PSE Circular for Brokers No. 2782-98

December 17, 1998 PSE CIRCULAR FOR BROKERS NO. 2782-98 Current Report Pursuant to Section 11 of the Revised Securities Act ("RSA") and RSA Rule 11(a)-a(b)(3) Thereunder SEC FORM 11-C 1. Date of Report: 15 December 1998 2. SEC Identification Number: 147212 3. BIR Tax Identification No.: 000-323-228 4. Registrant: International Container Terminal Services, Inc. 5. Country of Incorporation: Philippines 6. Industry Classification Code: 7. Address of Principal Office: ICTSI Administration Building, Manila International Container Terminal, MICT South Access Road, Manila 8. Registrant's Telephone No.: 245 4101 9. Securities registered pursuant to Sections 4 and 8 of the RSA Titles of Class Number of Shares Outstanding Common shares 2,296,162,146 (Reported by the stock transfer agent as of 30 September 1998) 10. Item number reported herein: Item 9 Other Events The Philippine Ports Authority Board announced yesterday, 14 December 1998, the following: A twenty per cent increase (20%) in all arrastre charges and special services for containerized cargo handled at the Manila International Container Terminal (MICT) and the South Harbor (except foreign transshipment containers). The ten per cent (10%) shall take effect on 15 January 1999 and the balance of ten per cent (20%) will be implemented after review by the Board. Shortening the existing free storage period for imported and export cargoes in the 1994 PPA port charges as follows: 1. Imported cargoes From 6 calendar days to 5 calendar days 2. Export cargoes From calendar days to 4 calendar days Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized. INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. By: (SGD.) RAFAEL T. DURIAN Corporate Secretary