Letter of ING Baring Securities (Philippines), Inc. Regarding Mr. Gregorio U . Kilayko

September 23, 1998 PSE MEMO FOR BROKERS NO. 429-98 SUBJECT : Letter of ING Baring Securities (Philippines), Inc . regarding Mr . Gregorio U . Kilayko Quoted hereunder is a notice from ING BARING SECURITIES (PHILIPPINES), INC . received on September 17, 1998: ". . . please be informed that Mr. Gregorio U. Kilayko, the Chief Executive Officer of ING Baring Securities (Philippines), Inc. ("ING Barings") has tendered his resignation which shall become effective on October 11, 1998. However, Mr. Kilayko has been on terminal leave since July 24, 1998, and effective said date, he no longer has any authority to represent or bind ING Barings in or for any transaction of whatever nature and for whatever purpose. A clearance will be issued to Mr. Kilayko after due fulfillment of the requirements contained in his employment contract, and those requirements forming part of the internal policy of ING Barings. We shall provide you with a written notice upon the issuance of the said clearance. . . For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer