PSE Circular for Brokers No. 1428-98

June 25, 1998 PSE CIRCULAR FOR BROKERS NO. 1428-98 June 24, 1998 Philippine Stock Exchange Philippine Stock Exchange Center Exchange Road, Ortigas Center Pasig City Attention: Mr . Reynold P . Ong Vice-President Listings and Disclosure Group Dear Mr. Ong: This is to disclose to your office the resignation of a director and officer in Philippine Seven Corporation and their replacement as acted upon by the directors in the meeting of the Board of Directors held today at the principal office of the Corporation at the 11th Floor Columbia Tower, Ortigas Avenue, Mandaluyong City, as follows: 1. Resignation of President of the Corporation, Mr. Jose T. Pardo, in line with divestment procedure required by Philippine laws with his designation as Secretary of Department of Trade and Industry by President-Elect Joseph Ejercito Estrada. During the meeting, his resignation was accepted with regret by the Board and the Board constituting a quorum elected Ms. Dianne P. Aguilar as director to fill-up the vacancy due to resignation of a director in accordance with Section 17 of the Code of By-laws of the Corporation. 2. Resignation of Acting treasurer, Mr. Wilfredo G. Villanueva, was accepted by the Board and thereafter elected Ms. Dianne P. Aguilar for the position of Treasurer of the Corporation. The Board during the meeting also confirmed the designation of Ms. Maggie T. Jao as Finance and Accounting Manager of the Corporation. The above disclosure confirms our earlier disclosure by phone to Ms. Buenaventura of your Listing and Disclosure Group of PSE. LLjur Very truly yours, (SGD.) ATTY. EVELYN SADSAD-ENRIQUEZ Asst . Corporate Secretary