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L e t t e r t o S h a r e h o l d e r s S A R S 3, 470 776 4, 06 919 42 % 36. 81 4. 29 12 AT M 7 E L E V En 100 32 % 3, 696 P O S 002

003

004 91 3,187 46.53% 2,704 84.84% 92 3,470 46.19% 2,979 85.85% % 8.88% 10.17% 91 72,014,761 21,328,689 2,948,625 3,091,068 2,592,340 772,031,899 3.36 3.02 92 77,634,490 23,144,818 3,094,278 3,934,732 3,681,606 858,499,471 4.29 4.29 % 7.80% 8.51% 4.94% 27.29% 42.02%

91 29.62% 25.52% 3.60% 92 29.81% 25.83% 4.74% (ROA) 11.54% 14.28% (ROE) 23.90% 28.86% 25.23 28.25 11.50 11.70 005

C o m p a n y P r o f i l e 76 77 78 79 EOS 300 7ELEVEn 7ELEVEn 80 81 82 83 100 30 1993 DUSKIN 1994 84 1000 85 86 POS Starbucks 87 88 7ELEVEn 2000 006

89 90 91 007 7ELEVEn 5 7ELEVEn(PSC) 3000 CAS 18 7ELEVEn 2002 POS 100 92

1. 93430 2. 008

P CSC ANNUAL REP ORT 2003 009

344,831,064 344,831,064 344,831,064 344,831,064 344,831,064 344,831,064 344,831,064 189,862 1,494,981 344,831,064 010 1. / 92 92.06.24 92.06.24 92.06.24 92.06.24 92.06.24 92.06.24 92.06.24 92.06.24 92.06.24 92.06.24 76.06.10 76.06.10 76.06.10 76.06.10 76.06.10 76.06.10 76.06.10 92.06.24 89.06.15 76.06.10 44.67% 44.67% 44.67% 44.67% 44.67% 44.67% 44.67% 0.02% 0.19% 44.67% 388,407,895 388,407,895 388,407,895 388,407,895 388,407,895 388,407,895 388,407,895 111,200 1,662,418 388,407,895 1,015,506 1,999 837,602 492,373 45.24% 45.24% 45.24% 45.24% 45.24% 45.24% 45.24% 0.01% 0.19% 45.24% 0.12% 0.10% 0.06% 3 3 3 3 3 3 3 3 3 3 4 4 4 4 ) 40,311 3,839 3,839 600 300 300 300 300 300 300 300 300 300 10,631

2. 93430 3. 1 2 3 4 5 6 7 (1) (2) (3) (4) (5) (6) (7) 011

4. 76.07.01 88.01.01 89.09.01 88.01.01 88.01.01 89.01.01 92.04.01 88.01.01 92.12.01 92.08.01 91.02.01 90.04.01 92.10.01 19,230 26,386 21,993 15,203 9,398 356 270 926 1,566 500 1,357 8,793 47,483 759 47 10,631 47 93430 3 11,859 1. 4 4, 1 7 1, 8 3 1 (7 8, 6 2 2) 1 6 7, 4 3 7 2, 4 8 0 2, 5 6 5 1, 9 3 6 1, 5 6 0 8 5, 8 5 1 4 9 1, 9 3 6 2, 6 5 7 ( 2 4, 8 7 9 ) 1, 5 3 1 4, 9 4 6 3 5 2 7 9 3 1 5 7 5 0 92 93430 012

P CSC ANNUAL REP ORT 2003 013 2. 3. 21 1,520,766,411 19,800,000 85,303,733 9,432,540 7,000,000 4,549,380 80,000,000 3,500,000 1,050,000 10,626,000 28,253,850 31,374,000 19,563,272 5,400,000 7,200,000 15,300,000 10,000,000 37,500,000 4,100,000 3,800,000 5,940,000 5,700,000 5,000,000 6,825,000 3,960,000 19,926,242 20,000,000 10,500,000 750,000 50,000,000 24,166,817 36,208,230 650,000 60,000 2,280,000 2,500,000 10,000,000 11,000,000 1,112,000 146,448,927 6,000,000 50,000,000 29,328,669 20,000,000 200,000 42,400,000 108,160 100.00 100.00 100.00 100.00 100.00 100.00 80.00 70.00 70.00 70.00 62.95 60.00 60.00 60.00 53.33 51.00 50.03 50.00 41.00 31.67 30.00 30.00 25.00 20.00 20.00 19.93 16.67 15.00 15.00 14.29 10.10 10.00 10.00 10.00 7.60 7.14 6.67 5.50 5.43 4.90 3.41 3.33 2.57 2.00 0.55 0.89 0.02 1,520,766,411 19,800,000 85,303,733 9,432,540 7,000,000 4,549,380 100,000,000 3,500,000 1,050,000 15,180,000 372,298,850 31,374,000 26,084,362 9,000,000 7,875,000 15,300,000 10,000,000 37,500,000 5,100,000 9,999,600 9,900,000 5,700,000 9,000,000 68,250,000 14,600,520 88,866,001 20,000,000 23,800,000 750,000 200,000,000 48,333,671 23,800,000 650,000 60,000 2,760,000 5,000,000 20,000,000 25,437,000 1,112,000 292,643,057 6,005,000 927,500,000 331,410,028 40,000,000 200,000 168,225,000 78,327,195 100.00 100.00 100.00 100.00 100.00 100.00 100.00 70.00 70.00 100.00 82.95 60.00 80.00 100.00 58.33 51.00 50.03 50.00 51.00 83.33 50.00 30.00 45.00 20.00 73.74 88.87 16.67 34.00 15.00 57.15 20.20 30.50 10.00 10.00 9.20 14.28 13.34 12.72 5.43 9.79 3.41 61.83 29.05 4.00 0.55 3.56 14.48 20.00 30.00 20.00 20.00 40.00 5.00 10.00 51.66 20.00 20.00 53.74 68.94 19.00 42.86 10.10 20.50 1.60 7.14 6.67 7.22 4.89 58.50 26.48 2.00 2.67 14.46 93430 20,000,000 4,554,000 8,976,000 6,521,090 3,600,000 675,000 1,000,000 6,199,200 3,960,000 4,000,000 10,640,520 68,936,001 13,300,000 150,000,000 24,166,854 74,226,872 480,000 2,500,000 10,000,000 14,437,000 146,194,130 5,000 877,500,000 302,081,359 20,000,000 126,825,000 78,219,035

1. 93430 91 / 07 92 / 09 10 10 900,000,000 900,000,000 9,000,000,000 9,000,000,000 772,031,899 858,499,471 7,720,318,990 8,584,994,710 91.07.19(91) 0910140565 92.09.02(92) 0920126082 766 100,000,000 8,584,994,710 2. 858,499,471 41,500,529 900,000,000 930501 1 5,066,881 0.59% 0 0 0.00% 106 482,423,493 56.19% 23,411 64,901,383 7.56% 307 23,825 306,107,714 858,499,471 35.66% 100.00% / 930501 (%) 1 1,000 5,001 10,001 15,001 20,001 30,001 50,001 100,001 200,001 400,001 600,001 800,001 999 5,000 10,000 15,000 20,000 30,000 50,000 100,000 200,000 400,000 600,000 800,000 1,000,000 1,000,001 10,702 10,426 1,338 436 213 211 131 97 62 57 37 20 13 82 23,825 2,602,799 22,216,569 9,843,596 5,384,803 3,789,333 5,251,726 5,039,804 6,834,739 8,654,360 16,351,124 18,247,702 14,365,741 11,446,776 728,470,399 858,499,471 0.30% 2.59% 1.15% 0.63% 0.44% 0.61% 0.59% 0.80% 1.01% 1.90% 2.13% 1.67% 1.33% 84.85% 100.00% 014

388,407,895 39,171,217 31,663,847 31,464,590 12,029,845 11,180,824 9,339,819 9,120,000 8,855,098 7,123,000 930501 (%) 45.24% 4.56% 3.69% 3.67% 1.40% 1.30% 1.09% 1.06% 1.03% 0.83% 91 92 93331 772,031,899 ( ) 74.00 50.50 61.20 15.17 13.64 3.36 3.02 1.78 / 1.12 / 18.21 34.38 2.91% 60.00 38.70 48.50 16.08 16.08 858,499,471 4.29 4.29 11.31 69.00 54.00 62.70 16.77 858,499,471 0.74 84.73 92 015

1. 92624 ; 2. 93 92 93413 (1) (2) 89 21 00371 1. 10 % 2. (1) 6,4992,233 (2) (3) 4.29 4.14 3. (1) $ 47,989 $ 47,989 (2) $ 3.36 $ 3.23 016

017 ~ A B C D A B C A B C D A B ;C % % % A A B B C C D ( )

1. (1) (2) O p e r a t i o n (3) (4) (CT2 ) (5) (6) (7) ( ) ( ) (8) (9) (10) JA01010 (11) JA01030 (12) F214030 (13) G202010 (14) IZ14011 (15) JZ99050 (16) IZ99990 (17) F401161 (18) F401171 (19) 018

2. 91 92 9,923,892 14.07% 10,676,940 14.09% 10,883,411 15.43% 12,231,463 16.14% 23,843,120 33.81% 24,978,351 32.97% 16,979,197 24.08% 18,478,685 24.39% 8,560,410 12.14% 9,014,345 11.90% 330,782 0.47% 388,413 0.51% 70,520,812 100.00% 75,768,197 100.00% (9,427) (23,716) 70,511,385 75,744,481 1,503,376 1,890,009 72,014,761 77,634,490 91 92 91 92 91 92 91 92 91 92 88 89 90 91 9 2 P CS C ANNUAL REPORT 2003 019

3. 365 24 AT M 93 S.H.E. 9 1 9 2 93 24 24 S. H. E. S. H. E S. H. E. 1 0 8 26 93 30 9 2 6, 448 3. 53 % 92 1, 538 8. 48 % 23. 85 % OK 4 3,470 1,500 942 743 331 214 313 7,513 020

1. 85 ( P O S ) 90 P O S 9 2 P O S 938 2. 92 P O S P O S 773, 632 9343 0 450,393 1. (1) PCSC (2) (3) (4) (5) (6) layout (7) (8) (9) POS 2. (1) (2) (3) IT (4) (5) 021

1. 24 365 921 2 3, 470 2. (1) 92 46. 19 % (2) 9 2 3. (1) (2) (3) (4) 3500 AT M (2,000) (5) 40 P O S P C SC ANNUAL REPORT 2003 022

(6) (7) k n o w h o w 4. (1) 1. 2. 3. 4. 5. 6. POS 7. 8. 9. 10. 11. 12. 13. 14. (Home Delivery) 15. (2) 1. 2. 3. 4. P CSC ANNUAL REP ORT 2003 023

(3) k n o w h o w 1. 2. 1. 2. (1) 31,875,551 7,582,428 91 63.1% 15.0% 35,110,524 9,714,506 92 64.1% 17.7% 2) 19 91 92 93430 (%) 1,975 1,298 2,283 5,556 26 4.4 2.7 39.6 56.8 0.9 1,961 1,346 2,156 5,463 27 4.4 3.3 41.0 55.1 0.6 1,805 1,249 2,231 5,285 27 4.5 3.6 44.4 51.0 1.0 024

92 93 043 0 272 159 92 93430 272 159 1. 2. 761 22 1 ( 76 ) 58459 3. 025

4. 5. 6. 76 15 45 1. E M A I L 2. 3. 4. 934 30 7ELEVEn 91.01.17~96.01.18 91.01.16~96.01.16 92.06.10~97.06.12 92.06.10~97.06.13 92.06.02~94.06.02 92.04.25~94.04.24 91.07.21~93.07.20 90.05.30~93.07.31 92.01.24~94.01.24 91.12.19~93.12.31 92.04.15~93.12.31 92.08.28~95.08.28 92.09.05~94.09.05 92.04.17~95.04.17 93.03.19~95.03.19 92.09.20~94.09.19 89.07.20 ~ 1. 7ELEVEn 7 E L E V En 2. 7 ELEVEn 4 3 7 8 3 5 4 5 3 3 1.8 3 800 3 5 5 026

027 930430 92 314,900 4,335,000 800,000 4,334,000 8,662,000 3,296,000 309,000 675,000 1,390,000 555,000 4,539,000 635,000 350,000 1,450,000 1,460,000 600,000 400,000 680,000 690,037 34,974,937 3,341,500 5,110,408 2,774,249 4,140,425 15,366,582 1,452,000 355,000 1,429,004 957,000 979,000 5,172,004 1,359,652 1,699,653 3,059,306 2,401,000 696,000 597,000 655,000 460,000 520,000 5,329,000 537,000 537,000 690,037 690,037 92.01~92.03 92.01~93.04 92.01~93.03 92.01~93.02 92.01~92.07 92.01~93.01 92.02~92.04 92.02~93.04 92.01~93.04 92.03~93.04 92.04~93.04 92.08~92.10 92.07~93.02 92.11~93.02 92.03~93.04 92.12~93.04 92.10~93.02 92.04~93.04 92.12 92.01~92.07 92.01~93.04 92.01~93.04 92.05~93.04 92.01~93.04 92.01~92.08 92.01~93.04 92.02~93.04 92.03~93.04 92.01~92.09 92.01~92.09 92.01~93.04 92.01~93.04 92.01~93.04 92.01~93.04 92.08~93.04 92.05~93.04 92.07~93.04 92.12

