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 52_December 29,2010_Wednesday
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) IND PE Book Outlook
CYBR 0.580 0.51 – 0.82 - - - 0.530 0.670 Trading BUY

CYBER BAY CORPORATION [pse: CYBR]

Disc. No. 2010-8333 PAR VALUE ON PREFERRED; DEBT CONVERSION
Non-voting Preferred Shares were converted into Voting Preferred Shares, preparatory to the partial conversion of CYBR's
php3.6 billion liabilities into equity in the Corporation. The Preferred Shares to be issued at php0.10 par value, shall be both
voting and redeemable and entitles the holders, in this instance PNB and Bangkok Bank, to preferential and cumulative
dividends at a rate of 8% per annum. Furthermore, the two creditors mentioned shall have representation in the Board of
Directors.

This reclassification will result in the increase in the Company's preferred issue to seven (7) billion voting from the present
700M non-voting shares. However, the reduction in the par value maintains the aggregate par value of the Preferred Shares
at php700M.

Note that the PNB Loan was eventually assigned to One Bacolod Express Holdings, an investment holding company. On the
other hand, the Bangkok Bank Loan, subject of a case before the RTC Makati, has since been assigned to Primera Commercio
Holdings, Inc., likewise an investment holding company.

On another matter, the stockholders approved and ratified the conversion of a php646M advances to Central Bay
Reclamation and Development Authority by Centasia Group Limited, Amari Holdings Corporation, Italian Thai (BVI )
Development Co., Ltd., Guoco Securities (Philippines), Inc., Guoco Holdings Philippines, Inc., and Cosco Land Corporation,
which the Company assumed in 2002, into common shares in CYBR. These advances were utilized to finance the reclamation
and horizontal development of the 750-hectare Cyber Bay
Project, which in 2003 was rendered “null and void” by the
Supreme Court. Note that the Centasia and Ital-Thai
advances have been assigned to Primera Commercio
Holdings, Inc.

At Wednesday's close, the stock's technical indicators point to

a potential pick-up. Price has risen above the 10pdEMA,
closing the session by tipping at the 50pdEMA as well as
resting on the edge of a month-long downtrend, marking a
generally long-term sideways movement. MACD has
marginally crossed over its signal line with evidence of a
growing upside momentum supported by a sustained break by
STO from its trigger line, heading north. Volume direction is
on pretty even keel, getting out of a strongly distributive bias
into a sideways, buy and hold proposition. Immediate
resistance is php0.59 (representing the 150pdEMA) with an
intial target of php0.67, the most recent high. Support
remains at the php0.53-0.55 range.

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.
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