State of Connecticut Department of Banking

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IN THE MATTER OF:

PIPS INCORPORATED

    ("Respondent")

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CERTIFICATION

DOCKET NO. CF-2005-7193-S

The undersigned hereby certifies, on behalf of the Banking Commissioner (“Commissioner”), that:

1. On December 8, 2005, the Commissioner issued an Order to Cease and Desist (“Order”), Notice of Intent to Fine and Notice of Right to Hearing In the Matter of:  PIPS Incorporated (“Respondent”) (collectively “Notice”), a copy of which Notice is attached hereto and incorporated by reference herein;
2. The Order provided that it would remain in effect and become permanent against Respondent if a hearing was not requested within 14 days of its receipt;
3. On December 9, 2005, the Notice was sent by registered mail, return receipt requested, to Respondent at P.T. 7323, 2nd Floor, Jalan BBN ½ E, Bandar Baru Nilai, Negeri Sembilan 71800, Malaysia, registered mail no. RB028032785US; and Ricardo J. Alfaro Avenue, Tower Building, Floor 20, Office 207, Bethania Panama, Republic of Panama, registered mail no. RB028032799US;
4. To date, the Notice has not been returned to the Department of Banking and, pursuant to Section 36a-1-13(b) of the Regulations of Connecticut State Agencies, is presumed served on Respondent;
5. Respondent has failed to request a hearing on the matters set forth in the Order within 14 days of the date of the Notice of Service; and
6. On January 19, 2006, the Order issued against Respondent became permanent.

                                                     JOHN P. BURKE
                                                     BANKING COMMISSIONER


Dated at Hartford, Connecticut
this 24th day of January 2006.       By: ________/s/_________
                                                     Nirja Savill
                                                     Principal Attorney


Administrative Orders and Settlements