International Container Terminal Services, Inc. Additional Listing

October 2, 1998 PSE CIRCULAR FOR BROKERS NO. 2297-98 SUBJECT : International Container Terminal Services, Inc. Additional Listing Please be informed that on November 27, 1996, the Exchange approved subject to actual conversion of Convertible Notes into ICTSI common shares, the listing application of INTERNATIONAL CONTAINER TERMINAL SERVICES, INC . ("the Company") to list 36,979,682 common shares, with a par value P1.00 per share to cover the underlying shares of the convertible notes worth US$20,000,000 due 2000. cdlex On August 27, 1998, the Exchange approved the Company's application to list 38,537,187 common shares to cover the additional underlying shares of the US$20 Million Convertible Notes at the new conversion price of P6.078 per share by way of adjustment for the 1996 and 1997 stock dividend declarations to stockholders of record as of January 6, 1997 and August 22, 1997, respectively. In connection with this, please be advised that as of August 19, 1997, the Company has received additional notices from the noteholders for the conversion of US$9,650,000 worth of notes to 26,742,080 common shares. In view thereof, the listing of the 26,742,080 common shares is set on Monday, October 5, 1998 . This would bring to a total of 38,659,909 common shares already listed arising from the conversion of the Notes worth US$14,350,000. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President/CEO