Challenges for Asian Exchanges

Dr. Pakorn Peetathawatchai Chief Strategy and Finance Officer The Stock Exchange of Thailand 26 November 2013 Challenges for Asian Exchanges

• Resilience of Thai capital markets amid global turmoil

• ASEAN capital market integration

• SET’s initiatives to grow with the regional market

1 Resilience of Thai capital markets amid global turmoil

Rise of emerging markets: Strong growth of market capitalization at 119% in the past 3 years

Market capitalization 2009 – Oct 2013 Unit: Million USD

NYSE Euronext (US) Deutsche Borse (EU) TIP countries*

15% 119% 14% 17,130 1,815 428 410 390 390 393 14,086 13,394 360 1,486 1,430 11,838 11,796 1,292 1,185 278 268 229 240 215 177 157 165

2009 2010 2011 2012 Oct-13 2009 2010 2011 2012 Oct-13 2009 2010 2011 2012 Oct-13 SET PSE IDX Source: World Federation of Exchanges, *TIP countries consist of Thailand, Indonesia, Philippines 2 Resilience of Thai capital markets amid global turmoil

Rise of emerging markets: Trading growth in emerging markets have been significantly higher than that of the major markets in the US and Europe.

Average Daily Turnover 2009 – Oct 2013 Unit: Million USD

NYSE Euronext (US) Deutsche Borse (EU) TIP countries*

75,092 76,701 1656 70,574 6,841 -17% 6,361 +17% 5,971 58,988 -16% 5,241 54,441 5,023

975 919 882

521 507 443 424 384 333 200 112 143 57 89

2009 2010 2011 2012 10M2013 2009 2010 2011 2012 10M2013 2009 2010 2011 2012 10M2013

SET PSE IDX Source: World Federation of Exchanges, *TIP countries consist of Thailand, Indonesia, Philippines 3 Resilience of Thai capital markets amid global turmoil

• Fund flow of foreign investors had significant impact around the globe.

Fund flow and Index of Thailand in 2012 – Oct 2013 Fund flow and Index of Indonesia in 2012 – Oct 2013

1,800 2,000 6,000 1,500

1,600 1,500 1,000 5,000 1,400 1,000 500 1,200 4,000 500 0 1,000 0 3,000 -500 800 -500 -1,000 600 2,000 400 Net buy (rhs) -1,000 Net buy (rhs) -1,500 1,000 200 SET Index (lhs) -1,500 JCI Index (lhs) -2,000

0 -2,000 0 -2,500

F F S S

A A

F F S S

A A

Ju Ju

M M M M

12 13

Ju Ju

M M M M

12 13

13 12

12 13

- -

Jul Jul

Jan Jan

Jul Jul

Oct Oct

Apr Apr

Jan Jan

Oct Oct

Apr Apr Fund flow and Index of Philippines in 2012 – Oct 2013 Fund flow and Index of Japan in 2012 – Oct 2013

8,000 1,000 16,000 30,000

7,000 800 14,000 Net buy (rhs) 25,000

6,000 600 12,000 NKY Index (lhs) 20,000

5,000 400 10,000 15,000

4,000 200 8,000 10,000

3,000 0 6,000 5,000

2,000 Net buy (rhs) -200 4,000 0

1,000 PCOMP Index (lhs) -400 2,000 -5,000

0 -600 0 -10,000

F F S S

A A

F S F S

Ju Ju

M M M M

A A

12 13

Ju Ju

M M M M

12 13

- -

12 13

- -

13 12

- -

13 12

- -

Jul Jul

Jan Jan

Jul Jul

Oct Oct

Apr Apr

Jan Jan

Oct Oct Apr Source : Bloomberg Apr 4 Thai listed companies

• Net profits of Thai listed companies in key sectors remained strong. • Thai listed companies benefit from the reduction of the corporate income tax rate from 30% to 23% in 2012, and additional benefit from the reduction to 20% in 2013.

Net profits of Thai listed companies by sectors Net profits of all Thai listed companies billion baht billion baht

250 +15.6% Tax benefit 9M2012 9M2013 +9.0% 200 +10.0%

150 +8.0% 729 YoY 629 100 578 609

0 2010 2011 2012 9M2013 (actual) Thailand’s corporate income tax rate

2010 2011 2012 2013 30% 30% 23% 20%

Source : The stock exchange of Thailand 5 Thai listed companies

• Net profits of exporting industries held up well despite THB appreciation against USD. • Net profit of agro & food sector in 9M2013 fell because raw material price sharply increased (shrimp and tuna).

Net profits of exporting industries (only companies listed since 2005)

million baht Agro & food Manufacturing Electronic components Consumer products Avg. THB/USD 50,000 45.00 40.3 50,000 45,000 37.9 40.00 -5.8% 34.6 34.3 45,000 40,000 33.4 31.7 35.00 -8.9% 30.5 31.1 40,000 35,000 -3.5% 2.9% -7.6% -3.9% +1.9% 30.00 35,000 30,000 31.2 25.00 30,000 30.4 25,000 -2.6% 20.00 25,000 20,000 20,000 15.00 15,000 15,000 10,000 10.00 10,000 5,000 5.00 5,000 0 0.00 0 2005 2006 2007 2008 2009 2010 2011 2012 9M2012 9M2013 Global economic Flood slowdown in Q4

Source : The stock exchange of Thailand 6 Resilience of Thai capital markets amid global turmoil

• SET’s average daily turnover is around USD 1,177 million, up from USD 1,000 million in 2012.

Average daily turnover (2008 – Oct 2013) Share turnover velocity* (2008 – Oct 2013)

million USD % 140 2,500 120

2,000 100 Oct -13 Oct 13 1,177 76% 1,500 80 60 1,000 40

500 20

0 0

Singapore Thailand Singapore Thailand Indonesia Malaysia Indonesia Malaysia Philippines Philippines

Source : World Federation of Exchanges (WFE) *Share turnover velocity is calculated by {Monthly EOB Domestic Share Turnover / Month-end Domestic Market Capitalization) *12 7 Resilience of Thai capital markets amid global turmoil

• SET has a well diversified investor base. • Local retail investors have played a key role in providing liquidity to SET and stabilizing SET index amid volatile international capital flows.

SET index and net buying position in SET and mai Transactions by investor type Unit: billion baht (LHS), index (RHS); as at end October 2013 percent

Foreign investors Local retail investors Local institutes Proprietary trading Foreign investors Local retail investors Local institutes Proprietary trading SET index 80 1800

1541.58 1561.06 1562.07 60 1600 1474.20 1597.86 1451.9 1442.88 13 12 13 13 13 1423.14 1383.16 1294.3 1400 7 8 9 8 8 40 1200 20 1000 0 61 62 55 55 58 800 -20 600 -40 400 24 19 18 23 21 -60 200

-80 0 2009 2010 2011 2012 10M2013

Source : SETSMART 8 Resilience of Thai capital markets amid global turmoil

• SET has a relatively larger number of large-cap liquid listed companies than peers. • Trading activity is mainly in SET50 and SET100 which represents to 60% and 80% of total market capitalization respectively.

Number of listed companies having market capitalization >= $1 billion and daily average trading value* >= $10 million Trading value by market capitalization data as at Sep 2013 Unit : %, data as at September 2013 No.of large cap companies** No.of all securities 930 19% 17% 1,000 26% 25% 786 33% 800 14% 14% 625 17% 15% 12% 17% 20% NON SET100 600 484 13% 14% SET 51-100 23% 13% 22% SET 31-50 400 18% 19% SET 11-30 15% SET 10 200 32% 28% 31% 27 30 13 10 26% 19% 0 Y2012 Y2013 1Q 2013 2Q 2013 3Q 2013 Thailand Singapore Malaysia Indonesia (YTD)

Source : World Federation of Exchanges (WFE), Bloomberg *Average daily trading value during Mar 2012 – Sep 2013 **Large-cap listed companies mean companies having market capitalization>= $1 billion and daily average trading value >= $10 million 9 Resilience of Thai capital markets amid global turmoil

• Value of foreign holding is at a high of 4.67 trillion baht, increasing 29% from the previous year which accounted for 35.93% of total market capitalization.

Foreign holding by trading value and market capitalization unit: %Market Cap, million baht May 2012 – Apr 2013

38% 7,000,000 36.79% 35.93% 6,000,000 36% 35.27% 5,000,000 34.04% 29% 4,665,407 4,000,000 34% 3,605,636 3,000,000 32% 2,668,026 2,000,000 1,879,821 1,000,000 30% 0 2553 2011 2012 2013 Value %Market Cap.

Source: SET 10 Resilience of Thai capital markets amid global turmoil

• 79% of foreign shares are held by foreign investors because of the beneficiary in voting rights whereas trading activity is mainly focused on local shares and NVDR.

Foreign holding classified by security type Foreign trading classified by security type May 2012 – Apr 2013 May 2012 – Apr 2013 unit: % of holding value unit: % of trading value

FOREIGN NVDR (R) NVDR ('R) 21.00% SHARES LOCAL 41.16% SHARES (L) (F) 0.03% 13.07% FOREIGN SHARES (F) 78.98% LOCAL SHARES (L) 45.77% Holding Trading Proportion Proportion Voting rights F 78.98% 13.07% R 21.00% 41.16% L 0.03% 45.77% Liquidity

Source: SET 11 Resilience of Thai capital markets amid global turmoil

• In 2013, SET index increases2.1% in local currency. • SET 2010-2012 index performance was among the best in the world.

YTD index performance percent; as at 15 Nov 2013

19.8 21.2 In USD In local currency 9.2 8.3 6.9 6.0 5.0 3.5 0.9 2.1 1.1 0.4

0.0 -0.3 -5.9 -5.9 Vietnam Philippines Malaysia India Thailand Singapore Indonesia China

3-year (2010-2012) index performance percent; data as at end December 2012

114.2 106.8 In USD In local currency 90.4 89.5 66.7 70.3 49.5 32.7 25.7 9.3 11.2

-5.5 -16.4 -22.7 -29.4 -25.7 Philippines Thailand Indonesia Malaysia Singapore India China Vietnam

Source : Bloomberg, The stock exchange of Thailand 12 Challenges for Asian Exchanges

• Resilience of Thai capital markets amid global turmoil

• ASEAN capital market integration

• SET’s initiatives to grow with the regional market

13 ASEAN capital market integration

• Market capitalization of each individual ASEAN exchange is relatively small, but once combined, ASEAN exchanges are gaining more visibility and making higher impact.

Rank of market capitalization of ASEAN exchanges Updated as at 31 July 2013; Unit: Billion USD

NYSE Euronext (US) NASDAQ OMX Japan Exchange Group - Tokyo London SE Group NYSE Euronext (Europe) Hong Kong Exchanges ASEAN Exchanges Shanghai SE TMX Group Deutsche Börse SIX Swiss Exchange Total market capitalization of ASEAN Australian SE th Shenzhen SE exchanges is ranked the 7 among NASDAQ OMX Nordic Exchange Korea Exchange BSE India WFE members BM&FBOVESPA National Stock Exchange India BME Spanish Exchanges Johannesburg SE Singapore Exchange Taiwan SE Corp. Moscow Exchange Mexican Exchange Bursa Malaysia Indonesia SE Saudi Stock Exchange - Tadawul The Stock Exchange of Thailand Santiago SE Oslo Børs Philippine SE Borsa Istanbul Colombia SE Total market capitalization of the Stock Tel Aviv SE th Irish SE Exchange of Thailand is ranked the 27 Wiener Börse Abu Dhabi SE among WFE members Lima SE GreTai Securities Market Luxembourg SE Athens Exchange Egyptian Exchange Casablanca SE Buenos Aires SE Muscat Securities Market Amman SE Budapest SE Colombo SE Mauritius SE Ljubljana SE Malta SE Cyprus SE Bermuda SE 14 0 5,000 10,000 15,000 ASEAN capital market integration

ASEAN Exchanges work in tandem to enhance the competitiveness of ASEAN Capital Market.

