-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Qdu9Xg0OT8B4l36ZdGLv1UN5GyyCxsfjvpdfeLCAyFmPX5SmE+w0h/PNISQApKMW
 cZN138a0m4A49H60GgKGJw==

<SEC-DOCUMENT>0000078150-10-000008.txt : 20100803
<SEC-HEADER>0000078150-10-000008.hdr.sgml : 20100803
<ACCEPTANCE-DATETIME>20100803060234
ACCESSION NUMBER:		0000078150-10-000008
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20100803
FILED AS OF DATE:		20100803
DATE AS OF CHANGE:		20100803

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:		10985664

	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>ussec-filing_080310.htm
<DESCRIPTION>DISCLOSURE LETTERS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND THE PHILIPPINE STOCK EXCHANGE
<TEXT>
<html>

<head>
<meta content="text/html; charset=windows-1252">
<meta name=Generator content="Microsoft Word 11 (filtered)">
<title>ussec filing_080310</title>

<!--
 /* Font Definitions */
 @font-face
	{font-family:Wingdings;
	panose-1:5 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:"MS Mincho";
	panose-1:2 2 6 9 4 2 5 8 3 4;}
@font-face
	{font-family:Batang;
	panose-1:2 3 6 0 0 1 1 1 1 1;}
@font-face
	{font-family:PMingLiU;
	panose-1:2 1 6 1 0 1 1 1 1 1;}
@font-face
	{font-family:Tahoma;
	panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
	{font-family:Calibri;
	panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
	{font-family:"Times New Roman Bold";
	panose-1:2 2 8 3 7 5 5 2 3 4;}
@font-face
	{font-family:"CG Times";
	panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:Garamond;
	panose-1:2 2 4 4 3 3 1 1 8 3;}
@font-face
	{font-family:"Antique Olive";
	panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:"\@PMingLiU";
	panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:"\@Batang";
	panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:"\@MS Mincho";
	panose-1:0 0 0 0 0 0 0 0 0 0;}
 /* Style Definitions */
 p.MsoNormal, li.MsoNormal, div.MsoNormal
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Times New Roman";}
h1
	{margin:0in;
	margin-bottom:.0001pt;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";
	font-weight:normal;}
h2
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";
	font-weight:normal;}
h3
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";}
h4
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";
	font-weight:normal;}
h5
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:14.0pt;
	font-family:Arial;}
h6
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:right;
	page-break-after:avoid;
	font-size:10.0pt;
	font-family:Arial;}
p.MsoHeading7, li.MsoHeading7, div.MsoHeading7
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:311.35pt;
	margin-bottom:.0001pt;
	page-break-after:avoid;
	font-size:10.0pt;
	font-family:Arial;
	font-style:italic;}
p.MsoHeading8, li.MsoHeading8, div.MsoHeading8
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:10.0pt;
	font-family:Arial;
	text-decoration:underline;}
p.MsoHeading9, li.MsoHeading9, div.MsoHeading9
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:.05in;
	margin-bottom:.0001pt;
	text-indent:-.05in;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";
	font-weight:bold;}
p.MsoHeader, li.MsoHeader, div.MsoHeader
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Times New Roman";}
p.MsoCaption, li.MsoCaption, div.MsoCaption
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:8.0pt;
	font-family:"Times New Roman";
	font-weight:bold;}
p.MsoListBullet2, li.MsoListBullet2, div.MsoListBullet2
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:12.0pt;
	margin-left:1.0in;
	text-indent:-.5in;
	font-size:10.0pt;
	font-family:Arial;}
p.MsoTitle, li.MsoTitle, div.MsoTitle
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:12.0pt;
	margin-left:0in;
	text-align:center;
	font-size:10.0pt;
	font-family:Arial;
	font-weight:bold;}
p.MsoBodyText, li.MsoBodyText, div.MsoBodyText
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	font-size:10.0pt;
	font-family:Arial;}
p.MsoBodyTextIndent, li.MsoBodyTextIndent, div.MsoBodyTextIndent
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	text-indent:.5in;
	font-size:10.0pt;
	font-family:Arial;}
p.MsoBodyText2, li.MsoBodyText2, div.MsoBodyText2
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	font-size:12.0pt;
	font-family:"Times New Roman";}
p.MsoBodyTextIndent2, li.MsoBodyTextIndent2, div.MsoBodyTextIndent2
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:6.0pt;
	margin-left:.25in;
	line-height:200%;
	font-size:10.0pt;
	font-family:"Times New Roman";}
p.MsoBodyTextIndent3, li.MsoBodyTextIndent3, div.MsoBodyTextIndent3
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	text-indent:.5in;
	font-size:10.0pt;
	font-family:"CG Times";
	color:black;}
a:link, span.MsoHyperlink
	{color:blue;
	text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
	{color:purple;
	text-decoration:underline;}
p.MsoAcetate, li.MsoAcetate, div.MsoAcetate
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:8.0pt;
	font-family:Tahoma;}
p.H3, li.H3, div.H3
	{margin-top:5.0pt;
	margin-right:0in;
	margin-bottom:5.0pt;
	margin-left:0in;
	page-break-after:avoid;
	font-size:14.0pt;
	font-family:"Times New Roman";
	layout-grid-mode:line;
	font-weight:bold;}
p.H4, li.H4, div.H4
	{margin-top:5.0pt;
	margin-right:0in;
	margin-bottom:5.0pt;
	margin-left:0in;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman";
	layout-grid-mode:line;
	font-weight:bold;}
p.Preformatted, li.Preformatted, div.Preformatted
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Courier New";
	layout-grid-mode:line;}
p.4BODY, li.4BODY, div.4BODY
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:12.0pt;
	margin-left:0in;
	line-height:18.0pt;
	font-size:12.0pt;
	font-family:Garamond;}
p.5MORE, li.5MORE, div.5MORE
	{margin-top:6.0pt;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:0in;
	margin-bottom:.0001pt;
	text-align:center;
	font-size:12.0pt;
	font-family:Garamond;}
p.ListParagraph, li.ListParagraph, div.ListParagraph
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:.5in;
	margin-bottom:.0001pt;
	font-size:12.0pt;
	font-family:"Antique Olive";
	color:black;}
span.CharChar1
	{font-family:"CG Times";
	color:black;}
span.CharChar2
	{font-family:Arial;}
p.00BodyText, li.00BodyText, div.00BodyText
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:11.0pt;
	margin-left:0in;
	font-size:11.0pt;
	font-family:Arial;}
span.CharChar3
	{font-weight:bold;}
 /* Page Definitions */
 @page Section1
	{size:8.5in 11.0in;
	margin:1.0in 1.25in 49.5pt 1.25in;}
div.Section1
	{page:Section1;}
 /* List Definitions */
 ol
	{margin-bottom:0in;}
ul
	{margin-bottom:0in;}
- -->

</head>

<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 August 2010</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 align=center style='margin:0in;margin-bottom:.0001pt;text-align:
center' 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, 2009.  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:434.75pt;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">&nbsp;</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 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 align=center style='text-align:center' style="margin-top:0;margin-bottom:0">1</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 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">2</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:0in' style="margin-top:0;margin-bottom:0">Copies of the disclosure letters that we filed today
 with the Securities and Exchange Commission and the Philippine Stock Exchange
 regarding the following matters:</p>
 <p style='margin-left:20.1pt;text-indent:-20.1pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Press release
 regarding the Company&#146;s unaudited consolidated financial results for the six
 (6) months ended June 30, 2010;</p>
 <p style='margin-left:20.1pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.1pt;text-indent:-20.1pt' style="margin-top:0;margin-bottom:0">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Mr. Oscar S. Reyes
 ceased to qualify as an independent director but shall remain to be a member
 of the Board as a regular director;</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.1pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Amendments to the
 By-Laws of the Company; and </p>
 <p style='margin-left:20.1pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.1pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Cash dividend
 declaration on the Company&#146;s Common Stock, Series IV Cumulative
 Non-Convertible Redeemable Preferred Stock and Series B, F, Q, V and Z 10%
 Cumulative Convertible Preferred Stock.</p>
 <p style='margin-left:20.1pt;text-indent:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-indent:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-indent:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-indent:0in' 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">&nbsp;</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 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 align=center style='text-align:center' style="margin-top:0;margin-bottom:0">11</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 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">19</p>
 <p align=center style='text-align:center' 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">&nbsp;</p>
 <p 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-right:12.6pt;text-align:justify;text-justify:
 inter-ideograph' 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>
 </td>
 </tr>
</table></center></div>

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

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

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h1>

<p style="margin-top:0;margin-bottom:0">Exhibit
1</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">&nbsp;</h1>

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

<p style='margin-left:3.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">August
3, 2010</h1>

<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">Philippine Stock Exchange</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">3/F Philippine Stock
Exchange Plaza</p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Makati City</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">Attention:
Ms. Janet A. Encarnacion </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">                    <u>Head
&#150; Disclosure Dept. </u></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">Gentlemen:</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">            In
accordance with Section 17.1 (b) and Section 17.3 of the Securities Regulation
Code, we submit herewith a copy of SEC Form 17-C with a press release attached
thereto regarding the Company&#146;s unaudited consolidated financial results for
the six (6) months ended June 30, 2010.</p>

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

<p style="margin-top:0;margin-bottom:0">            This
shall also serve as the disclosure letter for the purpose of complying with PSE
Revised Disclosure Rules.</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:450.9pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' 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">Very truly yours,</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" 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">&nbsp;</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"><u>/s/ Ma. Lourdes C.
 Rausa-Chan</u></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">MA.
 LOURDES C. RAUSA-CHAN</h2>
 <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" style="margin-top:0;margin-bottom:0">&nbsp;</h1>

<p style="margin-top:0;margin-bottom:0" 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 align=left>
 <tr>
 <td  height=66></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 1 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all style='page-break-before:always'>
 &nbsp;</h1>

<br clear=ALL>

<p style="margin-top:0;margin-bottom:0">Exhibit
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:3.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">August
3, 2010 </h1>

<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">Securities &amp; Exchange
Commission</p>

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

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

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

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">Attention:  Director Justina F. Callangan</h3>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">                    Corporation Finance Department</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">Gentlemen:</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">            In
accordance with Section 17.1 (b) of Securities Regulation Code and SRC Rule
17.1, we submit herewith two (2) copies of SEC Form 17-C with a press release
attached thereto regarding the Company&#146;s unaudited consolidated financial results
for the six (6) months ended June 30, 2010.</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='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            </p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:6.2in;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' 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">Very truly yours,</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" 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">&nbsp;</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"><u>/s/ Ma. Lourdes C.
 Rausa-Chan</u></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">MA.
 LOURDES C. RAUSA-CHAN</h2>
 <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-bottom:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt' 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 align=left>
 <tr>
 <td  height=65></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 2 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all style='page-break-before:
always'>
&nbsp;</p>

<br clear=ALL>

<p align=left style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:left' style="margin-top:0;margin-bottom:0">Exhibit
1 </p>

<p 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:454.5pt;margin-left:.2in;border-collapse:collapse;border:none'>
 <tr>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=2><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <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">P</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">W</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">-</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">5</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">5</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=7 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">S.E.C. Registration No.</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<p style='margin-left:4.5in' style="margin-top:0;margin-bottom:0">&nbsp;</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">P</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">H</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">I</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">L</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">I</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">P</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">P</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">I</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">N</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">E </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"> </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">L</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">O</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">N</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">G</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">&nbsp;</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">D</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">I</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">S</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">T</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">A</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">N</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">C</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">E</p>
 </td>
 </tr>
</table></center></div>

