PSE Circular for Brokers No. 391-00

February 17, 2000 PSE CIRCULAR FOR BROKERS NO. 391-00 MS. GRACE B. DE GUIA Assistant Manager Disclosure Department PHILIPPINE STOCK EXCHANGE Tektite Tower, Exchange Road Ortigas Center Mandaluyong City Dear Ms. De Guia, We write to clarify the news article captioned "Due to Rosario Project ICTSI expects to incur P600M loss," which appeared in the 17 February issue of Malaya. llcd The P600 million loss is a rough, unaudited, unofficial estimate of the effect of writing off the Rosario Port Project on International Container Terminal Services, Inc. at the parent level. We have stressed this as such to stock analysts during a briefing last Tuesday. We disclosed yesterday that an ICTSI subsidiary, ICTSI International Holdings Corp., is making a provision of USD40 million to write off the Port of Rosario Project. We attach a copy of this disclosure. LibLex We will make an official, full, fair and accurate disclosure of ICTSI's 1999 financial performance upon submission of the audited financial statements from our independent auditor. Yours truly (SGD.) ROBERTO B. JAYME Senior Vice President and Chief Finance Officer Securities and Exchange Commission Current Report Pursuant to Section 11 of the Revised Securities Act (RSA) and RSA Rule 11(a)-1(b)(3) Thereunder SEC FORM 11-C 1. Date of Report: 15 February 2000 2. SEC Identification Number: 147212 3. BIR Tax Identification No.: 000-323-223 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 Telephone No.: 245 4101 9. Securities registered pursuant to Sections 4 and 5 of the RSA Title of Class Number of Shares Outstanding Common shares 2,332,027,076 (Reported by the stock transfer agent as of 31 December 1999) 10. Item number reported herein: Item 9-Other Events ICTSI International Holdings Corp., a subsidiary of International Container Terminal Services, Inc., is making a provision of USD40 million for possible write off due to the Port of Rosario Project. 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.) ROBERTO B. JAYME Senior Vice President and Chief Finance Officer