SEC Chairman's 2nd Invitational Golf Tournament

January 21, 1999 PSE CIRCULAR FOR BROKERS NO. 107-99 SUBJECT : SEC Chairman's 2nd Invitational Golf Tournament Attached please find an invitation from Financial and Capital Markets Training (FACT) Foundation regarding the SEC Chairman's 2nd Invitational Golf Tournament which will be held on Sunday, 24th of January, at the Riviera Golf and Country Club. Proceeds will be for the benefit of the foundation, which uses the money to fund training requirements of the Member Institutions such as the Philippine Stock Exchange. cdlex For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer January 18, 19 99 Greetings : I am very pleased to note that the Financial and Capital Markets Training (FACT) Foundation is once again actively supporting the development of the Philippine financial and capital markets through the organization of the SEC Chairman's 2nd Invitational Golf Tournament. The Financial and Capital Markets Training Foundation or FACT was established by the Philippine Stock Exchange (PSE), the Philippine Finance Association (PFA), the Philippine Federation of Pre-Need Plans Companies, Inc. (PFPPCI), the Investment House Association of the Philippines (IHAP) an the Investment Companies Association of the Philippines (ICAP), with the assistance and encouragement of the Securities and Exchange Commission, to promote and develop the Philippine financial and capital markets through continuing education, training, and awareness of its members and the general public. The organization's initial activity held last year was the organization of the SEC Chairman's 1st Golf Invitational Tournament. The tournament was held primarily to instill awareness of FACT's existence as well as to enhance rapport among its members, friends, clients and representatives from the regulatory agencies in a congenial environment provided by a "friendly" and competitive round of golf. Importantly, the tournament was organized to also raise funds to help support the Foundation's various projects and activities. The SEC Chairman's Cup, now on its second consecutive year, continues with the noble objectives espoused by the Foundation's initial undertaking. May I therefore encourage you to lend your support to this endeavor by sponsoring the tournament in whichever way you can. The Tournament will be held on Sunday the 24th of January at the Riviera Golf and Country Club. Tee off will be from 6 to 9 am on a First come First serve basis. All Philippine Stock Exchange Participants from Members, Employees, and their clients are invited to join. The fee will be P2,500 per participant and is inclusive of Green Fee, Caddy Fee, food, and eligibility for raffle prizes. All proceeds will be for the benefit of the foundation, which uses the money to fund training requirements of the Member Institutions such as the Philippine Stock Exchange. Last year, the Foundation sponsored a Seminar on Mutual Funds. Thank you in advance for your valued assistance and support. Signed: (SGD.)PERFECTO R. YASAY Chairman Securities and Exchange Commission