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Separation from Office — No Clearance Issued

PSE Memo for Brokers No. 092-98 • Philippine Stock Exchange • Memo for Brokers • Feb 25, 1998

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February 25, 1998 PSE MEMO FOR BROKERS NO. 092-98 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : Sapphire Securities, Inc. SAPPHIRE SECURITIES, INC . has informed the Exchange on February 17, 1998 that its Analyst, MS . EMELYN MALACAS , is no longer connected with the company effective January 31, 1998. cdll Clearance in favor of Ms . Malacas is still being processed. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer

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