CORPORATE PRESENTATION DECEMBER 2018 AGENDA MKET MAYBANK - - PowerPoint PPT Presentation

CORPORATE PRESENTATION

DECEMBER 2018

STRICTLY PRIVATE AND CONFIDENTIAL

AGENDA

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MKET OVERVIEW MAYBANK GROUP FINANCIAL HIGHLIGHTS

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OVERVIEW

#1 BROKER IN THAILAND FOR THE PAST 15 CONSECUTIVE YEARS

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

#1 BROKER FOR 17 YEARS RUNNING

44

Branches

27

Branches In Bangkok

17

Branches In Up-country

B R O A D E S T N E T W O R K R A N K E D # 2

• Solid net capital ratio of 36.74%
• Sufficient placement ability for underwriting IPO

S T R O N G F I N A N C I A L H E A LT H

• Best Retail Broker in Thailand (2007-2018), Alpha

Southeast Asia

• Best Institutional Broker in Thailand (2007- 2018),

Alpha Southeast Asia

• Asset Triple A Asia Infrastructure Awards 2018,

TPIPP as Renewable Energy Deal of the Year 2018

• Best Broker of Southeast Asia for the year (2015-

2017), Alpha Southeast Asia

• Best Securities Company of the year 2017 by

Money & Banking Magazine – June 2017

• Best Securities Company of the Year 2015, Money

& Banking Magazine

• Best Retail Broker- Finance Asia (2014-2015) & The

ASEAN Banker (2015)

• Best Brokerage House for Thailand, The Asset

Triple A Awards 2012- 2015

• TFEX Best Award (2011), Alpha Southeast Asia
• SET Awards 2011- Outstanding Securities Company
• SET Awards 2011- Outstanding Derivatives House
• Best Broker in Thailand (2010), Finance Asia
• Best Research House for Retails (2007-2008), SAA
• Best Analyst in Energy and Petrochemicals for

Retail Investors (2008), SAA

• Best Medium & Small Cap. Analyst for Retail

Investors (2007), SAA

• Best Medium & Small Cap. Analyst for Institutional

Investors (2007), SAA

2 0 1 8 A C C O L A D E S F I T C H R AT I N G S

AA+

Updated on 2 May, 2018

Rating on par with BBL, KBANK,

KTB and SCB 4

2.29 2.37 2.45 2.54 2.81 2.97 3.15 3.15 3.54 3.61 4.02 4.05 4.26 4.40 4.66 5.16 5.40 5.79

6.2

KSS ASPS TISCO MACQ JPM KS KGI TNS UBS SCBS FSS YUANTA CS PHATRA BLS CGS-CIMB CLSA AWS MBKET DBSV

9,034 7,166 13,973 14,684 20,612 17,989 16,802 18,924 17,482 4,637 4,420 4,517 5,275 4,496 4,818 4,914 4,655 4,485

Q32018 Branches as of 30 September, 2018

Assets (THB mn) Equity (THB mn)

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR NETWORK1

WE ARE THE LARGEST RETAIL BROKERAGE NETWORK IN THAILAND

210,140

Retail Accounts

44

Branches Around The Country

Online Markets Offline Markets

USA Canada Singapore Switzerland Hong Kong UK Malaysia France Germany Norway Japan Vietnam Indonesia South Korea Australia

OUR OFFSHORE MARKETS

1 Updated as of December 2016

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR BUSINESS OVERVIEW

Number of Accounts Dec-16 Dec-17 % Change Sep 18 % Change Total Equity Account 179,321 203,391 13.42% 210,137 3.32% Internet Account 81,144 86,252 6.29% 88,768 2.92% Credit Balance Account 3,632 3,809 4.87% 4,005 5.15% Cash Account 94,545 100,109 5.89% 77,129 (22,95%) Futures Account 12,605 13,221 4.89% 13,678 3.46% Number of Active Accounts Dec-16 Dec-17 % Change Sep 18 % Change Total Equity Account 78,676 76,209 (3.14%) 68,878 (9.62%) Internet Account 37,283 34,362 (7.83%) 30,733 (10.56%) Credit Balance Account 1,579 1,488 (5.76%) 1,429 (3.97%) Cash Account 39,814 38,279 (3.86%) 29,128 (23.91%) Futures Account 2,590 2,080 (19.69%) 1,988 (4.42%)

• At the end of September

2018, MKET had 210,137 equity accounts and 13,678 futures accounts.

• 42.24% were internet

accounts, 1.91% were margin accounts and the rest 36.70% were cash accounts.

• 36.78% of equity accounts

and 14.53% of futures accounts were active accounts.

• Outstanding loans on margin

accounts at the end of September 2018 totaled Baht 8,178.31 million.

• Short sell value during July -

September 2018 totaled Baht 8,178.31 million.

• There was no default on

MKET margin accounts

53%

Retail Accounts

36%

Foreign Accounts

11%

Local Institutional Accounts

MKET BROKERAGE2 BUSINESS

2Updated as of Q3/2018

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR BUSINESS OVERVIEW

• Among 42 TFEX member brokers, MKET

ranked #13 by derivatives trading volume in 3Q2018. MKET’s derivatives trading volumes come from servicing retail clients, foreign institutions, local institutions and from proprietary trading.

• Since TFEX commenced trading on April

2006, MKET has earned the customers’ derivatives account 13,761 accounts. Trading channels cover both sending

• rders through marketing officers and

customer trading through the internet. MKET has the largest number of marketing

• fficers 496 derivatives sales persons -

spreading across 44 branches (excluding Head Office) throughout the country.

1,821,050 1,918,969 2,039,614 1,903,785 1,619,766 4.45% 4.04% 3.36% 3.61% 3.26% 0% 2% 4% 6% 8% (200,000) 300,000 800,000 1,300,000 1,800,000 2,300,000 3Q2017 4Q2017 1Q2018 2Q2018 3Q2018 Market Share (%) Volume (Contracts)

MKET's Derivatives Volume and Market Share (%) 3Q2017 - 3Q2018

MKET DERIVATIVES BROKERAGE BUSINESS

• In 3Q2018, MKET’s Brokerage fee from Derivatives Business was 38.35

million Baht compared to 35.80 million Baht in 3Q2017, representing the revenue increase of 7.12%. MKET’s average daily volume decreased from 20,233 contracts in 3Q2017 to 17,997 contracts in 3Q2018, representing an decrease by 11.05%. In 3Q2018, MKET ranked No.13 in term of market shares that accounted for 3.26% of the total volume in derivatives market.