Members of ASEAN Exchanges’ collaboration

ASEAN Capital Market Opportunity 6 Countries 7 Exchanges 6% GDP growth projected 3,778 Listed Companies in ASEAN-6 590 million peoples 2011-2015 USD 2 trillion market cap. Source: WFE, HoSE & HNX, www.asean.org 15 ASEAN capital market integration

I. Promoting ASEAN as an asset class by creating regional products and organizing marketing activities.

International Roadshow ASEAN Exchanges’ ASEAN Products (Invest ASEAN) website • ASEAN indices • Intra ASEAN and Outside • Integrated source of • ASEAN ETFs ASEAN. Hosted by ASEAN information on • ASEAN Research Center Exchanges and Co-hosted – ASEAN Listed Companies with partners, especially – Securities Companies brokers – ASEAN Exchanges

ASEAN Exchanges are working with an index provider to develop regional indices eg. broad based index, ASEAN Stars, and sectoral indices. This would lead to opportunities for regional products such as Exchange-Traded Funds (ETFs), Contract for Difference (CFDs), Listed Derivatives . 16 ASEAN capital market integration

• Thai Star’s companies and ASEAN Star’s companies are well diversified and complement each other.

Number of listed company % by Market Cap. In each Sector Sector Market Cap Thailand Singapore Malaysia Indonesia Philippines Total Thailand Singapore Malaysia Indonesia Philippines Total Automobiles & Parts 1 1 2 2.3% 0.0% 0.0% 13.3% 86.7% 0.0% 100.0% Banks 9 3 7 9 8 36 1 22.7% 21.6% 23.1% 18.8% 27.2% 9.2% 100.0% Basic Resources 1 5 6 12 1.9% 10.9% 0.0% 0.0% 53.0% 36.1% 100.0% Chemicals 3 2 5 2.2% 47.7% 0.0% 52.3% 0.0% 0.0% 100.0% Construction 3 3 3 2 11 3.6% 43.1% 0.0% 12.5% 38.0% 6.3% 100.0% Financial Services 1 2 1 4 0.7% 0.0% 50.6% 0.0% 39.5% 9.8% 100.0% Food & Beverage 3 6 8 7 4 28 3 9.0% 8.4% 29.7% 27.0% 20.1% 14.8% 100.0% Health Care 2 1 1 4 1.6% 40.7% 0.0% 36.8% 22.5% 0.0% 100.0% Industrial Goods 3 9 4 3 4 23 7.9% 7.9% 37.5% 25.1% 10.0% 19.4% 100.0% Insurance 2 1 3 0.7% 44.4% 55.6% 0.0% 0.0% 0.0% 100.0% Media 1 1 3 5 1.2% 21.9% 27.5% 0.0% 50.5% 0.0% 100.0% Oil & Gas 4 3 4 2 13 7.1% 49.5% 26.6% 20.0% 0.0% 3.9% 100.0% Personal Goods 1 3 4 4.3% 0.0% 0.0% 8.1% 91.9% 0.0% 100.0% Real Estate 3 17 3 4 10 37 8.7% 9.5% 53.8% 5.5% 7.2% 23.9% 100.0% Retail 5 1 3 2 2 13 4.7% 40.9% 19.0% 7.0% 7.5% 25.6% 100.0% Telecommunications 5 3 4 6 2 20 2 12.5% 22.6% 24.0% 25.1% 18.9% 9.4% 100.0% Travel & Leisure 3 5 5 2 15 4.2% 10.0% 45.2% 35.0% 0.0% 9.8% 100.0% Utilities 3 4 1 7 15 4.6% 12.5% 0.0% 32.4% 19.3% 35.9% 100.0% Grand Total 50 50 50 50 50 250 100.0% 20.4% 24.4% 19.9% 22.6% 12.8% 100.0% Note: Market Capitalization value as 1Q 2013 from the top 50 listed companies (in term of mkt. cap) of 5 ASEAN countries Source : Bloomberg (Using ICB super-sector names) 17 ASEAN capital market integration

II. Developing trading and post-trade infrastructure linkages to facilitate access to ASEAN Exchanges and to mitigate counterparty risk.

Development phase Development phase Timeline Q3 2012 [ Current ]

ASEAN trading link ASEAN depository ASEAN clearing Linkages link link • Enhance visibility of ASEAN as • Provide depository services to • Allows members to hold and Key benefits an asset class brokers and investors to hold settle ASEAN securities as • Easy and cost-effective access ASEAN securities as they are they are domestic securities to ASEAN region for both domestic securities • Make the most cost-effective information and trading • Make it even easier and more for both brokers, exchanges, activities cost-effective to trade in ASEAN Clearing Houses & Central region Securities Depositories, especially lower the cost of F/X transaction and remittance. 18 ASEAN capital market integration

ASEAN Trading Link: Bursa Malaysia, SGX and SET already connected to the link since Q3 2012.

Local Member Inter-Connected Exchange Hub NAP Neutral Access Point

Intra-ASEAN Network

NAP Sponsored broker model: for a foreign broker who is not a member of the exchange where the trade is executed, a bilateral agreement with at least one local broker is required as a sponsor broker to ensure regulatory compliance and conduct post-trade Global buy- & settlements and activities. sell-side Networks ie. SunGard Benefit: Economy of scale for Global Network 1. ASEAN Exchanges 2. Brokers

19 Challenges for Asian Exchanges

• Resilience of Thai capital market amid global turmoil

• ASEAN capital market integration

• SET’s initiatives to grow with the regional market

20 SET’s initiatives to grow with the regional market

1. Infrastructure development: SET improves its services to stakeholders with global standard systems on both trading and post-trading systems.

Present SET launched an equity trading system , called “SET Connect” since September 2012. SET Connect improves performance in 3 main functions: reduce latency time down to 150 microseconds, market data system, and market surveillance system. It is able to cover the increase in no. of transactions by 10 times as well as to serve algorithmic trading transactions. Latency time Tokyo Stock Exchange The Stock Exchange of Thailand Singapore Exchange 1 Milliseconds 150 Microseconds 90 Microseconds

Note: 1 Microsecond = 1 /1,000,000 second, 1 Milliseconds = 1/1,000 second)

2014 - 2015 SET is upgrading its IT infrastructure to handle multi-currency and multi-market products. • New trading system for derivatives market is expected to be launched by 2014 • New clearing system for both equities and derivatives markets plan to launch in 2015

21 SET’s initiatives to grow with the regional market

2. Diversify investor base - Organize inbound annual flagship event, “Thailand Focus”, which can be extended to “GMS Focus”

- Attract new group of investors via outbound roadshow in the new investment cities and major financial hubs. For example, Scandinavian, Australia, and the Middle East. - Enhance access for DMA/program trading

22 SET’s initiatives to grow with the regional market

3. Variety of products: Holding Company

• Holding company, new investment vehicles to match investors in SET to business operating abroad.

Holding company listing

The first two holding companies operating abroad to be listed on SET Shareholders (Thai/foreign) CK power (CKP) • CKP acquired majority of shares in South East Asia Energy Co.,Ltd. (SEAN), the major shareholder of Nam Ngum 2 hydro power plant in Lao PDR, making its core asset. Holding company • CKP also invested in solar power and cogeneration power plant in (Thai incorporated) Thailand. • Initial Public offering 220 million shares at 5 baht par. 50% • Listed on SET in July 2013 (must be maintained) AMATA VN Thai/Foreign subsidiary • AMATA VN invest in industrial estate and commercial project in (core business) Vietnam. • On filing process.

Source : SET 23 SET’s initiatives to grow with the regional market

3. Variety of products: Infrastructure Funds

• Infrastructure fund, new investment vehicles in SET to support infrastructure development.

