AYALA LAND RECEIVES NOTICE OF AWARD FOR 8.5 HECTARE FORT BONIFACIO LOT

The Bases Conversion Development Authority (BCDA) has issued Ayala Land a Notice of Award to cover Lot B,an 8.5 hectare lot which BCDA had bid out initially in 2000 for disposition, among other lots, under its Asset Disposition Program Phase I. BCDA had declared a failure of bidding of Lot B in 2000, but allowed new proposals to be submitted this year for the acquisition of Lot B pursuant to the procedure agreed upon in the Terms of Reference and Bid Bulletins adopted by BCDA for its Asset Disposition Program Phase I. Ayala Land, together with several other interested parties, submitted new proposals for the acquisition of Lot B. The Notice of Award stated that the Board of Directors of BCDA found the proposal submitted by Ayala Land as the most favorable to BCDA.

The bid of Ayala Land for Lot B was made on the basis of a joint development structure, and subject to the terms and conditions stated in its bid, includes an upfront cash payment of P700,000,000.00 and a guaranteed annual revenue stream totaling P1.1 billion over an 8-year period. The execution of the joint development agreement between Ayala Land and BCDA remains subject to Ayala Land and BCDA agreeing on certain issues.

Lot B is adjacent to Lot C, a 9.9 hectare parcel which was also bid out in 2000 under BCDA's Asset Disposition Program and was awarded to Ayala Land under a leasehold structure. Lot C which is located adjacent to C-5 is the site of Market! Market!, a regional mall development being constructed by Ayala Land.

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Statement issued by Ayala Land, Inc. on October 21, 2002