In The Matter of The Ayala Life Fixed Income Fund, Inc.

September 5, 2005 SEC-CFD ORDER NO. 112-05 IN THE MATTER OF THE AYALA LIFE FIXED INCOME 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 AYALA LIFE FIXED INCOME FUND, INC. the Commission in its meeting of August 30, 2005, resolved to render effective the same for the registration of the company's Thirty Million (30,000,000) common shares with a par value of P100.00 per share, representing its latest increase in the authorized capital stock. 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 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. DTAcIa September 5, 2005, EDSA Greenhills, City of Mandaluyong, Metro Manila, Philippines. (SGD.) JUSTINA F. CALLANGAN Director Published in The Manila Times on September 7 & 12, 2005.