PSE Circular for Brokers No. 473-00

February 28, 2000 PSE CIRCULAR FOR BROKERS NO. 473-00 February 24, 2000 Securities & Exchange Commission Attn: Director Linda A. Daoang Money Market Department SEC Building, EDSA Mandaluyong City Philippine Stock Exchange Attn: Disclosure Department Listings and Disclosure Group 4/F PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen: Please be advised that the Board of Directors of Ayala Land, Inc. approved this afternoon the following: a. the declaration of a 20% stock dividend to all stockholders of record as of 16 May 2000, payable on or before 25 June 2000. For this purpose, the books of the Corporation will be closed for the transfer of shares from 10 May 2000 to 16 May 2000, inclusive. b. the holding of the regular annual stockholders' meeting on 26 April 2000, during which the declaration of the said stock dividend, among others, will be submitted for the ratification of the stockholders. Stockholders of record as of 13 March 2000 shall be entitled to notice of and to vote at said meeting and the closing of the Stock and Transfer books shall be from 06 April to 26 April 2000. The above information is being submitted in compliance with the rules of the SEC and the PSE. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary STOCK DIVIDEND: STOCK 20% EX-STOCK MAY 10, 2000 RECORD DATE MAY 16, 2000 DATE PAYABLE ON OR BEFORE JUNE 25, 2000