Registration/Licensing of P200 Million Worth of Peso Pension Plans

November 14, 2006 NON-TRADITIONAL SECURITIES AND INSTRUMENTS DEPARTMENT IN THE MATTER OF AYALA PLANS, INC., registrant REGISTRATION/LICENSING OF P200 MILLION WORTH OF PESO PENSION PLANS ORDER Upon consideration of the registration statement and its papers and documents attached thereto filed for and on behalf of AYALA PLANS, INC., the Commission in its meeting on November 9, 2006 rendered effective the registration/licensing of additional P200 Million Pesos (P200,000,000.00) worth of Peso Pension Plans of said corporation subject to the prescribed terms and conditions of the permit. Accordingly, a Certificate of Permit to Sell Securities is hereby issued authorizing the sale of P200,000,000.00 worth of Peso Pension Plans . However, the issuance thereof is only permissive and does not constitute a recommendation or indorsement of the securities permitted to be offered for sale. It shall be unlawful to make or cause to be made to any prospective purchaser any representation contrary to the foregoing. Let this Order be published at the expense of the corporation once in a newspaper of general circulation in the Philippines within ten (10) days from its promulgation. The corporation is hereby directed to submit to the Commission an affidavit to this effect within five (5) days from such publication. HECaTD SO ORDERED. EDSA, Mandaluyong City, Philippines. (SGD.) MERLE JOY B. PASCUAL Assistant Director Registration & Licensing Division Published in The Manila Times on November 16, 2006 .