Ayala Land, Inc.

January 7, 1999 PSE CIRCULAR FOR BROKERS NO. 022-99 SUBJECT : Ayala Land, Inc . Ayala Land, Inc. ("ALI") clarified to the Exchange a news article published in the January 4, 1999 issue of the Philippine Daily Inquirer which reported of the meeting that took place between ALI chair Jaime Zobel de Ayala and Metro Pacific Corporation ("MPC") chair Manuel Pangilinan, which opened up the possibility of a tie-up between ALI and MPC specifically in the latter's Fort Bonifacio Global City project. ALI, in its letter to the Exchange dated January 6, 1999, explained that: ". . . while indeed there was a meeting of Mr. Jaime Augusto Zobel de Ayala II with Mr. Manuel Pangilinan of Metro Pacific, the same was a courtesy meeting and no specific business agenda was taken up. . . ." For your information. cdll (SGD.) RAFAEL L. LLAVE Chief Operating Officer