The Board of Directors (the “Board”) of Ayala Corporation (the “Corporation” or “Ayala”) is the
supreme authority in matters of governance and in overseeing the business of the Corporation.
Within their authority under the Corporation Code and other applicable laws and the By-laws of
the Corporation (the “By-laws”), the Directors, acting as a Board, have the fullest powers to
regulate the concerns of the Corporation according to their best judgment.