SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Dec 23, 2016

2. SEC Identification Number

34218

3. BIR Tax Identification No.

000-153-610-000

4. Exact name of issuer as specified in its charter

AYALA CORPORATION

5. Province, country or other jurisdiction of incorporation

PHILIPPINES

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

32F to 35F , Tower One and Exchange Plaza, Ayala Triangle, Ayala Avenue, Makati City Postal Code 1226

8. Issuer's telephone number, including area code

(02)908-3000

9. Former name or former address, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares	620,224,590
Preferred B Series 1 Shares	20,000,000
Preferred B Series 2 Shares	27,000,000
Voting Preferred Shares	200,000,000

11. Indicate the item numbers reported herein

Item 9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Ayala CorporationAC

PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
AC Energy to acquire stakes on Chevron’s geothermal assets
Background/Description of the Disclosure
Please be informed that AC Energy Holdings, Inc. (“AC Energy”), a wholly-owned subsidiary of Ayala Corporation, and as part of an Indonesian consortium and a Philippine consortium, signed Share Sale and Purchase Agreements with Chevron Global Energy Inc., Union Oil Company of California and their relevant affiliates (collectively, “Chevron”) for the purchase of Chevron’s geothermal operations in Indonesia and the Philippines. The Indonesia consortium consists of AC Energy (with 19.8% economic stake), Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd., and Electricity Generating Public Company Ltd. and the acquisition will be made through their joint venture company, Star Energy Geothermal (Salak-Darajat) B.V. On the other hand, the Philippine consortium consists of AC Energy and Star Energy Group Holdings Pte. Ltd. and the acquisition will be made through their joint venture company, ACEHI-STAR Holdings, Inc. The closing of the transaction is made subject to the satisfaction of certain agreed conditions. In particular, for the acquisition of the Philippine asset, the closing is subject to obtaining certain consents and approvals, including the approval of the Philippine Competition Commission. Please refer to the attached press statement of AC Energy.
Other Relevant Information
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