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In the Matter of Ayala Land, Inc.

SEC-CFD Order No. 003-06 • Securities and Exchange Commission Departments • Corporate Governance and Finance Department (CGFD) • Jan 19, 2006

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January 19, 2006 SEC-CFD ORDER NO. 003-06 IN THE MATTER OF AYALA LAND, INC. , registrant. REGISTRATION OF SECURITIES ORDER Upon consideration of the Registration Statement and other papers and documents attached thereto which were filed for and on behalf of AYALA LAND, INC. the Commission resolved in its meeting of January 5, 2006, to render effective the same for the registration of its Two Hundred Fifty Two Million Pesos (P252,000,000.00) worth of Homestarter Bonds, in accordance with Section 12 of the Securities Regulation Code and SRC Rule 12. Let a Certificate of Permit to Offer Securities for Sale be issued in favor of the subject company authorizing the sale and distribution of the aforementioned securities. Let this Order be published at the expense of the corporation once in a newspaper of general circulation in the Philippines within ten (10) days from date hereof. The corporation is hereby directed to furnish the Commission with a copy of the affidavit of publication of this Order. SO ORDERED. EDSA, Mandaluyong City, Philippines, January 19, 2006. HSIDTE (SGD.) JUSTINA F. CALLANGAN Director ATTACHMENT CERTIFICATE OF PERMIT TO OFFER SECURITIES FOR SALE

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