Benguet Corporation

October 14, 1999 PSE CIRCULAR FOR BROKERS NO. 2613-99 SUBJECT : Benguet Corporation Further to Circular No. 2167-99 dated August 31, 1999 in connection with Benguet Corporation's ("BC") results of its Annual Stockholders' Meeting, BC furnished the Exchange the attached amended SEC Form 11-C with additional information on its plan to pursue non-mining related projects such as real estate development, eco-tourism, engineering and technical services, and bulk water supply and distribution. LibLex For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO AMENDED SEC FORM 11-C Item 4. Resignation, Removal or Election of Registrant's Directors or Officers (a) No elections of directors were held because the 1993 Temporary Restraining Order (TRO) issued by the Supreme Court enjoining the holding of elections of directors has not been lifted. Thus, the Company's present set of directors will remain in office on a hold-over capacity. The Company's General Information Sheet (GIS) was already filed with SEC last September 23, 1999. Among the information disclosed thereat is the composition of the present set of directors sitting in a hold-over capacity, hence, the said disclosure is, implemented already. Item 9. Other Events (b) Approval of the amendments to the Company's (I) Articles of Incorporation (Third Article) changing the principal office of the corporation from Municipality of Mandaluyong to " Metro Manila " and (2) By-Laws (Articles II, Sections 1 & 2) changing the venue of the regular and special meetings of the stockholders from Mandaluyong to " Metro Manila ". We have filed yesterday, September 30, 1999, the Amended Articles of Incorporation and By-Laws of the Company with the above amendments duly incorporated together with the corresponding Directors' Certifications with the Securities and Exchange Commission for approval. Once approved, it will be implemented when the regular annual or special meeting of the stockholders is called. (c) The announcement of the Company's plan to pursue non-mining related projects such as real estate development, eco-tourism, engineering and technical services, and bulk water supply and distribution. The Company is embarking to reorganize itself based on opportunities it has identified in land, water, and engineering and technical services, alongside its traditional core business in mining. A new table of organization and management accounting has been formulated to reflect this new structure. LibLex Consistent with its stated vision to become a major natural resource development organization, the Company incorporated BC Property Management, Inc. Benguet Parkland Development Corporation. and Agua De Oro Ventures Corporation to undertake projects in real estate development, eco-tourism, engineering and technical services and bulk water business by utilizing certain non-performing asset base as the Company awaits improvement in metal prices and a clearer picture of the prospects for the mining industry in the Philippines. Real Estate Development The Company is consolidating all its real estate properties and has initiated best land use and feasibility studies for each. In 1998. it obtained a Presidential Proclamation declaring the Company's 133-hectare Kelly property a Special Economic Zone for light industries.