PSE Circular for Brokers No. 1182-98

May 27, 1998 PSE CIRCULAR FOR BROKERS NO. 1182-98 MR. REYNOLD ONG Vice President Listings and Disclosure Group Philippine Stock Exchange 4th Floor, Tektite Tower Ortigas Avenue Pasig City Dear Sir : In compliance with disclosure requirements of Philippine Stock Exchange, we hereby confirm through this letter that the Annual Stockholders Meeting of Philippine Seven Corporation on May 26, 1998 took place as scheduled. The following actions ware taken up and approved as follows: 1. The minutes of the last stockholders' meeting of the Corporation held on May 14, 1997; 2. Ratification of all acts of the Corporation and of the Management, the Executive Committee and the Board of Directors from the previous year, 3. The management report for the year 1997; 4. The amendment of the Code of By-laws as follows: a. Section 4. Notice of Meeting Notice of stockholders meeting shall be at least 15 business days prior to the scheduled meeting b. Section 8. Proxies Submission of proxy for validation shall be at least 7 business days prior to scheduled meeting c. Section 15. Notice of Meetings Notice of regular and special meetings of the Board shall be given at least 5 business days prior to scheduled meeting d. Section 40. Close of Stock and Transfer Book Closing of stock and transfer books shall be at least 30 business days prior to scheduled meeting, or in lieu thereof, a record date may be fixed by the Board which shall be at least 30 business days prior to the date on which a particular action requiring determination of stockholders is to be taken 5. SGV & Co were re-appointed as external auditor of the Corporation. 6. The following were elected as members of the Board for the year 1998: a. Vicente T. Paterno b. Jose T. Pardo c. Jorge L Araneta d. Manuel U. Agustines e. Alfredo C. Ramos f. Jacob U. Tagorda, Jr. g. Dante G. Santos h. Benjamin L. de Leon i. Jose Victor P. Paterno j. Victor R. Kalaw k. Renato B. Valdecantos Respectfully, (SGD.) EVELYN SADSAD-ENRIQUEZ Asst . Corporate Secretary