Commencement of Operation

Philippine Stock Exchange

PSE Memoranda

PSE Memo for Brokers No. 016-00

January 5, 2000

PSE MEMO FOR BROKERS NO. 016-00

SUBJECT: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 65
Fax Number:811-0520
Trading Floor Telephone Nos.:891-9080 to 83
Booth Number:A-4

The broker code assigned to Topwin Securities, Inc. is 280.

Please be guided accordingly. LibLex

(SGD.) JOSE FERNANDO T. ALCANTARA
Officer In Charge

AIC Grande Tower Garnet Road
Ortigas Center, Pasig City
Metro Manila Philippines

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