028 930430 315,802 4,356,753 800,467 4,336,616 8,668,477 3,299,375 309,199 575,544 931,147 395,202 4,543,295 635,238 350,484 1,450,480 1,131,102 450,297 400,214 480,445 690,037 34,120,174 3,629,417 5,261,599 2,897,653 4,088,506 15,877,175 1,424,439 404,548 1,377,460 1,248,564 718,897 5,173,908 1,662,153 1,702,180 3,364,333 2,564,574 686,301 567,332 625,391 560,261 515,218 5,459,077 USD 9,468 USD 9,468 182 21,696 467 2,616 6,477 3,375 199 544 1,147 202 4,186 238 484 480 1,102 297 214 445 44,351 1,659 2,460 1,442 1,763 7,324 1,439 548 1,328 1,191 897 5,403 2,501 2,527 5,028 2,928 396 332 391 261 298 4,606 USD 8, 6 8 6 USD 8,686 92.01~92.03 92.01~93.04 92.01~93.03 92.01~93.02 92.01~92.07 92.01~93.01 92.02~92.04 92.02~93.03 92.01~92.08 92.03~93.03 92.04~93.04 92.08~92.10 92.07~93.02 92.11~93.02 92.03~93.03 92.12~93.03 92.10~93.02 92.04~93.03 88.12 92.01~92.07 92.01~93.03 92.01~93.04 92.05~93.04 92.01~93.04 92.01~92.08 92.01~93.04 92.02~93.04 92.03~93.04 92.01~92.09 92.01~92.09 92.01~93.04 92.01~93.04 92.01~92.07 92.01~93.03 92.08~93.04 92.05~93.04 89.07 92.01~92.03 92.01~93.04 92.01~93.03 92.01~93.04 92.01~92.07 92.01~93.01 92.02~92.04 92.02~93.03 92.01~92.08 92.03~93.03 92.04~93.04 92.08~92.10 92.07~93.02 92.11~93.02 92.03~93.03 92.12~93.03 92.10~93.02 92.04~93.03 92.12 92.01~92.07 92.01~93.03 92.01~93.04 92.06~93.04 92.01~93.04 92.01~92.08 92.02~93.04 92.04~93.04 92.05~93.04 92.01~92.09 92.01~92.09 92.01~93.04 92.01~93.04 92.01~92.07 92.01~93.03 92.08~93.04 92.05~93.04 92.06 0 200,000 0 0 0 0 0 100,000 200,000 200,000 0 0 0 0 130,000 150,000 200,000 0 29,896,550 31,076,550 0 9,500 4,019 0 13,519 72,000 0 24,000 0 72,000 168,000 0 0 0 0 10,095 30,000 30,000 0 5,080 75,175 USD 1,480 USD 1,480

C a p i t a l P r o j e c t i o n 9333 1 9333 1 029

F i n a n c i a l S t a t e m e n t s 93331 88 89 90 9192 $5,643,427 $ 5,254,155 $ 7,030,734 $ 4,227,259 $ 6,583,792 $ 5,894,898 2,517,858 6,164,126 7,712,817 12,693,029 12,788,841 13,286,243 5,712,483 5,919,020 6,090,404 6,438,890 6,833,018 6,910,914 553,334 630,801 697,004 1,462,411 1,634,198 1,777,684 14,427,102 17,968,102 21,530,959 24,821,589 27,839,849 27,869,739 5,856,109 6,912,483 8,047,110 9,168,310 10,428,885 9,818,290 6,494,536 7,579,046 8,860,337 10,128,964 1,204,415 2,400,000 2,700,000 2,200,000 2,200,000 958,087 1,053,077 1,134,103 1,244,322 1,404,175 1,450,300 6,814,196 9,169,975 11,551,213 13,112,632 14,033,060 13,468,590 7,452,623 9,836,538 12,394,440 14,073,286 5,164,157 6,031,735 6,936,495 7,720,319 8,584,995 8,584,995 50,071 74,871 73,005 308 2,398,678 2,653,517 2,882,998 3,917,335 5,193,144 5,825,907 892,673 1,082,194 1,255,947 2,956,681 38,004 87,248 70,995 28,650 (9,753) 7,612,906 8,798,127 9,979,746 11,708,957 13,806,789 14,401,149 6,974,479 8,131,564 9,136,519 10,748,303 93 92 030

031 8 9 92 88 89 93331 () $49,719,254 14,654,121 1,520,281 750,638 106,147 2,164,772 1,674,692 1,674,692 3.24 2.17 $57,282,098 17,359,058 2,242,278 798,747 606,399 2,434,626 1,785,644 1,785,644 2.96 2.31 90 $64,787,924 19,237,510 2,390,722 693,640 685,988 2,398,374 1,842,748 1,842,748 2.66 2.39 91 $72,014,761 21,328,689 2,948,625 582,938 440,495 3,091,068 2,572,451 19,889 2,592,340 3.36 3.02 92 $77,634,490 23,144,818 3,094,278 1,171,045 330,591 3,934,732 3,681,606 3,681,606 4.29 4.29 $ 19,473,459 5,593,971 626,959 230,718 71,389 786,288 632,763 632,763 0.74 9 3 92 440 88 89 90 91 92 93 93 92

032 8889 93331 (%) (%) (%) (%) (%) (%) ( ) () () () () (%) (%) (%) (%) () (%) (%) (%) 47.23 133.27 96.37 60.19 84.67 22.39 10.37 16.00 9.02 3.84 13.08 23.89 29.44 41.92 3.37 3.24 2.17 62.89 125.09 27.43 2.91 1.02 50.16 168.99 74.86 37.92 63.63 21.31 9.60 17.00 9.85 3.57 11.31 21.76 37.17 40.36 3.12 2.96 2.31 62.54 142.87 23.75 2.35 1.02 90 53.65 203.27 87.70 51.29 18.93 21.56 10.21 17.00 10.79 3.28 9.84 19.63 34.47 34.58 2.84 2.66 2.39 41.45 130.16 15.14 2.33 1.06 91 52.83 223.78 46.11 17.96 38.23 25.23 10.53 14.00 11.50 3.11 11.54 23.90 38.19 40.04 3.60 3.36 3.02 60.26 77.85 22.72 2.13 1.03 92 50.41 234.26 63.13 36.30 50.80 28.25 10.03 13.00 11.70 2.95 14.28 28.86 36.04 45.83 4.74 4.29 4.29 64.47 90.88 22.82 2.13 1.03 48.33 240.22 60.04 32.94 43.74 6.99 2.44 12.88 2.82 0.70 2.32 4.49 7.30 9.16 3.25 0.74 0.74 10.01 88.00 4.04 2.47 1.03 A. B. A. B. C. A. B. 365 C. D. E. 365 90/ F. G. 93 92

033 9 2 92 92829 A. B. C. D. A. B. C. A. B. 48 49 78 79 114 93430 9192 91 (%) (%) 92 77,056,850 54,100,872 22,955,978 19,906,061 3,049,917 1,063,298 312,198 3,801,017 3,561,039 100.75 100.72 100.82 100.73 101.45 110.13 105.89 103.52 103.39 77,634,490 54,489,672 23,144,818 20,050,540 3,094,278 1,171,045 330,591 3,934,732 3,681,606

Financial Status, Operating Results, and Risk Management 92 91 6,583,792 12,788,841 6,833,018 1,634,198 27,839,849 10,428,885 2,200,000 14,033,060 8,584,995 5,193,144 13,806,789 4,227,259 12,693,029 6,438,890 1,462,411 24,821,589 9,168,310 2,700,000 13,112,632 7,720,319 308 3,917,335 11,708,957 () % 2,356,533 95,812 394,128 171,787 3,018,260 1,260,575 (500,000) 920,428 864,676 (308) 1,275,809 2,097,832 55.75 0.75 6.12 11.75 12.16 13.75 (18.52) 7.02 11.20 (100.00) 32.57 17.92 1. (1) 92 (2) (3) 2. 3. 034

92 91 77,658,208 72,024,188 5,634,020 7.82 (23,718) (9,427) (14,291) 151.60 77,634,490 (54,489,672) 23,144,818 (20,050,540) 3,094,278 1,171,045 (330,591) 72,014,761 (50,686,072) 21,328,689 (18,380,064) 2,948,625 603,500 (461,057) 5,619,729 (3,803,600) 1,816,129 (1,670,476) 145,653 567,545 130,466 7.80 7.50 8.51 9.09 4.94 94.04 (28.30) 3,934,732 3,091,068 843,664 27.29 (253,126) (518,617) 19,889 265,491 (19,889) (51.19) (100.00) 3,681,606 2,592,340 1,089,266 42.02 (1) 1. 20 % $ 411, 979 $ 170, 426 2. 20 % $ 286, 262 $ 1 5 5, 8 0 1 3. 4. (2) (3) 93 2 20% 633,421 6,723,122 (4,627,198) 2,729,345 1. 67.23 2. 12.83 3. 33.44 035

036 2,729,345 6,065,100 (7,490,900) 1,303,545 9192 POS 3,631,328 2,754,135 3,260,930 333,441 845,363 226,566 640,228 279,337 379,479 775,539 1,209,435 660,765 470,530 105,000 498,530 470,530 105,000 498,530 470,530 105,000 498,530 93949596 470,530 105,000 498,530 97 1. 93 94 95 96 97 2,925,000 2,925,000 2,925,000 2,925,000 2,925,000 819,000 819,000 819,000 819,000 819,000 2. POS (1) (2) (3)

1. 2. 1. 2. 3. 1. (1) 2.89% 5,000 (2) 921231 Philippine Seven Corp. 300,000 510,000 320,000 8,000 2,000 80,000 037

(3) 92 91 700,000 2. $ 6,028 3. 921231 1. ( P O S ) 90 P O S N R I N E C POS P O S 2. POS 1,066,978 3. 7 E L E V En P C SC ANNUAL REPORT 2003 038

C o r p o r a t e G o v e r n a n c e 039

1. 2. 3. w w w. 7 11. c o m. t w w w w. 7 11. c o m. t w ( ) (1) (2) (3) (4) (5) 92 100 % 88.88% (6) (7) (8) 040

92 115 125 92 126 129 92 130 164 165 S p e c i f i c N o t e s BO T 92 10 % 60 40 % 3, 776 4, 0 0 0 15. 83 % 3, 5691, 976 25, 000 19. 31 % 13, 2445, 489 041

6, 825 91 1 BO T 41 % 2, 7662, 700 195 92 3, 9604, 480 8, 00 1. 1727 % 200 6 0 0 20 % 3, 960 85 % 6, 0711, 000 25. 87 % 16, 2268, 113 2, 700 800 92 500 2 5, 000 5, 000 7 11 1 25, 000 14, 4775, 36 2. 101 % 69, 0037, 330 Duskin Franchise Duskin 0.43% 4 200 1, 92 3, 000 4 18, 000 92 93 042

PCSC ANNUAL REPORT 2003 044 047 048 049 079 115 126 130 165 043

President Global Corp.PRCC (Bermuda) I,Ltd.PCSC(China) Ltd. Cayman President Holdings Ltd.Unisebaco S.A.P r e s i t e x. C o r p., S. A.Global Strategic Investment Inc.U N I Hometech Corp.KaiYu (BVI) Investment Co.,Ltd ; ; P r e s i d e n t Coffee (Cayman) Holdings Ltd.;Presiclerc Ltd.;UniPresident (Vietnam) Co., Ltd.;UniPresident (USA), Inc. T&T Supermarket Inc.;PRCC (Bermuda)I,Ltd.;Outlook Investment PTE LTD.;eASPNet Taiwan Inc.;UniPresident (Thailand) Ltd.;President Energy Develop.(Cayman) Ltd.;President International Trade & Investment Corp.; Unisebaco S.A.; Presitex.Corp.,S.A. 044

; Philippine Seven Corp. ;UniPresident (Thailand) Ltd.;UniPresident (Philippines) Corp. UniPresident (Vietnam) Co., Ltd. President Energy Develop.(Cayman) Ltd.; PT ABC President Enterprises Indonesia 045

UNIPRESIDENT FOODS CORP. UniPresident (Thailand) Ltd.;UniPresident (Vietnam) Co., Ltd.;PT ABC President Enterprises Indonesia Professional ECommerce Services LT D. (BVI) easpnet Taiwan Inc. UniPresident (Thailand) Ltd.;UniPresident Marketing Co., Ltd.;PT ABC President Enterprises Indonesia Super Bright Investment Inc.;China Technology Venture Company Ltd. Unisebaco S.A.P r e s i t e x. C o r p., S. A. 046

Philippine Seven Corp. Philippine Seven Corp. Philippine Seven Corp. Philippine Seven Corp. Philippine Seven Corp. 047

048

92 91 : 1, 945 6, 599 321,551 306,419 72 2583 049

92 91 92 911231 921231 911231 % % $2,729,345 10 $633,421 3 98,385 257,526 1 240,473 1 243,235 1 717,867 3 512,409 2 2,055,650 7 1,801,683 7 742,072 3 778,985 3 6,583,792 24 4,227,259 17 4,797,951 17 3,896,972 16 7,990,890 29 8,796,057 35 12,788,841 46 12,693,029 51 1,860,184 7 1,860,184 8 772,201 3 772,201 3 7,042,634 25 6,334,901 26 2,954,537 10 2,531,635 10 48,884 52,336 12,678,440 45 11,551,257 47 (6,024,237) (22) (5,244,720) (21) 178,815 1 132,353 6,833,018 24 6,438,890 26 870,893 3 830,570 3 763,305 3 631,841 3 1,634,198 6 1,462,411 6 $27,839,849 100 $24,821,589 100 050

