Registration of Securities under Sections 8 and 12 of the Securities Regulation Code

July 26, 2005 CORPORATION FINANCE DEPARTMENT IN THE MATTER OF LAGUNA DE BORACAY VILLAGE, INC. REGISTRATION OF SECURITIES UNDER SECTIONS 8 AND 12 OF THE SECURITIES REGULATION CODE ORDER Upon consideration of the Amended Registration Statement and other papers and documents attached thereto which were filed for and on behalf of LAGUNA DE BORACAY VILLAGE, INC., the Commission hereby renders effective the same particularly the following: (1) Reclassification of its registered Five Hundred Ten (510) Timeshares into different lesser exercisable periods that shall correspondingly result in the increase of the number of shares to Seven Hundred Eighty Six (786) Timeshares , computed as follows: Type Exercisable Period Number of Shares Limited Timeshares Three (3) years 306 Regular Timeshares Up to year 2040 204 Regular Timeshares Up to year 2040 (to start from the 276 lapse of the limited timeshares) Total 786 (2) Shortening the exercisable period from up to 2065 to 2040 in order to coincide with the corporate life of Laguna de Boracay Village, Inc., The remaining unsold timeshares, whether coming from the 1,071 or 510 registered securities, shall be subject to the new period or until year 2040, for which the company shall submit and henceforth use for offering an amended prospectus highlighting the said term. The subject company shall however continue to recognize the rights of timeshare holders who became as such prior to the above-mentioned changes, even after the expiration of the issuer's corporate term in 2040, and to allow said existing timeshare holders to retain the original exercisable period of up to year 2065. Let a copy of 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 date hereof. The company is hereby directed to furnish the Commission with a copy of the affidavit of publication of this Order. DTcASE SO ORDERED. EDSA, Greenhills, City of Mandaluyong, Metro Manila, Philippines. (SGD.) JUSTINA F. CALLANGAN Director Published in The Manila Times on July 29, 2005 .