COVER SHEET PHILIPPINE SEVEN CORPORATION - 7-Eleven

(Labuan) Holding Ltd., holding 56.59% of PSC’s outstanding shares. Certain products are alsopurchased from Uni- President Corporation which is the parent company of President Chain StoreCorporation.i) Election of DirectorsThe directors of the Company are elected at the Annual Stockholders’ Meeting to hold office forone (1) year and until their respective successors have been elected and qualified.The nominees to the Board of Directors were submitted to and pre-screened by the Nominationand Governance Committee of the Company:1. Vicente T. Paterno 6. Chien-Nan Hsieh2. Jose Victor P. Paterno 7 Yun-Huei Chang Jen3. Jorge L. Araneta 8. Yen-Sen Yang4. Diana P. Aguilar 9. Wen-Chi Wu5. Chung-Jen Hsu 10. Alfredo C. Ramos11. Michael B. Zalameaj) Independent DirectorsAs of the date of this report, the nominees for independent directors are Messrs. Alfredo C. Ramosand Michael B. Zalamea. Their nominations were submitted by Mr. Dante G. Santos and NationalLife Insurance Co., respectively, stockholders of the Corporation, and pre-screened by theNomination Committee of the Corporation in compliance with SEC Circular No. 16 on theGuidelines on Nomination and Election of Independent Directors. They are neither officers norsubstantial shareholders of Philippine Seven Corporation nor are they directors or officers of itsrelated companies. A brief description of their business experience of Messrs. Alfredo C. Ramosand Michael B. Zalamea are included in Item 9 Part III of this report.Nomination Procedure:1. A stockholder may recommend the nomination of a director to the Nomination Committee;2. The nominating stockholder shall submit his proposed nomination in writing to the Nomination& Governance Committee, together with the acceptance and conformity of the would-benominee.3. The Nomination & Governance Committee shall screen the nominations of directors prior tothe stockholders’ meeting and come up with the Final List of Candidates.4. Only nominees whose names appear in the Final List of Candidates shall be eligible for electionas independent director.Item 10. Executive Compensation(a)Name/Position(b)YearChairman and Top 4Vicente T. PaternoChairmanJose Victor P. PaternoPresidentPing-Yun WangVice-PresidentYu-Hsiu TsaiTreasurer (Resigned- Feb. 04, 2008)Michael ChuaunsuMarketing DirectorTotal 200920082007*200620052004All other Officers and Directors as a GroupUnnamed200920082007*200620052004• Estimated compensation of director and executive officers for the ensuing year.(c)Salaries4,375,302.245,092,181.945,091,011.524,357,792.745,111,606.764,809,256.925,584,417.686,107,402.565,552,564.792,303,544.00(d)Bonus5,233,364.215,919,489.445,740,839.285,359,779.415,166,120.314,624,234.414,870,830.873,305,549.761,121,240.73(e)OthersN/AN/A