PSE Circular for Brokers No. 713-98

April 20, 1998 PSE CIRCULAR FOR BROKERS NO. 713-98 April 17, 1998 Securities & Exchange Commission Director Linda A. Daoang Money Market Department S.E.C. Building, EDSA Mandaluyong City Philippine Stock Exchange Compliance & Surveillance Dept. 4/F PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : Please be informed that at the Annual Stockholders meeting of Ayala Corporation held this morning, the stockholders considered and approved, among others, the following matters, to wit: 1. Ratification of the Board of Directors resolution adopted on 19 March 1998 declaring a 20% stock dividend to all stockholders of record as of 15 May 1998 and payable on 26 June 1998 subject to the rules of the Securities & Exchange Commission (SEC) and the Philippine Stock Exchange (PSE). cdlex 2. Election of the following directors: Jaime Zobel de Ayala Ariston Estrada, Jr. Jaime Augusto Zobel de Ayala II Mitsutake Okano Fernando Zobel de Ayala Hisashi Nomaguchi Javier J. Nepomuceno Responding to a question raised by the Press, the Company stated that the unaudited Ayala consolidated results for the first quarter of 1998 would be within the vicinity of P3 Billion. However, the press was cautioned not to annualize this number and that the same is still tentative. The above information is being made in compliance with the disclosure requirements of the SEC and the PSE. STOCK DIVIDEND STOCK -20% EX-STOCK -MAY 11, 1998 RECORD DATE -MAY 15, 1998 DATE PAYABLE -JUNE 26, 1998 Very truly yours, (SGD.) RENATO O. MARZAN Managing Director