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 50_December 14, 2010_Tuesday
www.pse.com.ph as of December 15_0048H

CORPORATE NEWS & DEVELOPMENTS:

PE 1
Last 2009 Market-to- Techncial
STOCK 52-wk range (ann Support Resistance
Trade PE range Book Outlook
2010)
PERC 5.06 4.80 – 8.20 12.3X 8.1X-14X 0.86X 4.950 5.450 Accumulate

MER 196.100 145 – 236 20.8X 10.4X – 55.8X 3.49X 186.000 215.000 MT BUY

PETROENERGY RESOURCES CORPORATION [pse: PERC]

Disc. No. 2010-8077 MAIBARARA GEOTHERMAL , INC (MGI)
The Contract for the supervision and management of MGI's geothermal operations between PERC and MGI was approved by
the Board of Directors. MGI is a joint venture between and among PERC's wholly-owned subsidiary, PetroGreen Energy
Corporation (PGEC) [65%], Trans-Asia Oil and Energy Development Corporation (pse: TA) [25%] and PNOC Renewables
Corporation (PNOC_RC)[10%.] The 40MW Maibarara complex, spanning the municipalities of Calamba, Laguna and Sto.
Tomas, Batangas received its ECC from the DENR in August
this year. The first 20MW is targeted to be commissioned
by late 2013. Financing for the work in Maibarara will be
sourced from the payment by PERC of the call on PGEC's
php65 million unpaid subscriptions together with
contributions from TA amounting to php25 million and
PNOC RC's php10 million.

The stock price has ranged within a narrow band between

php4.80 and php5.20 over the last 27 weeks. This range
trading action with a sideways and neutral bias is evident in
how it has “hugged” the 10pdEMA since July. It has not gone
lower than php4.80 since, thus marking it as a strong
support level. Thus, with daily STO suggesting a sell,
waiting at the support level, or at least below php5.00 may
be the prudent thing to do, with a long-term outlook. MACD
is flat while OBV shows a gradual, but consistent
accumulation. The weekly and monthly charts are more
encouraging – again, given a long-term perspective.

MANILA ELECTRIC COMPANY [pse: MER]

Disc. No. 2010-8081 CLARIFICATION ON REPORTED COURT INJUNCTION ON NAPOCOR DEAL
A TRO was issued by the Court of Appeals to prevent any
further proceedings at the RTC, so as not to render the OSG
Petition moot and academic and NOT to prevent the RTC
from enforcing its Order or Decision affirming the validity
of the Settlement Agreement. In the first place, there was
never such an order that emanated from the RTC. What the
RTC ordered was the denial of the OSG's Motion to Dismiss
or Stay the Proceedings. No decision could have been
issued with respect to the Settlement Agreement since it
remains in the pre-trial stage.

Technical readings are positive over the medium term

(weekly charts.) Initial support is presented by the 50pdEMA
of php188.00 (rd off), MACD shows a dissipation of the
negative pressure, while OBV has held steady and STO has
given the early signals for a BUY. The contrasting view is
provided by the monthly charts with STO drawing a
downward penetration of the trigger line as MACD falls
under its own signal line, with the negative spread tending to widen. Volume movements, nevertheless are almost neutral.

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 50_December 14, 2010_Tuesday
www.pse.com.ph as of December 15_0048H

ADDITIONAL DISCLOSURES:

FAR EASTERN UNIVERSITY, INC [pse: FEU]

Disc. No. 2010-8094 DIVIDEND DECLARATION
Cash Dividend php15.00/ share;
Ex-Dividend Date: December 28, 2010
Payment Date: January 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