Personnel Movement — Resignations

October 1, 1998 PSE MEMO FOR BROKERS NO. 453-98 SUBJECT : Personnel Movement Resignations PERIOD COVERED : September 1, 1998 September 30, 1998 NAME OF EMPLOYEE POSITION EFFECTIVITY PREVIOUS EMPLOYER ASTROLITO DEL CASTILLO Research Analyst August 19, 1998 A & A HANSLEY HEINRYCH SEE Jr. Investment Analyst August 31, 1998 Abacus ZOSIMO ROLDAN Messenger August 28, 1998 Amsteel DONALD LADIANA Messenger August 28, 1998 Amsteel CARMENCITA GOMEZ Accounting Assistant August 28, 1998 Amsteel RICKY RAYMUND RICAFRENTE Account Officer August 15, 1998 Amsteel ALVIN PADECIO Agent August 15, 1998 Amsteel JOHN PETER CHICK CASTELO Director-Institutional Sales August 31, 1998 Angping CINDERELLA GALANG Accounting Staff August 14, 1998 Apex ROBERTO GALLARDO Messenger August 31, 1998 Belson BERNABE LASTRELLA Messenger August 31, 1998 Belson TERENCE FIGUEROA Analyst August 31, 1998 Christfund FIONA PAUA Head of Research September 1, 1998 Citicorp MINDA OLONAN Deputy Head of Research September 15, 1998 Credit Lyonnais OSCAR HONTIVEROS Salesman August 31, 1998 Dharmala AGOSTO BACLAYO Utility Man/Messenger August 31, 1998 Equitiworld MICHAEL ANGELO GALIAS Data Encoder August 31, 1998 Equitiworld JOSE PESIGAN Messenger August 31, 1998 Equitiworld MARIBETH RAMOS Receptionist/Tel. Operator August 31, 1998 Equitiworld HENRY ,SANTOS Messenger August 31, 1998 Equitiworld BAYANI CARIO Accountant August 31, 1998 Evergreen ROWENA VALDORIA Accounting Clerk September 3, 1998 GD Tan ROSALINA AGUILAR Operations Staff August 16, 1998 Highland ROMEO ALVARAN, JR. Messenger August 16, 1998 Highland JULIE CUA Trader August 16, 1998 Highland JANET DY Trader August 16, 1998 Highland ROMEO LEGASPI Messenger August 16, 1998 Highland SHEREEN NOCOM Cashier August 16, 1998 Highland CLEOTILDE REYES Analyst August 16, 1998 Highland ELVIRA ROA Operations Staff August 16, 1998 Highland PAULINE VISTA Operations Staff August 16, 1998 Highland ELIAS SY Trading Clerk August 16, 1998 Highland REGINA CALAUAG Research Analyst August 31, 1998 Indosuez WI Carr MELANIE SALVADOR Transfer Clerk September 7, 1998 Market Capital JORGE MANALANG Encoder September 7, 1998 Market Capital RODOLFO DIWA Messenger September 7, 1998 Market Capital JOHNNA ROMERO Telephone Clerk August 24, 1998 Orion-Squire AIDA BAUDIN Account Officer August 31, 1998 Public EUFROCINA MATEO Data Encoder August 31, 1998 Public EVELYN LABI Transfer Clerk II August 31, 1998 R. Nubla MILAGROSA ALLON Accounting Clerk August 31, 1998 R. Nubla ISABELITA CAMAMA Settlements Officer September 1, 1998 Rashid Hussain JO ANN FLERAS Librarian September 1, 1998 Rashid Hussain REDENTOR STA. ANA Messenger September 8, 1998 Rashid Hussain NORMANDY VILLANUEVA Messenger September 1, 1998 SJ Roxas JAN MICHAEL BUMANLAG Research Assistant August 30, 1998 Sapphire EMMANUEL JOSE Sales Assistant August 30, 1998 Sapphire ODON MONDEJAR Purchaser August 30, 1998 Sapphire JOSEPH OCAMPO Programmer August 30, 1998 Sapphire QUERUBIN PALOMAR Sales Assistant August 30, 1998 Sapphire ROMINA SINGSON Research Assistant