Infrastructure fund listing Market capitalization of BTS and BTSGIF The infrastructure funds listed on SET: billion baht; data as at Oct 11, 2013 1. BTS rail mass transit growth infrastructure fund (BTSGIF) 120 BTS • The first infrastructure fund listing in Thailand 100 • 60 billion baht IPO size (approx. USD 2 billion) : the largest IPO 80 in Thailand 60 BTSGIF • Revenue from the operation of the original BTS sky train system. 40 BTSGIF 20 first day trade 2. Amata B.Grimm Power (ABPIF) 0 • 6.3 billion baht IPO size (approx. USD 203 million) Jan-13 Mar-13 May-13 Jul-13 Sep-13 • Operates power plants for industrial sector in Thailand and Market capitalization of AMATA and ABPIF Vietnam billion baht; data as at Oct 11, 2013 Potential businesses to utilize infrastructure fund: 25 20 AMATA Private sector: telecommunication, electricity co-generation 15 State own enterprise: Metropolitan Waterworks Authority, 10 ABPIF Provincial Waterworks Authority, Electricity Generating Authority 5 of Thailand ABPIF first day trade 0 24 Source : SET Jul-13 Sep-13 SET’s initiatives to grow with the regional market

3. Variety of products: Baht Bond

• Baht Bond Issuance, new investment vehicles to develop Capital Market development in the region

Issuer Ministry of Finance of the Lao People’s Democratic Republic (“MOF Lao PDR”) Offering Format Thai Baht Bond

Use of Proceeds General purposes in the ordinary course of its role as the MOF Lao PDR

Amount THB 1,500 million

Tenor 3 Years from the Issue Date

Coupon Per annum

Coupon Payment Semi-annually

Listing Thai BMA

Lead Arranger TMB Bank Public Company Limited (“TMB”)

Investor type Institutional Investors and High Net Worth Investor

Source : SET 25 Disclaimer

This document was prepared by The Stock Exchange of Thailand in good faith upon sources believed to be reliable but no representation or warranty expressed or implied is made to their accuracy or correctness. The Stock Exchange of Thailand accepts no liability for any direct or consequential loss or damage arising from any use of this document or its contents. All information and opinion expressed here is subject to change without notice. The copyright belongs to The Stock Exchange of Thailand. No part of this document may be published or copied in any form or by any means without the written permission of The Stock Exchange of Thailand.

26 Appendix: Non-Voting Depository Receipts (NVDRs)

2 options to get all benefits from investing in Thai stocks.

Option 1: Option 2: Popular option Mostly for strategic shareholders

Trade stock-F Trade NVDR stock or stock-R Most SET-listed Thai companies • Another option is to trade NVDRs. have foreign ownership restriction. (Non-Voting Depository Receipts) Check out foreign ownership • Obtain all financial benefits with restriction of each stock via the exception of voting rights. www.set.or.th >> • Gain greater efficiency, flexibility company/securities info >> equity and convenience as if you are >> then select your preferred local investors. company.

Remarks: Trading stocks on local board is applicable. However, to get all benefits, stocks should be transferred to stock-F or stock-R 27 Appendix: Baht Bonds

Source : PDMO 28 Appendix: IPO 2013

Total Number of Listed Companies/Securities Issued Size Market Capital SET mai at IPO Price (M.Baht) (M.Baht) Year Stock IFF PFUND/REIT Total Stock Total 2013 10 2 4 16 12 28 110,199.06 239,129.75

IPO First Trading Issued Size Mkt. Cap. Symbol Industry Group (M.Baht) (M.Baht) Price Close Price % Change Date SET 102,505.82 195,447.25 Stock 23,928.15 116,869.58 THREL FINCIAL 95 5,700.00 9.5 9.9 4.21 9/10/2013 CSS SERVICE 600 2,100.00 3 2.12 -29.33 3/9/2013 M (the biggest IPO) AGRO 9,106.65 44,386.65 49 53 8.16 15/08/2013 PACE PROPCON 2,100.00 7,189.93 3.5 2.7 -22.86 7/8/2013 CKP RESOURC 2,340.00 14,300.00 13 16 23.08 18/07/2013 MC SERVICE 3,000.00 12,000.00 15 16 6.67 4/7/2013 NOK SERVICE 3,250.00 16,250.00 26 26.5 1.92 20/06/2013 PTG RESOURC 1,638.00 6,513.00 3.9 4.6 17.95 30/05/2013 CHG SERVICE 1,386.00 6,930.00 6.3 8.7 38.1 16/05/2013 PPP PROPCON 412.5 1,500.00 5 12.3 146 14/02/2013 IFF 68,810.40 68,810.40 ABPIF RESOURC 6,300.00 6,300.00 10.5 10.6 0.95 27/09/2013 BTSGIF SERVICE 62,510.40 62,510.40 10.8 12 11.11 19/04/2013 PFUND/REIT 9,767.27 9,767.27 SPWPF PROPCON 2,001.83 2,001.83 10 10 0 8/8/2013 CRYSTAL PROPCON 4,134.00 4,134.00 10.6 10.2 -3.77 27/06/2013 KPNPF PROPCON 1,800.00 1,800.00 10 10.3 3 3/5/2013 ERWPF PROPCON 1,831.44 1,831.44 10.4 10.7 2.88 4/4/2013

