Fundamental Equity Analysis - Thai SET 50 - SET50 Index.pdf by Q.M.S Advisors

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations Thailand SET 50 Index - SET50 Index November 2012

Q M S Advisors .

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

12742852

1803.013

1091

201

211

99.14

104.00

13.92

13.27

19.04

Euro Stoxx 50 Pr

EUR

2330798

5358.791

4558

753

768

135.30

297.48

29.54

14.54

13.44

20.44

NIKKEI 225

JPY

2071061

473.3133

225

4.81

6.92

0.29

0.22

0.20

0.14

FTSE 100 INDEX

GBP

2540663

11221.45

9356

1566

1630

674.42

814.83

21.59

19.28

17.87

26.11

SWISS MARKET INDEX

CHF

893722

10231.37

3899

829

792

367.55

515.04

20.28

18.01

14.47

22.59

S&P/TSX COMPOSITE INDEX

CAD

1642941

16532.31

7739

1893

1926

804.52

845.08

15.18

14.45

25.07

S&P/ASX 200 INDEX

AUD

1250454

6141.325

2910

654

699

268.72

346.27

18.00

15.10

13.97

24.17

HANG SENG INDEX

HKD

1599195

3082.598

1448

345

360

251.85

246.18

1.42

1.51

1.45

3.09

MSCI EM

USD

7255536

1370.921

977

181

79.79

87.43

12.42

12.69

11.33

18.68

ADVANCED INFO SERVICE PCL

THB

18339

2822

2973

18.16

4563

4814

1852

1974

527

0.26

0.33

0.39

0.43

0.61

0.51

0.47

0.44

0.29

0.31

0.20

1.45

A-

24.10.2005

AIRPORTS OF THAILAND PCL

THB

3963

4493

1429

4.87

935

978

993

1081

492

495

116

0.12

0.14

0.18

0.77

0.63

0.51

0.63

0.47

0.83

0.38

1.65

BANGCHAK PETROLEUM PCL

THB

1236

4654

1377

1.92

5177

5270

5110

6246

294

179

0.15

0.08

0.09

0.11

0.35

0.37

0.32

0.26

0.53

0.36

2.56

2.34

0.11

BANGKOK BANK PUBLIC CO LTD

THB

11120

4503

1909

#VALUE!

3762

4134

2853

3142

0.52

0.56

0.65

0.36

0.34

0.29

0.62

0.19

BBB+

01.11.2006

BANGKOK DUSIT MED SERVICE

THB

5372

2986

1545

5.98

1183

1365

1422

1579

261

302

0.14

0.13

0.14

0.80

0.86

0.80

1.72

0.73

1.67

0.53

0.72

BANGKOK LIFE ASSURANCE PCL

THB

1701

1484

1200

1.65

1178

1296

1359

1515

0.09

0.08

0.10

0.12

0.59

0.60

0.46

0.38

0.69

BANK OF AYUDHYA PCL

THB

5699

8153

6074

#VALUE!

