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Press Releases

15

October 2010

AYALA EXPANDS SHARE BUYBACK PROGRAM

In a disclosure to the Securities and Exchange Commission, the Philippine Stock Exchange and the Philippine Dealing and Exchange Corporation made by chief finance officer Delfin Gonzalez, Jr., Ayala announced that its Executive Committee has approved the expansion of its share buyback program from P5.0 billion to P10 billion and, for this purpose, the allocation of an additional P5.0 billion for hte program.

As previously disclosed, the amount P2.5 billion was budgeted for the program when it began in September 2007 and another P2.5 billion was appropriated in May 2010. As of yesterday, the company has bought back 14.2 million of its common shares at an average price of P322.81 per share for a total cost of P4.65 billion.