-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 Qeyj/2GGUpo4/06XcdhdKg==

<SEC-DOCUMENT>0001144204-06-034392.txt : 20060817
<SEC-HEADER>0001144204-06-034392.hdr.sgml : 20060817
<ACCEPTANCE-DATETIME>20060817142442
ACCESSION NUMBER:		0001144204-06-034392
CONFORMED SUBMISSION TYPE:	F-6 POS
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20060817
DATE AS OF CHANGE:		20060817
EFFECTIVENESS DATE:		20060817

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHILIPPINE LONG DISTANCE TELEPHONE CO
		CENTRAL INDEX KEY:			0000078150
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6 POS
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-102566
		FILM NUMBER:		061040480

	BUSINESS ADDRESS:	
		STREET 1:		RAMON CONJUANGCO BLDG
		STREET 2:		MAKATI AVE
		CITY:			MAKATI METRO MANILA
		STATE:			R6
		ZIP:			0721
		BUSINESS PHONE:		0116328143552

	MAIL ADDRESS:	
		STREET 1:		RAMON CONJUANGCO BLDG
		STREET 2:		MAKATI AVE
		CITY:			MAKATI METRO MANILA
		STATE:			R6
		ZIP:			0721
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6 POS
<SEQUENCE>1
<FILENAME>v050756_f6pos.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
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</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 270pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>As
      filed with the U.S. Securities and Exchange Commission on August 17,
      2006</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Registration
      No. 333-102566 </strong></font>
      <div>
        <hr style="COLOR: black" align="left" noshade size="1" width="100%">
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>____________________</strong></font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>POST-EFECTIVE
        AMENDMENT TO FORM F-6</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>REGISTRATION
      STATEMENT UNDER THE SECURITIES ACT OF 1933</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>For
      Depositary Shares Evidenced by American Depositary
      Receipts</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>___________________</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Philippine
      Long Distance Telephone Company</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>(Exact
      name of issuer of deposited securities as specified in its
      charter)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Not
      applicable</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>(Translation
      of issuer's name into English)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>The
      Republic of the Philippines</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>(Jurisdiction
      of incorporation or organization of issuer)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>JPMORGAN
        CHASE BANK, N.A.</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Exact
      name of depositary as specified in its charter)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>4
        New York Plaza, New York, NY 10004</strong></font></div>


      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Telephone
        (212) 623-0636</strong></font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(Address,
      including zip code, and telephone number, including area code, of depositary's
      principal executive offices)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">____________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CT
      Corporation System</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">111
      Eighth Avenue, 13</font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Floor</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
      York,
      New York 10011</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(212)
      894-8940</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(Address,
      including zip code, and telephone number, including area code, of agent for
      service)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Copy
      to:</em></font></div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Scott
                  A. Ziegler, Esq.</strong></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="85%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Ziegler,
                  Ziegler &amp; Associates LLP</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>570
                  Lexington Avenue, 44</strong></font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup><strong>th</strong></sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
                  Floor</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>New
                  York, New York 10022</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(212)
                  319-7600</strong></font></div>
              </td>
            </tr>

        </table>
      </div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
      is
      proposed that this filing become effective under Rule 466</font></div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Wingdings">x</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">immediately
        upon filing</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>
      on (Date) at
      (Time)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      a
      separate registration statement has been filed to register the deposited shares,
      check the following box. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td colspan="5" valign="top" width="86%" style="border-bottom: black double;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<strong>CALCULATION
                OF REGISTRATION FEE</strong></font></td>
            </tr>
            <tr>
              <td valign="top" width="34%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Title
                  of each class of</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Securities
                  to be registered</strong></font></div>
              </td>
              <td valign="top" width="11%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Amount</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>to
                  be registered</strong></font></div>
              </td>
              <td valign="top" width="13%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  maximum aggregate price per unit </strong></font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup><strong>(1)</strong></sup></font></div>
              </td>
              <td valign="top" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Proposed
                  maximum</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>aggregate
                  offering price </strong></font><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><sup><strong>(2)</strong></sup></font></div>
              </td>
              <td valign="top" width="14%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>Amount
                  of</strong></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"><strong>registration
                  fee</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="34%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">American
                  Depositary Shares evidenced by American Depositary Receipts, each
                  American
                  Depositary Share representing 1 share of common stock of Philippine
                  Long
                  Distance Telephone Company</font></div>
              </td>
              <td valign="top" width="11%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">N/A</font></div>
              </td>
              <td valign="top" width="13%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">N/A</font></div>
              </td>
              <td valign="top" width="14%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">N/A</font></div>
              </td>
              <td valign="top" width="14%" style="border-bottom: black double;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">N/A</font></div>
              </td>
            </tr>

        </table>
      </div>

    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(1)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Each
                Unit represents one American Depositary
                Share.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 36pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">(2)</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Estimated
                solely for the purpose of calculating the registration fee. Pursuant
                to
                Rule&#160;457(k), such estimate is computed on the basis of the maximum
                aggregate fees or charges to be imposed in connection with the issuance
                of
                American Depositary Receipts evidencing American Depositary
                Shares.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
        <div style="WIDTH: 100%" align="left">
        </div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
      I</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
      REQUIRED IN PROSPECTUS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Prospectus consists of the proposed form of American Depositary Receipt (&#8220;ADR&#8221;
or &#8220;American Depositary Receipt&#8221;) included as Exhibit A to the Amendment to
        Deposit Agreement filed as Exhibit&#160;(a) to this Post-Effective Amendment No.
        2 to Registration Statement on Form F-6, which is incorporated herein by
        reference.</font></div>

    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CROSS
      REFERENCE SHEET</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      1. DESCRIPTION OF SECURITIES TO BE REGISTERED</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="43%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                Number and Caption</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Location
                in Form of American Depositary</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Receipt
                Filed Herewith as Prospectus</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name
                and address of Depositary</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Introductory
                paragraph</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title
                of American Depositary Receipts and identity of deposited
                securities</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Face
                of American Depositary Receipt, top center</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Terms
                of Deposit:</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amount
                of deposited securities represented by one unit of American Depositary
                Shares</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Face
                of American Depositary Receipt, upper right corner</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Procedure
                for voting, if any, the deposited securities</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                (19) and (20)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Collection
                and distribution of dividends</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                (14), (15), (16), and (17)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Transmission
                of notices, reports and proxy soliciting material</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                (20) and (22)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(v)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Sale
                or exercise of rights</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                (2), (3), (4), (5), (9), (12) and (16)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vi)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deposit
                or sale of securities resulting from dividends, splits or plans of
                reorganization</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraph
                (21)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(vii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment,
                extension or termination of the Deposit Agreement</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                (28) and (29)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(viii)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rights
                of holders of receipts to inspect the transfer books of the Depositary
                and
                the list of Holders of receipts</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraph
                (22)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ix)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Restrictions
                upon the right to deposit or withdraw the underlying
                securities</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                (2), (3), (4), (5), (6) and (12)</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 54pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(x)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 4.9pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Limitation
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            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraphs
                (24) and (25) </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 13.1pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fees
                and Charges</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraph
                (8)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2. AVAILABLE INFORMATION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="43%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
                Number and Caption</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Location
                in Form of American Depositary </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Receipt
                Filed Herewith as Prospectus</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="43%">
              <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: -36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
                </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Statement
                that Philippine Long Distance Telephone Company </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">is
                subject to the periodic reporting requirements of the Securities
                Exchange
                Act of 1934 and, accordingly, files certain reports with the Commission
                --
                and that such reports can be inspected by holders of ADRs and copied
                at
                public reference facilities maintained by the Commission in Washington,
                D.C.</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="38%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Paragraph
                (13)</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>INFORMATION
      NOT REQUIRED IN PROSPECTUS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3. EXHIBITS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="line-height: 1.25;">
              <td style="width: 18pt;">
              </td>
              <td align="left" style="width: 18pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></td>
              <td align="left">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Form
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                  JPMorgan Chase Bank, N.A., </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
                  successor depositary (the "Depositary"), and all holders from time
                  to time
                  of American Depositary Receipts to be issued thereunder </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">is
                  filed herewith as Exhibit
                  (a).</font></div>
              </td>
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        </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
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            <tr valign="top" style="line-height: 1.25;">
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              </td>
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                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Certification
                  under Rule 466.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  Filed herewith as Exhibit
                  (e).</font></div>
              </td>
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        </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>

      <div>
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            <tr valign="top" style="line-height: 1.25;">
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                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Power
                  of Attorney.</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                  Previously filed.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
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    <div>
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          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">&#160;</td>
            <td style="width: 18pt;">
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                Depositary hereby undertakes to make available at the principal office
                of
                the Depositary in the United States, for inspection by holders of
                the
                American Depositary Receipts, any reports and communications received
                from
                the issuer of the deposited securities which are both (1)&#160;received by
                the Depositary as the holder of the deposited securities, and
                (2)&#160;made generally available to the holders of the underlying
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td style="width: 18pt;">&#160;</td>
            <td style="width: 18pt;">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></div>
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                the amounts of fees charged are not disclosed in the prospectus,
                the
                Depositary undertakes to prepare a separate document stating the
                amount of
                any fee charged and describing the service for which it is charged
                and to
                deliver promptly a copy of such fee schedule without charge to anyone
                upon
                request. The Depositary undertakes to notify each registered holder
                of an
