Asian Terminals, Inc.

December 2, 1999 PSE CIRCULAR FOR BROKERS NO. 3075-99 SUBJECT : Asian Terminals, Inc . With reference to Circular No. 2885-99 dated November 12, 1999 relative to Asian Terminals, Inc.'s ("ATI") Joint Venture Agreement with International Container Terminal Services, Inc. ("ICT") and North Harbor Management and Development Corporation ("NHMDC) for the establishment of a corporation which will offer a proposal to the Philippine Ports Authority (PPA) for the rehabilitation, development, management and operation of the North Harbor, ATI submitted to the Exchange the attached amended SEC Form 11-C with additional information, as stated in Item No. 9 Other Events, on the aforesaid transaction. llcd For your information. (SGD.) MARIA ISABEL T. GARCIA OIC, Listings and Disclosure Group ASIAN TERMINALS, INCORPORATED Securities and Exchange Commission Form 11-C Current Report Under Section 11 of the Revised Securities Act (RSA) and RSA Rule 11-(a)-1(b)(3) thereunder 1. Date of Report : November 29, 1999 2. SEC Identification Number : 133653 3. BIR Tax Identification No. : 033-000-132-413-V 4. Exact name of registrant as specified in its charter : ASIAN TERMINALS, INC. 5. Province Country or other jurisdiction of incorporation : Manila, Philippines 6. Industry Classification Code : (SEC Use Only) 7. Address of principal office/postal code : Muelle de San Francisco, South Harbor, Port Area, Manila 8. Registrant's telephone number/area code : 527-80-51 to 60 9. Former name or former address if changed since last report : N/A 10. Securities registered pursuant to Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding Capital stock common 2,000,000,000 Long Term Commercial Papers P1,500,000,000 11. Indicate the item numbers reported herein: Item 9 Other Events JOINT VENTURE AGREEMENT COVERING THE NORTH HARBOR The International Container Terminal Services, Inc. (ICTSI). Asian Terminals, Inc. (ATI) and North Harbor Management and Development Corporation (NHMDC), which is affiliated with domestic shipping lines using the North Harbor facilities, have formalized and signed a Joint Venture (JV) Agreement. They agreed to establish a joint venture corporation which will offer a proposal to the Philippine Ports Authority (PPA) for the rehabilitation, development, management and operation of the North Harbor under the Build-Operate-and-Transfer (BOT) law. llcd The execution of the JV Agreement among ICTSI, ATI and NHMDC (hereinafter referred to as the "Group") will have no immediate impact on the operations of ATI, its financial condition or result of operations. The execution of the JV Agreement is only the first step in the long and competitive process of acquiring the right to modernize, develop and operate the North Harbor (hereinafter referred to as the "Project"). llcd Before the Project may be awarded to the Group, the PPA must first accept the terms of an unsolicited bid proposal from the Group, which proposal should not be bettered or defeated by another entity the Group shall be given the opportunity to improve the terms of its proposal in order to be awarded the Project. ASIAN TERMINALS, INCORPORATED Securities and Exchange Commission Form 11-C Current Report Under Section 11 of the Revised Securities Act (RSA) and RSA Rule 11-(a)-1(b)(3) thereunder Pursuant to the requirements of the Revised Securities Act, the registrant has duly caused this report to be signed on its behalf by the undersign thereunto duly authorized. Registrant : ASIAN TERMINALS, INC. Signature and Title : ATTY. RODOLFO G. CORVITE, JR. Corporate Secretary Date : November 29, 1999