Personnel Movement — Resignations

March 1, 1999 PSE MEMO FOR BROKERS NO. 106-99 SUBJECT : Personnel Movement Resignations PERIOD COVERED : February 1, 1999 - February 28, 1999 NAME OF PREVIOUS EMPLOYEE POSITION EFFECTIVITY EMPLOYER LORNA PANGILINAN Telephone Clerk February 15, 1999 Armstrong MARY JEAN DE GUZMAN Accountant December 31, 1998 ATR BERNARD GOROSPE AVP-Research January 15, 1999 Citisecurities RUBEN JOSE DE LA PAZ Messenger January 1, 1999 Citisecurities JOHNSON TAN Investment Analyst January 29, 1999 Citisecurities ELAINE GO Investment Analyst January 29, 1999 Citisecurities OSCAR LUIS LEDESMA Financial Advisor January 29, 1999 Citisecurities MICHELLE LI Investment Analyst January 29, 1999 Citisecurities PATRICIA CHIONGBIAN Investment Analyst January 29, 1999 Citisecurities TAN BONG HIM Managing Director/ March 1, 1999 DBS Corporate Nominee MA CECILIA ALOJADO Secretary January 31, 1999 Deutsche Morgan LANCE FELICIANO Head of Dealing February 13, 1999 Indosuez W. I. Carr RAFAEL JUAN CHUIDIAN Account Executive January 4, 1999 Kim Eng EMELYN COLOMA Accounts Monitoring January 15, 1999 Lippo ZENAIDA BAUTISTA Settlements Assistant December 15, 1998 Philippine TA ELENA PANGAN Business Dev't. Manager February 9, 1999 PJB Pacific MICHAEL ALBANO Sales Manager February 15, 1999 Santander BYRON NABUA Research Trainee February 6, 1999 Wellex CHRISTOPHER NACIONAL Research Trainee February 6, 1999 Wellex Above-mentioned personnel were issued clearances to join another member-firm by their previous employers. For your information and guidance (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer