Ayala Corporation Cash and Stock Dividend

March 20, 1998 PSE CIRCULAR FOR BROKERS NO. 434-98 SUBJECT : Ayala Corporation Cash and Stock Dividend Further to the letter of Ayala Corporation ("AC") dated March 19, 1998, the Board of Directors, in its regular meeting held on even date, approved the following: 1. Declaration of a cash dividend of P0 . 03 per share corresponding to the first semester of 1998, to all stockholders of record as of April 7, 1998 . The P0.03 cash dividend which effectively translates to P247.9 million will be payable on or before May 22, 1998 . 2. Declaration of a 20% stock dividend to all stockholders of record as of May 15, 1998 , payable on or before June 26, 1998 . This will be submitted for the ratification of the stockholders in the annual meeting on April 17, 1998. LLphil For your information. (SGD.) MA. ISABEL T. GARCIA Head, Listing and Disclosures Group CASH DIVIDEND CASH P0.03 per share EX-CASH April 1, 1998 RECORD DATE April 7, 1998 DATE PAYABLE on or before May 22, 1998 STOCK DIVIDEND (subject to stockholders' ratification) STOCK 20% EX-STOCK May 11, 1998 RECORD DATE May 15, 1998 DATE PAYABLE on or before June 26, 1998