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

INNOVATION AT OUR CORE

• MKET always develop our information

and communication technology to support an efficient tool for our investors, both professional fund managers and retail investors.

• The first Thai broker with live research

analysis (MKET Channel) via internet, iPad – iPhone, Android both fundamental and technical analysis into 3 session , #ATO (At the Open), #ATM (At the Market and #ATC (At the Close)

• Real time stock information and trading

via ios (iPad-iPhone) , Android, Mobile, Tablet, PC, BlackBerry (every operation system)

• Providing rich research and news

contents via public LINE application (@maybankfriends), and on-demand robotic LINE application in search for company news, corporate actions, company research paper, and stock trading, exclusively for MKET clients.

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@maybankfriends

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

2018 EVENT HIGHLIGHTS

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Maybank Kim Eng Securities (Thailand) Plc. and Bursa Malaysia have co-

• rganized Invest Malaysia 2018 : The Capital Market Conversation on 16

July at Anantara Siam Rajdamri. This is to open the opportunity of Thai fund managers and asset management companies to have a chance to discuss and exchange information with related functions from Malaysia both on overall investment in Malaysia which is the major them and mostly beneficial for making decision on investment. The seminar led by

• ur management including Ms. Lucy Chong, Managing Director, Regional

Heads ASEAN Sales, Maybank Investment Bank and Mr. Peerasit Chiwabhong, MD of Institution Sales Department, MKET. We are honored by four listed companies in BURSA joining this seminar, namely Berjaya Sports Toto (BST), Lotte Chemical titan (TTNP), Yinson Holdings (YNS) and Dialog Group (DLG).

July 16, 2018 - Invest Malaysia 2018 : The Capital Market Conversation Thai Corporate Access Day SG and KL : 20 -21 September, 2018

We hosted 10 corporates in KL and 12 corporates in Singapore during our Thai Corporate Access Day on 20-21 Sep. Response was good with 136 assigned meeting in KL and 248 meetings in Singapore. DCC received the highest level of interest in Singapore. Followed by TKN, AMATA, HUMAN and SAT. CPNREIT and DTAC were the most requested for meetings in KL along with AMATA, TKN and HUMAN

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

2018 EVENT HIGHLIGHTS

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Maybank Kim Eng booth at the 12th the Biggest Financial Expo at Korat, Money Expo Korat 2018 was organized by the magazine "Money and Banking", the amount spent

• n 3 days, 12,000 million baht, home loan / refinance home hit more than 5 billion
• baht. 2 billion baht worth of investment products, up to 1 billion baht in insurance

premiums, up 990 million baht. Value on 17-19 August 2018 at The Mall Korat.

Money Expo Korat 2018 Money Expo Korat 2018

Baker & Mckenzie by Ms. Benja Supannakul has kindly arranged a presentation to Mr. Andrew Ler, Regional Head of Retail Equities,

• n the business models for expansion of Private Banking business

in Thailand and alternatives for providing PB services to Thai

• clients. This is in line with regional target moving forward to MKET

2.0 to transform our business and seek more fund based income to restore revenue stream in the next three years. The models proposed by Baker are Referral Model, Collaboration Model and Distribution Model. Among three models, Distribution model should suit at this moment or MKET can do the mixture of the three models.. However, in order to formulate the best wealth model for MKET, the budget, knowhow and resources support must be sought.

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

2018 EVENT HIGHLIGHTS

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On 7 September, 2018, Nineteen MBA students majoring in Finance, Faculty of Economics and Business Managements and instructors , National University of Laos, took a field group visit to MKET on 7 September, 2018 to attend the introduction of investment in the SET .

• Mr. Montree Sornpaisarn, CEO and Mr. Peerasit Chiwabhong,MD of Institution Sales,

welcome and took pictures with them at head office at Central World. They came to MKET’s head office to learn about the fundamental in securities business.

National University of Laos visits MKET : 7 September, 2018 Money Expo Korat 2018

Baker & Mckenzie by Ms. Benja Supannakul has kindly arranged a presentation to Mr. Andrew Ler, Regional Head of Retail Equities,

• n the business models for expansion of Private Banking business in

Thailand and alternatives for providing PB services to Thai clients. This is in line with regional target moving forward to MKET 2.0 to transform our business and seek more fund based income to restore revenue stream in the next three years. The models proposed by Baker are Referral Model, Collaboration Model and Distribution

• Model. Among three models, Distribution model should suit at this

moment or MKET can do the mixture of the three models.. However, in order to formulate the best wealth model for MKET, the budget, knowhow and resources support must be sought.

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

2018 EVENT HIGHLIGHTS

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22 September, 2018 is another opportunity to make the day special for communities across Maybank Group countries. This year is the 9th consecutive year to hold Global CR Day under the Mabyank’s concept of “Maybank Cares – Impact, Engage & Empower). There are over 19,000 Maybankers participate in this volunteerisum program around the world. In Thailand, the CR day 2018 is held under the theme of “Save the SEA”. We arranged 2018 SCR activity under the concept of environmental diversity. By co-organizing with the Royal Thai Marine Corporation, we released baby sharks and grow coral to restore the balance of nature at Toey Ngam Beach, Chonburi Province which is under the supervision of Royal Thai Marine Corporations. Toey Nagam bearch is a conservation beach in Chonburi province which still has a healthy and well-preserved ecological system. There is abundance of coral reef, serving as source of food and shelter for local sea life but tourism is growing rapidly meaning more people are visiting beach area. Since more visitors come to the same beaches, more damages to both coral reef and aquatic wide life arise. Our activity is to create awareness among local people, the community through CSR day. MKET Staffs are trained on ecological preservation program and join outdoor activities, release baby sharks, plant coral and bring coral to the sea. We expects quality of both coral reef and aquatic wide life in Toey Ngam beach will be improved do hope that our activities would boost and promote awareness of environment preservation in the community as well as expand our awareness of environment protection. There are over 150 members joining the activities where MKET staffs’ kids and parents joined and danced during showing baby shark song. This creates lot of fund and happiness to MKET’s family. In picture, Khun Montree Sornpaisarn, CEO, has sent off and delivered speech on the objective of CSR day to MKET’s staff volunteers in the morning before starting the trip.

