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Press Releases

21

October 2003

AYALA CORPORATION CONFIRMS ARRANGING TERM LOAN FACILITY

In a letter to the Philippine Stock Exchange, Ayala Corporation confirmed that its wholly owned subsidiary AC International Finance Limited (ACIFL) has arranged a US$100 million syndicated term loan facility with BNP Paribas, Standard Chartered Bank and ING Bank.

The purpose of the loan is to refinance ACIFL’s maturing loan obligations in 2004 and not to fund the acquisition of the 10.04 million shares of Globe Telecom that Ayala Corporation has agreed to purchase from DeTeAsia Holding GmbH.