PSE Circular for Brokers No. 1458-99

June 22, 1999 PSE CIRCULAR FOR BROKERS NO. 1458-99 June 21, 1999 Securities & Exchange Commission Director Linda A. Daoan Money Market Department S.E.C. Building, EDSA Mandaluyong City Philippine Stock Exchange Disclosure Department Listing and Disclosure Group 4/F PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : Please be informed that the Board of Directors of Ayala Corporation, at its meeting held today, 21 June 1999, approved the following: 1. The declaration of a regular cash dividend of P0.03 per share corresponding to the first semester ending 30 June 1999, to all outstanding shares of the Company's capital stock as of record date of 12 July 1999, payable on 24 August 1999. The Stock and Transfer Books will be closed for the transfer of shares from 06 July to 12 July 1999. 2. The resignation of Mr. Mitsutake Okano and election of Mr. Minoru Makihara as member of the Board of Directors effective this date. LexLib These information are being submitted in compliance with the rules of the Securities and Exchange Commission and the Philippine Stock Exchange. CASH DIVIDEND CASH P0.03 PER SHARE EX-CASH JULY 6, 1999 RECORD DATE JULY 12, 1999 DATE PAYABLE AUGUST 24, 1999 Very truly yours, (SGD.) RUFINO LUIS T. MANOTOK Managing Director