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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 22, 2010 Wednesday
PSEI: 4,087.96, +34.45 pts., +0.85% ; Total Volume: 5.398B; Total Value: php7.996B Adv: 85 Dec: 73 Unch: 25

OUTLOOK: September 22, 2010_Wednesday

Monthly, weekly and daily momentum indicators keeps the market trading at relatively
high levels – translating to overbought conditions. However, this has not dampened
trades which continues to push the index to new highs after each session. The correction-
wait has been indeterminately extended. Investors have become “impatient”, immediately
buying into minimal dips or retreats in the index.

We are raising immediate support to the 3,950-70 range while continuing to keep interim
resistance at the 4,100-mark. Although this level was broken in yesterday's trades,
increased aggressiveness among profit-bookers pulled the measure below this line as the
final bell sounded. Earlier, we had raised our year-end index level projection to 4,380 – a
fourth adjustment to our target.

Anticipations of continuing expansion of listed firms' bottom-lines for the final semester of
the current year, and the bright prospects being drawn for next year, will keep investor
interest in equities heightened. Thus far, we don't see any near-term shifts in the
underlying fundamentals, and even to a certain extent, the technicals, to push the panic
button and call a reversal of present optimistic trends.

DAILY WRAP: September 21, 2010_Tuesday

The market gave up half of its early gains but still managed to reset the all-time high to
4,087.96, adding 34.45 points or 0.85% to the previous day's record close. The Index
rose through the first hour of the session before profit-takers stepped in to cap the
advance at 71.99 points.

Only the Mining & Oil sector, which has risen by 31.14% over the last 12 sessions, (15 of
the last 16) slipped. Aggregate value turnover for the group crossed the php1.0 billion
mark for the first time since June 24, 2010.

A positive budget surplus for the month of August could have contributed to the
extended optimism. The Aquino administration's “wise spending” policy resulted in a
php1.3 billion surplus. While some budget experts have cast doubt on the data, given
the collection shortfall of the BIR and Customs Bureau, it nevertheless provides an
encouraging prospect of containing the deficit to within the programmed ceiling.

Since breaking out of the 3,620-30 resistance band, the index has surged by at least 12.62% over the last two weeks. This brings the year-to-date return
to 33,91%, with September-to-date at 14.6%, shaping out to be the biggest month-on-month gain since the 14.9% of July 2009.

CORPORATE DISCLOSURES

SM DEVELOPMENT CORPORATION [pse: SMDC, php9.00, -3.7%]


The Company sets at php6.38 its Offer Price for its 1-for-3 Stock Rights Offering covering a total of 1,832,092,155 common shares. This represents an
18.19% discount to the 15-day VWAP from August 26 to September 17, 2010.

MANULIFE FINANCIAL CORPORATION [pse: MFC, php585.00, +4.7%]


The Canadian-based leading financial services group completed its Senior Notes Offering worth an aggregate US$1.0 billion broken down into US$640
million, 3.40% 2015s and US$500 million, 4.90% 2020s. MFC operates in 22 countries and territories worldwide.

LEPANTO CONSOLIDATED MINING COMPANY [pse: LC & LCB, php0.38, +15.2%]


The Company announced it has signed an Option and Shareholders' Agreement with Gold Fields Switzerland Holding AG, 100%-owned by Gold Fields
Limited, covering the development and operation of the Far Southeast Project. Under the Agreement, GFS is granted an 18-month option to subscribe
to new shares of the Far Southeast Gold Resources amounting to a 20% stake. If exercised, this will reduce the Company's interest to 40%. In return,
Lepanto earns a non-refundable US$10 million option fee. GFS is tasked to solely fund pre-development expenses inclusive of exploration and a

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.
DAILY Report Page 1 of 2
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 22, 2010 Wednesday
PSEI: 4,087.96, +34.45 pts., +0.85% ; Total Volume: 5.398B; Total Value: php7.996B Adv: 85 Dec: 73 Unch: 25

feasibility study of the Project and contribute US$110 million to FSGRI.

STENIEL MANUFACTURING CORPORATION [pse: STN, php0.26, 0.00%-last trade August 17, 2010]
The Board has approved the Corporation's Restructuring Plan and the execution of the amendments to its Omnibus Loan Agreement, including the
Collateral Trust Agreement incorporated therein. Among the things set forth in the restructuring plan is the rescheduling of obligations, capitalization
of overdue and accrued interest, reorganization of some subsidiaries, reduction of obligations via dacion en pago and sale of idle assets and the
conversion of a portion of accrued interest due on the outstanding obligations into equity. STN has likewise effected the merger with Treasure
Packaging Corporation with the former as the surviving entity. All these Board actions will be subject for stockholders' ratification during the Annual
Stockholders' Meeting on October 22, 2010, Friday.

BASIC ENERGY CORPORATION [pse: BSC, php0.165, 0.00%]


In relation to the termination of the Joint Venture Agreement the Company entered into with Ecomarket Farms in 2008, Inc., a Settlement Agreement
was executed wherein the supposed vehicle, Basic Ecomarket Farms will return to EMF all property and assets acquired previously while the EMF will
return a part of the cash consideration for the acquisition of the cassava project amounting to php10.8 million which BEF paid to EMF in Decmeber last
year. As a consequence, the application for listing of BEC shares at the PSE is withdrawn.

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.
DAILY Report Page 2 of 2