</div>

<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=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">T</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">E</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">L</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">E</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">P</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">H</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">O</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">N</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">E</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">&nbsp;</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">C</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">O</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">M</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">P</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">A</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">N</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">Y</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</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='width:469.05pt;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">R</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">A</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">M</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">O</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">N</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">&nbsp;</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"> C</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">O</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">J</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">U</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">A</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">N</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">G</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">C</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">O</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">&nbsp;</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>
 </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">L</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">D</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">G</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">.</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">&nbsp;</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">&nbsp;</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">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

</div>

<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=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">M</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">A</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">K</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">A</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">T</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">I</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">&nbsp;</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">A</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">V</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">E</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">.</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">&nbsp;</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">M</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">A</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">K</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">A</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">T</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">I</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">&nbsp;</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">C</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">I</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">T</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">Y</p>
 </td>
 </tr>
</table></center></div>

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

<p align=center style='text-align:center' 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=1 cellspacing=0 cellpadding=0  style='width:470.4pt;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">MS. JUNE CHERYL A. CABAL </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">&nbsp;</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">816-8534</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='margin-right:.9pt;text-align:center' style="margin-top:0;margin-bottom:0">Contact Person</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='margin-right:.9pt;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='margin-right:.9pt;text-align:center' style="margin-top:0;margin-bottom:0">Company
 Telephone Number</p>
 </td>
 </tr>
</table></center></div>

<p style='margin-right:.9pt' 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=1 cellspacing=0 cellpadding=0  style='width:467.5pt;;border-collapse:collapse;border:none'>
 <tr style='height:13.9pt'>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</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">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">1</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">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">2</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">&nbsp;</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">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">3</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">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">1</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">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top 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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">SEC FORM 17-C</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">&nbsp;</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">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">0</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">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">6</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;padding:
 0in 5.4pt 0in 5.4pt;height:13.9pt'>
 <p style="margin-top:0;margin-bottom:0">Every 2nd</p>
 <p style="margin-top:0;margin-bottom:0">Tuesday</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">&nbsp;</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">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Month</p>
 </td>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Day</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">FORM TYPE</p>
 </td>
 <td  colspan=3 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Month</p>
 </td>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Day</p>
 </td>
 </tr>
 <tr>
 <td  colspan=6 valign=top style=' border:none;padding:
 0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Fiscal Year</p>
 </td>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Annual Meeting</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=3><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<p style='' 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=1 cellspacing=0 cellpadding=0  style='width:449.4pt;;border-collapse:collapse;border:none'>
 <tr style='height:16.15pt'>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:16.15pt'>
 <p style="margin-top:0;margin-bottom:0">C</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:16.15pt'>
 <p style="margin-top:0;margin-bottom:0">F</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:16.15pt'>
 <p style="margin-top:0;margin-bottom:0">D</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt;height:16.15pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt;height:16.15pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">N/A</p>
 </td>
 </tr>
 <tr>
 <td  colspan=5 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Dept. Requiring this Doc.</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style=';text-align:center' style="margin-top:0;margin-bottom:0">Amended Articles</p>
 <p align=center style=';text-align:center' style="margin-top:0;margin-bottom:0">Number/Section</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<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:734.25pt;border-collapse:collapse'>
 <tr>
 <td  colspan=3 valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=5 valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Total Amount of Borrowings</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>
 <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">2,183,041</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">As of June 30, 2010</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=3 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 style="margin-top:0;margin-bottom:0">N/A</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 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 style="margin-top:0;margin-bottom:0">N/A</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>
 <td style='border:none;padding:0in 0in 0in 0in'  colspan=4><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <td  colspan=3 valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Total No. of Stockholders</p>
 </td>
 <td  colspan=2 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>
 </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">Domestic</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>
 </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">Foreign</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0  style='width:462.9pt;border-collapse:collapse;border:none'>
 <tr>
 <td  colspan=2 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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">______________________________</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <td  colspan=11 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">File Number</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">LCU</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<p style='margin-left:.5in;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=1 cellspacing=0 cellpadding=0  style='width:462.9pt;border-collapse:collapse;border:none'>
 <tr>
 <td  colspan=2 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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">______________________________</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <td  colspan=11 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Document I.D.</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Cashier</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<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=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">&nbsp;</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">&nbsp;</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">Remarks: Please use
black ink for scanning purposes.</p>

<p style='margin-top:6.0pt;text-align:justify;text-justify:
inter-ideograph' 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 align=left>
 <tr>
 <td  height=17></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 3 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<b>&nbsp;</b></p>

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

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;line-height:normal' style="margin-top:0;margin-bottom:0">&nbsp;</p>

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

<p align=left style='margin-top:0in;text-align:left' style="margin-top:0;margin-bottom:0">Exhibit 1</p>

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

<p style='margin-top:0in' 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-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;
3 August 2010</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 align=left style=';text-align:left;
text-indent:.5in' style="margin-top:0;margin-bottom:0">Address of principal office                                                                  Postal
Code</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)
816-8405 </p>

<p align=left style='margin-left:.5in;text-align:left' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">Issuer's telephone number, including
area code</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;&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">&nbsp;</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">________________________________________________________________</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-top:0;margin-bottom:0">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=10></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 4 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all style='page-break-before:
always'>
Exhibit 1</p>

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

<br clear=ALL>

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

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

<p align=center style='margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0"><b><u>FIRST HALF 2010
CONSOLIDATED NET INCOME UP 10% TO P21.7 BILLION</u></b></p>

<p align=center style='margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0"><b><u>CORE NET INCOME UP 2% TO P21.2
BILLION</u></b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b><u>EBITDA AT P43.3
BILLION;</u></b></p>

<p align=center style='margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0"><b><u>CELLULAR SUBSCRIBER BASE
REACHES 45.3 MILLION, UP 18%</u></b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b><u>TOTAL BROADBAND
SUBSCRIBERS NEARS 2 MILLION, UP 21%</u></b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b><u>CORE EPS AT P112.39,
INTERIM REGULAR DIVIDEND OF P78 PER SHARE DECLARED</u></b></p>

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

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consolidated
net income of P21.7 billion for 1H2010, 10% higher than the P19.7
billion net income reported in 1H2009 </p>

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consolidated
core net income for 1H2010 at P21.2 billion, an increase of 2% from the P20.8
billion recorded in 1H2009  </p>

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consolidated
service revenues declined 1% year-on-year to P72.2 billion. Wireless
service revenues stable at  P47.9 billion; fixed line service revenues
down 1% to P25.2 billion; and ePLDT service revenues improve 1% to P5.3
billion</p>

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consolidated
EBITDA slightly lower at P43.3 billion; consolidated EBITDA margin at
60% of service revenues, similar to the margin last year</p>

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Cellular
subscriber base reaches 45.3 million; net subscriber additions of 4 million for
the first half,  22% higher year-on-year </p>

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Total
broadband subscribers at 1.96 million, with wireless alone over 1.32 million;
aggregate revenue contribution from broadband and internet services of P8.0
billion for 1H2010, 21% higher than last year</p>

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Core
EPS at P112.39;  interim regular dividend of P78 per share
declared</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">MANILA, Philippines, 3rd
August 2010
&#150;&#150; Philippine Long Distance Telephone Company (&#147;PLDT&#148;) (PSE: TEL) (NYSE: PHI)
today announced its unaudited financial and operating results for the first six
(6) months of 2010 with consolidated Reported Net Income increasing by 10% to P21.7
billion, from the P19.7 billion recorded in the same period last year.
Core Net Income for the first half of 2010, net of exceptional items, rose 2%
to P21.2 billion, from P20.8 billion in the same period in 2009.
This year&#146;s results reflect higher recurring net income and a net gain from
foreign exchange revaluation of our financial assets and liabilities and
derivatives compared to a net loss last year. </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">Consolidated service
revenues decreased by 1% to P72.2 billion, as voice revenues grew 3% and
broadband/internet and corporate data revenues rose 21%.  These revenue
improvements were partially offset, however, by a 5% decline in data and ICT
revenues, largely as a result of the 13% decline in cellular data/SMS
revenues.  Approximately 28% of consolidated service revenues remain directly
or indirectly linked to the US Dollar.  Had the peso remained stable, service
revenues for the first half of 2010 would have stayed at last year&#146;s levels.</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">Consolidated EBITDA was
lower at P43.3 billion while EBITDA margin was at 60%, similar to the
margin for the same period last year and slightly up over the full year 2009
margin of 59%.  </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">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=2></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 5 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
Exhibit 1</p>

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

<br clear=ALL>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Consolidated free cash
flow remained strong at P19.4 billion for the period while consolidated
capital expenditures stood at P9.7 billion for the first six months of
2010, as the Group continues to work on network modernization and
re-architecure. Capex for 2010 is estimated at P28.6 billion.</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">The Group&#146;s consolidated
debt balance as at the end of the first half 2010 stood at US Dollars 2.1
billion with net debt at approximately US Dollars 1.5 billion.  Net debt to
EBITDA increased to 0.8x. The Company&#146;s debt maturities continue to be well
spread out, with almost 60% due in and after 2013. The percentage of US Dollar-denominated
debt to the Group&#146;s total debt portfolio was at 49%, slightly up from 48% at
the end of 2009. Taking into account our peso borrowings, our hedges and our U.
S. Dollar cash holdings, only 23% of total debt remains unhedged.   The Group&#146;s
cash and short-term securities are invested primarily in bank placements and
Government securities.</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">Earlier today, the
Company&#146;s Board of Directors declared an interim dividend of P78 per
share, fulfilling the Company&#146;s commitment to pay out a minimum ratio of 70% of
consolidated core earnings. The cash dividend will be payable to holders of
PLDT common stock as of 19th August 2010, with payment due on 21st
September 2010.</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"> &#147;Consistent with our
dividend policy and enabled by our robust cash flow, we are pleased to declare
an interim dividend of P78 per share,&#148; stated Manuel V. Pangilinan, PLDT
Chairman.</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" style="margin-top:0;margin-bottom:0"><u>&nbsp;</u></h4>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0"><b><u>Wireless:   Surging ahead in Broadband</u></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">Wireless service revenues
were stable at P47.9 billion for the first half of 2010, compared with
the same period last year. Excluding the impact of our satellite operations
where revenues declined due to the disposal of our satellite transponders,
wireless service revenues would have been flat year-on-year at P47.3
billion.  Cellular subsidiary Smart Communications, Inc. (&#147;Smart&#148;) continues to
lead the industry in terms of share of both industry-wide revenues and
subscribers. </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">Wireless EBITDA was
marginally lower at P29.7 billion in the first six months of 2010 with
EBITDA margin at 62%, similar to that for the full year 2009.  </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">The PLDT Group&#146;s total
cellular subscriber base for the first six (6) months of 2010 grew to 45.3
million subscribers, an 18% growth year-on-year. Smart added 4.0 million
subscribers for the period, compared with 3.3 million in 2009. Smart Buddy
recorded net additions of almost 2.0 million subscribers to end the half-year
with 26.2 million subscribers while Talk &#145;N Text added approximately 958,000
subscribers to end the half with 18.0 million subscribers. Red Mobile, the
brand owned by Smart subsidiary, CURE, had about 1.1 million subscribers at the
end of June 2010. Red Mobile was relaunched in March 2010 and positioned to
meet market demand for unlimited services, particularly for &#147;second SIM&#148;
holders. In order to support the traffic requirements for unlimited voice and
text without degrading the service quality of other subscribers, Smart built a
secondary network that caters to unlimited voice service offerings. The Red
Mobile subscriber base is expected to grow even further.  Beginning July 2010,
Red Mobile subscribers can make unlimited calls to all other subscribers in the
Smart network.</p>

<p style='text-align:justify;text-justify:inter-ideograph' 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 align=left>
 <tr>
 <td  height=11></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 6 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

&nbsp;</p>

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

<br clear=ALL>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Exhibit 1</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">Cellular voice revenues
improved by 15% to P21.8 billion and now contribute 50% of total
cellular service revenues from 43% for the same period last year. On the other
hand, cellular data/text revenues fell 14% to P20.9 billion, despite a
27% increase in text volumes, as they remain under pressure from the
proliferation of lower yield offerings, multiple-SIM ownership and
regulator-mandated load validity extensions.  </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">On the broadband front,
SmartBro, Smart&#146;s wireless broadband service offered through its wholly-owned
subsidiary Smart Broadband, Inc. (&#147;SBI&#148;) continued to expand as its wireless
broadband subscriber base grew to 1.3 million at the end of June 2010, close to
870,000 of whom were on SmartBro&#146;s prepaid service. Wireless broadband revenues
continued to grow strongly, up 26% to P3.4 billion, compared with the P2.7
billion recorded in the first half of 2009. Wireless broadband revenues now
comprise 7% of wireless service revenues.</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">&#147;Wireless broadband
continues to be a strong engine for growth and viability.  Meanwhile, we have
been re-architecting to be a truly smart pipe, ready for the next big wave when
mobile broadband devices, applications, multimedia platforms, and the cloud
environment fuse together explosively down at the mass-market level,&#148; stated Orlando B. Vea, Chief
Wireless Adviser of Smart.</p>

<p style='text-indent:35.0pt' 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">&#147;We continue to grapple
with the changing dynamics in the industry &#150; the popularity of unlimited
service offerings, the resurgence of voice and the growing assortment of
alternative means of communication.  We are looking to meet these challenges
from all angles &#150; whether it be through reconfiguring our networks, retooling
our products and even re-assessing our business models,&quot;
added Napoleon L. Nazareno, President and CEO of PLDT and Smart.</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">Smart continues to invest
in its cellular and multi-platform broadband networks while upgrading its
existing transmission, core and access facilities. Smart&#146;s 3G and HSPA networks
now cover 50% and 44% of the country&#146;s population, respectively. </p>

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

<p style="margin-top:0;margin-bottom:0"><u>PLDT
Fixed Line:  Holding Steady</u></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">Fixed line service
revenues declined slightly by 1% to P25.2 billion in the first half of
2010 from P25.4 billion in the same period in 2009  as the 11% increase
in data revenues, both from corporate data and residential DSL services, was
offset by declines in other segments of the business. Despite an increase in
the number of postpaid billed lines, revenues from our local exchange, or LEC,
services were lower as a result of LEC voice revenues being re-allocated to
bundled voice and data services. National long distance revenues continued  to
decrease with the reduction in call volumes, while international long distance
revenues weakened further due to the decrease In the average settlement rate
for inbound calls, as well as the impact of the peso appreciation vis-&#224;-vis the
US Dollar. Data service revenues contributed 46% of the fixed line&#146;s service
revenues compared with 41% in the same period last year. </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">The fixed line business
continues to pursue initiatives aimed at tapping new markets and generating new
and higher ARPUs.  These were enabled by leveraging both the fixed and wireless
networks and creating new products for different market segments.</p>

<p style='text-align:justify;text-justify:inter-ideograph' 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 align=left>
 <tr>
 <td  height=16></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 7 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

&nbsp;</p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Exhibit 1</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">PLDT DSL continued its
strong performance as broadband subscribers grew close to 50,000 to 609,000 at
the end of June 2010 from 560,000 at the end of 2009.  PLDT DSL generated P4.1
billion in revenues in 2010, up 22% from the P3.3 billion in the same
period in 2009.  </p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Fixed line EBITDA margin
was at 50% in the first half of 2010, slightly higher than the full year 2009
margin of 49%, but lower compared with 52% in the same period last year.  The
decline was the result of higher cash operating expenses, mainly relating to
professional and other contracted services, and maintenance expenses.</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">&quot;Our
goal for the fixed line business is to sustain its resilient performance by building
on the continued strength of our corporate data and broadband revenues while
managing the downward trend of our national and international toll
businesses,&quot; declared Nazareno.</p>

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

<p style="margin-top:0;margin-bottom:0"><u>ePLDT:
Positioning for Growth</u></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">ePLDT, the Group&#146;s
information and communications technology arm, reported service revenues of P5.3
billion in the first half of 2010, an increase of 1% from P5.2 billion
in the same period in 2009. ePLDT&#146;s EBITDA increased by 48% to P756
million in the first half of 2010 compared with P511 million in the same
period in 2009, mainly due to a 1% increase in service revenues and a 4%
decrease in  cash operating expenses, largely due to lower headcount and
compensation. EBITDA margin at 14% was higher than the 10% recorded in the same
period in 2009 and the 12% margin for the year 2009.  ePLDT&#146;s revenues account
for 7% of PLDT&#146;s consolidated revenues. </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">Earlier this year, ePLDT
reorganized its businesses to create better focus and maximize scale. ePLDT
Ventus, which handles customer interaction services (more commonly known as
&#147;call center&#148;) and SPi Technologies, Inc., the knowledge processing arm (also
known as business process outsourcing or &#147;BPO&#148;) have combined their operations
and will be known as SPi Global Solutions, Inc. while Vitro Data Center and
internet and online gaming operations will remain housed under ePLDT.</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">&#147;With the re-organization
of ePLDT into separate entities as previously announced, we expect their
separate and stand-alone senior management teams to focus on their core areas
for growth. SPi Global Holdings have set their sights on creating end-to-end
BPO solutions for clients through consolidation, thus, accelerating growth
across all three verticals:  call center, healthcare and content solutions,&#148;
stated Nazareno.</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"><u>Meralco:
Improving Prospects</u></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">Our first half
financial results reflect the equity accounting of our share in the earnings of
Manila Electric Company
(&#147;Meralco&#148;) through PLDT
Communications and Energy Ventures, Inc (&#147;PCEV&#148;), formerly Pilipino Telephone
Corporation. PCEV&#146;s income is
derived mainly from its direct equity share in the net income of Meralco and its holdings in Beacon Electric Asset Holdings,
Inc. (&#147;Beacon Electric&#148;).  PCEV owns 50% of Beacon Electric, a special purpose company
jointly owned by PCEV and Metro Pacific Investments  Corporation  (&#147;MPIC&#148;)  whose
 sole  purpose  is  to  hold  shares in Meralco, </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 align=left>
 <tr>
 <td  height=10></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 8 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all style='page-break-before:
always'>
Exhibit 1</p>

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

<br clear=ALL>

<p style="margin-top:0;margin-bottom:0">which presently
amount to 392.5 million shares, equivalent to 34.8% of Meralco&#146;s outstanding
common shares. PCEV&#146;S direct holdings in Meralco consist of 68.8 million
Meralco common shares (approximately 6% interest) retained by PCEV after the
transfer of its 154.2 million shares to Beacon Electric in March 2010. PCEV
acquired its original 20% investment in Meralco in July 2009.  </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">Meralco&#146;s consolidated
Reported Net Income for the first half of 2010 increased to 4.8 billion, 51% higher
than the 3.2 billion realized for
the same period in 2009. Consolidated Core Net Income, which excludes one-time,
exceptional charges, stood at 5.8 billion, which was
82% better than the Consolidated Core Net Income in 2009 of 3.2 billion.  The
improvements reflect the significantly higher volume of energy sold with the
surge in demand from all customer classes, led by the industrial sector. Also
contributing to this improvement was the higher average distribution rate for
the period.  The rate adjustment in May 2009 was Meralco&#146;s first rate
adjustment since 2003. </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">Meralco&#146;s consolidated
revenues, in which electricity sales account for approximately 98% of the
total, increased by 35% to 127.5 billion.
Approximately 40% of the total increase in consolidated electricity revenues is
accounted for by the 14% growth in kilowatt-hours sold while 46% is due to
higher average purchased power and transmission pass-through costs.  The first
half of 2010 also saw improved average distribution rates.   </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">Total cost and expenses
amounted to 120.3 billion in the
first six months of 2010, 34% higher compared with 89.7 billion for the same
period in 2009. Cost of purchased power accounted for 87% of total cost and
expenses in 2010, compared with 85% in 2009.</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">In its meeting held last
26th July 2010, Meralco&#146;s board of directors declared an interim
cash dividend of 2.50 per common share to
all shareholders of record as of 23rd August 2010, payable on 16th
September 2010. The interim dividend represents approximately 50% of Meralco&#146;s
core earnings per share for the period.</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-top:0;margin-bottom:0"><u>Conclusion</u></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;
text-autospace:none' style="margin-top:0;margin-bottom:0">&#147;With
first half results being encouraging, core profit guidance for 2010 is in
excess of P41.0 billion and capital investments should remain at 28.6 billion. While we
believe that there is still room for growth in the broadband space, we do
recognize that our core markets are maturing.  We are, therefore, looking to
move beyond the verticality of the traditional telco business model as we lay
the groundwork for a more &#147;horizontal&#148; perspective via our strategic platform
and infrastructure investments,,&#148; concluded Manuel V. Pangilinan, PLDT
Chairman.</p>

<p align=center style='margin-bottom:16.0pt;text-align:center;
text-autospace:none' 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">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=15></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 9 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<b><br clear=all style='page-break-before:always'>
</b>Exhibit 1</p>

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

<br clear=ALL>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>  </b><img width=618 height=486
src="ussec-filing_080310001.gif"></p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><i>This press release may
contain some statements which constitute &#147;forward-looking statements&#148; that are
subject to a number of risks and uncertainties that could affect PLDT&#146;s
business and results of operations. Although PLDT believes that expectations
reflected in any forward-looking statements are reasonable, it can give no
guarantee of future performance, action or events.</i></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">For further information,
please contact:</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" style="margin-top:0;margin-bottom:0"><b>Anabelle L.
Chua                  Melissa V. Vergel de Dios               Ramon R. Isberto</b></h2>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Tel No: 816-8213                    Tel
No: 816-8024                                Tel No: 511-3101</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Fax No: 844-9099                   Fax
No: 810-7138                               Fax No: 893-5174</p>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph;line-height:normal' 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 align=left>
 <tr>
 <td  height=25></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 10 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<b><br clear=all
style='page-break-before:always'>
</b>Exhibit 1</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph;line-height:normal' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph;line-height:normal' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<br clear=ALL>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph;line-height:normal' style="margin-top:0;margin-bottom:0"><b>About PLDT</b></p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph;line-height:normal' style="margin-top:0;margin-bottom:0"><b>PLDT is the leading telecommunications provider in
the Philippines. Through its three principal business groups &#150; fixed line,
wireless, and information and communications technology &#150; PLDT offers a wide
range of telecommunications services across the Philippines&#146; most extensive
fiber optic backbone and fixed line, cellular and satellite network.</b></p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph;line-height:normal' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph;line-height:normal' style="margin-top:0;margin-bottom:0"><b>PLDT is listed on the Philippine Stock Exchange
(PSE:TEL) and its American Depositary Shares are listed on the New York Stock
Exchange (NYSE:PHI).  PLDT has one of the largest market capitalizations among
Philippine listed companies.</b></p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph;line-height:normal' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph;line-height:normal' style="margin-top:0;margin-bottom:0"><b>Further information can be obtained by visiting the
web at www.pldt.com.ph.</b></p>