Maybank Global CSR Day 2018 : 22 September, 2018 “Save the SEA”

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

2018 EVENT HIGHLIGHTS

Annual Business Continuity Plan (BCP) Test 2018 : 8 September, 2019 .

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MKET volunteers have signed up to join the CSR activity The project “Paper Ranger – Volunteer for making books for brothers and sisters” under the Foundation for Rural Restoration of Thailand Under the Royal Patronage. The activity is to create recycle books for needed children, using the one page used paper to make handmade reused book and decorate the covers and send to the underprivileged children who lack equipment to learn in the wilderness areas. MKET has tested annul Business Continuity Plan 2018 (BCP test )during crisis situation at Bang Kae branch by setting the crisis situation that the head office is flooded and all staff cannot enter to the office at Central. Firstly, we started call tree test at 7 a.m. and the BCP test finished at 1 p.m. There are more than 70 staffs from both front and back office joined the test when we cannot access to the head office and have to relocate to temporary office at Bangkae Branch. The testing steps include following steps Approval by CEO to use BCP plan and relocate to BCP test site Crisis notification via Call Tree Testing on Back Office system in line with each Critical Business Function Testing on Trading system in line with Critical Business Function by trading time Risk Department will gather any error and problem occurred during the test shall be recorded and improved in the next BCP test. The test result will be proposed to TH MRC, TH BOD respectively and also to the SEC after inspection by Internal Audit Department. Thank you to the working team consisting of CEO Office, Risk Management, Internal Audit, IT and all staff who help make it happens. This BCP test would not be successful without all cooperation from all staff.

• Mr. Sittiporn delivered the closing speech to MKET’s attendants has held on 8 June, 2018 (Friday) at 12.00 to 14.30 hours at the offices at Central
• World. There are interested volunteers sign up to join this program about 40 staffs joining this activity.

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

PRODUCT TYPE DEALS

• 1. M&A

3 - 4

• 2. REITS

1 - 2

• 3. Infrastructure Fund

1 - 2

• 4. Initial Public Offering IPO)

Added on Public Offering 15 -16

• 5. Equity/Private Placement

1 - 2

• 6. Financial Advisory (FA) -

Others 1 - 2

DEALS BY PRODUCTS IN PIPELINE

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IB’S MANDATED & POTENTIAL DEALS

Investment Banking

STRICTLY PRIVATE AND CONFIDENTIAL

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Our ECM Track Record Since 2003

Shin Satellite 2005 Lead Underwriter Issue Size: 3,182 MB Phatra Securities 2005 FA / Lead Underwriter Issue Size: 1,752 MB M.C.S. Steel 2005 FA / Lead Underwriter Issue Size: 336 MB Indorama Polymers 2005 Co-Lead Underwriter Issue Size: 1,200 MB UOB KayHian 2005 Lead Underwriter Issue Size: 465 MB Interhides 2005 FA / Lead Underwriter Issue Size: 273.75 MB Bangkok Metro 2006 FA / Lead Underwriter Issue Size: 3,661.24 MB Sena Development 2009 FA / Lead Underwriter Issue Size: 396 MB SIS Distribution (Thailand) Plc. 2004 FA / Lead Underwriter Issue Size: 178.45 MB DCON Products 2004 FA / Lead Underwriter Issue Size: 370 MB Hwa Fong Rubber (Thailand) 2003 FA / Lead Underwriter Issue Size: 412 MB Chonburi Concrete Product 2003 FA / Lead Underwriter Issue Size: 550 MB TPI Polene 2004 Underwriter Issue Size: 1,850 MB Syrus Securities 2004 Lead Underwriter Issue Size: 660 MB Globlex Holding Management 2004 Lead Underwriter Issue Size: 494.50 MB Krungthai Bank 2003 Co-lead Underwriter Issue Size: 25,500 MB Polyplex (Thailand) 2004 Co-lead Underwriter Issue Size: 1,656 MB Thainox Stainless 2004 Co-Lead Manager Issue Size: 5,250 MB Siam City Bank 2003 FA / Lead Underwriter Issue Size: 8,400 MB Somboon Advance Technology 2010 FA / Lead Underwriter Issue Size: 1,113 MB BTS Groups Holding 2010 Lead Underwriter Issue Size: 751 MB Dusit Thani Property Fund 2010 FA / Lead Underwriter Issue Size: 4,094 MB UAC 2010 Lead Underwriter Issue Size: 120 MB Vichaivej International Hospital Group 2012 FA / Lead Underwriter Issue Size: 169 MB UAC 2013 Lead Underwriter Issue Size: 192 MB Interlink Communication 2013 Lead Underwriter Issue Size: 395 MB CPNRF Retail Growth Leasehold Property Fund (CPNRF) 2014 FA / Lead Underwriter Issue Size: 6,238 MB Aira Capital Public Company Limited 2014 Lead Underwriter Issue Size: 475 MB Impact Growth Reit 2014 FA / Lead Underwriter Issue Size: 15,715 MB Loxley Public Company Limited 2014 FA / Lead Underwriter Issue Size: 668.25 MB CPN Commercial Growth Leasehold Property Fund (CPNCG) 2012 FA / Lead Underwriter Issue Size: 4,394 MB Italian-Thai Development PLC. 2014 FA / Lead Underwriter Issue Size: 2,035.15 MB Singha Estate PLC. 2014 FA / Lead Underwriter Issue Size: 1,767 MB The Platinum Group PLC. 2015 FA / Lead Underwriter Issue Size: 5,180 MB Global Power Synergy PLC. 2015 Co -Lead Underwriter Issue Size: 621 MB Italian Thai Development 2005 FA / Lead Underwriter Issue Size: 4,600 MB C.M. Organizer 2004 FA / Lead Underwriter Issue Size: 125.92 MB Tycoons Worldwide Group(Thailand) 2003 FA / Lead Underwriter Issue Size: 2,435 MB Siam Global House 2009 Lead Underwriter Issue Size: 663 MB Kaset Thai International Sugar Corporation 2014 Lead Underwriter Issue Size: 9,578 MB Daii Group PLC. 2015 FA/Lead Underwriter Issue Size: 120 MB Netbay PLC. 2016 FA/Lead Underwriter Issue Size: 160 MB Sahakol Equipment PLC. 2016 FA/Lead Underwriter Issue Size: 1,216 MB TPI Polene Power PLC. 2017 FA/Lead Underwriter Issue Size: 17,500 MB Mudman PLC. 2017 Lead Underwriter Issue Size: 1,107 MB True Corporation PLC. 2016 FA / Lead Manager Issue Size: 60,000 MB Buriram Sugar Group Power Plant Infrastructure Fund 2017 FA/ Underwriter Issue Size: 3,605 MB Ingress Industrial (Thailand) 2017 FA/ Lead Underwriter Issue Size: 769.MB Sahathai Terminal Underwriter Issue Size: 540 MB Grand Prix International FA and Co- Underwriter Issue Size: 59.50 MB AIM Industrial Growth Freehold and Leasehold Real Estate Investment Trust FA and Lead underwriter Issue Size: 1,550 MB Chaoprayamahanakorn FA and Lead underwriter Issue Size: 750 MB

STRICTLY PRIVATE AND CONFIDENTIAL

AYCAL 2010 FA on Debenture Issuance Issue Size: 5,000 MB LPN Development 2004 FA for share valuation on one

• f its subsidiary

CS Loxinfo 2005 FA for Valuation of Teleinfo Media Bangchak Pertroleum 2005 IFA for Connected Transaction and Whitewash3 Industrial Estate Authority of Thailand 2005 Co-FA for Study on Potential Privatization IAG Group 2006 Tender Offer Preparer & Tender Agent for Acquisition of Safety Insurance Shares Bank of Ayudhya 2006 IFA on Whitewash, PP at low price to GE and asset acquisition from GE Ocean Life Insurance 2008 Financial Advisor on Joint Venture with Dai-ichi Life Insurance Golden Land Property Development 2008 FA on Issuance of ESOP Warrant PTT 2008 FA on Acquisition Strategy of a listed company Siam Cement Group 2009 FA on Share Valuation

• f their investment in a

Non-listed Company TSFC Securities 2009 FA on Debt & Capital Restructuring Loan Arranger Thai Credit Bank 2009 FA on Acquiring of a Leasing Company Charernkit Enterprise 2009 FA on Acquisition & Backdoor listing of MEDIAS Tender Offer Preparer & Tender Agent HitashiTransport System (Asia) 2011 Tender Offer Preparer and Tender Offer Agent Grand Canal Land 2011 IFA on Acquisition of 2 land plots & Disposal of Golf Business Tapaco 2010 FA on Right Warrants Issuance National Power Supply 2007 FA for Independent Power Producer bidding Ayudhya Insurance 2011 FA on Share Valuation

• f the share acquisition in

Ayudhya Allianz C.P. Siam Commercial Bank 2010 FA on Share Valuation

• f their investment in a

Non-listed Company Mayban IB Holdings Sdn Bhd 2011 Tender Offer Agent of Kim Eng Securities (Thailand) PLC Bangkok Dusit Medical Services PLC. 2011 FA for Delisting of Prasit Patana PLC. GMM Media 2005 IFA on Connected Transaction for Share Acquisition in MATI and POST Manecomp Precision Technologies 2005 Tender Offer Preparer and Tender Offer Agent Thai Military Bank 2008 IFA on Connected Transaction and T/O Waiver for ING Bank Thai–German Ceramic Industry 2008 IFA on Tender Offer by Ceramic Cementhai Bangchak Petroleum 2009 FA on Enhancing Liquidity & Firm Value Kasikorn Thai Bank 2009 IFA on Acquiring Muang Thai Insurance PTTCH 2011 IFA on amalgamation of PTTCH and PTTAR Royals food 2011 FA on valuation of its group Central Pattana PLC. 2012 IFA for Land Leasing from Connected Party Officemate PLC. 2012 IFA for the Acquisition of Assets and Connected Transactions CP All PLC. 2013 IFA for the Acquisition of Siam Makro PLC. 231,000 MB Singha Estate PCL. 2014 FA on Acquisition & Backdoor listing of Rasa Plc Tender Offer Preparer & Tender Agent Millennium Steel 2006 IFA on Tender Offer by Tata Steel and NatSteel JMT Network Services PLC.

FA for Private Placement and Selling Agent of Right S Hotels and Resorts Inter

FA on Acquisition of Jupiter Holding Management of 26 Mercure hotels in in U.K. Berli Jucker

IFA on Acquisition of BIG C Super Center Plc. 208,626 MB Singha Estate Plc.

FA on Acquisition & Backdoor listing of Singha Estate Tender Offer Preparer & Tender Agent

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PTT Global Chemical PCL. 2017 IFA on Connected Transaction 26,300 MB

Our Advisory Track Record Since 2003

Big C Supercenter

IFA on Delisting and Tender Offer Agent 3,826 MB JMT Network Services

FA on Acquisition of majority stakes in Phoenix Insurance (Thailand) Frasers Assets

FA, Tender Offer Agent

• n Acquiring TICON

Industrial Connection Dusit Thani Freehold & Leasehold REIT 2017 FA for conversion of DTCPF into DREIT CPN Retail Growth Leasehold REIT 2017 FA for conversion of CPNRF into CPNREIT Dusit Thani Plc.

FA for joint investment in a mixed-use complex on Silom Rama 4 Road Thai Oil

IFA on Assets Acquisition

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

CORPORATE STRUCTURE

BOARD OF DIRECTORS

TH EXCO

CHIEF OPERATING OFFICER (COO) CHIEF EXECUTIVE OFFICER (C0-CEO) CHIEF EXECUTIVE OFFICER (CEO)

AUDIT COMMITTEE

COMPLIANCE CG COMMITTEE RETAIL SALES & DEALING RETAIL 1-3 RETAIL 4

E-COMMERCE PRIVATE WEALTH MANAGEMENT BUSINESS DEVELOPMENT BUSINESS MARKETING OFFSHORE TRADING SELLING AGENT INSTITUTIONAL SALES INVESTMENT BANKING DERIVATIVE CORPORATE LEGAL HUMAN RESOURCES CORPORATE COMMUNICATIONS CHIEF INFORMATION OFFICER

