2005 FIRST QUARTER REPORT BENGUET CORPORATION AND SUBSIDIARIES The momentous decision of the Supreme Court in December 2004 to uphold the Mining Act of 1995 breathed new life into the ailing Philippine mining industry. As a direct result of this, Benguet Corporations mineral properties in the first quarter of 2005 generated new and renewed attention from major foreign investors. Your Company welcomes this favorable development even as it continues to operate with positive results its existing mining ventures like the Acupan Contract Mining Operation and Irisan Lime Project.