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Separation from Office — No Clearance Issued

PSE Memo for Brokers No. 331-98 • Philippine Stock Exchange • Memo for Brokers • Jul 27, 1998

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July 27, 1998 PSE MEMO FOR BROKERS NO. 331-98 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : Aurora Securities, Inc. AURORA SECURITIES, INC . has informed the Exchange on July 21, 1998 that its Research Analyst/Account Officer , MR . GERUNDIO G . VELASQUEZ, JR ., is no longer connected with the company effective July 17, 1998. dctai Clearance in favor of Mr . Velasquez 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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