Personnel Movement — New Appointments

September 1, 1998 PSE MEMO FOR BROKERS NO. 391-98 SUBJECT : Personnel Movement New Appointments PERIOD COVERED : August 1, 1998 August 31, 1998 FROM MEMBER FIRMS : NAME OF EMPLOYEE POSITION EFFECTIVITY PREVIOUS EMPLOYER PRESENT EMPLOYER ANITA WONG Account Officer August 1, 1998 Amsteel Abacus FLORANTE SOLOMON Vice President August 10, 1998 ING Barings Abacus LIEZL DAGOHOY Accounting Clerk August 17, 1998 Summit Alakor ELIZABETH CHENG Telephone Clerk July 14, 1998 Pierce Interlink Alpha EDWARD ANTHONY VELASCO Authorized Floor Trader August 10, 1998 PJB Pacific Credit Lyonnais HONIE VENUS CANONOY Operations Staff August 12, 1998 Vantage Fidelity CARINA LORICA Operations Staff August 17, 1998 Magnum Fidelity DY HONG BING Telephone Clerk August 17, 1998 Vantage Fidelity CATHERINE TIU Compliance Officer /Telephone Clerk August 12, 1998 Vantage Fidelity REGINA BALANE Corporate Nominee /Authorized Clerk August 12, 1998 Vantage Fidelity FRANCISCO APURA Authorized Clerk August 12, 1998 G & L Fidelity MENARDO QUEVEDO Authorized Clerk August 12, 1998 G & L Fidelity HERMOGENES DAGALA Business Dev't. Manager /Authorized Clerk August 24, 1998 Abacus Goldstar FREDDIE CARA Messenger August 3, 1998 Evergreen Goldstar ESTRELLITA LOPEZ Operations Head August 3, 1998 SG HSBC EDWARD ANTHONY VELASCO Floor Trader January 1, 1998 Amsteel PJB Pacific ANA LIZA PEA Authorized Clerk August 24, 1998 Equitable R & L RAFAEL YUMOL Authorized Clerk August 24, 1998 Equitable R & L BASILIO CRUZ, JR. Telephone Clerk August 24, 1998 Equitable R & L RAPHAEL MANALAYSAY Head of Institutional Sales August 3, 1998 SG Rashid Hussain ANTONIETTA TAGHOY Settlements Head August 1, 1998 PJB Pacific Rizal RICKY CHUA Trainee August 3, 1998 Belson Securities 2000 RUBEN DE LA PAZ Authorized Clerk August 17, 1998 Fidelity Wealth Above-mentioned personnel have been issued clearances by their former employers to join another member-firm. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer