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In re Ayala Land, Inc.

SEC-CFD Order No. 079-08 • Securities and Exchange Commission Departments • Corporate Governance and Finance Department (CGFD) • Aug 4, 2008

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August 4, 2008 SEC-CFD ORDER NO. 079-08 IN THE MATTER OF AYALA LAND, INC., registrant . REGISTRATION OF SECURITIES O R D E R 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 July 31, 2008 to render effective the same for the registration of its Four Billion (P4,000,000,000.00) Worth of Fixed Rate Bonds , in accordance with Section 12 of the Securities Regulation Code and SRC Rule 12. EAcCHI 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, August 4, 2008. (SGD.) JUSTINA F. CALLANGAN Director ATTACHMENT Certificate of Permit to Offer Securities for Sale

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