Ayala Corporation Additional Listing

July 30, 1999 PSE CIRCULAR FOR BROKERS NO. 1907-99 SUBJECT : Ayala Corporation Additional Listing The Exchange approved subject to the actual exercise of the Conversion Right by the preferred shareholders, the application of AYALA CORPORATION (the "Company") to list 33,333,333 common class "B" shares, with a par value of P1.00 per share, to cover the underlying shares of 5.0% convertible preferred shares, due 2001. Moreover, the declassification/unification of the Company's class "A" and class "B" common shares into one class of common shares was reflected in the computer system of the Exchange on November 10, 1997. In connection therewith, please be advised that the Company has received notice from preferred shareholders for the conversion of 9,708,000 preferred shares to 449,440 common shares. In view thereof, the listing of the 449,440 common shares is set for Monday , August 2, 1999 . This brings the number of common shares listed arising from the conversion of 29,301,206 preferred shares to a total of 1,175,099 common shares. For your information and guidance. (SGD.) JOSE LUIS U. YULO, JR. President & CEO