<SEC-DOCUMENT>0000078150-11-000013.txt : 20110616
<SEC-HEADER>0000078150-11-000013.hdr.sgml : 20110616
<ACCEPTANCE-DATETIME>20110616060634
ACCESSION NUMBER:		0000078150-11-000013
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110616
FILED AS OF DATE:		20110616
DATE AS OF CHANGE:		20110616

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:		11914038

	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>ussecpressrelease.htm
<DESCRIPTION>PRESS RELEASE
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<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 June 2011</b></h4>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style='margin-bottom:12.0pt;text-indent:.5in' style="margin-top:0;margin-bottom:0">A forward-looking statement may include a
statement of the assumptions or bases underlying the forward-looking
statement.  We have chosen these assumptions or bases in good faith.  These
forward-looking statements are subject to risks, uncertainties and assumptions,
some of which are beyond our control.  In addition, these forward-looking
statements reflect our current views with respect to future events and are not
a guarantee of future performance.  Actual results may differ materially from
information contained in the forward-looking statements as a result of a number
of factors, including, without limitation, the risk factors set forth in
&#147;Item&nbsp;3. Key Information &#150; Risk Factors&#148; in our annual report on Form 20-F
for the fiscal year ended December 31, 2010.  You should also keep in mind that
any forward-looking statement made by us in this report or elsewhere speaks
only as at the date on which we made it.  New risks and uncertainties come up
from time to time, and it is impossible for us to predict these events or how
they may affect us.  We have no duty to, and do not intend to, update or revise
the statements in this report after the date hereof.  In light of these risks
and uncertainties, you should keep in mind that actual results may differ
materially from any forward-looking statement made in this report or elsewhere.</p>

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

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

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

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

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

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

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:428.75pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>Exhibit Number</u></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>&nbsp;</u></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><u>Page</u></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&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">&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-top:0in;margin-right:12.6pt;margin-bottom:
 0in;margin-left:.3in;margin-bottom:.0001pt;text-align:justify;text-justify:
 inter-ideograph;text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-indent:.9pt' 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='text-indent:.9pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Press release
 issued by Moody&#146;s Investors Service (Moody&#146;s) entitled &#147;Moody&#146;s upgrades PLDT
 bond rating to Baa3&#148;; and </p>
 <p style='text-indent:.9pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-indent:.9pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style="margin-top:0;margin-bottom:0">Standard &amp;
 Poor&#146;s latest ratings report on Philippine Long Distance Telephone Company.</p>
 <p style='margin-left:.3in;text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:.3in;text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:.3in;text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:.3in;text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:.3in;text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <br clear=all
 style='page-break-before:always'>

 <p style='margin-left:.3in;text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:.3in;text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-left:.3in;text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='margin-left:.3in;text-align:center;
 text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='margin-left:.3in;text-align:center;
 text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='margin-left:.3in;text-align:center;
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 <p align=center style='margin-left:.3in;text-align:center;
 text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='margin-left:.3in;text-align:center;
 text-indent:-.3in' style="margin-top:0;margin-bottom:0">7</p>
 <p align=center style='margin-left:.3in;text-align:center;
 text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='margin-left:.3in;text-align:center;
 text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='margin-left:.3in;text-align:center;
 text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='margin-left:.3in;text-align:center;
 text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='margin-left:.3in;text-align:center;
 text-indent:-.3in' style="margin-top:0;margin-bottom:0">12</p>
 <p align=center style='margin-left:.3in;text-align:center;
 text-indent:-.3in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

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

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

<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">

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



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

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

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">&nbsp;</p>

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:6.65in;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">June 16, 2011</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" style="margin-top:0;margin-bottom:0">&nbsp;</h3>
 </td>
 </tr>
</table></center></div>

<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" style="margin-top:0;margin-bottom:0">The Philippine Stock Exchange</h6>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">4<sup>th</sup> Floor PSE
Centre</p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Pasig City</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">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="margin-top:0;margin-bottom:0">Ladies
and 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">We submit
herewith a copy of SEC Form 17-C with a press release issued by Moody&#146;s
Investors Service (Moody&#146;s) entitled &#147;Moody&#146;s upgrades PLDT bond rating to
Baa3&#148;.</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"><u>/s/ Florentino D.
Mabasa, Jr.</u></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">FLORENTINO D. MABASA, JR.</p>

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

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

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

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

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

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

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

<p style="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=159></td>
 </tr>
 <tr>
 <td></td>
 <td  height=35 style='vertical-align:top'>



 <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 7</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='text-align:justify;text-justify:inter-ideograph' 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-top:0;margin-bottom:0">June 16, 2011</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">Money Market
Operations 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">                                    Corporations
Finance Department</p>

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

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

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

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

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

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

<p style="margin-top:0;margin-bottom:0">We submit
herewith three (3) copies of SEC Form 17-C with a press release issued by
Moody&#146;s Investors Service (Moody&#146;s) entitled &#147;Moody&#146;s upgrades PLDT bond rating
to Baa3&#148;.</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"><u>/s/ Florentino D.
Mabasa, Jr.</u></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">FLORENTINO D. MABASA, JR.</p>

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

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=280></td>
 </tr>
 <tr>
 <td></td>
 <td  height=35 style='vertical-align:top'>



 <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 7</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='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 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>SECURITIES AND
EXCHANGE COMMISSION</b></p>

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

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

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0"><b>SEC FORM 17-C</b></p>

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

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

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

<p style="margin-top:0;margin-bottom:0">AND SRC RULE 17.1</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">&nbsp;</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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
June 16, 2011</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">(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="margin-top:0;margin-bottom:0">            Exact
name of registrant 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;text-indent:-.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' 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.         9<sup>th</sup>
 Floor MGO Building</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Legaspi
corner dela Rosa Streets, Makati City                                  1200 </p>

