ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (+632)687-5071 (trunk)

DAILY WRAP & OUTLOOK _ TD115-116 _June 14-15, 2011

PSEI Pts Change % Change

Volume

Value

Advancers

Decliners

Unchanged

4,140.27

-31.27

-0.75%

2,170.29

4,712.10

32

101

41

MARKET WRAP & HIGHLIGHTS

S ECTOR ALL FIN AN CIAL IN D U S TRI AL H OLD IN G FIRM S P ROP ERTY S ERV ICES M IN I N G & OIL

P H ILIP P IN E M ARKET, D AIL Y S TATS IN D EX P t s Ch a n g e

% CH AN GE

sian markets reversed early losses after China's industrial production and inflation data eased concerns growth may have cooled in the world's second largest economy. Domestic share prices however, took an opposite route, rising off the bell before erasing all gains and breaking under a critical support level. US and European stocks were flat overnight.

2 ,9 2 6 .0 1 9 3 0 .5 2 7 ,0 1 0 .2 1 3 ,3 7 8 .9 3 1 ,4 5 7 .2 0 1 ,5 0 3 .7 6 1 7 ,3 7 8 .5 0

-2 0 .6 1 -1 0 .4 9 -4 5 .7 9 -3 9 .9 8 -1 9 .8 6 3 .0 4 -2 5 8 .2 1

-0 .7 0 % -1 .1 1 % -0 .6 5 % -1 .1 7 % -1 .3 4 % 0 .2 0 % -1 .4 6 %

The Main Philippine Equity Index wiped out a 26.19 points gain through the first half-hour off the opening bell, dropping to as COU N TRY much as -47.84 points before a mild pick up in the last 20 AS I AN REGION minutes to close the session with a -31.27 points loss at JAP AN 4,140.27, still within a step-ladder support band. JAP AN All sectors tumbled, save for Services which ended flat. Volume and value turnover neared the averages for the second straight session. However, the increased turnovers accompanying a break below an important support line invites more pessimism. Or, from another perspective, could be an indication of an approaching climax sell-off that will usher in a second round of advances heading into the second half of the year. The internal negative bias remained strong, however, with breadth widening even more as decliners routed gainers more than three-to-one. Unchanged issues were at a constant 41.
CH IN A CH IN A TAIW AN S OU TH KOREA AU S TRALIA AU S TRALIA N EW Z EALAN D TH AILAN D IN D ON ES IA IN D IA S IN GAP ORE M ALAY S IA V IETN AM

US stocks achieved a modicum of stability, following an extended decline as news of takeovers pushed reco-worries to the sidelines for the time being. Nevertheless, it failed to sustain gains of over 50 points, eventually settling with a slim 1.06 points advance. Greece is now in danger of being the first in the history of the European Union to default after the S&P pulled its credit rating to CCC, its lowest for any sovereign. This makes a second bail-out package an imperative to save the ailing economy, as it renders Greek issues as junks. Moody's for its part also downgraded Greece to Caa1, better only than Ecuador. OUTLOOK for TD_115_June 14, 2011 The break under the two-and-a-half month 4.0% trading band on increased volume and value turnover do not present an encouraging prospect moving forward. The increasingly widening negative breadth, pulling the ADL deeper into multi-year lows, adds fodder to technical pessimism. While this could be a foundation for a contrarian trading stance, the fundamentals are lacking in promise as well.

AS of 1 2 1 0 H En d of D a y AS IAN M ARKETS LATES T U P D ATE IN D EX LAS T % CH AN GE M S CI AP EX 5 0 8 8 2 .1 3 0 .9 3 % TOP IX 8 1 4 .1 9 0 .2 4 % N IKKEI 2 2 5 9 ,4 6 3 .1 8 0 .1 6 % H AN GS EN G 2 2 ,5 2 4 .8 0 0 .0 7 % S H AN GH AI 2 ,7 2 7 .0 9 0 .9 9 % TAIEX 8 ,8 1 6 .0 9 1 .1 8 % KOS P I 4 ,4 3 7 .3 4 1 .3 6 % S & P /AS X 2 0 0 4 ,5 6 9 .3 0 0 .1 6 % ALLORIN D ARIES 4 ,6 3 6 .1 0 0 .0 3 % NZ50 3 ,4 9 2 .6 5 0 .4 6 % S ET 1 ,0 2 2 .4 3 0 .6 8 % JCI 3 ,7 5 0 .4 7 0 .0 5 % BS ES N 1 8 ,2 7 6 .8 0 0 .0 6 % S t r a it s Tim e s 3 ,0 5 8 .1 1 -0 .0 3 % KLCI 1 ,5 5 0 .3 7 0 .2 9 % H O CH I M IN H 4 4 2 .6 5 -0 .0 1 % w w w .b loo m b e r g .com a s of 1 2 0 8 H 6 /1 4 /1 1

, 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 WRAP & OUTLOOK _ TD115-116 _June 14-15, 2011

PSEI Pts Change % Change

Volume

Value

Advancers

Decliners

Unchanged

4,140.27

-31.27

-0.75%

2,170.29

4,712.10

32

101

41

True, most of the drag are borrowed from overseas, but it cannot be summarily written off considering most affected economies rank high among our trading partners and OFW destinations. In the 2008 recession, we had taken pride in having shifted our export markets to Europe and other countries in Asia, limiting our dependence on the US, which fell into a recession. However, it was not long after that Europe's troubles worsened and the unanticipated Middle East/North Africa tensions escalated. And of course, China's battle with inflationary pressures continue. The way things are stacked up at present, both technically and fundamentally, the heading towards the major support band of 4,070-4,100 appears highly probable. In the absence of fresh leads, the bias towards liquidating positions may be the order of the day. Alternatively, long-termed portfolios may begin taking bets as the index approaches each support level and holding through tests of the resistance marks. At this point, the long held principle of the trend is your friend remains a valid and strong wall to lean on. CORPORATE UPDATES: MUSX CORPORATION [pse: MUSX] The Company discloses the Board of Directors has agreed to acquire 51% of Total Waste Management Recovery Systems, Inc. which manages and operates waste management and recovery facilities in the country. It has also agreed to infuse php25M as advances to TWMRSI, as additional working capital. BELLE CORPORATION [pse: BEL] The Company's Board of Directors has approved a Stock Rights Offering to raise between php4.0 to php5.0 billion for its Belle Grande Manila Bay Project. ALLIANCE SELECT FOODS INTERNATIONAL, INC [pse: FOOD] Anent its earlier declared and disclosed Stock Rights Offering (subject of ACEC Market Notes issue June 13), the start of the Offer Period has been moved from July 8 to July 13, 2011. The tentative listing date of July 18 is likewise pushed back to July 25, 2011. AGP INDUSTRIAL CORPORATION [pse: AGP] The SEC has approved the Company's quasi-reorganization and equity restructuring whereby par value is reduced to php1.00 from php6.00 per share and effecting a decrease in its Authorized Capital from php132M composed of 22M shares to php22M divided into 22M shares. Simultaneously, the same is increased to php200M divided into 200M shares with the declassification of A and B shares into a single issue and a denial of stockholders' pre-emptive rights. The latter is in line with several Subscription Agreements with various investors involving 45M shares. Furthermore, the SEC has lifted its revocation order on the Company's Registration and Permit to Sell securities to the public. Thus, the shares of the Company, under the unified symbol AGP, will resume on Wednesday, June 22, 2011.

, 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