                American Depositary Receipt thirty days before any change in the
                fee
                schedule.</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      to the requirements of the Securities Act of 1933, the registrant certifies
      that
      it has reasonable grounds to believe that all the requirements for filing on
      Form&#160;F-6 are met and has duly caused this Post-Effective Amendment to
      Registration Statement on Form F-6 to be signed on its behalf by the
      undersigned, thereunto duly authorized, in The City of New York, State of New
      York, on August 17, 2006.</font></div>
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    <div>
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          <tr>
            <td align="justify" valign="top" width="35%">&#160;</td>
            <td align="justify" valign="top" width="45%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Legal
                entity created by the form of Deposit Agreement for the issuance
                of ADRs
                evidencing American Depositary Shares </font></div>
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          </tr>
          <tr>
            <td align="justify" valign="top" width="35%">&#160;</td>
            <td align="justify" valign="top" width="45%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="35%">&#160;</td>
            <td align="justify" valign="top" width="45%">
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          </tr>
          <tr>
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            <td align="justify" valign="top" width="45%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="35%">&#160;</td>
            <td align="justify" valign="top" width="45%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="35%">&#160;</td>
            <td align="justify" valign="top" width="45%">&#160;</td>
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      to the requirements of the Securities Act of 1933, Philippine Long Distance
      Telephone Company certifies that it has reasonable grounds to believe that
      all
      the requirements for filing on Form F-6 are met and has duly caused this
      Post-Effective Amendment to Registration Statement on Form F-6 to be signed
      on
      its behalf by the undersigned, thereunto duly authorized, in Makati, Metro
      Manila, Republic of the Philippines on 17 August, 2006.</font></div>
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            <td align="left" valign="top" width="36%">&#160;</td>
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          <tr>
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            <td align="left" valign="top" width="36%">&#160;</td>
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            <td align="left" valign="top" width="36%">&#160;</td>
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            <td align="justify" valign="top" width="40%">&#160;</td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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      REPRESENTATIVE</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Act of 1933, this Post-Effective Amendment
      to Registration Statement on Form F-6 has been signed below in the City of
      Newark, State of Delaware on August 17, 2006, by the undersigned as the duly
      authorized representative of Philippine Long Distance Telephone Company in
      the
      United States.</font></div>
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    <div>
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          <tr>
            <td align="justify" valign="top" width="50%">&#160;</td>
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          <tr>
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            <td align="justify" valign="top" width="30%">&#160;</td>
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          <tr>
            <td align="justify" valign="top" width="50%">&#160;</td>
            <td align="justify" valign="top" width="30%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="50%">&#160;</td>
            <td align="justify" valign="top" width="30%">&#160;</td>
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          <tr>
            <td align="justify" valign="top" width="50%">&#160;</td>
            <td align="justify" valign="top" width="30%" style="border-bottom: black thin solid;">
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                /s/Donald J. Puglisi .</font></div>
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            <td align="justify" valign="top" width="50%">&#160;</td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 36pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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        </div>
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      TO EXHIBITS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>

      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td valign="top" width="8%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                  </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number</font></div>
              </td>
              <td valign="top" width="54%">&#160;</td>
              <td valign="top" width="16%" style="border-bottom: black thin solid;">
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                  </font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Numbered
                  Page</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></div>
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              <td align="left" valign="top" width="54%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Amendment No. 2 to Common Stock Deposit Agreement </font></div>
              </td>
              <td valign="top" width="16%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
              <td align="left" valign="top" width="16%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
              <td align="left" valign="top" width="16%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="8%">&#160;</td>
              <td align="left" valign="top" width="54%">&#160;</td>
              <td align="left" valign="top" width="16%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="8%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(e)</font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rule
                  466 Certification</font></div>
              </td>
              <td align="left" valign="top" width="16%">&#160;</td>
            </tr>

        </table>
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<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>v050756_ex99-a.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>AMENDMENT
      NO. 2 TO DEPOSIT AGREEMENT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>AMENDMENT
      NO. 2, </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">dated
      as
      of August 17, 2006 (the "Amendment"), to the Common Stock Deposit Agreement
      dated as of October 19, 1994 (as amended as of February 10, 2003 and as further
      amended hereby, the "Deposit Agreement"), among JPMorgan Chase Bank, N.A.,
      as
      depositary (the "Depositary") and all holders from time to time of American
      Depositary Receipts (the "ADRs") evidencing American Depositary Shares (&#8220;ADSs&#8221;)
      representing common stock of Philippine Long Distance Telephone Company, a
      corporation organized under the laws of the Republic of the Philippines, and
      its
      successors (the "Company").</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>WITNESSETH</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      the Depositary executed the Deposit Agreement for the purposes set forth
      therein; and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WHEREAS,
      pursuant to the provisions of the Deposit Agreement, the Depositary desires
      to
      amend the terms of the Deposit Agreement and ADRs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOW,
      THEREFORE, the Depositary hereby amends and supplements the ADRs and the Deposit
      Agreement, effective as of the Effective Date set forth in Section 3.01 hereof,
      as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      I</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>DEFINITIONS</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      1.01. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Definitions</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Unless
      otherwise defined in this Amendment, all capitalized terms used, but not
      otherwise defined, herein shall have the meaning given to such terms in the
      Deposit Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">1</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      II</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>AMENDMENTS
      TO THE DEPOSIT AGREEMENT AND FORM OF ADR</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      2.01.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      first
      three paragraphs of Section 5.05 of the Deposit Agreement&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      the
      first two paragraphs of Paragraph (8) of the form of Receipt set forth in
      Exhibit A to the </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deposit
      Agreement (the "form of Receipt") are each amended to read as
      follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Depositary may charge (i) each person to whom ADSs are issued,&#160;including,
      without limitation, issuances&#160;against deposits of Common
      Stock,&#160;issuances in respect of Common Stock distributions, rights and other
      distributions,&#160;issuances pursuant to a stock dividend or stock split
      declared by the Company, or issuances pursuant to a merger,&#160;exchange of
      securities or any other transaction or event affecting the ADSs or the Deposited
      Securities, and&#160;(ii) each person surrendering ADSs for withdrawal of
      Deposited Securities or whose ADSs are cancelled or reduced for any other
      reason, U.S. $5.00 for each 100 ADSs (or portion thereof) issued, delivered,
      reduced, cancelled&#160;or surrendered (as the case may be). The Depositary may
      sell (by public or private sale) sufficient securities and property received
      in
      respect of Common Stock distributions, rights and other distributions prior
      to
      such deposit to pay such charge. The following additional charges shall be
      incurred by the Holders, by any party depositing or withdrawing Common Stock
      or
      by any party surrendering ADSs, to whom ADSs are issued (including, without
      limitation, issuance pursuant to a stock dividend or stock split declared by
      the
      Company or an exchange of stock regarding the ADSs or the Deposited Securities
      or a distribution of ADSs under the Deposit Agreement), whichever is applicable
      (i) a fee of $.02 or less per ADS (or portion thereof) for any Cash distribution
      made, (ii) to the extent not prohibited by the rules of the primary stock
      exchange upon which the ADSs are listed, a fee of $1.50 per ADR or ADRs for
      transfers made, (iii) a fee for the distribution or sale of securities, such
      fee
      being in an amount equal to the fee for the execution and delivery of ADSs
      referred to above which would have been charged as a result of the deposit
      of
      such securities (for purposes of this paragraph treating all such securities
      as
      if they were Common Stock) but which securities or the net cash proceeds from
      the sale thereof are instead distributed by the Depositary to Holders entitled
      thereto,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
      a
      fee of US$0.02 per ADS (or portion thereof) per year for the services performed
      by the Depositary in administering the ADRs (which fee shall be assessed against
      Holders as of the record date or dates set by the Depositary not more than
      once
      each calendar year and shall be payable at the sole discretion of the Depositary
      by billing such Holders or by deducting such charge from one or more cash
      dividends or other cash distributions), and (v) such fees and expenses as are
      incurred by the Depositary (including without limitation expenses incurred
      on
      behalf of Holders in connection with compliance with foreign exchange control
      regulations or any law or regulation relating to foreign investment) in delivery
      of Deposited Securities or otherwise in connection with the Depositary's or
      its
      Custodian's compliance with applicable law, rule or regulation. The Company
      will
      pay all other charges and expenses of the Depositary and any agent of the
      Depositary (except the Custodian) pursuant to agreements from time to time
      between the Company and the Depositary, except (i) stock transfer or other
      taxes
      and other governmental charges (which are payable by Holders or persons
      depositing Common Stock), (ii) cable, telex and facsimile transmission and
      delivery charges incurred at the request of persons depositing, or Holders
      delivering Common Stock, ADRs or Deposited Securities (which are payable by
      such
      persons or Holders), (iii) transfer or registration fees for the registration
      or
      transfer of Deposited Securities on any applicable register in connection with
      the deposit or withdrawal of Deposited Securities (which are payable by persons
      depositing Common Stock or Holders withdrawing Deposited Securities), (iv)
      expenses of the Depositary in connection with the conversion of foreign currency
      into U.S. dollars (which are paid out of such foreign currency), and (v) any
      other charge payable by any of the Depositary, any of the Depositary&#8217;s agents,
      including, without limitation, the Custodian, or the agents of the Depositary&#8217;s
      agents in connection with the servicing of the Common Stock or other Deposited
      Securities </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">such
      or
      in connection with other distributions to holders of Common Stock pursuant
      to
      Section 4.02, 4.03, 4.04 or 4.05 of the Deposit Agreement (which charge shall
      be
      assessed against Holders as of the record date or dates set by the Depositary
      and shall be payable at the sole discretion of the Depositary by billing such
      Holders or by deducting such charge from one or more cash dividends or other
      cash distributions). Such charges may at any time and from time to time be
      changed with the consent of the Company. The right of the Depositary to receive
      payment of fees, charges and expenses as provided in Section 5.05 of the Deposit
      Agreement (and summarized in this paragraph (8)) shall survive the termination
      of the Deposit Agreement and, as to any Depositary, the resignation of such
      Depositary pursuant to Section 5.04 of the Deposit Agreement.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      2.02.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      B
      of the Deposit Agreement is deleted and references thereto </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in
      the
      Deposit Agreement shall be deemed references to Paragraph 5.05 of the Deposit
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>
      2.03.</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Section
      5.02 of the Deposit Agreement and paragraph (24) of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      form
      of ADR are amended to include the following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
      anything to the contrary set forth in the Deposit Agreement or an ADR, the
      Depositary and its agents may fully respond to any and all written demands
      or
      requests for information maintained by or on its behalf in connection with
      the
      Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related
      hereto to the extent such information is requested or required by or pursuant
      to
      any lawful authority, including without limitation laws, rules, regulations,
      administrative or judicial process, banking, securities or other regulators.
      Neither the Depositary, the Company nor any of their respective agents shall
      be
      liable to Holders or beneficial owners of interests in ADSs for any indirect,
      special, punitive or consequential damages.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ARTICLE
      III</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>MISCELLANEOUS</u></strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      3.01. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Effective
      Date</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      Amendment is dated as of the date set forth above and shall be effective thirty
      days after notice hereof (90 days in the case of those amendments set forth
      in
      Section 2.03 hereof) has been given to the Holders in the manner required by
      the
      Deposit Agreement (the "Effective Date").</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      3.02. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Outstanding
      ADRs</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      ADRs
      issued prior or subsequent to the Effective Date, do not need to be called
      in
      for exchange and may remain outstanding until such time as the Holders thereof
      choose to surrender them for any reason under the Deposit Agreement. The
      Depositary is authorized and directed to take any and all actions deemed
      necessary to effect the foregoing. The form of ADR reflecting the above changes
      and other revisions thereto is amended to read as set forth in Exhibit A
      hereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      3.03. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Indemnification</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      parties hereto shall be entitled to the benefits of the indemnification
      provisions of the Deposit Agreement and the Common Stock Agreement in connection
      with any and all liability it or they may incur as a result of the terms of
      this
      Amendment and the transactions contemplated herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECTION
      3.04. </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Counterparts</u></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>.
      </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      Amendment may be executed in any number of counterparts, each of which shall
      be
      deemed an original and all of which taken together shall constitute one
      instrument.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>IN
      WITNESS WHEREOF,</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      the
      Depositary has duly executed this Amendment as of the Effective Date and all
      holders shall become parties hereto upon acceptance by them of ADRs issued
      in
      accordance with the terms hereof, by continuing to hold their current ADRs
      or
      upon acquisition of any beneficial interest in ADRs.</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="49%">&#160;</td>
            <td align="justify" valign="top" width="31%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="49%">&#160;</td>
            <td align="justify" valign="top" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMORGAN
                CHASE BANK, N.A.</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="49%">&#160;</td>
            <td align="justify" valign="top" width="31%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="49%">&#160;</td>
            <td align="justify" valign="top" width="31%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="49%">&#160;</td>
            <td align="justify" valign="top" width="31%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="49%">&#160;</td>
            <td align="justify" valign="top" width="31%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="49%">&#160;</td>
            <td align="justify" valign="top" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:
                </font></div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="49%">&#160;</td>
            <td align="justify" valign="top" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:
                Vice President</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the provisions of Section 6.01 of the Deposit Agreement, the Company hereby
      consents to the terms of this Amendment No. 2 to Deposit Agreement as executed
      by the Depositary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PHILIPPINE
      LONG DISTANCE TELEPHONE COMPANY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:______________________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:______________________________</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
        <div style="WIDTH: 100%" align="left">
        </div>
      </div>
    </div><br><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
      A</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ANNEXED
      TO AND INCORPORATED</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>IN
      AMENDMENT NO. 2 TO DEPOSIT AGREEMENT</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">[FORM
      OF
      FACE OF ADR]</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
      A
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      _________</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
      Depositary Shares</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(One
      American Depositary</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Share
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      OF
      FACE OF AMERICAN DEPOSITARY RECEIPT] </font></div>
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      DEPOSITARY RECEIPT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">evidencing</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
      Depositary Shares </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">representing</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DEPOSITED
      FULLY PAID SHARES OF COMMON STOCK</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">PHILIPPINE
      LONG DISTANCE TELEPHONE COMPANY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Incorporated
      under the laws of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      Republic of the Philippines)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
      HOLDER OF THIS AMERICAN DEPOSITARY RECEIPT SHALL NOT HAVE, AND SHALL NOT HAVE
      THE RIGHT TO INSTRUCT THE DEPOSITARY AS TO THE EXERCISE OF, ANY DISSENTER'S
      RIGHTS PROVIDED TO HOLDERS OF COMMON STOCK UNDER PHILIPPINE LAW.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMORGAN
      CHASE BANK, N.A., a national banking association organized under the laws of
      the
      United States, as depositary hereunder (the "Depositary"), hereby certifies
      that
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>&#160;</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      is the
      owner of that number of American Depositary Shares ("ADSs"), indicated on the
      records of the Depositary, representing deposited fully paid Common Stock (the
      &#8220;Common Stock&#8221;), including evidence of rights to receive such Common Stock
      (including, but not limited to, purchase invoices as may effectuate the legal
      transfer of title to shares under Philippine law), of Philippines Long Distance
      Telephone Company, a corporation organized under the laws of the Republic of
      the
      Philippines (the "Company"). At the date of the Deposit Agreement (as hereafter
      defined), each ADS represents one (1) share of Common Stock deposited under
      the
      Deposit Agreement with the Custodian, which at the date of execution of the
      Deposit Agreement, as amended, is the Manila branch of Citibank, N.A. (the
      &#8220;Custodian&#8221;). The Deposit Agreement and this American Depositary Receipt (&#8220;ADR&#8221;)
      (which includes the provisions set forth on the reverse hereof) shall be
      governed by and construed in accordance with the laws of the State of New
      York.</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>The
      Deposit Agreement.</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      This ADR
      is issued pursuant to the Common Stock Deposit Agreement dated as of October
      19,
      1994, as amended as of January , 2003 (as so amended and further amended from
      time to time, the &#8220;Deposit Agreement&#8221;), by and among the Depositary and all
      Holders from time to time of ADRs issued thereunder, each of whom by accepting
      an ADR or acquiring any beneficial interest therein agrees to become a party
      thereto and becomes bound by all terms and provisions thereof. The Deposit
      Agreement sets forth the rights of Holders of the ADRs and the rights and duties
      of the Depositary in respect of the Common Stock deposited thereunder and any
      and all other securities, property and cash from time to time received in
      respect of such Shares and held thereunder (such Common Stock, securities,
      property and cash, collectively, the "Deposited Securities"). Copies of the
      Deposit Agreement are on file at the Principal New York Office of the Depositary
      and at the principal office of the Custodian. The statements made on the face
      and the reverse of this ADR are summaries of certain provisions of the Deposit
      Agreement and are qualified by and subject to the detailed provisions of the
      Deposit Agreement, to which reference is hereby made. Terms defined in the
      Deposit Agreement and not otherwise defined herein have the same defined
      meanings set forth in the Deposit Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Surrender
      of ADRs and Withdrawal of Deposited Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Subject
      to the terms and conditions of the Deposit Agreement, upon (i) surrender of
      ADSs
      by delivery of ADRs at the Principal New York Office of the Depositary for
      the
      purpose of withdrawal or sale of the Deposited Securities represented thereby
      and (ii) payment of all fees (including the fees of the Depositary (which are
      summarized in paragraph (8) of this ADR) provided in the Deposit Agreement,
      including Exhibit B thereto), taxes (including stamp, transfer and capital
      gains
      taxes) and governmental or other charges payable in connection with such
      surrender and cancellation of ADRs, a Holder is entitled to (A) physical
      delivery, to him or upon his order, or electronic delivery, if available, to
      an
      account outside the United States designated by such person of the Common Stock
      and any other documents of title at the time represented by the ADR together
      with such other delivery of Deposited Securities (other than Common Stock)
      then
      represented by ADSs as the Depositary may effect or (B) request that the
      Depositary use reasonable efforts to sell or cause to be sold the Common Stock
      represented by the ADSs evidenced by such ADRs on such Holder's behalf over
      the
      Philippine Stock Exchange and to remit the proceeds thereof (less the fees
      and
      expenses provided herein and any brokerage fee or selling expenses incurred
      in
      connection with such sale) to such Holder or in accordance with such Holder's
      instructions; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      that no
      such request may be made by any such Holder to the Depositary to sell or to
      cause to be sold such Common Stock in amounts less than the minimum trading
      (board) lot prescribed by the Philippine Stock Exchange.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">An
      ADR
      surrendered and written instructions received for such purposes may be required
      by the Depositary to be properly endorsed or accompanied by properly executed
      instruments of transfer. The person requesting withdrawal of Deposited
      Securities or the sale of Common Stock as provided under the Deposit Agreement
      and described herein shall deliver to the Depositary written instructions
      requesting the Depositary to cause (i)&#160;the Deposited Securities being
      withdrawn to be delivered (subject to any applicable clearing procedures and
      provisions of the Amended Articles of Incorporation of the Company and subject
      to the provisions of this paragraph (2)) to or upon the written order of a
      person or persons designated in such order or (ii) the Common Stock being
      withdrawn to be so sold.</font></div><br>
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      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      the
      receipt of written instructions to use reasonable efforts to sell or cause
      to be
      sold the Common Stock represented by ADSs being withdrawn from deposit under
      the
      Deposit Agreement and compliance with the other provisions of Section 2.05
      of
      the Deposit Agreement, the Depositary will, subject to the terms and conditions
      of the Deposit Agreement and applicable laws and regulations, direct the
      Custodian to make reasonable efforts, in its sole discretion, to sell or cause
      to be sold the Common Stock represented by the ADSs so surrendered, through
      a
      securities company in the Philippines selected by the Depositary, over the
      Philippine Stock Exchange. Any such sale of Common Stock will be at the risk
      and
      expense (including any brokerage commissions), of the Holder requesting such
      sale. Upon receipt of any proceeds from such sale (less any fees and expenses
      incurred in connection with such sale, including brokerage commissions) the
      Depositary will, subject to the terms of Section 4.06 of the Deposit Agreement
      (which are summarized in paragraph (18) below), convert or cause to be converted
      any such proceeds into dollars and distribute any such proceeds to or to the
      order of the person or persons designated in such written instructions. The
      Depositary may make delivery to such person or persons at the Principal New
      York
      Office of the Depositary of any such proceeds of sale. The parties acknowledge
      that no assurance can be given that the Depositary will be able to effect any
      sale of any Common Stock in a timely manner or at a specified price,
      particularly during periods of trading illiquidity or volatility with respect
      to
      Common Stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
      the
      receipt of written instructions requesting the withdrawal and delivery of
      Deposited Securities from deposit under the Deposit Agreement and compliance
      with the other provisions of Section 2.05 of the Deposit Agreement, the
      Depositary will direct the Custodian to deliver at the principal office of
      such
      Custodian, subject to the terms and conditions of the Deposit Agreement and
      applicable laws and regulations, to or upon the written order of the person
      or
      persons designated in such written instructions, the Deposited Securities
      represented by the ADSs evidenced by such surrendered ADR or represented by
      the
      ADSs specified in such written instructions; except that the Depositary may,
      subject to applicable law, make delivery to such person or persons at the
      Principal New York Office of the Depositary of any dividends or distributions
      (other than dividends or distributions consisting of Common Stock) with respect
      to the Deposited Securities to be withdrawn, or of any proceeds of sale of
      any
      dividends, distributions (other than dividends or distributions consisting
      of
      Common Stock) or rights with respect to the Deposited Securities which may
      at
      the time be held by the Depositary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
      the
      request, risk and expense of any Holder so surrendering an ADR or submitting
      such written instructions for delivery, and for the account of such Holder,
      and
      provided that payment of any applicable tax or governmental or other charge
      shall have been made in accordance with Section 3.02 of the Deposit Agreement,
      the Depositary will direct the Custodian to forward any cash or other property
      (other than rights) comprising, and forward a certificate or certificates (if
      certificates may be delivered) and other proper documents of title, if any,
      for,
      the Deposited Securities represented by the ADSs evidenced by such ADR to the
      Depositary for delivery at the Principal New York Office of the Depositary.
      Such
      direction will be given by letter or, at the request, risk and expense of such
      Holder, by cable, telex or facsimile transmission.</font></div><br>
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Depositary will not accept surrender of ADRs or written instructions for the
      purpose of withdrawal of less than one share of Common Stock. In addition,
      the
      Depositary shall only honor requests for withdrawal of whole numbers of shares
      of Common Stock. In the case of surrender of an ADR evidencing a number of
      ADSs
      representing other than a whole number of shares of Common Stock, the Depositary
      will cause delivery of the appropriate whole number of shares of Common Stock
      as
      provided in the Deposit Agreement and summarized herein, and will execute and
      deliver to the person surrendering such ADR a new ADR evidencing ADSs
      representing any remaining fractional shares of Common Stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
      anything in the Deposit Agreement to the contrary, the Company and the
      Depositary each agrees that it will not exercise any rights it has under the
      Deposit Agreement to prevent the withdrawal or delivery of Deposited Securities
      in a manner which would violate the United States securities laws, including,
      but not limited to, Section I.A(1) of the General Instructions to the Form
      F-6
      Registration Statement, as amended from time to time, under the Securities
      Act
      of 1933.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(3)
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      Split-ups and Combinations</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Subject
      to the limitations stated herein and in the Deposit Agreement, this ADR is
      transferable on the books of the Depositary by the Holder hereof in person
      or by
      duly authorized attorney, upon surrender (at the Depositary's Principal New
      York
      Office) of this ADR properly endorsed or accompanied by proper instruments
      of
      transfer (including signature guarantees in accordance with standard industry
      practice) and duly stamped as may be required by any applicable law. Thereupon,
      the Depositary will execute a new ADR or ADRs and deliver the same to or upon
      the order of the person entitled thereto.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
      ADR
      may be split into other ADRs or may be combined with other ADRs into one ADR,
      evidencing the same aggregate number of ADSs and registered in the name of
      the
      same Holder as the ADR or ADRs surrendered. At the request of a Holder, the
      Depositary shall, for the purpose of substituting a certificated ADR with a
      Direct Registration ADR, or vice versa, execute and deliver a certificated
      ADR
      or a Direct Registration ADR, as the case may be, for any authorized number
      of
      ADSs requested, evidencing the same aggregate number of ADSs as those evidenced
      by the certificated ADR or Direct Registration ADR, as the case may be,
      substituted.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Limitations
      on Execution and Delivery, Transfer, Etc. of ADRs; Suspension of Delivery,
      Transfer, Etc</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      As a
      condition precedent to the execution and delivery, registration of transfer,
      split-up, combination or surrender of any ADR for the purpose of withdrawal
      of
      any Deposited Securities, the Depositary or the Custodian may require (i)
      payment from the Holder, the presenter of an ADR or the depositor of Common
      Stock, of a sum sufficient to reimburse it for any taxes (including any
      transfer, capital gains or stamp taxes) or governmental or other charges and
      any
      stock transfer, custody or registration fee with respect thereto and payment
      of
      any applicable fees (which are summarized in paragraph (8) of this ADR) provided
      for in the Deposit Agreement, including Exhibit B thereto, (ii) production
      of
      proof satisfactory to it as to the identity and genuineness of any signature,
      including, but not limited to, a signature guarantee in accordance with industry
      practice, and (iii) compliance with such other restrictions, if any, as the
      Depositary may, after consultation with the Company, establish consistent with
      the provisions of the Deposit Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      delivery of ADRs against deposits of Common Stock generally or of particular
      Common Stock may be suspended or withheld, or the registration of transfer
      of
      ADRs in particular instances may be refused, or the registration of transfer
      generally may be suspended, or the surrender of outstanding ADRs for the purpose
      of withdrawal of Deposited Securities may be suspended, during any period when
      the transfer books of the Depositary or the Company (or the appointed agent
      of
      the Company for the transfer and registration of Common Stock) are closed,
      or if
      any such action is deemed necessary or advisable by the Company or the
      Depositary at any time or from time to time.</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
      to the further terms and provisions of Section 2.06 of the Deposit Agreement
      (which are summarized in this paragraph (4)), JPMorgan Chase Bank, N.A. and
      its
      agents, on their own behalf, may own and deal in any class of securities of
      the
      Company and its affiliates and in ADRs. The Depositary may issue ADRs for
      evidence of rights to receive Common Stock from the Company, or any custodian,
      registrar, transfer agent, clearing agency or other entity involved in ownership
      or transaction records in respect of the Common Stock. Such evidence of rights
      shall consist of written blanket or specific guarantees of ownership of Common
      Stock furnished on behalf of the Holder hereof. Neither the Depositary nor
      the
      Custodian shall lend Deposited Securities or ADRs; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that
      the Depositary may issue ADRs prior to the receipt of Common Stock pursuant
      to
      Section 2.02 of the Deposit Agreement (a "Pre-Release Transaction") and deliver
      shares of Common Stock upon the receipt and cancellation of ADRs which have
      been
      Pre-Released, whether or not such cancellation is prior to the termination
      of
      such Pre-Release Transaction or the Depositary knows that such ADR has been
      Pre-Released. The Depositary may receive ADRs in lieu of shares in satisfaction
      of a Pre-Release Transaction. Each such Pre-Release transaction will be (a)
      subject to (x)&#160;a written representation from the person to whom ADRs are to
      be delivered (the "Applicant") that such person, or its customer, owns the
      Common Stock to be remitted, (y) an unconditional guarantee by such person
      to
      deliver to the Custodian the number of shares of Common Stock that are the
      subject of the Pre-Release Transaction and (z) any additional restrictions
      or
      requirements that the Depositary deems appropriate, (b) subject to a written
      representation to the Applicant that it will hold such shares of Common Stock
      in
      trust for the Depositary until their delivery to the Depositary or Custodian,
      reflect on its records the Depositary as owner of such shares of Common Stock
      and deliver such Common Stock upon the Depositary's request, (c) at all times
      fully collateralized (marked to market daily) with cash, United States
      government securities or such other collateral of comparable safety and
      liquidity, (d) terminable by the Depositary on not more than five (5) business
      days notice, and (e) subject to such further indemnities and credit regulations
      as the Depositary deems appropriate. The Depositary intends that the number
      of
      ADRs issued by it pursuant to a Pre-Release Transaction and outstanding at
      anytime generally will not exceed thirty percent (30%) of the ADRs issued by
      the
      Depositary and with respect to which shares of Common Stock are on deposit
      with
      the Depositary or Custodian; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that
      the Depositary reserves the right to change or disregard such limit from time
      to
      time as it deems appropriate. The Depositary will also set limits with respect
      to the number of ADRs and Common Stock involved in transactions to be effected
      hereunder with any one person on a case by case basis as it deems
      appropriate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Depositary may retain for its own account any compensation received by it in
      connection with the foregoing. Collateral provided pursuant to (b) above, but
      not the earnings thereon, shall be held for the benefit of the Holders
      only.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Without
      limitation of the foregoing, the Depositary will not knowingly accept for
      deposit under this Deposit Agreement any Common Stock required to be registered
      pursuant to the provisions of the Securities Act (including, but not limited
      to,
      any "restricted securities" within the meaning of Rule 144 under the Securities
      Act), unless a registration statement under the Securities Act is in effect
      as
      to such Common Stock. The Depositary will use reasonable efforts to comply
      with
      written instructions of the Company not to accept for deposit under the Deposit
      Agreement any Common Stock identified in such instructions at such times and
      under such circumstances as may reasonably be specified in such instructions
      in
      order to facilitate the Company's compliance with the securities laws of the
      United States.</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Any
      person depositing Common Stock or any Holder may be required from time to time
      to file with the Depositary or the Custodian such proof of citizenship,
      residence, exchange control approval, payment of all applicable taxes or other
      governmental charges, compliance with all applicable laws and regulations and
      the terms of the Deposit Agreement, or legal or beneficial ownership and the
      nature of such interest, to provide information relating to the registration
      on
      the books of the Company (or the appointed agent of the Company for the transfer
      and registration of Common Stock) of the Common Stock presented for deposit
      or
      other information, to execute such certificates and to make such representations
      and warranties as the Depositary or the Company may deem necessary or proper
      to
      enable the Depositary to perform its obligations under the Deposit Agreement
      or
      to enable the Company or the Depositary to perform their respective obligations
      under the Company Agreement (as hereinafter defined). The Depositary may
      withhold the execution or delivery or registration of transfer of all or part
      of
      any ADR or the distribution or sale of any dividend or other distribution of
      rights or of the proceeds thereof or the withdrawal of any Deposited Securities
      until such proof or other information is filed or such certificates are executed
      or such representations and warranties are made. The Depositary shall take
      such
      additional actions and provide such additional information as the Depositary
      shall from time to time agree with the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Liability
      of Holders for Taxes and Other Charges</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      If any
      tax or governmental or other charge shall become payable with respect to this
      ADR, to any Deposited Securities represented by the ADSs evidenced hereby,
      such
      tax or governmental or other charge (other than any capital or stamp duties
      or
      transfer taxes payable by the Company in accordance with the terms and
      conditions of the Common Stock) shall be payable by the Holder hereof to the
      Depositary. The Depositary may refuse, and the Company shall be under no
      obligation, to effect any registration of transfer of all or any part of this
      ADR or any deposit or withdrawal of Deposited Securities represented by the
      ADSs
      evidenced hereby until such payment is made, and may withhold any dividends
      or
      other distributions, or may sell for the account of the Holder hereof any part
      or all of the Deposited Securities represented by the ADSs evidenced hereby,
      and
      may apply such dividends or other distributions or the proceeds of any such
      sale
      in payment of such tax or governmental or other charge, the Holder hereof
      remaining liable for any deficiency.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(6)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Warranties
      by Depositor</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Each
      person depositing Common Stock under the Deposit Agreement shall be deemed
      thereby to represent and warrant that such Common Stock and each certificate
      therefor are validly issued and outstanding, fully paid and nonassessable,
      that
      the person making such deposit is duly authorized to do so and that such shares
      of Common Stock are not "restricted securities" as such term is defined in
      Rule
      144 of the Securities Act. Such representations and warranties shall survive
      the
      deposit of Common Stock and issuance of ADRs in respect thereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(7)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Compliance
      with U.S. Securities Laws</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Notwithstanding anything in the Deposit Agreement to the contrary, the Company
      and the Depositary have each agreed that it will not exercise any rights it
      has
      under the Deposit Agreement to prevent the withdrawal or delivery of Deposited
      Securities in a manner which would violate the United States securities laws,
      including, but not limited to, Section I.A. (1) of the General Instructions
      to
      the Form F-6 Registration Statement, as amended from time to time, under the
      Securities Act of 1933.</font></div><br>
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      </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(8)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Charges
      of Depositary</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Depositary may charge (i) each person to whom ADSs are issued,&#160;including,
      without limitation, issuances&#160;against deposits of Common
      Stock,&#160;issuances in respect of Common Stock distributions, rights and other
      distributions, issuances pursuant to a stock dividend or stock split declared
      by
      the Company, or issuances pursuant to a merger,&#160;exchange of securities or
      any other transaction or event affecting the ADSs or the Deposited Securities,
      and&#160;(ii) each person surrendering ADSs for withdrawal of Deposited
      Securities or whose ADSs are cancelled or reduced for any other reason, U.S.
      $5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced,
      cancelled&#160;or surrendered (as the case may be). The Depositary may sell (by
      public or private sale) sufficient securities and property received in respect
      of Common Stock distributions, rights and other distributions prior to such
      deposit to pay such charge. The following additional charges shall be incurred
      by the Holders, by any party depositing or withdrawing Common Stock or by any
      party surrendering ADSs, to whom ADSs are issued (including, without limitation,
      issuance pursuant to a stock dividend or stock split declared by the Company
      or
      an exchange of stock regarding the ADSs or the Deposited Securities or a
      distribution of ADSs under the Deposit Agreement), whichever is applicable
      (i) a
      fee of $.02 or less per ADS (or portion thereof) for any Cash distribution
      made,
      (ii) to the extent not prohibited by the rules of the primary stock exchange
      upon which the ADSs are listed, a fee of $1.50 per ADR or ADRs for transfers
      made, (iii) a fee for the distribution or sale of securities, such fee being
      in
      an amount equal to the fee for the execution and delivery of ADSs referred
      to
      above which would have been charged as a result of the deposit of such
      securities (for purposes of this paragraph treating all such securities as
      if
      they were Common Stock) but which securities or the net cash proceeds from
      the
      sale thereof are instead distributed by the Depositary to Holders entitled
      thereto,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iv)
      a
      fee of US$0.02 per ADS (or portion thereof) per year for the services performed
      by the Depositary in administering the ADRs (which fee shall be assessed against
      Holders as of the record date or dates set by the Depositary not more than
      once
      each calendar year and shall be payable at the sole discretion of the Depositary
      by billing such Holders or by deducting such charge from one or more cash
      dividends or other cash distributions), and (v) such fees and expenses as are
      incurred by the Depositary (including without limitation expenses incurred
      on
      behalf of Holders in connection with compliance with foreign exchange control
      regulations or any law or regulation relating to foreign investment) in delivery
      of Deposited Securities or otherwise in connection with the Depositary's or
      its
      Custodian's compliance with applicable law, rule or regulation. The Company
      will
      pay all other charges and expenses of the Depositary and any agent of the
      Depositary (except the Custodian) pursuant to agreements from time to time
      between the Company and the Depositary, except (i) stock transfer or other
      taxes
      and other governmental charges (which are payable by Holders or persons
      depositing Common Stock), (ii) cable, telex and facsimile transmission and
      delivery charges incurred at the request of persons depositing, or Holders
      delivering Common Stock, ADRs or Deposited Securities (which are payable by
      such
      persons or Holders), (iii) transfer or registration fees for the registration
      or
      transfer of Deposited Securities on any applicable register in connection with
      the deposit or withdrawal of Deposited Securities (which are payable by persons
      depositing Common Stock or Holders withdrawing Deposited Securities), (iv)
      expenses of the Depositary in connection with the conversion of foreign currency
      into U.S. dollars (which are paid out of such foreign currency), and (v) any
      other charge payable by any of the Depositary, any of the Depositary&#8217;s agents,
      including, without limitation, the Custodian, or the agents of the Depositary&#8217;s
      agents in connection with the servicing of the Common Stock or other Deposited
      Securities </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">such
      or
      in connection with other distributions to holders of Common Stock pursuant
      to
      Section 4.02, 4.03, 4.04 or 4.05 of the Deposit Agreement </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(which
      are summarized in paragraphs (14), (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">15),
      (16</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      (17)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      respectively, of the form of ADR)</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      (which
      charge shall be assessed against Holders as of the record date or dates set
      by
      the Depositary and shall be payable at the sole discretion of the Depositary
      by
      billing such Holders or by deducting such charge from one or more cash dividends
      or other cash distributions). Such charges may at any time and from time to
      time
      be changed with the consent of the Company. The right of the Depositary to
      receive payment of fees, charges and expenses as provided in Section 5.05 of
      the
      Deposit Agreement (and summarized in this paragraph (8)) shall survive the
      termination of the Deposit Agreement and, as to any Depositary, the resignation
      of such Depositary pursuant to Section 5.04 of the Deposit
      Agreement.</font></div><br>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(9)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Title
      to ADRs</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Subject
      to any limitations set forth herein or in the Deposit Agreement, it is a
      condition of this ADR, and every successive Holder hereof by accepting or
      holding the same consents and agrees, that when properly endorsed or accompanied
      by proper instruments of transfer (including signature guarantees in accordance
      with standard industry practice) title to this ADR (and to each ADS evidenced
      hereby) is transferable by delivery with the same effect as in the case of
      a
      negotiable instrument in accordance with the laws of the State of New York;
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that
      the Depositary and the Company, notwithstanding any notice to the contrary,
      may
      deem and treat the Holder of this ADR as the absolute owner hereof for any
      purpose, including, without limitation, the purpose of determining the person
      entitled to distribution of dividends or other distributions or to any notice
      provided for in the Deposit Agreement and neither the Depositary nor the Company
      shall have any obligation or be subject to any liability under the Deposit
      Agreement to any holder hereof unless such holder is the Holder
      hereof.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(10)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Validity
      of ADR</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      This
      ADR shall not be entitled to any benefits under the Deposit Agreement or be
      valid or obligatory for any purpose unless this ADR has been executed by the
      Depositary by the manual signature of a duly authorized officer of the
      Depositary or, if a Registrar shall have been appointed, such signature may
      be a
      facsimile if this ADR is counter-signed by the manual signature of a duly
      authorized officer of the Registrar and dated by such officer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(11)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Disclosure
      of Interests</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Company or the Depositary may from time to time request Holders or former
      Holders to provide information as to the capacity in which they hold or held
      this ADR and the nature of such interest and various other matters. Each such
      Holder agrees to provide any such information reasonably requested by the
      Company or the Depositary pursuant to the Deposit Agreement whether or not
      still
      a Holder at the time of such request.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(12)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Ownership
      Restrictions</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Company may restrict transfers of Common Stock if such transfer might result
      in
      ownership of Common Stock exceeding the limits under any applicable law or
      the
      Company's Amended Articles of Incorporation. The Philippine Constitution
      requires that at least 60% of the capital of a corporation operating a public
      utility in the Philippines be owned by Philippine citizens. The Depositary
      will,
      if and as directed by the Company, take action with respect to the ownership
      interest of any Holder in excess of any legal or contractual limitations on
      the
      legal or beneficial ownership of Common Stock or ADSs, including, but not
      limited to, a mandatory sale or disposition on behalf of a Holder of the Common
      Stock represented by the ADSs held by such Holder in excess of such limitation,
      if and to the extent such disposition is permitted by applicable
      law.</font></div><br>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(13)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Available
      Information</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Company is subject to the periodic reporting requirements of the Securities
      Exchange Act of 1934 and, accordingly, files certain reports with the
      Commission. These public reports can be inspected by Holders and copied at
      the
      public reference facilities maintained by the Commission located at the date
      of
      this Deposit Agreement at 100 F Street, N.E., Washington, D.C.
      20549.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="47%">&#160;</td>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMORGAN
                CHASE BANK, N.A.,</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">as
                depositary</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="47%">&#160;</td>
            <td align="left" valign="top" width="33%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="47%" style="border-bottom: #ffffff solid;">&#160;</td>
            <td align="left" valign="top" width="33%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="47%">&#160;<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:</font></td>
            <td align="left" valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      address of the Principal New York Office of the Depositary is 4 New York Plaza,
      13</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>th</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Floor,
      New York, New York 10004.</font></div><br>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(FORM
      OF
      REVERSE OF AMERICAN DEPOSITARY RECEIPT)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SUMMARY
      OF CERTAIN ADDITIONAL PROVISIONS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">OF
      THE
      DEPOSIT AGREEMENT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(14)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Cash
      Distributions; Withholding</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Whenever the Custodian or the Depositary receives any cash dividend or other
      cash distribution by the Company in respect of any Deposited Securities, the
      Depositary will, subject to the provisions of Section 4.06 of the Deposit
      Agreement (which are summarized in paragraph (18) below), convert or cause
      any
      portion of such dividend or distribution which is not in dollars to be converted
      into dollars and shall promptly distribute such amount to the Holders entitled
      hereto in proportion to the number of ADSs representing such Deposited
      Securities held by them respectively, after deduction or upon payment of the
      fees and expenses of the Depositary or the Custodian (and without liability
      for
      interest); </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that in
      the event that the Company, the Custodian or the Depositary shall be required
      to
      withhold and does withhold from any cash dividend or other cash distribution
      in
      respect of any Deposited Securities an amount on account of taxes or other
      governmental charges, the amount distributed to Holders in respect of ADSs
      representing such Deposited Securities shall be reduced accordingly. The
      Depositary will distribute only such amount, however, as can be distributed
      without attributing to any Holder a fraction of one cent, and any balance not
      so
      distributable will be held by the Depositary (without liability for interest
      thereon) and will be added to and become part of the next sum received by the
      Depositary for distribution to Holders then outstanding. The Company has agreed
      with the Depositary that the Company or its agent, or the Depositary or its
      agent, as appropriate, will remit to the appropriate governmental authority
      or
      agency all amounts withheld and owing to such authority or agency. The
      Depositary will forward to the Company or its agent such information from its
      records as the Company may reasonably request to enable the Company or its
      agent
      to file necessary reports with governmental authorities or agencies or, at
      the
      request and expense of the Company, the Depositary or its agent may file such
      reports if deemed lawful and reasonably feasible by the Depositary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(15)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Distributions
      in Common Stock</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      If any
      distribution in respect of any Deposited Securities consists of a dividend
      in,
      or free distribution of, Common Stock, the Depositary may, after consultation
      with the Company, distribute to the Holders entitled thereto, in proportion
      to
      the number of ADSs representing such Deposited Securities held by them
      respectively, additional ADRs for an aggregate number of ADSs representing
      the
      number of shares of Common Stock received as such dividend or free distribution,
      in either case, after deduction or upon payment of the fees and expenses of
      the
      Depositary; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that if
      for any reason (including any requirement that the Company or the Depositary
      withhold, or make an advance payment of, an amount on account of taxes or other
      governmental charges or that such Common Stock must be registered under the
      Securities Act in order to be distributed to Holders) the Depositary reasonably
      deems such distribution not to be practical or feasible, the Depositary may,
      after consultation with the Company, (i)&#160;to the extent permitted by
      applicable law, adopt such method as it may reasonably deem equitable and
      practicable for the purpose of obtaining such dividend or effecting such
      distribution, including the sale (at public or private sale) of the Common
      Stock
      thus received, or any part thereof, and the net proceeds of any such sale after
      payment of and reimbursement of advances to pay any taxes or governmental
      charges shall be distributed by the Depositary to the Holders entitled thereto
      as in the case of a distribution received in cash or (ii) if the Depositary
      reasonably determines that no such method of distribution can be effected in
      a
      practicable or equitable manner, the Depositary may refrain from effecting
      such
      distribution altogether until such time as it reasonably determines that a
      practicable or equitable distribution can be effected. In lieu of issuing ADRs
      or adjusting the Depositary's records for fractional ADSs in any such case,
      the
      Depositary will sell the number of shares of Common Stock represented by the
      aggregate of such fractions and distribute the net proceeds in dollars, all
      in
      the manner and subject to the conditions set forth in Section 4.02 of the
      Deposit Agreement (which are summarized in paragraph (14) above). If additional
      ADRs are not so distributed (except pursuant to the preceding sentence), or
      such
      change in the records of the Depositary is not made, each ADS will thenceforth
      also represent its proportionate interest in the additional shares of Common
      Stock distributed upon the Deposited Securities represented
      thereby.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(16)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Distribution
      of Rights</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      In the
      event that the Company shall offer or cause to be offered to the holders of
      any
      Deposited Securities any rights to subscribe for additional Common Stock or
      any
      rights of any other nature, the Depositary, after consultation with the Company,
      has discretion as to the procedure to be followed in making such rights
      available to the Holders entitled thereto, subject to certain conditions set
      forth in Section 5.09 of the Deposit Agreement (which are summarized in
      paragraph (27) below), or in disposing of such rights on behalf of such Holders
      and making the net proceeds available in cash to such Holders or, if by the
      terms of such rights offering or by reason of applicable law, the Depositary
      may
      neither make such rights available to such Holders nor dispose of such rights
      and make the net proceeds available to such Holders, then the Depositary will
      allow the rights to lapse; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that
      the Depositary will, if requested by the Company, take action as
      follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
      if at
      the time of the offering of any rights the Depositary determines that it is
      lawful and feasible to make such rights available to all or certain Holders
      by
      means of warrants or otherwise, the Depositary will, after deduction or upon
      payment of the fees and expenses of the Depositary, distribute warrants or
      other
      instruments in proportion to the number of ADSs representing such Deposited
      Securities held by them respectively, or by means of such other method as it
      may
      deem feasible in order to facilitate the exercise, sale or transfer of rights
      by
      such Holders or the sale or resale of securities obtainable upon exercise of
      such rights by such Holders; or</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)
      if
      at the time of the offering of any rights the Depositary determines that it
      is
      not lawful or not feasible to make such rights available to certain Holders
      by
      means of warrants or otherwise, or if the rights represented by such warrants
      or
      such other instruments are not exercised and appear to be about to lapse, the
      Depositary will use its reasonable efforts to sell such rights or such warrants
      or other instruments, if a market therefor is available, at public or private
      sales, at such place or places and upon such terms as it may deem proper and,
      after deduction or upon payment of the fees and expenses of the Depositary
      and
      any applicable taxes, allocate the net proceeds of such sales for the account
      of
      the Holders otherwise entitled to such rights, warrants or other instruments
      upon an averaged or other practicable basis without regard to any distinctions
      among such Holders because of exchange restrictions or the date of delivery
      of
      any ADR or ADRs, or otherwise.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      registration (under the Securities Act or any other applicable law) of the
      rights or the securities to which any rights relate is required in order for
      the
      Company to offer such rights to Holders and to sell to them the securities
      to
      which such rights relate, the Depositary will not offer such rights to Holders
      unless and until a registration statement is in effect, or unless the offering
      and sale of such rights or securities to such Holders are exempt from
      registration under the provisions of such law and, if requested by the
      Depositary, the Company furnishes to the Depositary an opinion of counsel in
      the
      United States for the Company reasonably satisfactory to the Depositary to
      such
      effect. The Company shall have no obligation to register such rights or such
      securities under the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(17)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Distributions
      Other Than Cash, Common Stock or Rights</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Whenever the Custodian or the Depositary shall receive any distribution other
      than cash, Common Stock or rights upon any Deposited Securities, the Depositary
      will cause the securities or property so received to be distributed to the
      Holders entitled thereto, after deduction or upon payment of the fees and
      expenses of the Depositary, in proportion to the number of ADSs representing
      such Deposited Securities held by them respectively, in any manner that the
      Depositary may deem equitable and practicable for accomplishing such
      distribution; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>however</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      that if
      in the opinion of the Depositary it cannot cause such securities or property
      to
      be distributed or such distribution cannot be made proportionately among the
      Holders entitled thereto, or if for any other reason (including any requirement
      that the Company, the Custodian or the Depositary withhold an amount on account
      of taxes or other governmental charges or that such securities must be
      registered under the Securities Act in order to be distributed to Holders)
      the
      Depositary deems such distribution not to be feasible, the Depositary may,
      after
      consultation with the Company, adopt such method as it may deem equitable and
      practicable for the purpose of effecting such distribution, including the sale
      (at public or private sale) of the securities or property thus received, or
      any
      part thereof, and the net proceeds of any such sale will be distributed by
      the
      Depositary to the Holders entitled thereto as in the case of a distribution
      received in cash; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      that any
      unsold balance of such securities or property will be distributed by the
      Depositary to the Holders entitled thereto, if such distribution is feasible
      without withholding for or on account of any taxes or other governmental charges
      and without registration under the Securities Act, in accordance with such
      equitable and practicable method as the Depositary adopts.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(18)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Conversion
      of Foreign Currency</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Whenever the Custodian receives currency other than dollars (in this paragraph
      referred to as "foreign currency"), by way of dividends or other distributions
      or the net proceeds from the sale of securities, property or rights, and if
      at
      the time of the receipt thereof the foreign currency so received can in the
      judgment of the Depositary be converted on a reasonable basis into dollars
      which
      can, at the time of receipt thereof, be transferred to the United States and
      distributed to the Holders entitled thereto, the Depositary will promptly
      convert or cause to be converted, by sale or in any other manner that it may
      determine, such foreign currency into dollars, and such dollars (less any
      reasonable and customary expenses incurred by the Depositary in the conversion
      of the foreign currency) will be distributed to the Holders entitled thereto
      or,
      if the Depositary shall have distributed any warrants or other instruments
      which
      entitle the holders thereof to such dollars, then to the holders of such
      warrants and/or instruments upon surrender thereof for cancellation. Such
      distribution will be made upon an averaged or other practicable basis without
      regard to any distinctions among Holders on account of any application of
      exchange restrictions or otherwise.</font></div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      such
      conversion or distribution generally or with regard to a particular Holder
      can
      be effected only with the approval or license of any government or agency
      thereof, the Depositary may file such application for approval or license,
      if
      any, as it may deem desirable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      at any
      time the Depositary determines that in its judgment any foreign currency
      received by the Depositary is not convertible on a reasonable basis into dollars
      distributable to Holders entitled thereto, or if any approval or license of
      any
      government or authority or agency thereof which is required for such conversion
      is denied or in the opinion of the Depositary is not obtainable, or if any
      such
      approval or license is not obtained within a reasonable period as determined
      by
      the Depositary, the Depositary may distribute the foreign currency (or an
      appropriate document evidencing the right to receive such foreign currency)
      received by the Depositary to, or in its discretion may hold such foreign
      currency (without liability for interest) for the respective accounts of, the
      Holders entitled to receive the same.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">If
      any
      such conversion of foreign currency, in whole or in part, cannot be effected
      for
      distribution to some Holders entitled thereto, the Depositary may in its
      discretion make such conversion and distribution in dollars to the extent
      permissible to the Holders for whom such conversion and distribution is
      practicable and may, subject to any applicable currency and exchange
      regulations, distribute the balance of the foreign currency received by the
      Depositary to, or hold such balance for the account of, the Holders for whom
      such conversion and distribution is not practicable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(19)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Fixing
      of Record Date</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Whenever any cash dividend or other cash distribution shall become payable
      or
      any distribution other than cash shall be made, or whenever rights shall be
      issued, with respect to the Deposited Securities, or whenever the Depositary
      receives notice of any meeting of holders of Common Stock or other Deposited
      Securities or any other meeting of holders of the Company's securities at which
      holders of Common Stock or other Deposited Securities are entitled to vote,
      or
      whenever, for any reason, the Depositary causes a change in the number of shares
      of Common Stock that are represented by each ADS, or whenever the Depositary
      finds it necessary or convenient in respect of any matter, the Depositary will
      fix a record date after consultation with the Company (which shall be as near
      as
      practicable to the corresponding record date for such distribution or meeting
      set by the Company) for the determination of the Holders who shall be entitled
      to receive such dividend, distribution or rights or the net proceeds of the
      sale
      thereof, or to give instructions for the exercise of voting rights, if any,
      at
      any such meeting or in respect of such changed number of shares of Common Stock
      represented by a ADS or in respect of such other matter. Subject to the
      provisions of Sections 4.02 through 4.06 of the Deposit Agreement (which are
      summarized in paragraphs (14) through (18), respectively, above) and to the
      other terms and conditions of the Deposit Agreement, the Holders on such record
      date will be entitled to receive the amount distributable by the Depositary
      with
      respect to such dividend or other distribution or such rights or the net
      proceeds of sale thereof and to exercise the rights of Holders under the Deposit
      Agreement with respect to such changed number of shares of Common Stock
      represented by each ADS, in proportion to the number of ADSs held by them
      respectively, to give such voting instructions, to receive such notice or
      solicitation or to act in respect of any matter.</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(20)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Voting
      of Deposited Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      As soon
      as practicable after receipt of notice of any meeting of holders of Common
      Stock
      or other Deposited Securities or any other meeting of holders of the Company's
      securities at which holders of Common Stock or other Deposited Securities are
      entitled to vote, the Depositary will fix a record date for determining the
      Holders entitled to give instructions for the exercise of voting rights as
      provided in Section 4.07 of the Deposit Agreement (and summarized in paragraph
      (19) above) and will mail or cause to be mailed to the Holders of record a
      notice which will contain: (a) such information as is contained in such notice
      of meeting and (b) a statement that the Holders of record at the close of
      business on a specified record date will be entitled, subject to any applicable
      provisions of the law of the Philippines and of the Amended Articles of
      Incorporation and the By-Laws of the Company, to instruct the Depositary as
      to
      the exercise of the voting rights, if any, pertaining to the number of shares
      of
      Common Stock or other Deposited Securities represented by their respective
      ADSs
      evidenced by their respective ADRs. Upon the written request of a Holder on
      such
      record date, received on or before the date established by the Depositary for
      such purpose, the Depositary will endeavor insofar as is practicable to vote
      or
      cause to be voted the amount of Deposited Securities represented by such ADSs
      evidenced by such ADR in accordance with the instructions set forth in such
      request.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Depositary may not itself exercise any voting discretion over any Common Stock.
      If the Depositary does not receive instructions from a Holder on or before
      the
      date established by the Depositary for such purpose, such Holder shall be
      deemed, and the Depositary shall deem such Holder, to have instructed the
      Depositary to give a discretionary proxy to a person designated by the Company
      for the purpose of exercising the voting rights, if any, pertaining to the
      Common Stock represented by ADSs evidenced by such Holder's ADRs, provided
      that
      no such discretionary proxy shall be given with respect to any matter as to
      which the Company informs the Depositary that (i) the Company does not wish
      such
      proxy given, (ii) substantial opposition exists or (iii) the rights of holders
      of Common Stock will be materially and adversely affected.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Holders
      do not have, and will not have the right to instruct the Depositary as to the
      exercise of, any dissenter's rights provided to holders of Common Stock under
      Philippine law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(21)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Changes
      Affecting Deposited Securities</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Upon
      any change in par value, split-up, consolidation or any other reclassification
      of Deposited Securities, or upon any recapitalization, reorganization, merger
      or
      consolidation of the Company or sale of assets affecting the Company or to
      which
      it is a party, any securities that shall be received by the Depositary or the
      Custodian in exchange for or in conversion of or in respect of Deposited
      Securities will be treated as new Deposited Securities, and the ADRs will,
      subject to the terms of the Deposit Agreement and applicable laws (including
      any
      registration requirements of the Securities Act), thenceforth represent the
      right to receive the new Deposited Securities so received in exchange or
      conversion, unless new or additional ADRs are delivered pursuant to the
      following sentence. In any such case the Depositary may, and will at the
      Company's request, subject to the terms of the Deposit Agreement, execute and
      deliver additional ADRs, as in the case of a stock dividend on the Common Stock,
      or call for the surrender of outstanding ADRs to be exchanged for new ADRs
      specifically describing such new Deposited Securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
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        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
      the foregoing, in the event that the Depositary determines that any security or
      property so received may not be lawfully or practicably distributed to all
      or
      certain Holders, the Depositary may and will, if the Company requests, sell
      such
      securities or property at public or private sale, at such place or places and
      upon such terms as it may deem proper, and may allocate the net proceeds of
      such
      sales (after payment of the expenses thereof and any taxes or governmental
      charges) for the account of the Holders otherwise entitled to such securities
      or
      property upon an averaged or other practicable basis without regard to any
      distinctions among such Holders and distribute the net proceeds so allocated
      to
      the extent practicable as in the case of a distribution received in cash
      pursuant to Section 4.02 of the Deposit Agreement (which is summarized in
      paragraph (14) above).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Promptly
      upon receipt of notice from the Company of the occurrence of any such change,
      conversion or exchange covered by Section 4.09 of the Deposit Agreement (which
      is summarized in this paragraph (21)) in respect of the Deposited Securities,
      the Depositary will give notice thereof in writing, at the Company's expense,
      to
      all Holders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(22)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Transmittal
      by the Depositary of Company Notices, Reports and Communications; Inspection
      of
      Transfer Books</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Depositary will make available for inspection during business hours by Holders
      at its Principal New York Office and at the principal office of each Custodian
      copies of (i)&#160;the Deposit Agreement and any related documents, (ii) the
      Common Stock Agreement dated the date of the Deposit Agreement between the
      Company and the Depositary and relating thereto (the "Company Agreement"),
      (iii)
      the Company's Amended Articles of Incorporation and By-Laws and the Resolutions
      of the Board of Directors relating to the Common Stock and (iv) any notices,
      reports or communications, including any proxy soliciting materials, received
      from the Company which are both (a) received by the Depositary or the Custodian
      or the nominee of either, as the holder of the Deposited Securities, and (b)
      made generally available to the holders of such Deposited Securities by the
      Company. The Depositary will also send to Holders, at the Company's expense,
      copies of such notices, reports and communications when furnished by the Company
      to the Depositary pursuant to Section 5.07 of the Deposit Agreement. The
      Depositary will keep books for the registration of ADRs and their transfer
      which
      at all reasonable times will be open for inspection by the Company and Holders
      of ADRs, </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>provided</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      that
      such inspection shall not be for the purpose of communicating with Holders
      of
      ADRs in the interest of a business or object other than the business of the
      Company or a matter related to the Deposit Agreement or the ADRs.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(23)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Withholding</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Notwithstanding any other provision of the Deposit Agreement, in the event
      that
      the Depositary determines that any distribution of property (including Common
      Stock, rights to subscribe therefor and other securities) is subject to any
      tax
      or governmental charges which the Depositary is obligated to withhold, the
      Depositary may dispose of all or a portion of such property (including Common
      Stock, rights to subscribe therefor and other securities) in such amounts and
      in
      such manner as the Depositary deems necessary and practicable to pay such taxes
      or governmental charges, including by public or private sale, and the Depositary
      will distribute the net proceeds of any such sale or the balance of any such
      property after deduction of such taxes or governmental charges to the Holders
      entitled thereto in proportion to the number of ADSs held by them respectively
      and the Depositary will, if feasible without withholding for or on account
      of
      taxes or other governmental charges, and otherwise in compliance with applicable
      law, distribute any unsold balance of such property in accordance with the
      provisions of the Deposit Agreement. To the extent that the Depositary is
      obligated to withhold as described in the previous sentence, the Depositary
      will
      remit to the appropriate governmental authority or agency all amounts withheld
      and owing to such authority or agency and will file such corresponding reports
      as may be required.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has agreed with the Depositary that, before making any distribution
      or
      other payment on any Deposited Securities, the Company will make such deductions
      (if any) which, by the laws or regulations of the Philippines, the Company
      is
      required to make in respect of any income, capital gains or other taxes and
      that
      the Company may also deduct the amount of any tax or governmental charges
      payable by the Company or for which the Company might be made liable in respect
      of such distribution or other payment or any document signed in connection
      therewith.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(24)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Obligations
      of the Depositary, the Custodian and the Company</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Company assumes no obligation nor is it subject to any liability under the
      Deposit Agreement to Holders or other persons, except that it has agreed with
      the Depositary to act in good faith and use reasonable judgment in the
      performance of its obligations set forth in the Company Agreement. The
      Depositary assumes no obligation nor is it subject to any liability under the
      Deposit Agreement to Holders or other persons (including, without limitation,
      liability with respect to the validity or worth of the Deposited Securities),
      except that it has agreed to act in good faith and use reasonable judgment
      in
      the performance of its obligations set forth in the Deposit Agreement. The
      Depositary has undertaken in the Deposit Agreement to perform such duties and
      only such duties as are specifically set forth therein, and no implied covenants
      or obligations shall be read into the Deposit Agreement against the Depositary
      or the Company. In no event shall the Depositary or any of its agents be liable
      for any indirect, special, punitive or consequential damages.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither
      the Depositary nor the Company are under any obligation to appear in, prosecute
      or defend any action, suit or other proceeding in respect of any Deposited
      Securities or in respect of the ADRs, which in its opinion may involve it in
      expense or liability, unless indemnity satisfactory to it in its sole discretion
      against all expense and liability be furnished as often as may be required,
      and
      no Custodian is under any obligation whatsoever with respect to such
      proceedings, the Custodian being responsible solely to the
      Depositary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Neither
      the Depositary nor the Company shall be liable for any action or inaction by
      it
      in reliance upon the advice of or information from legal counsel, accountants,
      any person presenting Common Stock for deposit, any Holder, or any other person
      believed by it in good faith to be competent to give such advice or information.
      Each of the Depositary, its agents and the Company and its agents may rely
      and
      shall be protected in acting upon any written notice, request, direction or
      other document believed by it to be genuine and to have been signed or presented
      by the proper party or parties. Subject to the provisions of Section 5.02 of
      the
      Deposit Agreement (which are summarized in this paragraph (24)), the Depositary
      is not responsible for any failure to carry out any instructions to vote any
      of
      the Deposited Securities, for the manner in which any such vote is cast or
      for
      the effect of any such vote.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">It
      is
      intended that neither the Depositary nor any agent of the Depositary shall
      be
      deemed to be an "issuer" of the securities under the federal securities laws
      or
      applicable state securities laws of the United States or any other jurisdiction,
      it being expressly understood and agreed that the Depositary and its agent
      are
      acting only in a ministerial capacity as Depositary for the Common
      Stock.</font></div>
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Notwithstanding
      anything to the contrary set forth in the Deposit Agreement or an ADR, the
      Depositary and its agents may fully respond to any and all written demands
      or
      requests for information maintained by or on its behalf in connection with
      the
      Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related
      hereto to the extent such information is requested or required by or pursuant
      to
      any lawful authority, including without limitation laws, rules, regulations,
      administrative or judicial process, banking, securities or other regulators.
