Removal/Reduction of Certain Exhibits to be Presented to the Commission in Relation to the Filing of Registration Statements (RS) Filed by Mutual Fund Companies and Issuers of Propriety and Non-Proprietary Securities and Endorsement of Ordinary Corporation that will Register their Securities to EIPD and CRMD for their Clearance

February 3, 2016 SEC MEMORANDUM FOR : The Corporate Governance & Finance Department (CGFD) FROM : The Office of the Commission Secretary (OCS) SUBJECT : Removal/Reduction of Certain Exhibits to be Presented to the Commission in Relation to the Filing of Registration Statements (RS) Filed by Mutual Fund Companies and Issuers of Propriety and Non-Proprietary Securities and Endorsement of Ordinary Corporation that will Register their Securities to EIPD and CRMD for their Clearance Quoted hereunder is the excerpt from the Minutes of the Commission Meeting held on 10 December 2015 which reads, to wit: "SEC RES. No. 702, s. of 2015 RESOLVED, To APPROVE the CGFD recommendations on companies, particularly mutual fund companies and issuers of proprietary and non-proprietary securities filing their registration statements (RS) and Prospectus: 1. They shall post on their websites their Articles of Incorporation and/or By-Laws providing a link to the SEC i-view. Also, they shall no longer be required to file their Articles of Incorporation and By-Laws if they have been existing for more than six (6) months and there is no recent amendments of AOI and/or BL. 2. Discontinue the requirement for the submission of Opinion re: Legality of the Issue filed by Mutual Fund Companies (Investment Companies) issuers of membership certificates, proprietary and non-proprietary shares and timeshares; 3. Require only one (1) of the three (3) copies of RS and Prospectus to have a copy of the Annual Report, and the latest Quarterly Reports, if applicable, and stamped with "OGA COPY"; and 4. Endorse to EIPD and CRMD for their clearance the ordinary companies that have been existing for more than six (6) months that intend to register their securities." AaCTcI Signed by representative ATTY. ARMANDO A. PAN, JR. Officer-in-Charge