92 911231 921231 911231 % % $ $250,000 1 498,795 2 1,457,654 5 1,208,209 5 181,740 1 404,369 2 4,150,403 15 3,463,306 14 461,347 2 234,538 1 1,557,116 5 1,544,433 6 2,264,140 8 1,275,739 5 356,485 1 138,921 150,000 1 10,428,885 37 9,168,310 37 2,200,000 8 700,000 3 2,000,000 8 2,200,000 8 2,700,000 11 372,810 1 371,891 1 1,031,365 4 872,431 4 1,404,175 5 1,244,322 5 14,033,060 50 13,112,632 53 8,584,995 31 7,720,319 31 308 1,512,726 6 1,250,782 5 3,680,418 13 2,666,553 11 28,650 70,995 13,806,789 50 11,708,957 47 $27,839,849 100 $24,821,589 100 051

92 91 92 9111 1231 921231 911231 % % $75,744,481 98 $70,511,385 98 1,890,009 2 1,503,376 2 77,634,490 100 72,014,761 100 (54,489,672) (70) (50,686,072) (70) 23,144,818 30 21,328,689 30 (17,750,068) (23) (16,641,607) (23) (2,300,472) (3) (1,738,457) (3) (20,050,540) (26) (18,380,064) (26) 3,094,278 4 2,948,625 4 411,979 38,366 24,683 24,855 170,426 10,968 550,274 1 542,994 1 1,171,045 1 603,500 1 (79,007) (83,016) (286,262) (155,801) (36,650) (48,959) (25,248) (16,318) (30,506) (29,881) (330,591) (461,057) 3,934,732 5 3,091,068 5 (253,126) (518,617) (1) 19,889 $6,630 $3,681,606 5 $2,592,340 4 $4.58 $4.29 $3.60 $3.00 0.03 0.02 $4.58 $4.29 $3.63 $3.02 052

92 9111 1231 9 1 9 111 $ 6, 9 3 6, 4 9 5 $ 7 3, 0 0 5 $ $ 1, 0 6 6, 5 0 7 $ 1, 8 1 6, 4 9 1 $ 8 7, 2 4 8 $ 9, 9 7 9, 7 4 6 9 0 1 8 4, 2 7 5 ( 1 8 4, 2 7 5 ) ( 3 3, 1 6 9 ) ( 3 3, 1 6 9 ) ( 3 3, 1 7 0 ) ( 3 3, 1 7 0 ) 7 8 3, 8 2 4 ( 7 8 3, 8 2 4 ) ( 7 7 6, 8 8 8 ) ( 7 7 6, 8 8 8 ) 9 1 2, 5 9 2, 3 4 0 2, 5 9 2, 3 4 0 ( 7 3, 0 0 5 ) 7 3, 0 0 5 ( 1 6, 2 5 3 ) ( 1 6, 2 5 3 ) 3 0 8 ( 3, 9 5 7 ) ( 3, 6 4 9 ) 9 11 23 1 $ 7, 7 2 0, 3 1 9 $ $ 3 0 8 $ 1, 2 5 0, 7 8 2 $ 2, 6 6 6, 5 5 3 $ 7 0, 9 9 5 $ 1 1, 7 0 8, 9 5 7 9 2 9 211 $ 7, 7 2 0, 3 1 9 $ $ 3 0 8 $ 1, 2 5 0, 7 8 2 $ 2, 6 6 6, 5 5 3 $ 7 0, 9 9 5 $ 1 1, 7 0 8, 9 5 7 9 1 2 6 1, 9 4 4 ( 2 6 1, 9 4 4 ) ( 4 7, 9 8 9 ) ( 4 7, 9 8 9 ) ( 4 7, 9 8 9 ) ( 4 7, 9 8 9 ) 8 6 4, 6 7 6 ( 8 6 4, 6 7 6 ) ( 1, 3 7 4, 2 1 7 ) ( 1, 3 7 4, 2 1 7 ) 9 2 3, 6 8 1, 6 0 6 3, 6 8 1, 6 0 6 ( 308 ) ( 70, 926 ) ( 71, 234 ) ( 4 2, 3 4 5 ) ( 4 2, 3 4 5 ) 9 21 23 1 $ 8, 5 8 4, 9 9 5 $ $ $ 1, 5 1 2, 7 2 6 $ 3, 6 8 0, 4 1 8 $ 2 8, 6 5 0 $ 1 3, 8 0 6, 7 8 9 053

92 91 92 9111 1231 92 91 $3,681,606 $2,592,340 22,587 21,623 1,335,635 1,205,774 124,638 3,601 (170,426) (10,968) (411,979) 286,262 155,801 36,650 168,770 17,500 (92,958) 48,959 25,248 2,762 46,797 (228,045) 53,595 (253,967) 414,544 39,048 (72,163) 249,445 422,955 464,468 170,766 226,809 (13,844) 292,449 438,884 851,191 (145,509) 217,564 32,921 (2,154) (4,180) 919 1,726 6,723,122 5,524,522 329,567 1,987,008 (40,323) (148,462) (805,729) (735,942) (381,704) (4,614,151) 179,000 9,567 979,408 (1,311,135) (1,250,802) 13,249 14,920 (245,583) (330,387) (1,283,250) (5,068,249) 054

92 9111 1231 ( ) 92 91 ( ) ($250,000) $250,000 (498,795) (99,407) ( ) (2,150,000) (850,000) 1,500,000 700,000 158,934 108,493 (95,978) (66,339) (1,374,217) (776,888) (343,626) (89,458) (290,266) (3,343,948) (823,599) ( ) 2,095,924 (367,326) 633,421 1,000,747 $2,729,345 $633,421 $72,055 $66,547 $29,185 $543,270 $1,797,971 $1,594,428 (486,836) (343,626) $1,311,135 $1,250,802 $256,083 $620,653 (10,500) (290,266) $245,583 $330,387 055

92 91 92 911231 ( ) 7661 0 868 9 21 23 1 3, 305 1. 2. 1. 20 % 2. 20 % 51 0 5 056

3. 50 % ( 1 ) 10 % ( 2 ) 10 30 % 3 20 % 4. 5. 1. 2. 5 305 5 38 3. 1. 2 %4. 42 % 885 2. 18 1. 22 2. 10 % 3. 12 4. P CS C ANNUAL REPORT 2003 057

92 91 921231 911231 $205,730 $175,024 $617,352 $458,397 1,906,263 $2,729,345 $633,421 921 23 1 0. 70 %1. 025 % 921231 911231 $2,055,650 $1,801,683 058

921231 911231 $1,423,496 100.00 $1,289,342 100.00 335,927 60.00 338,606 60.00 333,176 60.00 327,685 60.00 367,612 62.95 306,095 62.95 238,347 100.00 185,042 100.00 151,971 80.00 157,557 80.00 859,560 100.00 141,510 100.00 136,656 100.00 130,054 100.00 169,054 70.00 127,985 54.17 113,855 25.00 112,385 25.00 668,297 20.00~ 780,711 20.00~ 100.00 100.00 4,797,951 3,896,972 140,534 2.57 140,534 2.48 3,559,448 10.00 3,729,448 10.00 1,609,160 4.89 2,299,197 9.71 625,000 14.29 625,000 14.29 500,000 3.33 500,000 3.33 1,556,748 0.02 1,501,878 0.02 ~19.31 ~16.67 7,850,356 8,655,523 $12,788,841 $12,693,029 1. 929 1 $ 411, 979$ 286, 262 2. 929 1 $ 155, 801$ 36, 650 3. 929 1 4. 50 % 929 1 059

92 91 921231 911231 $138,136 $124,292 4,232,573 3,627,561 1,606,734 1,444,311 46,794 48,556 $6,024,237 $5,244,720 921231 911231 $698,987 $599,721 321,877 314,433 1,535,858 609,581 541,327 892,324 723,207 404,113 $3,821,256 $2,820,172 921231 911231 91.01.16~96.01.18 $700,000 $700,000 92.06.10~97.06.13 1,500,000 $2,200,000 $700,000 1. 2.8% 2. ( 1 ) 25 %2 5 %5 0 % 1. 4 % ( 2 ) 4 %6 4 %1 80 060

911231 $2,150,000 (150,000) $2,000,000 1.9%~2.2% 1. 92 911231 921231 911231 ($33,257) ($10,585) (389,049) (252,579) (422,306) (263,164) (365,354) (273,032) (787,660) (536,196) 209,589 146,353 (578,071) (389,843) (40,731) (46,693) 252,739 68,121 ($366,063) ($368,415) $40,534 $11,907 3.50% 4.00% 3.75% 4.00% 2.75% 3.25% 2. 929 1 92 91 $45,982 $39,525 21,448 17,618 (4,756) (3,760) (5,961) (5,961) 1,450 $58,163 $47,422 061

92 91 92 91 1. $461,347 $234,538 (2,154) (4,180) 6,630) (216,395) 1,442 (10,910) 396 1,991 8,490 303,808 $253,126 $518,617 $178,103 $484,795 (6,630) 10% 75,023 40,452 $253,126 $518,617 2. 921231 911231 $6,839 $1,709 $6,685 $1,671 25,636 6,409 17,251 4,313 $8,118 $5,984 $10,127 $2,532 $10,048 $2,512 126,003 31,501 302,433 75,608 34,033 78,120 (31,501) (75,608) $2,532 $2,512 3. 90 062

4. 92 92 $456,928 189,404 34,718 92 5. 92911231 921231 911231 86 $34,352 $34,352 87 3,646,066 2,632,201 $3,680,418 $2,666,553 6. 919 0 92 91 929 11 23 1 921231 911231 $16,552 $387,805 92 91 0.45 19.72 92 1. 9262 4 9271 7 92 2. 929 11 23 1 900, 000, 000 858, 499, 471 772, 031, 899 $ 10 1. 10 % 2 % 0. 2 80 %1 00 % 20 %5 0 % 926 24 20 %5 0 % 50 %8 0 % 063

92 91 2. 50 % 3. 916 89 $ 73, 005 4. 929 1 92 91 1.78 1.12 1.12 1.13 5. 92 9332 6 6. 91 (1) $47,989 47,989 (2) $3.36 3.23 92 92 $3,934,732 $3,681,606 858,499,471 $4.58 $4.29 91 $3,117,587 $2,592,340 858,499,471 $3.63 $3.02 9211 1231 9111 1231 $2,532,824 $2,553,380 185,772 170,389 61,383 51,224 192,839 229,989 1,335,635 1,205,774 124,638 3,601 $4,433,091 $4,214,357 P C SC ANNUAL REPORT 2003 064

91 92 " " " " " " " " " " " " " " " " BVI " " " " " " " " " " " " 92 " BVI Philippine Seven Corp. Convenience Distribution Corp. Philippine Seven Corp. MechPresident (BVI) Corp. " MechPresident (BVI) Corp. " " " " " 92 930 065

92 91 1. 92 91 $137,308 11 $216,053 23 19,951 2 18,015 2 54,486 5 34,603 3 2. $211,745 18 $268,671 28 92 91 $35,110,524 64 $31,875,551 63 9,714,506 18 7,582,428 15 1,373,965 3 2,487,904 5 3,782,202 7 2,867,407 6 1,221,523 1 1,219,753 2 $51,202,720 93 $46,033,043 91 ( 1 ) ( 2 ) 3. 92 91 $138,028 49 $143,688 51 17,973 6 64,876 23 102,367 36 49,277 17 $258,368 91 $257,841 91 066

4. 92 91 (1) $12,387 23 $11,837 25 (2) $44,624 44 $39,367 40 (3) $186,024 49 $251,353 66 (4) $108,952 100 $106,873 100 (5) $273,793 53 $325,980 62 63,901 12 107,791 21 $337,694 65 $433,771 83 (6) $429,324 88 $399,790 74 (7) $19,773 37 $50,059 57 5. 92 91 (1) $125,208 62 $105,065 63 59,537 30 33,446 20 5,353 2 12,893 7 $190,098 94 151,404 90 067

92 91 6. 921231 91 1231 $14,109 6 $11,684 5 10,449 5 5,793 3 068 $24,558 11 $17,477 8 $331,447 33 $251,657 49 71,162 7 68,201 13 11,245 1 24,296 5 26,389 3 10,090 2 $440,243 44 $354,244 69 $70,300 8 $81,700 39 $3,391,440 58 $2,519,436 49 908,025 16 580,454 11 600,724 10 436,322 8 82,905 1 314,470 6 199,828 4 160,735 4 $5,182,922 89 $4,011,417 78 $56,291 4 $157,462 10 95,738 6 87,142 6 7. $152,029 10 $244,604 16 (1) 929 1 A. 92 91 3,600,000 37,764 759,500 11,271 1,012,000 15,028 3,960,000 $74,844 36,208,230 $3,729,448 2,850,000 30,552 (BVI) 2,400,000 USD3,909

B. 92 91 6,473,808 $161,781 $75,908 62,800,000 92 62, 800, 000 69,003,733 (2) 929 1 $ 33, 8001 95, 18 921 23 1 $22 8. 921231 $300,000 510,000 320,000 8,000 $1,138,000 Philippine Seven Corp. USD 2,000 PESO80,000 9. 92 92.3~93.12 $5,000 $5,000 2.89% $111 10. ( 1 ) 871 1 7 $ 5, 566, 188 5 % 92 1231 $155,900 ( 2 ) 9313 93630 $200,000 069

92 91 1. 2. 3 12 921231 $ 565, 834$ 709, 521 93 $3,657,076 94 3,542,369 95 3,262,576 96 2,833,420 97 6,181,207 1. $19,476,648 92 91 (1) 921231 $700,000 $ (2) (3) (4) 6 5 (5) 921231 $ $5,453 070

