Notice of Regular Annual Stockholders' Meeting

March 15, 1999 PSE CIRCULAR FOR BROKERS NO. 474-99 NOTICE OF REGULAR ANNUAL STOCKHOLDERS' MEETING NOTICE IS HEREBY GIVEN that the regular annual meeting of stockholders of AYALA LAND, INC. will be held at the Grand Ballroom, Hotel Intercontinental Manila, on Wednesday, 21 April 1999 at 9:00 a.m. with the following: AGENDA 1. Roll Call of Stockholders 2. Approval of Minutes of previous meeting 3. Annual Report of the President 4. Ratification of all acts and resolutions of the Board of Directors and of the Executive Committee 5. Election of Directors 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 08 March 1999 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 18 March 1999 to 21 April 1998, inclusive. For your convenience in registering your attendance, please bring the enclosed Stockholders' Identification Card and present the same at the registration desk at the entrance lobby of the Hotel lnterContinental Grand Ballroom Registration start at 7:00 a.m. cdll Makati City, Metro Manila, 05 March 1999. FOR THE BOARD OF DIRECTORS (SGD.) MERCEDITA S. NOLLEDO Executive Vice President & Corporate Secretary