Registration/Licensing of P200 Million Worth of Peso Pension Plans

November 14, 2006

NON-TRADITIONAL SECURITIES AND INSTRUMENTS DEPARTMENT

IN THE MATTER OF AYALA PLANS, INC., registrant

REGISTRATION/LICENSING OF P200 MILLION WORTH OF PESO PENSION PLANS

ORDER

Upon consideration of the registration statement and its papers and documents attached thereto filed for and on behalf of AYALA PLANS, INC., the Commission in its meeting on November 9, 2006 rendered effective the registration/licensing of additional P200 Million Pesos (P200,000,000.00) worth of Peso Pension Plans of said corporation subject to the prescribed terms and conditions of the permit.

Accordingly, a Certificate of Permit to Sell Securities is hereby issued authorizing the sale of P200,000,000.00 worth of Peso Pension Plans.

However, the issuance thereof is only permissive and does not constitute a recommendation or indorsement of the securities permitted to be offered for sale. It shall be unlawful to make or cause to be made to any prospective purchaser any representation contrary to the foregoing.

Let this Order be published at the expense of the corporation once in a newspaper of general circulation in the Philippines within ten (10) days from its promulgation. The corporation is...

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