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_ TD59-60_March 24-25, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged

3,841.54 -13.98 -0.36% 778.57 2,900.81 53 65 53

BACKDROP FOR TD060_MARCH 25, 2011 PHILIPPINE MARKET, DAILY STATS

SECTOR INDEX Pts Change % CHANGE
INVESTORS have generally stayed in the sidelines ALL 2,898.95 -2.44 -0.08%
through the first four sessions of the week. We don't FINANCIAL 863.10 -0.75 -0.09%
expect this to change in Friday's trades.
INDUSTRIAL 6,774.83 -18.84 -0.28%
HOLDING FIRMS 3,316.22 -18.14 -0.54%
We have observed a balance of positive and negative
developments in the events that has roiled markets over PROPERTY 1,469.22 -10.43 -0.70%
the prior two weeks. SERVICES 1,326.64 -5.29 -0.40%
MINING & OIL 13,960.18 -192.55 -1.36%
In the MENA region, Libyan leader Muammar Gaddafi, AS of 1210H End of Day
under a UN-sanctioned military action, has remained ASIAN MARKETS LATEST UPDATE
defiant. Meanwhile, there are brewing unrests in other COUNTRY INDEX LAST % CHANGE
countries in the region. The turmoil has the market ASIAN REGION MSCI APEX 50 864.93 1.02%
speculating on a possible squeeze along the oil supply JAPAN TOPIX 857.19 -0.45%
route, as well as concerns bigger producers may be JAPAN NIKKEI 225 9,462.43 0.14%
affected by a similar political malaise. Crude oil prices CHINA HANGSENG 22,998.80 0.76%
easily breached and has since remained above the
CHINA SHANGHAI 2,951.25 0.09%
US$100 per barrel level.
TAIW AN TAIEX 8,595.33 0.59%
Meanwhile, Japan is slowly getting back on the road SOUTH KOREA KOSPI 2,027.76 0.77%
toward reconstruction. There was never any doubt it AUSTRALIA S&P/ASX 200 4,699.60 1.01%
could rise – it was just a question of time. Fears of a AUSTRALIA ALLORINDARIES 4,794.20 1.00%
spread of toxic materials from the damaged nuclear NEW ZEALAND NZ50 3,387.25 0.34%
plants pose jitters to consumers and the market. THAILAND SET 1,031.81 0.42%
INDONESIA JKSE 3,594.36 1.07%
US economic data have raised doubts again on the INDIA BSESN 18,339.00 0.73%
recovery of the housing market, a major leg on which a SINGAPORE Straits Times 3,047.17 0.83%
sustained and strong recovery stands on. There are MALAYSIA KLSE 1,512.41 0.03%
evidences that the worst is over for the world's largest
VIETNAM HO CHI MINH 461.32 -1.35%
economy. Again, it is a matter of sustaining growth
numbers. Timing is the key. www.bloomberg.com As of 1324H 3/24/11

A revision of the Philippine government's economic targets will be keenly watched. The economic impact of the
political turmoil in the MENA region, the natural disasters that befell Japan, China's continuing struggle against
inflation, Europe's quest for a lasting facility to prevent a Greece- and Ireland-like problems, and the still slow pace
of recovery in the US, all major trading partners as well as OFW destinations and thus a source of remittances,
makes such review and revisions compelling.

TECHNICAL CONDITIONS:

Thus deprived of a strong motive force to enter the market on the buy side, plus the unwinding of the earnings
season for 2010, investors took a wait-and-see stance through Thursday. Average net daily volume on a year-to-
date slipped to 2.264 billion compared to 2.362 billion at the end of the preceding week. Value turnover followed a
similar path, slightly thinning to a net daily average of php4.356 billion from php4.439 billion in the week-ending
March 18. Foreign funds reversed their buying stance, netting sales of php1.356 billion thru Thursday compared
to net purchases of php2.836 billion in the prior week. Over-all however, foreign funds have repositioned in local

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_ TD59-60_March 24-25, 2011
PSE Index Pts Change % Change Volume (m) Value (phpm) Advancers Decliners Unchanged

3,841.54 -13.98 -0.36% 778.57 2,900.81 53 65 53

equities, plowing back nearly half of the total sales since the 2010 accumulated high of php53 billion to the mid-
February low of php44 billion. It stood at php48 billion after yesterday's trades. Finally, the ADL lends some
encouragement, improving to -684 versus last week's -695. A positive spread Friday, or at least a negative spread
of no more than -11 will put the market internally on the same strength as last week.

CORPORATE DISCLOSURES:

FILINVEST DEVELOPMENT CORPORATION [pse: FDC]

Disc. No. 2011-2177 EW BANK 2010 RESULT
East West Bank reported that its net income for 2010 came in at php1.81 billion almost 3x the php621.7 million
reached in the previous year. Total loans expanded by 20 percent, led by a 30.4 percent surge in business loans
and an 11 percent growth in consumer loans, resulting to a jump in net interest income to php4.32 billion.
Fees and other incomes, excluding trading, ended the year at php1.67 billion, a 30.7 percent gain. The Bank's
CAR is above the regulators' mandate at 15.96 percent. Tier 1 CAR is at 11 percent.

FDC owns 60 percent of East West Bank with the balance held by its wholly-owned FDC Forex Corporation. In
2009, the Financial and Banking services segment dislodged property-related operations from the top of the
revenue mix contribution with 44 percent of php16.0 billion total.

The parent company deferred earlier plans to conduct an equity fund raising activity citing volatile market
conditions. It will have its Annual Stockholders' Meeting on May 20th.

SM PRIME HOLDINGS, INC. [pse: SMPH]

Disc. No. 2011-2185 COMPLETION OF 1ST CAPITAL MARKET ISSUANCE FOR 2011
The Company issued php5.0 billion, 5-year Floating Rate Notes the proceeds of which will be applied to its on-
going capital expenditures and other general corporate requirements. SMPH is planning to open three (3) malls
this year: SM City Masinag, SM City San Fernando and SM City Olongapo. Meanwhile, SM City Davao and SM
City Dasmarinas is due for expansion. The additions will bring SM malls around the country to 43 with a Gross
Floor Area of 5.2M sqm. Its China malls adds around 700k sqm of GFA.

DIVIDEND DECLARATIONS:

iPEOPLE INC. [pse: IPO]

Disc. No. 2011-2191 CASH DIVIDEND
Amount : php0.06 per share
Ex-Date : April 15, 2011
Record Date : April 20, 2011
Payment Date : May 17, 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