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					Market and Financial Performance
               of
   Thailand Securities Industry
         (as at 31 December 2010)




                                    Source : SEC / SET
                                                         1
               Market Performance – SET & MAI

       Index Series          2009        2010        % change
SET Index                      734.54     1,032.76      40.60%
SET50 Index                    520.69      720.19       38.31%
SET100 Index                 1,120.26     1,573.02      40.41%
FTSE SET All-share             889.17     1,247.64      40.31%
FTSE SET Large Cap             892.74     1,232.28      38.03%
FTSE SET Mid Cap               867.97     1,267.42      46.02%
FTSE SET Mid/Small Cap         871.02     1,307.58      50.12%
FTSE SET Small Cap             883.43     1,464.42      65.76%
FTSE SET Fledging            1,002.46     1,317.91      31.47%
MAI                            215.30     272.79%       26.70%




                                                                 2
                 Market Performance – SET & MAI (cont.)
                                            2009          2010

Market Capitalization (mil. baht)            5,912,230    8,389,812
 - SET                                       5,873,100    8,334,684
 - MAI                                          39,130       55,128
Turnover Ratio                                 93.21%       98.36%
 - SET                                         91.90%       97.66%
   - MAI                                      295.35%      203.82%
Total Turnover (mil. baht)                   4,428,979    7,033,946
 - SET                                       4,338,479    6,937,890
   - MAI                                        90,500       96,057
Avg. Daily Trading Value (mil. baht)           18,226       29,066
 - SET                                         17,854       28,669
 - MAI                                            372          397
No. of Listed Companies                            535           534
 - SET                                             475           474
   - MAI                                            60            60
No. of Listed Securities                           663           707
 - SET                                             588           623
 - MAI                                              75            84
No. of SET’s Members                               39            39

                                                                       3
                      Market Performance – TFEX
                                          2009           2010
Total Trading Volume (contracts)          3,075,318      4,519,436
 - Gold Futures                             311,591        971,423
 - Interest Rate Futures                             -            41
 - Single Stock Futures                     145,758        969,353
 - SET50 Index Futures                    2,522,465      2,471,302
 - SET50 Index Options                       95,504        107,317
Average Daily Volume (contracts)             12,771         18,676
 - Gold Futures                                  1,397          4,014
 - Interest Rate Futures                             -             1
 - Single Stock Futures                           600           4,006
 - SET50 Index Futures                       10,381         10,212
 - SET50 Index Options                            393            443


                                                                        4
                  Market Performance – TFEX (cont.)

                                          2009           2010
Total Trading Value (mil. baht)            1,344,318     1,665,911
 - Gold Futures                             264,429        561,867
 - Interest Rate Futures                             -            -
 - Single Stock Futures                          7,134      11,403
 - SET50 Index Futures                     1,062,509     1,092,368
 - SET50 Index Options                            245           272
Open Interest (contracts)                    28,281         77,955
 - Gold Futures                                  5,681      16,246
 - Interest Rate Futures                             -            -
 - Single Stock Futures                          3,337      35,356
 - SET50 Index Futures                       18,961         25,553
 - SET50 Index Options                            302           797

                                                                      5
     Aggregate Balance Sheet of Securities Companies


   (unit : mil. baht)   2009      2010       % change
Asset                   159,229    189,008       18.70%

Liabilities              95,347    120,021       25.88%

Equity                   63,882     68,987        7.99%




                                                          6
                            Assets Structure of Securities Companies


Premises &
Equipment
   1%
                                                                 Premises &            Others
                     Others
                                                                 Equipment              13%
                      18%
                                          Cash                      1%                                 Cash
                                          31%                                                          29%
                                                                              Securities
             Securities
                                                                               Business
              Business
                                                                              Receivable
             Receivable
               22%                                                               30%
                                  Investment in                                                                       L/T Deposits
                                                                                           Investment in
                                  Debt & Equity                                                          Investment in 4%
                                      16%                                                    subsidiary
                                                                                TCH Receivable
                                                  L/T Deposits                                           Debt & Equity
 TCH Receivable           Investment in                                              7%         2%
                                                      4%                                                     14%
      6%                    subsidiary
                               2%



                               2009                                                        2010


                                                                                                                              7
    Liabilities Structure of Securities Companies



          Borrowings                             Borrowings
             8%                                     7%

             TCH Payables
                 7%                    Others       TCH Payables
Others
                                        26%             9%
 33%


             Securities                         Securities
             Business                           Business
             Payables                           Payables
               52%                                58%




         2009                               2010



                                                                   8
         Aggregate Income Statement of Securities Companies
               (unit : mil. baht)           2009            2010            % change
Brokerage - Securities                             17,463          22,147       26.82%
Brokerage - Derivatives                             1,403           1,521        8.45%
Underwriting                                         279             522        87.04%
Financial Advisory                                   782            1,113       42.35%
Gains on Trading - Securities                        599            4,076      580.69%
Gains on Trading – Derivatives                       676             250        -63.07%
Interest and Dividend                               1,222           1,441       17.91%
Others                                              2,062           2,359       14.43%
Total Revenue                                      24,486          33,430       36.53%

Expenses on Borrowing                                317             519        63.78%
Fee & Service Expenses                              1,554           1,975       27.05%
Provision for Bad Debt / Doubtful Account             49              77        56.13%
Personnel Expenses                                 10,830          13,127       21.21%
Premises & Equipment                                3,105           2,957        -4.76%
Other Expenses                                      2,564           2,988       16.51%
Total Expenses                                     18,420          21,643       17.50%

Corporate Tax                                       1,563           3,213      105.57%

Net Profit                                          4,503           8,601       91.00%

                                                                                          9
                              Revenue Structure of Securities Companies


                                                             Proprietary
     Proprietary
                                                              Trading          Interest and
       Trading     Interest and
                                                                13%              Dividend
         5%          Dividend
                                Others                                              4%     Others
                        5%
         FA                      8%                                                         7%
         3%
                                                            FA
Underwriting                                                3%                                      Brokerage -
   1%                                    Brokerage -                                                 Securities
                                            Equity     Underwriting                                    66%
                                            72%           2%
     Brokerage -
     Derivatives
         6%                                                      Brokerage -
                                                                 Derivatives
                                                                     5%

                                                                                            2010
                                2009




                                                                                                                  10
               Expenses Structure of Securities Companies

       Expenses on                                      Expenses on
        Borrowing        Fees &                          Borrowing
           2%           Services                            2%                           Provision for
                                   Provision for
                        Expenses                                                          Bad Debt
                                    Bad Debts
             Other         8%                                          Fees & Services      0.36%
                                      0.27%                 Others
             14%                                                          Expenses
                                                             14%
                                                                             9%
                                                   Premises &
Premises &
                                                   Equipment
Equipment
                                                      14%
   17%

                        Personel                                 Personnel
                        Expenses                                 Expenses
                          59%                                      61%




                 2009                                                2010



                                                                                                 11
              Cost to Income Ratio of Securities Companies


       1.20


       1.00
                                       0.83
                                                0.75
       0.80    0.70    0.69
                                                        0.64
time




       0.60                    0.65

       0.40


       0.20


       0.00
               2005    2006    2007     2008    2009    2010




                                                               12
                      Net Profit and ROE of Securities Companies

       9,000                                                          8,601       20%

       8,000

       7,000                          6,568                                       15%

       6,000
               5,391        5,247
       5,000                                                  4,503
Btm.




                                       8.56%                                      10%
                             8.13%                                        9.49%
       4,000    7.86%                                 7.11%

       3,000                                                  5.45%
                                                      2,456
                                                                                  5%
       2,000

       1,000

          0                                                                       0%
               2005          2006      2007           2008    2009    2010

                                         Net Profit    ROE


                                                                                  13
                             Appendix 1
No. of Branches                       2009    2010
Bangkok & Surrounding Area             180     201
Provincial Area                        214     225


Investor Contact – Equity             2009    2010

Type ก (Analyst)                      360     353

Type ข (Marketing)                    5,858   6,241


Investor Contact – Derivatives        2009    2010

Type ก (Analyst)                       68      72

Type ข (Marketing)                    3,655   3,951




                                                      14
                           Appendix 2

No. of Accounts – Equity             2009      2010
Total Accounts                      561,318   626,441
Active Accounts                     120,668   161,470
% Active Accounts                   21.50%    25.77%


No. of Internet Accounts – Equity    2009      2010
Total Internet Accounts             202,819   266,283
Active Internet Accounts            45,143    69.137
% Active Accounts                   22.26%    25.96%


No. of Accounts – Derivatives        2009      2010
Total Accounts                      29,514    41,880




                                                        15
                                                       Appendix 3
Average Commission Rate - Equity

                                           2009                                              2010
     Type of           Trading           Brokerage         Avg.           Trading          Brokerage            Avg.
    Investor           Volume               Fee         Commission        Volume              Fee            Commission
                      (Mil. Baht)        (Mil. Baht)       Rate          (Mil. Baht)       (Mil. Baht)          Rate


Local Institution          602,341            1,483             0.25%       1,081,821               2,119           0.20%
Proprietary Port         1,167,479                 -                -       1,713,469                    -               -
Foreign                  1,753,876            3,800             0.22%       2,619,442             4,316             0.16%
Retail                   5,334,262           12,180             0.23%       8,653,162            15,713             0.18%
 Total                   8,857,958           17,463             0.20%      14,067,894            22,148             0.16%
 Total (x-prop)          7,690,479           17,463             0.23%      12,354,425            22,148             0.18%

Average Commission Rate - Derivatives

                          2009                                                            2010
 Trading Volume         Brokerage               Avg.             Trading Volume        Brokerage Fee              Avg.
    (Contract)             Fee              Commission              (Contract)           (Mil. Baht)          Commission
                        (Mil. Baht)        (Baht/Contract)                                                   (Baht/Contract)


          3,075,318              1,403                 456.21           4,519,436                1,521                336.55
                                                                                                                             16

				
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