Record Date for Annual Stockholders' Meeting

January 27, 1999 PSE CIRCULAR FOR BROKERS NO. 137-99 January 26, 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 . Reynold P . Ong Vice President , Listings & Disclosure Group SUBJECT : Record Date for Annual Stockholders' Meeting Gentlemen : Further to our disclosure letter dated 20 January 1999 particularly item 5 thereof, please be advised that the Board of Directors of THE PHILODRILL CORPORATION (the "Company") has set Record Date on 26 February 1999 , for purposes of determining the stockholders who shall be entitled to notice of and to vote at the Annual Meeting of Stockholders to be held on 26 June 1999. The 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