As Stated

October 29, 1999 PSE CIRCULAR FOR BROKERS NO. 2785-99 Facsimile Cover Sheet TO : Ms. Luisa Buenaventura COMPANY : Philippine Stock Exchange PHONE : 636-0122 FAX : 636-0809 FROM : Atty. Rodolfo G. Corvite, Jr. COMPANY : Asian Terminals, Inc. PHONE : 527-8051 to 60 FAX : 527-9963 or 2467 PAGES : Two (2) including this one SUBJECT : As Stated Please be advised that during the Company's Annual Stockholders' Meeting held today at about 2:00 p.m., wherein stockholders (illegible Portion in Philippine Stock Exchange file) at least two thirds (2/3) of the outstanding capital stock were present in (illegible Portion in Philippine Stock Exchange file) by proxy: 1. The following persons were elected as Directors: Capt Richard Setchell, Eusebio H. Tanco, Richard D. Barclay, Colin J. Childs, Seiichi Takada, Roland U. Young, Nilo B. Pea, Douglas L. LuYm, Arturo P. Lopez and Ramon R. Atayde. 2. The appointment of SGV & Co as independent auditors was confirmed. 3. The following matters were ratified/approved: a) Purchase of 60% equity holdings in Car Carriers Inc. b) Purchase of additional 15% equity holdings in Aries Arrastre Service Inc. c) Amendment of Sections 1 and 3, Article VII of the By-laws, changing the accounting period from fiscal year to calendar year, to read as follows: Section 1. Accounting Period . The accounting period of the Corporation shall (illegible Portion in Philippine Stock Exchange file) with the opening of business on the first day of January (illegible Portion in Philippine Stock Exchange file) calendar year and shall close on the 31 day of December the same calendar year. Section 3. Auditors . Auditors shall be designated by the Board of Directors prior to the close of the business in each accounting period , who shall audit and examine the books of account of the Corporation, and shall certify to the Board of Directors and the shareholders the annual balances of said books which shall be prepared at the close of said accounting period under the direction of the Treasurer. No director or officer of the Corporation, and no firm or corporation of which such offer or director is a member, shall be eligible to discharge the duties of Auditor. The compensation of the Auditor shall be fixed by the Board of Directors. d) Amendment of Section 2, Article III of the By-Laws, changing the date of annual meeting of stockholders from the 4th Thursday of April as follows: Section 2. Annual Meetings . The annual meeting of the stockholders for the election of directors and for the transaction of such other business as may come before the meeting shall be held on the 4th Thursday of April of each year (which is not a legal holiday). If the election of directors shall not be held on the date designated for the annual meeting or at any adjournment of such meeting, the Board of Directors shall cause the election to be held at a special meeting as soon thereafter as the same may conveniently be held. At such special meeting, the stockholder (illegible Portion in Philippine Stock Exchange file) elect the directors and transact other business as stated (illegible Portion in Philippine Stock Exchange file) notice of the meeting with the same (illegible Portion in Philippine Stock Exchange file) and effect at an annual meeting duly called and held. e) Delegation to the Board of Directors of the power to amend the By-Laws by the stockholders pursuant to Article IX thereof and to Section 48 of the Corporation Code. Thank you.