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

<p align=right style='text-align:right' 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 align=left>
 <tr>
 <td  height=524></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 11 of 11</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
&nbsp;</p>

<br clear=ALL>

<p style='margin-left:3.0in;text-align:justify;text-justify:
inter-ideograph;text-indent:-3.0in' style="margin-top:0;margin-bottom:0">Exhibit 2</p>

<p align=right style='margin-left:3.0in;text-align:right;
text-indent:.75in' style="margin-top:0;margin-bottom:0"><u>&nbsp;</u></p>

<p style='margin-left:3.0in;text-align:justify;text-justify:
inter-ideograph;text-indent:.75in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:3.0in;text-align:justify;text-justify:
inter-ideograph;text-indent:-3.0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:3.0in;text-align:justify;text-justify:
inter-ideograph;text-indent:-3.0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:3.0in;text-align:justify;text-justify:
inter-ideograph;text-indent:-3.0in' style="margin-top:0;margin-bottom:0">August 3, 2010</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">Philippine Stock Exchange</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">3/F Philippine Stock
Exchange Plaza</p>

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

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

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

<p style='margin-right:16.8pt' style="margin-top:0;margin-bottom:0">Attention:  Ms. Janet A. Encarnacion
</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">                   <u>Head,
Disclosure Department</u></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">Gentlemen:</p>

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

<p style='text-indent:0in' style="margin-top:0;margin-bottom:0">In compliance with Section 17.1 (b) and Section 17.3
of the Securities Regulation Code, we submit herewith a copy of SEC Form 17-C
with respect to certain discloseable events/information.    </p>

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

<p style="margin-top:0;margin-bottom:0">This shall also serve as
the disclosure letter for the purpose of complying with PSE Revised Disclosure
Rules.</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">&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='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><u>/s/ Ma. Lourdes C.
Rausa-Chan</u></p>

<p style='text-align:justify;text-justify:inter-ideograph' 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 style='text-align:justify;text-justify:inter-ideograph;
text-autospace:none' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0" 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 align=left>
 <tr>
 <td  height=130></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 1 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
<u>&nbsp;</u></h6>

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

<br clear=ALL>

<p style="margin-top:0;margin-bottom:0">Exhibit
2</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='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">August 3, 2010</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">                        <u>Corporation
Finance Department</u></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-indent:0in' style="margin-top:0;margin-bottom:0">In accordance with Section 17.1 (b) of the Securities
Regulation Code, we submit herewith two (2) copies of SEC Form 17-C with
respect to certain discloseable events/information.        </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">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='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><u>/s/ Ma. Lourdes C.
Rausa-Chan</u></p>

<p style='text-indent:-311.35pt' 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 style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:left' 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 align=left>
 <tr>
 <td  height=186></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 2 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
 &nbsp;</p>

<br clear=ALL>

<p align=left style='margin-bottom:0in;margin-bottom:.0001pt;
text-align:left' style="margin-top:0;margin-bottom:0">Exhibit
2</p>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">COVER SHEET</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=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border:none;border-right: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">&nbsp;</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">P</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">W</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">-</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">5</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">5</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-right: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">&nbsp;</p>
 </td>
 <td  colspan=5 valign=top style=' border-top:none;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right: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">SEC Registration No.</p>
 </td>
 </tr>
</table></center></div>

<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=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">P</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">H</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">I</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">L</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">I</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">P</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">P</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">I</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">N</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">E</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">&nbsp;</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">L</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">O</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">N</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">G</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">&nbsp;</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">D</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">I</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">S</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">T</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">A</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">N</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">C</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">E</p>
 </td>
 </tr>
</table></center></div>

<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=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">&nbsp;</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">&nbsp;</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">&nbsp;</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">T</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">E</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">L</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">E</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">P</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">H</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">O</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">N</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">E</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">&nbsp;</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">C</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">O</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">M</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">P</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">A</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">N</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">Y</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

<p align=center style='text-align:center' 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=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">R</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">A</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">M</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">O</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">N</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">&nbsp;</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">C</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">O</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">J</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">U</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">A</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">N</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">G</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">C</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">O</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">&nbsp;</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</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">U</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">I</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">L</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">D</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">I</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">N</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">G</p>
 </td>
 </tr>
</table></center></div>

<p align=center style='text-align:center' 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=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">M</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">A</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">K</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">A</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">T</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">I</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">&nbsp;</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">A</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">V</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">E.</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">&nbsp;</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">M</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">A</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">K</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">A</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">T</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">I</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">&nbsp;</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">C</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">I</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">T</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">Y</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">&nbsp;</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">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

<p align=center style='text-align:center' 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=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">ATTY. MA. LOURDES C. RAUSA-CHAN</p>
 </td>
 <td  valign=top style=' border:none;border-right: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">&nbsp;</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">816-8405</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Contact person</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Contact Telephone No.</p>
 </td>
 </tr>
</table></center></div>

<p align=center style='text-align:center' 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=1 cellspacing=0 cellpadding=0  style='width:443.4pt;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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">1</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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">2</p>
 </td>
 <td  valign=top style=' border:none;border-right: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">&nbsp;</p>
 </td>
 <td  colspan=2 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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">3</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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">1</p>
 </td>
 <td  valign=top style=' border:none;border-right: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">&nbsp;</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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">SEC FORM 17-C</p>
 </td>
 <td  valign=top style=' border:none;border-right: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">&nbsp;</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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">0</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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">6</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">Every 2nd</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Tuesday</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">&nbsp;</p>
 </td>
 <td  colspan=2 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">&nbsp;</p>
 </td>
 </tr>
 <tr>
 <td  colspan=2 valign=top style=' border:none;padding:
 0in 5.4pt 0in 5.4pt'>
 <p style='' style="margin-top:0;margin-bottom:0">Month</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;padding:
 0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Day</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">FORM TYPE</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style=';text-align:justify;text-justify:
 inter-ideograph' style="margin-top:0;margin-bottom:0">Month</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Day</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;padding:
 0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td  colspan=6 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Fiscal Year</p>
 </td>
 <td  colspan=3 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=5 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Annual Meeting</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<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=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">C</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">F</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">D</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 border-right: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">&nbsp;</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">N/A</p>
 </td>
 </tr>
 <tr>
 <td  colspan=4 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">Dept.
 Requiring this Doc.</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Amended Articles</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Number/Section</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

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

<div align=center>

<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  colspan=2 valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=3 valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Total Amount of Borrowings</p>
 </td>
 </tr>
 <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">  2,183,041</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">As of June 30, 2010</p>
 </td>
 <td  valign=top style=' border:none;border-right: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">&nbsp;</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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">NA</p>
 </td>
 <td  valign=top style=' border:none;border-right: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">&nbsp;</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">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">NA</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Total No. of Stockholders</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Domestic</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>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Foreign</p>
 </td>
 </tr>
</table></center></div>

</div>

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

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

<p align=center style='text-align:center' 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=1 cellspacing=0 cellpadding=0  style='width:460.5pt;;border-collapse:collapse;border:none'>
 <tr>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=3 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">______________________________</p>
 </td>
 </tr>
 <tr>
 <td  colspan=12 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">File Number</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">LCU</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<p style='margin-left:.5in;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=1 cellspacing=0 cellpadding=0  style='width:462.0pt;;border-collapse:collapse;border:none'>
 <tr>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 <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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</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">&nbsp;</p>
 </td>
 <td  colspan=3 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">______________________________</p>
 </td>
 <td style='border:none;padding:0in 0in 0in 0in'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <td  colspan=12 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Document I.D.</p>
 </td>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  colspan=3 valign=top style=' border:none;padding:
 0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Cashier</p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

<p style='text-align:justify;text-justify:inter-ideograph' 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=61 bgcolor=white style='border:.75pt solid black;
 vertical-align:top;background:white'>



 <div style='padding:4.35pt 7.95pt 4.35pt 7.95pt'>
 <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">STAMPS</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

</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">Remarks: Please use black
ink for scanning purposes</p>

<p align=center style=';text-align:center' 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 align=left>
 <tr>
 <td  height=19></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 3 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
 &nbsp;</p>

<br clear=ALL>

<p style='' style="margin-top:0;margin-bottom:0">Exhibit 2</p>

<p style='' 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 style='margin-bottom:0in;margin-bottom:.0001pt;line-height:normal' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;line-height:normal' 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:.75in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.75in' 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;
August 3, 2010</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 align=left style='margin-left:.5in;text-align:left;
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 align=left style='margin-left:.5in;text-align:left' style="margin-top:0;margin-bottom:0">Address of principal
office                                                            Postal Code</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)
816-8405 </p>

<p align=left style='margin-left:.5in;text-align:left' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">Issuer's telephone number, including
area code</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:.75in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.75in' style="margin-top:0;margin-bottom:0">10.&nbsp;&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:380.4pt;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-right:42.3pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=right style='text-align:right' 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 align=left>
 <tr>
 <td  height=31></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 4 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
<b><u>&nbsp;</u></b></p>

<br clear=ALL>

<p style='margin-right:42.3pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">Exhibit
2</p>

<p style='margin-right:42.3pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-indent:0in' style="margin-top:0;margin-bottom:0">11.       Item 9 (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">We disclose that at the
meeting of the Board of Directors of Philippine Long Distance Telephone Company
(respectively, the &#147;Board&#148; and the &#147;Company&#148;) held on August 3, 2010:</p>

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

<p style='margin-left:22.5pt;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board confirmed the
finding of the Governance and Nomination Committee that Mr. Oscar S. Reyes has
ceased to qualify as an independent director, in view of his appointment as
Senior Executive Vice President and Chief Operating Officer of Manila Electric
Company.  However, Mr. Reyes shall remain to be a member of the Board as a
regular director.  With three (3) remaining independent directors in the Board
(namely, Rev. Fr. Bienvenido F. Nebres, Mr. Pedro E. Roxas and Mr. Alfred V.
Ty), the Company remains compliant with the legal requirement on the minimum
number of independent directors.</p>

<p style='margin-left:22.5pt;text-indent:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:22.5pt;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board, exercising
its own power, and the authority duly delegated to it by the stockholders of
the Company, to amend the Company&#146;s By-Laws, authorized and approved the
amendments to the Company&#146;s By-Laws contained in Annex A attached hereto.</p>

<p style='margin-left:22.5pt;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:22.5pt;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">        The amendments to the By-Laws shall
take effect upon approval by the Securities and Exchange Commission of the
Amended By-Laws.</p>

<p style='margin-left:22.5pt;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:22.5pt;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">3.     The Board declared the following
cash dividends out of the unaudited unrestricted retained earnings of the
Company as at June 30, 2010, which are sufficient to cover the total amount of
dividends declared:</p>

<p style='margin-right:22.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;;margin-bottom:
0in;margin-left:45.0pt;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-.25in' style="margin-top:0;margin-bottom:0">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Regular
dividend of &#8369;78.00 per outstanding
share of the Company&#146;s Common Stock, payable on September 21, 2010 to the
holders of record on August 19, 2010;</p>

