Assignment of CJH Shareholdings

January 8, 1999 PSE CIRCULAR FOR BROKERS NO. 029-99 January 6, 1999 DISCLOSURE DEPARTMENT Listings & Disclosure Group Philippine Stock Exchange, Inc. Philippine Stock Exchange Centre Exchange Road, Ortigas Center, Pasig City Fax No.: 636-0809 and 637-8811 Attention: Mr . Reynard P . Hong Vice President, Listings & Disclosure Group SUBJECT : Assignment of CJH Shareholdings Gentlemen : Further to our disclosure letter dated 11 November 1998, please be advised that THE PHILODRILL CORPORATION (the "Company") executed a Deed of Assignment last 29 December 1998, assigning its Ten Percent (10%) equity interest in Camp John Hay Development Corporation in favor of Fil-Estate Management, Inc. for and in consideration of the sum of P195 Million. llcd The said assignment, as well as the terms and conditions thereof, will be submitted for approval, ratification and/or confirmation by the Company's Board of Directors at its next Regular meeting to be held on 20 January 1999. We shall subsequently advise the Philippine Stock Exchange of the action/resolution taken by the Company's Board of Directors on the matter. This formal written advise is submitted in compliance with the rules and regulations of the Philippine Stock Exchange. Very truly yours, (SGD.) ADRIAN S. ARIAS Corporate Secretary