PSE Circular for Brokers No. 2132-98

September 15, 1998 PSE CIRCULAR FOR BROKERS NO. 2132-98 September 14, 1998 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 . Ong Listing & Disclosure Group Gentlemen : We advise that Boulevard Holdings, Inc. (the "Company") entered into a Settlement Agreement with AAPC (Philippines), Inc. whereby the Company sold to AAPC (Philippines), Inc. all its rights and interests over its 63,700 shares in AAPC (Philippines) Hotels & Resort Management, Inc. ("AHRMI") representing 49% of the outstanding capital stock of AHRMI in consideration of US$500,000.00. The Company and AAPC (Philippines), Inc. thereby rescinded and terminated the corresponding Joint Venture Agreement dated October 28, 1995, which caused the incorporation of AHRMI. Under the same Settlement Agreement the Company also received US$500,000.00 as compensation for its complete waiver, and quitclaim of all past, pending and future claims or causes of action against AAPC (Philippines), Inc. and their subsidiaries and affiliates arising out of, or in relation to the Joint Venture Agreement, Franchise Agreement and other related agreements. LLjur Very truly yours, (SGD.) MAURO B. BADIOLA Assistant Vice President-Finance