In the Matter of ACS Development and Property Managers, Incorporated

February 27, 2006 SEC-CFD ORDER NO. 021-06 IN THE MATTER OF ACS DEVELOPMENT AND PROPERTY MANAGERS, INCORPORATED 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 ACS DEVELOPMENT AND PROPERTY MANAGERS, INCORPORATED, the Commission, in its meeting of February 23, 2006, resolved to render effective the said Registration Statement covering its Five Hundred Fifty (550) Tagaytay Dacha Timeshares at a total aggregate price of One Hundred Seven Million Seven Hundred Ninety Six Thousand Pesos (P107,796,000.00). A Certificate of Permit to Sell Securities in favor of ACS DEVELOPMENT AND PROPERTY MANAGERS, INCORPORATED 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 a week for two (2) consecutive weeks in two (2) newspapers of general circulation in the Philippines within ten (10) days from date of this ORDER. The subject 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. February 27, 2006. AHCETa (SGD.) JUSTINA F. CALLANGAN Director ATTACHMENT CERTIFICATE OF PERMIT TO OFFER SECURITIES FOR SALE