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Issuance of Clearance

PSE MEMO FOR BROKERS NO. 180-99 • Philippine Stock Exchange • Memo for Brokers • May 19, 1999

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May 19, 1999 PSE MEMO FOR BROKERS NO. 180-99 SUBJECT : Issuance of Clearance MEMBER-FIRM : HSBC Securities Philippines, Inc. Further to PSE Memo for Brokers No. 154-99 dated April 22, 1999, HSBC SECURITIES PHILIPPINES, INC . has informed the Exchange on May 6, 1999 that the company has issued clearance in favor of MS. GIRLIE C. MERENCILLO to join another member-firm. For your information and guidance. (SGD.) RAFAEL L. LLAVE Chief Operating Officer

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