PSE Circular for Brokers No. 1615-99

July 5, 1999 PSE CIRCULAR FOR BROKERS NO. 1615-99 July 2, 1999 Securities & Exchange Commission Director Linda A. Daoang 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 Land, Inc., at its meeting held today, 02 July 1999, approved the declaration of a regular cash dividend or 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 19 July 1999, payable on 20 August 1999. The Stock and Transfer Books of the Corporation will be closed for the transfer of shares from 19 July to 23 July 1999. dctai The above 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 EX-CASH July 13, 1999 RECORD DATE July 19, 1999 DATE PAYABLE August 20, 1999 Very truly yours, (SGD.) JAIME E. YSMAEL Vice President & Comptroller