921 23 1 $ 2, 521 $6,028 2. 921231 911231 $3,687,685 $3,687,685 $1,389,065 $1,389,065 98,385 98,066 257,526 249,012 12,788,841 12,534,582 12,693,029 12,557,504 870,893 806,052 830,570 776,259 $12,272,400 $12,272,400 $11,729,389 $11,729,389 1,031,365 942,519 872,431 800,725 372,810 578,071 371,891 389,843 (1) (2) (3) (4) (5) 3. 91 $ 26, 519 $25,409 1,110 26,519 (6,630) $19,889 071

92 91 1. $5,000 $5,000 2.89% 40 % $ 100, 000 50,000 2. $2,761,358 $720,000 $300,000 2.17% $6,903,395 2,761,358 510,000 510,000 3.69% 6,903,395 2,761,358 320,000 320,000 2.32% 6,903,395 2,761,358 62,438 6,903,395 2,761,358 35,000 6,903,395 2,761,358 8,000 8,000 0.06% 6,903,395 (B.V.I.) 2,761,358 USD3,500 6,903,395 Philippine Seven Corp. 2,761,358 USD2,000 USD2,000 0.84% 6,903,395 PESO160,000 PESO80,000 50% 20% 3. 3,152,890 $69,059 $29,385 962,872 65,119 28,231 90,722 40,769 B.V.I. 224,900 (126,515) $98,385 46,405,458 1,423,496 100.00% 1.424,432 29,880,000 333,176 60.00% 325,415 19,563,272 335,927 60.00% 286,629 19,800,000 238,347 100.00% 238,347 28,253,850 367,612 62.95% 367,278 88,803,733 859,560 100.00% 859,560 80,000,000 151,971 80.00% 61,527 10,626,000 169,054 70.00% 154,545 5,000,000 113,855 25.00% 96,120 9,432,540 136,656 100.00% 136,656 29,328,669 140,534 2.57% 410,513 146,448,927 1,609,160 4.89% 36,208,230 3,559,448 10.00% 50,000,000 500,000 3.33% 50,000,000 625,000 14.29% 2,225,045 0.02% 12,788,841 ~100.00% 072

4. 26,206,322 314,900 26,206,322 315,082 314,900 182 190,660,874 2,755,000 190,660,874 2,776,222 2,755,000 21,222 34,819,867 500,000 34,819,867 500,320 500,000 320 291,280,315 4,274,000 291,280,315 4,276,558 4,274,000 2,558 652,269,864 8,662,000 652,269,864 8,668,477 8,662,000 6,477 19,146,187 3,006,000 19,146,187 3,009,150 3,006,000 3,150 25,617,521 309,000 25,617,521 309,199 309,000 199 42,945,427 575,000 42,945,427 575,544 575,000 544 71,712,207 930,000 71,712,207 931,147 930,000 1,147 18,213,337 200,000 18,213,337 200,106 200,000 106 14,157,354 150,000 14,157,354 150,174 150,000 174 254,904,706 3,489,000 254,904,706 3,492,550 3,489,000 3,550 47,173,491 635,000 47,173,491 635,238 635,000 238 18,149,387 250,000 18,149,387 250,389 250,000 389 14,996,813 200,000 14,996,813 200,096 200,000 96 45,513,241 650,000 45,513,241 650,299 650,000 299 6,573,325 100,000 6,573,325 100,053 100,000 53 47,558,789 550,000 47,558,789 550,626 550,000 626 8,570,890 100,000 8,570,890 100,062 100,000 62 16,026,026 200,000 16,026,026 200,117 200,000 117 18,088,175 200,000 18,088,175 200,138 200,000 138 2,841,000 13,206 27,395,994 135,692 (130,497) 30,236,994 18,401 1 1 5,885,280 81,198 588,528 6,473,808 161,781 86,683 75,098 5,485 2 2 19,800,000 141,511 69,003,733 690,037 28,012 88,803,733 859,560 2 2 209,248,927 2,299,197 62,800,000 690,037 690,037 146,448,927 1,609,160 1 2 073

92 91 5. 6. 7. () () () $35,110,524 64 10~70 $3,391,440 58 9,714,506 18 15~30 908,025 16 3,782,202 7 15~35 600,724 10 1,373,965 3 30~40 405,672 1 25 531,550 1 15 82,905 1 57,575 1 8. $14,109 $14,109 $ $331,447 $331,447 9. 074

1. $396,000 $396,000 19,800,000 100.00% $238,347 $53,548 $53,305 853,037 198,000 88,803,733 100.00% 859,560 28,012 28,012 364,683 364,683 28,253,850 62.95% 367,612 119,916 61,517 50,000 50,000 9,432,540 100.00% 136,656 33,919 32,825 B.V.I 237,437 237,437 19,563,272 60.00% 335,927 122,639 53,077 309,240 309,240 31,374,000 60.00% 333,176 14,669 5,492 135,956 100,264 10,626,000 70.00% 169,054 59,996 32,537 813,230 733,230 80,000,000 80.00% 151,971 (63,913) (85,586) 1,520,766 1,520,766 46,405,458 100.00% 1,423,496 179,159 176,500 91,414 91,414 5,000,000 25.00% 113,855 123,861 26,469 981,100 1,005,682 20.00 668,297 13,081 ~100.00% 295,266 107,329 20.00~51.00% (B.V.I.) USD1,800USD3,0001,800,000 30.00% USD1,480USD1,277 USD20,684USD19,91020,684,321 100.00% USD15,103(USD1,360 ) Presiclerc Limited USD7,726USD6,4187,484,100 47.50% USD1,736(USD3,266 ) CAD12,000CAD12,000 200 20.00% USD5,618CAD5,375 USD4,000 USD4,000 100.00% USD4,544USD1,261 Philippine Seven Corp. USD20,656USD19,882 134,257,625 56.59% USD15,086(PESO8,580 ) Philippine Seven Corp. Convenience Distribution Inc. PESO80,822 PESO80,822 40.00%PESO87,009 PESO815 ~100% P CSC ANNUAL REP ORT 2003 075

92 91 2. (1) $37,500 $ 2.93% $ $ $37,500 921020 921027 40% $50,000 (2) (B.V.I) USD8,386 USD3,500 $ 8.35% USD20,966 (B.V.I.) 50% 20% (3) $168,716 $168,716 167,000 167,210 122,433 122,682 178,598 179,035 102,098 102,137 () 100,000 103,082 372,354 376,227 () 690,037 941,727 B.V.I. () 101,862 101,862 B.V.I. 92,482 92,482 USD29,437 USD23,921 () 61,141 63,061 P CSC ANNUAL R EPORT 2003 076

(4) 22,069,194 291,258 251,373,416 3,336,500 273,442,610 3,629,417 3,627,758 1,659 11,610,321 168,731 349,155,064 5,110,408 359,415,593 5,261,599 5,259,139 2,460 1,349,792 20,000 16,088,468 2,512,430 16,088,468 2,513,687 2,512,430 1,257 279,132,736 3,464,350 278,524,132 3,458,126 3,456,750 1,376 608,604 7,600 10,170,229 149,863 10,170,229 150,338 149,863 475 24,444,653 292,431 22,127,202 264,813 264,520 293 2,317,451 27,911 3,763,017 43,000 99,304,636 1,148,000 98,775,845 1,141,998 1,141,000 998 4,291,808 50,000 3,373,448 49,000 24,306,041 355,000 27,679,489 404,548 404,000 548 2,465,535 35,000 47,728,565 687,000 45,833,245 659,916 659,000 916 4,360,855 63,000 15,803,616 210,000 15,803,616 210,235 210,000 235 70,694,675 917,000 70,694,675 918,076 917,000 1,076 52,382,948 609,000 47,757,720 555,626 555,000 626 4,625,228 54,000 22,722,109 300,000 102,304,578 1,359,652 125,026,687 1,662,153 1,659,652 2,501 127,743,968 1,699,653 127,743,968 1,702,180 1,699,653 2,527 1,530,677 21,917 17,108,813 250,000 17,946,969 263,000 261,788 1,212 692,522 10,129 1,943,928 26,315 10,646,594 148,000 10,803,760 150,600 149,312 1,288 1,786,762 25,003 12,014,656 160,001 9,770,572 130,149 130,000 149 2,244,084 30,001 11,056,765 160,646 160,458,748 2,351,000 165,939,812 2,431,855 2,429,213 2,642 5,575,701 82,433 37,644,469 526,000 37,644,469 526,262 526,000 262 20,814,487 248,000 20,814,487 248,063 248,000 63 38,391,215 567,000 38,391,215 567,332 567,000 332 50,367,334 625,000 50,367,334 625,391 625,000 391 10,609,932 142,000 8,376,792 112,091 112,000 91 2,233,140 30,000 35,331,478 460,000 35,331,478 460,221 460,000 221 28,535,355 288,000 28,535,355 288,143 288,000 143 10,788,263 146,000 10,788,263 146,097 146,000 97 3,324,869 43,820 8,543,488 113,930 9,713,460 129,458 128,770 688 2,154,897 28,980 12,209,734 195,000 12,209,734 195,083 195,000 83 19,769,141 292,000 17,744,358 262,100 262,000 100 2,024,783 30,000 8,223,206 110,000 5,622,840 75,037 75,000 37 2,600,366 35,000 (B.V.I.) 3, 000, 000U S D 1, 684 1, 200, 000 U S D 9, 468 U S D 782 U S D 8, 686U S D 5781, 800, 000 U S D 1, 480 62,800,000 690,037 62,800,000 690,037 077

92 91 1. USD4,000 USD2,000 USD782USD2,00030% USD511USD1,480 ( ) USD5,200 USD2,470 USD2,47047.5% (USD347 ) (USD134 ) ( ) USD2,100 USD998 USD99847.5% (USD937 ) (USD738 ) USD4,238 USD1,309 USD1,309 30.875% (USD133 ) USD1,176 USD6,777 USD7,248 4,261,358 2. (1) (2) (3) (4) (5) (6) 078

92 91 : 1, 945 6, 599 321, 551 306, 419 72 2583

92 91 92 911231 921231 911231 % % $3,576,622 11 $1,212,713 4 453,914 1 846,046 3 642,150 2 558,070 2 829,506 3 617,417 2 2,560,468 8 2,160,563 8 969,649 3 980,587 3 9,032,309 28 6,375,396 22 2,555,551 8 1,945,286 7 8,178,265 25 8,987,722 31 10,733,816 33 10,933,008 38 2,324,689 7 2,324,689 8 1,503,561 5 1,491,645 5 7,761,971 24 7,061,833 24 3,503,914 11 2,988,831 10 1,646,838 5 1,348,381 5 16,740,973 52 15,215,379 52 (7,241,364) (23) (6,050,760) (21) 525,219 2 150,913 1 10,024,828 31 9,315,532 32 19,188 34,942 19,188 34,942 1,185,522 4 1,105,999 4 1,293,624 4 1,291,641 4 2,479,146 8 2,397,640 8 $32,289,287 100 $29,056,518 100

92 911231 921231 911231 % % $681,442 2 $684,275 2 499,403 2 873,039 3 1,783,395 5 1,430,678 5 1,878,659 6 1,742,902 6 2,967,749 9 2,784,826 10 492,058 1 262,942 1 2,156,401 7 2,058,656 7 2,429,889 8 1,384,054 5 376,600 1 145,568 308,676 1 518,190 2 13,574,272 42 11,885,130 41 2,200,000 7 700,000 2 376,720 1 2,546,250 9 86,056 148,191 1 2,662,776 8 3,394,441 12 407,157 2 415,396 1 1,032,545 3 872,943 3 1,439,702 5 1,288,339 4 17,676,750 55 16,567,910 57 8,584,995 27 7,720,319 27 308 1,512,726 5 1,250,782 4 3,680,418 11 2,666,553 9 28,650 70,995 805,748 2 779,651 3 14,612,537 45 12,488,608 43 $32,289,287 100 $29,056,518 100

92 91 92 9111 1231 92 91 % % $87,291,455 97 $79,419,372 98 2,506,738 3 1,630,642 2 89,798,193 100 81,050,014 100 (63,000,715) (70) (56,578,130) (70) 26,797,478 30 24,471,884 30 (20,931,607) (23) (19,141,608) (24) (2,678,783) (3) (2,548,528) (3) (23,610,390) (26) (21,690,136) (27) 3,187,088 4 2,781,748 3 101,618 38,366 25,890 294,257 42,851 170,648 10,912 655,699 1 628,356 1 1,260,588 1 708,009 1 (144,634) (173,845) (64,368) (155,801) (1) (36,650) (63,966) (28,354) (53,111) (53,558) (417,512) (1) (356,775) 4,030,164 4 3,132,982 4 (264,527) (538,222) (1) 3,765,637 4 2,594,760 3 19,889 $6,630 (84,031) (22,309) $3,681,606 4 $2,592,340 3 $4.69 $4.39 $3.65 $3.02 0.03 0.02 (0.10) (0.10) (0.03) (0.02) $4.59 $4.29 $3.65 $3.02

92 9111 123 1 91 9111 $6,936,495 $73,005 $ $1,066,507 $1,816,491 $87,248 $620,268 $10,600,014 90 184,275 (184,275) (33,169) (33,169) (33,170) (33,170) 783,824 (783,824) (776,888) (776,888) 91 2,592,340 2,592,340 (73,005) 73,005 (16,253) (16,253) 308 (3,957) (3,649) 159,383 159,383 911231 $7,720,319 $ $308 $1,250,782 $2,666,553 $70,995 $779,651 $12,488,608 92 9211 $7,720,319 $ $308 $1,250,782 $2,666,553 $70,995 $779,651 $12,488,608 91 261,944 (261,944) (47,989) (47,989) (47,989) (47,989) 864,676 (864,676) (1,374,217) (1,374,217) 92 3,681,606 3,681,606 (308) (70,926) (71,234) (42,345) (42,345) 26,097 26,097 921231 $8,584,995 $ $ $1,512,726 $3,680,418 $28,650 $805,748 14,612,537

