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Ayala Corporation Additional Listing

PSE Circular for Brokers No. 1449-99 • Philippine Stock Exchange • Circulars for Brokers • Jun 21, 1999

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June 21, 1999 PSE CIRCULAR FOR BROKERS NO. 1449-99 SUBJECT : Ayala Corporation Additional Listing The Exchange approved on June 3, 1999 the listing application of AYALA CORPORATION to list additional 1,984,549,647 common shares , with a par value of P1 . 00 per share , to cover the 20% stock dividend declaration to stockholders of record as of May 14, 1999 . However, actual listing of the 17,178,807 common shares, representing the 20% stock dividend of the 1995, 1996 and 1997 Executive Stock Option Plan (ESOP) and Employee Stock Ownership Plan (ESOWN) shares, shall take effect upon full payment and listing of the ESOP and ESOWN. In view thereof, the listing of the 1,967,370,840 common shares is set for Wednesday, June 23, 1999 . For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & CEO

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