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Separation from Office — No Clearance Issued

PSE MEMO FOR BROKERS NO. 081-99 • Philippine Stock Exchange • Memo for Brokers • Feb 18, 1999

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February 18, 1999 PSE MEMO FOR BROKERS NO. 081-99 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : R & L Investments, Inc R & L INVESTMENTS, INC. has informed the Exchange on February 1, 1999 that MR. ARTHUR V. BOLIMA is no longer connected with the company effective December 31, 1998. Clearance in favor of Mr. Bolima to join another member-firm is still in process. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer

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