BOULEVARD HOLDINGS, INC. Joint Venture with JP Guilds, Inc. Valued at 13.5 Billion

"Consideration of the offer of JP Guilds, Inc. to a Long Term Joint Venture in
exchange of BHI or other subsidiaries to render marketing and financial
representations in behalf of the Puerto Azul Complex with overage share for BHI
of 30% over the useful life of the 30 years Puerto Azul development strategy
valuing its JV share at PhP13.5B. The Company’s Board of Directors has
constituted its outside directors into a committee to represent the fairness and
interests of the minority shareholders. The offer will expire on November 30,
2011."

Source: http://www.pse.com.ph