International Container Terminal Services, Inc. Additional Listing

October 8, 1998 PSE CIRCULAR FOR BROKERS NO. 2329-98 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 of P1.00 per share to cover the underlying shares of the convertible notes worth US$20,000,000 due 2000. llcd 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 Company has received additional notices from the noteholders for the conversion of US$250,000 worth of notes to 1,039,200 common shares. In view thereof, the listing of the 1,039,200 common shares is set on Friday, October 9, 1998 . This would bring to a total of 39,699,109 common shares already listed arising from the conversion of the Notes worth US$14,600,000. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President/CEO