<p style='margin-top:0in;;margin-bottom:
0in;margin-left:45.0pt;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;;margin-bottom:
0in;margin-left:45.0pt;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-.25in' style="margin-top:0;margin-bottom:0">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#8369;12,420,000.00 on all of
the outstanding shares of the Company&#146;s Series IV Cumulative Non-Convertible
Redeemable Preferred Stock, for the quarter ending September 15, 2010, payable
on September 15, 2010 to the holder of record on August 18, 2010.</p>

<p style='margin-top:0in;;
margin-bottom:0in;margin-left:45.0pt;margin-bottom:.0001pt;text-indent:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;;
margin-bottom:0in;margin-left:45.0pt;margin-bottom:.0001pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#8369;1.00 per outstanding share of the Company&#146;s
Series B 10% Cumulative Convertible Preferred Stock, for the annual period
ending August 31, 2010, payable on September 30, 2010 to the holders of record
on September 2, 2010.</p>

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

<p style='margin-top:0in;;
margin-bottom:0in;margin-left:45.0pt;margin-bottom:.0001pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#8369;1.00 per outstanding share of the Company&#146;s
Series F 10% Cumulative Convertible Preferred Stock, for the annual period
ending August 31, 2010, payable on September 30, 2010 to the holders of record
on September 2, 2010.</p>

<p style='margin-top:0in;;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt' 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 align=left>
 <tr>
 <td  height=3></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 5 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
 &nbsp;</p>

<br clear=ALL>

<p style='margin-top:0in;;margin-bottom:
0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>

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

<p style='margin-top:0in;;
margin-bottom:0in;margin-left:45.0pt;margin-bottom:.0001pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#8369;1.00 per outstanding share of the Company&#146;s
Series Q 10% Cumulative Convertible Preferred Stock, for the annual period
ending August 31, 2010, payable on September 30, 2010 to the holders of record
on September 2, 2010.</p>

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

<p style='margin-top:0in;;
margin-bottom:0in;margin-left:45.0pt;margin-bottom:.0001pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">f.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#8369;1.00 per outstanding share of the Company&#146;s
Series V 10% Cumulative Convertible Preferred Stock, for the annual period
ending August 31, 2010, payable on September 30, 2010 to the holders of record
on September 2, 2010.</p>

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

<p style='margin-top:0in;;
margin-bottom:0in;margin-left:45.0pt;margin-bottom:.0001pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">g.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#8369;1.00 per outstanding share of the Company&#146;s
Series Z 10% Cumulative Convertible Preferred Stock, for the annual period
ending August 31, 2010, payable on September 30, 2010 to the holders of record
on September 2, 2010.</p>

<p style='margin-left:27.0pt;text-indent:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-indent: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">Pursuant
to the requirements of the Securities Regulation Code, the Company has duly
caused this Report to be signed on its behalf by the undersigned hereunto duly
authorized.</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=right style=';text-align:right' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE
TELEPHONE COMPANY</p>

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

<p style='margin-top:0in;;margin-bottom:
0in;margin-left:166.5pt;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">By:</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:458.4pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style=';text-align:justify;text-justify:
 inter-ideograph' 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='margin-left:23.1pt;text-align:center' style="margin-top:0;margin-bottom:0"><u>/s/ Ma. Lourdes C.
 Rausa-Chan</u></p>
 <p style='margin-left:90.6pt' style="margin-top:0;margin-bottom:0">MA. LOURDES C. RAUSA-CHAN</p>
 <p style='margin-top:0in;;margin-bottom:
 0in;margin-left:126.6pt;margin-bottom:.0001pt' 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-right:42.3pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-right:42.3pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">August
3, 2010</p>

<p style='text-align:justify;text-justify:inter-ideograph;
text-autospace:none' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' 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 align=left>
 <tr>
 <td  height=116></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 6 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all style='page-break-before:
always'>
ARTICLE II</p>

<p align=center style='text-align:center' 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=37 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">ANNEX A</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0>
 <tr>
 <td  height=37 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

MEETINGS</p>

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

<br clear=ALL>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0  style='width:472.5pt;;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-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Stockholders&#146; Meetings</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='margin-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Existing</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='margin-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Amended</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Calling of
 special meeting</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Giving of
 notice of special meeting</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Question of
 service of notice of meeting</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">by <b><u>the
 President</u> </b>or three (3) Directors or stockholders representing
 two-thirds (2/3) of subscribed capital stock</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Secretary,
 Assistant Secretary or in case of his absence, inability, refusal or neglect
 to act, then by the <b><u>President</u></b>, Directors or stockholders
 calling said meeting</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">statement of
 service entered in the <b><u>minutes upon being read and approved in the
 subsequent meeting of stockholders</u></b> shall be conclusive on the
 question of service</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">by the Chairman
 of the Board</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">by the Chairman
 of the Board</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">minutes as
 certified correct by the secretary of the meeting and attested by the
 chairman of the meeting</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 3</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Presiding
 Officer</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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><u>President</u></b> or, in his absence, by a chairman to be
 chosen by the stockholders representing a majority of the shares of the
 corporation issued and outstanding and entitled to vote present or duly
 represented at said meeting</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">Chairman of the
 Board or, in his absence, the President</p>
 </td>
 </tr>
</table></center></div>

<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=1 cellspacing=0 cellpadding=0  style='width:472.5pt;;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-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Board of Directors&#146; Meeting</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='margin-top:6.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Existing</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='margin-top:6.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Amended</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 4</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Calling of
 special meeting</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Giving of
 notice of special meeting</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Question on
 service of notice of meeting</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">by the <b><u>President</u></b>
 or any three (3) directors</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">by Secretary or
 Assistant Secretary, or in case of his absence, inability, refusal or neglect
 to act, by any person appointed for that purpose by the <b><u>President</u></b>
 or three (3) directors</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Statement of
 service entered in the <b><u>minutes</u></b> upon <b><u>being read and
 approved at a subsequent meeting of the Board</u></b> shall be conclusive
 upon question of service</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">by the Chairman
 of the Board</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">by the Chairman
 of the Board</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">minutes as
 certified correct by the secretary of the meeting and attested by the
 chairman of the meeting</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

<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=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 7 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

</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">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0>
 <tr>
 <td  height=37 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

ARTICLE III</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">QUORUM AND VOTING REQUIREMENTS</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=1 cellspacing=0 cellpadding=0  style='width:472.5pt;;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-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Stockholders Meetings</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='margin-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Existing</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='margin-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Amended</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 1</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Power to
 adjourn in the absence of a quorum</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:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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><u>President</u></b> or, in his absence, any person entitled
 to preside or act as secretary of the meeting shall have the power to adjourn
 until a quorum is present or represented.</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">Chairman of the
 Board</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 3</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Filing of
 proxies</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Revocation of
 proxies</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Validation of
 proxies</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">At least <b><u>two
 (2)</u></b> days before the day of the meeting</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">At least <b><u>two
 (2)</u></b> days before the day of the meeting</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">No By-Laws
 provision</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">at least seven
 (7) days</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">at least three
 (3) days</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">at least five
 (5) days before the day of the meeting </p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Shall be done
 by the Secretary or a special committee of inspectors composed of the
 Secretary, Assistant Secretary and a representative of the transfer agent</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 align=center style='text-align:center' style="margin-top:0;margin-bottom:0">ARTICLE V</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">BOARD OF DIRECTORS</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=1 cellspacing=0 cellpadding=0  style='width:472.5pt;;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-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</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='margin-top:6.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Existing</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='margin-top:6.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Amended</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 1</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Number of
 directors</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">Thirteen (13)
 members</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">Thirteen (13)
 members or such number of members provided in the Articles of Incorporation
 of the corporation, as amended from time to time</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Number of
 Independent Directors</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Definition of
 Independent Directors</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0"><b><u>&nbsp;</u></b></p>
 <p style="margin-top:0;margin-bottom:0"><b><u>&nbsp;</u></b></p>
 <p style="margin-top:0;margin-bottom:0"><b><u>At least
 2</u></b> Independent
 Directors or such Independent Directors shall constitute <b><u>at least
 twenty percent (20%)</u></b> of the members of the Board of Directors, <b><u>whichever
 is lesser</u></b></p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 8 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 Independence criteria
 enumerated in the By-Laws</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">Twenty percent
 (20%) but in no case less than two (2)</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">a person who:</p>
 <p style='margin-left:17.1pt;text-indent:-17.1pt' style="margin-top:0;margin-bottom:0">(a)&nbsp;&nbsp;&nbsp;
 is independent
 of management,</p>
 <p style='margin-left:17.1pt;text-indent:-17.1pt' style="margin-top:0;margin-bottom:0">(b)&nbsp;&nbsp;&nbsp;
 is free from
 any business or other relationship with the corporation which could, or could
 reasonably be perceived to, materially interfere with the exercise of independent
 judgment in carrying out his responsibilities as a director of the
 corporation, and</p>
 <p style='margin-left:17.1pt;text-indent:-17.1pt' style="margin-top:0;margin-bottom:0">(c)&nbsp;&nbsp;&nbsp;







 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 meets all the
 independence criteria enumerated in the corporation&#146;s Manual on Corporate
 Governance and such other criteria provided under applicable laws, rules or regulations
 (including SRC Rule 38, as amended from time to time) or determined by the
 Board of Directors or the Governance and Nomination Committee</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">A person
 nominated for election as Independent Director must possess all the
 qualifications and have none of the disqualifications for directorship set
 forth in Sections 3, 4 and 5 of Article V of the By-Laws and </p>
 <p style="margin-top:0;margin-bottom:0">must meet all
 the independence criteria referred to above</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 3</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt;text-indent:-12.6pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Director&#146;s
 qualifications</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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:17.1pt;text-indent:-17.1pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 at least a
 college graduate, or in the absence of such college degree or formal
 education, sufficient experience in managing a business </p>
 <p style='margin-left:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 at least
 twenty one (21) years old</p>
 <p style='margin-left:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 proven
 integrity and probity</p>
 <p style='margin-left:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;







 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 9 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 assiduousness in the
 performance of duties</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 college
 education or equivalent academic degree</p>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 same</p>
 <p style='margin-left:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 possess
 integrity and probity</p>
 <p style='margin-left:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 deleted</p>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 ownership of
 at least one share of the corporation standing in his name in the books of
 the corporation</p>
 <p style='margin-left:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 practical
 understanding of the business of the corporation or previous business
 experience</p>
 <p style='margin-left:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 has attended a
 seminar on corporate governance</p>
 <p style='margin-left:16.2pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 such other
 additional qualifications provided under any amendments to the Corporation
 Code, Securities Regulation Code, the Code of Corporate Governance issued by
 the Securities and






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 Exchange
 Commission (the &#147;Commission&#148;) and other relevant laws, rules and regulations
 in effect at the relevant time</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Sections 4 and
 5</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt;text-indent:-12.6pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Competing
 business</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt;text-indent:-12.6pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Other Grounds
 for Disqualification</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">&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">Note:</p>
 <p style="margin-top:0;margin-bottom:0">






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 10 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 The grounds for
 disqualification in the third column of this summary






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 which are marked
 with * are in the






