PSE Circular for Brokers No. 871-98

October 29, 1997 PSE CIRCULAR FOR BROKERS NO. 871-98 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 August 1997, as follows: No. of shares Name (Class "B" shares) Subscription Price GARCIA, MA. TERESA P. 13,900 Average PSE Trading rate of P18.912 for the month of August 1997 BLAS, JOSEPH DAVID A. 24,400 Average PSE Trading rate of P18.912 for the month of August 1997 OROZCO, EDITH A. 18,800 Average PSE Trading rate of P18.912 for the month of August 1997 Thank you kindly. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary April 03, 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 MONTENEGRO, ROSALEO 25,000 Average PSE Trading rate of P13.53 for the month of November 1997 GO, ERWIN FRANCIS 15,000 Average PSE Trading rate of P13.53 for the month of November 1997 GO, EDA H. 15,000 Average PSE Trading rate of P13.53 for the month of November 1997 CAEL, ASUNCIO S. 15,000 Average PSE Trading rate of P13.53 for the month of November 1997 CUNANAN, REYNALDO 15,000 Average PSE Trading rate of P13.53 for the month of November 1997 Thank you kindly. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary April 06, 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: No. of shares Name (Class "B" shares) Subscription Price DELOS REYES, RICARDO R. 10,000 Average PSE Trading rate of P14.72 for the month of December 1997 BARRIOS, EDGARDO T. 15,000 Average PSE Trading rate of P14.72 for the month of December 1997 DULAY, ANTONIO S. 15,000 Average PSE Trading rate of P16.47 less 15%=P14.00 (Per Stock Option Plan approved by the SEC) Thank you kindly. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary April 07, 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: No. of shares Name (Class "B" shares) Subscription Price SILVA, IGNACIO V. III 10,000 Average PSE Trading rate of P15.55 for the month of January 1998 VILLANUEVA, DANNY O. 15,000 Average PSE Trading rate of P15.55 for the month of January 1998 MAHADALI, BOBBY J. 15,000 Average PSE Trading rate of P15.55 for the month of January 1998 Thank you kindly. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary April 15, 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 as follows: No. of shares Name (Class "B" shares) Price CRUZ, MELITO A. 25,000 Average Trading Rate of P18.15 for the month of February 1998 ESGUERRA, MA. CRISTINA D. 25,000 Average Trading Rate of P18.15 for the month of February 1998 PARRENO, VICENTE P. 13,300 Average Trading Rate of P18.15 for the month of February 1998 Thank you kindly. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary April 15, 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 as follows: No. of shares Name (Class "B" shares) Price LACSON, MONINA A. 25,000 Average Trading Rate of P15.55 for the month of January 1998 ROSIMO, MABINI M. 18,900 Average Trading Rate of P15.55 for the month of January 1998 CORPUZ, ARTURO G. 75,000 Average Trading Rate of P15.55 for the month of January 1998 MONERA, FRANCIS O. 30,000 Average Trading Rate of P15.55 for the month of January 1998 Thank you kindly. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary April 16, 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: cdt No. of shares Name (Class "B" shares) Subscription Price CORTEZ, ISMAEL C. 15,000 Average PSE Trading rate of P18.15 for the month of February 1998 MIGUEL, JOVENCIO A. 15,000 Average PSE Trading rate of P18.15 for the month of February 1998 NILLOS, IRENEO T. 10,000 Average PSE Trading rate of P18.15 for the month of February 1998 Thank you kindly. Very truly yours, (SGD.) RENATO O. MARZAN Assistant Corporate Secretary