The PPA Board of Directors, in its meeting held on 09 February 1995, approved increases in cargo handling rates/charges at the Manila International Container Terminal, as follows:

1. Vessel Charges - Containerized

                                                                               Effectivity

1.a Non-Self Sustaining Vessel                9.97%      16 March 1995
1.b Self Sustaining Vessel                       9.13%      16 March 1995

2. Cargo Charges - Containerized           10.00%    16 March 1995
                    - Non-Containerized           20.00%    16 March 1995
                                                           10.00%     16 March 1995

3. Foreign Transhipment          No Increase

This circular shall be published in a newspaper of general circulation for two (2) consecutive weeks pursuant to PPA Board Resolution No. 1454.

Adopted: 10 Feb. 1995