circular for Brokers No. 016-99

January 6, 1999 PSE CIRCULAR FOR BROKERS NO. 016-99 January 5, 1999 Atty. Nonnatus P. Chua Boulevard Holdings, Inc. 7504488 Pager: 141 216558 Cell: 0917 5323593 BOULEVARD HOLDINGS PLANS TO BOOST SHARE DIVIDENDS AND BUY BACK ITS SHARES Holding company Boulevard Holdings, Inc. (BHI) yesterday announced measures to further enhance shareholder value in light of the company's sterling performance in the current fiscal year and the better economic climate expected in 1999. Newly elected BHI President Nonnatus P. Chua affirmed the publicly-listed company is finalizing plans to pay out to shareholders a yearly dividend of between three percent and five percent. The dividend payout ratio on BHI's P1 Billion outstanding capital stock is considered highly competitive compared to other stocks. Chua said the BHI board last December 23 agreed on the planned dividend policy as a reward to loyal institutional and individual shareholders. The stock was listed in the Philippine Stock Exchange (PSE) on April 28, 1997. During the same meeting, the BHI board also seriously considered plans to buy back some of its shares at the currently low market price, in anticipation of a jump in the PSE index as the economy improves this year. Chua said the proposal was deemed an efficient way to use the cash surplus of BHI which is currently experiencing a banner fiscal year, as cash and cash equivalent resources stood at around P247 Million as of the end of FY 1998. llcd In the current fiscal year ending this May, BHI has noted a hefty jump in revenues with net income already reaching P41 Million for the first half of FY 1999 which represents P31 Million or 310% increase over the same period last year. Aside from its P75 Million in cumulative retained earnings, BHI banked around P347 Million from sales of some assets, such as the rights over a 5,454 sq. m. lot in the fort Bonifacio area and equity in the hotel management joint venture with ACCOR. BHI has significant holdings in the telecommunications, banking, hotel, leisure and entertainment industries. Some BHI subsidiaries or affiliates are Alliance Technologies Corp., local distributor of Lucent Technologies (formerly AT&T); the Consumer Savings Bank of the RFM Group; the Grand Boulevard Kim Lien Hotel in Hanoi, Vietnam; and the China Club Beijing in Beijing. BHI has also a stake in the Bonifacio Land Corp. consortium which is developing the 214 has. Fort Bonifacio Global City.