Ayala Land, Inc.

March 19, 1998 PSE CIRCULAR FOR BROKERS NO. 420-98 SUBJECT : Ayala Land, Inc . Further to Circular No. 260-98 dated March 2, 1996, Ayala Land, Inc. ("ALI") furnished the Exchange on March 18, 1998 a copy of the Notice and Agenda of its Regular Annual Stockholders' Meeting which will be held at the Grand Ballroom, Hotel Intercontinental Manila, on Wednesday, 15 April 1998 , at 9 : 00 a . m . The agenda is as follows: 1. Roll call of stockholders 2. Approval of Minutes of Previous Meeting 3. Annual Report of the President 4. New business 4.1 Ratification of all Acts and Resolutions of the Board of Directors and of the Executive Committee 4.2 Ratification of the Board Resolution adopted on 27 February 1998 approving the declaration of a 20% stock dividend 5. Election of Directors cdlex 6. Election of Auditors and Fixing of their Remuneration 7. Consideration of such other business as may properly come before the meeting 8. Adjournment Only stockholders of record at the close of business on 16 March 1998 are entitled to notice of, and to vote at, this meeting. For this purpose, the Stock and Transfer Books of the Corporation will be closed from 17 March 1998 to 15 April 1998 , inclusive. Registration shall start at 7:00 a.m. For your information. (SGD.) MA. ISABEL T. GARCIA. Head, Listing and Disclosures Group