In the Matter of Pico De Loro Beach and Country Club, Inc.

August 24, 2007 CORPORATION FINANCE DEPARTMENT IN THE MATTER OF PICO DE LORO BEACH AND COUNTRY CLUB, INC. REGISTRATION OF SECURITIES UNDER SECTIONS 8 AND 12 OF THE SECURITIES REGULATION CODE ORDER Upon consideration of the Registration Statement and other papers and documents attached thereto which were filed for and on behalf of PICO DE LORO BEACH AND COUNTRY CLUB INC., the Commission, in its meeting of August 23, 2007, resolved to render effective the said Registration Statement covering Four Thousand (4,000) Common Shares (3,200 Class A, 800 Class B) at an Initial Offer Price of P400,000.00 each or a total aggregate price of P1,600,000,000.00 subject to the company's submission of a Manual on Corporate Governance within ninety (90) days from the effectivity hereof. A Certificate of Permit to Sell Securities in favor of PICO DE LORO BEACH AND COUNTRY CLUB, INC. authorizing the sale of the above securities is hereby issued with this Order. 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. SO ORDERED. EDSA, Greenhills, City of Mandaluyong, Metro Manila, Philippines. August 24, 2007. (SGD.) JUSTINA F. CALLANGAN Director Published in The Manila Times on August 29, 2007 .