Certified List of Customers

January 5, 1997PSE CIRCULAR FOR BROKERS NO. 001-98SUBJECT : Certified List of CustomersAttached is a copy of SEC-BED Memorandum Circular No. 6, series of 1997, for the information and compliance of all member-brokers.As clarified with the Brokers and Exchange Department, brokers who may want to protect the confidentiality of their clients may submit the list indicating clients' code in lieu of the names. Frequency and volume of transactions refer to the number of times and total amount in pesos the clients transacted with the brokerage for the entire year of 1997. cdasaia (SGD.) JOSE LUIS U. YULO, JR.President & CEO