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Separation from Office — No Clearance Issued

PSE Memo for Brokers No. 165-98 • Philippine Stock Exchange • Memo for Brokers • Apr 7, 1998

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April 7, 1998 PSE MEMO FOR BROKERS NO. 165-98 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : Vickers Ballas Securities (Phils.), Inc. VICKERS BALLAS SECURITIES (PHILS . ) INC . has informed the Exchange on March 30, 1998 that the following employees are no longer connected with the company effective March 16, 1998 and April 3, 1998, respectively: 1. MR. FLORANTE SINGCAK Production Staff 2. MS. CYBELE LUCERO Research Analyst Clearances in favor of Mr . Singcak and Ms . Lucero to join another member-firm are still being processed. aisadc For your information and guidance. (SGD.) RAFAEL L. LLAVE Chief Operating Officer

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