Benguet Corporation

July 14, 1999 PSE CIRCULAR FOR BROKERS NO. 1736-99 SUBJECT : Benguet Corporation Further to Circular for Brokers No. 1625-99 dated July 5, 1999, Benguet Corporation ("BC") furnished the Exchange a copy of its SEC Form 34-A (Definitive 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. The meeting shall be held for the following purposes: 1. To elect ten (10) shareholders to serve as Directors for the ensuring year, in case the Temporary Restraining Order (TRO) of the Philippine Supreme Court is lifted on or before the stated annual stockholders meeting on August 26, 1999 or within 90 days thereafter; 2. To amend the Articles of Incorporation by changing the place of the principal office of Benguet Corporation from Mandaluyong City to Metro Manila and the By-Laws by providing that the venue of the annual and special meetings of the stockholders shall be in Metro Manila instead of Mandaluyong City; 3. To transact such other business as may properly be brought before the meeting or any adjournment thereof, including possibly voting to adjourn the meeting up to ninety (90) days until the aforesaid TRO is lifted. Management knows of no other proposals to be presented during the meeting. As previously announced, stockholders of record as of July 12 , 1999 are entitled to notice of, and to vote at, said meeting. 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