PSE Circular for Brokers No. 1834-99

July 26, 1999 PSE CIRCULAR FOR BROKERS NO. 1834-99 July 23, 1999 SECURITIES AND EXCHANGE COMMISSION SEC Building, E. Delos Santos Avenue Mandaluyong City Attention: Director Linda A . Daoang Money Market Operations PHILIPPINE STOCK EXCHANGE, INC. Philippine Stock Exchange Centre Exchange Road, Ortigas Center Pasig City Attention: Ms . Janet J . Alcala / Ms . Grace B . De Guia Disclosure Department Gentlemen : Please be advised that Ayala Land, Inc. (ALI) plans to assign and fully divest its interest in Ayala International Properties Ptc. Ltd. (AIPPL), a Singapore-based real estate holding company, in favor of its co-owner, Ayala International Pte. Ltd. (Ayala International), a 100%-owned subsidiary of Ayala Corporation. prcd The divestment will be carried out in tranches and will involve a combination of a direct sale of ALI's 250,000 common shares in AIPPL to Ayala International and the initial retirement of 6,072 (about 30%) of ALI's 10,000 redeemable preferred shares in AIPPL. AIPPL intends to retire the remaining 20% preferred shares of ALI at a future date subject to a review of the current value of the shares. This move aims to consolidate ALI's foreign investments into Ayala Corporation through Ayala International. In addition, it will enable ALI to focus its efforts on the domestic market. For your information. Very truly yours, (SGD.) JAIME E. YSMAEL Vice President and Comptroller