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Press Releases

28

August 2003

MANILA WATER COMPANY TO ISSUE NEW PREFERRED EQUITY SHARES TO AYALA

In a special meeting of the board of directors and stockholders of Manila Water Company (“MWC”), Ayala Corporation agreed to subscribe to P310 million in new preferred equity shares to be issued by MWC. The shares, totalling P500 million, are part of a capital restructuring being undertaken by MWC.

Also approved in the meeting was MWC’s acquisition of the shares owned by one of its foreign shareholders, International Water (IWL) S.a.r.l. (formerly BEn MWSS Holdings Ltd.), a subsidiary of US-based Bechtel Corporation.

The capital restructuring and issuance of the new Shares will be implemented upon completion of MWC’s acquisition of the shares of IWL.