In the Matter of Graceland Estates & Country Club, Inc.

October 14, 2005 CORPORATION AND FINANCE DEPARTMENT IN THE MATTER OF GRACELAND ESTATES & COUNTRY CLUB, INC., registrant REGISTRATION OF SECURITIES ORDER Upon consideration of the request of Graceland Estates & Country Club, Inc., for the reconsideration of the Commission's Order of Denial of its registration statement dated November 10, 2004, covering One Thousand (1,000) proprietary membership certificates, the Commission resolved in its meeting of October 13, 2005, to grant the said request and to render effective its registration statement subject to the condition that it updates the same and include therein the attached risk disclosure statement, pursuant to Section 12 of the Securities Regulation Code and its Implementing Rules and Regulations. Let a Certificate of Permit to Offer Securities for Sale be issued in favor of Graceland Estates & Country Club, Inc . authorizing the sale of the aforementioned securities. 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 date hereof. The corporation is hereby directed to furnish the Commission with a copy of the affidavit of publication of this Order. HDIATS SO ORDERED. EDSA, Mandaluyong City, Philippines, October 14, 2005. (SGD.) JUSTINA F. CALLANGAN Director Published in The Manila Times on October 19, 2005.