On Pascual's PHC stockholdings

MANILA, Philippines - We write in connection with the letter of one Pitero Reig that was published on the 5 August 2010 edition of your newspaper, specifically, the portion wherein Mr. Reig questions the stockholdings of Mr. Federico Pascual in Philcomsat Holdings Corporation.

Based on records of the Corporation, Mr. Pascual had long requested that a share certificate be issued in his name, and transmitted a duly executed Deed of Sale for 1,000 shares in his favour dated December 22, 2006, a duly endorsed stock certificate, and a Certificate Authorizing Registration of the shares. However, because of an intra-corporate dispute, his request was not acted upon by the then stock transfer agent, Emerald Registry and Transfer Corporation. Because Mr. Pascual has completed all documentary requirements to effect a transfer, we consider him as a stockholder inasmuch as the failure to register the transfer is not attributable to him.

We are currently in litigation with Emerald to recover the stock transfer book so that the transfer to Mr. Pascual and other similarly situated stockholders can be effected. Once we have recovered the said book, we will be able to officially enter Mr. Pascual in our records as a registered and certificated stockholder.

Mr. Reig who is neither an officer of the Corporation, nor its stock transfer agent, is not in a position to confirm who are stockholders and who are not.