ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REVIEW & OUTLOOK, for TD September 21, 2010 Tuesday
PSEI: 4,053.32, +74.02 pts., +1.86% ; Total Volume: 7.786B; Total Value: php10.960B Adv: 108 Dec: 30 Unch: 30

DAILY WRAP:

THE market reached a new high again, highlighting continuing optimism of investors
amid tepid movement among its peers in the Asian region.

The Main Philippine Index opened the week with a 74.02 points (1.86%) gain to
4,053.32, a fifth resetting of the record in the last eight days. While all sectoral indexes
traced a similar path, none did better than the PSEi with the propery sector nearly
approximating the day's return at 1.83%.

It was a saving grace to a day that started out with a “technical glitch,” even before the
opening bell, delaying the commencement of trades by almost half-an-hour. “There
was a technical glitch in the trading system,” explained Nina Kristi Bocalan-Zabella,
assistant head of the Exchange's Public and Investor Relations section. Glitches had
apparently become commonplace in the market since it started to use a multi-million
peso new trading system.

Value turnover reached php10.960B, almost three times the year-to-date average. The
daily quotations report (summary) is not yet available as of this report leaving us unable
to net out block sale amounts, if any. Nevertheless, with year-to-date block sale values
averaging 1/5th of totals, an estimated net value turnover of between php7B and php8B
still indicates the attractiveness of local stocks.

With our third adjustment to the full-year index of 4,100 just seemingly a few trading
sessions away, we push the target even further back to possibly 4,385-4,400 with a
pullback line (support) at 3,980-3,985. Worst case scenario could see a retreat to the
3,580 mark.

CORPORATE DISCLOSURES

MARCVENTURES HOLDINGS, INC. [pse: MARC, php]

To finance the development of its nickel mine and as cover for operating expenses, the
Company has issued a Php100M, 12% pa convertible loan which gives the lender the
Option to convert the said loan into fully-paid shares of MHI at any time prior to
maturity at php0.022 per share. Every such four (4) shares thus converted entitles the
lender to a further one (1) warrant with a 2 year expiry and strike price of php0.022. The
Company owns Marcventures Mining & Development Corp. (MMDC) which holds a
claim/right over a 4,7999 hectare in Surigao Province. Reports indicate that a 120-has area in the property has an estimated resource of nearly 20M
metric tons of high-iron limonite and 4.5M metric tonsof high-nickel saprolites that can be extracted in 20 years.

VISTA LAND & LIFESCAPES, INC. [pse: VLL, php

The Company is studying various funding options , including a possible US bond offering.

LOPEZ HOLDINGS CORPORATION [pse: LPZ, php

The Company confirms reports it is looking to restructuring php1.8 billion of its remaining php3 billion worth of debts by year-end. Part of the plan is a
bullet re-payment at the end of 12.5 years or a debt-buyback at 60% of the face amount of the principal. Bullet repayment refers to a single payment
for an entire loan amount at maturity. The Lopez company has been saddled with a heavy debt burden since 2002.

THE PHILODRILL CORPORATION [pse: OV, php

The Company has agreed to sell its 1.65% overriding royalty interest over the Cadlao Production Area of Service Contract 6 to Peak Royalties Limited,
BVI. Relevant costs were not disclosed.

DISCLAIMER: THE MATERIAL CONTAINED IN THIS PUBLICATION IS FOR INFORMATION PURPOSES ONLY. IT IS NOT TO BE REPRODUCED OR COPIED OR MADE AVAILABLE TO
OTHERS. UNDER NO CIRCUMSTANCES IS IT TO BE CONSIDERED AS AN OFFER TO SELL OR A SOLICITATION TO BUY ANY SECURITY. WHILE THE INFORMATION HEREIN IS
FROM SOURCES WE BELIEVE RELIABLE, WE DO NOT REPRESENT THAT IT IS ACCURATE OR COMPLETE AND IT SHOULD NOT BE RELIED UPON AS SUCH. IN ADDITION, WE
SHALL NOT BE RESPONSIBLE FOR AMENDING, CORRECTING OR UPDATING ANY INFORMATION OR OPINIONS CONTAINED HEREIN. SOME OF THE VIEWS EXPRESSED IN THIS
REPORT ARE NOT NECESSARILY OPINIONS OF ACCORD CAPITAL EQUITIES CORPORATION ON THE CREDIT-WORTHINESS OR INVESTMENT PROFILE OF THE COMPANY OR THE
INDUSTRIES MENTIONED.
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