2450

2614

1992

2218

0.06

0.08

0.10

0.50

0.38

0.31

0.50

0.41

BBB-

28.09.2005

BANPU PUBLIC CO LTD

THB

3379

699

272

6.04

3669

3911

3734

3812

967

980

193

1.36

1.28

1.34

0.30

0.32

0.30

2.36

1.18

4.14

1.27

0.81

BEC WORLD PUBLIC CO LTD

THB

3655

1311

2000

3.51

418

454

471

514

229

251

0.07

0.08

0.09

0.85

0.77

0.67

0.30

0.42

0.28

0.43

1.80

BERLI JUCKER PUBLIC CO LTD

THB

3097

3764

1588

3.52

1019

1176

1218

1393

159

163

0.05

0.06

1.31

1.25

1.03

0.71

0.51

0.50

0.53

0.45

BIG C SUPERCENTER PCL

THB

4874

347

801

5.78

3575

3758

3775

4128

378

376

0.27

0.25

0.29

0.71

0.79

0.66

1.56

0.48

2.53

0.57

0.33

BTS GROUP HOLDINGS PCL

THB

2204

498941

9150

3.06

260

291

328

394

149

163

161

0.01

1.15

1.03

1.11

1.15

4.96

2.99

1.92

BUMRUNGRAD HOSPITAL PUB CO

THB

1795

233

728

1.77

0.06

0.12

0.10

0.68

0.82

0.78

0.41

0.29

0.53

0.24

0.77

CENTRAL PATTANA PUB CO LTD

THB

5049

4172

2179

5.88

390

468

560

625

154

212

0.05

0.06

0.07

1.52

1.17

1.04

0.44

0.60

0.71

0.24

1.48

CHAROEN POKPHAND FOODS PUB

THB

9097

38464

6656

13.56

6726

10301

10956

12692

635

586

159

0.10

0.07

0.09

0.39

0.53

0.44

0.29

0.81

0.50

0.86

0.19

CP ALL PCL

THB

11947

21133

8986

11.10

5070

5754

6153

7059

361

385

111

0.04

0.05

1.21

1.12

0.91

0.49

0.42

0.35

5.22

0.23

DELTA ELECTRONICS THAI PCL

THB

1232

5882

1247

0.95

1254

1293

1292

1362

101

106

0.11

0.09

0.29

0.36

0.34

0.25

0.32

-0.96

-0.04

0.28

DYNASTY CERAMIC PUB CO LTD

THB

556

2708

408

0.58

235

241

248

269

0.10

0.12

0.46

0.43

0.38

0.40

-0.06

0.31

0.82

ELECTRICITY GENERATING PCL

THB

2268

416

526

3.18

250

357

372

459

0.31

0.65

0.47

0.41

0.22

0.23

0.30

0.34

-0.36

0.61

-1.15

-0.81

0.97

ESSO THAILAND PCL

THB

1186

14293

3461

2.20

6714

7392

7396

7630

149

169

0.01

-0.02

0.03

0.04

0.33

0.28

0.48

0.30

-0.32

0.02

GLOW ENERGY PCL

THB

3414

478

1463

5.83

1317

1663

1856

2204

303

360

155

0.10

0.12

0.19

0.74

0.63

0.41

0.43

0.49

0.11

0.04

0.71

HEMARAJ LAND DEVELOPMENT PCL

THB

995

9714

9705

1.21

135

193

203

240

0.01

0.64

0.45

0.34

-0.13

0.40

0.28

0.03

1.18

HOME PRODUCT CENTER PCL

THB

2711

12878

7004

2.84

926

1074

1169

1392

102

0.01

0.02

1.25

0.95

0.75

0.58

0.54

0.83

0.66

0.31

INDORAMA VENTURES PCL

THB

4164

4937

4814

6.71

6074

6569

7601

8715

509

360

139

0.03

0.06

0.08

0.90

0.47

0.34

3.01

0.78

0.18

IRPC PCL

THB

2814

20163

20310

4.03

8058

8972

9026

9142

343

110

156

0.01

-0.01

0.00

0.01

0.92

0.40

0.37

0.26

0.80

0.19

0.04

BBB-

28.07.2009

Baa3

15.05.2007

KASIKORNBANK PCL

THB

14255

6300

2393

#VALUE!

5055

5763

3429

3851

0.42

0.48

0.57

0.47

0.40

0.34

0.93

0.74

BBB+

06.12.2011

(P)A3

13.09.2012

KRUNG THAI BANK PUB CO LTD

THB

8484

27677

11883

#VALUE!

3369

3529

2548

2845

0.05

0.07

0.30

0.36

0.29

0.27

1.07

0.12

BBB

28.04.2006

LAND & HOUSES PUB CO LTD

THB

2863

18675

10026

3.72

628

691

717

793

116

130

0.02

0.55

0.62

0.55

0.45

0.20

-0.09

0.62

MINOR INTERNATIONAL PCL

THB

2313

3233

3603

2.97

853

991

1029

1129

149

187

0.02

0.03

0.88

0.96

0.79

0.66

1.44

0.66

1.27

0.39

0.63

PRUKSA REAL ESTATE PCL

THB

1414

3346

2209

1.97

759

761

860

1020

138

136

0.04

0.05

0.07

0.47

0.39

0.31

-0.01

1.04

-0.36

0.64

0.60

PTT EXPLOR & PROD PUBLIC CO

THB

17824

1938

3320

22.78

5537

6593

6563

7751

3945

4789

1232

0.44

0.58

0.54

0.59

0.30

0.29

0.32

0.30

0.67

0.77

0.67

0.43

2.37

BBB+

17.02.2011

Baa1

28.03.2011

PTT GLOBAL CHEMICAL PCL

THB

9124

7436

4506

12.67

16328

17407

17510

501

0.22

0.21

0.24

0.30

0.31

0.28

1.07

BBB

21.10.2011

Baa2

21.09.2012

PTT PCL

THB

29551

1738

2856

43.40

79248

85465

86017

91002

6611

6591

1881

1.20

0.96

1.22

1.35

0.35

0.28

0.25

0.91

0.59

0.71

0.23

0.25

BBB+

15.04.2009

Baa1

21.02.2011

RATCHABURI ELEC GEN HODG PUB

THB

2555

303

1450

3.40

1418

1734

1629

1620

317

358

0.15

0.13

0.39

0.44

0.45

0.10

0.37

0.65

0.05

0.67

BBB+

06.01.2011

ROBINSON DEPARTMENT STORE PU

THB

2256

1059

1111

2.21

575

665

743

918

0.05

0.06

0.08

1.31

1.07

0.82

0.63

0.44

1.38

0.34

0.25

SHIN CORP PCL

THB

6279

10515

3206

6.65

282

297

310

334

0.12

0.19

0.14

0.16

0.34

0.46

0.41

0.28

-0.10

2.27

0.56

0.98

SIAM CEMENT PUBLIC CO LTD

THB

15117

597

1200

20.15

12029

12913

13286

14200

1179

1076

367

0.54

0.68

0.93

0.76

0.61

0.44

0.73

0.32

-0.22

-0.16

0.27

SIAM CITY CEMENT PUB CO LTD

THB

3348

230

3.45

756

804

837

912

182

168

0.46

0.58

0.68

1.04

0.82

0.70

0.34

0.11

0.61

-0.05

0.68

SIAM COMMERCIAL BANK PUB CO

THB

17666

4581

3393

#VALUE!

4678

5017

3306

3740

0.35

0.36

0.39

0.47

0.48

0.43

0.36

2.28

0.41

BBB+

23.12.2010

02.11.2002

SIAM MAKRO PUBLIC CO LTD

THB

3368

388

240

3.36

3234

3616

3690

4136

143

160

0.35

0.42

0.46

0.57

1.10

0.99

0.81

0.40

0.43

0.92

0.58

0.14

SUPALAI PUBLIC COMPANY LTD

THB

1031

2741

1717

1.23

414

284

443

492

134

0.03

0.06

0.07

0.66

0.34

0.29

0.47

0.85

0.22

0.79

0.95

THAI AIRWAYS INTERNATIONAL

THB

1553

14075

2183

5.51

6234

6432

6817

7138

605

695

257

-0.01

0.06

0.08

0.36

0.31

0.19

0.06

-1.28

0.07

0.35

THAI OIL PCL

THB

4328

2841

2040

5.08

14564

14536

14092

13846

872

608

232

0.20

0.22

0.35

0.34

0.32

1.31

0.55

2.64

0.06

0.14

BBB

01.11.2006

THAI UNION FROZEN PROD PUB

THB

2697

1199

1016

3.82

3220

3472

3635

4026

302

336

143

0.16

0.17

0.16

0.19

0.44

0.47

0.40

1.24

0.56

3.10

0.67

0.32

THANACHART CAPITAL PCL

THB

1512

4588

1278

#VALUE!

2181

2308

1280

1483

0.13

0.14

0.18

0.30

0.28

0.22

0.71

0.66

TISCO FINANCIAL GROUP PCL

THB

1134

1084

728

#VALUE!

538

644

403

468

0.15

0.17

0.19

0.34

0.30

0.26

0.76

TMB BANK PCL

THB

2658

36814

43529

#VALUE!

1124

1258

764

847

0.00

0.68

0.55

0.54

0.52

1.16

0.12

BB+

09.10.2007

TOTAL ACCESS COMMUNICATION

THB

6279

2486

2368

6.47

2579

2788

2835

2977

887

853

217

0.15

0.16

0.17

0.57

0.54

0.52

0.33

0.18

0.26

0.30

1.00

10.07.2008

31.05.2006

TPI POLENE PUBLIC CO LTD

THB

1041

24299

2019

1.20

801

780

823

870

167

0.12

0.02

0.03

0.14

0.91

0.49

0.11

0.02

1.67

0.38

0.37

TRUE CORP PCL

THB

2244

32985

14503

4.85

2348

2611

2746

2920

577

542

120

-0.01

#VALUE!

