PSE Circular for Brokers No. 1915-98

August 18, 1998 PSE CIRCULAR FOR BROKERS NO. 1915-98 August 13, 1998 Disclosure Department Listings and Disclosure Group Philippine Stock Exchange, Inc. Phil. Stock Exchange Centre, Exchange Road Ortigas Center, Pasig City Attention: Mr . Reynold P . Ong Fax No . 636-08-09/637-88-11 Vice President Listings and Disclosure Group Your Ref : BC L-11006 Gentlemen : In compliance with PSE rules and regulations on disclosure, our Company hereby informs the PSE that during the regular meeting of the Board of Directors held last Tuesday, 11 August, 1998, the Board approved the changes in the composition of the Property Development and Executive Committees, as follows: (1) Amb. Carlos J. Valdes has been appointed as a new member of the Property Development Committee in view of his exposure and practical experience in the field of real estate development. Hence, the Property Development Committee will now be composed of 6 directors, namely: BPG Romualdez as Chairman, and EM Salva FMG Romualdez AN Tanchuling as Members BM Villegas CJ Valdes (2) Mr. Benjamin Philip G. Romualdez was transferred from the list of Directors representing Class "A" shares of stock to Class "B" and Mr. Antonio N. Tanchuling, a Class "B" director, was reclassified to the list of directors representing Class "A" Convertible Preferred and Common Class "A" shares of stock. Cdphil The above changes were effected to comply with the BC By-Laws requirement (Article III, Sec. 6) that there should be proportionate representation of Class "A" and Class "B" in the composition of EXCOM. The present EXCOM set-up has only 1 director (out of 5 directors) representing Class "B". We hope that this constitutes compliance with disclosure requirements of the PSE. Thank you for your kind attention. Very truly yours, BENGUET CORPORATION By: (SGD.) JOSEFA K. CAUTON Corporate Secretary