PSE Circular for Brokers No. 1506-99

June 25, 1999 PSE CIRCULAR FOR BROKERS NO. 1506-99 BENGUETCORP AWARDED REGREENING CONTRACT Manila, Philippines, June 24, 1999 Benguet Corporation announced today that its wholly owned subsidiary BMC Forestry Corporation (BFC) has been awarded an P8.2 M contract for erosion control and revegetation at the San Roque Multipurpose Project (SRMP) in San Manuel, Pangasinan. The contract involves the construction of wattling structures and the plating of covercrops, vetiver grass and various fast growing tree species. The Notice of Award dated June 22, 1999 was issued by SRMP main contractor Raytheon-Ebasco Overseas, Ltd., after BFC submitted its plan to control soil erosion and restore greenery over a 9-hectare road slope with gradient ranging from 50% to 70%. The vegetative method of slope stabilization is preferred in this case over a stone and concrete structure due to its economy, effectiveness and harmony with the natural environment. LLphil The SRMP is one of the Philippine government's major Build-Operate-Transfer projects in Northern Luzon intending to benefit surrounding communities by way of flood control, irrigation, water quality improvement and additional electric power Benguet Corporation, the country's pioneer mining company, is positioning itself to be a premier natural resource development company with projects involving land and water resource development. It also offers to other companies and institutions, through its various divisions and subsidiaries, drilling, engineering and construction, and reforestation services, among others. BenguetCorp has planted and nurtured to full maturity more than 20 million times in over 18,000 hectares of land in and around its various mining communities and timber license areas. No less than the Philippine government has recognized BenguetCorp's efforts with a Presidential Award on its outstanding reforestation programs.