PSE Circular for Brokers No. 621-00

March 10, 2000 PSE CIRCULAR FOR BROKERS NO. 621-00 Securities and Exchange Commission Attention : Director Linda A . Daoang S.E.C. Building, EDSA Mandaluyong City Philippine Stock Exchange Attention : Compliance & Surveillance Dept . 4/F Tektite Tower, Ortigas Center Pasig City Gentlemen : In compliance with the disclosure rules of the Securities & Exchange Commission and the Philippine Stock Exchange, we are furnishing you herewith a copy of the Notice and Agenda of the Ayala Corporation Regular Annual Stockholders' Meeting to be held on Wednesday, 26 April 2000. LexLib Thank you. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary 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, 26 April 2000 at 9:00 a.m. with the following A G E N D A 1. Proof of Notice and Determination of Quorum 2. Approval of Minutes of Previous Meeting 3. Annual Report of the President 4. New Business 4.1 Ratification of all Acts and Resolutions of the Board of Directors and of the Executive Committee 4.2 Ratification of the Board Resolution adopted on 24 February 2000 approving the declaration of a 20% Stock Dividend 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 13 March 2000 are entitled to notice of and to vote at, this meeting. As per By-Laws. the Stock and Transfer Books of the Corporation will be closed from 6 April 2000 to 6 April 2000, 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 InterContinental Grand Ballroom. Registration shall start at 7:00 a.m. In order that your stock may be represented at the meeting in case you could not be personally present thereat, you may accomplish the enclosed proxy form and submit the same to the Office of the Corporate Secretary on or before 17 April 2000. You may use the enclosed reply envelope for this purpose. Validation of proxies shall be held on 19 April 2000 at 9:00 a.m. at the Office of the Corporate Secretary. Thank you. Makati City, 9 March 2000 FOR THE BOARD OF DIRECTORS (SGD.) MERCEDITA S. NOLLEDO Executive Vice President & Corporate Secretary