ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, PHILIPPINES 1605 (632)687-5071 (trunk)
Additional Notes to DAILY, for TD October 15, 2010_Friday

CORPORATE DISCLOSURES UPDATE:

RIZAL COMMERCIAL BANKING CORPORATION [pse: RCB]

Last Traded: [10-14-10] php27.45, +2.4%
Outstanding Shares: 940,125,894
2009 EPS: php3.13 = PE: 8.77x
vs. 14.5x [Banks, 8/2010] ; 16.34x [Financials, week 40]
Book Value: [6/2010] php33.42

Trading in RCB shares will be suspended through the first hour from the pre-open period [0900H] to 1000H in view of its release of
the details of the planned offering of between 160M and 200M common shares to third party investors. Briefly, 50,427,931
common shares shall be sourced from its Treasury account and the balance sold by Pan Malayan Management and Investment
Corporation [PMMIC]. The latter will subsequently subscribe to the same number of shares it sold from the proposed increase in
the Bank's Authorized Capital Stock, approved during the June 2010 ASM. A special stockholders' meeting will be conducted to
ratify this transaction on November 8, 2010, and upon its ratification, the sale is seen to be consummated before the end of the
year. PMMIC's subscription to the new shares will be during Q1 2011 with the listing of such new shares soon after within the same
quarter. The total transaction value is estimated to reach $100M, which the Bank will utilize to grow organically its risk-asset base
and to finance planned investments, including possible acquistions of a mid-sized banks. PMMIC holds 559,980,082M RCB shares,
and is the holding company for the Yuchengco Group. The potential buyers of PMMIC's and the Treasury shares will end up
owning 13.12% and 4.42% of the Bank while PMMIC's holdings, nominally unchanged upon the completion of ALL related
transactions, will see its holdings drop to between 41.57% and 43.08% from 50.41%.

After hitting an intraday high of php31.00 and closing level of

php30.70 over two weeks ago, RCB's share price has slumped
-10.58% to yesterday's php27.45 close. Momentum indicator
[STO(10,3)] has dipped into oversold territory with early signs of
dissipation of the downward pressure. This is evident in
yesterday's rebound from a low of php26.70-26.80. It continues
to display price weakness, falling below both the 10pd and 50pd
EMAs. On a month-to-date, the price action is uncertain with
the bulls and bears almost even. The daily chart shows a slight
break of the two-week downtrend, with an early suggestion of a
possible sideways movement between php26.45 and php28.30.
The majority of the underlying indicators for the issue posit a
SELL bias. This is one of the classic cases where the technicals
and fundamentals give apparently conflicting signals.
NEUTRAL (revised from an earlier BUY)

ATLAS CONSOLIDATED MINING & DEVELOPMENT CORPORATION [pse: AT]

Last Traded: [10-14-10] php17.96, -0.7%
Outstanding Shares: 1,059,931,882, par value php10.00
2009 EPS: (php2.02) = PE: (9.89x)
vs. 61.09x [Mining, 8/2010]; 36.39x [Mining & Oil, week 40]
Interim EPS [H1 2010, annualized]: (php0.94)
Book Value: php2.86 [8/2010]

The Company has notified BDO and GlobalFund Holdings, Inc. that it is requiring the FULL CONVERSION of the US$25M loan
pursuant to the Convertible Loan and Security Agreement signed by all parties mentioned above in November last year. The
conversion shall be effected either through (1) the issuance of AT shares at php10.00 per share and based on an exchange rate of
php46.82:US$1.00; or (2) the delivery by Alakor Corporation to both BDO and GlobalFund such number of shares equal to the
above ratio/conversion formula (which by our rough estimation, translates to 117.05M shares.) As of September 30, 2010, Alakor
holds 355,304,961 or 33.71% of AT's outstanding common shares.

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)
Additional Notes to DAILY, for TD October 15, 2010_Friday

As of yesterday, AT's extended 1.5-month uptrend from around

php10.00 to above php18.00 remains valid. However, STO(10,3)
is in overbought territory and shows up “weaker” at the session's
php17.80 to php18.40 band than when it traded between
php14.88 and php15.24 (STO=97.90.) Adding concern to price
action moving forward is that the STO made a marginal break
under the trigger line. MFI reiterates the ealier observed
“weakness” at a higher price level, as do the AccDist line. Major
resistance lies at its all-time high of php21.25 (May 2007) while
support is located initally at its most recent defined peak of
php16.52.SELL

UNITED PARAGON MINING CORPORATION [pse: UPM]

Last Traded: php0.012, +20% [10-14-10]
Outstanding Shares: 261,314,797,080
2009 EPS: (php0.0002)= PE= (60x)
vs. 61.09x [Mining, 8/2010]; 36.39x [Mining & Oil, week 40]
Interim EPS [1H 2010, annualized]: php(0.0002)
Book Value: php2.72 [8/2010]

The Company may now proceed with the rehabilitation and development of the Longos Mining Project in Paracale, Camarines
Norte following the DENR's issuance of an Environmental Compliance Certificat [ECC], provided it is able to secure all the
necessary permits and approvals from pertinent government agencies.

The counter's price shot up by 20% yesterday with volume of

trades spiking to 210.7M frorm the prior session's 3.5M. More
importantly, it managed to close just a tad above the
150pdEMA. While there have been other instances in as recent
as mid-September that it did so, it is only now that such break,
marginal as it is, is accompanied by BUY signals from both STO
and MACD. Volume trends support at the very least an
accumulate stance. While yesterday's jump may have factored
in the above cited development, there may be some residual
interest and play on the issue, particularly if the heavyweights
fail to make a substantial correction. Support is at php0.01
while initial price target is pegged at php0.017. TRADING BUY

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