This is in response to user correspondence on May 04, 2020, asking for confirmation of the veracity of information contained in the news article entitled "7-Eleven halves store openings for 2020 as virus hits business" posted in BusinessWorld (Online Edition) on May 4, 2020. Philippine Seven Corporation refer to the portions of the article quoted in your correspondence as follows: "CONVENIENCE store company Philippine Seven Corp. is holding off its capital expenditures and reducing store openings in 2020 in response to the effects of the coronavirus disease 2019 (COVID-19) on business. The company holding off all capex (capital expenditure). The company supposed to build 400 stores 2020. The company will only open 200, and that's only because the company broken ground on them already. `22% of stores are closed, although that's mostly because of low sales. 10% are open 24-hours and 68% are open during curfew hours.

The company now slowly reopening stores during the transition to general community quarantine. The company believe that things are improving and the company are in a better position to respond to the opportunities brought about by this health crisis.