92 91 92 9111 1231 92 91 $3,681,606 $2,592,340 25,301 26,137 1,793,138 1,588,426 250,199 163,316 (170,648) (10,912) 4,645 (101,618) 64,368 155,801 36,650 204,985 17,500 (388,023) 63,966 28,354 (88,711) (102,295) (234,676) 30,447 (440,660) 328,416 78,232 (105,458) (29,967) (21,356) 13,693 (17,674) 341,219 608,842 331,758 345,633 229,116 (21,879) 391,375 622,869 912,837 (106,173) 231,032 50,325 (7,220) 3,732 7,242,735 6,126,253 562,780 1,532,499 (1,955,373) (1,972,134) 40,047 46,315 (806,729) (101,083) (426,158) (5,005,101) 179,000 9,567 1,307,052 17,064 (79,523) (256,063) (3,500) (269,158) (350,420) 2,205 495,463 (1,445,857) (5,587,393) P C SC ANNUAL REPORT 2003

92 9111 1231 92 91 ($373,636) ($44,620) (2,336,441) (721,486) 159,602 108,338 (1,374,217) (776,888) (95,978) (66,339) (521,353) (157,416) 1,500,000 700,000 (84,432) (183,645) (290,266) 26,097 159,383 (3,390,624) (982,673) (42,345) (16,253) 2,363,909 (460,066) 1,212,713 1,672,779 $3,576,622 $1,212,713 $141,553 $157,712 $78,333 $584,847 $2,591,534 $2,493,487 (636,161) (521,535) $1,955,373 $1,972,134 $256,083 $640,686 (10,500) (290,266) $245,583 $350,420

92 91 92 911231 7661 0 868 921 23 1 45, 938 921231 911231 100.00% 100.00% BVI 100.00% 100.00% 80.00% 80.00% 62.95% 62.95% 60.00% 60.00% 60.00% 60.00% 921231 911231 100.00% 100.00% Philippine Seven Corporation 56.59% 50.40%

921231 911231 100% 100% 100% 100% 100% 100% 100% 100% 15% 100% 70% 70% 70% 70% 60% 60% 51% 51% 15% 51% 70% 54.17% 53.33% 50.025% 50.025% Convenience Distribution INC. Philippine Seven Corp. 100% 100% MECHPRESIDENT (BVI) CORP. 100% 100% ( ) 100% 100% 60% MECHPRESIDENT (BVI) CORP. 100% 100% 10 % 30 % 3% 50 % 51 0 1. 10 % 2. 30 % 3 20 %

92 91 1. 2. Philippine Seven Corporation 1. 20 % 2. 20 % 51 0 5 3. P C SC ANNUAL REPORT 2003

4. 1. 2. 5 55 5 24 0 3. 25 1. Philippine Seven Corporation 2 %6 % Philippine Seven Corporation 2. 18 1. 22 2. 10 % 3. 12 4.

92 91 921231 911231 $248,245 $206,896 1,422,114 965,933 1,906,263 39,884 $3,576,622 $1,212,713 929 11 23 1 0. 70 %1. 025 %1. 45 % 921231 911231 $2,484,934 $2,114,219 91,979 62,789 2,576,913 2,177,008 (16,445) (16,445) $2,560,468 $2,160,563 P C SC ANNUAL REPORT 2003

921231 911231 $238,347 100.00 $185,042 100.00 859,560 100.00 141,510 100.00 169,054 70.00 127,985 54.17 113,855 25.00 112,385 25.00 1,174,735 20.00~ 1,378,364 15.00~ 100.00 100.00 2,555,551 1,945,286 140,534 2.57 140,534 2.48 3,559,448 10.00 3,729,448 10.00 1,609,160 4.89 2,299,197 9.71 625,000 14.29 625,000 14.29 500,000 3.33 500,000 3.33 1,744,123 0.02~ 1,693,543 0.02~ 19.31 16.67 8,037,731 8,847,188 $10,733,816 $10,933,008 1. 929 1 $ 101, 618$ 64, 368 2. 929 1 $ 155, 801$ 36, 650 3. 929 1 921231 911231 $245,788 $196,218 4,907,916 3,972,127 1,748,816 1,521,703 338,844 360,712 $7,241,364 $6,050,760

92 91 921231 911231 $954,563 $825,871 321,877 314,433 1,535,858 609,581 547,327 929,686 1,226,665 763,139 $4,586,290 $3,442,710 921231 911231 91.01.16~96.01.18 $700,000 $700,000 92.06.10~97.06.13 1,500,000 $2,200,000 $700,000 1. 2.8% 2. ( 1 ) 25 %2 5 %5 0 % 1. 4 % ( 2 ) 4 %6 4 %1 80 921231 911231 $ $2,183,581 287,166 528,686 242,850 154,230 530,016 2,866,497 (153,296) (320,207) (40) $376,720 $2,546,250 0%~10.5% 0%~5.675%

921231 93 $153,296 94 81,829 95 48,709 96 246,182 $530,016 921231 $300,000 510,000 $810,000 Philippine Seven Corp. USD2,000 PESO80,000 1. 92 911231 921231 911231 ($46,373) (26,595) (537,443) (365,039) (583,816) (391,634) (501,791) (396,325) (1,085,607) (787,959) 379,848 288,559 (705,759) (499,400) 19,614 23,324 (1,609) 73,308 283,041 (17,674) ($404,713) ($420,442) $53,469 $20,868 3.50% 4.00% 3.5%~10% 4%~10% 3.75% 4.00% 2.5%~10% 3%~10% 2.75% 3.25% 2.75%~10% 3.25%~10%

92 91 2. 929 1 92 91 $83,266 $57,464 32,386 22,246 (9,825) (7,119) (1,726) (5,127) 1,811 $105,912 $67,464 1. 92 91 $492,058 $262,942 (79) (59) (29,967) (21,356) (6,630) (216,395) 314 (11,415) 400 2,066 18,196 312,674 $264,527 $538,222 $188,698 $504,036 (6,630) 10% 75,829 40,816 2. 921231 $264,527 $538,222 911231 $ $7,722 $ $6,000 229,745 59,175 140,003 35,001 56,517 14,129 36,204 9,051 53,750 13,438 17,251 13,441 94,464 63,493 (5,068) $89,396 $63,493 $ $11,745 $ $3,950 948,025 247,422 998,800 253,148 126,003 31,501 302,433 75,608 61,294 15,325 15,455 3,865 305,993 336,571 (245,400) (280,042) $60,593 $56,529

3. 90 89 4. 92 $456,928 $ 190,036 469 93~96 34,718 21,579 18,998 93~96 383,555 304,985 93~97 5. 92911231 921231 911231 86 $34,352 $34,352 87 3,646,066 2,632,201 $3,680,418 $2,666,553 6. 919 0 92 91 929 11 23 1 921231 911231 $16,552 $387,805 92 91 0.45 19.72 92 1. 9262 4 9271 7 92 2. 929 11 23 1 900, 000, 000 858, 499, 471 772,031,899 $10 1. 10 % 2 % 0. 2 80 %1 00 %( 20 %5 0 % ) 9262 4 20 %5 0 % 50 %8 0 % 2. 50 % 3. 916 89 $ 73, 005

92 91 4. 9291 92 91 1.78 1.12 1.12 1.13 5. 92 9332 6 6. 91 (1) 92 $47,989 47,989 (2) $3.36 3.23 92 $4,030,164 $3,681,606 858,499,471 $4.69 $4.29 91 $3,132,982 $2,592,340 858,499,471 $3.65 $3.02 92 91 $816,429 $3,721,955 $4,538,384 $669,139 $3,558,471 $4,227,610 57,497 267,024 324,521 48,112 239,322 287,434 11,635 95,636 107,271 4,746 86,025 90,771 35,752 257,553 293,305 31,945 283,394 315,339 226,268 1,566,870 1,793,138 175,429 1,412,997 1,588,426 2,121 248,078 250,199 1,142 162,174 163,316 $1,149,702 $6,157,116 $7,306,818 $930,513 $5,742,383 $6,672,896 91 92

" " " " " " " " " " " " " " " " " " " " " " 92 " Philippine Seven Corp. Convenience Distribution Corp. BVI Philippine Seven Corp. " MechPresident (BVI) Corp. " " MechPresident (BVI) Corp. " " " " 929 30 "

92 91 1. 92 91 $137,308 5 $216,053 22 19,951 1 18,015 2 34,979 2 24,529 3 2. $192,238 8 $258,597 27 92 91 $35,110,524 62 $31,875,551 59 5,877,160 10 6,760,652 12 1,145,804 3 174,827 $42,133,488 75 $38,811,030 71 (1) (2) 3. 92 91 $17,973 6 $64,876 23 102,367 36 49,277 17 $120,340 42 $114,153 40 P C SC ANNUAL REPORT 2003

4. 92 91 (1) $327,083 52 $110,956 20 12,387 2 11,907 2 Covenience Distribution Inc. 50,780 8 36,174 7 (2) $390,250 62 $159,037 29 $44,624 44 $39,367 39 (3) ( ) $186,024 41 $251,353 48 (4) $108,952 100 $106,873 100 (5) $273,793 56 $346,763 59 63,901 11 107,791 18 (6) $337,694 67 $454,554 77 $429,324 81 $399,790 74 (7) $19,773 32 $50,059 57 5. 92 91 (1) $125,208 62 $105,065 63 3,053 2 8,403 5 $128,261 64 $113,468 68

92 91 6. 921231 911231 $14,109 2 $11,684 2 6,683 1 23,950 4 40,897 7 10,395 2 $61,689 10 $46,029 8 $331,447 40 $251,657 41 28,108 3 36,087 6 25,138 3 8,010 1 $384,693 46 $295,754 48 $70,300 8 $81,700 39 $3,391,440 51 $2,519,436 42 446,470 7 739,358 12 166,714 2 79,923 1 $4,004,624 60 $3,338,717 55 $67,813 3 $168,754 8 160,360 7 136,227 7 7. $228,173 10 $304,981 15 (1) 929 1 A. 92 91 () 3,600,000 37,764 759,500 11,271 1,012,000 15,028 3,960,000 $74,844 36,208,230 $3,729,448 2,850,000 30,552 (BVI) 2,400,000 USD3,909

B. 92 91 6,473,808 $161,781 $75,098 62,800,000 92 62, 800, 000 69,003,733 (2) 929 1 $ 33, 8801 95, 18 921 23 1 $22 (3)A. 9291 92 91 $99,160 $110,600 $3,261 $14,051 B. 3 7%11% 92 91 $ 28, 340$ 38, 022 9 911 23 1 921231 911231 $257,433 $375,714 3,236 4,854 260,669 380,568 (19,233) (34,393) 241,436 346,175 (155,380) (197,984) $86,056 $148,191 93 $170,928 94 64,951 95 24,262 96 528 $260,669 (4) 91 $216,665 P CSC ANNUAL REP ORT 2003

92 91 8. 921231 320,000 8,000 9. 92 $328,000 92.3~92.12 $5,000 $5,000 2.89% $111 91 91.11.21 $33,118 $ $ 10. ( 1 ) 871 1 7 $ 5, 566, 188 5 % 92 1231 $155,900 ( 2 ) 9313 93630 $200,000 ( 3 ) 918 50% 929 11 23 1 921231 911231 $458,901 $458,901 336,762 355,637 359,225 378,382 53,614 57,197 4,384 4,384 $1,212,886 $1,254,501

1. Philippine Seven Corporation 2. 8912 4 YA M ATO TRANSPORT CORPORAT I O N 10 30, 00 ( ) 1, 000 3. 92 911 23 1 $ 154, 270 $ 1 1 4, 6 3 0 4. 3 12 921 23 1 $ 590, 195$ 977, 585 93 $4,211,723 94 4,073,143 95 3,756,340 96 3,300,582 97 7,832,124 $23,173,912

92 91 92 91 1. 921231 $700,000 $ 2. 3. 4. 6 5 5. 921231 $ ($5,453) 921 23 1 $ 2, 521 $6,028

921231 911231 $5,048,278 $5,048,278 $2,388,200 $2,388,200 453,914 454,382 846,046 846,451 10,733,816 10,634,379 10,933,008 11,010,687 1,185,522 1,091,994 1,105,999 1,024,295 $15,860,448 $15,860,448 $15,134,003 $15,134,003 1,032,545 943,681 872,943 801,237 407,157 705,759 415,396 499,400 1. 2. 3. 4. 5. 91 $ 26, 519 $25,409 1,110 26,519 (6,630) $19,889

