Assuming a personal distribution list that is stored in the contacts folder
in Exchange mailbox or public folder store, would guess about 130 to 170
depending on the length of name/address of each member.
Not sure about a personal distribution list stored in a PST.
As for when it comes to the sending part... personal distribution lists are
expanded before sending and the company/isp mail server could have limits as
few as 25 recipients per message. (RFC calls for a minimum of 100 but ISPs
tend to go lower to help combat folks using their server to send unwanted
messages [spam])