PSE Circular for Brokers No. 747-99

April 14, 1999 PSE CIRCULAR FOR BROKERS NO. 747-99 PRESS RELEASE April 13, 1999 ICTSI, RPSI ink accord with SBMA International Container Terminal Services, Inc. (ICTSI) and Royal Ports Services, Inc. (RPSI) have signed a Joint Venture Agreement with the Subic Bay Metropolitan Authority (SBMA) to form a joint venture company (JVC), which will obtain a contract with the SBMA to provide on-dock and off-dock marine port cargo handling services in the Subic Freeport Zone. Signing the agreement were Enrique K. Razon Jr., ICTSI Chairman and president; Francisco Delgado III, RPSI chairman; and Felicito Payumo, SBMA chairman. Witnessing the event was President Joseph Estrada. This is the first time that ICTSI and RPSI have banded together for a project. The JVC will also operate the Naval Supply Depot (NSD) area in Subic. However, the operation and development of the NSD is subject to the outcome of pending cases relating to the concession for the Subic Bay International Container Terminal. The JVC's rights over the NSD area, based on this agreement, will be subordinate to the results of the cases. ICTSI and RPSI will form a single purpose holding company that will hold their shareholdings in the JVC. ICTSI and RPSI will have shareholding of 90 percent in the JVC, and SBMA will hold 10 per cent.