Benguet Corp and Texas Instruments Forge Partnership in Cooperative Housing

August 6, 1999 PSE CIRCULAR FOR BROKERS NO. 1956-99 PRESS RELEASE BENGUET CORP AND TEXAS INSTRUMENTS FORGE PARTNERSHIP IN COOPERATIVE HOUSING Manila, Philippines, August 4, 1999 Benguet Corporation, through its wholly-owned subsidiary, BMC Forestry Corporation (BFC), recently turned over to the TEXINS Multipurpose Cooperative (TMPC) forty (40) house-and-lot units representing Phase 1 of the Woodsdale Subdivision project located in Virac, Itogon, Benguet. The turnover formally launched, TMPC's housing program for its cooperative membership. The ribbon-cutting affair was graced by the presence of top officers of Texas instruments (Phils.), Inc. and TMPC, BenguetCorp and BFC, Vasquez Building Systems Corporation, Land Bank of the Philippines La Trinidad Branch, Banco de Oro Baguio Branch, and Chamber of Real Estate and Builders Association, Inc. Baguio-Benguet Chapter, among others. The Woodsdale Subdivision is a 1.8-hectare property being developed by BFC at Barangay Virac in Itogon, Benguet, 13 kilometers from Baguio City proper and 5 kilometers from the Philippine Military Academy's Main Gate. The project consists of 105 house-and-lot units with concrete roads, a 20,000-gallon elevated water tank capable of 24-hour supply, a park/playground and community facilities. In March 1998, BFC and TMPC entered into a Memorandum of Agreement reserving at least 83 units for TMPC members. Phase 2 of the project, representing the next forty-three (43) units, is scheduled to be completed by the 4th quarter of 1999. BFC is the developer of the upscale Woodstown Condominium Project located at Military Cut-off. Wagner Road and the medium-end Woodsville Subdivision in Camp 7, both in Baguio City. Together with the Real Estate Group of BenguetCorp, it plans to expand its real estate business by developing affordable, high value and quality house-and-lot packages in well-planned residential subdivisions. It is working on establishing partnerships with cooperatives, labor unions, private companies, government agencies and other corporate groups in providing affordable housing to their members and employees.