In a disclosure to the Securities and Exchange Commission, the Philippine Stock Exchange and the Philippine Dealing and Exchange Corporation made by general counsel and compliance officer Solomon Hermosura, Ayala announced that its Board of Directors has accepted the resignation of Ms. Mercedita S. Nolledo as director and elected Mr. Antonio Jose U. Periquet as independent director for the remainder of the term of Ms. Nolledo. The Board also elected Mr. Periquet and Mr. John Eric T. Francia, our Group Head of Corporate Strategy, as members of the Finance Committee.

Ms. Nolledo served as director of our Company for a total of nine (9) years, from 1999 to 2002, and from 2004 until today. She will remain as Corporate Secretary, Senior Counsel and Chair of the Proxy Validation Committee. The Board thanked Ms. Nolledo for her exemplary and dedicated leadership and service as director, and also for her passion and commitment to good and effective corporate governance.

Mr. Periquet, 49, is an accomplished fund manager. The Fund Managers Association of the Philippines recognized him as the Best Strategist for seven consecutive years, from 2003 to 2010, and Best Analyst in 2009 and 2010. He was also adjudged the Best Analyst in 2004 by Asiamoney. He was the Chairman of Deutsche Regis Partners from 1999 to August 2010. He is also presently the Chairman of Pacific Main Holdings Inc., an independent director of BPI Capital Corporation, DMCI Holdings Inc. and Philippine Seven Corporation, and a director of Capstone Technologies Inc., The Straits Wine Company Inc. and Development Bank of the Philippines. He obtained his AB Economics degree from Ateneo de Manila University in 1982, MSc Development Economics degree from Oxford University in 1988 and MBA degree from the University of Virginia in 1990.