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Separation from Office — No Clearance Issued

PSE MEMO FOR BROKERS NO. 020-99 • Philippine Stock Exchange • Memo for Brokers • Jan 14, 1999

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January 14, 1999 PSE MEMO FOR BROKERS NO. 020-99 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : Armstrong Securities, Inc. ARMSTRONG SECURITIES, INC. has informed the Exchange on January 7, 1999 that its Transfer and Documentation Clerk, MS. MARCELINA T. VELASCO is no longer connected with the company effective January 4, 1999. LexLib Clearance in favor of Ms. Velasco to join another member-firm is still being processed. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer

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