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Separation from Office — No Clearance Issued

PSE Memo for Brokers No. 327-98 • Philippine Stock Exchange • Memo for Brokers • Jul 22, 1998

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July 22, 1998 PSE MEMO FOR BROKERS NO. 327-98 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : Dharmala Securities Philippines, Inc. DHARMALA SECURITIES PHILIPPINES, INC . has informed the Exchange on July 13, 1998 that MR . MICHAEL DAVE VALENZUELA, Marketing Assistant assigned in DSPI-Davao Branch is no longer connected with the company effective June 30, 1998. Clearance in favor of Mr . Valenzuela 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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