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Press Releases

10

April 2014

Ayala Corporation Announces Pricing of US$300,000,000 0.50% Exchangeable Bonds into Common Shares of Ayala Land, Inc. due 2019

Ayala Corporation (PSE:AC) (the “Company”), one of the largest conglomerates in the Philippines, announced today the pricing of the offering by AYC Finance Limited, a wholly-owned and guaranteed subsidiary of Ayala Corporation, of US$300,000,000 aggregate principal amount of its 0.50% bond due 2019 (the “Bonds”) exchangeable for common shares of Ayala Land, Inc. (“Ayala Land”). The Bonds have been offered outside the United States under Regulation S of the U.S. Securities Act of 1933 and to qualified institutional investors within the Philippines in transactions that do not require registration of the Bonds under the Philippine Securities Registration Code.

The Bonds will bear interest at a rate of 0.50% per year, payable semiannually. The Bonds will mature on May 2, 2019, unless earlier exchanged, redeemed or repurchased in accordance with the terms of the Bonds. The Bonds will be exchangeable at any time on or after June 11, 2014 up to the close of business on the 10th day prior to the maturity date. The Bonds will initially be exchangeable at P36.48 per Ayala Land share representing a premium of 20% over Ayala Land’s closing price on April 10, 2014. On May 2, 2017, the holders of the Bonds will have the right to require the Company to repurchase for cash all or part of their Bonds at a repurchase price equal to 100% of the principal amount of the Bonds. Starting May 2, 2017 the Company is able to call the Bond if the closing price of Ayala Land shares for any 30 consecutive Trading Days is at least 130% of the Exchange Price.

The offering is the first equity-linked international issuance by a Philippine issuer in the past two years. It has also achieved the lowest cost of financing across Asia ex-Japan in 2014.

“We are extremely pleased with the results of the offering and appreciate the trust of our investors. This offering is important as it enables us to continue the pursuit of investment opportunities in new growth areas and the realignment of Ayala Corporation’s portfolio mix to further optimize shareholder returns. Ayala Land remains an important and integral part of Ayala Corporation. It is a significant growth driver of the Ayala group and we continue to share synergies as we work on targeted projects particularly in energy and transport infrastructure.” said Jaime Augusto Zobel de Ayala, Chairman of Ayala Corporation.

The Company intends to use the net proceeds from the issue of the Bonds for general corporate purposes.

The offering is expected to close on or about May 2, 2014, subject to the satisfaction of customary closing conditions.

Goldman Sachs International acted as the sole international bookrunner of the Offering and BPI Capital acted as sole domestic lead manager.

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase, nor shall there be any sale of, any of the securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities have not been and will not be registered under the securities laws of the United States of America.

About Ayala Corporation

Ayala Corporation is one of the largest conglomerates in the Philippines. The Company is organized as a holding company with equity interests in various companies active in real estate and hotels, financial services, telecommunications, water utilities, electronics, business processing outsourcing, automotive, power and transport infrastructure. Significant subsidiaries, associates and joint ventures include Ayala Land, Bank of the Philippine Islands, Globe Telecom and Manila Water Company.

About Ayala Land

Ayala Land is the real estate arm of Ayala Corporation and is a leading real estate company in the Philippines. It is engaged principally in the planning, development, subdivision and marketing of large-scale communities having a mix of residential, commercial, leisure and other uses. Its early defining project was the 1948 development of a planned mixed-use community on 930 hectares of swamp and grassland which is now the Makati Central Business district of Metro Manila. Today, it has a total of five brands under its residential development segment, being Ayala Land Premier, Alveo, Avida, Amaia and BellaVita, each targeting a distinct segment of the market. Ayala Land also has a total of 8,453 hectares of developable landbank across the country, including in locations such as the Makati Central Business District, Bonifacio Global City and Nuvali in Canlubang.

Investor Relations Contacts

Norma P. Torres, (632) 908 3446, torres.np@ayala.com.ph

Celeste M. Jovenir, (632) 908 3394, jovenir.cm@ayala.com.ph