PSE Circular for Brokers No. 2766-99

October 28, 1999 PSE CIRCULAR FOR BROKERS NO. 2766-99 PRESS RELEASE 27 October 1999 ICTSI unit buys out partner in Argentine operations A subsidiary of International Container Terminal Services, Inc. (ICTSI) has completed the purchase of its partner's shares in their operations in Buenos Aires, Argentina. ICTSI International Holdings Corp. (IIHC) acquired the entire 50 per cent shareholdings of Bemberg Inversiones, S. A. (BISA) in Buenos Aires Container Terminal Services, S. A. (BACTSSA). IIHC holds the beneficial interests of ICTSI in its overseas operations. BACTSSA, now a 100 per cent owned subsidiary of IIHC, manages and operates Terminal 5 in Puerto Nuevo in the Port of Buenos Aires. BISA is the investment arm of the Bemberg Group, an Argentine conglomerate. ICTSI had wanted to gain full control of an operating unit, which has established prominence, and which continues to be viable despite the economic slowdown in South America. ICTSI and BISA had banded together in 1994 to participate in Argentina's port privatization program in Puerto Nuevo. The partners submitted a bid in the same year, eventually winning the 18-year concession for Terminal 5. Shortly thereafter, ICTSI and BISA organized BACTSSA to manage Terminal 5.