ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DAILY REPORT, for Thursday, August 26, 2010
PSEI: 3,554.15, +23.65 pts, +0.67%; Value of Trades: php4.414B ; Adv: 38 Dec: 96 Unch: 33

REVIEW & OUTLOOK

• Waning of tax credits send US Home Sales in record 27% slump
• Dow retreat extends to Day 4; 2nd >100 point loss in four sessions;
• ALI snaps back, PSEI trims Tuesday losses;

SHARES of blue-chip property firm Ayala Land, Inc. (pse: ALI) snapped back from the
prior session's 15% drop, pulling the main index to close +0.67% higher at 3,554.15.
Market breadth was negative with decliners extending their domination of
advancers almost 3-to-1, a slight dissipation from the preceding session's 5-to-1
rout.

While it appears that the market once more ignored the Dow's extended slide, a
closer scrutiny suggests it did not. Netting out the extraordinary movement of ALI at
Tuesday's closing trades, we can surmise that the index was hardly changed.
Sectoral performances were mixed with Industrials registering a 0.3% while the
Property sector, battered by ALI's slide the previous day, snapped back, rising 5.54%.
The rest of the market fell even as the broader measure climbed 0.15% to 2,246.26.

Fears of a possible double-dip recession re-emerged last night after the sales of
existing homes in the US plunged a record -27% to a 3.83 million annual pace from
June's revised 5.26M. Aside from under performing forecasts, the figure is a 10-year
low, highlighting the worsening conditions in the sector considered to be the
epicenter of the most recent crisis. This sent the Dow to extend losses to a fourth
day, suffering its second over 100-points loss. The main US barometer of stocks has
yielded -375.09 points or -3.60% off its latest peak of 10,415.54 last August 18th.
This adds to the pessimism already brought into the picture by last weeks jobless
claims and manufacturing data suggesting a slowdown in growth. The Federal
Reserve may have to consider additional interventions to stave off a relapse to a
recession.

Here at home, investors gear up for the BSP's Monetary Board meeting later today
with expectations the regulator will keep the status quo. This has heightened after
the government's main economic planning agency revealed that q2 growth may
come in slower following a rather surprising 7.3% in q1.

CORPORATE DISCLOSURES: (Wednesday, August 25, 2010)

IPVG Corporation [pse: IP, php1.31, -2.2%]

The Company has been authorized by its Board of Directors to participate, both directly and indirectly, in IP E-game Ventures, Inc.'s [pse: EG] stock
rights offering subject to the conditions of such offering and the availability of funds.

International Container Terminal Services, Inc. [pse: ICT, 32.65, -1.1%]

The Company clarifies that its $61.4 million berth development project in the Manila International Container Terminal, is under a contract with the
Philippine Ports Authority (PPA.) All necessary documentary requirements, permits and approvals therefor have been obtained from the proper
authorities and through the PPA as owner. It futher notes that as a contractor, it holds no residual claims of ownership in the land and
improvements.

The Philippine Stock Exchange, Inc. [pse: PSE, php284.00, +0.10%]

At issue is Atty Val Antonio Suarez' appointment as President and Chief Executive Officer of the Exchange last July 28 th, with reference to Section
33.2(h) of the Securities Regulation Code, to wit: “The president and other management of the Exchange to consist only of persons who are not
members and are not associated in any capacity, directly or indirectly with any broker or dealer or member or listed company of the exchange: Provided,
That the Exchange may only appoint, and a person may only serve, as an officer of the Exchange is such person has not been a member or affiliated with
any broker, dealer, or member of the Exchange for a period of at least two (2) years prior to such appointment.” Mr. Suarez' wife, Milagros Cecilia
Dollendo-Suarez, is currently serving as Vice-President and Head of Sales/Marketing as well as concurrently a stockholder, director and salesman of
JP Morgan Securities Philippines, Inc. In this light, the SEC has held the PSE has violated the aforementioned provision of the SRC.
The PSE however, is of a contrary opinion, stating that the disqualification applies only if Mr. Suarez himself becomes associated with any broker or

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 REPORT, for Thursday, August 26, 2010
PSEI: 3,554.15, +23.65 pts, +0.67%; Value of Trades: php4.414B ; Adv: 38 Dec: 96 Unch: 33

dealer, or affiliated with it within the time prescribed in the law. It further clarifies that, excerpting from external counsel's opinion, the
“association” referred to in the SRC provision refers to employment, professional engagement or beneficial ownership and NOT family
relationships. (It is however silent on the context of the phrase, “directly or indirectly.” Does this refer to extensions by affinity as well? Furthermore,
there appears to be a bit of nuance in the term “qualifications”, both as a legal requirement and/or professional capacity, which somehow muddles the
issue by diverting the context away from focus. I do not think the SEC's position puts to question and refers Mr. Suarez' managerial skills as the basis for
seeking his disqualification, but rather, on the basis of both the spirit and letter of the cited provision. - jc)

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