<p style='text-align:justify;text-justify:inter-ideograph' 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)
816-8553                                           </p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">           Registrant'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' 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='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">10.       Securities
registered pursuant to Sections 8 and 12 of the SRC</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">            Title
of Each Class                             Number of Shares of Common Stock</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">
          Licensed and Amount of Debt Outstanding</p>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=45></td>
 </tr>
 <tr>
 <td></td>
 <td  height=35 style='vertical-align:top'>



 <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 7</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: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">11.       Item
9 &#150; Other Events</p>

<p style='margin-left:9.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Attached hereto
is a press release issued by Moody&#146;s Investors Service (Moody&#146;s) entitled
&#147;Moody&#146;s upgrades PLDT bond rating to Baa3&#148;.</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">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">SIGNATURE</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 Regulation Code, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereto duly
authorized.</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:451.8pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">TELEPHONE COMPANY</p>
 <p 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/ Florentino D.  Mabasa, Jr.</u></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">FLORENTINO D. MABASA, JR.</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Assistant Corporate Secretary</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Date:   June 16, 2011</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='margin-bottom:5.0pt' 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=147></td>
 </tr>
 <tr>
 <td></td>
 <td  height=35 style='vertical-align:top'>



 <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 7</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-bottom:5.0pt' 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">MOODY&#146;S</p>

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>Rating Action: </b><b>Moody's upgrades PLDT bond rating to Baal </b></p>

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0"><b>Global Credit Research
- 15 Jun 2011</b></p>

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0"><b>Approximately $550
Million of Debt Securities Affected</b></p>

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

<p style='margin-right:7.65pt;text-align:justify;text-justify:inter-ideograph;
line-height:normal' style="margin-top:0;margin-bottom:0">Hong Kong, June 15, 2011 -- Moody's Investors
Service has today upgraded the foreign currency bond rating of Philippine Long
Distance Telephone Company (&quot;PLDT&quot;) to Baa3 from Ba1. At the same
time the local currency issuer rating has been affirmed at Baa2. The outlook on
both ratings is stable.</p>

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

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

<p style='margin-right:4.5pt;text-align:justify;text-justify:inter-ideograph;
line-height:normal' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-right:4.5pt;text-align:justify;text-justify:inter-ideograph;
line-height:normal' style="margin-top:0;margin-bottom:0">Today's action
follows Moody's decision to upgrade the Republic of Philippines government's
Ba3 long-term foreign-currency rating to Ba2 and the foreign-currency country
ceiling to Baa3 from Ba1. PLDT's Baa3 foreign currency debt rating remains in
line with the Philippines' country ceiling for foreign currency bonds.</p>

<p style='margin-right:4.5pt;text-align:justify;text-justify:inter-ideograph;
line-height:normal' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">The principal methodology
used in rating Philippine Long Distance Telephone Company was the Global
Telecommunications Industry Methodology, published December 2010.</p>

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

<p style='margin-right:7.65pt;text-align:justify;text-justify:inter-ideograph;
line-height:normal' style="margin-top:0;margin-bottom:0">PLDT,
headquartered in Manila and listed on the Philippine Stock Exchange and
American Depository Receipts traded on the New York Stock Exchange, is an
integrated provider of fixed-line, broadband, cellular and ICT (Information and
Communications Technology) services. It currently has a 53% subscriber market
share for cellular telephony, 56% for fixed-line services and about 55% for
broadband.</p>

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

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

<p style='margin-right:10.9pt;text-align:justify;text-justify:inter-ideograph;
line-height:normal' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-right:10.9pt;text-align:justify;text-justify:inter-ideograph;
line-height:normal' style="margin-top:0;margin-bottom:0">Information
sources used to prepare the credit rating are the following: parties involved
in the ratings, public information, and confidential and proprietary Moody's
Investors Service information.</p>

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">Moody's Investors Service
considers the quality of information available on the issuer or obligation
satisfactory for the purposes of maintaining d credit rating.</p>

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">The rating has been
disclosed to the rated entity or its designated agents and issued with no
amendment resulting from that disclosure.</p>

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">Moody's adopts all necessary
measures so that the information it uses in assigning a credit rating is of
sufficient quality and from sources Moody's considers to be reliable including,
when appropriate, independent third-party sources. However, Moody's is not an
auditor and cannot in every instance independently verify or validate
information received in the rating process.</p>

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">Please see ratings tab on
the issuer/entity page on Moodys.com for the last rating action and the rating
history.</p>

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

<p style='margin-right:7.65pt;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>
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</table></center></div>

The date on which some Credit
Ratings were first released goes back to a time before Moody's Investors
Service's Credit Ratings were fully digitized and accurate data may not be
available. Consequently, Moody's Investors Service provides a date that it
believes is the most reliable and accurate based on the information that is
available to it. Please see the ratings disclosure page on our website
www.moodys.com for further information.</p>

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

<p style='margin-right:14.5pt;text-align:justify;text-justify:inter-ideograph;
line-height:normal' style="margin-top:0;margin-bottom:0">Please see the
Credit Policy page on Moodys.com for the methodologies used in determining
ratings, further information on the meaning of each rating category and the
definition of default and recovery.</p>

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">VP - Senior Credit Officer</p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">Corporate Finance Group</p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">Moody's Investors Service
Hong Kong Ltd.</p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">JOURNALISTS: (852) 3758 -1350
</p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">SUBSCRIBERS: (852) 3551-3077
</p>

