PSE Circular for Brokers No. 1607-98

July 13, 1998 PSE CIRCULAR FOR BROKERS NO. 1607-98 July 9, 1998 Securities and Exchange Commission SEC Building, E. de los Santos Avenue Greenhills, Mandaluyong City Attention: Ms . Linda A . Daoang Director MMOD Gentlemen : In compliance with SEC rules on disclosure, our Company hereby informs your office that: Benguet Corporation sold to Rizal Commercial Banking Corporation Group its entire holdings in Petrofields Corporation equivalent to 20.29% of the Company including its option to purchase additional 64 million shares at par value of P1.00 per share. 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 Petrofields Corporation. The transaction was done via cross-sale through the Philippine Stock Exchange on June 29, 1998. LexLib Based on the recent report of our Stock Transfer Agent the RCBC Group now holds 28.48% of the total capital stock of Petrofields Corporation. We hope that the above disclosures meet your requirements. Very truly yours, PETROFIELDS CORPORATION (SGD.) FRANCIS G. TARCELO Chief Administrative Officer