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Press Releases

3

April 2006

AYALA TO INVEST UP TO US$20 MILLION IN THE ROHATYN GROUP SPECIAL OPPORTUNITY FUND LTD (SOF)

Ayala has approved an investment of up to US$20 million in The Rohatyn Group Special Opportunity Fund Ltd (SOF). TRG Management LP, a member of The Rohatyn Group (TRG), is the investment manager of the SOF.

The investment will be made by Azalea International Venture Partners, Ltd., a subsidiary of Azalea Technology Investments.

The SOF is a fund whose primary (but not exclusive) investment objective is to generate superior risk adjusted returns and, from time to time, current income by opportunistically acquiring a diversified portfolio of undervalued investments and investments with significant growth potential in emerging market regions, including, without limitation, Latin America, Eastern Europe, Asia and Africa.

Ayala’s placements in investment funds such as the SOF, are part of Ayala’s strategy to work with partners to seek opportunities to expand its equity portfolio and generate returns from medium term investments.

The above information was submitted on April 3, 2006 in compliance with the disclosure requirements of the Securities and Exchange Commission and the Philippine Stock Exchange by Ayala managing director and head of corporate governance and legal affairs Renato O. Marzan.