0.50

0.21

-0.33

0.00

0.68

11.09.2009

03.04.2006

4127

4457

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

2013

2014

2015

2016

2012

%D to Spot

S&P 500 INDEX

2.04

1.86

1.70

2.04

1.26

1.22

1.17

1.26

9.06

8.57

8.31

9.06

8.56

8.00

7.45

8.56

13.27

12.00

10.73

13.27

2.30

2.49

2.69

2.30

1601.1

16.0%

Euro Stoxx 50 Pr

1.10

1.05

0.99

1.10

0.69

0.68

0.66

0.69

5.05

4.82

4.47

5.05

6.98

6.69

6.33

6.98

10.57

9.71

8.81

10.57

4.31

4.76

5.12

4.31

2735.1

10.6%

NIKKEI 225

1.06

1.00

0.93

1.06

0.48

0.45

0.46

0.48

6.32

5.73

5.45

6.32

10.36

6.14

5.36

10.36

15.78

13.25

10.65

15.78

2.37

2.39

2.73

2.37

9784.9

12.8%

FTSE 100 INDEX

1.60

1.49

1.38

1.60

0.98

0.96

0.93

0.98

7.46

6.82

5.51

7.46

6.89

6.41

6.00

6.89

11.26

10.31

9.41

11.26

4.10

4.32

4.63

4.10

6350.8

9.9%

SWISS MARKET INDEX

2.14

2.00

1.86

2.14

1.81

1.72

1.63

1.81

11.85

10.34

9.12

11.85

12.92

11.92

11.09

12.92

13.72

12.41

11.23

13.72

3.52

3.82

4.21

3.52

7259.5

8.4%

S&P/TSX COMPOSITE INDEX

1.68

1.55

1.44

1.68

1.58

1.47

1.38

1.58

8.54

7.63

7.09

8.54

8.58

7.42

6.82

8.58

14.46

12.53

11.36

14.46

3.05

3.22

3.28

3.05

14249.1

16.6%

S&P/ASX 200 INDEX

1.68

1.59

1.50

1.68

1.59

1.49

1.41

1.59

9.83

8.92

6.68

9.83

8.78

7.73

7.15

8.78

13.39

11.98

11.00

13.39

4.88

5.23

5.62

4.88

4732.3

6.4%

HANG SENG INDEX

1.39

1.28

1.17

1.39

1.91

1.77

1.64

1.91

7.16

6.61

6.30

7.16

8.57

7.78

7.14

8.57

11.23

10.35

9.40

11.23

3.46

3.70

4.03

3.46

23191.6

8.2%

MSCI EM

1.51

1.36

1.24

1.51

1.01

0.94

0.88

1.01

7.14

6.47

5.15

7.14

7.59

6.78

6.20

7.59

11.33

9.93

9.01

11.33

2.89

3.07

3.42

2.89

1138.9

14.9%

ADVANCED INFO SERVICE PCL

13.85

12.78

12.37

12.20

4.56

4.02

3.81

3.54

3.74

12.84

11.56

10.69

7.92

9.75

8.84

8.33

7.42

7.46

22.50

15.65

14.42

12.81

4.26

6.38

6.95

7.78

230.81

22.1%

AIRPORTS OF THAILAND PCL

1.61

1.60

1.50

1.39

4.33

3.99

3.66

3.29

2.97

9.82

13.65

10.31

9.06

9.92

9.44

8.78

7.65

7.02

36.14

19.44

15.71

13.02

1.14

2.12

2.70

3.40

83.29

-2.0%

BANGCHAK PETROLEUM PCL

1.23

1.17

1.07

1.00

0.24

0.20

6.41

6.46

7.07

5.73

6.47

8.10

6.57

6.06

4.96

6.43

9.71

8.09

7.62

5.02

4.12

4.90

5.05

28.89

5.0%

BANGKOK BANK PUBLIC CO LTD

1.39

1.29

1.18

1.08

4.09

3.90

3.54

3.23

7.33

20.45

16.92

14.49

12.13

10.34

8.99

8.03

3.22

3.82

4.35

4.82

225.43

26.3%

BANGKOK DUSIT MED SERVICE

5.42

4.40

4.03

3.66

4.62

3.78

3.40

3.00

23.43

15.40

15.44

14.72

39.50

26.41

24.57

20.71

1.16

1.48

1.78

2.13

121.41

14.0%

BANGKOK LIFE ASSURANCE PCL

3.69

3.12

2.56

2.11

1.52

1.25

1.12

1.00

12.90

14.18

11.55

9.51

1.94

1.77

2.17

2.69

47.78

10.5%

BANK OF AYUDHYA PCL

1.67

1.56

1.41

1.27

3.10

2.86

2.57

2.31

15.65

11.50

9.44

8.10

2.47

3.29

4.08

4.82

36.35

26.4%

BANPU PUBLIC CO LTD

