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Ayala Land, Inc. Additional Listing

PSE Circular for Brokers No. 549-99 • Philippine Stock Exchange • Circulars for Brokers • Mar 22, 1999

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March 22, 1999 PSE CIRCULAR FOR BROKERS NO. 549-99 SUBJECT : Ayala Land, Inc. Additional Listing Further to Circular No. 1930-98 dated August 19, 1998, please be informed that the Exchange approved on March 18, 1999 the request of AYALA LAND, INC . for the actual listing of the 39,690,137 common shares , representing the 1998 20% stock dividend of the Executive Stock Option Plan (ESOP) and Employee Stock Ownership Plan (ESOWN) shares subscribed since 1991. In view thereof, the listing of the 39,690,137 common shares is set for Monday, March 29, 1999 . For your information and guidance. llcd (SGD.) JOSE LUIS U. YULO, JR. President and CEO

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