92 91 1. $5,000 $5,000 2.89% 40 % $ 100, 000 50, 2. $2,761,358 $720,000 $300,000 2.17% $6,903,395 2,761,358 510,000 510,000.3.69% 6,903,395 2,761,358 320,000 320,000 2.32% 6,903,395 2,761,358 62,438 6,903,395 2,761,358 35,000 6,903,395 2,761,358 8,000 8,000 0.06% 6,903,395 (B.V.I.) 2,761,358 USD3,500 6,903,395 Philippine Seven Corp. 2,761,358 USD2,000 USD2,000 0.84% 6,903,395 PESO160,000 PESO80,000 50% 20% 3. 3,152,890 $69,059 $29,285 962,872 65,119 28,231 90,722 40,769 (B.V.I.) 224,900 (126,515) $98,385 46,405,458 1,423,496 100.00% 1.424,432 29,880,000 333,176 60.00% 325,415 19,563,272 335,927 60.00% 286,629 19,800,000 238,347 100.00% 238,347 28,253,850 367,612 62.95% 367,278 88,803,733 859,560 100.00% 859,560 80,000,000 151,971 80.00% 61,527 10,626,000 169,054 70.00% 154,545 5,000,000 113,855 25.00% 96,120 9,432,540 136,656 100.00% 136,656 () 29,328,669 140,534 2.57% 410,513 146,448,927 1,609,160 4.89% () 36,208,230 3,559,448 10.00% 50,000,000 500,000 3.33% () 50,000,000 625,000 14.29% () 2,225,045 0.02% $12,788,841 ~100.00%

4. 26,206,322 314,900 26,206,322 315,082 314,900 182 190,660,874 2,755,000 190,660,874 2,776,222 2,755,000 21,222 34,819,867 500,000 34,819,867 500,320 500,000 320 291,280,315 4,274,000 291,280,315 4,276,558 4,274,000 2,558 652,269,864 8,662,000 652,269,864 8,668,477 8,662,000 6,477 19,146,187 3,006,000 19,146,187 3,009,150 3,006,000 3,150 25,617,521 309,000 25,617,521 309,199 309,000 199 42,945,427 575,000 42,945,427 575,544 575,000 544 71,712,207 930,000 71,712,207 931,147 930,000 1,147 18,213,337 200,000 18,213,337 200,106 200,000 106 14,157,354 150,000 14,157,354 150,174 150,000 174 254,904,706 3,489,000 254,904,706 3,492,550 3,489,000 3,550 47,173,491 635,000 47,173,491 635,238 635,000 238 18,149,387 250,000 18,149,387 250,389 250,000 389 14,996,813 200,000 14,996,813 200,096 200,000 96 45,513,241 650,000 45,513,241 650,299 650,000 299 6,573,325 100,000 6,573,325 100,053 100,000 53 47,558,789 550,000 47,558,789 550,626 550,000 626 8,570,890 100,000 8,570,890 100,062 100,000 62 16,026,026 200,000 16,026,026 200,117 200,000 117 18,088,175 200,000 18,088,175 200,138 200,000 138 2,841,000 13,206 27,395,994 135,692 (130,497) 30,236,994 18,401 1 15,885,280 81,198 588,528 6,473,808 161,781 86,683 75,098 5,485 2 219,800,000 141,511 69,003,733 690,037 28,012 88,803,733 859,560 2 2209,248,927 2,299,197 62,800,000 690,037 690,037 146,448,927 1,609,160 1 2

92 91 5. 6. 7. () () () $35,110,524 64 10~70 $3,391,440 58 9,714,506 18 15~30 908,025 16 3,782,202 7 15~35 600,724 10 1,373,965 3 30~40 405,672 1 25 531,550 1 15 82,905 1 57,575 1 8. $14,109 $14,109 $ $331,447 $331,447 9.

1. () $396,000 $396,000 19,800,000 100.00% $238,347 $53,548 $53,305 853,037 198,000 88,803,733 100.00% 859,560 28,012 28,012 364,683 364,683 28,253,850 62.95% 367,612 119,916 61,517 50,000 50,000 9,432,540 100.00% 136,656 33,919 32,825 (B.V.I.) 237,437 237,437 19,563,272 60.00% 335,927 122,639 53,077 309,240 309,240 31,374,000 60.00% 333,176 14,669 5,492 135,956 100,264 10,626,000 70.00% 169,054 59,996 32,537 813,230 732,230 80,000,000 80.00% 151,971 (63,913) (85,586) 1,520,766 1,520,766 46,405,458 100.00% 1,423,496 179,159 176,500 91,414 91,414 5,000,000 25.00% 113,855 123,861 26,469 () 981,100 1,005,682 20.00~ 668,297 13,081 100.00% () 295,266 107,329 20.00~ 51.00% (B.V.I.) USD1,800USD3,0001,800,000 30.00% USD1,480USD1,277 USD20,684USD19,91020,684,321 100.00% USD15,103(USD1,360 ) Presiclerc Limited USD7,726USD6,4187,484,100 47.50% USD1,736(USD3,266 ) CAD12,000CAD12,000 200 20.00% USD5,618CAD5,375 USD4,000 USD4,000 100.00% USD4,544USD1,261 Philippine Seven Corp. USD20,656USD19,882 134,257,625 56.59% USD15,086 (PESO8,580 ) Philippine Seven Corp. Convenience Distribution Inc. PESO80,822 PESO80,822 40.00%~100%PESO87,009 PESO815

92 91 2. (1) $37,500 $ 2.93% $ $ $37,500 921020 921027 40% $50,000 (2) USD8,386 USD3,500 $ 8.35% USD20,966 (B.V.I.) 50% 20% (3) $168,716 168,716 167,000 167,210 122,433 122,682 178,598 179,035 102,098 102,137 () 100,000 103,082 372,534 376,227 () 690,037 941,727 B.V.I. () 101,862 101,862 B.V.I. 92,482 92,482 USD29,437 USD23,921 () 61,141 63,061 P C SC ANNUAL REPORT 2003

(4) 22,069,194 291,258 251,373,416 3,336,500 273,442,610 3,629,417 3,627,758 1,659 11,610,321 168,731 349,155,064 5,110,408 359,415,593 5,261,599 5,259,139 2,460 1,349,792 20,000 16,088,468 2,512,430 16,088,468 2,513,687 2,512,430 1,257 279,132,736 3,464,350 278,524,132 3,458,126 3,456,750 1,376 608,604 7,600 10,170,229 149,863 10,170,229 150,338 149,863 475 24,444,653 292,431 22,127,202 264,813 264,520 293 2,317,451 27,911 3,763,017 43,000 99,304,636 1,148,000 98,775,845 1,141,998 1,141,000 998 4,291,808 50,000 3,373,448 49,000 24,306,041 355,000 27,679,489 404,548 404,000 548 2,465,535 35,000 47,728,565 687,000 45,833,245 659,916 659,000 916 4,360,855 63,000 15,803,616 210,000 15,803,616 210,235 210,000 235 70,694,675 917,000 70,694,675 918,076 917,000 1,076 52,382,948 609,000 47,757,720 555,626 555,000 626 4,625,228 54,000 22,722,109 300,000 102,304,578 1,359,652 125,026,687 1,662,153 1,659,652 2,501 127,743,968 1,699,653 127,743,968 1,702,180 1,699,653 2,527 1,530,677 21,917 17,108,813 250,000 17,946,969 263,000 261,788 1,212 692,522 10,129 1,943,928 26,315 10,646,594 148,000 10,803,760 150,600 149,312 1,288 1,786,762 25,003 12,014,656 160,001 9,770,572 130,149 130,000 149 2,244,084 30,001 11,056,765 160,646 160,458,748 2,351,000 165,939,812 2,431,855 2,429,213 2,642 5,575,701 82,433 37,644,469 526,000 37,644,469 526,262 526,000 262 20,814,487 248,000 20,814,487 248,063 248,000 63 38,391,215 567,000 38,391,215 567,332 567,000 332 50,367,334 625,000 50,367,334 625,391 625,000 391 10,609,932 142,000 8,376,792 112,091 112,000 91 2,233,140 30,000 35,331,478 460,000 35,331,478 460,221 460,000 221 28,535,355 288,000 28,535,355 288,143 288,000 143 10,788,263 146,000 10,788,263 146,097 146,000 97 3,324,869 43,820 8,543,488 113,930 9,713,460 129,458 128,770 688 2,154,897 28,980 12,209,734 195,000 12,209,734 195,083 195,000 83 19,769,141 292,000 17,744,358 262,100 262,000 100 2,024,783 30,000 8,223,206 110,000 5,622,840 75,037 75,000 37 2,600,366 35,000 (B.V.I.) 3, 000, 000U S D 1, 684 1, 200, 000 U S D 9, 468 U S D 782 U S D 8, 686U S D 5781, 800, 000 U S D 1, 480 62,800,000 690,037 62,800,000 690,037

92 91 1. USD4,000 USD2,000 USD782USD2,00030% USD511USD1,480 ( ) USD5,200 USD2,470 USD2,47047.5% (USD347 ) (USD134 ) ( ) USD2,100 USD998 USD99847.5% (USD937 ) (USD738 ) USD4,238 USD1,309 USD1,309 30.875% (USD133 ) USD1,176 USD6,777 USD7,248 4,261,358 2. (1) (2) (3) (4) (5) (6)

9291 92 $88,221,949 $1,754,372 $89,976,321 688,701 14,371,385 (15,060,086) $88,910,650 $16,125,757 ($15,060,086) $89,976,321 $3,546,656 $129,778 $3,676,434 () 101,618 (144,634) 664,390 (267,644) $4,030,164 $29,746,072 $2,494,410 $61,141 2,555,551 32,301,623 1,793,138 250,199 1,955,373 91 $79,761,288 $1,473,098 $81,234,386 770,388 10,856,949 (11,627,337) $80,531,676 $12,330,047 ($11,627,337) $81,234,386 $3,112,556 ($168,853) $2,943,703 () (64,368) (173,845) 503,970 (76,478) 3,132,982 27,111,741 $24,463,537 $2,684,204 1,945,286 29,057,027 1,588,426 163,316 1,972,134 P CSC ANNUAL REP ORT 2003

92 91 1. 2. 1. 2. 3. 1. 2. 92 $113,855 25% $26,469 Convenience Distribution Inc. PESO43,271 100% 70 91 $112,385 25% $23,077 25,966 51% (5,405) 81,198 25.869% 15,887 Convenience Distribution Inc. PESO43,206 100% (PESO1,002 ) 929 1 10% 9291 10% 9291 10%

92 100 100 1. 100 56.59 Philippine Seven Corp. 100 100 100 Convenience Distribution Inc. 100 100 80 70 70 62.95 100 45.24 60 60 60 70 51 60 100 MECHPRESIDENT (BVI)Corp. 100 41 50.025 30 50 30 53.33 25 49 20 51 20 115

92 2. 369 3 369 2 100% 3. 369 2 87.07.09 Tropic Isle Building, P.O. Box 438,Road Town, USD 46,405 Trotola, British Virgin Islands () () 85.12.20 88 853,037 () 87.04.13 4245351 45,494 () 84.07.27 87 198,000 () 84.09.18 314 70,000 () 88.01.11 88 94,325 () 89.01.24 13713 1,000,000 () 90.08.02 88 50,000 () 91.06.13 88 15,000 () 80.12.09 448,800 () 88.03.11 88 522,900 () 88.01.22 340 326,055 () 89.11.20 812 90,000 116

() 86.08.27 88 151,800 () 83.10.28 88 300,000 () 92.10.01 88 100,000 () 84.12.27 2195 199,900 () 86.11.03 88 198,000 () 90.10.08 45609 250,000 () 89.10.25 2617 135,000 90.01.03 88 190,000 () 79.09.13 5607 200,000 () 89.09.03 8B2 198,000 () 84.11.18 8B2 341,250 90.10.24 Level 7(E),Main Office Tower, USD 20,684 Financiallabuan, Jalan Merdeka, 87000 () Labuan, F.T. Labuan, Malaysia Philippine Seven Corp. 71.11.24 7/F The Columbia Tower, Ortigas Avenue PESO237,252 Mandaluyong City 1501, Philippines () Convenience Distribution Inc. 87.09.17 No. 8 Mercury Averue Libis, Quezon City, PESO 38,000 Philippine () () 87.10.29 1016216 5,000 MechPresident (BVI) Corp. 86.07.24 P.O.Box 957,Offshore Incorporations Center, USD 2,500 Road Town, Tortola, British Virgin Islands. 90.11.09 3839 RMB 20,693 () 92.10.07 138 15,000 () 86.04.16 581511 1 40,000 () 87.02.11 1222 100,000 () 68.04.04 56012 1,000,000 921231 USDNT133.97PESONT10.6121RMBNT14.3759 P CSC ANNUAL REP ORT 2003 117

92 (2) 388,407,895 45.24% 68.04.04 1,000,000 (1) 56012 1 2 1. 2. 3. 4. 5. 6. 7. 118

46,405,437 100.00 85,303,733 100.00 85,303,733 100.00 85,303,733 100.00 4,549,380 100.00 4,549,380 100.00 4,549,380 100.00 19,800,000 100.00 19,800,000 100.00 19,800,000 100.00 7,000,000 100.00 7,000,000 100.00 7,000,000 100.00 9,432,540 100.00 9,432,540 100.00 9,432,540 100.00 20,000,000 20.00 20,000,000 20.00 80,000,000 80.00 80,000,000 80.00 3,499,995 70.00 1,500,000 30.00 3,499,995 70,00 3,499,995 70.00 1,500,000 30.00 119

92 1,050,000 70,00 1,050,000 70,00 450,000 30,00 1,050,000 70,00 450,000 30.00 141,251 0.31 28,253,850 62.95 8,976,000 20.00 3,116,626 6.94 28,253,850 62.95 176,546 0.39 31,374,000 60.00 5,229,000 10.00 31,374,000 60.00 15,687,000 30.00 15,687,000 30.00 31,374,000 60.00 6,521,090 20.00 6,521,090 20.00 19,563,272 60,00 6,521,090 20.00 19,563,272 60.00 3,600,000 40.00 3,600,000 40.00 5,400,000 60,00 5,400,000 40.00 10,626,000 70.00 10,626,000 70.00 4,554,000 30.00 10,626,000 70.00 120

