    
| The following are the significant milestones of Benguetrade, Inc., a fully owned subsidiary of Benguet Management Corporation, which is primarily into the TRADING BUSINESS:
1994 - Established as the Trading Division of Benguet Management Corporation in July of this year primarily to service the equipment, materials and supplies needs of Benguet Corporation.
1995 - Expanded its product mix from two to more than 20 lines and services, its market coverage to include other major mines and selected companies from other industries.
1996 - Started developing "niche" products for the long term, notably Christensen (USA) drilling equipment, accessories and parts; Mecal (Australia) lifting magnets, industrial vacuum cleaners, dust suppression systems and telescopic chutes; and Goretex (USA via Singapore) filterbags and cartridges. However, the main source of revenue continued to be the Division's commodity lines.
1997 - BMC Trading Division was organized into a separate corporation called Benguetrade, Inc. Incorporation was approved in March while commercial operations commenced on May 8.
1998 - Benguetrade, Inc. completes its first year of operations amidst the prevailing economic difficulties in the country and in the Asian region. At this time, three-quarters of Benguetrade's sales are attributed to non-Benguet clients. In spite of significant setbacks caused by foreign exchange transactional losses and deferred capital equipment purchases by its major clients, the Company expects to end the year profitably.
| | Item | Principal / Affiliate | | Chromite Sand | Benguet Corp.- Masinloc Chromite Operations | Conveyor Belt Cleaners
| MECAL Australia
| Diamond Drilling Equipment, Accessories & Parts
| Acker Drill Co. USA / Christensen Products USA | Dust Suppression Systems
| MECAL Australia
| Filterbags & Cartridges
| GORETEX USA
| Industrial Ceramics
| SEPR Australia
| | Geotextiles - Woven & Non-Woven Fabrics | Carthage Mills USA | | Grinding Balls | MEPSA Peru | | Industrial Vacuum Cleaners | MECAL Australia | | Magnets, Separators, and Filters | MECAL Australia | | Rock Drill Tools | Mitsubishi Materials Corporation - Japan | | Sodium Cyanide | Taekwang /Kia Intertrade Korea | | Southern Yellow Pine Logs | Transcontinental USA | | Telescopic Loading Chutes | MECAL Australia | | Welding Rods & Electrodes | WIPCO Philippines | | Caustic Soda | Various | | Compressor Repair Services | Rey Soriano | | Industrial Rubber Hoses | De La Torre | | Industrial Machinery Parts | Keybell USA | | Vibrating Screens | American Exports USA
| | Water Treatment Resins | Solmetex USA / EBARA Japan | | Lubrication Equipment, Accessories & Services | Industrial Systems Australia | | Various Industrial Equipment & Machinery | American Exports USA |
|
Trading