Personnel Movement — New Appointments

March 31, 1999 PSE MEMO FOR BROKERS NO. 138-99 SUBJECT : Personnel Movement New Appointments PERIOD COVERED : March 1, 1999 - March 31, 1999 FROM MEMBER FIRMS: NAME OF PREVIOUS PRESENT EMPLOYEE POSITION EFFECTIVITY EMPLOYER EMPLOYER GLORIA AZCUETA Independent Stockbroker/ March 5, 1999 Mark All AsiaSecurities Agent KENNETH NERECINA Head of Research February 16, 1999 DBS Asiasec RENATO VELORIA Messenger February 17, 1999 Summit Aurora JERRY ONGTAUCO Telephone Clerk March 4, 1999 GD Tan (re-hired) CHRISTINE NG VP-Sales April 5, 1999 ING Baring GK Goh ROWENA DAGDAG Authorized Clerk March 1, 1999 Strategic GK Goh MICHAEL DIONISIO Telephone Clerk March 1, 1999 Keppel (re-hired) MELITON GO VP-Marketing/ March 16, 1999 Asiamerit Platinum Authorized Clerk NORMANDO QUIA Securities Supervisor February 22, 1999 Wincorp Strategic JOSE JAIME LAICO III Sales Agent March 1, 1999 Asiamerit Strategic MARY JEAN DE GUZMAN Accounting Officer February 10, 1999 ATR UOB ALLAN DY HIANTO Agent January 16, 1999 Fidelity Wealth BONIFACIO KIT Agent January 16, 1999 Vantage Wealth TESORO III MARINA CECILIA Agent January 16, 1999 Vantage Wealth MORADA NANCY CHUA Agent January 16, 1999 Vantage Wealth NOLIMAR ILAGAN Agent March 2, 1999 I. Ackerman Wellex Above-mentioned personnel have been issued clearances by their former employers to join another member-firm. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer