SAWASDEE Wednesday, November 22, 2017

Foreign Markets and Flow 2 News Digest 3 Investment Theme: 1705–1710 are supports for a further climb Short Sales 5 Commodities 6 Director Trade 8 Support: 1710, 1705 Resistance: 1720, 1725 Calendar 9 Market Strategy: The SET simmered down to trade near 1710. Supports are SET Index (21/11/17) 1,712.38 expected at 1705-1710 for a further climb. The next resistances are at 1720 and Change -2.00 / -0.12% 1725. Global markets recovered as the US tax reform appears to be inching closer Turnover (Btbn) 49.77 to reality plus higher oil prices that brighten the mood. Strategy is to hold Trading summary by Investor Type equities and use a dip to accumulate buying. Today’s picks are KTB and MINT. 21-Nov WTD MTD YTD Foreign Buy 18,582 32,178 260,262 3,228,644 Sell 19,136 32,389 275,401 3,241,418 Today’s Highlights Net -554 -211 -15,139 -12,774 Institution Buy 5,170 12,127 98,918 1,219,953 Sell 7,084 13,674 96,373 1,149,362 Fund flows negative. Foreign investors net sold Bt554mn in equities, net Net -1,914 -1,548 2,545 70,591 shorted 3.4k ct in SET50 futures and net sold Bt13bn in bonds. The THB is PropTrade Buy 6,397 12,221 95,171 1,136,012 trading at Bt32.70 – 32.80. Sell 5,794 11,252 94,735 1,123,353 Net 603 969 435 12,659 News the new cigarette excise tax may be dropped to go back to use Individual Buy 26,097 48,892 403,541 4,747,598 the old system of the Thailand Tobacco Monopoly. Watch this topic closely Sell 24,232 48,102 391,382 4,818,074 Net 1,865 790 12,159 -70,475 since this would cut back on same-store sales for Commerce stocks after getting benefit from this tax hike, especially CPALL (10% of total sales), Bond trading summary by foreign investors MAKRO, and BIGC (2-3% of sales). 21-Nov WTD MTD YTD Foreign Buy 17,694 27,770 96,519 1,207,052 Positive tone for Thai economic growth next year. We expect Sell 4,580 7,049 60,969 896,987 Net 13,114 20,720 35,550 310,064 government stimulus to support low-income people, including building rapid transit and railway dual-track lines. This will give a boost to investment 5 most active stocks Stocks Price (Bt) Value (Btmn) Chg (%) sentiment in the SET. We recommend banks for laggardness. We like BBL, SCC 488.0 2,607 1.67 KTB, and TMB. IVL 49.3 2,585 -2.96 AOT 59.0 2,071 1.72 EU + US up. (STOXX +0.5%, DAX +0.8%, DJIA +0.7%, S&P +0.7%) after glowing CPALL 74.5 1,931 -2.30 reports for technology and healthcare stocks. MSCI Thailand ETF closed down PTT 414.0 1,434 -0.48 -0.1% following the SET index yesterday. Top 5 gainers (%) Stocks Price (Bt) Chg (%) Today’s picks. We recommend laggard stocks that have good earnings PAF 1.78 29.93 growth: KTB (support 18.50, resistance 20.00, cut 17.90) – laggard compared TEAM 1.80 29.50 to peers and markets while earnings next year are expected to recover GSTEL 0.19 11.76 TIW 187.00 9.36 strongly on benefits from government investment projects. MINT (support ICHI 10.10 8.02 44.75, resistances 49.50, cut 42.75) – laggard compared to ERW and CENTEL

Top 5 losers (%) while earnings are expected to be better from 4Q17. Stocks Price (Bt) Chg (%) U 0.03 -25.00 Today’s Reports MAX 0.03 -25.00 EIC 0.08 -11.11 Banking – October B/S: Loan growth picked up but still weak FER 0.66 -7.04 BCP – Share price retreat offers BUY opportunity BFIT 36.25 -6.45 CPALL – Reaching a new high Estimated % of foreign ownership (including NVDR) of top 15 stocks What to watch

SET Index Foreign ownership Date Event 1,800 38.0% 20 Nov Event: TH – 3Q17 GDP, ECB announcement 1,700 37.0% 22 Nov Economic release: US – durable goods orders

1,600 36.0% Event: Fed meeting minutes 23 Nov Economic release EU – PMI 1,500 35.0% : 24 Nov Economic release: US - PMI 1,400 34.0%

1,300 SET Index (LHS) 33.0% %Foreign Ownership (RHS) - 15 stocks 1,200 32.0% Jul-17 Jan-17 Jun-17 Oct-17 Apr-17 Feb-17 Sep-17 Mar-17 Dec-16 Aug-17 May-17 Nov-17 *PTT, PTTEP, ADVANC, SCB, KBANK, SCC, BBL, CPALL, CPF, PTTGC, BAY, KTB, DTAC, BJC, BDMS

Tel. (662) 949-1000 The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions expressed herein reflect our Fax: (662) 949-1030 judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as an offer, or solicitation of an offer to sell or buy any www.scbs.com securities. We accept no liability for any loss arising from the use of this document. We or our associates may have an interest in the companies mentioned therein. SAWASDEE Wednesday, November 22, 2017 Foreign Markets and Flow Key Indicators

Close 21-Nov WoW MoM YoY YTD · The BDI added 11 points or 0.79% CCI Index to close at 1396 on Tuesday. VIX Index 9.73 -8.6% -16.0% -2.4% -21.7% -30.7% Europe CDS (bps) 49.767 -1.00 -2.92 -5.25 -31.23 -22.58 LIBOR OIS Spread (bps) 0.10164 -0.70 -0.34 -1.55 -24.62 -23.02 TED Spread (bps) 0.1745 -1.30 -0.37 -8.73 -31.40 -32.60 Exchange rate Dollar Index 94.00 -0.1% 0.2% 0.3% -7.0% -8.0% USD/THB 32.75 -0.2% -0.8% -1.3% -7.8% -8.6% EUR/USD 1.17 0.1% -0.5% -0.4% 10.5% 11.7% USD/JPY 112.45 -0.2% -0.9% -0.9% 1.5% -3.8% Bond: (Change in basis points) TH Gov Bond 2Y 1.47% 0.00 1.00 2.00 -24.00 -30.00 TH Gov Bond 10Y 2.38% 0.50 -1.50 8.50 -30.50 -32.50 US Gov Bond 2Y 1.78% 2.06 8.43 19.93 70.32 57.74 US Gov Bond 10Y 2.36% -1.23 -1.76 -2.50 4.41 -8.85 Commodities CRB Index 189.83 0.3% 0.4% 3.1% 1.3% -1.4% Gold (US$/Oz) 1,279.55 0.2% -0.1% -0.1% 5.4% 11.1% Gross Refining Margin (US$/bbl) 7.38 2.8% 4.8% 1.8% -4.8% 5.3% Dubai Crude (US$/bbl) 60.47 0.6% 1.4% 7.9% 30.1% 11.6% NYMEX Crude (US$/bbl) 56.83 1.3% 2.0% 10.4% 19.7% 5.8% Baltic Dry Index (points) 1,396.00 0.8% -0.6% -11.5% 12.6% 45.3%

Regional market performance

Index PE (x) EPS gth (%) Performance (%) · On Tuesday, markets in the ASEAN 17F 18F 17F 18F Pt ∆ 1D WTD MTD YTD 4 closed with a net change of Philippines 8,289 20.2 18.0 17.6 11.8 -32.79 -0.4 -0.3 -0.9 21.2 Indonesia 6,032 18.0 16.1 45.7 12.0 -21.42 -0.4 -0.3 0.4 13.9 -0.2%. In the rest of Asia, markets Malaysia 1,721 16.1 15.1 7.8 6.5 2.32 0.1 -0.1 -1.6 4.8 closed with a net change of +0.8%. Thailand 1,710 17.2 15.3 6.4 11.9 -3.90 -0.2 0.1 -0.6 10.9 Asean 4 - simple avg 17.8 16.1 19.4 10.6 -0.2 -0.1 -0.7 12.7 China 3,410 15.1 13.3 24.3 13.3 18.10 0.5 0.8 0.5 9.9 India 33,478 21.9 17.1 14.3 28.1 118.45 0.4 0.4 0.8 25.7 Hong Kong 29,818 13.6 12.5 22.3 9.0 557.76 1.9 2.1 5.6 35.5 Singapore 3,423 15.7 14.3 -10.1 10.1 36.79 1.1 1.2 1.5 18.8 Taiwan 10,779 15.3 14.0 15.3 9.5 114.69 1.1 0.7 -0.1 16.5 Korea 2,531 10.9 9.5 86.4 15.0 3.03 0.1 -0.1 0.3 24.9 Rest of Asia x J - simple avg 15.4 13.4 25.4 14.2 0.8 0.9 1.4 21.9 MSCI Asia x Japan 715 15.0 12.6 25.1 18.3 8.78 1.2 1.2 3.3 38.9 Japan 22,416 19.1 17.0 38.2 12.2 154.72 0.7 0.1 1.8 17.3

Regional sectoral movement (%) Regional sectoral movement (21-Nov) · In the region on Tuesday, lead

0.10 Sub-Sector 21-Nov WoW MoM YoY Electronic Equipment 1.81 outperformers were Electronic -0.18 Electronic Equipment 1.81 3.51 6.43 66.47 Property 1.19 Equipment, Property and Refinery. -0.33 Property 1.19 0.92 -0.57 30.80 Refinery 1.00 The only underperformer was -0.18 Refinery 1.00 3.00 -0.50 51.27 Banks 0.86 0.06 Electronic Mfg. Banks 0.86 2.55 1.85 30.71 Chemicals 0.69 0.31 Chemicals 0.69 2.36 0.71 53.39 Auto Parts & Equip 0.66 0.00 · Lead Thai outperformers were Oil Auto Parts & Equip 0.66 -1.12 1.42 32.27 Coal 0.60 -1.07 Coal 0.60 -3.61 -1.39 25.06 Integrated Telecoms 0.53 & Gas, Marine and Entertainment. -0.48 Integrated Oil&Gas 0.44 Lead Thai underperformers were Integrated Telecoms 0.53 0.01 -2.11 2.29 0.82 Oil & Gas 0.41 Integrated Oil&Gas 0.44 -2.88 1.35 7.54 0.69 Electronic Equipment, Integrated Marine 0.36 Oil & Gas 0.41 -2.17 4.87 5.98 -0.62 Wireless Telecoms 0.30 Telecoms and Property. Marine 0.36 -2.58 -6.70 25.66 0.46 Entertainment 0.30 0.17 Wireless Telecoms 0.30 -0.06 0.14 9.03 Homebuilding 0.11 -1.10 Entertainment 0.30 2.51 15.08 48.90 Electronic Mfg -0.07 Homebuilding 0.11 1.43 6.05 58.44 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 Thailand Region Electronic Mfg -0.07 -1.84 -5.63 34.31 Source: Data by Bloomberg, compiled & calculated by SCBS

Most change in foreign holding (Net) Asia Pacific foreign fund flows (US$mn) · On Tuesday, foreign fund flows Stock % fgn ∆ Mn sh Stock % fgn ∆ Mn sh 21-Nov WTD MTD YTD were a solid net inflow supported IRPC 22.06 9.90 TRUE 28.85 -55.39 Thailand (16.9) (6.4) (457.6) (397.8) largely by South Korea and Taiwan. BEM 16.40 7.15 TMB 45.70 -34.55 Indonesia (27.1) (30.7) (906.5) (2,171.7) BDMS 19.21 6.92 SPRC 86.85 -13.44 Philippines (5.3) 0.5 (32.2) 1,035.6 IVL 80.82 6.42 KTB 19.93 -2.41 HMPRO 16.65 5.98 EA 38.43 -1.41 Taiwan 299.8 209.3 (293.9) 8,265.9 South Korea 337.1 614.4 1,820.0 10,767.2 Data as of November 21, 2017 ***million shares Vietnam 1.9 0.5 388.5 1,020.6 Top 5 NVDR net buy/sell Total 589.6 787.6 518.3 18,519.8

Up Btmn Down Btmn India (33.4) (33.4) 2,402.0 8,204.0 Director trades (>Bt5mn) TOP 265.71 TRUE -313.45 Japan 1,605.7 1,605.7 1,497.9 15,097.5 KBANK 244.80 BBL -166.74 * India as of November 20, 2017 · Buy: – IVL 166.04 MINT -104.87 * Japan as of November 10, 2017 · Sell: TKN, TVO PTT 145.61 EA -86.53 TTW 127.17 TISCO -48.39

Data as of November 21, 2017

Page 2 SAWASDEE Wednesday, November 22, 2017 News Digest SET On Tuesday, the SET slipped back 3.90 points or 0.23% to 1710.48 on turnover of Bt56.27bn. Retail investors were the net lead buyers, followed by prop traders; local institutions were lead net sellers, followed by foreign investors. (SET, 21/11/17) Dow Jones The Dow rose 160.50 points, or 0.69%, to 23,590.83, with all three major indices closing at record highs, as investors mulled a batch of generally positive quarterly earnings reports. (Xinhua, 22/11/17) Oil NYMEX: Light, sweet crude for January delivery rose 41 cents to settle at US$56.83 Brent crude for January delivery rose 35 cents to close at US$62.57. (Xinhua, 22/11/17) Gold Gold futures on the COMEX division of the New York Mercantile Exchange regained some lost ground on Tuesday as the U.S. dollar softened. The most active gold contract for December delivery went up US$6.40, or 0.50%, to close at US$1,281.70/oz. (Xinhua, 22/11/17) Currencies The dollar dropped against other major currencies on Tuesday ahead of a closely-watched speech by Federal Reserve Chair Janet Yellen. In late New York trading, the euro rose to 1.1745 U.S. dollars from 1.1734 U.S. dollars. The U.S. dollar bought 112.38 Japanese yen, lower than 112.64 yen of the previous session. (Xinhua, 22/11/17) Global Economy US existing home sales increase more than expected. U.S. home sales increased more than expected in October as hurricane-related disruptions dissipated, but a chronic shortage of houses which is pushing prices beyond the reach of some first-time buyers remains an obstacle. The National Association of Realtors said on Tuesday that existing home sales rose 2.0 percent to a seasonally adjusted annual rate of 5.48 million units last month. September's sales pace was revised down to 5.37 million units from the previously reported 5.39 million units. (CNBC, 22/11/17) ECB Is Said Likely to Take Small Steps in QE Exit Guidance. The European Central Bank is likely to make multiple small adjustments to its guidance on monetary policy next year rather than any major change in language as it ends quantitative easing, according to euro-area officials familiar with the thinking of policy makers. Incremental shifts in the wording used to describe the expected path of its policy would make sense and be consistent with a gradual exit from unconventional stimulus, said the people, who added that the issue hasn’t been formally discussed by the Governing Council. They asked not to be identified because the matter is confidential. An ECB spokesman declined to comment. (Bloomberg, 22/11/17) Thai Economy Cabinet approved a bill to protect consumers. This bill is about letting consumers ask for sellers to take responsibility for quality or damages. This includes cars and mobile phones. (Matichon, 22/11/17) ASIAN ASIAN targets 2018 revenue to grow at least 10-15% after changing its strategy to expand its premium pet food and aquatic feed markets, replacing the fall in frozen tuna, shrimp and squid sales volume. It has budgeted Bt200mn to build new storage, which will increase storage capacity by 15,000 pallets. (Thun Hoon, 22/11/17) BCH BCH saw a new high for number of patients with the support from WMC Hospital. It continues to plan to build four new hospitals worth Bt3bn, funded by cash flow and loans from financial institutions. (Thun Hoon, 22/11/17) CENTEL CENTEL says 4Q17 results will show positive growth thanks to increasing tourists during high season. It is going to open "Cozy Samui" on December 1 and expects "Shop Chuay Chard" campaign to help boost revenue. (Khao Hoon, 22/11/17) CRD CRD believes 2017 revenue will reach its target of Bt1.4bn, as it currently has backlog of Bt1.267bn which will be booked as revenue this year and next. It targets 2018 revenue growth of 10%, as it joins bids for all new projects. It expects to receive new projects worth Bt1.4-1.6bn next year. (Khao Hoon, 22/11/17) GL GL says it has not yet found a special auditor after being told by the SEC to revise its financial statement as soon as possible. The SEC is keeping an eye on GL and says the requirement to revise GL's financial statement and the accusations of GL's ex CEO, Mitsuji Konochita are unrelated issues. (Khao Hoon, 22/11/17)

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SAWASDEE Wednesday, November 22, 2017 News Digest (continued) ICN ICN targets 2018 revenue to grow by 30-40% and plans to bid for new projects worth around Bt10bn. It believes 2017 earnings will grow strongly by 70-80% and plans to raise 2017 backlog to reach Bt800mn from backlog at the beginning of the year of Bt400mn. It reports 9M17 net profit of Bt44mn, growing by 307%. (Thun Hoon, 22/11/17) IRPC IRPC says 2018 earnings will be outstanding, supported by the full year booking of revenue from UHV, PPC and PPE projects, which have reached full runs. It expects to book profit of Bt400- 500bn from a power plant joint venture with GPSC and is going to propose an investment plan for the Beyond Everest project at the end of December. (Thun Hoon, 22/11/17) SCC SCC has budgeted Bt866mn to buy 75% of Conimex, a leading packaging business in Thailand, in efforts to become a full-service provider in the packaging business in ASEAN. It will target customers who require premium quality packaging such as the cosmetics industry. (Thun Hoon, 22/11/17) STEC STEC announced it will continue to bid for new government projects. It currently has backlog of Bt120bn and plans to join bidding worth Bt20-30bn in 4Q17. (Thun Hoon, 22/11/17)

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SAWASDEE Wednesday, November 22, 2017 Short Sale as of November 21, 2017 %Short Sale Volume Volume Turnover Average Price Last Price Gap between last Comparing with Main (Shares) (Baht) (Baht) 21-Nov-17 close and short Board CHG 6,680,400 15,838,980 2.37 2.36 0.5% 25.62% DTAC 315,900 14,327,050 45.35 44.75 1.3% 8.74% PTTEP 292,900 27,035,400 92.30 92.75 -0.5% 4.73% ADVANC 285,400 51,131,800 179.16 179.00 0.1% 4.71% GLOBAL 94,000 1,525,240 16.23 16.50 -1.7% 4.31% BEAUTY 800,000 16,122,240 20.15 20.10 0.3% 4.24% BANPU 600,900 10,335,480 17.20 17.10 0.6% 3.98% KCE 102,900 8,664,975 84.21 84.25 -0.1% 3.84% INTUCH 301,600 16,582,475 54.98 54.50 0.9% 3.78% STPI 315,000 1,910,000 6.06 5.95 1.9% 3.71% KBANK 201,500 45,089,700 223.77 223.00 0.3% 3.56% BBL 81,800 16,073,000 196.49 196.00 0.3% 3.50% SCB 116,800 17,405,900 149.02 149.00 0.0% 3.21% TCAP 141,400 7,953,750 56.25 55.75 0.9% 3.14% HMPRO 573,300 7,564,690 13.19 13.50 -2.3% 2.77% CPALL 709,900 53,797,200 75.78 74.50 1.7% 2.76% PTT 95,200 39,542,800 415.37 414.00 0.3% 2.75% AMATA 605,300 15,761,475 26.04 27.00 -3.6% 2.47% BJC 101,600 5,791,400 57.00 57.00 0.0% 2.26% CPF 538,800 13,273,270 24.63 24.70 -0.3% 2.10% TMB 5,436,100 14,938,914 2.75 2.78 -1.1% 2.00% TRUE 3,051,000 17,681,550 5.80 5.55 4.4% 1.98% CKP 600,100 2,500,416 4.17 4.22 -1.3% 1.97% ANAN 498,000 2,977,170 5.98 6.10 -2.0% 1.85% TISCO 83,500 7,495,125 89.76 89.25 0.6% 1.82% BPP 72,600 1,987,425 27.38 27.25 0.5% 1.80% ROBINS 41,900 3,208,225 76.57 77.00 -0.6% 1.63% CENTEL 87,100 4,376,775 50.25 50.50 -0.5% 1.55% KKP 101,200 7,842,550 77.50 76.50 1.3% 1.54% MTLS 326,100 12,227,225 37.50 37.25 0.7% 1.51% SCC 79,200 38,643,200 487.92 488.00 0.0% 1.48% IRPC 1,200,000 7,560,000 6.30 6.25 0.8% 1.39% KTB 454,500 8,385,320 18.45 18.60 -0.8% 1.33% PTTGC 102,400 8,038,850 78.50 78.50 0.0% 1.24% SAWAD 255,900 15,751,250 61.55 61.00 0.9% 1.24% TKN 519,000 12,617,400 24.31 24.20 0.5% 1.16% BLA 17,300 632,450 36.56 36.25 0.8% 1.14% KSL 94,200 460,506 4.89 4.84 1.0% 1.07% KTC 18,000 3,024,000 168.00 168.00 0.0% 0.92% CBG 66,400 6,456,925 97.24 100.00 -2.8% 0.92% IVL 429,200 21,384,250 49.82 49.25 1.2% 0.83% SINGER 10,000 134,000 13.40 13.20 1.5% 0.76% TOP 77,200 7,261,100 94.06 93.75 0.3% 0.75% CK 150,000 4,262,500 28.42 28.25 0.6% 0.73% CPN 27,500 2,305,125 83.82 83.75 0.1% 0.71% PSH 34,300 815,700 23.78 23.60 0.8% 0.70% EA 100,000 4,450,000 44.50 45.00 -1.1% 0.69% BDMS 100,000 2,180,000 21.80 21.90 -0.5% 0.51% MINT 100,000 4,475,000 44.75 45.00 -0.6% 0.48% SCCC 600 169,200 282.00 282.00 0.0% 0.45% QH 200,000 600,000 3.00 3.00 0.0% 0.39% GLOW 3,000 254,250 84.75 84.75 0.0% 0.32% SAT 10,000 238,000 23.80 23.90 -0.4% 0.32% RATCH 4,400 240,900 54.75 55.00 -0.5% 0.29% DELTA 2,300 196,650 85.50 86.00 -0.6% 0.27% GPSC 11,700 681,925 58.28 58.00 0.5% 0.26% PTG 20,000 463,500 23.18 23.20 -0.1% 0.25% BA 4,200 72,660 17.30 17.40 -0.6% 0.20% ITD 14,700 62,034 4.22 4.16 1.4% 0.07% EGCO 400 88,800 222.00 222.00 0.0% 0.06% BH 400 82,900 207.25 207.00 0.1% 0.05% ESSO 3,000 47,900 15.97 16.00 -0.2% 0.01% AOT 200 11,700 58.50 59.00 -0.8% 0.00%

Source: SET, SCBS Investment Research

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SAWASDEE Wednesday, November 22, 2017 SCBS: Commodities Daily Price Update

As of -1W Avg. Price % QoQ % YoY Avg. Price % YoY Avg. Price % YoY Update 21-Nov-17 % QTD in 4Q17 in '16 in '17 GRM GRM-Reuters (SINREF) 7.38 4.8 7.27 -12.0 6.9 6.17 -19.8 7.07 14.6 Daily

Crude Prices Crude Oil - Dubai (US$/BBL) 60.47 -1.3 57.55 13.7 20.1 41.30 -19.3 52.08 26.1 PTTEP - , PTT - Daily Brent Crude (US$/BBL) 62.51 2.5 59.52 15.1 18.8 44.11 -15.7 53.19 20.6 Daily West Texas Int. Cushing (US$/BBL) 56.72 1.8 53.42 11.0 6.7 43.28 -11.1 50.02 15.6 Daily Crude Oil - Asia-Pacific Tapis Oil Spot (US$/BBL) 64.49 -0.5 60.91 17.1 21.6 45.50 -16.3 54.33 19.4 Daily

Oil Product Prices Gas Oil 500 ppm Sulfer Singapore (U$/BBL) 72.92 0.5 69.65 9.2 16.1 52.13 -22.1 64.19 23.2 Daily Gasoline, 92 RON Spot (US$/BBL) 71.31 -1.5 67.78 6.3 17.3 51.08 -21.2 62.83 23.0 Daily Fuel Oil 180 Singapore Spot (US$/BBL) 55.50 -0.1 52.65 -17.4 18.3 35.15 -21.6 48.05 36.7 Daily

Jet Oil Price Jet Kerosene - Spot Price (US$/BBL) 72.56 0.7 69.10 -100.0 15.1 52.85 -18.4 63.39 20.0 AAV - , NOK - , THAI - Daily

Olefins Product Prices and Spread Ethylene, FOB Japan Spot (US$/MT) 1,235 -0.8 1,249 12.8 22.1 1,064 0.5 1,127 5.8 PTTGC +, SCC + Tuesday Ethylene Spread (US$/MT) 710 -0.5 755 9.4 21.6 711 13.5 696 -2.2 Daily Propylene (Olefins), FOB Japan Spot (US$/MT) 880 -0.6 922 6.1 15.5 711 -8.5 866 21.8 Tuesday Propylene Spread (US$/MT) 355 0.3 428 -5.2 7.9 358 3.8 435 21.7 Daily Naphtha - Singapore Spot FOB (US$/MT) 525 -1.2 493 18.4 23.0 353 -18.3 431 21.9 Daily

Polyolefins Prices and Spread Polye HDPE SE Asia (US$/MT) 1,260 0.0 1,234 8.0 7.5 1,144 -7.6 1,165 1.9 PTTGC +, SCC + Tuesday HDPE-Naphtha Spread (US$/MT) 735 0.8 741 2.1 -0.8 791 -1.9 734 -7.1 Daily Polye LDPE-Film, CFR SE Asia Spot (US$/MT) 1,270 0.0 1,270 5.3 1.4 1,191 -5.2 1,258 5.6 SCC +, TPIPL + Tuesday LDPE-Naphtha Spread (US$/MT) 745 0.8 777 -1.6 -8.8 838 1.7 827 -1.3 Daily PP Film, Spot South East Asia (US$/MT) 1,160 0.0 1,175 4.8 13.1 1,003 -11.3 1,114 11.1 Tuesday PP Spread (US$/MT) 635 1.0 682 -3.3 6.9 649 -7.0 683 5.2 Daily

MEG Prices and Spread MEG, CFR South East Asia (US$/MT) 890 -2.7 900 2.0 22.7 661 -15.7 845 27.9 IVL +, PTTGC - Tuesday MEG Spread (US$/MT) 124 -13.1 126 -35.8 26.5 1 -99.5 146 n.m. Tuesday

Aromatics Product Prices and Spread Paraxylene, FOB USG Spot (US$/MT) 825 -0.6 810 4.8 6.5 732 -10.3 795 8.6 PTTGC + Tuesday Paraxylene Spread (US$/MT) 311 0.5 320 -5.9 -8.6 377 -0.7 350 -7.1 Tuesday Paraxylene - 92 RON Spread (US$/MT) 217 2.1 232 -5.2 -13.4 296 12.4 259 -12.6 TOP + Daily Toluene, FOB Korea Spot (US$/MT) 675 -2.2 665 7.1 4.6 588 -11.6 647 10.1 Tuesday Benzene, CFR Japan Spot (US$/MT) 840 0.0 803 5.4 11.6 641 -7.8 815 27.1 Tuesday Benzene Spread (US$/MT) 315 2.0 309 -10.4 -2.8 288 9.3 384 33.3 Daily Benzene - 92 RON Spread (US$/MT) 232 4.3 224 -3.9 -1 206 43.7 279 35.6 Daily Condensate (US$/MT) 514 -1.3 490 13.3 19.5 355 -18.7 445 25.2 Daily

PTA Prices and Spread PTA, CFR South East Asia (US$/MT) 705 1.4 674 2.3 7.8 613 -5.7 660 7.8 SCC +, IVL - Tuesday PTA Spread (US$/MT) 152 9.6 131 -7.0 13.4 122 19.2 127 4.5 Tuesday

PVC Prices and Spread PVC, CFR South East Asia (US$/MT) 850 -3.4 900 -0.2 -3.4 828 0.6 901 8.7 VNT - Tuesday VNT's PVC-Ethylene Spread (US$/MT) 140 -15.7 145 -31.6 -53.3 117 -40.3 205 74.8 Tuesday Ethylene Dichloride CFR Far East Asia (US$/MT) 175 -5.4 196 -9.2 -27.3 259 -8.3 265 2.6 Tuesday TPC's PVC - EDC Spread (US$/MT) 336 -5.5 366 -7.9 -11.2 304 7.4 353 15.8 Tuesday

Forest Product NBSK Pulp (Canada) CIF Korea (US$/MT) 960 0.0 929 3.9 14.8 802 -6.4 868 8.2 Daily

Steel Price Steel Index 1,146 3.5 1,170 2.9 15.8 791 -0.1 1,120 41.5 Daily Steel HR Coil CIS (US$/MT) 530 0.0 554 4.2 23.6 382 10.3 498 30.6 Tuesday Steel CIS Slabs (US$/MT) 465 0.0 487 8.7 29.3 325 11.7 434 33.6 Tuesday CIS HRC Spread (US$/MT) 65 0.0 66 -20.3 -6.4 56 2.9 64 13.0 Tuesday Steel - CIS Wire rod (US$/MT) 538 -4.4 543 4.8 26.6 388 2.3 484 24.9 Tuesday Steel - Billet (US$/MT) 325 0.0 325 0.0 0.0 325 -7.6 325 0.0 Tuesday CIS Wire rod Spread (US$/MT) 213 -10.5 218 12.9 109.8 63 130.6 159 153.9 Tuesday

Freight Rate Baltic Freight Index: BDIY 1,396 -0.6 1,466 28.7 47.8 676 -5.1 1,102 63.0 TTA -, PSL - Daily Baltic Supramax Index: BSI58 856 -2.8 1,005 19.1 n.a. n.a. n.a. 856 n.a. Daily

NEX Coal price 97.30 -3.4 98.58 3.8 5.2 65.8 10.7 59.4 -16.4 BANPU - Friday * Change MoM Source: Bloomberg, Bisnews, BANPU and BoT

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SAWASDEE Wednesday, November 22, 2017 SCBS: Commodities Daily Chart Update Crude Prices Olefins Prices Olefins Spreads US$/BBL US$/MT US$/MT West Texus Int Ethylene Ethylene Spread 70 Brent 1,600 1,000 Propylene Propylene Spread 60 Dubai 1,400 800 1,200 50 1,000 40 600 800 30 600 400 20 400 200 10 200 0 0 0 Jul-17 Jul-17 Jul-17 Jan-17 Oct-17 Apr-17 Jun-17 Jan-17 Oct-17 Apr-17 Jun-17 Feb-17 Sep-17 Mar-17 Feb-17 Dec-16 Sep-17 Nov-17 Nov-16 Aug-17 Mar-17 Dec-16 Jan-17 Oct-17 Apr-17 Nov-17 Nov-16 Aug-17 Jun-17 May-17 Feb-17 May-17 Sep-17 Mar-17 Dec-16 Nov-17 Nov-16 Aug-17 May-17

Oil Product Prices Aromatics Prices Aromatics Spreads US$/BBL US$/MT Paraxylene US$/MT Paraxylene Spread 80 1,200 Benzene 700 Benzene Spread 70 1,000 600 60 500 50 800 400 40 Jet Oil 600 30 Gas Oil 300 400 20 Gasoline 200 10 Fuel Oil 200 100 0 0 0 Jul-17 Jul-17 Jan-17 Oct-17 Apr-17 Jun-17 Jul-17 Feb-17 Sep-17 Mar-17 Dec-16 Nov-16 Aug-17 Nov-17 Jan-17 Oct-17 Apr-17 Jun-17 May-17 Feb-17 Sep-17 Jan-17 Jan-17 Mar-17 Oct-17 Oct-17 Apr-17 Dec-16 Jun-17 Jun-17 Nov-16 Aug-17 Nov-17 Feb-17 Sep-17 May-17 Mar-17 Mar-17 Dec-16 Nov-16 Aug-17 Aug-17 Nov-17 May-17 May-17 GRM Polyolefin Prices Polyolefin-Naphtha Spreads US$/bbl LDPE US$/MT LDPE spread GRM -Reuters US$/MT 12 1,600 HDPE 1,000 HDPE Spread PP Spread 10 PP 1,400 800 8 6 1,200 600 4 1,000 400 2 0 800 200 Jul-17 Jul-17 Jul-17 Jan-17 Jan-17 Oct-17 Oct-17 Apr-17 Jun-17 Jun-17 Jan-17 Jan-17 Oct-17 Oct-17 Feb-17 Apr-17 Jan-17 Jan-17 Jun-17 Jun-17 Oct-17 Oct-17 Apr-17 Sep-17 Jun-17 Jun-17 Mar-17 Mar-17 Dec-16 Feb-17 Nov-16 Aug-17 Aug-17 Nov-17 Feb-17 Sep-17 Mar-17 Mar-17 Dec-16 Sep-17 Mar-17 Mar-17 Dec-16 May-17 May-17 Nov-16 Aug-17 Aug-17 Nov-17 Nov-16 Aug-17 Aug-17 Nov-17 May-17 May-17 May-17 May-17 Coal Price PVC Price PVC Spread US$ US$/MT PVC US$/MT VNT's product Spread 120 1,200 EDC 500 TPC's product spread 110 1,000 400 100 800 90 300 80 600 70 400 200 60 200 100 50 40 0 0 Nov… Nov… Aug… Aug… May… May… Jan-… Jan-… Oct-… Oct-… Apr-… Jun-… Jun-… Feb-… Sep-… Mar-… Mar-… Dec-… Jul-17 Jul-17 Jan-17 Jan-17 Oct-17 Oct-17 Apr-17 Jun-17 Jun-17 Feb-17 Sep-17 Mar-17 Mar-17 Dec-16 Jul-17 Nov-16 Aug-17 Aug-17 Nov-17 Jan-17 Jan-17 Oct-17 Oct-17 Apr-17 May-17 May-17 Jun-17 Jun-17 Feb-17 Sep-17 Mar-17 Mar-17 Dec-16 Nov-16 Aug-17 Aug-17 Nov-17 May-17 May-17 Baltic Freight Index Steel HR Coil , Slabs Steel Wire rod, Billet 2,000 US$/M US$/M US$/MT US$/MT 700 140 600 Steel - Billet 600 Steel - CIS Wire rod 600 120 1,500 500 Spread 500 500 100 400 400 1,000 400 80 300 300 300 60 200 200 500 BDIY Index 200 Steel CIS Slabs 40 Steel HR Coil BSI Index 100 20 100 100 0 Spread 0 0 0 0 Jul-17 Jan-17 Jan-17 Oct-17 Oct-17 Apr-17 Jun-17 Jun-17 Feb-17 Sep-17 Jul-17 Mar-17 Mar-17 Dec-16 Nov-16 Aug-17 Aug-17 Nov-17 May-17 May-17 Jul-17 Jan-17 Jan-17 Oct-17 Oct-17 Apr-17 Jun-17 Jun-17 Feb-17 Sep-17 Mar-17 Mar-17 Dec-16 Jan-17 Oct-17 Apr-17 Nov-16 Jun-17 Aug-17 Aug-17 Nov-17 Feb-17 May-17 May-17 Sep-17 Mar-17 Dec-16 Nov-16 Aug-17 Nov-17 May-17 NBSK Pulp US$/MT 1,000 960 920 880 840 800 760 720 Jul-17 Jan-17 Oct-17 Apr-17 Jun-17 Feb-17 Sep-17 Mar-17 Dec-16 Nov-16 Nov-17 Aug-17 May-17 Source: Bloomberg, Bisnews, BANPU and BoT

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SAWASDEE Wednesday, November 22, 2017 Director Trade 1. Director trade as reported on November 21, 2017. Company Name of Director Product Transaction Amount Price Amount Buy/Sell date (Shares) (Bt) (Bt) AU Uraiwan Samanwong Common share 17-11-17 23,400 12.70 297,180 Sell BCP Chaiwat Kovavisarach Common share 17-11-17 30,000 37.08 1,112,400 Buy BJC Pattaphong Iamsuro Common share 17-11-17 10,000 56.25 562,500 Sell BJC Pattaphong Iamsuro Common share 17-11-17 10,000 56.75 567,500 Sell BJC Terapon Kietsuranon Common share 16-11-17 20,000 55.00 1,100,000 Sell BTW Thanin Kamthornthip Common share 17-11-17 30,000 2.60 78,000 Buy BWG Woradit Tanapat Warrant 20-11-17 2,000,000 0.24 480,000 Sell BWG Woradit Tanapat Common share 20-11-17 300,000 1.56 468,000 Buy CCET Wei-Chao Wang Common share 17-11-17 300,000 3.00 900,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 800,000 0.77 616,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 100,000 0.77 77,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 13,300 0.77 10,241 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 100,000 0.78 78,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 500,000 0.78 390,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 36,700 0.78 28,626 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 50,000 0.78 39,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 100,000 0.78 78,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 100,000 0.78 78,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 200,000 0.78 156,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 190,000 0.78 148,200 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 10,000 0.79 7,900 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 100,000 0.79 79,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 200,000 0.79 158,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 150,000 0.78 117,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 50,000 0.78 39,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 30,000 0.78 23,400 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 70,000 0.78 54,600 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 100,000 0.78 78,000 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 80,000 0.78 62,400 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 10,000 0.79 7,900 Buy JSP Pairoj Wattanavarodom Common share 16-11-17 10,000 0.79 7,900 Buy KBS Tat Wanakornkul Common share 07-11-17 30,000 6.35 190,500 Buy KBS Tat Wanakornkul Common share 10-11-17 30,000 6.30 189,000 Buy KBS Tat Wanakornkul Common share 16-11-17 20,000 6.30 126,000 Buy KBS Tat Wanakornkul Common share 15-11-17 40,000 6.20 248,000 Buy LPH Virat Vongsaengnak Common share 15-11-17 12,000 8.15 97,800 Buy MILL Pratana Bongkojmass Warrant 3 21-11-17 161,409 0.18 29,054 Sell MILL Pratana Bongkojmass Warrant 4 21-11-17 40,000 0.52 20,800 Sell PAP Kriengkrai Rukkulchon Common share 20-11-17 150,000 5.05 757,500 Buy PLANB Prasong Jarungbenjathum Common share 17-11-17 111,000 7.05 782,550 Sell PSH Rattana Promsawad Common share 20-11-17 112,000 23.80 2,665,600 Buy RS Surachai Chetchotisak Common share 17-11-17 185,000 25.95 4,800,750 Buy SKR Suriyan Kojonroj Common share 17-11-17 10,000 50.00 500,000 Buy TKN Itthipat Peeradechapan Common share 21-11-17 17,500,000 24.25 424,375,000 Sell TKN Nutchatpong Peeradechapan Common share 21-11-17 3,750,000 24.25 90,937,500 Sell TKN Orrapat Peeradechapan Common share 21-11-17 3,750,000 24.25 90,937,500 Sell TMT Petrung Maesincee Common share 16-11-17 50,000 16.00 800,000 Buy TMT Petrung Maesincee Common share 20-11-17 50,000 16.00 800,000 Buy TVO Visuth Vitayathanagorn Common share 17-11-17 282,000 28.50 8,037,000 Sell UTP Kumjorn Chuenchoochit Common share 20-11-17 100,000 9.10 910,000 Buy UTP Kumjorn Chuenchoochit Common share 20-11-17 100,000 9.15 915,000 Buy VIBHA Chaisith Viriyamettakul Warrant 2 20-11-17 150,000 1.76 264,000 Buy Total Buy 18,156,717

Sell 618,126,584

Net -599,969,867

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SAWASDEE Wednesday, November 22, 2017 2. 12-month cumulative net buy/sell for SCBS-covered stocks with activity as of last close BCP BJC

300 44.00 0 56 250 42.00 -200 54 40.00 200 -400 52 38.00 150 -600 50 36.00 Bt/Share Bt/Share -800 48

100 '000Shares '000Shares 34.00 -1,000 46 50 32.00 0 30.00 -1,200 44 Jul-17 Jan-17 Oct-17 Apr-17 Jul-17 Jun-17 Feb-17 Sep-17 Mar-17 Dec-16 Nov-17 Aug-17 May-17 Jan-17 Oct-17 Apr-17 Jun-17 Feb-17 Sep-17 Mar-17 Dec-16 Nov-17 Aug-17 May-17 Cumulative Net Buy/Sell Avg. Price Cumulative Net Buy/Sell Avg. Price

PLANB PSH

0 7.5 2,500 26

7.0 2,000 25 -500 24 6.5 1,500 -1000 23 6.0 1,000 Bt/Share 22 Bt/Share '000Shares

-1500 '000Shares 5.5 500 21 -2000 5.0 0 20 Jul-17 Jul-17 Jan-17 Oct-17 Jan-17 Oct-17 Apr-17 Apr-17 Jun-17 Jun-17 Feb-17 Feb-17 Sep-17 Sep-17 Mar-17 Mar-17 Dec-16 Dec-16 Nov-17 Aug-17 Nov-17 Aug-17 May-17 May-17 Cumulative Net Buy (+)/Sell (-) Avg. Price Cumulative Net Buy(+)/Sell(-) Avg. Price

RS

6,000 31.5

5,000 26.5 4,000 21.5 3,000 16.5 2,000 Bt/share '000shares 1,000 11.5 0 6.5 Jul-17 Jan-17 Oct-17 Apr-17 Jun-17 Feb-17 Sep-17 Mar-17 Dec-16 Nov-17 Aug-17 May-17

Cumulative Net Buy/Sell Avg. Price

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SAWASDEE Wednesday, November 22, 2017 Corporate Calendar November Monday Tuesday Wednesday Thursday Friday

20 21 22 23 24 XD XD XD XD XD FTE Bt0.07 BKKCP Bt0.175 AAV Bt0.15 EPG Bt0.1 KAMART Bt0.07 LHK Bt0.2 CHG Bt0.012 AMATAR Bt0.195 FUTUREPF Bt0.352 PTL Bt0.18 SWC Bt0.25 JASIF Bt0.23 BKI Bt3 JAS Bt0.15 XR Last trading day MONO Bt0.03 BTSGIF Bt0.203 LPH Bt0.1 HREIT 8.5438 : 1 TMC-W1 TIF1 Bt0.134 IMPACT Bt0.2 RPH Bt0.05 HYDRO 3.8996876 : 1 @Bt1.00 Share listing TPA Bt0.5 MGT Bt0.03 SPI Bt0.1 TMILL 2,446,873 Shares TREIT Bt0.2028 SPC Bt0.5 TFUND Bt0.2121 XR SRIPANWA Bt0.215 TLOGIS Bt0.2165 SYMC 2.86654 : 1 @Bt8.80 WHA Bt0.0488 TPRIME Bt0.0896 XE New securities WHART Bt0.0617 TMC-W1 1 : 1 @Bt1.5 SKE (ENERG Sector) Last trading day WHAPF PD WHABT Bt0.1325 WHART Bt0.1705 27 28 29 30 XD XE XD XD AJ Bt0.12 UPA-W1 1 : 1 @Bt3 TGROWTH Bt0.2196 CTARAF Bt0.1 ASIA Bt0.6 PD KPNPF Bt0.115 CPTGF Bt0.1987 LHHOTEL Bt0.285 MJLF Bt0.225 DCC Bt0.028 LHPF Bt0.133 OISHI Bt2.3 EGATIF Bt0.21 OHTL Bt7 PD TNH Bt0.6 QHHR Bt0.16 WHAPF Bt0.2421 TTLPF Bt0.3325 PD CPNCG Bt0.2448 CPNRF Bt0.2879 CRYSTAL Bt0.193 DIF Bt0.242 POPF Bt0.2414 PPF Bt0.1809 SIRIP Bt0.145

XD - Cash Dividend PD – Payment Date XW - Rights for Warrant CW - Capital write-down XD(ST) - Stock Dividend XR - Rights for Common XE - Warrant Exercise SP - Suspension

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SAWASDEE Wednesday, November 22, 2017 Disclaimer: The information in this report has been obtained from sources believed to be reliable. However, its accuracy or completeness is not guaranteed. Any opinions expressed herein reflect our judgment at this date and are subject to change without notice. This report is for information only. It is not to be construed as an offer, or solicitation of an offer to sell or buy any securities. We accept no liability for any loss arising from the use of this document. We or our associates may have an interest in the companies mentioned therein. SCB Securities Company Limited (“SCBS”) is a wholly-owned subsidiary of The Siam Commercial Bank Public Company Limited (“SCB”). Any information related to SCB is for sector comparison purposes. This document is prepared by SCB Securities Company Limited (“SCBS”) which is wholly-owned by The Siam Commercial Bank Public Company Limited (“SCB”). SCB has acted as financial advisor of Siam Makro Public Company Limited. SCBS has acted as Joint-Lead Underwriter of Siam Makro Public Company Limited. Any opinions, news, research, analyses, prices, statements, forecasts, projections and/or other information contained in this document (the “Information”) is provided as general information purposes only, and shall not be construed as individualized recommendation of an offer to buy or sell or the solicitation of an offer to buy or sell any securities. SCBS and/or its directors, officers and employees shall not be liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use of or reliance on the Information, including without limitation to, damages for loss of profits. The investors shall use the Information in association with other information and opinion, including their own judgment in making investment decision. The Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information. SCBS reserves the right to modify the Information from time to time without notice and in its sole discretion. This document is delivered to intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any manner without the prior written consent of SCBS. SCB SECURITIES COMPANY LIMITED (“SCBS”) ACTS AS MARKET MAKER AND ISSUER OF DERIVATIVE WARRANTS on the ordinary shares AAV, ADVANC, AMATA, ANAN, AOT, AP, BA, BANPU, BBL, BCH, BCP, BCPG, BDMS, BEAUTY, BEC, BEM, BH, BIG, BJC, BLA, BLAND, BPP, BTS, CBG, CENTEL, CHG, CK, CKP, COM7, CPALL, CPF, CPN, DELTA, DTAC, EA, EGCO, EPG, ERW, GFPT, GLOBAL, GLOW, GPSC, GUNKUL, HANA, HMPRO, ICHI, INTUCH, IRPC, ITD, IVL, KBANK, KCE, KKP, KTB, KTC, LH, LHBANK, LPN, MAJOR, MEGA, MINT, MTLS, PLANB, PSH, PTG, PTL, PTT, PTTEP, PTTGC, QH, RATCH, ROBINS, S, SAMART, SAWAD, SCC, SCCC, SGP, SIRI, SPALI, SPCG, SPRC, STEC, STPI, SUPER, SVI, TASCO, TCAP, THAI, THANI, THCOM, TISCO, TKN, TMB, TOP, TPIPL, TRUE, TTA, TTCL, TU, TVO, UNIQ, VGI, WHA, WORK. Before making an investment decision over a derivative warrant, an investor should carefully read the prospectus for the details of the said derivative warrants. Any opinion, news, research, analyse, price, statement, forecast, projection and/or other information contained in this document (the “Information”) is provided as general purpose information only, and shall not be construed as a recommendation to any person of an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities. SCBS and/or its directors, officers, employees, and agents shall not be liable for any direct, indirect, incidental, special or consequential loss or damage, resulting from the use of, or reliance on, the Information, including without limitation, damages for loss of profits. The investor should use the Information in association with other information and opinion, including his/her own judgment in making investment decision. The Information is obtained from sources believed to be reliable, and SCBS cannot guarantee the accuracy, completeness and/or correctness of the Information. SCBS reserves the right to modify the Information from time to time at its sole discretion without giving any notice. This document is delivered to intended recipient(s) only and is not permitted to reproduce, retransmit, disseminate, sell, distribute, republish, circulate or commercially exploit the Information in any manner without the prior written consent of SCBS.

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