PSE Circular for Brokers No. 866-99

April 26, 1999 PSE CIRCULAR FOR BROKERS NO. 866-99 April 22, 1999 PHILIPPINE STOCK EXCHANGE Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Mr . Reynold P . Ong Vice President, Listing and Disclosure Group (Fax No . 636-0809 and 637-8811) Gentlemen : Please be informed that our Board of Directors has approved during its special board meeting today, April 22, 1999, the postponement of the Annual Stockholders' Meeting scheduled on May 25, 1999 to a later date after June 30, 1999. The decision is per notification of our external auditor, SGV & Company, that the audit of our Company is still in progress. The attached SGV letter dated April 19, 1999 is self explanatory. Truly yours, BENGUET CORPORATION By: (SGD.) JOSEFA K. CAUTON Corporate Secretary April 19, 1999 Benguet Corporation One Corporate Plaza 845 Arnaiz, Avenue, 1223 Makati City Attention: Mr . Benjamin Philip G . Romualdez Chairman And President/CEO Gentlemen : In connection with our audit of the financial statements of Benguet Corporation as of and for the year ended December 31, 1998, we wish to advise you that our audit is still presently in progress for the following reasons: 1. We are awaiting the finalization of the debt restructuring agreement between the Company and its creditor banks. aisadc 2. We are still reviewing the accounts in connection with the suspension of the Benguet Antamok Gold Operation (BAGO) and Masinloc Chromite Operation (MCO). We will continue to work closely with management to facilitate the completion of the audit of the financial statement is not later than June 30, 1999. Very truly yours, (SGD.) GERARD B. SANVICTORES Partner