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">MD - Corporate Finance</p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">Corporate Finance Group</p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">Moody's Investors Service
Hong Kong Ltd.</p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">JOURNALISTS: (852) 3758 -1350</p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">SUBSCRIBERS: (852) 3551-3077</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-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Moody's Investors Service Hong Kong Ltd.</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">24/F One Pacific Place</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">88 Queensway</p>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">China (Hong Kong S.A.R.)</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">JOURNALISTS: (852) 3758 -1350</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">SUBSCRIBERS: (852) 3551-3077</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-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&#169; 2011 Moody's Investors Service, Inc. and/or its licensors and
affiliates (collectively, &quot;MOODY'S&quot;). All rights reserved.</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;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' style="margin-top:0;margin-bottom:0"><b>CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S (&quot;MIS&quot;)
CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT
COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MIS DEFINES CREDIT RISK AS THE
RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY
COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT
RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY
RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS ARE NOT STATEMENTS
OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS DO NOT CONSTITUTE INVESTMENT OR
FINANCIAL ADVICE, AND CREDIT RATINGS ARE NOT RECOMMENDATIONS TO PURCHASE, SELL,
OR HOLD PARTICULAR SECURITIES. CREDIT RATINGS DO NOT COMMENT ON THE SUITABILITY
OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MIS ISSUES ITS CREDIT RATINGS
WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN
STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE,
HOLDING, OR SALE.</b></p>

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

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

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ALL INFORMATION
CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT
LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED,
REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR
RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART,
IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S
PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY'S
from sources believed by it to be accurate and reliable. Because of the
possibility of human or mechanical error as well as other factors, however, all
information contained herein is provided &quot;AS IS&quot; without warranty of
any kind. MOODY'S adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources Moody's
considers to be reliable, including, when appropriate, independent third-party
sources. However, MOODY'S is not </p>

</div>

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

<div>

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">an
auditor and cannot in every instance independently verify or validate
information received in the rating process. Under no circumstances shall
MOODY'S have any liability to any person or entity for (a) any loss or damage
in whole or in part caused by, resulting from, or relating to, any error
(negligent or otherwise) or other circumstance or contingency within or outside
the control of MOODY'S or any of its directors, officers, employees or agents
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MOODY'S is advised in advance of the possibility of such damages, resulting
from the use of or inability to use, any such information. The ratings,
financial reporting analysis, projections, and other observations, if any,
constituting part of the information contained herein are, and must be
construed solely as, statements of opinion and not statements of fact or
recommendations to purchase, sell or hold
any securities.  Each
user of the information contained herein must make its own study and evaluation
of each security it may consider purchasing, holding or selling.  NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS,
COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF AND SUCH
RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM
OR MANNER WHATSOEVER.</p>

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

<p style='margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">MIS,
a wholly-owned credit rating agency subsidiary of Moody's Corporation
(&quot;MCO&quot;), hereby discloses that most issuers of debt securities
(including corporate and municipal bonds, debentures, notes and commercial
paper) any preferred stock rated by MIS have, prior to assignment of any
rating, agreed to pay to MIS for appraisal and rating services rendered by it
fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain
policies and procedures to address the independence of MIS's ratings and rating
processes. Information regarding certain affiliations that may exist between
directors of MCO and rated entities, and between entities who hold ratings from
MI` and have also publicly reported to the SEC an ownership interest in MCO of
more than 5%, is posted annually at www.moodys.com
under the heading &quot;Shareholder Relations &#151; Corporate Governance &#151; Director
and Shareholder Affiliation Policy.</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-bottom:0in;margin-bottom:.0001pt;text-align:justify;
text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Any publication into Australia of this document is by MOODY'S
affiliate, Moody's Investors Service Pty Limited ABN 6R 003 399 657, which
holds Australian Financial Services License no. 336969. This document is
intended to be provided only to &quot;wholesale clients&quot; within the
meaning of section 761G of the Corporations Act 2001. By continuing to access
this document from within Australia, you represent to MOODY'S that you are, or
are accessing the document as d representative of, a &quot;wholesale
client&quot; and that neither you nor the entity you represent will directly or
indirectly disseminate this document or its contents to &quot;retail
clients&quot; within the meaning of section 761G of the Corporations Act 2001.</p>

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

<p style='margin-top:0in;margin-right:4.5pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Notwithstanding the
foregoing, credit ratings assigned on and after October 1, 2010 by Moody's
Japan K.K. (&#147;MJKK&#148;) are MJKK's current opinions of the relative future credit
risk of entities, credit commitments, or debt or debt-like securities. In such
a case, &#147;MIS&#148; in the foregoing statements shall be deemed to be replaced with
&#147;MJKK&#148;. MJKK is d wholly-owned credit rating agency subsidiary of Moody's Group
Japan G.K., which is wholly owned by Moody&#146;s Overseas Holdings Inc., a wholly-owned
subsidiary of MCO.</p>

<p style='margin-top:0in;margin-right:4.5pt;margin-bottom:0in;
margin-left:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"> </p>

<p style='text-align:justify;text-justify:inter-ideograph;line-height:
normal' style="margin-top:0;margin-bottom:0">This
credit rating is an opinion as to the creditworthiness or a debt obligation of
the issuer, not on the equity securities of the issuer or any form of security
that is available to retail investors. It would be dangerous for retail
investors tI make any investment decision based on this credit rating. If in
doubt you should contact your financial or other professional adviser.</p>

<p style="margin-top:0;margin-bottom:0"><img
width=302 height=88 src="ussecpressrelease001.gif">&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="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 2</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>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">June 16, 2011 </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" style="margin-top:0;margin-bottom:0">&nbsp;</h3>
 </td>
 </tr>
</table></center></div>

<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" style="margin-top:0;margin-bottom:0">The Philippine Stock Exchange</h6>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">4<sup>th</sup> Floor PSE
Centre</p>

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Pasig City</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">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="margin-top:0;margin-bottom:0">Ladies
and 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">We submit
herewith a copy of SEC Form 17-C with a copy of Standard &amp; Poor&#146;s latest
ratings report on Philippine Long Distance Telephone Company.</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/ Florentino D.
Mabasa, Jr.</u></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">FLORENTINO D. MABASA, JR.</p>

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

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

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

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

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

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

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

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

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

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 <td  height=88></td>
 </tr>
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 <td></td>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 vertical-align:top;background:white'>



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 &nbsp;</p>

<br clear=ALL>

<p style='text-align:justify;text-justify:inter-ideograph' 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="margin-top:0;margin-bottom:0">June 16, 2011 </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">Money Market
Operations 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">                                    Corporations
Finance Department</p>

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

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

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

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

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

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

<p style="margin-top:0;margin-bottom:0">We submit
herewith three (3) copies of SEC Form 17-C with a copy of Standard &amp; Poor&#146;s
latest ratings report on Philippine Long Distance Telephone Company.</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/ Florentino D.
Mabasa, Jr.</u></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">FLORENTINO D. MABASA, JR.</p>

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

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

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

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

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=104></td>
 </tr>
 <tr>
 <td></td>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 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">Page 2 of 12</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='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Exhibit
2</p>

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

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

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

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

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

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0"><b>SEC FORM 17-C</b></p>

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

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

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

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

<p style='text-align:justify;text-justify:inter-ideograph' 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">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
June 16, 2011</p>

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">(Date of earliest event reported)</p>

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph' 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">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SEC Identification Number  PW-55</p>

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph' 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">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BIR Tax Identification No. 000-488-793</p>

<p style='margin-left:.25in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PHILIPPINE LONG
DISTANCE TELEPHONE COMPANY                                              </p>

<p style='margin-left:.25in' style="margin-top:0;margin-bottom:0">      Exact name of registrant as specified in its
charter</p>

<p style='margin-left:.25in' 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">5.     PHILIPPINES
6. _____________ (SEC Use Only)  </p>

<p style='margin-left:22.5pt;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">       Province, country or other
jurisdiction                 Industry Classification Code</p>

<p style='margin-left:22.5pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">       of Incorporation</p>

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

<p style='margin-left:22.5pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">7.     9<sup>th</sup> Floor MGO Building</p>

<p style='margin-left:22.5pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">        Legaspi corner dela Rosa
Streets, Makati City                           1200 </p>

<p style='margin-left:22.5pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">       Address of principal
office                                                           Postal Code</p>

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

<p style='margin-left:22.5pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">8.     (632)
816-8553                                           </p>

<p align=left style='margin-left:22.5pt;text-align:left;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">       Registrant's
telephone number, including area code</h4>

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

<p style='margin-left:22.5pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">9.     Not
Applicable                                                               </p>

<p style='margin-left:22.5pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">        Former name or former address,
if changed since last report</p>

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

<p style='margin-left:22.5pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">10.   Securities registered pursuant to
Sections 8 and 12 of the SRC</p>

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

<p style='margin-left:22.5pt;text-align:justify;text-justify:
inter-ideograph;text-indent:-22.5pt' style="margin-top:0;margin-bottom:0">        Title of Each Class
          Number of Shares of Common Stock</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">
          Licensed and Amount of Debt Outstanding</p>

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

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

<p style="margin-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=56></td>
 </tr>
 <tr>
 <td></td>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 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">Page 3 of 12</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: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">11.       Item
9 &#150; Other Events</p>

<p style='margin-left:9.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

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

<p style="margin-top:0;margin-bottom:0">Attached hereto
is a copy of Standard &amp; Poor&#146;s latest ratings report on Philippine Long
Distance Telephone Company.</p>

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

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

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">SIGNATURE</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 Regulation Code, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereto duly
authorized.</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:451.8pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">TELEPHONE COMPANY</p>
 <p 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/ Florentino D.
 Mabasa, Jr.</u></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">FLORENTINO D. MABASA, JR.</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Assistant Corporate Secretary</p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

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

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Date:   June 16, 2011</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="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=126></td>
 </tr>
 <tr>
 <td></td>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 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">Page 4 of 12</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: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>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0  style='width:441.9pt;margin-left:5.4pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>STANDARD</b></p>
 <p style="margin-top:0;margin-bottom:0"><b>&amp;
 POOR&#146;S</b></p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <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"><b>Global Credit Portal</b></p>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0"><b>RatingsDirect</b></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>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=right style='margin-left:16.2pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=right style='margin-left:16.2pt;text-align:right' style="margin-top:0;margin-bottom:0">June 15, 2011</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>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <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"><b>&nbsp;</b></p>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0"><b>Philippine Long Distance Telephone Co.</b></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">Primary Credit
 Analyst:</p>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0">Mehul P
 Sukkawala, CFA, Mumbai (91) 22-3342-4018; </p>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0">mehul_sukkawala@standardandpoors.com</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">Secondary
 Contact:</p>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0">JunHong Park, Hong Kong (852) 2533-3538; </p>
 <p style='margin-left:16.2pt' style="margin-top:0;margin-bottom:0">junhong_park@standardandpoors.com</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>
 <div style='border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 1.0pt 0in;
 margin-left:16.2pt;margin-right:0in'>
 <p style='border:none;padding:0in' style="margin-top:0;margin-bottom:0">Table of Contents</p>
 </div>
 <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">Major Rating
 Factors</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">Rationale</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">Outlook</p>
 </td>
 </tr>
</table></center></div>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
 <tr>
 <td  height=168></td>
 </tr>
 <tr>
 <td></td>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 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">Page 5 of 12</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 2</p>

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

<br clear=ALL>

<p style="margin-top:0;margin-bottom:0"><b>Philippine
Long Distance Telephone Co.</b></p>

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

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

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

<p style='margin-left:.25in;text-indent:-.25in' 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:445.5pt;margin-left:.9pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Weaknesses:</b></p>
 <p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 Country, macroeconomic, and transfer and
 convertibility risk of the Philippines</p>
 <p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 High price competition with slowing domestic
 cellular subscriber growth</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt;margin-right:0in;margin-bottom:
 0in;margin-left:44.1pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Corporate
 Credit Rating</p>
 <p style='margin-top:3.0pt;margin-right:0in;margin-bottom:
 0in;margin-left:44.1pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0"><i>Foreign
 Currency</i></p>
 <p style='margin-top:3.0pt;margin-right:0in;margin-bottom:
 0in;margin-left:44.1pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">BB+/Stable/--</p>
 <p style='margin-top:3.0pt;margin-right:0in;margin-bottom:
 0in;margin-left:44.1pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0"><i>ASEAN
 Regional Scale</i></p>
 <p style='margin-top:3.0pt;margin-right:0in;margin-bottom:
 0in;margin-left:44.1pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">axBBB+/--/--</p>
 </td>
 </tr>
</table></center></div>

<p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0"><b>Strengths:</b></p>

<p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Leading market position</p>

<p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Solid cash flow measures</p>

<p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

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

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

<p style="margin-top:0;margin-bottom:0">The rating on Philippine Long Distance
Telephone Co. (PLDT) reflects the country, macroeconomic, and transfer and
convertibility (T&amp;C) risk of the Philippines (foreign currency BB/Stable/B;
local currency BB+/Stable/B; ASEAN scale axBBB+/axA-2).  The rating also
reflects the high price competition in the domestic market with slowing cellular
subscriber growth.  PLDT&#146;s leading position in the domestic market, diversified
services, and solid cash flow measures temper these weaknesses.  Our &#145;BB+&#146;
T&amp;C assessment for the Philippines constrains the ratings on PLDT.</p>

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

<p style="margin-top:0;margin-bottom:0">Subscriber growth in the Philippine
cellular market has slowed, with cellular penetration, including multiple
subscriber identity module (SIM) ownership, of more than 90%.  We expect that
future growth will continue to come from the mass-market segments, particularly
from the outskirts of Metro Manila, which have lower average revenue per user.</p>

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

<p style="margin-top:0;margin-bottom:0">We therefore believe that the three main
players--PLDT, Globe Telecom Inc. (not rated), and Digital Telecommunications
Philippines Inc. (Digitel, not rated)--will continue to pursue aggressive
pricing and promotions to build market share.  Nevertheless, PLDT&#146;s plan to
acquire Digitel at an estimated US$2.3 billion in enterprise value might
somewhat ease competition.  The proposed acquisition is subject to regulatory
approvals; shareholders have already approved it.  Overall, regulatory issues
remain a moderate credit risk for the industry.</p>

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

<p style="margin-top:0;margin-bottom:0">We expect PLDT to retain its position as
the leading integrated telecommunications service provider in the Philippines.  As of March 31, 2011, the company had a subscriber base of about 46.7 million
in the wireless market, 1.84 million in the fixed-line segment, and 2.1 million
in the broadband segment.  This resulted in a significant 55% to 60% subscriber
market share across all segments.  We expect the acquisition of Digitel to
further strengthen PLDT&#146;s competitive position and broadband growth
opportunities.  As of May 31, 2011, First Pacific Group (not rated) owned 26%
in PLDT while Nippon Telegraph &amp; Telephone Corp. (AA/Stable/A-1+), through
its subsidiaries, owned 21%.</p>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0>
 <tr>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 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">Page 6 of 12</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

PLDT&#146;s operating performance deteriorated marginally in
2010 with 2.4% decline in revenue and 150 basis points reduction in its strong
EBITDA margins to 61.6%.  The weaker operating performance is due to the
increasing use of unlimited offers and fixed-rate (bucket) plans, intense
price-based  competition,  multiple  SIM card ownership, appreciation of the  Philippine
peso, and </p>

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

<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">greater use of social networking websites
for communication.  We expect these market attributes to continue to dampen
operating performance.  But the effects will be offset by our projections of a
moderate Philippine economic growth of 5.0%-5.5% annually over the next three
years and increasing demand for broadband.</p>

<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">The proposed acquisition of Digitel could
help improve PLDT&#146;s operating and capital expenditure efficiency. Nevertheless,
we expect the benefit to be limited considering that Digitel is significantly
smaller than PLDT and has lower operating margins.</p>

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

<p style="margin-top:0;margin-bottom:0">PLDT&#146;s cash flow protection measures
remain strong, with strong positive free operating cash flow (FOCF) of more
than Philippine Peso (PHP) 40 billion a year.  In addition, the ratio of funds
from operations (FFO) to adjusted debt is more than 60%, and adjusted debt to
EBITDA has been less than 1.5x for at least the past five years.</p>

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

<p style="margin-top:0;margin-bottom:0">We expect PLDT&#146;s financial metrics to
remain strong although FOCF is likely to decline after factoring an increase in
projected capital expenditure to about PHP34.4 billion in 2011.  We also do not
expect the proposed acquisition to have a significant negative impact on the
company&#146;s financial metrics because the acquisition is largely equity funded.
Nevertheless, PLDT has an aggressive capital structure with the ratio of
adjusted debt to capital of more than 50%.</p>

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

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

<p style="margin-top:0;margin-bottom:0">We believe PLDT has adequate liquidity.
We expect the company&#146;s sources of liquidity to exceed its uses by about 1.2x
in 2011.  We anticipate that PLDT&#146;s net liquidity sources will remain positive
even if EBITDA declines by 20%.  The company also has significant headroom in
its covenants.</p>

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

<p style="margin-top:0;margin-bottom:0">As of December 31, 2010, PLDT&#146;s liquidity
sources include cash and short-term investments of PHP37 billion, of which we
believe the company needs PHP15 billion for regular operations.  The sources
also include our projected funds from operations of about PHP70 billion in 2011
and unused credit facilities of about PHP20 billion.  PLDT&#146;s unused facilities
mainly comprise short-term facilities that we expect the company to be able to
rollover given its strong banking relations.  Uses of liquidity include capital
expenditure of about PHP34 billion, debt maturities of about PHP14 billion,
equipment payables of about PHP21 billion, and projected dividend of about
PHP27 billion.</p>

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

<p style="margin-top:0;margin-bottom:0">PLDT&#146;s foreign currency risk exposure is
moderate, in our view.  As of Dec. 31, 2010, 45% of the company&#146;s total
consolidated debt is foreign currency-denominated, of which about 25% was
unhedged.  Interest rate risk is manageable because about three-fourth of
PLDT&#146;s debt is based on fixed rates.</p>

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

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

<p style="margin-top:0;margin-bottom:0">The stable outlook on the rating on PLDT
reflects the stable outlook on the sovereign rating.  It also reflects our
expectation that PLDT&#146;s operating performance will be stable and the company
will generate positive free cash flows in the next two years at least.</p>

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

<p style="margin-top:0;margin-bottom:0">We could raise the foreign currency
rating on PLDT only after we raise the &#145;BB+&#146; T&amp;C risk assessment for the Philippines.  We could downgrade the company if:</p>

<p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any lowering of the rating on the sovereign
prompts a lowering of the T&amp;C risk assessment or a deterioration in country
risk factors;</p>

<p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0>
 <tr>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 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">Page 7 of 12</p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

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

The company&#146;s financial risk profile deteriorates,
including ratio of debt to EBITDA above 2.0x, on a sustainable basis due to its
shareholders&#146; return initiatives, such as dividend payout, share buyback, or investments;
or</p>

<p style='margin-left:.25in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

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

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

<p style='margin-left:.25in;text-indent:-.25in' style="margin-top:0;margin-bottom:0">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PLDT expands into sectors that are exposed to
the uncertain operating and regulatory environment in the Philippines.</p>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  colspan=6 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'>
 <p style="margin-top:0;margin-bottom:0"><b>Philippine Long Distance Telephone
 Co.--Peer Comparison</b></p>
 </td>
 </tr>
 <tr>
 <td  colspan=6 valign=top style=' border:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>Industry Sector: Telecom</b></p>
 </td>
 </tr>
 <tr>
 <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'>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Philippine Long</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Distance Telephone Co.</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>PT Indosat</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Tbk.</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Axiata Group</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Bhd.</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Vimpel-Communications (JSC)</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>PT Telekomunikasi</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Selular</b></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">Rating as of</p>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">June 14, 2011</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">(FC)BB+/Stable/</p>
 <p style="margin-top:0;margin-bottom:0">--;axBBB+/--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">BB/Stable/--;axBBB-/--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">BBB+/Stable/--;axA+/--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">BB/Negative/--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">BBB-/Stable/--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>2010</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>2010</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>2010</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>2010*</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>2009</b></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">Revenues (mil. US$)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-right:7.65pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=right style='margin-right:7.65pt;text-align:right' style="margin-top:0;margin-bottom:0">3,296.5</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-right:7.65pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=right style='margin-right:7.65pt;text-align:right' style="margin-top:0;margin-bottom:0">2,200.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-right:7.65pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=right style='margin-right:7.65pt;text-align:right' style="margin-top:0;margin-bottom:0">5,064.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-right:7.65pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=right style='margin-right:7.65pt;text-align:right' style="margin-top:0;margin-bottom:0">9,755.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-right:7.65pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p align=right style='margin-right:7.65pt;text-align:right' style="margin-top:0;margin-bottom:0">4,411.7</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">(Mil. Mix curr.)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">PHP</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">IDR</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">MYR</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">$</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">IDR</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Revenues</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">144,459.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">19,796,515.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">15,620.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">9,755.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">41,582,086.8</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">EBITDA</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">89,562.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">9,630,431.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">7,173.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">4,647.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">27,433,896.5</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Net Income from continuing operations</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">40,217.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">647,174.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1,770.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1,497.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">13,160,223.1</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Funds from operations (FFO)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">73,181.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">7,758,274.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">5,744.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">3,452.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">22,091,892.8</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Capital Expenditure</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">32,074.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">6,495,146.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">3,065.2</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">955.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">13,306,469.8</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Free operating cash flow</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">48,031.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1,891,535.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">3,107.3</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">2,699.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">8,506,791.6</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Discretionary cash flow</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">7,409.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1,120,977.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">3,107.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">2,333.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">791,507.6</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Cash and short-term investments</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">15,000.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">2,075,270.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">6,277.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">2,467.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">3,641,265.5</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Debt</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">117,836.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">29,051,943.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">10,838.2</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">6,545.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">12,152,707.2</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Equity</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">93,277.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">18,063,610.3</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">20,278.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">11,656.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">30,960,482.0</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Debt and equity</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">211,113.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">47,115,554.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">31,116.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">18,202.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">43,113,189.2</p>
 </td>
 </tr>
</table></center></div>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Annual revenue growth (%)</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'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(2.4)</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'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">5.2</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'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">17.3</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'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">9.0</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'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">11.8</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">EBITDA margin (%)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">62.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">48.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">45.9</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">47.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">66.0</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">EBITDA interest coverage (x)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">10.9</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">4.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">10.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">7.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">25.2</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=38 bgcolor=white style='border:.75pt solid white;
 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">Page 8 of 12</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">Exhibit 2</p>

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <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'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">EBIT interest coverage (x)</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'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">7.9</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'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1.4</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'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">6.5</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'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">4.6</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'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">17.5</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Return on capital (%)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">30.5</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">6.5</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">13.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">17.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">44.7</p>
 </td>
 </tr>
</table></center></div>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  colspan=6 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'>
 <p style="margin-top:0;margin-bottom:0"><b>Philippine Long Distance Telephone
 Co.--Peer Comparison (cont.)</b></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">FFO/debt (%)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">62.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">26.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">53.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">52.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">181.8</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Free operating cash flow/debt (%)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">40.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">6.5</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">28.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">41.2</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">70.0</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Debt/EBITDA (x)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1.3</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">3.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1.5</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">0.4</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Total debt/debt plus equity (%)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">55.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">61.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">34.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">36.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:9.7pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">28.2</p>
 </td>
 </tr>
</table></center></div>

<p style="margin-top:0;margin-bottom:0">*12 months to
Sept. 30. FC--Foreign currency. PHP--Philippine peso. IDR--Indonesian rupiah.
MYR--Malaysian ringgit.</p>

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

<p style="margin-top:0;margin-bottom:0"><b>Table 2</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0  style='width:6.2in;border-collapse:collapse;border:none'>
 <tr>
 <td  colspan=6 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'>
 <p style="margin-top:0;margin-bottom:0"><b>Philippine Long Distance Telephone
 Co.--Financial Summary </b></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 style="margin-top:0;margin-bottom:0"><b>Industry Sector: Telecom</b></p>
 </td>
 <td style='border:none;border-bottom:solid windowtext 1.0pt'  ><p style="margin-top:0;margin-bottom:0">&nbsp;</td>
 </tr>
 <tr>
 <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'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</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'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0"><b>2010</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0"><b>2009</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0"><b>2008</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0"><b>2007</b></p>
 </td>
 <td  colspan=2 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'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0"><b>2006</b></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0"><b>(Mil. PHP)</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Revenues</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">144,459.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">147,993.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">145,582.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">137,958.0</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">127,943.0</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">EBITDA</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">89,562.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">93,344.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">91,894.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">87,761.5</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">86,125.1</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Net income from continuing operations</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">40,217.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">39,781.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">34,635.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">36,004.0</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">35,138.0</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Funds from operations (FFO)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">73,181.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">80,894.2</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">75,134.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">74,066.4</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">71,231.2</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Capital expenditure</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">32,074.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">30,886.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">27,818.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">26,456.8</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">22,573.8</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Free operating cash flow</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">48,031.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">55,673.2</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">48,768.5</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">54,890.6</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">40,499.3</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Discretionary cash flow</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">7,409.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">16,843.2</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">12,100.5</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">26,877.6</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">26,042.3</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Cash and short-term investments</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">15,000.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">15,000.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">15,000.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">15,000.0</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">15,000.0</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Debt</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">117,836.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">116,356.9</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">90,594.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">84,467.5</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">108,373.8</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Equity</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">93,277.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">93,100.9</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">101,822.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">108,967.6</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">96,615.3</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Debt and equity</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">211,113.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">209,457.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">192,416.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">193,435.1</p>
 </td>
 <td  colspan=2 valign=top style=' border:none;border-bottom:
 solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">204,989.1</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>

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0  style='width:6.2in;border-collapse:collapse;border:none'>
 <tr>
 <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'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Annual revenue growth (%)</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'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(2.4)</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'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1.7</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'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">5.5</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'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">7.8</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'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">2.8</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">EBITDA margin (%)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">62.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">63.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">63.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">63.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">67.3</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">EBITDA interest coverage (x)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">10.9</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">11.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">12.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">10.2</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">6.9</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">EBIT interest coverage (x)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">7.9</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">8.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">8.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">7.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">4.2</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Return on capital (%)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">30.5</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">33.3</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">34.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">30.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">27.0</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">FFO/debt (%)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">62.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">69.5</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">82.9</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">87.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">65.7</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Free operating cash flow/debt (%)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">40.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">47.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">53.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">65.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">37.4</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Debt/EBITDa (x)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1.3</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1.2</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1.3</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Debt/debt and equity (%)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">55.8</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">55.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">47.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">43.7</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">52.9</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">PHP &#150; Philippine peso.</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

<p style="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=7></td>
 </tr>
 <tr>
 <td></td>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 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">Page 9 of 12</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 2</p>

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

<br clear=ALL>

<p style="margin-top:0;margin-bottom:0"><b>Table 3</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  colspan=2 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'>
 <p style="margin-top:0;margin-bottom:0"><b>Reconciliation of Philippine Long
 Distance Telephone Co. Reported Amounts With Standard &amp; Poor&#146;s Adjusted
 Amounts</b></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>--Fiscal year ended Dec. 31, 2010--</b></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0"><b>Philippine
 Long Distance</b></p>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0"><b>Telephone
 Co. reported</b></p>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0"><b>amounts
 (mil. PHP)</b></p>
 </td>
 <td  colspan=2 valign=top style=' border:none;
 border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </td>
 </tr>
 <tr height=0>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 <td  style='border:none'></td>
 </tr>
</table></center></div>

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Debt</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Shareholders&#146;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>equity</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>EBITDA</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Interest</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Expense</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Cash flow from operations</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Dividends paid</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Capital expenditure</b></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Reported</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">126,859.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">97,069.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">88,605.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">6,551.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">77,260.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">41,080.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">28,766.0</p>
 </td>
 </tr>
</table></center></div>

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

<p style="margin-top:0;margin-bottom:0"><b>Standard &amp;
Poor&#146;s adjustments</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=1 cellspacing=0 cellpadding=0
 style='border-collapse:collapse;border:none'>
 <tr>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Operating leases</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'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">7,003.5</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'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</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'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">385.0</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'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">385.0</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'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">3,656.5</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'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</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'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">4,018.7</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Debt-like hybrids</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">4,419.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(4,419.0)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">458.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(458.0)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(458.0)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Postretirement benefit obligations</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">311.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(820.0)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(166.4)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Surplus cash and near cash investments</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(22,347.0)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Capitalized interest</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">710.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(710.0)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(710.0)</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Share-based compensation expense</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1,392.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Asset retirement obligations</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">873.6</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">97.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(91.0)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Reclassification of interest, dividend,
 and tax cash flows</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(3,881.0)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Reclassification of working-capital cash
 flow changes</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(2,249.0)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Minority interests</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">316.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Debt-Accrued interest not included in
 reported debt</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1,028.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=left style='margin-top:3.0pt;text-align:left' style="margin-top:0;margin-bottom:0">Total  </p>
 <p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">Adjustments</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(9,022.9)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(3,791.7)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">957.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">1,650.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(4,078.9)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">(458.0)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=right style='margin-top:3.0pt;margin-right:3.55pt;
 margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:right' style="margin-top:0;margin-bottom:0">3,308.7</p>
 </td>
 </tr>
</table></center></div>

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

<p style="margin-top:0;margin-bottom:0"><b>Standard &amp; Poor&#146;s adjusted amounts</b></p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' 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'>
 <p style="margin-top:0;margin-bottom:0">&nbsp;</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'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Debt</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Equity</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>EBITDA</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Interest</b></p>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Expense</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Funds from operations</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Dividends paid</b></p>
 </td>
 <td  valign=top style=' border-top:solid windowtext 1.0pt;
 border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none;
 padding:0in 5.4pt 0in 5.4pt'>
 <p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>Capital expenditure</b></p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Adjusted</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">117,836.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">93,277.4</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">89,562.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">8,201.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">73,181.1</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">40,622.0</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 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">32,074.7</p>
 </td>
 </tr>
</table></center></div>

<p style="margin-top:0;margin-bottom:0">PHP--Philippine
peso.</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=13></td>
 </tr>
 <tr>
 <td></td>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 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">Page 10 of 12</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 2</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=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0"><b>Ratings Detail (As of June 15, 2011)*</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0"><b>Philippine Long Distance Telephone Co.</b></p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Corporate Credit Rating</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0"><i>    Foreign Currency</i></p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0"><i>    ASEAN Regional Scale</i></p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Senior Unsecured (4 Issues)</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">BB+/Stable/--</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">axBBB+/--/--</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">BB+</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0"><b>Corporate Credit Ratings History</b></p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">03-Nov-2005          <i>Foreign Currency</i></p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">11-July-2005</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">17-Jan-2005</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">21-May-2009          <i>ASEAN Regional Scale</i></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">BB+/Stable/--</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">BB-/Negative/--</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">BB-/Stable/--</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">axBBB+/--/--</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0"><b>Business Risk Profile</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Satisfactory</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0"><b>Financial Risk Profile</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Intermediate</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>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0"><b>Ratings Detail (As of June 15, 2011)* (cont.)</b></p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0"><b>Debt Maturities</b></p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Fiscal 2011: PHP34.76 billion*</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Fiscal 2012: PHP25.42 billion**</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Fiscal 2013: PHP17.15 billion**</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Fiscal 2014: PHP19.5 billion</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">Thereafter: PHP28.62 billion</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">*Includes PHP21 billion of equipment payables.</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">**Includes PHP6 billion of equipment payables.</p>
 </td>
 <td  valign=top style=' border:none;border-bottom:solid windowtext 1.0pt;
 padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='margin-top:3.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

<p style="margin-top:0;margin-bottom:0">*Unless otherwise noted, all ratings in
this report are global scale ratings.  Standard &amp; Poor&#146;s credit ratings on
the global scale are comparable across countries.  Standard &amp; Poor&#146;s credit
ratings on a national scale are relative to obligors or obligations within that
specific country.</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=148></td>
 </tr>
 <tr>
 <td></td>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 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">Page 11 of 12</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='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"> Copyright &#169; 2011
by Standard &amp; Poors Financial Services LLC (S&amp;P), a subsidiary of The
McGraw-Hill Companies, Inc.  All rights reserved.</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">No content (including ratings,
credit-related analyses and data, model, software or other application or
output therefrom) or any part thereof (Content) may be modified, reverse
engineered, reproduced or distributed in any form by any means, or stored in a
database or retrieval system, without the prior written permission of S&amp;P.
The Content shall not be used for any unlawful or unauthorized purposes.
S&amp;P, its affiliates, and any third-party providers, as well as their
directors, officers, shareholders, employees or agents (collectively S&amp;P
Parties) do not guarantee the accuracy, completeness, timeliness or
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errors or omissions, regardless of the cause, for the results obtained from the
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<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">Credit-related analyses, including ratings, and
statements in the Content are statements of opinion as of the date they are
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The Content should not be relied on and is not a substitute for the skill,
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and analyses do not address the suitability of any security.  S&amp;P does not
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any information it receives.</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">S&amp;P keeps certain activities of its business units
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S&amp;P has established policies and procedures to maintain the confidentiality
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<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">S&amp;P may receive compensation for its ratings and
certain credit-related analyses, normally from issuers or underwriters of
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opinions and analyses. S&amp;P&#146;s public ratings and analyses are made available
on its Web sites, www.standardandpoors.com (free of charge), and
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distributed through other means, including via S&amp;P publications and
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available at www.standardandpoors.com/usratingsfees.</p>

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

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

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0 align=left>
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 <td></td>
 <td  height=38 bgcolor=white style='border:.75pt solid white;
 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">Page 12 of 12</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="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' 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/
 Florentino D. Mabasa, Jr.</u><u> </u></p>
 <p style="margin-top:0;margin-bottom:0">Name  :     FLORENTINO
 D. MABASA, JR. </p>
 <p style="margin-top:0;margin-bottom:0">Title     :     First
 Vice President, Legal Services </p>
 <p style="margin-top:0;margin-bottom:0">                  Head
 and Assistant Corporate                   Secretary</p>
 </td>
 </tr>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-left:42.6pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 </tr>
</table></center></div>

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

<p style="margin-top:0;margin-bottom:0">Date:
June 16, 2011 </p>

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

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

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