ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DISCLOSURES REVIEW_Week 01_Day 1_January 3, 2011_Monday
www.pse.com.ph as of 1257H

CORPORATE NEWS & DEVELOPMENTS:

Last PE STOCK VS. Market-to- Techncial
STOCK 52-wk range Support Resistance
Trade (TTM) SECTOR PE Book Outlook
TOL 10.000 5.30 – 10.00 77.4x 2.5x 8.7x 8.500 11.500 LT BUY

ETON 3.800 2.22 – 4.45 13.5x 0.4x 2.1x 3.200 4.000 SELL

JFC 88.950 51.50 – 100.00 30.8x 2.6x 5.4x 84.000 92.000 SELL

ISM 4.010 3.30 – 6.75 1.2x 13.2x 2.1x 3.640 4.200 HOLD/sell

SMC 185.000 62.00 – 169.70 19.8x 0.8x 0.8x 167.000 - SELL

METRO PACIFIC TOLLWAYS CORPORATION [pse: TOL]

Disc. No. 2011-0002 INVESTMENT IN METRO STRATEGIC INFRASTRUCTURE HOLDINGS, INC
The Company has acquired the 8M shares of Metro Strategic
Infrastructure Holdings, Inc (MSIHI)for php8M from Mr. Albert F.
del Rosario, representing 20% direct interest in MSIHI. This
brings TOL's direct equity interest in MSIHI to 57% plus its 1.54%
indirect interest in Citra Metro Manila Tollways Corporation, also
a stockholder of MSIHI. It will likewise acquire, on the same
terms, Metro Pacific Corporation's 40% direct equity interest in
the same entity. Additionally, TOL has deposited php19.593M
for future stock subscription at the purchase price of equivalent
amount.

The stock has been thinly traded even as it has managed to sustain
its break of a price downtrend traced back to the September 2009
high of php11.50. It last traded on December 29 with only 2,000
shares changing hands. As such, we do not expect a near-term
surge on the counter, although the long-term propsects of its
fundamentals continue to be promising. The little volume/value
flow however has been coming in with a positive bias, drawing a
near-term uptrend since July last year. Surprisingly, the slow
volume accompanying the price advance has pushed the issue deep
into overbought territory as indicated by STO. This suggests that a
corrective price action may ensue in the near term, opening the
windows for long-term buyers.

ETON PROPERTIES PHILIPPINES,INC. [pse: ETON]

Disc. No. 2011-0003 2011 INCOME PROJECTION_PRESS RELEASE
Driven by its confidence on strong demand for housing units,
commercial and office spaces, the Lucio Tan property unit expects
to generate php1.0 billion in profits this year, from a projected
php700M in 2010. The first nine (9) months of last year resulted
in a bottomline of php530M putting it on track to hit its 2010
target, even marginally surpassing it at the thee-quarter average
pace of php177M. The Company sees the delivery of 3,600
residential units. The low-interest rate regime, continued strong
remittances from overseas and the healthy conditions in the
banking sector are the fulcrum on which this confidence turns.

As such, it has four (4) new residential, two (2) commercial and
one (1) office proejcts in the pipeline for the new year. Among
these are the residential component of the ETON Centris in EDSA
Quezon Avenue, The Elements in The Centris and a second BPO
building in the same. Meanwhile, its 1,000 hectare
developmentin Sta Rosa, Laguna will begin selling its commercial
lots even as it added 35 hectares to its landbank with the
acquisition of a prime property within Eton City. Another high-

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)
DISCLOSURES REVIEW_Week 01_Day 1_January 3, 2011_Monday
www.pse.com.ph as of 1257H

end residential condominium project is contemplated in the Greenbelt area plus high-rises in Pasig and Manila through subsidiary, First
Homes, Inc. The four-year old Company has launched a total of 35 projects encompassing residential, commercial and office projects and
township developments.

Share price has broken through a four-and-a-half month downtrend. Yet even as it does, the volume/value remains biased towards
distribution. Today's close at php3.80, its trading price of the entire session, with only 2,000 shares chaning hands, do not lend confidence
that such breakout can be sustained, or at least attract sufficient volume to keep pushing price higher. Coupled with STO hovering just on
the 50-line, with an impending downside penetration of the trigger line, the issue is a SELL. The large php0.22 gap opened on the 29 th
December is another cause for concern.

JOLLIBEE FOODS CORPORATION [pse: JFC]

Disc. No. 2011-0004 TERMINATION OF DELIFRANCE UNIT FRANCHISE
The end of the year also marked the completion of the sale by JFC
subsidiary, Fresh N Famous (FNF) of all the assets of the Delifrance
Business Unit to CafeFrance, Corp. as well as the termination of
the Franchise Agreement with Delifrance Asia Limited. JFC's
leadership in the domestic fast food chain market was hardly
dented, as it remains with 1,578 stores nationwhide among various
brands: Jollibee (703), Chowking (404), Greenwich (218), Red
Ribbon (215) Manong Pepe (15). The subject of the termination,
Delifrance, had 23. JFC has likewise added the Mang Inasal
franchise to its brands last year. Outside the country, it has 375
operating stores: Yonghe King in China (185), Jollibee (64- US-26,
Vietnam-20, and Brunei-11) Red Ribbon (38- all US), Chowking
(37, US-19, Dubai-15) and Hong Zhuang Yuan (51.)

JFC technical indications do not support expectations of a re-test of

the resistance line, inidcated in the table above. STO is in
overbought territory, volume favors distribution since it topped at
php100 in October and price has met difficutly is restoring levels
above php90. As such, any further price advance may be seen as
an opportunity to secure profits. We tag the counter a near-term
SELL as we wait for its recent acquistions and assets sales to impact
on its bottomline.

ISM COMMUNICATIONS CORPORATION [pse: ISM]

Disc. No. 2011-0005 SALE OF AGN PHILS TO VEGA TELECOM INC
&
SAN MIGUEL CORPORATION [pse: SMC]
Disc. No. 2011-0006 SPA BETWEEN VEGA TELECOM & ISM
ISM and SMC has effected a Sale Purchase Agreement wherby the latter sells 100% of the issued and outstanding capital of AGN
Philippines to SMC subsidiary, Vega Telecom, Inc. AGN Philippines beneficially owns 40% of Eastern Telecommunications Philippines.

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