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Personnel Movement

PSE Memo for Brokers No. 109-98 • Philippine Stock Exchange • Memo for Brokers • Mar 3, 1998

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March 3, 1998 PSE MEMO FOR BROKERS NO. 109-98 SUBJECT : Personnel Movement MEMBER-FIRM : Deutsche Morgan Grenfell Securities Philippines, Inc. Please be advised that Mr . Juan Sabino P . Lizares has been transferred from Deutsche Morgan Grenfell Securities Philippines, Inc. effective January 01, 1998 to an affiliate of Deutsche Morgan Grenfell within Asia. LLphil For your information and guidance. (SGD.) RAFAEL L. LLAVE Operating Officer

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