For your information and guidance.

January 29, 1999 PSE CIRCULAR FOR BROKERS NO. 175-99 SUBJECT : International Container Terminal Services, Inc. Additional Listing The Exchange approved the listing application of INTERNATIONAL CONTAINER TERMINAL SERVICES, INC . to list additional 765,387,379 common shares , with a par value of P1 . 00 per share , to cover the 50% stock dividend to stockholders of record as of July 23, 1998 . Said stock dividend shares were based on the 1,530,774,757 common shares outstanding as of September 30, 1998, net of 516,281 ESOP shares canceled and 743,302 common shares representing stock dividends which have accumulated due to ESOP availments. LLphil Further, the Exchange approved the request of the Company to reduce the number of listed shares by 1,405,122 common shares which represent the 1996 to 1998 stock dividends of canceled ESOP shares. In view thereof, the listing of the 765,387,379 common shares is set for Monday, February 8, 1999 . For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & CEO