Benguet Corporation

July 5, 1999 PSE CIRCULAR FOR BROKERS NO. 1625-99 SUBJECT : Benguet Corporation Further to Circular for Brokers No. 1555-99 dated June 30, 1999, Benguet Corporation ("BC") furnished the Exchange a copy of its SEC Form 34-A (Preliminary Proxy Statement), in connection with its Annual Stockholders' Meeting which will be held on August 26, 1999 , at 3:00 p.m., at the Makati Shangri-La Manila Room, Ayala Avenue corner Makati Avenue, Makati City. As previously announced, stockholders of record as of July 12, 1999 are entitled to notice of, and to vote at, said meeting. The corporation's transfer books will not be closed. Stockholders who cannot attend the meeting in person but would like to be represented thereat are requested to date and sign a proxy form which should be received by the corporation's transfer agent on or before 3:00 p.m. of August 25, 1999. A copy of BC's Definitive Proxy Statement is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO