International Container Terminal Services, Inc.

March 24, 1999 PSE CIRCULAR FOR BROKERS NO. 583-99 SUBJECT : International Container Terminal Services, Inc . Further to Circular for Brokers No. 317-99 dated February 22, 1999, International Container Terminal Services, Inc. ("ICT") furnished the Exchange a copy of its SEC Form 34-A (Definitive Proxy Statement), including Consolidated Financial Statements as of December 31, 1998, in connection with its Annual Stockholders' Meeting which will be held on April 15, 1999 , at 10:00 A.M. at the Diamond Ballroom, Manila Diamond Hotel, Roxas Boulevard, Manila. The agenda of the meeting shall be as follows: 1. Call to order. 2. Determination of existence of quorum. 3. Approval of the Minutes of the Annual Meeting of Stockholders held on 16 April 1998. 4. Chairman's and President's Report. 5. Approval of the Report of the Chairman and President. 6. Approval/ratification of the acts, contracts, investments and resolutions of the Board of Directors and Management since the last Annual Meeting. 7. Appointment of external auditors. 8. Election of Directors. 9. Other matters. 10. Adjournment. As previously announced, stockholders of record as of March 6, 1999 are entitled to notice of, and to vote at, said meeting. A copy of ICT's Definitive Proxy Statement, together with its 1998 Consolidated Financial Statements, is available for reference at the PSE Library and PSE-Plaza Administration Office. For your information. (SGD.) JOSE LUIS U. YULO, JR. President and CEO