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Separation from Office — No Clearance Issued

PSE Memo for Brokers No. 318-98 • Philippine Stock Exchange • Memo for Brokers • Jul 20, 1998

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July 20, 1998 PSE MEMO FOR BROKERS NO. 318-98 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : Golden Tower Securities & Holdings, Inc. GOLDEN TOWER SECURITIES & HOLDINGS, INC . has informed the Exchange on July 13, 1998 that its Telephone Clerk, MR . RECTO BLANCO , is no longer connected with the company effective July 4, 1998. llcd The company has not issued any clearance in favor of Mr . Blanco to join another member-firm pending submission of his official resignation. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer

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