PSE Circular for Brokers No. 785-98

April 24, 1998 PSE CIRCULAR FOR BROKERS NO. 785-98 SUBJECT : Boulevard Properties Holdings, Inc. Amendments to the By-Laws Boulevard Holdings, Inc. ("BHI") furnished the Exchange on April 22, 1998 a copy of its Amended By-Laws, approved by the Securities and Exchange Commission on April 15, 1998. The following are the amendments to the company's By-Laws: 1. Change in the name of the Corporation from "Boulevard Properties Holdings, Inc." to "Boulevard Holdings, Inc."; 2. Providing for the manner of determining the record date (Article II, Section 5); 3. Change in the date of the annual stockholders' meeting (Article III, Section 2); 4. Change in the notice requirement for all stockholders' meetings (Article III, Section 4); cdlex 5. Inclusion of a period for the submission of proxies (Article III, Section 8); and 6. Determine who shall preside at stockholders' and/or board meetings (Article III, Section 6; Article IV, Section 7; Article VI, Section 6) The effectivity date for the change in BHI's corporate name will not yet be reflected on the Exchange's computer system (electronic board and ticker) pending further advise from the Company on the new stock symbol and the availability of the new stock certificates. For your information. (SGD.) REYNOLD P. ONG Vice-President, Listings and Disclosure Group