PSE Circular for Brokers No. 2058-98

September 4, 1998 PSE CIRCULAR FOR BROKERS NO. 2058-98 September 3, 1998 Philippine Stock Exchange, Inc. PSE Centre, Exchange Road Ortigas Center, Pasig City Metro Manila Fax: 6345920 or 6113 Attention: Mr . Ruben L . Almadro VP-Compliance & surveillance Group Gentlemen : We refer to your letter dated September 2, 1998 addressed to our Corporate Secretary, Atty. Paulino C. Petralba, requesting for information relating to the unusual trading movement of Boulevard Holdings, Inc. ("BHI or the "Company) shares on September 2, 1998 when the share price decreased by 39.06% from P0.1600 to P0.0975. aisadc We advise that the Company has no knowledge of the cause for such changes in the share price, or of the identity of the sellers and the buyers involved. However, we note that on the previous day, September 1, 1998, BHI shares closed at P0.16. On September 2, 1998, it opened at P0.11, with a high at P0.135 and low of P0.975 then closed at P0.13. The total volume of trading of BHI shares was 900,000 shares or 0.001% of the outstanding capital stock, thereby indicating no substantial trading activity. We trust you will find the foregoing satisfactory. Please let us know if you have any further questions. Very truly yours, (SGD.) MAURO B. BADIOLA Assistant Vice President-Finance