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October 29, 1997PSE CIRCULAR FOR BROKERS NO. 871-98Philippine Stock Exchange4/F PSE CenterExchange RoadOrtigas Center, Pasig CityAttention: Ms. Maria Isabel T . GarciaHead, Listing DepartmentGentlemen :In accordance with the rules on listing of the Philippine Stock Exchange relative to the grant of stock option, please be informed that under the Employees Stock Ownership Plan (ESOWN) of Ayala Land, Inc. (ALI), the following qualified employees have availed of the ESOWN effective August 1997, as follows: No. of shares Name(Class "B" shares)Subscription Price   GARCIA, MA. TERESA P.13,900Average PSE Trading rate of  P18.912 for the month of  August 1997   BLAS, JOSEPH DAVID A.24,400Average PSE Trading rate of  P18.912 for the month of  August 1997   OROZCO, EDITH A.18,800Average PSE Trading rate of  P18.912 for the month of  August 1997 Thank you kindly.Very truly yours, (SGD.) RENATO O. MARZANAssistant Corporate SecretaryApril 03, 1998Philippine Stock Exchange4/F PSE CenterExchange RoadOrtigas Center, Pasig CityAttention: Ms. Maria Isabel T . GarciaHead, Listing DepartmentGentlemen :In accordance with the rules on listing of the Philippine Stock Exchange relative to the grant of stock option, please be informed...