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Separation from Office — No Clearance Issued

PSE Memo for Brokers No. 487-98 • Philippine Stock Exchange • Memo for Brokers • Oct 14, 1998

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October 14, 1998 PSE MEMO FOR BROKERS NO. 487-98 SUBJECT : Separation from Office No Clearance Issued MEMBER-FIRM : Warburg Dillon Read Securities (Philippines), Inc. WARBURG DILLON READ SECURITIES (PHILIPPINES), INC . has informed the Exchange on October 12, 1998 that its Research Analyst, MS. MA. IVY CAYAYAN , and Messenger, MR. JERIC CAFE , are no longer connected with the company effective September 21 & 30, 1998, respectively. The company has not issued any clearance in favor of the above-mentioned employees to join another member-firm. Cdphil For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer

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