The Rohatyn Group Acquires AC and ALI’s Stake in Arch Capital

Ayala Corporation ("AC") and Ayala Land, Inc. (“ALI”) announced they exchanged their ownership interests in ARCH Capital Management Company Limited ("ARCH Capital") and ARCH Capital Asian Partners, G.P., (together "ARCH") with The Rohatyn Group ("TRG"), resulting in TRG acquiring AC's and ALI's combined 50% interest in ARCH.

ARCH Capital and ARCH Capital Asian Partners, G.P. are the investment manager and the general partner, respectively, of ARCH Capital Asian Partners, L.P. ("ARCH Capital Fund" or "the Fund") - an Asian real estate fund with investments in China, Macau, Singapore, Thailand and India. TRG is an emerging markets-focused private investment firm with approximately $3 billion in assets under management. AC, a cornerstone investor in TRG since its founding in 2003, will further increase its investment in TRG as a result of the share exchange to become one of TRG's largest outside shareholders.

AC and ALI are sponsors of ARCH and co-founded the ARCH investment management firms in 2006 together with Richard Yue. Mr. Yue is retaining his current 50% interest in ARCH and will continue to serve as CEO and CIO of ARCH. The completed exchange of ownership interests will leave the activities, management, focus and shareholder structure of the ARCH Capital Fund unchanged, with AC and ALI retaining their respective ownership stakes in the Fund.

Commenting on the transaction, AC CEO Jaime Augusto Zobel de Ayala said, "We believe this is a natural progression for ARCH which has been a fruitful and exciting investment for us. At this stage in its next growth cycle, we feel it would be better served and managed within a globally dedicated alternative asset management firm. Given Ayala's successful experience as an investor in TRG for a significant period of time, we believe TRG would be an ideal partner in ensuring ARCH's continued success. It would also allow us to consolidate our investments in this particular industry grouping."

The above statement pertains to the disclosure made on March 7, 2011, to the Securities and Exchange Commission, Philippine Stock Exchange, and Philippine Dealing and Exchange Corporation, by Ayala chief finance officer Delfin C. Gonzalez, Jr.