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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000078150-08-000009.txt : 20080314
<SEC-HEADER>0000078150-08-000009.hdr.sgml : 20080314
<ACCEPTANCE-DATETIME>20080314064116
ACCESSION NUMBER:		0000078150-08-000009
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080314
FILED AS OF DATE:		20080314
DATE AS OF CHANGE:		20080314

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03006
		FILM NUMBER:		08687654

	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>6-K
<SEQUENCE>1
<FILENAME>audited_fs-ussec.htm
<DESCRIPTION>DISCLOSURE LETTER
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<body style='font-family:arial,helvetica,sans-serif;font-size:9pt'  lang=EN-US link=blue vlink=purple>

<div>

<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:
center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:
center' style="margin-top:0;margin-bottom:0"><br>
SECURITIES AND EXCHANGE COMMISSION<br>
 Washington, D.C. 20549 </p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">FORM 6-K</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Report of Foreign Private Issuer </p>

<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:
center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Pursuant to Rule 13a-16 or 15d-16 <br>
of the Securities Exchange Act of 1934</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0"><b>For the month of March 2008</b></h4>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Commission File Number 1-03006</b></p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">Philippine Long Distance Telephone Company</h3>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Exact Name of Registrant as
Specified in Its Charter)</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Ramon</b><b> Cojuangco Building</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Makati Avenue</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Makati</b><b> City</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Philippines</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Address of principal executive
offices)</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">(Indicate by check mark
whether the registrant files or will file annual reports under cover Form 20-F
or Form 40-F.)</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:1.0in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">Form
20-F      &#214;                                  Form
40-F</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">(Indicate by check mark
whether by furnishing the information contained in this Form, the registrant is
also thereby furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.)</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:1.0in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">
Yes                                                        No       &#214;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">(If &quot;Yes&quot; is
marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b): 82- ________ )</p>

<b><br clear=all
style='page-break-before:always'>
</b>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">NOTE REGARDING
FORWARD-LOOKING STATEMENTS</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:12.0pt;text-indent:.5in' style="margin-top:0;margin-bottom:0">Some information in this report may contain
forward-looking statements within the meaning of Section 27A of the U.S.
Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of
1934.  We have based these forward-looking statements on our current beliefs,
expectations and intentions as to facts, actions and events that will or may
occur in the future.  Such statements generally are identified by
forward-looking words such as &#147;believe,&#148; &#147;plan,&#148; &#147;anticipate,&#148; &#147;continue,&#148; &#147;estimate,&#148;
&#147;expect,&#148; &#147;may,&#148; &#147;will&#148; or other similar words.</p>

<p style='margin-bottom:12.0pt;text-indent:.5in' style="margin-top:0;margin-bottom:0">A forward-looking statement may include a
statement of the assumptions or bases underlying the forward-looking
statement.  We have chosen these assumptions or bases in good faith.  These
forward-looking statements are subject to risks, uncertainties and assumptions,
some of which are beyond our control.  In addition, these forward-looking
statements reflect our current views with respect to future events and are not
a guarantee of future performance.  Actual results may differ materially from
information contained in the forward-looking statements as a result of a number
of factors, including, without limitation, the risk factors set forth in
&#147;Item&nbsp;3. Key Information &#150; Risk Factors&#148; in our annual report on Form 20-F
for the fiscal year ended December 31, 2006.  You should also keep in mind that
any forward-looking statement made by us in this report or elsewhere speaks
only as at the date on which we made it.  New risks and uncertainties come up
from time to time, and it is impossible for us to predict these events or how
they may affect us.  We have no duty to, and do not intend to, update or revise
the statements in this report after the date hereof.  In light of these risks
and uncertainties, you should keep in mind that actual results may differ
materially from any forward-looking statement made in this report or elsewhere.</p>

<br clear=all
style='page-break-before:always'>

<p align=center style='margin-top:0in;margin-right:10.35pt;margin-bottom:0in;
margin-left:9.0pt;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h1>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='margin-top:0in;margin-right:10.35pt;margin-bottom:0in;
margin-left:9.0pt;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0"><b>EXHIBITS</b></h1>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:428.75pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>Exhibit Number</u></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>&nbsp;</u></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>Page</u></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">1</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-right:12.6pt;text-align:justify;text-justify:
 inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-indent:42.0pt' style="margin-top:0;margin-bottom:0">A copy of the disclosure letter we sent to the Philippine
 Stock Exchange and the Securities and Exchange Commission regarding the
 approval by the Company&#146;s Board of Directors of PLDT&#146;s audited consolidated
 financial statements as at and for the year ended December 31, 2007,  prepared in accordance with the Philippine Financial Reporting Standards.</p>
 <p style='text-indent:.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <br clear=all
 style='page-break-before:always'>

 <p style='text-indent:.5in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">6</p>
 </td>
 </tr>
</table></center></div>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">
<b>EXHIBIT  1</b></p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0>
 <tr>
 <td  height=62 style='vertical-align:top'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

 &nbsp;</td>
 </tr>
</table></center></div>

&nbsp;</p>

<br clear=ALL>

<p style="margin-top:0;margin-bottom:0">March
 14, 2008</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Philippine
 Stock Exchange Center</p>

<p style="margin-top:0;margin-bottom:0">4/F
Philippine Stock Exchange Center</p>

<p style="margin-top:0;margin-bottom:0">Exchange
 Road, Ortigas Center</p>

<p style="margin-top:0;margin-bottom:0">Pasig City</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-indent:.5in' style="margin-top:0;margin-bottom:0">Attention         :           Atty.
Pete M. Malabanan</p>

<p style="margin-top:0;margin-bottom:0">                                                            Head
&#150; Disclosure Department</p>

<p style="margin-top:0;margin-bottom:0">Gentlemen:</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">We refer to our
disclosure dated March 4, 2008 (in the form of a press release) which contained
a Financial Summary based on PLDT&#146;s unaudited consolidated financial statements
as at and for the year ended December 31, 2007, prepared in accordance with
Philippine Financial Reporting Standards (Unaudited PFRS-FS).</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">At a Special Meeting held
today, our Board of Directors approved PLDT&#146;s audited consolidated financial
statements as at and for the year ended December 31, 2007, prepared in accordance with PFRS (Audited PFRS-FS).  Attached is a Financial Summary based
on the Audited PFRS-FS which does not differ from the Financial Summary based
on the Unaudited PFRS-FS which were filed on March 4, 2008. </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Our Annual Report on SEC
Form 17-A with our Audited PFRS-FS will be filed in due course on or before April 14, 2008.</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Thank
you.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Respectfully
yours,</p>

<p style='text-indent:.5in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-indent:.5in' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style='margin-left:0in' style="margin-top:0;margin-bottom:0"><u>/s/ Ma. Lourdes C. Rausa-Chan</u></p>

<p style="margin-top:0;margin-bottom:0">MA.
 LOURDES C. RAUSA-CHAN</p>

<p style="margin-top:0;margin-bottom:0">Corporate
Secretary</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 1 of 6<br clear=all style='page-break-before:
always'>

<b>EXHIBIT  1</b></p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h6>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h6>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h6>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h6>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">March 14, 2008 </p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">SECURITIES &amp; EXCHANGE COMMISSION</p>

<p style="margin-top:0;margin-bottom:0">Corporation Finance Department </p>

<p style="margin-top:0;margin-bottom:0">SEC Building, EDSA</p>

<p style="margin-top:0;margin-bottom:0">Mandaluyong City</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Attention:          Director  Justina F.
Callangan</p>

<p style="margin-top:0;margin-bottom:0">                        Corporation
Finance Department</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Gentlemen:</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Re       :           Philippine
Long Distance Telephone Company</p>

<p style="margin-top:0;margin-bottom:0">                        SEC Registration
No. PW-55</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:0in' style="margin-top:0;margin-bottom:0">In accordance with Section 17.1(b) of the Securities
Regulation Code and SRC Rule 17.1, we submit herewith five (5) copies of SEC
Form 17-C updating the disclosure dated March 4, 2008 (in the form of a press
release) which contained a Financial Summary based on PLDT&#146;s unaudited
consolidated financial statements as at and for the year ended December 31,
2007, prepared in accordance with Philippine Financial Reporting Standards
(Unaudited PFRS-FS). </p>

<p style='margin-left:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Respectfully yours,</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:0in' style="margin-top:0;margin-bottom:0"><u>/s/ Ma. Lourdes C. Rausa-Chan</u></p>

<p style='margin-left:0in' style="margin-top:0;margin-bottom:0">MA. LOURDES C. RAUSA-CHAN</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Page
2 of 6</p>

<p style="margin-top:0;margin-bottom:0"><b>
</b></p>

<p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style="margin-top:0;margin-bottom:0"><b>
                                                                                EXHIBIT
1</b></p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">
COVER SHEET</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0  style='width:247.5pt;margin-left:3.0in;border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='margin-right:8.3pt;text-align:center' style="margin-top:0;margin-bottom:0"><b>P</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>W</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>-</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>5</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>5</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 </tr>
</table></center></div>

<p style='margin-left:4.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0"><b>S.E.C.
Registration No.</b></p>

<p style='margin-left:4.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style='margin-left:4.5in' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<div align=center>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>P</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>H</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>I</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>L</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>I</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>P</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>P</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>I</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>N</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>E </b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b> </b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>L</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>O</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>N</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>G</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>D</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>I</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>S</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>T</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>A</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>N</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>C</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>E</b></p>
 </td>
 </tr>
</table></center></div>

</div>

<p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='margin-left:9.9pt;border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>T</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>E</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>L</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>E</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>P</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>H</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>O</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>N</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>E</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>C</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>O</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>M</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>P</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>A</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>N</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Y</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 </tr>
</table></center></div>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>(Company&#146;s Full Name)</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<div align=center>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>R</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>A</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>M</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>O</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>N</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b> C</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>O</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>J</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>U</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>A</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>N</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>G</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>C</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>O</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>B</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>L</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>D</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>G</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>.</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 </tr>
</table></center></div>

</div>

<p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='margin-left:9.9pt;border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>M</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>A</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>K</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>A</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>T</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>I</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>A</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>V</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>E</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>.</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>M</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>A</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>K</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>A</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>T</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>I</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>C</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>I</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>T</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Y</b></p>
 </td>
 </tr>
</table></center></div>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>(Business Address: No. Street City/Town/Province)</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr style='height:15.25pt'>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:15.25pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>ATTY. MA. LOURDES C. RAUSA-CHAN</b></p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:15.25pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:15.25pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>816-8553</b></p>
 </td>
 </tr>
</table></center></div>

<p style="margin-top:0;margin-bottom:0">
Contact Person                                                                                    Company
Telephone Number</p>

<p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr style='height:13.9pt'>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p style="margin-top:0;margin-bottom:0"><b>1</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p style="margin-top:0;margin-bottom:0"><b>2</b></p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p style="margin-top:0;margin-bottom:0"><b>3</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p style="margin-top:0;margin-bottom:0"><b>1</b></p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  style=' border:solid windowtext 1.0pt;padding:
 0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>SEC Form 17-C</b></p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p style="margin-top:0;margin-bottom:0"><b>0</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p style="margin-top:0;margin-bottom:0"><b>6</b></p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p style="margin-top:0;margin-bottom:0"><b>Every 2<sup>nd</sup></b></p>
 <p style="margin-top:0;margin-bottom:0"><b>Tuesday</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 </tr>
</table></center></div>

<p style="margin-top:0;margin-bottom:0"><b>Month
Day                                                   FORM
TYPE                                                                Month
Day</b></p>

<p style="margin-top:0;margin-bottom:0"><b>      Fiscal
Year
Annual Meeting</b></p>

<p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr style='height:18.4pt'>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:18.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>C</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt;height:18.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>F</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:18.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>D</b></p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt;
 height:18.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:18.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>N/A</b></p>
 </td>
 </tr>
</table></center></div>

<p style='' style="margin-top:0;margin-bottom:0"><b>Dept. Requiring this Doc.                                                                                                               Amended
Articles Number/Section</b></p>

<p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style="margin-top:0;margin-bottom:0"><b>
Total Amount of Borrowings</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>2,184,971</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>as of February 29, 2008</b></p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"> </p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>N/A</b></p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>N/A</b></p>
 </td>
 </tr>
</table></center></div>

<p style="margin-top:0;margin-bottom:0"><b>         Total
No. of Stockholders
Domestic                                                    Foreign</b></p>

<p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style="margin-top:0;margin-bottom:0"><b>---------------------------------------------------------------------------------------------------------------------</b></p>

<p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">To be
accomplished by SEC Personnel concerned</h1>

<p align=center style='margin-top:6.0pt;text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 </tr>
</table></center></div>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>                   File Number                                                                       ____________________________________</b></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>
LCU</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-left:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 </tr>
</table></center></div>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>                   Document I.D.                                                                    ____________________________________</b></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>
Cashier</b></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr style='height:3.5pt'>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:3.5pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">STAMPS</h2>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 </tr>
</table></center></div>

<p style='margin-top:6.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Remarks: Please
use black ink for scanning purposes.</b></p>

<p style='margin-top:6.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 3 of 6</p>

<p style="margin-top:0;margin-bottom:0">
<b>EXHIBIT  1</b></p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">SECURITIES
AND EXCHANGE COMMISSION</p>

<p align=left style='margin-top:0in;text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='margin-top:0in;text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0">CURRENT REPORT UNDER SECTION 17</p>

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0">OF THE SECURITIES REGULATION CODE</p>

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0">AND SRC RULE 17.1</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
14 March 2008</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">Date of Report (Date of earliest event reported)</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SEC Identification Number PW-55</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BIR Tax Identification No. 000-488-793</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-indent:-.5in' style="margin-top:0;margin-bottom:0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PHILIPPINE LONG DISTANCE TELEPHONE COMPANY</p>

<p style='text-indent:.5in' style="margin-top:0;margin-bottom:0">Exact name of
issuer as specified in its charter</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-indent:-.5in' style="margin-top:0;margin-bottom:0">5.         PHILIPPINES                                                        6.____________
(SEC Use Only)  </p>

<p style='margin-left:.5in' style="margin-top:0;margin-bottom:0">Province,
country or other jurisdiction                           Industry Classification
Code</p>

<p style='text-align:justify;text-justify:inter-ideograph;
text-indent:.5in' style="margin-top:0;margin-bottom:0">of Incorporation</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">7.         Ramon Cojuangco Building, Makati Avenue, Makati City                  1200 </p>

<p style="margin-top:0;margin-bottom:0"><b><i>            Address of principal
office                                                                     Postal
Code</i></b></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">8.         (632)
816-8553 </p>

<p style='margin-left:.5in' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0"><b><i>Issuer's telephone number,
including area code</i></b></h4>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">9.         Not
Applicable </p>

<p style='text-align:justify;text-justify:inter-ideograph;
text-indent:.5in' style="margin-top:0;margin-bottom:0">Former name or former address, if changed since last
report</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Securities registered pursuant to Sections 8 and 12 of
the Securities Regulation Code and Sections 4 and 8 of the Revised Securities
Act</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:437.4pt;margin-left:41.4pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:0in;text-align:left' style="margin-top:0;margin-bottom:0">Title of
 Each Class</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Number of
 Shares of Common Stock</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Outstanding
 and Amount of Debt Outstanding</p>
 </td>
 </tr>
</table></center></div>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">________________________________________________________________</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">________________________________________________________________</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">________________________________________________________________</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 4 of 6</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">
<b>EXHIBIT  1</b></p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">11.
Other events</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">At a Special Meeting held
today, our Board of Directors approved PLDT&#146;s audited consolidated financial
statements as at and for the year ended December 31, 2007, prepared in accordance with PFRS (Audited PFRS-FS).  Attached are copies of our letter to
the Philippine Stock Exchange Center dated March 14, 2008 and a Financial Summary based on the Audited PFRS-FS which does not differ from the Financial
Summary based on the Unaudited PFRS-FS which were filed on March 4, 2008. </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">PHILIPPINE
 LONG DISTANCE</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">TELEPHONE
 COMPANY</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">By:</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">             <u>/s/
 Ma. Lourdes C. Rausa-Chan</u></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">MA. LOURDES C. RAUSA-CHAN</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>            </b></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">March 14, 2008</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 5 of 6<br clear=all style='page-break-before:always'>

<b>EXHIBIT  1</b></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:22.0in;margin-left:4.65pt;border-collapse:collapse'>
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 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:18.75pt'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap colspan=3 valign=bottom style=' border-top:
 solid windowtext 1.0pt;border-left:none;border-bottom:solid white 1.0pt;
 border-right:solid black 1.0pt;background:navy;padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>PLDT
 Consolidated</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:18.75pt'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap colspan=3 valign=bottom style=' border-top:
 none;border-left:none;border-bottom:solid white 1.0pt;border-right:solid black 1.0pt;
 background:navy;padding:0in 5.4pt 0in 5.4pt;height:18.75pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>FOR
 THE YEAR ENDED DECEMBER 31, 2007 </b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:18.75pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:.25in'>
 <td  nowrap colspan=2 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style="margin-top:0;margin-bottom:0"> In
 million pesos </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=bottom style=' border-top:none;border-left:
 solid windowtext 1.0pt;border-bottom:solid windowtext 1.0pt;border-right:
 none;background:navy;padding:0in 5.4pt 0in 5.4pt;height:.25in'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b> Audited
 </b></p>
 </td>
 <td  valign=bottom style=' border:none;border-bottom:
 solid windowtext 1.0pt;background:navy;padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b> Unaudited
 </b></p>
 </td>
 <td  nowrap valign=bottom style=' border-top:none;
 border-left:solid white 1.0pt;border-bottom:solid windowtext 1.0pt;
 border-right:solid windowtext 1.0pt;background:navy;padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b> Difference
 </b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:.25in'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:.25in'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style='text-indent:11.0pt' style="margin-top:0;margin-bottom:0"> Service revenues </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 135,476 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 135,476 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:.25in'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style='text-indent:11.0pt' style="margin-top:0;margin-bottom:0"> Non-service revenues </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 2,480 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 2,480 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:.25in'>
 <td  nowrap colspan=2 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style='text-indent:11.0pt' style="margin-top:0;margin-bottom:0"> Other income </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 3,667 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 3,667 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
  -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:.25in'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style='text-indent:10.0pt' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style='text-indent:10.0pt' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style='text-indent:11.0pt' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 141,623 </p>
 </td>
 <td  nowrap valign=bottom style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 141,623 </p>
 </td>
 <td  nowrap valign=bottom style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style="margin-top:0;margin-bottom:0"><b>                     -   </b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:9.95pt'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style='text-indent:20.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:.25in'>
 <td  nowrap colspan=2 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style='text-indent:11.0pt' style="margin-top:0;margin-bottom:0"> Expenses </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style='text-indent:11.0pt' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 88,366 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 88,366 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:9.95pt'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style='text-indent:20.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:.25in'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style='text-indent:11.0pt' style="margin-top:0;margin-bottom:0"> Income before income tax
 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 53,257 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 53,257 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:9.95pt'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style='text-indent:20.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:.25in'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style='text-indent:11.0pt' style="margin-top:0;margin-bottom:0"> Provision for income tax
 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 17,279 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 17,279 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
        -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:9.95pt'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style='text-indent:20.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:.25in'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:.25in'>
 <p style='text-indent:11.0pt' style="margin-top:0;margin-bottom:0"> Net Income - As Reported
 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 36,004 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 36,004 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">
 -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:.25in'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:4.5pt'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style='text-indent:10.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style='text-indent:50.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style='text-indent:22.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:20.25pt'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:20.25pt'>
 <p style='text-indent:44.0pt' style="margin-top:0;margin-bottom:0">EPS, Basic<sup>(a)</sup></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 188.42 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
    188.42 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:20.25pt'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:20.25pt'>
 <p style='text-indent:44.0pt' style="margin-top:0;margin-bottom:0">EPS, Diluted<sup>(a)</sup></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 187.53 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 187.53 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:9.95pt'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style='text-indent:20.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:9.95pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:20.25pt'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:20.25pt'>
 <p style='text-indent:11.0pt' style="margin-top:0;margin-bottom:0"> Core net income(b) </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 35,151 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 35,151 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:4.5pt'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style='text-indent:10.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style='text-indent:50.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style='text-indent:22.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:4.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:20.25pt'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:20.25pt'>
 <p style='text-indent:44.0pt' style="margin-top:0;margin-bottom:0">EPS, Basic<sup>(c)</sup></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 183.90 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 183.90 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:20.25pt'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:20.25pt'>
 <p style='text-indent:44.0pt' style="margin-top:0;margin-bottom:0">EPS, Diluted<sup>(c)</sup></p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 183.02 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
 183.02 </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">
            -   </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:20.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:15.0pt'>
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 height:15.0pt'>
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 height:15.0pt'>
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 height:15.0pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
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 height:15.0pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
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 height:15.0pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:15.0pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:14.25pt'>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
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 <p style='text-indent:28.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style='text-indent:70.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style='text-indent:22.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:14.25pt'>
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 </td>
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 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
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 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:14.25pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:13.5pt'>
 <td  nowrap colspan=3 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:13.5pt'>
 <p style='text-indent:.25in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-indent:.25in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-indent:.25in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-indent:.25in' style="margin-top:0;margin-bottom:0"> (a) EPS based on reported
 net income </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr style='height:13.5pt'>
 <td  nowrap colspan=9 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:13.5pt'>
 <p style='text-indent:.25in' style="margin-top:0;margin-bottom:0"> (b) Net income as
 adjusted for the net effect of gain/loss on FX and derivative transactions, </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
 <tr style='height:13.5pt'>
 <td  nowrap colspan=9 valign=bottom style=' padding:
 0in 5.4pt 0in 5.4pt;height:13.5pt'>
 <p style='text-indent:.25in' style="margin-top:0;margin-bottom:0">       additional
 depreciation charges and recognition of deferred tax assets </p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
 height:13.5pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  nowrap valign=bottom style=' padding:0in 5.4pt 0in 5.4pt;
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 </tr>
</table></center></div>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 6 of 6<br clear=all
style='page-break-before:always'>
</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Signatures</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</p>

<p style='text-indent:.5in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-indent:.5in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-indent:.5in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:258.0pt;margin-left:167.4pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">TELEPHONE COMPANY</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">By        :     <u>/s/ Ma. Lourdes C. Rausa-Chan</u></p>
 <p style="margin-top:0;margin-bottom:0">Name  :     MA.
 LOURDES C. RAUSA-CHAN</p>
 <p style="margin-top:0;margin-bottom:0">Title     :     Senior
 Vice President,
 Corporate </p>
 <p style="margin-top:0;margin-bottom:0">
 Affairs and Legal Services Head </p>
 <p style="margin-top:0;margin-bottom:0">
 and Corporate Secretary</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-left:42.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

<p style='text-indent:.5in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:3.0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:3.0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:3.0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Date:
 March 14, 2008 </p>

<p style="margin-top:0;margin-bottom:0"> </p>

</div>

</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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