Stockholder Name	No. of Common Shares	Percentage (of Common Shares)
1	Mermac, Inc.	210,895,275	50.90%
2	PCD Nominee Corporation (Non-Filipino)	114,131,230	27.54%
3	Mitsubishi Corporation	43,803,848	10.57%
4	PCD Nominee Corporation (Filipino)	19,068,307	4.60%
5	Shoemart, Inc.	13,356,674	3.22%
6	Henry Sy, Sr.	1,080,530	0.26%
7	ESOWN Administrator 2006	642,904	0.16%
8	ESOWN Administrator 2007	619,912	0.15%
9	Philippine Remnants Co., Inc.	571,560	0.14%
10	ESOWN Administrator 2005	505,964	0.12%
11	BPI TA 14105123 FAO Consuelo Zobel Alger Foundation	316,381	0.08%
12	Cygnet Development Corporation	306,763	0.07%
13	Sysmart Corporation	254,659	0.06%
14	Mitsubishi Logistics Corporation	250,356	0.06%
15	Antonio O. Olbes	195,993	0.05%
16	Eduardo O. Olbes	163,328	0.04%
17	Aristón Estrada, Jr.	161,040	0.04%
18	AC ESOP/ESOWN Account	136,545	0.03%
19	Andre Jon Tiu	109,442	0.03%
20	Telengtan Brothers & Sons, Inc.	95,040	0.02%

Note that scripless shares lodged under the Philippine Central Depository (PCD) cannot be broken down into ultimate beneficial ownership as these are held in “street” name, either under the broker’s name or under the custodian bank’s name.

• Adherence to the principles and practices of good corporate governance has been reinforced by greater transparency in the company's disclosures.
• Ayala ensures full compliance in both structured and non-structured disclosures to the Philippine Stock Exchange and the Securities and Exchange Commission.
• Ayala has consistently raised the level of its reporting to comply with and adopt International Accounting Standards, in some cases even before these are required by Philippine GAAP.
• The Audit Committee of the Board meets regularly and performs its oversight role in managing the risks involved in the operations of the company.
• The Board is also moving towards having an additional independent director.

In the absence of a specific instruction from a stockholder to cumulate his votes for named directors, the presumption is that the votes shall be apportioned equally among the named nominees. However, the right to cumulate can always be exercised by a shareholder even if the company is not soliciting proxy. It is a right given under the law to all shareholders.

The process is for the shareholder to express his intention to cast all his cumulative votes for the independent director only. The intention must be addressed to the Nominations Committee or to the Corporate Secretary before the annual stockholders meeting. His votes will be recorded accordingly as instructed. The results of the annual stockholders meeting including the election of the directors and their respective votes will be posted in the company’s Web site subsequent to the meeting.

		2007	2006	2005	2004	2003*	2002*
Net income		16,198	12,177	8,198	7,353	2,663	2,133
Pref divs - equity		549	274
Net income to common		15,649	11,903	8,198	7,353	2,663	2,133
Wtd ave no of shares		416	346	343	343	343	343
EPS (diluted)		37.62	34.41	23.78	21.33	7.73	6.20

*Not restated for new accounting standards

(in M pesos)		2007	2006	2005
ALI		2,437	2,326	2,375
BPI		3,291	3,300	3,026
Globe		4,545	4,109	3,616
AC Capital
MWC		741	588	1,438
IMI		1,250	1,061	1,519
Auto		389	264	223
AIPL		230	474	265
Others		(1,187)	(24)	(257)

*Not restated for new accounting standards
**Included contribution of Pure Foods in 1999 and 2000.

		2007	2006	2005	2004	2003*	2002*
Net income		16,198	12,177	8,198	7,353	2,663	2,133
Average SE		82,156	69,165	57,207	50,527	46,983	45,213
ROE**		19.7%	17.6%	14.3%	14.6%	5.7%	4.7%

*Not restated for new accounting standards
**Based only on O/S common shares and does not include preferred shares

		2007	2006
ALI		10.2%	9.8%
BPI		15.3%	14.4%
Globe		23.6%	21.7%
MWC		19.2%	22.0%
IMI		22.8%	28.0%

*Not restated for new accounting standards
**Based only on O/S common shares and does not include preferred shares

Ayala's ROA in 2007 was 8.25%, compared with 6.68% in 2006.

(in million pesos)	ST Debt	CP-LTD	LTD	Preferreds	Total
2007	2,634	9,513	37,885		50,032
2006	2,504	9,360	38,518	2,500	52,881
Change	150	153	(633)	(2,500)	(2,850)
			2007
AC		1,322	22,488		23,809
ACIFL		5,421	826		6,247
AYCFL			6,192		6,192
ALI	1,613	2,377	6,150		10,139
IMI	342	330	2,229		2,901
AIPL	48				48
AAHC	566				566
LiveIT	-	61			61
Azalea	65	2	1		67
Total	2,634	9,513	37,885	-	50,032
			2006
AC		2,172	19,563	2,500	24,235
ACIFL		3,217	7,687		10,905
ALI	1,556	3,564	7,718		12,837
IMI	462	401	3,548		4,411
AIPL	354				354
AAHC	79				79
Azalea	53	5	2		60
Total	2,504	9,360	38,518	2,500	52,881