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 11 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 existing By-Laws.</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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='text-indent:0in' style="margin-top:0;margin-bottom:0">No person
 shall qualify or be eligible for nomination or election as a Director if he
 is engaged in any business that competes with or is antagonistic to that of
 the corporation or its subsidiaries.  Without limiting the generality of the
 foregoing, a person shall be deemed to be so engaged:</p>
 <p style='margin-top:0in;margin-right:0in;
 margin-bottom:0in;margin-left:.3in;margin-bottom:.0001pt;text-align:justify;
 text-justify:inter-ideograph;text-indent:-.3in;line-height:normal' style="margin-top:0;margin-bottom:0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 If he is an
 employee, officer, manager, <b><u>director</u></b>  or controlling person, or
 the owner (either of record or beneficially) of ten per cent (10%) or more of
 any outstanding class of shares, of any corporation (other than one in which
 this corporation owns at least thirty per cent (30%) of the capital stock) or
 entity engaged in a business that the Board of Directors, by at least a
 majority vote, determines to be competitive or antagonistic to that of this
 corporation or any of its subsidiaries; or</p>
 <p style='margin-left:.3in;text-align:justify;text-justify:
 inter-ideograph;text-indent:-.3in' style="margin-top:0;margin-bottom:0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If he is an employee, officer, manager, <b><u>director</u></b>
 or controlling person, or the owner (either of record or beneficially) of ten
 per cent (10%) or more of any outstanding class of shares, of any corporation
 or entity engaged in any line of business of this corporation or any of its
 subsidiaries, when in the judgment of the Board of Directors, by at least a
 majority vote, the laws against combinations and restraint of trade shall be
 violated by such person&#146;s membership in the Board of Directors; or</p>
 <p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">x   x   x</h3>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h3>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">No person suffering from any of the
 following grounds for disqualification shall qualify or be eligible for
 nomination or election as a Director:</h3>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">(a)&nbsp;&nbsp;&nbsp;&nbsp;
 Any person convicted
 or adjudged guilty of any of the offenses or crimes specified below in a
 final, non-appealable judgment, decree or order issued by a judicial or an
 administrative body having competent jurisdiction or the Commission:</p>
 <p style='margin-left:20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:38.7pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 an offense
 involving moral turpitude*, fraud*, embezzlement, theft, estafa,
 counterfeiting, misappropriation, forgery, bribery, false affirmation,
 perjury or* other fraudulent acts;</p>
 <p style='margin-left:38.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:38.7pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">(ii)   any crime that (x) involves
 the purchase or sale of securities, as defined in the Securities Regulation
 Code; (y) arises out of the person&#146;s conduct as an underwriter, broker,
 dealer, investment adviser, principal distributor, mutual fund dealer,
 futures commission merchant, commodity trading advisor, or floor broker; or
 (z) arises out of his fiduciary relationship with a bank, quasi-bank, trust
 company, investment house or as an affiliated person of any of them; or</p>
 <p style='margin-left:81.0pt;text-indent:-27.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:38.7pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">(iii)  having willfully violated, or
 willfully aided, abetted, counseled, induced or procured the violation of,
 any provision of the Securities Regulation Code, the Corporation Code, or any
 other law administered by the Commission or the Bangko Sentral ng Pilipinas
 (the &#147;BSP&#148;), or any rule, regulation or order of the Commission or BSP*;</p>
 <p style="margin-top:0;margin-bottom:0">






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 &nbsp;</p>
 <br clear=ALL>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Any person who, by
 reason of misconduct, after hearing, is permanently enjoined by a final
 judgment or order of the Commission or any court or administrative body of
 competent jurisdiction from: (i) acting as an underwriter, broker, dealer,
 investment adviser, principal distributor, mutual fund dealer, futures
 commission merchant, commodity trading advisor, or floor broker; or (ii)
 acting as director or officer of a bank, quasi-bank, trust company,
 investment house, or investment company; or (iii) engaging in or continuing
 any conduct or practice in any of the capacities mentioned in sub-clauses (i)
 and (ii) above.</p>
 <p style='margin-left:20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt' style="margin-top:0;margin-bottom:0">The disqualification shall also apply if such
 person: (i) is currently the subject of an order of the Commission or any
 court or administrative body denying, revoking or suspending any
 registration, license or permit issued to him under the Corporation Code,
 Securities Regulation Code or any other law administered by the Commission or
 BSP, or under any rule or regulation issued by the Commission or BSP; or (ii)
 has otherwise been restrained to engage in any activity involving securities
 and banking; or (iii) is currently the subject of an effective order of a
 self-regulatory organization suspending or expelling him from membership,
 participation or association with a member or participant of the said
 organization;</p>
 <p style='margin-left:.75in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 12 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 (c)   Any person found
 guilty by final judgment or order of a foreign court or equivalent securities
 or banking regulatory authority of acts, violations or misconduct similar to
 any of the acts, violations or misconduct enumerated in paragraphs (a) and
 (b) above;</p>
 <p style='margin-left:.75in;text-indent:-27.35pt' style="margin-top:0;margin-bottom:0">






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 &nbsp;</p>
 <br clear=ALL>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(d)   Any person convicted by final
 judgment of an offense punishable by imprisonment for more than six (6)
 years, or a violation of the Corporation Code committed within five (5) years
 prior to the date of his election or appointment*; or</p>
 <p style='margin-left:.75in;text-indent:-27.35pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-.25in' style="margin-top:0;margin-bottom:0">(e)  Any person judicially declared as
 insolvent*;</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border-top:none;border-left:
 solid windowtext 1.0pt;border-bottom:solid black 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 6</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Procedures for</p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">Nomination and Election </p>
 <p style='margin-left:12.6pt' style="margin-top:0;margin-bottom:0">of Independent Directors</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid black 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">No By-Laws
 provision</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid black 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">With respect to
 the nomination and election of independent directors, the Governance and
 Nomination Committee shall ensure that the corporation observes the
 procedures and requirements contained in SRC Rule 38, as amended from time to
 time.</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 7</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Nomination of
 a Director for appointment by the Board of Directors to fill a vacancy
 arising for any reason other than removal by the stockholders or expiration
 of term of office</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">No By-Laws
 provision.</p>
 <p style="margin-top:0;margin-bottom:0">(By-Laws covers
 nomination of directors to be elected by stockholders.  Nominations must be
 submitted at least sixty (60) working days before the stockholders&#146; meeting)</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">Nominations
 must be submitted at least thirty (30) working days before the day of the
 Board of Directors&#146; meeting for the purpose of appointing a Director to fill
 a vacancy</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 9</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:12.6pt;text-indent:-12.6pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Powers of the
 Board</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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 style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 13 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 No By-Laws provision</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">Unless
 otherwise provided by law, the powers, business and property of the
 corporation shall be exercised, conducted and controlled by the Board of
 Directors.  The Board of Directors shall exercise its powers in consonance
 with the corporate governance principles instituted in the corporation&#146;s
 Manual on Corporate Governance.</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Without
 prejudice to such general powers and such other powers as may be granted by
 law, the Board of Directors shall have the following express powers:</p>
 <p style="margin-top:0;margin-bottom:0">






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 &nbsp;</p>
 <br clear=ALL>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 From time to time,
 to make and change policies, rules and regulations not inconsistent with
 these By-Laws for the governance of the corporation and the conduct of its
 business and affairs;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To purchase,
 receive, take, or otherwise acquire in any lawful manner, for and in the name
 of the corporation, any and all property, rights, interests or privileges,
 including securities and bonds of other corporations, as the transaction of
 the business of the corporation may reasonably or necessarily require, for
 such consideration and upon such terms and conditions as the Board of
 Directors may deem proper and convenient;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To invest the funds
 of the corporation in another corporation or business or for any other
 purposes other than those for which the corporation was organized, whenever
 in the judgment of the Board of Directors, the interests of the corporation
 would thereby be promoted, subject to such stockholders&#146; approval as may be
 required by law;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;







 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 14 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 To incur such indebtedness
 as the Board of Directors may deem necessary and, for such purpose, to make
 and issue evidence of such indebtedness including, without limitation, notes,
 deeds of trust, instruments, bonds, debentures or securities, and/or pledge,
 mortgage, or otherwise encumber all or part of the property and rights of the
 corporation, subject to such stockholders&#146; approval as may be required by
 law;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 &nbsp;</p>
 <br clear=ALL>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To guarantee, for
 and in behalf of the corporation, obligations of other corporations or
 entities in which it has lawful interest;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To make provision
 for the discharge of the obligations of the corporation as they mature,
 including payment for any property or rights acquired by the corporation,
 either wholly or partly in money, property, or in stocks, bonds, debentures,
 or other securities of the corporation lawfully issued for the purpose;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To impose conditions
 as the Board of Directors may deem convenient, subject to the limitations
 prescribed by law, regarding the transfer of shares issued in total or
 partial payment of debts contracted or property acquired by, or services
 rendered in behalf of the corporation;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To sell, lease,
 exchange, assign, transfer or otherwise dispose of any property, real or
 personal, belonging to the corporation whenever in the judgment of the Board
 of Directors, the corporation&#146;s interest would thereby be promoted;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;







 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 15 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 Subject to such
 stockholders&#146; approval as may be required by law, to establish pension,
 retirement, bonus, profit sharing plans, employees share purchase and stock
 option plans, or other types of incentives or compensation plans for the
 employees, including officers and directors of the corporation and to
 determine the persons to participate in any such plans and the amount of
 their respective participations;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 &nbsp;</p>
 <br clear=ALL>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To prosecute,
 maintain, defend, compromise or abandon any lawsuit in which the corporation
 or its officers are either plaintiffs or defendants in connection with the
 business of the corporation, and likewise, to approve the payment or
 settlement of whatsoever debts are payable to the corporation upon such terms
 as the Board of Directors may deem proper and convenient;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To delegate, from
 time to time, any of the powers of the Board of Directors which can be
 lawfully delegated in the course of the current business or businesses of the
 corporation to any standing or special committee or to any person who shall
 act as agents of the corporation with such powers (including the power to
 sub-delegate), and upon such terms, as the Board of Directors may deem
 appropriate;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To resolve doubts as
 to the meaning, interpretation and/or application of these By-Laws and supply
 the omissions thereof;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(m)&nbsp;&nbsp;&nbsp;&nbsp;
 To authorize the
 issuance of shares out of the authorized but unissued capital stock of the
 corporation, or the buyback or repurchase of the corporation&#146;s shares, upon
 such terms and conditions as the Board of Directors may deem proper and in
 the best interest of the corporation, subject to the requirements prescribed
 by law;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;







 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 16 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 To determine whether any
 part of the unrestricted retained earnings of the corporation available for
 declaration as dividends shall be declared as dividends, subject to the
 provisions of law; and to provide that the dividends thus declared shall be
 applied in payment of new shares to be issued to the stockholders entitled to
 said dividends, which new shares shall be taken out of the authorized and
 unissued capital stock of the corporation;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 &nbsp;</p>
 <br clear=ALL>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To determine and
 prescribe the qualifications, duties, term of office, compensation,
 remuneration, incentives and other benefits of officers.  Pursuant thereto,
 to appoint or elect or enter into contract with such officers, under such
 terms and conditions as the Board of Directors may determine to be in the
 best interest of the corporation; and</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:20.7pt;text-indent:-20.7pt' style="margin-top:0;margin-bottom:0">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 To enter into any
 transaction, obligation or contract and perform such acts and execute such
 deeds as it may deem essential for the proper administration of the
 corporation&#146;s property, business and affairs or the accomplishment of any of
 the purposes for which the corporation was organized.</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 align=center style='text-align:center' style="margin-top:0;margin-bottom:0">ARTICLE VII</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">CHAIRMAN OF THE BOARD, PRESIDENT, SENIOR EXECUTIVE
VICE PRESIDENT, EXECUTIVE VICE PRESIDENTS, </p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">SENIOR VICE PRESIDENTS, FIRST VICE PRESIDENTS, AND
VICE PRESIDENTS</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=1 cellspacing=0 cellpadding=0  style='width:472.5pt;;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-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</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='margin-top:6.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Existing</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='margin-top:6.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Amended</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 1</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Chairman</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">The Chairman of
 the Board shall preside at all meetings of the Board of Directors</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">The Chairman of
 the Board shall preside at all meetings of stockholders and the Board of
 Directors</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Section 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:13.5pt;text-indent:-13.5pt' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 President</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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 style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 17 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 He shall preside at all
 meetings of the stockholders and, in the absence of the Chairman of the
 Board,






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 preside at the
 meetings of the Board of Directors</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <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">In the absence
 of the Chairman of the Board, he shall preside at the meetings of the
 stockholders and of the Board of Directors</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 align=center style='text-align:center' style="margin-top:0;margin-bottom:0">ARTICLE IX</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">TREASURER AND ASSISTANT TREASURER</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=1 cellspacing=0 cellpadding=0  style='width:472.5pt;;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-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</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='margin-top:6.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Existing</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='margin-top:6.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Amended</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Power and
 Duties</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">The Treasurer
 shall be the chief fiscal officer of the corporation.  He shall discharge
 such duties and have such powers as the Board of Directors or the President
 may prescribe or assign to him.</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=left style='text-align:left;text-indent:
 0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">The Treasurer
 shall have chief custody of the corporation&#146;s funds.  He shall be responsible
 for the placements of the corporation&#146;s funds, debt portfolio administration
 and management, planning and controlling the corporation&#146;s cash position,
 reviewing the corporation&#146;s capital structure and maintaining the corporation&#146;s
 relations with financial institutions and creditors.  He shall also perform
 such other duties as the Board of Directors or the President may prescribe or
 assign to him.</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 align=center style='text-align:center' style="margin-top:0;margin-bottom:0">ARTICLE X</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">CONTROLLER AND ASSISTANT CONTROLLERS</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=1 cellspacing=0 cellpadding=0  style='width:472.5pt;;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-top:3.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</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='margin-top:6.0pt;margin-right:0in;
 margin-bottom:3.0pt;margin-left:0in;text-align:center' style="margin-top:0;margin-bottom:0">Existing</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='margin-top:3.0pt;text-align:center' style="margin-top:0;margin-bottom:0">Amended</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:solid windowtext 1.0pt;
 border-top:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Power and
 Duties</p>
 <p style='margin-left:13.5pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='text-align:left;text-indent:
 0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=left style='text-align:left;text-indent:
 0in' style="margin-top:0;margin-bottom:0">






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 18 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 No By-Laws provision</p>
 </td>
 <td  valign=top style=' border-top:none;border-left:
 none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='text-align:left;text-indent:
 0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">The Controller
 shall serve as the chief financial reporting and accounting officer of the
 corporation who shall be responsible for the preparation and maintenance of
 the corporation&#146;s financial/accounting books and records, financial planning,
 revenue management and cash assurance, and management and control of
 disbursements.  He shall also be responsible for the preparation and
 reporting of the corporation&#146;s financial statements on a stand-alone basis
 and/or in combination with consolidated subsidiaries, and for the
 corporation&#146;s financial regulatory compliance.</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">In the absence
 or disability of the Controller, the Assistant Controller shall act in his
 place and perform his duties.  The Assistant Controller shall also perform
 such






 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style='margin-top:0in;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Exhibit 2</p>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

 other duties as may,
 from time to time, be delegated to him by the Controller and as the Board of
 Directors or the President may prescribe or assign to him.</p>
 </td>
 </tr>
</table></center></div>

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

<p style='margin-left:3.0in;text-indent:-3.0in' 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 align=left>
 <tr>
 <td  height=656></td>
 </tr>
 <tr>
 <td></td>
 <td  height=43 bgcolor=white style='vertical-align:top;background:
 white'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Page 19 of 19</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

<br clear=all
style='page-break-before:always'>
 &nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph;
text-autospace:none' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<br clear=ALL>

<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>
 <p style='margin-left:54.6pt;text-indent:-54.6pt' 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-left:42.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