INTERNAL AUDIT

HEAD OF FINANCE

ACCOUNTING

SETTLEMENT/ CUSTODIAN CREDIT mANAGEMENT GENERAL SERVICES

TREASURY/ CASHIERS MANAGEMENT ACCOUNTING

The Board of Directors

Mr Yuth Vorachattarn Chairman to the BOD & Audit Committee Member

• Mr. Areepong Bhoocha-oom 1

Vice Chairman and Audit Committee Member

• Mr. Ami Moris 3

Director

• Mr. Montree Sornpaisarn

Director

• Ms. Sopawadee Lertmanaschai

Director & Chairman to audit Committee

• Mr. Hans Johan Patrik, Sandin

Director & Audit Committee Member

Thailand Executive Committee (TH EXCO)

• Mr. Montree Sornpaisarn

Chairman

• Ms. Hamidah Binti Moris

Member

• Mr. Mohamad Yasin B. Abdullah

Member

• Ms. Sudthida Chirapatsakul

Member

• Mr. Henry Koh Swee Ong

Member

• Mr. Peerasit Chiwabhong

Member

• Mr. Chuchart Suratepin

Member

• Mr. Prateep Chongcharoensuk

Member

• Mr. Kanthip Ngamrungnirun 2

Member

• Mr. Vichet Pornsinsiriruk

Member

17 NOMINATION COMMITTEE COMPENSATIONCOM MITTEE MANAGEMENT RISK COMMITTEE DERIVATIVES INVEST COMMITTEE CREDIT UNDERWRITING REVIEW COMMITTEE

INSTITUTIONAL RESEARCH RESEARCH

CEO’s OFFICE

CREDIT UNDERWRITING COMMITTEE

Remarks : Organization Chart as at 2 November, 2018

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

BOARD OF DIRECTOR’S MEMBERS

18

• Dr. Areepong Bhoocha-oom

Vice Chairman and Audit Commitee Member (With Effective from 16 October 2018)

• Doctorate Degree of Finance, University of Mississippi, USA
• Master Degree of Finance, Marshall University, USA
• achelor Degree of Internal Business Management, Boston University, USA
• Dr. Areepong is currently the Vice Chairman, the Independent Director and Member of Audit Committee of Maybank Kim Eng Securities

(Thailand) Plc. He has officially assumed the positions since October 2018. Prior to join MBKET, Dr. Areepong is the honorable executive and professional management in various industry businesses and well known organizations, such as the Permaent Secretary of Ministry of Finance, Permanent Secretary of Ministry of Energy and Permanent Secretary of Ministry of Tourism and Sports. He also acted as chairman of EGAT, TOT Plc., Government Housing Bank and Thai Airways International Plc.

• Mr. Areepong also held directorship in many well recognized firms such as PTT Plc., PTT Chemical Plc., AOT Plc., Aromatics (Thailand)
• Plc. and Ratchaburi Electricity Holding Plc.
• Dr. Areepong has no family relationship with any other directors and the major shareholder of MBKET. He also has no conflict of interest

with MBKET and has never been charged for any offence.

• Ms. Ami Moris
• Executive Director of MKET with effective from 1 December 2018
• Group CEO of Maybank Kim Eng Group with effective from 1 October 2018
• Bachelor of Arts in Mathematics & Politics, University of ESSEX, UK
• Master in History and Philosophy of Social and Political Science, University of ESSEX, UK

She is responsible for overseeing all of the investment banking, brokerage and derivatives businesses in Malaysia and across MKE’s regional platform. Ami joined Maybank IB in 2009 as Head, Equity Markets responsible for both the institutional and retail businesses. Ami played a leading role in the successful acquisition, integration, and subsequent management of Singapore-based Kim Eng Holdings, which transformed Maybank IB from a single-market entity into one of ASEAN’s leading investment banks. Under her leadership, MKE became ASEAN’s largest equities franchise and was voted Best Broker in Southeast Asia for the last five consecutive years. In Malaysia, Ami guided the business from a Bottom 10 position to Top 3, while being consistently voted Best Brokerage in Malaysia. Prior to her appointment as CEO, Maybank Kim Eng Group, Ami served as its Chief Operating Officer from 2015, overseeing the functions

• f the office of the Chief Executive Officer, MKE driving business strategy and management of the 10-country operating platform,

covering ASEAN-6, Hong Kong, India, United Kingdom and USA. Before joining Maybank IB, Ami was with Kenanga Investment Bank Bhd which she joined in 2001.

STRICTLY PRIVATE AND CONFIDENTIAL

THE VOICE OF THE ASEAN OPPORTUNITY

Maybank was one of the first to see the potential of ASEAN as a single

• marketplace. As a result of our

strategic expansion, we are now the largest investment bank in ASEAN and probably the most forward thinking in terms of our vision for shaping the way we bring ASEAN to the world. Among ASEAN corporates and global investors, through our highly personalised conversations, we have become known as

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MAYBANK KIM ENG THAILAND

OVERVIEW

STRICTLY PRIVATE AND CONFIDENTIAL *As at 31 December 2016 ** As at 3 May 2017

LEADERSHIP POSITION STRONG SHAREHOLDERS AND CREDIT RATINGS

2,400

Branches and

• ffices in more

than 20 countries

1,156

Branches in 10 ASEAN countries

5

International Financial Centres (IFCs)

MAYBANK

THE LEADING REGIONAL FINANCIAL SERVICES GROUP

• No. 1 bank in Malaysia: Conventional

and Islamic

• Top 5 bank in ASEAN
• ‘Brand of the Year’ for 3 consecutive

years by World Branding Awards

• ‘Best Islamic Financial Institution’ in

Malaysia by Global Finance Awards 2016

• Most Valuable Company on Bursa

Malaysia

• 48% owned by PNB and its funds and 15%

by EPF *

• Foreign shareholding 16.8% **
• A− credit rating, on par with Malaysia

sovereign

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK

A TRULY ASEAN FRANCHISE

Universal Banking Retail & Commercial Banking Investment Banking Affiliate/Representative Office BANK MARKET CAP

3 Mar 17 (USD Bil)

TOTAL ASSETS

31 Dec 16 (USD Bil) MALAYSIA SINGAPORE INDONESIA THAILAND PHILIPPINES BRUNEI VIETNAM CAMBODIA LAOS MYANMAR

1 DBS 34.2 333 2 BCA 28.5 51 3 OCBC 28.1 283 4 UOB 24.9 235 5 Maybank 20.0 164 6 Bank Mandiri 19.8 77 7 Public 17.2 85 8 SCB 15.0 81 9 CIMB 10.4 108 10 Bangkok 10.2 82 11 BDO 9.9 46 12 Metrobank 5.2 35 * Wholesale Banking license only

* * *

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK

TOP 5 BANK IN ASEAN1

5 .

