In the Matter of Leyte Golf and Country Club, Inc.

May 19, 2009 SEC-CFD ORDER NO. 070-09 IN THE MATTER OF LEYTE GOLF AND COUNTRY CLUB, INC. ORDER OF REVOCATION The records on file with this Commission show the company's failure to comply with the following directives contained in the Suspension Order dated 04 May 2006: 1. Submit the following reports required under SRC Rules 17 and 20 and to settle the assessed penalties corresponding to each violation: Report Penalty 2003 Annual Report (SEC Form 17-A) Php100,000.00 2004 1st Quarter Report (SEC Form 17-Q) Php75,000.00 2004 3rd Quarter Report (SEC Form 17-Q) Php75,000.00 2005 1st Quarter Report (SEC Form 17-Q) Php75,000.00 2005 Information Statement (SEC Form 20-IS) Php100,000.00 TOTAL Php425,000.00 =========== 2. Submit copies of the required Transfer Certificates of Title (TCT) in the name of the Club covering the properties upon which the golf project will be constructed as undertaken in its Registration Statement that was rendered effective on October 14, 2002; and 3. Settle the total assessed penalty of One Million Pesos (Php1,000,000.00) for the offer and sale of securities prior to the filing of its registration statement with the Commission last May 22, 2002, WHICHEVER COMES FIRST. Records further show that it subsequently failed to file the following reports: YEAR REPORTS 2005 3rd Quarter Report, Annual Report, Certificates on the attendance of directors to board meetings and on the extent of compliance with its Manual on Corporate Governance, 2005 Audited Financial Statements 2006 2nd and 3rd Quarter Reports, Annual Report, Information Statement, Certificates on the attendance of directors to board meetings and on the extent of compliance with its Manual on Corporate Governance 2007 1st, 2nd and 3rd Quarter Reports, Annual Report, Information Statement, Certificates on the attendance of directors to board meetings and on the extent of compliance with its Manual on Corporate Governance 2008 1st Quarter Report, Information Statement, Certificate on the attendance of directors to board meetings Pursuant to the resolution of the Commission in its meeting of 07 May 2009, the company's Registration of Securities and Certificate of Permit to Sell Securities are hereby REVOKED. Accordingly, the company is prohibited from selling/offering for sale its securities to the public. CSaITD This revocation order shall not exempt the company from complying with its reportorial obligations under the Securities Regulation Code and its Implementing Rules and Regulations pursuant to SRC Rule 13 (5). Let a copy of this Order be published in a newspaper of general circulation in the Philippines and in the official website of the Commission for the information and guidance of the public. SO ORDERED. Signed this 19th day of May 2009 at Mandaluyong City, Philippines. For the Commission: (SGD.) JUSTINA F. CALLANGAN Director