SECURITIES AND EXCHANGE COMMISSION

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2 5/23/2018 EDGE Submission System SECURITIES AND EXCHANGE COMMISSION SEC 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 23, SEC Identification Number BIR Tax Identification No 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 Issuer's telephone number, including area code (02) 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 Preferred B Series 2 Shares 20,000,000 27,000,000 Voting Preferred Shares 200,000, 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. 1/2

3 5/23/2018 EDGE Submission System Ayala Corporation AC PSE Disclosure Form 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 invest in Australia Renewables Platform Background/Description of the Disclosure Please be informed that AC Energy, a wholly owned subsidiary of Ayala Corporation, will participate in the Australian renewables market through a joint venture with international renewable energy developer, UPC Renewables. AC Energy is investing USD 30M for a 50% ownership in UPC's Australian business and is also providing a USD 200M facility to fund project equity. UPC Renewables Australia is developing the 1,000 MW Robbins Island and Jims Plain projects in North West Tasmania and the 600 MW New England Solar Farm located near Uralla in New South Wales. UPC Renewables Australia also has a further development portfolio of another 3,000 MW s located in NSW, Tasmania and Victoria. Please see attached press release for more information. Other Relevant Information N/A 2/2

4 4F 6750 Bldg. Ayala Avenue Makati City 1226 Philippines Tel Fax PRESS RELEASE AC Energy to invest in Australia Renewables Platform AC Energy, a wholly owned subsidiary of Ayala Corporation, will participate in the Australian renewables market through a joint venture with international renewable energy developer, UPC Renewables. AC Energy is investing USD 30M for a 50% ownership in UPC's Australian business and is also providing a USD 200M facility to fund project equity. UPC Renewables Australia is developing the 1,000 MW Robbins Island and Jims Plain projects in North West Tasmania and the 600 MW New England Solar Farm located near Uralla in New South Wales. UPC Renewables Australia also has a further development portfolio of another 3,000 MW s located in NSW, Tasmania and Victoria. AC Energy is very excited to invest into UPC Renewables Australia as it complements AC Energy s goal to exceed 5,000 MW by The UPC Renewables Australia platform is focused on large scale projects and is managed by a high-quality management team said AC Energy president and ceo, Eric T. Francia. The Robbins Island project itself is a very large site and together with Jim s Plains have some of the best proven wind resources in the world, and the New England Solar project has excellent solar resource within close proximity to Transmission he said. The Chief Executive Officer of UPC Renewables Australia, Mr Anton Rohner said AC Energy investment into UPC Renewables Australia will enable us to accelerate projects in Australia. We are making progress on the Robbins Island and Jims Plain project in North West Tasmania and we endorse the Prime Minister s recent comment about how wind and hydro are highly complementary. We expect our projects in North West Tasmania to have capacity factors in the order of 50% with the turbines producing power nearly 95% of the time. The Robbins Island and Jims Plain projects, together with Tasmania s hydro assets and other new renewable energy projects, will assist in making the interconnectors between Tasmania and Victoria, a dispatchable and significant renewable energy generator into the National Electricity Market. ###

5 4F 6750 Bldg. Ayala Avenue Makati City 1226 Philippines Tel Fax About AC Energy AC Energy is the energy platform of Ayala, one of the largest business groups in the Philippines. AC Energy is one of the fastest growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region. The company aspires to exceed 5 GW of attributable capacity and generate at least fifty percent of energy from renewables by About UPC Renewables UPC Renewables Group is a leading worldwide renewable developer with more than 20 years of global experience pioneering and building world-class wind and solar projects. UPC-formed companies have developed more than 3,500 MW of operating wind and solar projects with an investment value of over USD5 billion and has a development pipeline of more than 5,000 MW. UPC has a proven successful history of being an early entrant in new markets with advanced technology and creative local business strategies, helping countries accelerate their renewable energy development. For inquiries and more information, please contact: Irene Maranan Head Corporate Marketing and Sustainability AC Energy maranan.is@acenergy.com.ph Contact number: Website: