Transfer of Regulation and Supervision of Pre-need Corporations from SEC to Insurance Commission

February 3, 2010 SEC NOTICE TO : All Planholders of Legacy Consolidated Plans, Inc., Scholarship Plan Phils., Inc. and All Asia Plans Corporation Notice is hereby given that the regulation and supervision of pre-need corporations have been transferred from the SEC to the Insurance Commission pursuant to Republic Act No. 9829, otherwise known as the "Pre-Need Code of the Philippines", starting on January 02, 2010. However, all pending claims, complaints and cases filed with the SEC shall remain with the SEC and shall be completed until its full and final conclusion . This includes the settlement of claims of the planholders of Legacy Consolidated Plans, Inc. (LCPI), Scholarship Plan Phils., Inc. (SPPI) and All Asia Plans Corporation (AAP). On the settlement of said claims, please be advised that the Securities and Exchange Commission (SEC) cannot at this time proceed with the distribution of the trust fund assets of LCPI and SPPI to its planholders in view of the following reasons: 1. An Order dated 26 June 2009 was issued by the Regional Trial Court of Makati Branch 56 in the Petition for Involuntary Insolvency of LCPI directing, among others: a. the Securities and Exchange Commission (SEC) to stop from further validating the claims of LCPI planholders, and b. the trustee banks to report the total amount deposited in the trust funds and that withdrawals from said funds be made only upon order of the Court; and 2. Land Bank of the Philippines Trust Banking Group, which acts as trustee of the liquid assets of LCPI and SPPI, in compliance with said Order, decided to "hold in abeyance any movement in the trust funds". DTEIaC On All Asia Plans Corporation (AAP), the planholders are hereby advised that their claims are currently under review. The SEC will issue an advisory as soon as all issues on the claims against the trust funds of LCPI, SPPI and AAP are settled. Securities and Exchange Commission