PSE Circular for Brokers No. 2880-99

November 12, 1999 PSE CIRCULAR FOR BROKERS NO. 2880-99 Securities and Exchange Commission 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: 11 November 1999 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.: 2454101 9. Securities registered pursuant to Sections 4 and 8 of the RSA Titles of Class Number of shares Outstanding Common shares 2,324,734,919 (Reported by the stock transfer agent as of 30 June 1999) 10. Item number reported herein: Item 9 Other Events ICTSI International Container Terminal Services, Inc. Asian Terminals, Inc. and North Harbor Management and Development Corp., which is affiliated with domestic shipping lines using the North Harbor facilities, have formalized and signed a Joint Venture Agreement. They agreed to establish a joint venture corporation, which will offer a proposal to the Philippine Ports Authority for the rehabilitation, development, management and operation of the North Harbor under the Build-Operate-and-Transfer law. 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. cdll INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. By: (SGD.) ROBERTO B. JAYME Senior Vice President and Chief Finance Officer