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Separation from Office — No Clearance Issued

PSE Memo for Brokers No. 228-98 • Philippine Stock Exchange • Memo for Brokers • May 22, 1998

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May 22, 1998 PSE MEMO FOR BROKERS NO. 228-98 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : Amsteel Securities Philippines, Inc. AMSTEEL SECURITIES PHILIPPINES , INC . has informed the Exchange on May 15, 1998 that its Agent, MR . MICHAEL I . IGNACIO , is no longer connected with the company effective May 1, 1998. The company has not issued any clearance in favor of Mr . Ignacio to join another member-firm. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer

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