Source : SET 29 Appendix: IPO 2013

IPO First Trading Issued Size Mkt. Cap. Symbol Industry Group (M.Baht) (M.Baht) Price Close Price % Change Date mai 7,693.24 43,682.50 Stock 7,693.24 43,682.50 FVC MAIIND 71.04 240 1.2 2.74 128.33 29/10/2013 WINNER MAIIND 176 800 2 4.9 145 3/10/2013 BKD MAIIND 270 1,050.00 1.5 4.5 200 25/09/2013 SEAOIL MAIIND 241.5 621 3.45 3.9 13.04 5/9/2013 AUCT MAIIND 220 1,100.00 2 2.88 44 9/8/2013 MONO MAIIND 2,793.00 15,960.00 11.4 11.9 4.39 6/6/2013 CHO MAIIND 360 1,296.00 1.8 2.9 61.11 13/05/2013 SANKO MAIIND 57.2 286 1.3 2.8 115.38 9/5/2013 ECF MAIIND 144 624 1.2 2.42 101.67 26/03/2013 EUREKA MAIIND 112.5 382.5 2.25 6.75 200 1/3/2013 AKP MAIIND 168 808 2 6 200 7/2/2013 EA MAIIND 3,080.00 20,515.00 5.5 7.6 38.18 30/01/2013

1. Mkt. Cap. as of first listing date 2. "Issued Size" calculated from total common stocks sold to public (included new issued shares, and greenshoe) and ESOP

Source : SET 30 Appendix: Tax summary

1. Taxation of Thai or foreign investors doing business in Thailand

Types of Income Tax Rate (From direct investment in SET/TFEX)

Capital Gains

•Individual Investor •Tax exempt •Juristic Investor •Pay corporate income tax but no withholding tax Dividends

Individual Investor •Pay 10% withholding tax on dividends from listed or limited companies. •Pay 10% withholding tax on dividends from a mutual fund if the taxpayer decides not to include the dividends with other income at year-end. •Dividends from any Board of Investment-supported company are tax-exempt. Juristic Investor •Pay 10% withholding tax if the taxpayer is not a listed company. •Tax-exempt if the taxpayer is a listed company and holds the related shares or investment units for three or more months before and after the date of dividend payment. •Tax-exempt if (a) the taxpayer is a juristic entity holding 25% or more of the votable shares of the firm issuing dividends and (b) the issuing company does not hold any shares issued by the taxpayer. However, the taxpayer must hold the related shares or investment units for three or more months before and after the date of dividend payment •Tax-exempt if the dividends in question are from any company promoted by the Board of Investment Interest Income Individual Investor •15% withholding tax

Juristic Investor •1% withholding tax. •No withholding tax on interest from a commercial bank paid to a financial, securities or credit foncier business. 31 Appendix: Tax summary

2. Taxation of Foreign Investors

Types of Income Tax Rate (From direct investment in SET/TFEX)

Capital Gains

Individual Investor •Tax exempt

Juristic Investor •15% withholding tax

Dividends

Individual Investor •10 %withholding tax.

Juristic Investor •10 %withholding tax.

Interest Income Individual Investor •15% withholding tax

Juristic Investor •15% withholding tax