Ayala Land, Inc.

February 22, 2000 PSE CIRCULAR FOR BROKERS NO. 437-00 SUBJECT : Ayala Land, Inc. This is with reference to the news article entitled "Ayala Land plans creation of own financing company" published in the February 21, 2000 issue of the Business World which reported that Ayala Land, Inc. ("ALI") subsidiary Laguna Properties Holdings, Inc. (LPHI) is planning to create a wholly owned company that will provide financing to buyers of its low - and middle - income housing projects. LPHI is the mass housing arm of ALI which is considered the country's largest real estate developer. In its letter, ALI clarified that: ". . . 1. No application has been filed with the Securities and Exchange Commission to date. 2. The various financing schemes offered to buyers by LPHI is part of the normal course of business of LPHI as a real estate company and the creation of a financing company to complement such in-house financing schemes does not deviate from its normal course of business. 3. The portion of the news article which states that LPHI is spending P500 to P600 million this year for the development of possible joint venture projects with landowners has no basis. " For your information. llcd (SGD.) MARIA ISABEL T. GARCIA OIC, Listings & Disclosure Group