<p style="margin-top:0;margin-bottom:0">Date:
August 3, 2010 </p>

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

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

</div>

</body>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>ussec-filing_080310001.gif
<TEXT>
begin 644 ussec-filing_080310001.gif
M1TE&.#EA:@+F`7<`,2'^&E-O9G1W87)E.B!-:6-R;W-O9G0@3V9F:6-E`"'Y
M!`$`````+`(`"P!G`L@!@`````````+_A(^IR^T/HYRTVHNSWKSS`(8B(H9`
M.1ZEIX*GVP8+[)CLC>?ZSO?^#PP*AT';*O:BV6*R9<=)HB$?4*+UBLUJM]RN
MEVM,&<*RL30Y&Z&:ZC;[;5K+S>*O_8[/Z_?\?@UV1"<X.!4%YX*2A+B2V.BF
MN%CF-TE9:7F)>4DF159(B.1X%,=(6K:&%IJINLK:ZOIJ(<<)J'16-?HX%XHK
M"UD*"QPL/$S<Y71,*PEU&XEKV`Q]>(@&>E9\C9VMO<V`+$F]M.S,&PWI>RX[
M_LO-WN[^GNF=_LTL]DMNKC[?>P[O_P\PH,"!!`L:/(@PH<*%#!LZ?`@QHL2)
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MY606(&S[E2>-@6N15TDGF^U3S32[`=B/@L[%]A9Z`9ZB7X;\K6):A/85Z$TA
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MCTYB4:^.A^'++@3N+K9EO_^6BJ695W0G+[/A\JNGOQYNT3"6`P/8G@?\((S8
MFF"JBJ3#KT+,\:T&8T8Q3_6JO%?&Z`Z<)X;&LEPFAO#I7*RM-2\<UHO$SDO%
MQ-3YJW"Z#PNMB,``"WT<T8(9C5;"$V;;=)@F%V'CKQ?W1'6T$$XH==!3-N/T
MO3?^FN(&0C;]\L[YHHH?8[+Z4+>O&O`R;LIFABAMB#[#;#;!^++`=WE^_RTG
MUE:532_ACB=U,,EW_T^.>>::;\ZY-D1]#GKHHH\.N7&DGXYZZJK'].CJKK\.
MNU!@QTY[[;;GU'GNNN_.>^^^_PY\\,(/3WSQ7\8H,6B*;Q6GY,->CJWQ[EA;
M^GQMSZET5-0[;WU@HTCO3]0<KJF@R$!#)7[>\;)>'/C<Y$BDQ>O2DA7\\QO^
M&5_<N\^*_4/+[;+)[,\H_BO@E=2G)OZQPX#@(!M-&EB_]$&,2NRCGP*WP4!O
M[:QY&1K@2PPH)?S-(4PON"`&+>A`:'6IA%@)@]8`N$'\F<&$)_P3NO(GD[E=
MY39PPH]-=$C#KW@P:,P;HK:"6$,[5$\I1DQ,]I`(Q2A*<8I4K*(5772[+/]J
ML7:SVZ(7O\C%*XIQC&0LHQG/B,8TJG&-;&RC&]\(QSC*<8YTQ`OT:O5$+]7M
M6N7+8RP`YS4X/`UM31Q"XZX%R)CYB5RZ*F07A56M.V+*9*PB(5S6`<(E-B9(
M3]K:<LZ'./)-861"@%`%KD,^V7"0-17+GYLD"9'_]&LQVJI:#TWGR$BB*2_*
M8XTEN=9+J('R9KX\9=?&QB2XK2]E20-B1>A2L3[ZL8NK(6$Q2_D;7KX-F5_#
MV\?Z5#"/M>6/*+N:-7M()GEQDB.R9`(S-;DR6]+#'CP<I,TL@1T?7L^;_O/:
M/OEYS:D%4&ZF&P0W4ZA/C'`'E1KZY][D(2)ZYM+_F)*!ISV_ME![`=-)Z9SF
M#22JR>TUDD^T-`QC1).P864$HNAIJ$7!55'L74QYET0;@;2)47D,DY@<M==+
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M=K>NI(@K'J'KJ,OD9ZV,/:G`VK=1RW2R.%AE[T?A==UC'C:>S@4J#V>"IW26
M[YWV_0A=M;0>LTGUO>%\0C9QRBO]WFB[F4TPN40$WH`.-:V+]"%"D?;36#;U
M>3<LW'1UM#4@F'.^8<-DB'7I7NH22\7AC612_RN9Q<5/J2KAETS31DR2ZF]7
M]K00/JT40G%E^'KZ?#%%-0S9&]]3RJF)6^5``AJ(KK.F0B[QC#>Z/!:C='WS
MI'"%@UE1K]X7QQ25,EE_J<PR-]-Z)2'+B-.J8#&-R:E.GJQ-Y7/D?G;M+S2F
M:?]&OUS3L[ZM7>@D\X_Y9K7[G43"(HU>D-.D,40[UJJ%X2I6';KF"K5RJ9L&
M](;5>LWO9JT^&MQO0G3*2HU>6G&5/#%YDWK7CO6UP&M.GWB)G-T\@<_51WP*
ML;')W&0K>]G,;K:SGPWM:$M[VM2NMK6OC>UL:WO;W.ZVM[\-[G"+>]SD+K>Y
MSXWN=/MNT9]2]71AM=6L7O?79C8(O`,L5FR.M9J$X'6GZRVI#5YXA%P>7\#Z
M_`XZ\5MC^M8S'P<'<"_\9X2FO-^Q1W)H3#N\NGR4JZPM0O!5(_6B]1CIE0.M
M)!#?,,DM!&E+%9[H!=/[X\_<IOG\S5-H=C7B;LG5M&S_NLN6Z_P^9$JT/+NW
M2(621J;Y:7C6&#EA5]AYY0[[X0[!4_(25S=G2&_PJ_?MTASK>Z0>KV<KLK[+
M&>_KXAX).=HYMO42+1R^:N-YL&6>7[$7.NI07SIWEXC*@XI-AEJ98'QP'E>%
MCQKAT].RQ=7\T)@.>LQL=ZSALSID"G*EE7-U:Y[-YT[)(J0Z!':WY;6[MGXS
MWK"5UZ/=D6WLUP=.W;2OO>UOC_O<ZW[WO.^][W\/_.`+?_C$+[[QCX_\Y"M_
M^<QOOO.?#WT;+]G/^I+]U-X'\;S7>*\C#^33,ZQ=;;XKKXAW\)V\JW?PEU?Z
M3L>C]0M]PHB9VO.AOG,F6\_T_Y/GX=Y]U[31*^UB^%=VSA-KWU6`:89Y."0D
M!RAO##B`D`<D^31YJZ=D4S=AHK=)1I9K?M=2IC9V9E=Z,49>HO=A//-)ZK0M
M*+9C)HAD.A8,[>-RWW=)(GA4(0=,&A@9XU540;=99'=C;S:")/A@'`951)A0
MF1=T5>)K%P8+##=*R%-+A$9Y>!=?./AO[*9Z-%=+<D9E>T)R>K5B2LA!TD10
M!D=0;D8G:Y-B_1--U41_7":#(@>"#==6+'8W=4B![J=D8M)?TZ=_XT(U4X5F
MHG8U;Q>(TF&!+BAU/O9CM-1KA&9=5*A(#82!7SB("/9^E[6'Z/>'\>:!G86"
M$7."'O\V($BH5(CH:ZS#AF>#B%+(?>)B<V66B?%$B>47.*SX:7E(8HYV@O>R
M.&&U<F]%=0BX(UE25@*6)#`W@*!V50?G,ZYH?@+D2I)H>;B6:Q%%?KKX/,DX
M7MKH?L(F/0+8&(2UB,<ECIE%CF<WB]''CNWHCN\(C_$HC_-(C_5HC_>(C_FH
MC_O(C_WHC_\(D`$ID`-)D`4);5A(B_SV9(RVCG]@;_"2AJVW@-E7B>1D<M^C
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MIW6P-C-MY85[1FEVZ8;!B'V<26(KF8'YYY*A^70(&8$`Z%->J9`!MHE;Z)N/
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MB(,W99^ZJY`JJF18GU>X8,YI::_XJP@RK#H*0E6:(H<VGLRZ'P6XK"%)4K08
MBVQI7?'9(;AD(HPYECW9B"?:<5M:K7VJD(['JBPIC4'Z@342>.N:<]-:0:^Z
M@V"(5"V&@I.)+`:(B]99BD[Y)CD#F:AZ9B%XK^?Z9*9HI'$*E.&J?@'+B@H;
M>0DX5-F(>:5W2[<J56[7:&9*EQ!IK_]W4[46H)YIJ=NGG)AYH!6[E68HCH07
MB>Y*38!U$2T[#`U;+0OZ)I:"LX=Z9#Q;JAUZ.I-2M.!VM)$"6B;_RK1-Z[01
M%`5/6WAP*K4N\2!5&Q`>UB8IYU]*<[4F$8//&HEP.(;:5Z!7PD*E.K8U.K*Z
MBC/I^:Z+L%=S)U]T2Z<I2A)ZDU%P%W/&^H/>>'/7*7$$2YF"JZ2`5D`TV:6H
MN9X.5:9\"*T)E+?9M+<VRZZQ:1:3IY20BI(=B&]9`*I&J:*;N[B,6X-Q2*#R
M$[+):6`[MIRS&*IQH;G_YV@#:WJ$^:*)JJLT.*6&JW&&L7:K-)5I$+63)IOQ
M2K/;J(P5>+;`JK-4V8=@=Y1R=ZJ6&*3(Z[FI*Z?/^Y#162(<&Y++>Z^5.HK<
M*ZV)B+J^V+B6"WZ[&WG'26?:*QS@^T''_UN;OHNK.B:+O$NZK&F^;1JZ_'N4
MZQNMUBJ<IU92Y^>_I$BQ;7=G1NB(K\BP<ABI55>Z@QNRU?FS@>DL3WG`75NG
ML2APH,=$#]RD>9A]H_K!$MR?_PN,VCJ'=8=6)GMW[*LN6(O#.:S#.\S#/>S#
M/PS$/#P+0=P44$;$5BM(+GS$YSM_:-:6@,&XX>?`IHJ`*ZRC)Q9X)VMB.-JV
M=_L)>D-R`0K&L\H&<PN+W=<DKM@CT9FV&Z&W:RK`%<NK:,FFC`6LJ^BY6C5]
MB-MT<4NSLM29G/<S"55"D*01A8B^#?R-<_R-BBRHM:NV*:DD-*,?7YR[*EM]
M=KM6@@S!O3BZ;/_ENAV(O[NHB-VJC0HXRJ`[QG*ERF&[8ER:O!8<E'0;J@B+
MMVW,3O:KFQ',PK%!RGM)BJD\O7QJKC=(O7WLQ]=+L`Q%RQU5GBOQG5@GO7^U
M3+];>924O-;[<@5LQJ=+=WOGOLP"O^/,R2-3QZWKO7+GR-27AHC$S2#,L%U,
MIS%XSMOIS53KLI]H7I"HP.5\>(J*928,KJ><:4%EL)<;,A?<<Y0WD?(:GC)*
M:@`%5D**HAY+N7)ZK'4FT&ZZSOG+MF=ZHRTLSW*,;SVJ?C.<PE5EPR>SQ$+;
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MBL@=Q&-A[9,`'=A\]Z;*G7A8B6FY#<G-*(&B*(#8#(Z-O;#T.\G&>*4;F6^J
M5#)V#<HQW*C:[:7&/5/._8CA?(6J.IOHS:*/_TW!K7R!(YTH&4>%^.S1IZI3
M\GVD^KS;\%G-O$RR$B:'7SG1F].H=@K:>;Q,@=J^RKJ!R%S,;LF+0)>CE*T[
M,.N`V5RX@J.#>^>WU"V?7*?%$HV,KEW#?U8\HETK+JT>YHC?.VN]LM.SZFC?
MH3-N29M>2\O502[D.#W$0ZYT[&WD!_&U28[!`F=KG&:ZE0S8&EU/P9OBR(J[
M5>V57'R6.VK6.^[E*4W&N"S.9URW9N[%,)ZFE$VKW,VL**V&2)Z!1GQ7&-:D
MV67GR$SBY!WE3(.D/PBYL';+0SV$S)R^<FPS:^K0I*OF:YG`O;JBCIM^>Y[9
M\:N2FQS>$*VY&YR;2?^89G$LI,]<U6#.Z79LF=,=A,>JSK`LS++\Y&#%#U=6
MY&"[T6$&X-&\V/PMSKK];_F"A*T,1*L>L7Q^7A2^WV+EO$Y!SX*^U(.)GLO\
MX`OIWL>#E3Y(FNL=PV,W[53)NOR<L;!9XTK^GN#>[!89XNZ\Z.V]X-2>Z]8.
MY@Q-C>`LX"/I[6*,[,X8[@*!ZZD7T0=;LHQ-V-8*Y9TDUNHMW:'XP'<W[PY;
MT2+,221,.;J\K:9=KNU)YQB>W3@%Y]E^TF3(ZZ&YTN#%Y+D\\B5O\B>/\BFO
M\BM?C[/.\@IQ\2^?M4F<[TZMM:_^[)@>Q64\Z(<\[ED,XA6OP+TMPX;,[O;_
M+NRI+LWY%MEDGLEHSFZ`E;DNZAYNW1$^5^T!#\]PCB<`_N<QW^OG9/"WB&&H
M1NI_C.*!?.^#;$Y2[,:%WI=:SU\9?M_=3NF-?J1%">K`V3:[<..Y!,@NWLRF
M&8R;CO=VF-K0GNZ:*NJ!J,VV.R"T>?!I-X2L[F2NGN+^;-W_4[Q3S-Q3+_?H
M^N^2[/78ZN;[UW25OV0P>.$]2.SHM>`!7)XO4_HP;W^@7^G4-_JB'-7,#OGJ
M;85A?&`X&\V]J:(^YDKT%>T1X7*8SN^>F?/;;)R16_.+*DQ!;Y'PBN(K^OJ6
M7I1BE_P"5NKPL.]N*^<@'.+>^Y0#7^?X7NY1)>+@_SKAW6_-$>;P$MO.N5]S
MZ6RCRCES_$\`P3%UN35@-!%(=W'66IK:H8]"QLTTNP,,12\]X<NBK-B6O5O?
M^=[_@4'AD%@T'I%)Y9)Y8S6A4>F46K5>L5GMEMOU?L%A\9A<-I_1:?6:W7:_
MX7'YG%ZWW_%Y_9[?]_\!`P4'"0L-#Q$3%1<9&QT?(2,E)RDK+2\Q,S4W.3L]
M/T%#14=)2TU/45-55UE;75]A8V5G:6MM;W%S=7=Y>WU_@8.%AXF+C8^1DY67
MF9N=GZ&CI:>IJZVOL;.UM[F[O;_!P\7'R<O-S]'3U=?9V]W?X>/EY^GK[>_Q
M\_7W^?O]_P$&%#B08$&#!_\1)E2XD&%#AP\A1I0XD>*_)T\J9C2U(H=&CZ)"
MO/@X\A-'DB<[F5S`,85($3TP+BG!(*:#$C-1!KS8,0'&G2QN\K2!4TG-GD9I
M"LU)\:<*ER1F1`TI-2A+J"M:3&")%833K56M9L6:=>F\KT!GTIC@E6O4JV1_
MJK7:DJK6MVY]UJ7;UF[9>%5MYI"[5RQ:J&R=7IT[XFR-G6R[0O9Z%+)>OW\?
M'W4AF._4O"\3$P[=T23=#Y2#MJ"L6.O4TUM/7S8[5G/>P8TCPVU]^*ONPBI?
MPQY=^/=>HK*1.U&:G/FAX\VA1Y<^G3HZM]6QXP&>G;N<[=W!M_D>GCR:\>71
MC\G__,`P>\[+L=3``3^V_,#/3SRGG12^_?G\Z>.A*[20"BRI^S#([3\BGC)(
MKI4"W`(_]A8LT+T(.>BO+QPXA&E"`6-2<`.B/LS`P@.+.'$@W.(:K#BP2/N.
M1;L:$^M%QSI[[S;Y9OR--1YAR]$XU6K+C<2T@A1I1KT64W))U88TKC-]DHP-
ML23'4JNGRDB[4L@<K93R0M\F,ZVINEZ\:T,7@W/-L]:$>^DZ&R?;4C<MRT23
MJ^$6*[("R<(J;4`F,62G1\2(K$\E(V6,K+<=7R!0TA@AY8Q+()^L4]'4;MPL
MR]U`.PRTIOR\%-',EDR5T;-&@].^3PTK\9TW/U/L3E<C_U7J32O;=+57.'GU
M#%#_T(20+%$3,Y4W).G\E;@HJ0H66$[57/:V4&E%3=AL!SW033VOI97;.>^9
ME#9":VPVSDYQ574S,FT-Z]=SN\6--6GMQ5%*E_A"=E1SQ86Q3SFQ5)=0=@<=
M-\WT\E/1$EF[<9AA35/RSQR))\Y8XXTY[MCCCT$.660J*=TO0Z$P-C'$!D^^
M(N6A3$;AR#%U(/4(B$=V[RU>8:@)9^5`=/EEH(.&D*>A=4X6":0WWK=&+%V[
MM-*$/76WY%M[?!5J@'=U&EUYB_O1ZGVE7K7KJ2T>N6I?SW8QI.$(1OM@QF@,
M5T>\3/6:A&'QM'%KWZ(U+<\PQ_\5D^H-7VNU2X3K%E'D1>D6+G+(RVY7019/
MM33/WGQ$TE&ZQ08R<ZXG5WI2456]T71!2Q8V[H1SIM#PPZ&TS-G0I>WUUCNM
M91LOK0G'&EO$VRX\<*EZ?\Q)9H/3UM*`G2]>6Y[5'AMZSAG_MDG,77]V:U;S
M!B[@[;\VLT5\OX\5^T?OMI[IV*5X/S[YD_@9_FKLSX+E^?._W___`1C`9JQ'
M@`64F>,,F,`&X$B!#9S/NQP8P0M9+%]:*U2']&<S"49,<Q1:#9&H53/Z"6&$
M&^2&;2H#(-\9KT7\DANFP.<]TIW/A,RP5Z((]J<T">YUA*-=W]Q&/+GY*(<U
M7(;G#+1".<)0+EF@6QW?.!4G?<5(60@T(C&8M[,6&L]YO1M>[9PHNRR"\5MA
=H]X5D0$VR=S+>F(;GJ!2J#AZC:]3<42C+@H``#L_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
