Date of Correspondence

Ayala Corporation Makati Central PO Box 1444 Makati City 1254 Philippines Tel (632) 848 5643 Fax (632) 848 5768 16 January 2017 www.ayala.com.ph Philippine Stock Exchange 3/F, The Philippine Stock Exchange, Inc. Tower One and Exchange Plaza, Ayala Ave., Makati City Attention: Mr. Jose Valeriano B. Zuño III OIC-Head, Disclosure Department Philippine Dealing & Exchange Corporation 6766 Ayala Avenue corner Paseo de Roxas Makati City Attention: Ms. Vina Vanessa S. Salonga Head, Issuer Compliance and Disclosure Department Subject: Report on the Top 100 Shareholders Gentlemen: This is in connection with the Exchange’s Revised Disclosure Rules requiring Ayala Corporation to submit a report on the Top 100 Shareholders of the Company. In compliance therewith, we are submitting herewith the list of the Top 100 Shareholders of the Company’s Preferred “B” Series 2 shares for the Quarter-Ending 31 December 2016. Thank you. Very truly yours, SOLOMON M. 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