Issuance of Clearance

Philippine Stock Exchange

PSE Memoranda

PSE Memo for Brokers No. 048-00

February 14, 2000

PSE MEMO FOR BROKERS NO. 048-00

SUBJECT:Issuance of Clearance
MEMBER FIRM:Angping & Associates Securities, Inc.

Further to PSE Memo for Brokers No. 146 - 99 dated April 13, 1999, ANGPING & ASSOCIATES SECURITIES, INC. has informed the Exchange that the company has issued clearance in favor of MR. PAUL S. ANDICO to join another member-firm. cdlex

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(SGD.) JOSE LUIS U. YULO JR.
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