863 1,039 1,256 1,350 1,476 1,620 1,971 2,197 2,519 3,071

CIMB Bank Mandiri Public Bank Siam Commercial Bank Central Asia Maybank Bank Rakyat Indonesia UOB OCBC DBS

51 74 77 81 85 108 164 235 283 333

Bank Central Asia Bank Rakyat Indonesia Bank Mandiri Siam Commercial Public Bank CIMB Maybank UOB OCBC DBS

38.1 55.7 56.3 56.5 71.7 74.9 109.2 176.5 180.7 240.1 30.8 49.0 49.9 54.1 65.5 72.2 108.3 156.0 152.2 211.1

Bank Central Asia Bank Rakyat Indonesia Bank Mandiri Siam Commercial Public Bank CIMB Maybank UOB OCBC DBS Loans Deposits 34.2 28.5 28.1 24.9 21.9 20.0 19.8 17.2 15.0 10.4

DBS Bank Central Asia OCBC UOB Bank Rakyat Indonesia Maybank Bank Mandiri Public Bank Siam Commercial CIMB

4.

Source: Bloomberg

TOTAL ASSETS (USD BIL): 31 DEC 2016 LOANS AND DEPOSITS (USD BIL): 31 DEC 2016 PATAMI (USD MIL): 12 MONTHS ENDED 31 DEC 2016 MARKET CAPITALISATION (USD BIL): 3 MAR 2017

4 . 6 .

22

STRICTLY PRIVATE AND CONFIDENTIAL

ASEAN INVESTMENT BANKING & ADVISORY1 (USD’M) ASEAN MERGERS & ACQUISITIONS1 (USD’M) ASEAN LOCAL CURRENCY BONDS1 (USD’M) GLOBAL SUKUK1 (USD’M)

MAYBANK KIM ENG

ASEAN’S INVESTMENT BANK

ASEAN EQUITY AND EQUITY LINKED & RIGHTS1 (USD’M)

Note: Based on Deal Volume Source: 1Dealogic, 2Bloomberg

1.

11,495 13,706 14,372 15,243 15,369 17,354 17,427 21,120 25,465 26,839

4.2% 5.0% 5.3% 5.6% 5.6% 6.4% 6.4% 7.7% 9.3% 9.8%

BoA Merrill … Citi CIMB Group BNP Paribas Morgan Stanley Credit Suisse DBS JPMorgan HSBC Maybank

1.

6,560 7,401 8,912 9,775 10,574 12,384 14,094 15,547 15,995 18,391

9.6% 10.8% 13.0% 14.3% 15.4% 18.1% 20.6% 22.7% 23.4% 26.9%

BoA Merrill Lynch Citi Goldman Sachs Rothschild & Co BNP Paribas Morgan Stanley Credit Suisse HSBC JPMorgan Maybank COUNTRY RANK MARKET SHARE TRADING VALUE (USD’M)

TH 1 8.2% 101,322 MY 3 10.2% 23,567 PH 8 4.8% 7,369 ID 10 3.3% 17,626 VN >10 2.2% 2,810 SG N/A 4.0% 15,413 HK Tier 2 0.9% 73,558

EQUITIES MARKET SHARE BY COUNTRY

1.

502 574 735 769 896 940 948 984 1104 1132

3.3% 3.8% 4.9% 5.1% 6.0% 6.2% 6.3% 6.5% 7.3% 7.5%

HSBC Mandiri Sekuritas PT Morgan Stanley Credit Suisse Deutsche Bank Citi CIMB DBS Group UBS Maybank

2.

1,390 1,464 1,465 2,634 2,636 2,905 3,038 3,878 4,602 5,329

3.3% 3.5% 3.5% 6.3% 6.3% 7.0% 7.3% 9.3% 11.0% 12.8%

Emirates NBD NBAD JP Morgan AmInvestment Dubai Islamic HSBC RHB Standard Chartered Maybank CIMB

2.

2,591 3,378 3,400 3,465 3,612 3,786 3,828 4,423 5,030 8,747 Bank of Ayudhya AmInvestment RHB Bangkok Bank Kasikornbank Krung Thai Bank Siam Commercial Bank DBS Maybank CIMB

23

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG

OUR BUSINESS PLATFORM

REGIONAL PRODUCTS SHELF

• Local and

Global Equities

• Fixed Income
• Contracts for

Difference

• Futures &

Options

PRIME SERVICES

• Providing funds, corporates and

family offices with access similar to the larger prime brokers

DISTRIBUTION CAPABILITIES

• Involved in notable major IPOs in

the region

• Far-reaching corporate access

and local insights of the economy and corporate landscape

REGIONAL RESEARCH NETWORK

• Reputable extensive to simplified

research coverage

• Innovativeness in delivery

methods

DISTRIBUTION NETWORK

• Maybank Group’s Regional

Network

• Investment centres/ touchpoints

in all key markets we operate in

SECURITIES FINANCING

• Trade in multiple markets with

multi-currency financing facility

OUR SOLUTIONS TO OUR CLIENTS

REGIONAL CORPORATE ACCESS

• Private non-deal, pre-IPO

roadshows and exclusive conferences designed to connect the fund managers and corporates

REGIONAL ACCOUNT MANAGEMENT

• Dedicated teams to manage and

service all the key accounts in the region

ONLINE TRADING PLATFORM

• Award winning multi-market and

multi-access trading capabilities

• Derivatives
• Leveraged

Forex

• Securities

Borrowing & Lending 24

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG

OUR THOUGHT LEADERSHIP

WE KNOW ASEAN. OUR PEOPLE ARE ON THE GROUND WITH RESEARCH TEAMS IN THE 6 KEY ASEAN ECONOMIES

Our award-winning analysts bring direct industry experience and cover all key sectors in the region. Our MSCI coverage is now 60-90% across markets and rising. The country teams in our home markets complement our regional sector teams to cover fast changing industry trends and thematics that will move markets.

