Republic of the Philippines )                                                       .
City of Cebu ..........................) s.s.                                                         .



                                                                       A F F I D A V I T                          .

          I, CARLOS E. NOEL, of legal age, married, a Filipino and with residence at 225-C San Jose Street, Cebu City, after being duly sworn in accordance with law, hereby depose and state that:

          1.      Last July 17, 1997, I was at the Manila Terminal of the Philippine Airlines awaiting for my flight to Cebu City. I had a PAL ticket with Serial No. 4429048593 and which I was supposed to take the 4:30 P.M. flight to Cebu City . My plane finally took off the Manila Airport at past 5:00 P.M., more or less:                                   .

          2.      While  awaiting  for  my  flight  at  the  PAL terminal, I happened to sit beside a person who appeared familiar to me. I initiated a conversation with said  person  to  acquaint  myself  with  him, by  asking him whether he was a friend of my nephew, Michael Miranda.      True enough, said person acknowledged that he is a friend of my nephew and introduced himself as Paco Larrañaga. He told me that he was taking chance accommodation of an earlier flight as he was to still to be on board a 7:00 P.M. flight. We then shared our frustrations of delayed plane flights, and exchanged other pleasantries, until my flight's departure was announced and I then embarked on my plane;                                   .

          3.      Upon reaching the Mactan Cebu International Airport at about 7:00 P.M., more or less, it was raining hard. While I was trying to flag a taxi (as I did not call home for a car to pick me up due to my delayed flight), Paco Larrañaga approached me and offered me a ride home. I had commented that he was lucky enough to be on board the same plane that I was in as he made it to Cebu City earlier than his scheduled flight.                                    .

                   I accepted the offer of Paco Larrañaga for a ride home, as taxis were then hard to come by. We boarded a dark Pajero truck, and I was able to reach my residence at about 9:00 P.M. on that same day, July 17, 1997;                                                .

          4.      I did not see Paco Larrañaga after that, but he had my umbrella (which I left in his car when he brought me home on July 17, 1997) returned to my house at San Jose Street, Cebu City, a few days later.                                                .

          5.      I am executing this Affidavit to attest to the truth of the foregoing and to substantiate the fact the Paco Larrañaga was in Manila on July 17, 1997 at about 4:30 P.M. more or less;

FURTHER AFFIANT SAYETH NAUGHT.                       .
Cebu City , 30 September 1997                                  .

                                                                      signed: CARLOS E. NOEL  
                                                                                             Affiant

SUBSCRIBED AND SWORN TO before me this 30th day of September, 1997 Affiant exhibited to me his Comm. Tax Cert. No. 12633538D issued at Cebu City on January 17, 1997.

                                                                signed: RAMON R. TELERON
                                                                                NOTARY PUBLIC   .
Doc. No. 78                                                    Until December 31, 1998
Page No. 17                                                                PTR No. 3032420 
Book No. V                                                                Date Jan. 10, 1997
Series of 1997