PSE Circular for Brokers No. 2353-98

October 13, 1998 PSE CIRCULAR FOR BROKERS NO. 2353-98 October 07, 1998 MA. ISABEL GARCIA Head, Processing Evaluation Department PHILIPPINE STOCK EXCHANGE Exchange Road, Ortigas Center Pasig City Dear Ms. Garcia : This refers to Philippine Seven Corporation shares subject to the Philippine Stock Exchange imposed 6-months lock-up and held in escrow with Far East Bank & Trust Company pursuant to the Escrow Agreement and Supplemental Agreement dated December 18, 1997 and June 24, 1998. We would like to confirm that said lock-up expired last August 3, 1998 and the corresponding stock certificates were released to the shareholders last August 12, 1998 as follows: SHAREHOLDERS STOCK CERT . NO. NO. OF SHARES Progressive Development Corp. 10 12,196,346 Jorge L. Araneta 37 1 Vicente T. Paterno 3 6,882,091 Ma. Teresa P. Dickinson 31 1,041,750 Paz Pilar P. Benares 32 972,250 Jose Victor P. Paterno 33 972,250 Ma. Cristina P. Paterno 34 972,250 Ma. Elena P. Paterno 35 972,250 Asian Holdings Corporation 1340 11,813,044 Agus Development Corporation 23 7,518,244 Jacob U. Tagorda, Jr. 39 1 Jesus R. Montemayor 40 1 Manuel U. Agustines 13 644,568 Alakor Corporation 30 3,123,553 Alfredo C. Ramos 16 2,949,747 PSC (Treasury Shares) 36 12,288,200 TOTAL SHARES 62,346,546 ======== For your information. (SGD.) ATTY. EVELYN SADSAD-ENRIQUEZ Asst . Corporate Secretary