PSE Circular for Brokers No. 309-99

February 22, 1999 PSE CIRCULAR FOR BROKERS NO. 309-99 February 19, 1999 Securities & Exchange Commission Director Linda A. Daoang Money Market Department S.E.C. Building, EDSA Mandaluyong City Philippine Stock Exchange Disclosure Department Listings and Disclosure Group 4/F PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : Please be informed that the Executive Committee of Ayala Land, Inc. ("Corporation"), in its meeting held today, set and approved the holding of the annual stockholders' meeting on 21 April 1999 at 9:00 a.m.; the setting of March 8, 1999 as the record date of stockholders entitled to vote thereat, and the closing of the Stock and Transfer Book of the Corporation from March 9, 1999 to April 21, 1999, inclusive. LexLib The above information is being submitted in compliance with the disclosure requirements of the SEC and the PSE. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary