Commencement of Operation

January 5, 2000PSE MEMO FOR BROKERS NO. 016-00SUBJECT:Commencement of Operation   MEMBER-FIRM:Topwin Securities, Inc. Please be informed that TOPWIN SECURITIES, INC. (with Tomas V. Apacible as the designated corporate nominee) will have its formal opening at the PSE Plaza (Ayala) Trading Floor on Monday, January 10, 2000.The official address of Topwin Securities, Inc. is at 31/F, Rufino Pacific Tower, 6784 Ayala Avenue cor. Herrera Street, Makati City with the following telephone numbers:Office Telephone Number:811-0947 to 49; 811-0261 to 65Fax Number:811-0520Trading Floor Telephone Nos.:891-9080 to 83Booth Number:A-4The broker code assigned to Topwin Securities, Inc. is 280.Please be guided accordingly. LibLex (SGD.) JOSE FERNANDO T. ALCANTARAOfficer In Charge