15,299,995 51.00 15,299,995 51.00 14,700,000 49.00 14,700,000 49.00 15,299,995 51.00 10,000,000 50.025 10,000,000 50.025 363,000 1.82 2,081,000 10.41 1,579,000 7.93 10,000,000 50.025 363,000 1.82 1,579,000 7.93 3,960,000 20.00 3,960,000 20.00 5,940,000 30.00 9,900,000 50.00 9,900,000 50.00 3,960,000 20.00 12,500,000 50.00 12,500,000 50.00 12,500,000 50.00 12,500,000 50.00 12,500,000 50.00 5,700,000 30.00 5,700,000 30.00 3,799,999 20.00 5,795,000 30.50 2,755,000 14.50 5,795,000 30.50 3,799,999 20.00 121

92 5,000,000 25.00 4,000,000 20.00 5,000,000 25.00 3,000,000 15.00 2,000,000 10.00 4,000,000 20.00 5,000,000 25.00 2,000,000 10.00 20,684,321 100.00 Philippine Seven Corp. Vicente T. Paterno 24,380,500 10.28 119,575,008 50.40 Asian Holdings Corp. Diana P. Aguilar 29,208,750 12.31 Progressive Development Corp. Jorge L. Araneta 20,163,080 8.50 Agus Development Corp. Manuel U. Agustines 4,912,178 2.07 Anglo Philippine Holdings Corp. Alfredo C. Ramos 4,333,380 1.83 1 Convenience Distribution Inc. Philippine Seven Corp. 3,795,000 99.87 Philippine Seven Corp. Jose Victor P. Paterno 3.808,000 100.00 Ma.Victoria CruzEduardo P. Bataclan Jose Victor P. Paterno 1,000 0.026 500,000 100 500,000 100 500,000 100 MechPresident (BVI) Corp. 2,500,000 100 MechPresident (BVI) Corp. 100 MechPresident (BVI) Corp. 100 122

900,000 60.00 900,000 60.00 900,000 60.00 375,000 25.00 225,000 15.00 900,000 60.00 2,295,000 51.00 2,295,000 51.00 1,323,000 29.40 882,000 19.60 882,000 19.60 2,295,000 51.00 () 7,200,000 53.33 7,200,000 53.33 675,000 5.00 1,800,000 13.33 450,000 3.33 450,000 3.33 7,200,000 53.33 1,800,000 13.33 () 4,100,000 41.00 4,100,000 41.00 1,000,000 10.00 3,900,000 39.00 1,000,000 10.00 4,100,000 41.00 1,000,000 10.00 5,595,800 49.00 5,595,800 49.00 2,855,000 25.00 2,284,000 20.00 685,200 6.00 5,595,800 49.00 2,855,000 25.00 P CS C ANNUAL REPORT 2003 123

92 99,999,380 100.00 99,999,380 100.00 99,999,380 100.00 10,640,494 53.74 10,640,494 53.74 3,960,000 20.00 382,199 1.93 1,980,000 10.00 10,640,494 53.74 3,960,000 20.00 2,702,700 7.92 6,825,000 20.00 20,475,000 60.00 1,365,000 4.00 13,650 0.04 20,475,000 60.00 6,825,000 20.00 124

( ) ( ) ()( ) 1,597,043 1,443,092 1,443,092 179,185 13.29 853,037 859,873 313 859,560 29,032 28,029 28,012 0.33 45,494 96,724 35,098 61,627 155,458 13,547 12,152 2.67 198,000 698,455 460,108 238,347 2,379,821 9,061 53,548 2.70 70,000 270,641 175,512 95,129 519,895 4,547 19,876 2.84 94,325 1,074,770 938,114 136,656 4,250,889 34,493 33,919 3.60 135,000 124,411 23,015 101,396 67,541 331 1,063 0.08 1,000,000 1,026,677 949,769 76,909 1,650,860 (48,775) (63,913) (0.64) 50,000 118,090 59,683 58,407 438,229 10,667 7,621 1.52 15,000 88,124 74,836 13,288 24,682 2,819 3,354 2.24 448,800 1,785,995 1,202,590 583,405 8,006,862 64,587 119,915 2.67 522,900 727,432 185,073 542,358 656,765 12,402 14,669 0.28 326,055 2,085,051 1,607,336 477,715 10,224,008 144,060 122,639 3.76 90,000 165,099 94,734 70,365 307,161 (19,641) (17,474) (1.94) 151,800 455,539 234,760 220,779 685,263 58,290 59,996 3.95 300,000 136,708 48,357 88,351 259,320 16,926 17,356 0.58 100,000 98,167 962 97,205 (2,945) (2,795) (0.28) 199,900 108,939 75,231 33,708 493,005 8,481 10,076 0.50 198,000 881,721 552,670 238,488 2,054,463 137,005 73,284 3.70 250,000 153,745 21,100 132,645 (67,872) (66,937) (2.68) 190,000 142,436 47,107 95,329 227,418 (25,565) (25,704) (1.35) 200,000 5,143,356 4,758,875 384,480 35,200,493 118,029 123,861 6.19 198,000 827,190 665,804 161,386 2,054,249 81,771 88,020 4.45 341,250 47,371 90,247 (42,876) 160,854 (51,095) (80,015) (2.34) 711,851 519,770 519,770 (46,818) (0.01) Philippine Seven Corp. 150,892 846,936 451,265 395,612 2,060,644 14,536 5,896 0.00 Convenience Distribution Inc. 24,168 33,572 6,095 27,477 50,964 9 44 0.00 5,000 11,308 5,921 5,386 13,712 156 156 0.31 MechPresident (BVI) Corp. 86,038 2,310 2 2,308 0 (2) (110) (0.44) 86,042 84,069 5,226 78,844 11,610 (4,451) (4,389) (0.01) 15,000 24,220 9,351 14,869 3,724 (131) (131) (0.09) 40,000 125,118 63,453 61,665 163,761 16,153 12,705 2.82 100,000 433,142 292,989 140,153 706,160 36,858 23,356 2.05 1,000,000 2,720,929 1,573,195 1,147,734 2,106,277 (69,084) 34,796 0.35 921231 (USDNT133.97PESO:NT1:0.6121RMBNT14.3759) 125

92 126

72 2583 127

92 % 388,407,895 45.24% % 128

() 1,373,965 3% 30~40 ( 82,905) 1% ( ) () () 19,951 1.67% 1 3045 2 3 3,053 1.51% 1 3045 2 3 17,973 6.33% 2 3045 2 2 1 2 3 129

92 130

(93) 6199 72 2583 131

92 921231 921231 % $3,607,706 11 828,828 2 759,665 2 842,347 3 3,548,399 10 985,854 3 10,572,799 31 1,612,452 4 8,868,302 26 10,480,754 30 2,324,689 7 1,577,669 5 8,154,851 24 4,189,278 12 1,832,914 5 18,079,401 53 (7,948,312) (23) 525,506 1 10,656,595 31 19,188 19,188 1,287,818 4 1,339,346 4 2,627,164 8 $34,356,500 100 132

921231 921231 % $711,442 2 604,403 2 1,839,036 5 5,448,563 16 208,892 1 526,039 2 2,790,551 8 2,108,739 6 475,199 1 352,876 1 15,065,740 44 2,200,000 7 477,420 1 86,056 2,763,476 8 448,626 1 1,036,902 3 1,485,528 4 19,314,744 56 8,584,995 25 1,512,726 4 3,680,418 11 28,650 1,234,967 4 15,041,756 44 $34,356,500 100 133

92 9211 1231 % $89,578,410 97 2,369,431 3 91,947,841 100 (62,372,417) (68) 29,575,424 32 (23,311,814) (25) (2,683,409) (3) (25,995,223) (28) 3,580,201 4 35,468 40,074 246,154 255,360 535,925 1 1,112,981 1 (152,214) (1) (155,801) (78,453) (66,800) (453,268) (1) 4,239,914 4 (337,541) 3,902,373 4 (220,767) $3,681,606 4 $4.94 $4.55 (0.26) (0.26) $4.68 $4.29 134

921231 ) 7661 0 868 921231 48,340 100.00% BVI 100.00% 80.00% 62.95% 60.00% 60.00% 100.00% 25.00% 30.00% 100.00% Philippine Seven Corporation 56.59% 135

92 100% 100% 100% 70% 70% 60% 51% 70% 50% 20% 20% 53.33% 30% 50.025% Convenience Distribution Inc. Philippine Seven Corp. 100% MECHPRESIDENT (BVI) CORP. 100% 100% 60% MECHPRESIDENT (BVI) CORP. 100% 51% 49% 1. 10 % 30 % 3% 2. 136

1. 510 (1) 10% ( 2 ) 30 % 3% 2. 1. 2. () Philippine Seven Corporation 137

92 1. 20 % 2. 20 % 510 5 3. 4. 1. 2. 5 555 240 3. 210 1. Philippine Seven Corporation 2 %6 % Philippine Seven Corporation 2. 18 138

1. 22 2. 10% 3. 12 4. 921231 $258,663 1,442,780 1,906,263 $3,607,706 921 23 1 0. 70 %1. 025 % 139

92 921231 $3,478,222 91,979 3,570,201 (21,802) 921231 $3,548,399 $238,347 100.00 169,054 70.00 1,205,051 20.00~100.00 1,612,452 140,534 2.57 3,559,448 10.00 2,299,197 6.99 625,000 14.29 500,000 3.33 1,744,123 0.02~19.31 8,727,768 $10,480,754 1. 92 $ 35, 468 2. 92 $155,801 3. 92 921231 $256,017 5,113,089 2,133,186 446,020 $7,948,312 140

921231 $1,085,439 321,877 1,535,858 547,327 1,408,789 $4,899,290 921231 91.01.16~96.01.18 $700,000 92.06.10~97.06.13 1,500,000 1. $2,200,000 2.8% 2. ( 1 ) 25 %2 5 %5 0 % 1. 4 % ( 2 ) 4 %6 4 %1 80 921231 $115,000 317,066 () 242,850 674,916 (197,496) $477,420 0%~10.5% 141

92 921231 93 $197,496 94 171,029 95 57,909 96 248,482 $674,916 921231 $300,000 510,000 $810,000 Philippine Seven Corp. USD2,000 PESO80,000 1. 921231 921231 ($48,444) (603,023) (651,467) (547,179) (1,198,646) 413,820 (784,826) 30,833 309,167 (1,609) ($446,435) $55,888 3.50% 3.5%~10% 3.75% 2.5%~10% 2.75% 2.75%~10% 142

2. 92 92 $90,534 35,343 (10,305) (1,930) 4,199 $117,841 1. 92 $526,039 (86) (4,977) (216,395) 944 400 31,616 $337,541 $261,685 10% 75,856 2. 921231 $337,541 $ $7,722 229,745 59,175 61,020 15,255 79,993 19,997 102,149 (5,068) $97,081 $ $11,745 948,025 245,810 126,003 31,501 73,332 18,333 307,389 (245,400) $61,989 143

92 3. 90 89 4. 92 $456,928 $ 190,036 469 93~96 34,718 21,579 18,998 93~96 383,555 304,985 93~97 5. 92911231 921231 86 $34,352 87 3,646,066 $3,680,418 6. 91 92 921 23 1 921231 $16,552 92 0.45 92 1. 9262 4 9271 7 92 2. 921 23 1 900, 000, 000 858, 499, 471 $10 1. 10 % 2 % 0. 2 80 %1 00 %( 20 %5 0 % ) 9262 4 20 %5 0 % 50 %8 0 % 2. 50 % 144

3. 916 89 $ 73, 005 4. 92 92 1.78 1.12 5. 92 9332 6 6. 91 (1) $47,989 47,989 (2) $3.36 3.23 92 92 4,239,914 3,681,606 858,499,471 4.94 4.29 92 $816,429 $4,454,917 $5,271,346 57,497 328,279 385,776 11,635 111,307 122,942 35,752 298,174 333,926 226,268 1,780,230 2,006,498 2,121 280,030 282,151 $1,149,702 $7,252,937 $8,402,639 145

92 " " " " " " " " " " " " " " " " " " " " 92 " Philippine Seven Corp. Convenience Distribution Corp. BVI Philippine Seven Corp. ( ) " MechPresident (BVI) Corp. " " MechPresident (BVI) Corp. " " " " 92930 " Starbucks Coffee International, Inc. (Starbucks) 146

1. 92 $19,951 1 34,979 1 $54,930 2 2. 92 $7,716,571 15 2,016,554 4 Starbucks 218,855 1 2,144,768 4 $12,096,748 24 3. 92 $17,973 6 4. (1) 92 $605,358 54 $161,758 14 Covenience Distribution Inc. 50,780 5 (2) $817,896 73 $44,624 34 (3) $108,952 100 (4) $333,998 55 63,901 10 $397,899 65 147

92 (5) 92 $429,324 77 (6) $19,773 30 (7) $14,627 2 10,168 1 29,668 3 5. $54,463 6 921231 $37,966 5 12,056 2 8,461 1 6,952 1 45,243 6 $110,678 15 $43,878 5 25,932 3 $69,810 8 $740,085 10 47,628 1 44,291 1 430,673 5 $1,262,677 17 $67,813 2 58,554 2 101,986 4 $228,353 8 148

