PSE Circular for Brokers No. 1590-99

July 1, 1999 PSE CIRCULAR FOR BROKERS NO. 1590-99 June 30, 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: Ms . Grace P . de Guia Listing & Disclosure Group Gentlemen : We advise that at the Board of Directors meeting held tonight, the following officers were elected for the current year: Chairman Mr. Jose Marcel E. Panlilio Vice-Chairman Atty. Lorenzo R. Taada III President/CEO Mr. Nonnatus P. Chua Corporate Secretary Atty. Rodolfo Pineda Treasurer Mr. Alfredo S. Joaquin In view of the present marker conditions in Hanoi, Vietnam, the Board approved the withdrawal of its investment and winding up to its joint venture for the Hanoi hotel project. The Board is presently considering its options in other Asian markets which are showing more growth potential. The Board also approved an investment in Affiliated Networks, Inc. through the purchase of 45,000 shares at a cost of US$7.00 per share or total cost of US$315,000.00. Affiliated Networks, Inc. is the leading "business-to-business" electronic commerce provider for the US$20 Billion marine industry in the United States. The Company has developed a proprietary Internet-based trading exchange called the National Marine Exchange (or "MAREX") for the wholesale trade of equipment, parts and supplies in the marine industry, MAREX allows buyers and sellers to solicit quotes from each other online for specific equipment, parts and supplies. LLpr BOULEVARD HOLDINGS, INC. Registrant By: (SGD.) ANA MARIA A. KATIGBAK Asst . Corporate Secretary Officer-in-charge