85

Analysts, sector specialists, economist and strategist

550

Companies regionally covering more than

MALAYSIA SINGAPORE INDONESIA THAILAND HONG KONG / CHINA VIETNAM PHILIPPINES INDIA Technology Aviation Consumer Staples Gaming Financials Telecommu

• nications

Internet Oilfield Services Plantations Infrastructure Small & mid Caps

KEY SECTORS

Consumer Discretionary

25

STRICTLY PRIVATE AND CONFIDENTIAL

THE LARGEST PLACEMENT IN ASEAN SINCE FEBRUARY 2014

• Sime Darby Berhad
• USD 571.65 million
• Primary Placement

THAILAND’S LEADING RENEWABLE ENERGY COMPANY LISTING

• TPIPP’s Public Limited Company
• USD 500 million
• Initial Public Offering

THE FIRST CHINESE SPECIALISED LOGISTICS AND E-COMMERCE LOGISTICS REIT ON SGX

• EC World
• USD 256.20 million
• Initial Public Offering

THE SYNDICATION OF THE LARGEST AND MOST EFFICIENT RECOVERY PLANT IN SINGAPORE

• Tuasone Pte Ltd
• SGD 650.0 million
• Syndicated Project Financing

THE FIRST SOVEREIGN SUKUK WITHOUT UTILISING PHYSICAL ASSETS

• Malaysia Sukuk Global Berhad
• USD 1.50 billion
• Global Islamic Sukuk

THE SECOND LARGEST M&A DEAL IN INDONESIA

• Marlin Enterprise
• USD 425.0 million
• Senior Syndicated Facility

THE FIRST ISSUER TO GRADUATE FROM A GOVERNMENT GUARANTEE TO STAND- ALONE CREDIT

• Sarawak Hidro Sdn Bhd
• RM 5.54 billion
• Sukuk Murabahah Facility

THE LARGEST VESSEL FINANCING IN AFRICA FOR 2016

• Yinson Production (West Africa)

Pte Ltd

• USD 780.00 million
• Islamic Murabahah Term

Financing Facility

INDONESIA’S NATIONAL INFRASTRUCTURE FUNDING

• PT Sarana Multi Infrastruktur

(Persero)

• IDR 5.0 trillion
• Bond Issuance

MAYBANK KIM ENG

NOTABLE ASEAN DEALS FY2016

26

STRICTLY PRIVATE AND CONFIDENTIAL

ASIAMONEY BROKERS POLL AWARDS 2015

Malaysia: Best Local Brokerage: 1st Place Best for Overall Country Research: 1st Place Best Overall Sales Service: 1st Place Best Salesperson: 1st Place and 2nd Place Best Sales Trader: 1st Place Best Execution: 1st Place Best in Sales Trading: 1st Place Best for Events and/or Conferences: 1st Place Best for Roadshows and Company Visits: 1st Place Best Research Coverage for Macroeconomics, Banks, Diversified Financials, Insurance, Real Estate, Semiconductors and Semiconductor Equipment, Technology Hardware & Equipment, Utilities Thailand: Most Improved Brokerage Over the Last 12 Months: 1st Place

FINANCE ASIA COUNTRY AWARDS 2016

Best Brokerage House- Malaysia Best ECM House- Malaysia Best Brokerage House- Philippines

GLOBAL BANKING & FINANCE REVIEW AWARDS 2015

Most Innovative Research House Asia Best Corporate Access ASEAN Best IPO Deal Malaysia Best Project Finance Bank Malaysia Best Mobile Trading Platform Singapore Best IPO Deal Thailand Best Institutional Broker Indonesia Best Mobile Trading Platform Vietnam

HFM ASIA HEDGE FUND SERVICES

Best Prime Broker- Boutique, ASEAN

SHARE INVESTOR AWARDS 2015

Most Preferred CFD Provider, Singapore

ALPHA SOUTHEAST 10th ANNIVERSARY AWARDS 2016

Best Retail Broker in Indonesia (2007-2016) Best Retail Broker in Malaysia (2007-2016) Best Retail Broker in Philippines (2007-2016) Best Retail Broker in Thailand (2007-2016) Best Retail Broker in Singapore(2007-2016) Best Institutional Broker in Indonesia (2007-2016) Best Institutional Broker in Malaysia (2007-2016) Best Institutional Broker in Philippines (2007-2016) Best Institutional Broker in Thailand (2007-2016) Best Institutional Broker in Singapore (2007-2016) Best Broker in Southeast Asia (2007-2016)

FINANCE ASIA COUNTRY AWARDS 2015

Best Broker- Thailand Best Broker- Philippines

EUROMONEY AWARDS FOR EXCELLENCE 2016

Best Investment Bank in Malaysia

ASIAMONEY BEST BANK AWARDS 2015

Best Domestic Equity House in Malaysia

ASIAN BANKING AND FINANCE WHOLESALE BANKING AWARDS 2015

Maybank Kim Eng Group- International Project Finance Bank of the Year Syndicated Loan House of the Year- Malaysia

APLMA 4TH ASIA PACIFIC SYNDICATED LOAN AWARDS 2015

MAYBANK KIM ENG

BEST IN ASEAN

27

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

FINANCIAL HIGHLIGHTS

#1 BROKER IN THAILAND FOR THE PAST 15 CONSECUTIVE YEARS

28

STRICTLY PRIVATE AND CONFIDENTIAL

384 351 393 550 199 649 2,054 1,204 15,788 13,973 14,962 13,506 1,618 1,829 1,515 ,222

FY2015 FY2016 FY2017 FY2018 (Sep)

4,819 4,914 4,655 ,486 13,170 11,888 14,269 12,996

FY2015FY2016FY2017FY2018 (Sep)

MAYBANK KIM ENG THAILAND

OUR HEALTHY BALANCE SHEET

In THB’000 2015 2016 2017 2017 (Sep) 2018 (Sep) Total Asset 17,989,158 16,802,595 18,924,143 18,834,996 17,482,073 Total Liabilities 13,170,242 11,888,244 14,269,126 14,338,496 12,995,987 Total Shareholders' Equity 4,818,916 4,914,351 4,655,017 4,496,500 4,486,086 Total Income 3,969,184 3,668,575 3,261,083 2,430,705 2,209,409 Net Income 1,019,231 974,490 638,629 480,112 316,261 Net Income per share 1.79 1.71 1.12 0.84 0.55 The Weighted Average Number of Ordinary Share (Thousand Share) 570,814 570,814 570,814 570,814 570,814

