PSE Circular for Brokers No. 753-98

May 22, 1998 PSE CIRCULAR FOR BROKERS NO. 753-98 January 6, 1998 Philippine Stock Exchange 4/F PSE Center Exchange Road Ortigas Center, Pasig City Attention: Ms . Maria Isabel T. Garcia Head Listing Department Gentlemen : In accordance with the rules on listing of the Philippine Stock Exchange relative to the grant of stock option, please be informed that under the Employees Stock Ownership Plan (ESOWN) of Ayala Land, Inc. (ALI), the following qualified employees have availed of the ESOWN effective January 1998, as follows: No. of shares Name (Class "B" shares) Price HERNANDEZ, JAVIER D. 21,000 Average Trading Rate of P14.72 for the month of December 1997 ALFONSO, MARY JOY A. 15,700 -do- ANGELES, ROWENA C. 24,100 -do- Thank you kindly. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary January 6, 1998 Philippine Stock Exchange 4/F PSE Center Exchange Road Ortigas Center, Pasig City Attention: Ms . Maria Isabel T. Garcia Head, Listing Department Gentlemen : In accordance with the rules on listing of the Philippine Stock Exchange relative to the grant of stock option, please be informed that under the Employees Stock Ownership Plan (ESOWN) of Ayala Land, Inc. (ALI), the following qualified employees have re-availed of the ESOWN as follows: cdll No. of shares Name (Class "B" shares) Subscription Price LOMIBAO, ISMAEL C. JR. 30.00 Average PSE Trading rate of 13.53 for the month of November 1997 GONONG, JESUS FELIX V. 15.00 -do- ROSAL, MA. CARMEN M. 30,000 -do- ALCOS, NAPOLEON A. 15,000 -do- MARIANO, ESTRELLA E. 30.00 -do- Thank you kindly. Very truly yours, (SGD) RENATO O. MARZAN Assistant Corporate Secretary January 5, 1998 Philippine Stock Exchange 4/F PSE Center Exchange Road Ortigas Center, Pasig City Attention: Ms . Maria Isabel T. Garcia Head, Listing Department Gentlemen : In accordance with the rules on listing of the Philippine Stock Exchange relative to the grant of stock option, please be informed that under the Employees Stock Ownership Plan (ESOWN) of Ayala Land, Inc. (ALI), the qualified employee below have availed of the ESOWN effective November 1997, as follows: cdt No. of shares Name (Class "B" shares) Price CASIPIT, MA. CRISTINA A. 25.00 Average Trading Rate of 15.41 for the month of October 19 Thank you kindly. Very truly yours, (SGD) RENATO O. MARZAN Assistant Corporate Secretary 05 December 1997 Philippine Stock Exchange 4/F PSE Center Exchange Road Ortigas Center, Pasig City Attention: Ms . Maria Isabel T. Garcia Head, Listing Department Gentlemen : In accordance with the rules on listing of the Philippine Stock Exchange relative to the grant of stock option, please be informed that under the Employees Stock Ownership Plan (ESOWN) of Ayala Land, Inc. (ALI), the following qualified employees have availed of the ESOWN effective October 1997, as follows: No. of shares Name (Class "B" shares) Price GATDULA, GREGORIO R. 25.00 Average Trading Rate of 15.41 for the month of October 1997 CALUBAD, LEONARDO E. 22.500 -do- MAGSARILI, SYLVIA F. 17,700 -do- Thank you kindly. Very truly yours, (SGD) RENATO O. MARZAN Assistant Corporate Secretary