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Separation from Office — No Clearance Issued

PSE Memo for Brokers No. 236-98 • Philippine Stock Exchange • Memo for Brokers • May 27, 1998

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May 27, 1998 PSE MEMO FOR BROKERS NO. 236-98 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : Capitol Securities One, Inc. CAPITOL SECURITIES ONE, INC . has informed the Exchange on May 20, 1998 that its EDP Manager, MR . OSCAR S . ALMADIN, JR ., is no longer connected with the company effective May 15, 1998. cdlex Clearance in favor of Mr . Almadin to join another member-firm is still being processed. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer

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