ASSETS (THB’M) LIABILITIES & EQUITIES (THB’M)

Others Securities Business Receivable - Net Investments- Net Cash and Deposit with Financial Institution Liabilities Shareholders’ Equity

29

2015 2018 (Sep) 2017 2016 2015 2016 2017 2018 (Sep)

STRICTLY PRIVATE AND CONFIDENTIAL

RETURN ON EQUITY RETURN ON ASSETS GROSS / NET MARGINS VARIABLE / FIXED COST TO REVENUE

MAYBANK KIM ENG THAILAND

OUR FINANCIAL RATIOS

66.8% 65.6% 61.2% 26.5% 19.6% 14.3% Gross Margin Net Margin

30

36.3% 39.7% 45.7% 30.5% 35.4% 35.9%

Variable Fixed Cost

75.1% 81.6% 66.8%

5.8% 3.6% 2.3% 19.8% 13.4% 9.2%

* annualized to be full year * annualized to be full year

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR P&L

31

2015 2016 2017 2018* 2017 (Sep) 2018 (Sep) Total Revenues Total Expenses (excl. corporate tax) Net Profit

3,669 2,445 974 3,261 2,460 639 3,969 2,688 1,019 2,945 2,417 421 * annualized to be full year 1,830 2,209 2,431 480 1,813 316

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR COMMON SIZE FINANCIAL STATEMENT

COMMON SIZE FINANCIAL STATEMENT 2015 2016 2017 2018 Total Income 100% 100% 100% 100% Brokerage fees 66.11% 70.60% 60.67% 63.61% Fees and services income 4.25% 2.07% 8.37% 2.87% Gain(loss) on trading in securities 1.97% 1.94% 3.42% 1.76% Interest and Dividend Income 26.26% 23.93% 25.31% 29.58% Other income 1.41% 1.46% 2.23% 2.18% Total Cost 100% 100% 100% 100% Variable Cost 58.86% 54.34% 52.87% 55.99% Fixed Cost 41.14% 45.66% 47.13% 44.01% Total Assets 100% 100% 100% 100% Cash 2.16% 2.11% 2.08% 3.15% Investment 1.08% 3.84% 10.85% 6.89% Account Receivable 93.39% 89.33% 81.88% 84.47% Other Assets 3.37% 4.72% 5.19% 5.49% Total Liabilities 100% 100% 100% 100% Account Payable 18.10% 29.66% 26.61% 17.04% Accrued Expense 4.06% 4.22% 2.12% 1.75% Other Liabilities 77.84% 66.12% 71.27% 81.21%

32

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR CREDIT OUTLOOK & NCR

Details of Doubtful Account Receivable

2015 2016 2017 2018 Account receivables (Old Margin Loan) – NPL before 1999 240,486 240,486 240,486 240,486

Account receivables (New Margin Loan) – NPL after 1999

54,338 54,338

Account receivables - overdue cash a/c before 1999

807 807 807 807

Account receivables - overdue cash a/c after 1999

4,839 4,945 5,511 4,702

Accrued interest receivables - margin loans

14,185 14,185 14,185 14,185

Allowance for doubtful accounts

• 248,281
• 248,323
• 261,916
• 272,667

2015 2016 2017 2018

NCR 38.51 45.34 24.47 36.74 Allowance for doubtful accounts

2015 2016 2017 2018

Beginning balance of period 260,099 248,281 248,323 261,916 Add Doubtful accounts 347 192 13,698 11,615 Less Reversal of doubtful accounts

• 12,165
• 150
• 105
• 864

Ending balance of period 248,281 248,323 261,916 272,667 Bad Debt and Doubtful Accounts

2015 2016 2017 2018

Provision for new Doubtful Debt 347 192 13,698 11,615 Received payment from Doubtful Debt

• 12,165
• 150
• 105
• 864

Total

• 11,818

42 13,593 10,751

33

MAYBANK KIM ENG SECURITIES (THAILAND) PLC.

HEAD OFFICE : The Offices at Central World, 19th, 20th-21st Fl., 999/9 Rama I Road, Pathumwan Bangkok 10330, Thailand Telephone : 66 (2) 658-5000 Fax : 66 (2) 658-6301 Customer Service Hotline : Telephone: 66(2) 658-5050 Email: clientservice@maybank-ke.co.th Website: www.maybank-ke.co.th

DISCLAIMER

This presentation was prepared exclusively for the benefit and internal use of the recipient and does not carry any rights of reproducing any part of this discussion paper to any party. This presentation is preliminary in nature, and is incomplete without any proper reference to, and should be viewed solely in conjunction with, the oral briefing provided by The Maybank Group. No part of this document may be reproduced or copied in any form or by any means without prior written permission or consent of The Maybank Group. In preparing this presentation, we have assumed that all the information in all publicly available sources and those provided by the management and promoters are accurate and reasonable. Accordingly, the information has not been independently verified. No warranty

• r representation, express or implied, is made with respect to the information set out in this presentation, nor will The Maybank Group

be responsible for the consequence of reliance on any opinion or statement set out herein. Please note that this presentation is an outline on an indicative basis and does not represent a commitment from The Maybank Group to finance on behalf of the recipient of this presentation in any form. This presentation would include but are not limited to those summarised herein and are subject to market conditions at the time of documentation. This presentation was prepared based on regulations and guidelines currently in force which are subject to changes from time to time. If the time for the implementation of our recommendation extends into the future, our findings and recommendations may not necessarily apply due to changing business and regulation conditions. Accordingly, we suggest continual discussions, especially prior to any implementation of our recommendation to confirm its appropriateness. Prior to entering into any transaction contemplated hereby (a “Transaction”) you should determine, without reliance upon The Maybank Group, the economic risks and merits (and independently determine that you are able to assume these risks), as well as the legal, tax and accounting characterisations and consequences of any such Transaction. In this regard, by accepting this presentation, you acknowledge that (a) we are not in the business of providing (and you are not relying on The Maybank Group for) legal, tax or accounting advice, (b) there may be legal, tax or accounting risks associated with any Transaction, (c) you should receive (and rely on) separate and qualified legal, tax and accounting advice and (d) you should apprise senior management in your organisation as to such legal, tax and accounting advice (and any risks associated with any Transaction) and our disclaimer as to these matters.