PROPOSED ACQUISITION BY INTERNATIONAL CONTAINER TERMINAL SERVICES, INC.

OF SHARES IN MANILA NORTH HARBOUR PORT, INC.

M-2018-034

Statement on the Opening of a Phase II Review

12 December 2018

On 15 November 2018 , the Mergers and Acquisitions Office (“MAO”) decided to move to a Phase II Review of the PROPOSED ACQUISITION BY INTERNATIONAL CONTAINER TERMINAL SERVICES, INC. OF SHARES IN MANILA NORTH HARBOUR PORT, INC. (the “Transaction”), pursuant to Section 17 of Republic Act No. 10667 (“R.A. No. 10667”).

The initial market investigation conducted by MAO indicates that the Transaction may affect the port industry, particularly the markets for the provision of port operation and transshipment services in the Port of Manila. In accordance with R.A. No. 10667 and its Implementing Rules, MAO has a period of sixty (60) days from 15 November 2018 within which to conduct the Phase II Review of the Transaction.

The commencement of Phase II Review of the Transaction does not mean that MAO has made a definitive finding of substantial lessening of competition or has prejudged the review. This only signifies that a more detailed analysis of the Transaction is required using additional information from International Container Terminal Services, Inc. (“ICTSI”), Manila North Harbour Port, Inc. (“MNHPI”, collectively with ICTSI, the “Notifying Parties”), and third parties.

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