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Separation from Office — No Clearance Issued

PSE MEMO FOR BROKERS NO. 023-99 • Philippine Stock Exchange • Memo for Brokers • Jan 14, 1999

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January 14, 1999 PSE MEMO FOR BROKERS NO. 023-99 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : Merrill Lynch Securities Philippines, Inc. MERRILL LYNCH SECURITIES PHILIPPINES, INC. has informed the Exchange on January 7, 1999 that its Director for Corporate Finance, MR. EDUARDO MARTINEZ-MIRANDA is no longer connected with the company effective December 31, 1998. cdlex Clearance in favor of Mr. Miranda 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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