PSE Circular for Brokers No. 1562-98

July 8, 1998 PSE CIRCULAR FOR BROKERS NO. 1562-98 July 3, 1998 Disclosure Department Listings and Disclosure Group Philippine Stock Exchange, Inc. 4/F Phil. Stock Exchange Center PSE Center, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynaldo P . Ong Fax No . 634-5920/5113 Vice President, Listing & Disclosure Group Gentlemen : In compliance with PSE disclosure rules, our Company hereby informs the PSE that last June 26, 1998. Benguet Corporation sold to Rizal Commercial Banking Corporation its Petrofields shares equivalent to 20% interest at P0.30 per share, including the option to purchase additional 64 million option shares at par value of P1.00 per share for a total consideration of P47,628,958.50, net of the stock transaction tax. The sale involved 72,064,000 Common Class A shares and 87,497,000 Common Class B shares, or a total of 159,561,000 shares of the capital stock of Petrofields Corporation which was done via cross-sale through the Philippine Stock Exchange on June 29, 1998. cdlex We hope that this constitutes substantial compliance with the disclosure requirements of the PSE. Thank you for your kind attention. Very truly yours, BENGUET CORPORATION By: (SGD.) JOSEFA K. CAUTON Corporate Secretary