In re ALFM Growth Fund, Inc.

August 21, 2008 SEC-CFD ORDER NO. 088-08 IN THE MATTER OF THE ALFM GROWTH FUND, INC., registrant. REGISTRATION OF SECURITIES UNDER THE SECURITIES REGULATION CODE O R D E R Upon consideration of the Registration Statement and other papers and documents attached thereto which were filed for and on behalf of ALFM GROWTH FUND, INC. the Commission, in its meeting of August 21, 2008, resolved: (1) to approve the application of said corporation to act as an investment company under the Investment Company Act and its Implementing Rules and Regulations: and (2) to render effective its Registration Statement covering its Four Million (4,000,000) common shares with a par value of One Hundred Pesos (P100.00) each, representing its entire authorized capital stock, subject to compliance with the reporting and other requirements of the Securities Regulation Code, Investment Company Act and their Implementing Rules and Regulations, Code of Corporate Governance and to further orders of the Securities and Exchange Commission. ETAICc A Certificate of Permit to Offer Securities for Sale authorizing the sale of said securities is 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 the 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. August 21, 2008, EDSA, Greenhills, City of Mandaluyong, Metro Manila, Philippines. (SGD.) JUSTINA F. CALLANGAN Director Published in The Manila Times on September 3 and 8, 2008.