PSE Circular for Brokers No. 2169-98

September 17, 1998 PSE CIRCULAR FOR BROKERS NO. 2169-98 September 19, 1998 PHILIPPINE STOCK EXCHANGE PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : We acknowledge your fax message dated 14 September 1998. In compliance with your request, we confirm the correctness of the news article titled "ICTSI subsidiary to pursue stock sale" published in the 14 September 1998 issue of the Manila Times . dctai We confirm that ICTSI is offering approximately 25 per cent of the outstanding capital stock of its wholly owned subsidiary ICTSI International Holdings Corp. ("IIHC") to a group of international institutional investors in a private placement. Negotiations and due diligence process is ongoing. ICTSI expects to finalize and complete this private placement within two months. Proceeds of this private placement will be used to retire debt and to fund other projects of IIHC and ICTSI. IIHC is a Cayman Islands company organized by ICTSI to hold its investments in port operations outside of the Philippines, including those in Argentina, Mexico, Pakistan and Saudi Arabia. Very truly yours, (SGD.) ENRIQUE K. RAZON JR. Chairman and President