Separation from Office — No Clearance Issued

January 28, 1998PSE MEMO FOR BROKERS NO. 040-98SUBJECT:Separation from Office — No Clearance Issued   MEMBER-FIRM:Vickers Ballas Securities (Phils.), Inc. VICKERS BALLAS SECURITIES (PHILS.), INC. has informed the Exchange on January 13, 1998 that its Trader, MR. ROMEO CABINIAN is no longer connected with the Company effective January 15, 1998.The company has not issued any clearance in favor of Mr. Cabinian to join another member-firm. LexLibFor your information and guidance.(SGD.) JOSE LUIS U. YULO, JR.President & Chief Executive Officer