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PERIOD COVERED : May 1, 1999 — May 31, 1999

PSE MEMO FOR BROKERS NO. 196-99 • Philippine Stock Exchange • Memo for Brokers • May 31, 1999

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May 31, 1999 PSE MEMO FOR BROKERS NO. 196-99 SUBJECT : Personnel Movement Resignation PERIOD COVERED : May 1, 1999 May 31, 1999 NAME OF PREVIOUS EMPLOYEE POSITION EFFECTIVITY EMPLOYER RAMON MANUEL PINEDA Trader March 16, 1999 Alakor JUAN JOSE BERENGUER-TESTA Agent/Independent Stockbroker April 14, 1998 All AsiaSecurities NARLEO SISON Messenger April 23, 1999 Alpha JANET TIU Telephone Clerk April 30, 1999 Alpha VANESSA POLUMBARIT Trader April 25, 1999 Angping LORA JANE VILLAR-ARRIOLA Secretary April 21, 1999 Anscor Hagedorn RONALDO AGUTO Compliance Officer March 31, 1999 Asian Capital GARY FABREGAS Research Assistant March 31, 1999 Asian Capital MARIO AQUILINO Trader April 26, 1999 Bernad BENITO DY President April 1, 1999 Cathay THOMAS LIM VP/Treasurer April 1, 1999 Cathay SANTIAGO LEE Vice-Chairman August 1, 1999 Cathay ARLYN JAMIG Encoder August 15, 1999 Cathay JUDITH FACUNDO Trader August 15, 1999 Cathay JEANNE MARIE CHAN Investment Analyst April 16, 1999 Deutsche Morgan JACQUELINE TONG Regional Coordinator May 14, 1999 HSBC AIMEE CALALANG Investment Manager March 9, 1999 I.B. Gimenez Equities Trader MAN HING CHOI Trader March 31, 1999 I.B. Gimenez 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

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