PSE Circular for Brokers No. 1660-98

July 20, 1998 PSE CIRCULAR FOR BROKERS NO. 1660-98 July 16, 1998 Philippine Stock Exchange, Inc. 12th Flour, Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Gentlemen : Ayala Land is pleased to announce its upcoming projects for Luzon and the Visayas. It is set to begin development of a new regional growth center south of Metro Manila. With a total land area of over 2,500 hectares, comprising three major-sized properties including that which the company has acquired from Capitol City Farms, Inc. in Silang, Cavite and those which the company is developing in joint venture with the Yulo Family and Greenfield Development Corporation (through the participation of its subsidiary, OLC Development Corporation in Vista de Bay Development Corporation) in Calamba, Laguna, the project will be the company's biggest and most ambitious yet. Dubbed as Ayala South , the project is envisioned to serve as an alternate growth center to Metro Manila. Ayala South will be master-planned to have a full complement of residential villages to serve a whole spectrum of income groups. These will be complemented by business districts and commercial centers, as well as schools, hospitals, social and civic amenities and a host of recreational facilities. Ayala South will span the municipalities of Sta. Rosa, Bian and Calamba in Laguna, and Silang in Cavite. To improve access to Ayala South , Ayala Land is proposing a rail transport system, and has submitted an unsolicited proposal to the Department of Transportation and Communication for the purpose, that will link the area and the rest of the Calabarzon region to Makati and Manila. Apart from business districts and commercial centers, these communities will also be served by new educational institutions rising within and near the vicinity of Ayala South. These institutions include the following: St. Scholastian's College, Xavier School, Brent School, Don Bosco College, Ateneo de Manila, De La Salle University and the University of Asia and the Pacific. First to rise within the Ayala South is Westgrove Heights , an upscale residential subdivision in the tradition of Ayala Alabang Village. A few minutes away from the South Expressway through the Sta. Rosa exit, Westgrove Heights is located in Silang, Cavite. It will be a complete community with a school, church, post office, banks and a commercial area featuring restaurants, a supermarket and a variety of retail outlets for convenience shopping. A first-class clubhouse will be built at the heart of this approximately 300-hectare community with the following amenities: tennis courts, indoor and outdoor basketball courts, indoor squash courts, children's playgrounds, a swimming pool, wading pool, putting green and a full-sized soccer field. Westgrove Heights is scheduled to be launched to the public in August. In Cebu, Ayala Land will also launch another high-end residential subdivision on a property located some 20 km. north of and 600 meters above the urban core of Cebu City and situated between Mt. Kang-Irag and Mt. Pung-ol. To be known as Ayala Heights Cebu , it is envisioned to be a fully integrated residential community with a commercial and private school component. Some of its amenities include pocket parks and a neighborhood center containing, among others, a swimming pool and tennis courts. It will also be equipped with a sewage treatment plant, underground power and telephone systems and an off-site water system. Construction of Phase I has been commenced and is currently on-going. For your information and guidance. Thank you very much. Very truly yours, (SGD.) MERCEDITA S. NOLLEDO Senior Vice President, Treasurer and Corporate Security