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)

May 22, 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

5. 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	621,190,284
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 - Other Events

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 4-11 - Change in Number of Issued and Outstanding Shares References: Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure
Update on the issued and outstanding common shares.
Background/Description of the Disclosure
Change was due to the 2017 ESOWN subscriptions and the exercise of stock options of our officers totaling 456,286 shares and 7,844 shares, respectively.

Change(s) in Number of Issued and Outstanding Shares

Issued Shares

Type of Security /Stock Symbol	Before	After
Common Shares / AC	620,726,154	621,190,284
Preferred A Shares/ACPA	12,000,000	12,000,000
Preferred B Series 1 Shares/ACPB1	28,000,000	28,000,000
Preferred B Series 2 Shares/ACPB2	30,000,000	30,000,000
Voting Preferred Shares	200,000,000	200,000,000

Outstanding Shares

Type of Security /Stock Symbol	Before	After
Common Shares / AC	620,726,154	621,190,284
Preferred B Series 1 Shares/ACPB1	20,000,000	20,000,000
Preferred B Series 2 Shares/ACPB2	27,000,000	27,000,000
Voting Preferred Shares	200,000,000	200,000,000

Other Changes, if any

In percent	Before	After
Public float	40.24	40.36
Foreign Ownership level	29.08	29.07