Ayala Land, Inc.

August 24, 1999 PSE CIRCULAR FOR BROKERS NO. 2092-99 August 23, 1999 SUBJECT : Ayala Land, Inc . In reply to the Exchange's query regarding a news article published in the August 23, 1999 issue of the Philippine Daily Inquirer which reported that Ayala Land, Inc. ("ALI") and Fort Bonifacio Development Corporation (FBDC) are getting closer to clinching a joint venture deal in the Global City project, ALI, in a letter to the Exchange, explained that: ". . . discussions have continued between ALI and Metro Pacific on a possible participation by ALI on a portion of Fort Bonifacio project. While there has been some progress on resolving certain issues which have allowed discussions to continue beyond the preliminary stage, there are still serious obstacles to reaching an agreement on a number of significant issues. Therefore, it would be premature to assume, as the headline of the article does, that the transaction described therein is 'near'. While the body of the article is reasonably accurate, we believe the headline gives the wrong impression." For your information. (SGD.) ATTY. RUBEN L. AMADRO Officer-in-Charge