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Press Releases

19

September 2003

AYALA CORP TO RECEIVE 63.375 MILLION NEW AYALA LAND COMMON SHARES

In a disclosure to the Securities and Exchange Commission and the Philippine Stock Exchange, Ayala Corporation announced that it will receive 63.375 million new common shares from Ayala Land, Inc. (ALI) in exchange for AC’s conveyance to ALI of a 2,340 sq. m. lot at Greenbelt, along Makati Avenue, Makati City. The issuance of the new shares was approved today by the Board of Directors of ALI.

The issuance by ALI of the new shares is in pursuance to an earlier resolution of its stockholders approving the authority to issue new shares in exchange for properties needed by the corporation for its development and landbanking activities. The exchange will enable ALI to consolidate its ownership of the 11-hectare Greenbelt property, currently undergoing the initial phase of a major redevelopment. A new site will be provided for a state-of-the-art Ayala Museum which is integral to the unique leisure environment being created in Greenbelt. The new museum, with over 6,000 square meters of floor space, is expected to be completed in early 2004.