      Neither the Depositary, the Company nor any of their respectives agents shall
      be
      liable to Holders or beneficial owners of interests in ADSs for any indirect,
      special, punitive or consequential damages.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(25)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Prevention
      or Delay in Performance by the Depositary or the Company</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Neither
      the Depositary nor the Company will incur any liability to any Holder or other
      person if by reason of any present or future law, regulation, decree, order
      or
      other action of the United States, the Philippines or any other country or
      jurisdiction, or of any other governmental authority, or by reason of any act
      of
      God, war or other circumstances beyond its control or, in the case of the
      Depositary, by reason of any provision, present or future, of the Amended
      Articles of Incorporation and By-laws of the Company or any Deposited
      Securities, the Depositary or the Company is prevented, delayed or forbidden
      from doing or performing any act or thing which by the terms of the Deposit
      Agreement (in the case of the Depositary) or the Company Agreement it is
      provided shall be done or performed; nor will the Depositary or the Company
      incur any liability to any Holder or other person by reason of any
      nonperformance or delay, caused as aforesaid, in performance of any act or
      thing
      that by the terms of the Deposit Agreement it is provided shall or may be done
      or performed, or by reason of any exercise of, or failure to exercise, any
      discretion provided for in the Deposit Agreement. Where, by the terms of a
      distribution pursuant to Section 4.02, 4.03 or 4.05 of the Deposit Agreement
      (which are summarized in paragraphs (14), (15) and (17), respectively, above))
      or an offering or distribution pursuant to Section 4.04 of the Deposit Agreement
      (which is summarized in paragraph (16) above), or because of applicable law,
      such distribution or offering may not be made available to Holders, and the
      Depositary may not dispose of such distribution or offering on behalf of such
      Holders and make the net proceeds available to such Holders, then the Depositary
      may make no such distribution or offering, and may allow any rights, if
      applicable, to lapse.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(26)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Resignation
      of the Depositary; Appointment of Successor Depositary; the
      Custodian</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Depositary may at any time resign as Depositary under the Deposit Agreement
      by
      30 days' written notice of its election so to do to the Company, such
      resignation to take effect upon the appointment of a successor depositary and
      its acceptance of such appointment as provided in the Deposit Agreement. The
      Depositary may at any time be removed by the Company by 30 days prior written
      notice of such removal. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      case
      at any time the Depositary acting under the Deposit Agreement resigns or is
      removed, the Company has agreed to use its best efforts to appoint a successor
      depositary, which shall be a bank or trust company having an office in the
      Borough of Manhattan, The City of New York. Any corporation into or with which
      the Depositary may be merged or consolidated will be the successor of the
      Depositary without the execution or filing of any document or any further
      act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Depositary, after consultation with the Company, will from time to time appoint
      one or more agents to act for it as Custodian under the Deposit Agreement.
      The
      Depositary has initially appointed Citibank, N.A., Manila, as custodian and
      agent of the Depositary for the purpose of the Deposit Agreement. The Custodian
      in acting under the Deposit Agreement will be subject at all times and in all
      respects to the direction of the Depositary and will be responsible solely
      to
      it.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">&#160;</div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Custodian may resign and be discharged from its duties under the Deposit
      Agreement by 30 days' prior notice of its election to do so delivered to the
      Depositary; such resignation to become effective upon appointment of a successor
      Custodian and its acceptance of such appointment as provided in the Deposit
      Agreement. The Depositary may discharge any Custodian at any time upon notice
      to
      the Custodian being discharged and appoint a substitute or an additional
      custodian, who will thereafter be the Custodian under the Deposit
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(27)
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      of Additional Common Stock, Etc</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      In the
      event of any issuance of additional Common Stock or of other securities
      (including rights and convertible or exchangeable securities) as a dividend
      or
      distribution with respect to the Common Stock or other Deposited Securities,
      or
      future issuances to Holders for cash of additional Common Stock or such other
      securities, the Depositary will not distribute any such additional Common Stock
      or other securities to the Holders unless the Company shall have furnished
      to
      the Depositary a written opinion from counsel for the Company in the United
      States, which counsel shall be reasonably satisfactory to the Depositary,
      stating whether or not the circumstances of such issue are such as to make
      it
      necessary for a registration statement under the Securities Act to be in effect
      at or prior to making such dividend or distribution available to the Holders
      entitled thereto and, if in the opinion of such counsel a registration statement
      is required, stating that there is a registration statement in effect which
      will
      cover the issuance of such securities.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has agreed with the Depositary that any future issuances of (1)
      additional Common Stock, (2) rights, preferences or privileges to subscribe
      for
      Common Stock, (3) securities convertible into or exchangeable for Common Stock,
      or (4) rights, preferences or privileges to subscribe for securities convertible
      into or exchangeable for Common Stock (in each case other than as a dividend
      or
      distribution or issuance for cash to Holders as described in the immediately
      preceding paragraph, shall be effected by the Company in a manner so as to
      not
      violate the Securities Act. If the Company determines that an issuance of such
      securities is required to be registered under the Securities Act, the Company
      has agreed with the Depositary to (x) register such issuance to the extent
      necessary, (y) alter the terms of the issuance to avoid the registration
      requirements of the Securities Act or (z) direct the Depositary to take such
      measures as are provided in Sections 4.03 through 4.05 of the Deposit Agreement
      (which are summarized as described in paragraphs (15) through (17),
      respectively, above) or other specific measures with respect to the acceptance
      for deposit of Common Stock to prevent such issuance from being made in
      violation of the registration requirements of the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Company has agreed with the Depositary that neither the Company nor any company
      controlling, controlled by or under common control with the Company will at
      any
      time deposit any Common Stock, either upon original issuance or upon a sale
      of
      Common Stock previously issued and reacquired by the Company or by any such
      controlled or controlling company unless such transaction is registered under
      the Securities Act or is exempt from registration under the Securities Act
      as
      confirmed by a written opinion from counsel for the Company in the United
      States, which counsel shall be reasonably satisfactory to the
      Depositary.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">&#160;</div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(28)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Amendment</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      form of this ADR and any provisions of the Deposit Agreement may, with the
      consent of the Company, at any time and from time to time be amended by the
      Depositary in any respect which it may deem necessary or desirable. Any
      amendment which imposes or increases any fees or charges (other than taxes
      and
      other governmental charges), or which otherwise prejudice any substantial
      existing right of Holders, shall not, however, become effective as to
      outstanding ADRs until the expiration of 90 days (or 30 days in the case of
      any
      amendment which shall impose or increase any fees of the Depositary for the
      issuance, execution and delivery of ADRs or any fees or expenses in respect
      of
      transfer or sales of Common Stock or any delivery expenses and charges incurred
      by the Depositary in the conversion of foreign currency and in connection with
      foreign exchange control regulations) after notice of such amendment shall
      have
      been given to the Holders of outstanding ADRs. Every Holder at the time any
      amendment becomes effective shall be deemed by continuing to hold such ADR
      to
      consent and agree to such amendment and to be bound by the Deposit Agreement
      as
      amended thereby. In no event shall any amendment impair the right of any Holder
      to surrender such Holder's ADRs and receive therefor the Deposited Securities
      represented thereby or to request the Depositary to use reasonable efforts
      to
      sell or cause to be sold Common Stock constituting Deposited Securities over
      a
      stock exchange in the Philippines and to distribute the proceeds therefrom
      to
      the persons entitled thereto, in any case except in order to comply with
      provisions of applicable law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(29)
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Termination</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      The
      Depositary will at any time at the direction of the Company terminate the
      Deposit Agreement by mailing notice of such termination to the Holders of all
      ADRs then outstanding at least 90 days prior to the date fixed in such notice
      for such termination. The Depositary may likewise terminate the Deposit
      Agreement if the Depositary delivers to the Company a written notice of its
      election to resign, and a qualified successor depositary shall not have been
      appointed and accepted its appointment as provided in Section 5.04 of the
      Deposit Agreement (which is summarized in paragraph (26) above) within 90 days
      after such delivery. If any ADRs remain outstanding after the date of
      termination, the Depositary thereafter will discontinue the registration of
      transfers of ADRs, will suspend the distribution of dividends to the Holders
      thereof, will not accept deposits of Common Stock (and will instruct each
      Custodian to act accordingly), and will not give any further notices or perform
      any further acts under the Deposit Agreement, except that the Depositary will
      continue to collect dividends and other distributions pertaining to Deposited
      Securities, will sell property and rights and convert Deposited Securities
      into
      cash as provided in the Deposit Agreement, and will continue to deliver
      Deposited Securities, together with any dividends or other distributions
      received with respect thereto and the net proceeds of the sale of any Common
      Stock, rights or other property (in all such cases, without liability for
      interest), in exchange for ADRs surrendered to the Depositary. At any time
      after
      the expiration of six months from the date of termination, the Depositary may
      sell the Deposited Securities then held under the Deposit Agreement and may
      thereafter hold the net proceeds of any such sale, together with any other
      cash
      then held by it under the Deposit Agreement, without liability for interest,
      for
      the pro rata benefit of the Holders of ADRs which have not theretofore been
      surrendered. After making such sale, the Depositary will be discharged from
      all
      obligations under the Deposit Agreement and the Company Agreement, except to
      account for such net proceeds and other cash and for its obligations under
      the
      indemnification provisions of Section 5.10 of the Deposit
      Agreement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FOR
      VALUE
      RECEIVED, the undersigned Holder hereby sell(s), assign(s) and transfer(s)
      unto
      _______________ whose taxpayer identification number is _______________ and
      whose address including postal zip code is _______________ the within ADR and
      all rights thereunder, hereby irrevocably constituting and appointing
      _______________ attorney-in-fact to transfer said ADR on the books of the
      Depositary with full power of substitution in the premises.</font></div>
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      <table border="1" bordercolor="black" cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="justify" valign="top" width="37%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
            </td>
            <td align="left" valign="top" width="37%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Name:______________</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="37%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="top" width="37%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;&#160;&#160;
                ______________</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="37%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="top" width="37%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Title:&#160;
                ______________</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="37%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="top" width="37%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NOTICE:
                The signature of the Holder to this assignment must correspond with
                the
                name as written upon the face of the within instrument in every
                particular, without alteration or enlargement or any change
                whatsoever.</font></div>
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<DOCUMENT>
<TYPE>EX-99.E
<SEQUENCE>3
<FILENAME>v050756_ex99-e.htm
<TEXT>
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    <title>
      Unassociated Document
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<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Certification
      under Rule 466</u></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      depositary, JPMorgan Chase Bank, N.A. represents and certifies the
      following:</font></div>
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      That
      it previously had filed a registration statement on Form F-6 (Philippine Long
      Distance Telephone Company</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">333-102566)
      that the Commission declared effective, with terms of deposit identical to
      the
      terms of deposit of this registration statement.</font></div>
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      That
      its ability to designate the date and time of effectiveness under Rule 466
      has
      not been suspended.</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JPMORGAN
                CHASE BANK, N.A., as Depositary</font></div>
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          </tr>
          <tr>
            <td align="justify" valign="top" width="37%">&#160;</td>
            <td align="justify" valign="top" width="43%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="37%">&#160;</td>
            <td align="justify" valign="top" width="43%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="37%">&#160;</td>
            <td align="justify" valign="top" width="43%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="37%">&#160;</td>
            <td align="justify" valign="top" width="43%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="37%">&#160;</td>
            <td align="justify" valign="top" width="43%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                /s/Joseph M. Leinhauser </font></div>
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                Joseph M. Leinhauser</font></div>
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                Vice President </font></div>
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