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Separation from Office — No Clearance Issued

PSE Memo for Brokers No. 293-98 • Philippine Stock Exchange • Memo for Brokers • Jul 2, 1998

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July 2, 1998 PSE MEMO FOR BROKERS NO. 293-98 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : PNB Securities, Inc. PNB SECURITIES, INC . has informed the Exchange on June 25, 1998 that the following employees are no longer connected with the company: NAME POSITION EFFECTIVITY 1. MR. SANCER S. TENORIO Secretary May 8, 1998 2. MR. GADBURT V. MERCADO Research Analyst May 31, 1998 3. MS. IMELDA R. CANUEL Market Analyst June 30, 1998 The company has not issued any clearance in favor of Messrs . Tenorio and Mercado and Ms . Canuel to join another member-firm. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer

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