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, 2019

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 126

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	631,275,330
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 9-1 - Share Buy-Back Transactions References: Section 9 of the Revised Disclosure Rules

Subject of the Disclosure
AC to purchase common shares from Mitsubishi Corp
Background/Description of the Disclosure
We value our relationship with Mitsubishi which remains as our second largest shareholder. This transaction completes their portfolio rebalancing exercise with regard to their Ayala holdings, which now stands and will remain at around six percent (6%).

Type of Securities

• Common
• Preferred-
• Others-

Details of Share Buy-Back Transaction(s)

Date of Transaction	Number of Shares Purchased	Price Per Share
May 22, 2019	3,805,644	PHP838.00
	3,805,644

Effects on Number of Shares

	Before	After
Outstanding Shares	630,630,686	626,825,042
Treasury Shares	0	3,805,644

Cumulative Number of Shares Purchased to Date 1	23,975,054
Total Amount Appropriated for the Buy-Back Program	10,000,000,000
Total Amount of Shares Repurchased	3,805,644

Other Relevant Information
previous Treasury Shares of 20,183,740 were already re-issued.

¹ From the date when the share buy-back program commenced.