AYALA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Amounts in Thousands)

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT

Other Comprehensive Income
Remeasurement Net Unrealized
Gains (Losses) Gain (Loss) on
on Defined Available-for-
Paid-in Share-based Benefit Sale Financial Cumulative Equity Equity Retained
Capital Payments Plans Assets Translation Reserve Coversion Earnings Treasury Non-controlling
(Note 22) (Note 28) (Note 27) (Note 10) Adjustments (Note 2) Option (Note 22) Stock Total Interests Total Equity
For the year ended December 31, 2016

As of January 1, 2016 P=73,919,322 P=568,847 (P=1,249,716) (P=554,297) P=288,683 P=12,402,311 P=1,113,745 P=124,468,464 (P=2,300,000) P=208,657,359 P=119,886,624 P=328,543,983
Net income – – – – – – – 26,011,263 – 26,011,263 17,421,346 43,432,609
Other comprehensive income (loss) – – (298,476) 87,621 1,125,867 – – – – 915,012 624,140 1,539,152
Total comprehensive income (loss) – – (298,476) 87,621 1,125,867 – – 26,011,263 – 26,926,275 18,045,486 44,971,761
Exercise of ESOP/ESOWN 460,438 (321,094) – – – – – – – 139,344 – 139,344
Cost of share-based payments – 248,006 – – – – – – – 248,006 – 248,006
Cash dividends – – – – – – – (4,857,416) – (4,857,416) (5,335,772) (10,193,188)
Change in non-controlling interests – – – – – (191,036) – – – (191,036) 7,477,008 7,285,972
At December 31, 2016 P=74,379,760 P=495,759 (1,548,192) (P=466,676) P=1,414,550 P=12,211,275 P=1,113,745 P=145,622,311 (P=2,300,000) P=230,922,532 P=140,073,346 P=370,995,878

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT

Other Comprehensive Income
Remeasurement Net Unrealized
Gains (Losses) Gain (Loss) on
on Defined Available-for-
Paid-in Share-based Benefit Sale Financial Cumulative Equity Equity Retained
Capital Payments Plans Assets Translation Reserve Coversion Earnings Treasury Non-controlling
(Note 22) (Note 28) (Note 27) (Note 10) Adjustments (Note 2) Option (Note 22) Stock Total Interests Total Equity
For the year ended December 31, 2015

As of January 1, 2015 P=73,571,505 P=377,376 (P=1,005,572) (P=7,211) (P=603,765) P=7,478,259 P=1,113,745 P=107,039,814 (P=2,300,000) P=185,664,151 P=101,202,334 P=286,866,485
Net income – – – – – – – 22,278,955 – 22,278,955 16,016,099 38,295,054
Other comprehensive income (loss) – – (244,144) (547,086) 892,448 – – – – 101,218 232,158 333,376
Total comprehensive income (loss) – – (244,144) (547,086) 892,448 – – 22,278,955 – 22,380,173 16,248,257 38,628,430
Exercise of ESOP/ESOWN 347,817 (72,729) – – – – – – – 275,088 – 275,088
Cost of share-based payments – 264,200 – – – – – – – 264,200 – 264,200
Cash dividends – – – – – – – (4,850,305) – (4,850,305) (4,836,270) (9,686,575)
Change in non-controlling interests – – – – – 4,924,052 – – – 4,924,052 7,272,303 12,196,355
At December 31, 2015 P=73,919,322 P=568,847 (P=1,249,716) (P=554,297) P=288,683 P=12,402,311 P=1,113,745 P=124,468,464 (P=2,300,000) P=208,657,359 P=119,886,624 P=328,543,983
 EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT

Other Comprehensive Income

Remeasurement Net Unrealized

Gain (Losses) Gain (Loss) on

on Defined Available-for-

Paid-in Share-based Benefit Sale Financial Cumulative Equity Equity Retained

Capital Payments Plans Assets Translation Reserve Coversion Earnings Treasury Non-controlling

(Note 22) (Note 28) (Note 27) (Note 10) Adjustments (Note 2) Option (Note 22) Stock Total Interests Total Equity

For the year ended December 31, 2014

As of January 1, 2014 P=50,166,129 P=485,187 (P=1,317,954) P=277,848 (P=1,256,831) P=7,482,121 P=í P=92,639,781 (P=5,000,000) P=143,476,281 P=91,994,310 P=235,470,591

Net income í í í í í í í 18,609,229 í 18,609,229 13,665,374 32,274,603

Other comprehensive income (loss) í í 312,382 (285,059) 653,066 í í í í 680,389 (101,833) 578,556

Total comprehensive income (loss) í í 312,382 (285,059) 653,066 í í 18,609,229 í 19,289,618 13,563,541 32,853,159

Exercise of ESOP/ESOWN 444,044 (181,961) í í í í í í í 262,083 í 262,083

Cost of share-based payments í 74,150 í í í í í í í 74,150 í 74,150

Sale of treasury stock 10,724,121 í í í í í í í 2,700,000 13,424,121 í 13,424,121

Issuance of shares 12,237,211 í í í í í í í í 12,237,211 í 12,237,211

Cash dividends í í í í í í í (4,209,196) í (4,209,196) (4,522,813) (8,732,009)

Equity-conversion option í í í í í í 1,113,745 í í 1,113,745 í 1,113,745

Change in non-controlling interests í í í í í (3,862) í í í (3,862) 167,296 163,434

At December 31, 2014 P=73,571,505 P=377,376 (P=1,005,572) (P=7,211) (P=603,765) P=7,478,259 P=1,113,745 P=107,039,814 (P=2,300,000) P=185,664,151 P=101,202,334 P=286,866,485