6. ( 1 ) 92 A. () 3,600,000 $37,764 759,500 11,271 1,012,000 15,028 B. 92 6,473,808 $161,781 $75,098 ( 2 ) 92 $ 33, 880 921 23 1 $22 (3)A. 92 92 $99,160 $3,261 B. 3 7 %1 1 % 92 $28,340 921231 921231 $257,433 3,236 260,669 (19,233) 241,436 (155,380) 93 $170,928 94 64,951 95 24,262 96 528 7. $260,669 921231 $320,000 8,000 $328,000 $86,056 149

92 8. 92 92.3~92.12 $5,000 $5,000 2.89% $111 92 92.12.20 $37,500 $ 2.93% $21 9. ( 1 ) 871 1 7 $ 5, 566, 188 5 % 92 1231 $155,900 ( 2 ) 9313 93630 $200,000 ( 3 ) 918 50% ( 4 ) S t a r b u c k s 921231 921231 $458,901 381,576 387,323 64,127 4,384 $1,296,311 150

1. Philippine Seven Corporation 2. 8912 4 YA M ATO TRANSPORT CORPORAT I O N 10 30, 00 1,000 3. 921231 $154,270 4. 921231 $450,000 5. 3 12 921231 $ 655, 103$ 1, 063, 206 93 $4,728,014 94 4,553,937 95 4,166,889 96 3,607,338 97 8,486,239 $25,542,417 151

92 1. 921231 $700,000 $ 2. 3. 4. 6 5 5. 921231 $ ($5,453) 921 23 1 $ 2, 5 2 1 $6,028 152

921231 1. 2. 3. 4. 5. $5,209,718 $5,209,718 828,828 829,733 10,480,754 10,650,742 1,287,818 1,188,426 $17,354,017 $17,354,017 1,036,902 947,972 455,555 784,826 153

92 14 1. (3,793,799) 1,423,496 859,560 333,176 136,656 335,927 113,855 71,546 151,971 367,612 2. (350,590) (48,615) (601,941) (916,455) (3,425,964) (57,837) 4,997,108 1,006 975 48,615 345,555 6,997 1,146 3. 137,308 656,624 3,782,202 9,752,485 35,046,420 23,948 531,550 148,858 (49,544,454) (274,900) (37,979) (2,339) (198,411) (18,500) (2,812) 1 1 NELLA LIMITED Prospect Top Development $111,453 $111,453 2 $62,861 $200,000 $300,000 LIMITED Cayman Nanlien Holding Ltd. NELLA LIMITED 125,763 122,366 2 200,000 300,000 1 $300,000 $200,000 2 154

921 23 1 921231 Nella $115,500 $80,468 Cayman Nanlien 40,000 22,000 15,000 5,100 3,200 800 29,000 55,000 7,000 30,000 28,000 30,000 80,000 60,000 19,800 7,576 $450,600 $177,844 921 23 1 $63,000 A. 1% $197,604 $173,301 1% 102,800 85,810 15% 18,426 18,426 10% 12,936 4,605 3 0~19% 11,125 7,348 342,891 155

92 80% $128,901 $128,901 20% 127,536 127,536 Cayman Nanlien Holding Ltd. 100% 96,211 96,211 20% 95,543 95,543 100% 89,804 89,804 100% 82,761 82,761 75% 66,133 66,133 100% 61,986 61,986 34% 40,025 40,025 69% 36,744 36,744 51% 26,287 26,287 100% 19,328 19,328 20% 19,066 19,066 100% 18,384 18,384 100% 15,419 15,419 71 20~100% 436,790 436,790 1,360,918 Nella Limited 100% (66,865) 1,294,053 $1,636,944 B. 3,608,591 $59,169 $33,596 1,304,454 28,878 6,444 (48,007) 88,047 $40,040 $40,040 156

1. $5,000 $5,000 2.89% 40 % $ 100, 000 50,000 2. $2,761,358 $720,000 $300,000 2.17% $6,903,395 2,761,358 510,000 510,000 3.69% 6,903,395 2,761,358 320,000 320,000 2.32% 6,903,395 2,761,358 62,438 6,903,395 2,761,358 35,000 6,903,395 2,761,358 8,000 8,000 0.06% 6,903,395 (B.V.I.) 2,761,358 USD3,500 6,903,395 Philippine Seven Corp. 2,761,358 USD2,000 USD2,000 0.84% 6,903,395 PESO160,000 PESO80,000 50% 20% 3. 3,152,890 $69,059 $29,285 962,872 65,119 28,231 90,722 40,769 (B.V.I.) 224,900 (126,515) $98,385 46,405,458 1,423,496 100.00% 1.424,432 29,880,000 333,176 60.00% 325,415 19,563,272 335,927 60.00% 286,629 19,800,000 238,347 100.00% 238,347 28,253,850 367,612 62.95% 367,278 88,803,733 859,560 100.00% 859,560 80,000,000 151,971 80.00% 61,527 10,626,000 169,054 70.00% 154,545 5,000,000 113,855 25.00% 96,120 9,432,540 136,656 100.00% 136,656 () 29,328,669 140,534 2.57% 410,513 146,448,927 1,609,160 4.89% () 36,208,230 3,559,448 10.00% 50,000,000 500,000 3.33% () 50,000,000 625,000 14.29% () 2,225,045 0.02% 12,788,841~100.00% 157

92 4. 26,206,322 314,900 26,206,322 315,082 314,900 182 190,660,874 2,755,000 190,660,874 2,776,222 2,755,000 21,222 34,819,867 500,000 34,819,867 500,320 500,000 320 291,280,315 4,274,000 291,280,315 4,276,558 4,274,000 2,558 652,269,864 8,662,000 652,269,864 8,668,477 8,662,000 6,477 19,146,187 3,006,000 19,146,187 3,009,150 3,006,000 3,150 25,617,521 309,000 25,617,521 309,199 309,000 199 42,945,427 575,000 42,945,427 575,544 575,000 544 71,712,207 930,000 71,712,207 931,147 930,000 1,147 18,213,337 200,000 18,213,337 200,106 200,000 106 14,157,354 150,000 14,157,354 150,174 150,000 174 254,904,706 3,489,000 254,904,706 3,492,550 3,489,000 3,550 47,173,491 635,000 47,173,491 635,238 635,000 238 18,149,387 250,000 18,149,387 250,389 250,000 389 14,996,813 200,000 14,996,813 200,096 200,000 96 45,513,241 650,000 45,513,241 650,299 650,000 299 6,573,325 100,000 6,573,325 100,053 100,000 53 47,558,789 550,000 47,558,789 550,626 550,000 626 8,570,890 100,000 8,570,890 100,062 100,000 62 16,026,026 200,000 16,026,026 200,117 200,000 117 18,088,175 200,000 18,088,175 200,138 200,000 138 2,841,000 13,206 27,395,994 135,692 (130,497) 30,236,994 18,401 1 1 5,885,280 81,198 588,528 6,473,808 161,781 86,683 75,098 5,485 2 219,800,000 141,511 69,003,733 690,037 28,012 88,803,733 859,560 2 2209,248,9272,299,197 62,800,000 690,037 690,037 146,448,927 1,609,160 1 2 158

5. 6. 7. () () () $35,110,524 64 10~70 $3,391,440 58 9,714,506 18 15~30 908,025 16 3,782,202 7 15~35 600,724 10 1,373,965 3 30~40 405,672 1 25 531,550 1 15 82,905 1 57,575 1 8. $14,109 $14,109 $ $331,447 $331,447 9. 159

92 1. () $396,000 $396,000 19,800,000 100.00% $238,347 $53,548 $53,305 853,037 198,000 88,803,733 100.00% 859,560 28,012 28,012 364,683 364,683 28,253,850 62.95% 367,612 119,916 61,517 50,000 50,000 9,432,540 100.00% 136,656 33,919 32,825 (B.V.I.) 237,437 237,437 19,563,272 60.00% 335,927 122,639 53,077 309,240 309,240 31,374,000 60.00% 333,176 14,669 5,492 135,956 100,264 10,626,000 70.00% 169,054 59,996 32,537 813,230 733,230 80,000,000 80.00% 151,971 (63,913) (85,586) 1,520,766 1,520,766 46,405,458 100.00% 1,423,496 179,159 176,500 91,414 91,414 5,000,000 25.00% 113,855 123,861 26,469 () 981,100 1,005,682 20.00 668,297 13,081 ~100.00% () 295,266 107,329 20.00 ~51.00% (B.V.I.) USD1,800USD3,0001,800,000 30.00% USD1,480USD1,277 USD20,684USD19,91020,684,321 100.00% USD15,103(USD1,360 ) Presiclerc Limited USD7,726USD6,4187,484,100 47.50% USD1,736(USD3,266 ) CAD12,000CAD12,000 200 20.00% USD5,618CAD5,375 USD4,000 USD4,000 100.00% USD4,544USD1,261 Philippine Seven Corp. USD20,656USD19,882 134,257,625 56.59% USD15,086 (PSEO8,580 ) Philippine Seven Corp. Convenience Distribution Inc. PESO80,822 PESO80,822 40.00% PESO87,009PESO815 ~100% P C SC ANNUAL REPORT 2003 160

2. (1) $37,500 $ 2.93% $ $ $37,500 921020 921027 40% $50,000 (2) (B.V.I) USD8,386 USD3,500 $ 8.35% USD20,966 (B.V.I.) 50% 20% (3) $168,716 168,716 167,000 167,210 122,433 122,682 178,598 179,035 102,098 102,137 () 100,000 103,082 372,354 376,227 () 62,800,000 690,037 941,727 () 101,862 101,862 B.V.I. 92,480 92,482 B.V.I. USD29,437 USD23,921 () 61,141 63,061 161

92 (4) 22,069,194 291,258 251,373,416 3,336,500 273,442,610 3,629,417 3,627,758 1,659 11,610,321 168,731 349,155,064 5,110,408 359,415,593 5,261,599 5,259,139 2,460 1,349,792 20,000 16,088,468 2,512,430 16,088,468 2,513,687 2,512,430 1,257 279,132,736 3,464,350 278,524,132 3,458,126 3,456,750 1,376 608,604 7,600 10,170,229 149,863 10,170,229 150,338 149,863 475 24,444,653 292,431 22,127,202 264,813 264,520 293 2,317,451 27,911 3,763,017 43,000 99,304,636 1,148,000 98,775,845 1,141,998 1,141,000 998 4,291,808 50,000 3,373,448 49,000 24,306,041 355,000 27,679,489 404,548 404,000 548 2,465,535 35,000 47,728,565 687,000 45,833,245 659,916 659,000 916 4,360,855 63,000 15,803,616 210,000 15,803,616 210,235 210,000 235 70,694,675 917,000 70,694,675 918,076 917,000 1,076 52,382,948 609,000 47,757,720 555,626 555,000 626 4,625,228 54,000 22,722,109 300,000 102,304,578 1,359,652 125,026,687 1,662,153 1,659,652 2,501 127,743,968 1,699,653 127,743,968 1,702,180 1,699,653 2,527 1,530,677 21,917 17,108,813 250,000 17,946,969 263,000 261,788 1,212 692,522 10,129 1,943,928 26,315 10,646,594 148,000 10,803,760 150,600 149,312 1,288 1,786,762 25,003 12,014,656 160,001 9,770,572 130,149 130,000 149 2,244,084 30,001 11,056,765 160,646 160,458,748 2,351,000 165,939,812 2,431,855 2,429,213 2,642 5,575,701 82,433 37,644,469 526,000 37,644,469 526,262 526,000 262 20,814,487 248,000 20,814,487 248,063 248,000 63 38,391,215 567,000 38,391,215 567,332 567,000 332 50,367,334 625,000 50,367,334 625,391 625,000 391 10,609,932 142,000 8,376,792 112,091 112,000 91 2,233,140 30,000 35,331,478 460,000 35,331,478 460,221 460,000 221 28,535,355 288,000 28,535,355 288,143 288,000 143 10,788,263 146,000 10,788,263 146,097 146,000 97 3,324,869 43,820 8,543,488 113,930 9,713,460 129,458 128,770 688 2,154,897 28,980 12,209,734 195,000 12,209,734 195,083 195,000 83 19,769,141 292,000 17,744,358 262,100 262,000 100 2,024,783 30,000 8,223,206 110,000 5,622,840 75,037 75,000 37 2,600,366 35,000 (B.V.I.) 3, 000, 000U S D 1, 684 1, 200, 000U S D 9, 468 U S D 782 U S D 8, 686 U S D 578 1, 800, 000U S D 1, 480 62,800,000 690,037 62,800,000 690,037 162

1. USD4,000 USD2,000 USD782USD2,00030% USD511USD1,480 ( ) USD5,200 USD2,470 USD2,47047.5% (USD347 ) (USD134 ) ( ) USD2,100 USD998 USD99847.5% (USD937 ) (USD738 ) USD4,238 USD1,309 USD1,309 30.875% (USD133 ) USD1,176 USD6,777 USD7,248 4,261,358 2. (1) (2) (3) (4) (5) (6) 163

92 92 $90,278,120 $1,984,743 $92,262,863 688,701 49,341,507 (50,030,208) $90,966,821 $51,326,250 ($50,030,208) $92,262,863 $3,685,369 $247,807 $3,933,176 () $35,468 (152,214) 783,145 (359,409) $4,240,166 $28,841,013 $4,314,442 $33,155,455 $1,612,452 $34,767,907 $2,006,498 $282,151 $2,119,157 1. 2. 1. 2. 3. 1. 2. 92 ( ) $113,855 25% $26,469 Convenience Distribution Inc. PESO43,271 100% PESO70 92 10% 92 10% 92 10% 164

93413 920101 921231 1. 2. 3. 4. 5. 930 41 3 9 0 165