ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
DISCLOSURES_Week 10_TD47_March 8, 2011_Tuesday
source: www.pse.com.ph

FINANCIAL SECTOR

Banks

RIZAL COMMERCIAL BANKING CORPORATION [pse: RCB]

Disc. No. 2011-1831 TRANSFER OF TREASURY SHARES TO IFC
The Bank's request to sell/transfer 50,427,931 Treasury shares and 23,020,344 unissued common
shares to the International Finance Corporation, was approved by the BSP subject to certain
conditions. Such conditions were not enumerated in the disclosure, nor was the purpose of the
sale/transfer of shares. The IFC is a member of the World Bank Group that provide investments
and advisory services to build the private sector in developing countries. It helps companies
and financial institutions in emerging markets create jobs, generate tax revenues, improve
corporate governance and environmental performance and contribute to their local communities.
<www.ifc.org>

In a report last week, we tagged the counter a

TRADING BUY when the issue closed at php26.60.
Since then, it has risen to a high of php27.00
and a low of php26.35, not providing
sufficient room for short-term action. A
review of the underlying technical measures
suggest a revision of the recommendation to
BUY & HOLD. First, average daily volume
turnover has slowed from 610k in January to
308k in February. Over the first seven
sessions of the month, the average works out
to only 195k. Coupled with its price movement
of dropping -2.6% and -6.1% in the first two
months, respectively and a 2.7% rise on a
month-to-date, the forward prospects seems
positive as selling pressure has dissipated,
although the pick-up in buying volume has not
been significant enough to cause a price
surge. A pull-back towards support at
php25.95, which we expect it will hold, should open the buying window with an initial upside
price target of php28.20, an 8.7% prospect at maximum levels. This is shown by STO(14,3,3)
locating the issue closer to its high o over the last three weeks of trades, with a fresh
downward break of the overbought 80-line. At the same time, however, MACD(12,26,9) and the
AccDist Line continue to show positive price pressures and volume/value bias for accumulation.

PROPERTY SECTOR

AYALA LAND, INC. [pse: ALI]

with AYALA CORPORATION [pse: AC]
Disc. No. 2011-1812 & 1814 ARCH CAPITAL MANAGEMENT & ARCH CAPITAL ASIAN PARTNERS
The Company, together with parent firm Ayala Corporation, completed the transfer of its ownership
interest of 17% and 33%, respectively, of the two above-named entities to The Rohaytn Group
(RTG.) The balance of 50% remain in the hands of Mr. Richard Yue, who co-founded the investment
management firm with the Ayala companies in 2006. ALI keeps its 8% stake in ARCH Capital Fund.
ARCH Capital and ARCH Capital Fund is the investment manager and general partner, respectively,
of an Asian real estate fund with exposures in China, Macu, Singapore, Thailand and India.

STA. LUCIA LAND, INC. [pse: SLI]

Disc. No. 2011-1820 TRANSFER, ASSIGNMENT & CONVEYANCE OF PRC SHARES
Santa Lucia Realty and Development Corporation (SLRDI) transferred, assigned and conveyed all its
rights, title and interests in 70,831,426 shares of the Philippine Racing Club, Inc. [pse: PRC]

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 CO MPLETE 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_Week 10_TD47_March 8, 2011_Tuesday
source: www.pse.com.ph

at php4.20 per share for a total consideration of php297,491,989.20. The shares represent
SLRDI's partial payment of its php1.014 billion obligation to SLI as of end-Q3 2010. The
involved shares represents a 12.09% of the outstanding capital of PRC.

MINING & OIL

BENGUET CORPORATION [pse: BC]

Disc. No. 2011-1829 NICKEL MINE SUBSIDIARY
The SEC has approved the increase in the authorized capital of BC subsidiary BenguetCorp Nickel
Mines to php2.0 billion. In the same approval, BC's interest in the 1,406.7 hectare Sta. Cruz
Nickel Mine was transferred to BenguetCorp at a transfer value of php1.0 billion. Last year,
about 1.3 million tons of ore were shipped through an off-take agreement. BenguetCorp is looking
into establishing an intermediate processing facility to improve and maximize the value of its
products.

DIVIDENDS

GINEBRA SAN MIGUEL, INC. [pse: GSMI]

Disc. No. 2011-1830 CASH DIVIDEND
Amount : php0.375 per share
Ex-Date: March 18, 2011
Record Date: March 23, 2011
Payment Due: April 8, 2011

MEETINGS SCHEDULES

GINEBRA SAN MIGUEL, INC. [pse: GSMI]

Disc. No. 2011-1830 ANNUAL STOCKHOLDERS' MEETING
Date : May 12, 2011
Time : TBA
Venue : TBA
Record Date: April 12, 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 CO MPLETE 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