Personnel Movement — Resignations

November 27, 1998 PSE MEMO FOR BROKERS NO. 560-98 SUBJECT : Personnel Movement Resignations PERIOD COVERED : November 1, 1998 - November 30, 1998 NAME OF PREVIOUS EMPLOYEE POSITION EFFECTIVITY EMPLOYER JOSEPHINE MARIQUIT Trader/Accounting Assistant November 10, 1998 Amsteel JOSE ALMARIO Marketing Executive October 15, 1998 Asiamerit CINDY SO Telephone Clerk November 9, 1998 Bernad KLARENCE DY VP/Corporate Secretary/Trader November 30, 1998 Cathay NORA SURIMA Telephone Clerk October 31, 1998 Jaka VIRGILIO DE GUZMAN Messenger October 15, 1998 Magnum CLARIBERT DEJUAN Accounting Clerk October 31, 1998 MDR VICTORIA DAYAG Securities Clerk October 31, 1998 MDR MAYBELLE CELEMIN Settlements Staff October 6, 1998 Merrill Lynch ROBERT JOHN BLANCAFLOR VP-Operations October 7, 1998 Merrill Lynch MA. BERNADETTE AGAS VP-Research October 14, 1998 Merrill Lynch ROMINA SINGSON Research Assistant August 30, 1998 Sapphire AGNES VARUA-RODRIGUEZ Cash Management Officer October 2, 1998 The First Resource JEROME GONZALEZ Telephone Clerk October 31, 1998 Vantage Above-mentioned personnel were issued clearances to join another member-firm by their previous employers. LibLex For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & Chief Executive Officer