ACCORD CAPITAL EQUITIES CORPORATION

GF EC-058B East Tower, PSE Center, Exchange Road, Ortigas Center, Pasig City, 1605 (+632)687-5071 (trunk) CORPORATE DISCLOSURES

MARKET NOTES
TD 119-120_June 21-22, 2011

LODESTAR INVESMENT HOLDINGS CORPORATION [pse: LIHC] Disc. No. 4619 s. 2011 Conversion of Coal Operating Contract Abacus Coal Exploration and Development Corporation (ABACOAL or ACEDC), a wholly-owned unit of LIHC, received DOE approval of its application to convert Coal Operating Contract No. 148 from the Exploration Phase to the Development and Production phase, consistent with the provisions of the Five (5) Year Work Program it submitted to the regulator alongside said application. The Department found ABACOAL to be technically and financially qualified and the Work Program acceptable. The effectivity of the conversion is ante-dated to January 10, 2010 with a 10-year period, with renewals of another 10 years and four (4) three year extensions thereafter. The contract area covers 7,000 hectares divided into seven (7) coal blocks in Tago, Surigao del Sur. The Coal Project was earlier appraised and valued at approximately php2.7 billion. LIHC, together with MUSX Corporation [pse: MUSX], acquired ABACOAL from Abacus Consolidated Resources and Holdings, Inc. [pse: ABA] through a Heads of Agreement in September 2008. Originally, MUSX held 55% of the outstanding capital stock of ABACOAL while it took ownership of the balance. Late last year, the Heads of Agreement was amended, merging ABACOAL into the Company with the latter as the surviving entity. As at the end of 2010, the LIHC has no commercial operations. The Company's share price draw no definable pattern and volume activity has been erratic on the year-to-date. Nevertheless, there are discernible positive slopes among all three Exponential Moving Average periods (10-, 50- and 150-). The rest of the underlying indicators range from a neutral (sideways) to bearish (downward) suggestions moving forward. The above-cited approval may however spur some speculative interest on the counter, as it finally puts operations into motion. There is a developing positive slant over the short-term, which can encourage short-term players, which may hold the price support at php0.88. While this may be a profitable opportunity, the inherent risks, given the prevailing uncertainties, do not lend confidence to less enterprising investors. We stay NEUTRAL on the issue. I-REMIT, INC. [pse: I] Disc. No. 4625 & 4637 s. 2011 Stock Dividend Declaration Dividend Amount : 10% Ex-Stock Date : 10 August 2011 Record Date : 15 August 2011 Payment Date : On or before September 8, 2011 Note : Subject to Stockholders' Approval on the July 29 ASM FAR EASTERN UNIVERSITY [pse: FEU] Disc. No. 4653 s. 2011 Cash Dividend Declaration Dividend Amount : php15.00 per share Ex-Cash Date : 01 July 2011 Record Date : 06 July 2011 Payment Date : 20 July 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. ACCORD CAPITAL MARKET NOTES Page 1 of 2

SEMIRARA MINING CORPORATION [pse: SCC] Disc. No. 4641 s. 2011 Additional investment in power generation The Board of Directors has approved an investment for an additional 600MW capacity in four (4) units of 150MW Circulating Fluidized Bed (CFB) Power Plants along the SEC-Calaca Power Corporation's Coal Fired Thermal Power Plant in Batangas. The project will carried out through a wholly-owned subsidiary to be subsequently incorporated. Even as the Company continuous to invest in the power generation business, Coal Sales remains the principal revenue driver, with contributions in the first three months of the year accounting for 67% of the total, an increase from the same period last year's nearly 60% share. Coal revenues rose 9.7% in Q1 2011 compared to year ago levels, while Power sales dropped over 20% for the same comparative period. The share of the domestic market, excluding sales to power generation companies, widened to 47% from a little under 30% of sales. Most of the coal exports are destined for China. Over the last two sessions, SCC share price has broken above a three-month downtrend traced from the year's high php244.00 last March 22 to the php187 low of June 14, both intra-day levels. It has thus managed to hold above the long-term support at the php196-line, coinciding with the 150pdEMA. The steep run up in price over the last three sessions, which brought it back above the php200 per share mark pulled both STO and RSI out of oversold territories. Yesterday's mild sell off which saw price drop to php208.20 from php216.60, opens up prospects for a second rally moving forward. The short-term (10pdEMA) is poised to make an upside penetration of the medium-term (50pdEMA) line, suggesting such short-term run. A cross-over of the MACD above the signal line, albeit moving with a gradual, slight positive slope lends some stability on the downside. Immediate support at php197.00 putting purchases at or below php200, a viable medium- to long-term proposition. MEDIUMTERM 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. ACCORD CAPITAL MARKET NOTES Page 2 of 2