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)

Feb 23, 2017

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	620,726,154
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
Ayala acquires 43.3% stake in Zalora Philippines
Background/Description of the Disclosure
Please be informed that Ayala Corporation (“Ayala”), Ayala Land Inc. (“Ayala Land”), BPI Capital Corporation (“BPI Capital”), and Kickstart Ventures Inc. (“Kickstart”) signed an investment agreement to acquire ownership stakes in BF Jade E-Service Philippines, Inc. (“BF Jade”), the owner and operator of online fashion platform Zalora Philippines (“Zalora”). BPI Capital and Kickstart are wholly owned subsidiaries of the Bank of the Philippine Islands and Globe Telecom Inc., respectively. The closing of the transaction is subject to fulfilment of certain conditions precedent, including obtaining the approval or deemed approval of the Philippine Competition Commission. Through this transaction, Ayala will own 43.3% of Zalora. Zalora is currently the Philippines’ largest online fashion destination offering over 120,000 products across over 1,000 brands in accessories, beauty, clothing, shoes, and sports. Zalora’s online fashion business is complemented by a proprietary, robust, and scalable logistics platform that effectively utilizes online channels and technology. This investment forms part of Ayala’s strategy to capture the growing opportunities in e-commerce amid a robust domestic consumer market and an increasingly digital environment. Moreover, with businesses in real estate, banking, and telecommunications, this investment provides opportunities for Ayala to create synergies across the e-commerce value chain.
Other Relevant Information
Please refer to the attached press statement.