August 30, 1998 Sapphire RAMON ANTONIO Telephone Clerk August 31, 1998 Sun Hung Kai CIELITO MILLAR Telephone Clerk August 31, 1998 Sun Hung Kai GENER GABRIEL Sr. Investment Analyst August 31, 1998 Sun Hung Kai ESTRELLA ESCIO Treasury Supervisor August 31, 1998 Sun Hung Kai LORNA PARADERO Clearing House/Settlements Supervisor August 31, 1998 Sun Hung Kai DANILO BONIFACIO Dividends Clerk August 31, 1998 Sun Hung Kai ROMEO RENTUTAR Utility Clerk August 31, 1998 Sun Hung Kai NESTOR SALALIMA Executive Officer September 4, 1998 UOB ALFREDO AGDEPPA, JR. Salesman August 11, 1998 Vantage ALFREDO BUSTAMANTE III Salesman August 11, 1998 Vantage BEN CHAN Salesman August 11, 1998 Vantage NANCY ONG CHUA Salesman August 11, 1998 Vantage HAZEL TIN Salesman August 11, 1998 Vantage KIT BONIFACIO TESORO III Salesman August 11, 1998 Vantage CHRISTINE JOY ATOTUBO Salesman August 11, 1998 Vantage CARMELO TORRADO Salesman August 11, 1998 Vantage GEORGE DUBUOLAY Salesman August 11, 1998 Vantage RICCI ELAINE JAWORSKI Salesman August 11, 1998 Vantage MARINA CECILIA MORADA Salesman August 11, 1998 Vantage ONG KENG Salesman August 11, 1998 Vantage ALFREDO PADUA Salesman August 11, 1998 Vantage GERALDINE SEE Salesman August 11, 1998 Vantage ROSA MARIA FALGUI Salesman August 11, 1998 Vantage PATRICIA DE PEDRO Salesman August 11, 1998 Vantage ARTHUR SY EVP/COO September 10, 1998 Vantage MICAELA DAVID Comptroller/Compliance Off. September 10, 1998 Vantage ELIZA ESPINOSA AVP-Settlements September 10, 1998 Vantage ANNE MARGARET NABONG Telephone Clerk September 10, 1998 Vantage ROSEMARIE NAVARRO Maktrade Operator September 10, 1998 Vantage GARNET LEE U Authorized Clerk September 10, 1998 Vantage EVELYN GUDIO Accountant September 10, 1998 Vantage PEDRITO IRINCO Securities Encoder September 10, 1998 Vantage ELIZA AURE Securities Assistant September 10, 1998 Vantage JOCELYN JUAN Filing Clerk September 10, 1998 Vantage KEVIN KHOE Research Head September 10, 1998 Vantage GRISELDA ANG Agent September 10, 1998 Vantage NOEL PAULIN Messenger September 10, 1998 Vantage EDNA JANE RIVERA Receptionist September 10, 1998 Vantage NIMFA CAPUNITAN Messenger/Janitress September 10, 1998 Vantage RENATO CASTRES Collector/Messenger September 10, 1998 Vantage NICANOR ENRIQUEZ Collector/Messenger September 10, 1998 Vantage EDGARDO TUBAL Collector/Messenger September 10, 1998 Vantage EMILIO LABONITE Authorized Clerk September 10, 1998 Vantage FLEURDELIZA PALO Sales Trainee September 10, 1998 Vantage JOSELITO LIM Collector/Messenger September 10, 1998 Vantage PATERNO ZARCENO Collector/Messenger September 10, 1998 Vantage KARA RAE GAREZA Administrative Assistant September 10, 1998 Vantage SALVACION RUIZ Administrative Assistant September 10, 1998 Vantage ERNEST EVANGELISTA Agent September 10, 1998 Vantage JOSEPH ESPELETA Agent September 10, 1998 Vantage NORMAN VILLAMIN Head of Research August 28, 1998 Warburg Dillon Read Above-mentioned personnel were issued clearances to join another member-firm by their previous employers. LLjur For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer