PSE Circular for Brokers No. 972-99

May 4, 1999 PSE CIRCULAR FOR BROKERS NO. 972-99 May 3,1999 Securities & Exchange Commission Director Linda A. Daoang Money Market Department S.E.C. Building, EDSA Mandaluyong City Philippine Stock Exchange Disclosure Department Listings and Disclosure Group 4/F PSE Center, Exchange Road Ortigas Center, Pasig City Gentlemen : Please be informed that the Board of Directors of Ayala Corporation in its special meeting held today approved the offering of up to 200 million Common X shares and the filing of the required registration with the Securities and Exchange Commission (SEC) and application with the Philippine Stock Exchange (PSE). The final pricing, terms and conditions of the offering will be determined by the Board at a later date prior to actual offering. The SEC registration and PSE filing are necessary steps in a long process that the Company is putting into place to enable it to sell the shares when investment opportunities are identified and markets favorable. prLL This information is being submitted in compliance with the disclosure rules of the SEC and the PSE. Very truly yours, (SGD.) RENATO O. MARZAN Managing Director