1.33

1.25

1.16

1.06

0.96

0.91

0.89

0.83

6.25

9.72

9.28

7.89

5.01

4.28

4.39

5.03

469.90

23.3%

BEC WORLD PUBLIC CO LTD

14.35

14.01

13.39

12.84

8.86

7.76

7.11

BERLI JUCKER PUBLIC CO LTD

7.13

6.31

5.67

5.02

3.09

2.54

BIG C SUPERCENTER PCL

6.46

4.69

4.05

3.45

1.38

BTS GROUP HOLDINGS PCL

1.58

1.60

1.61

1.54

8.61

BUMRUNGRAD HOSPITAL PUB CO

8.17

6.75

6.05

5.29

CENTRAL PATTANA PUB CO LTD

7.69

6.35

5.63

1.35

12.81

11.50

8.98

7.49

4.35

6.53

5.55

4.98

6.54

22.39

17.55

15.20

2.22

1.96

29.88

19.98

17.02

1.29

1.18

1.05

17.27

18.14

6.73

5.59

5.04

18.70

48.50

4.93

4.28

3.80

3.39

27.81

4.99

12.94

9.01

8.08

7.15

1.03

0.71

21.21

5.93

17.47

15.61

14.08

12.09

4.64

12.88

5.25

3.06

6.25

6.46

6.57

5.88

13.83

15.59

13.57

12.15

11.20

30.79

23.69

20.49

18.60

3.09

4.07

4.74

5.23

58.05

3.7%

14.90

23.10

18.69

15.99

13.77

45.54

38.25

31.65

26.56

0.97

1.30

1.50

1.79

48.17

-19.4%

11.61

9.41

16.69

13.42

12.01

10.51

38.38

24.08

20.19

17.09

1.30

1.41

1.75

2.16

208.62

15.3%

13.52

13.87

24.16

18.98

16.37

15.20

52.44

31.62

33.95

27.92

2.50

3.05

2.31

2.53

6.95

7.8%

11.67

15.71

16.45

19.35

15.77

14.30

12.52

10.94

36.99

25.03

23.93

21.37

1.45

2.09

2.15

2.43

82.56

9.4%

35.86

16.28

17.09

14.15

35.44

21.69

19.18

17.66

14.97

81.70

35.99

31.80

27.44

0.48

1.02

1.13

1.32

65.27

-8.1%

CHAROEN POKPHAND FOODS PUB

3.77

2.75

2.48

2.20

1.33

0.83

0.72

0.64

13.67

20.59

11.77

10.02

18.29

16.60

12.32

11.01

15.94

16.29

13.56

11.60

3.40

3.38

3.72

4.28

38.82

7.8%

CP ALL PCL

18.02

14.16

13.11

10.80

2.32

1.94

1.69

1.49

30.32

26.29

22.29

18.72

24.27

20.21

17.78

15.26

45.38

34.30

27.89

23.61

1.77

2.36

2.90

3.37

43.42

6.5%

DELTA ELECTRONICS THAI PCL

1.89

1.80

1.66

1.55

1.00

0.95

0.90

0.85

11.98

9.74

9.35

9.76

8.75

6.50

6.21

5.92

14.09

11.00

10.42

9.52

4.96

5.26

5.71

30.99

2.4%

DYNASTY CERAMIC PUB CO LTD

6.17

6.48

6.21

6.00

2.38

2.24

2.06

1.93

10.39

10.73

9.80

9.33

8.24

9.34

8.55

7.90

13.37

13.33

11.68

10.67

7.44

7.50

8.51

9.21

52.38

25.5%

ELECTRICITY GENERATING PCL

1.22

1.09

1.04

0.96

8.96

6.10

4.94

4.63

15.84

15.70

9.64

30.52

20.40

17.58

15.00

10.35

12.14

9.16

10.47

10.26

3.99

4.02

4.05

4.10

134.49

1.9%

ESSO THAILAND PCL

1.33

1.23

1.15

0.17

0.16

0.17

6.09

10.50

3.39

5.53

7.60

8.53

8.01

8.47

8.42

8.69

10.12

8.43

8.31

4.43

4.10

5.03

5.61

10.89

3.7%

GLOW ENERGY PCL

2.97

2.82

2.53

2.28

2.67

1.84

1.55

1.52

17.26

9.99

7.31

6.51

18.46

13.10

9.48

9.24

9.88

25.14

19.23

12.47

11.82

2.69

2.96

3.87

4.09

HEMARAJ LAND DEVELOPMENT PCL

3.42

2.90

2.47

2.15

8.03

4.89

4.15

4.16

54.14

16.35

11.50

11.76

29.47

15.44

12.97

14.24

58.15

13.83

10.33

9.49

1.02

3.28

4.59

HOME PRODUCT CENTER PCL

10.03

8.08

6.85

5.68

2.88

2.32

1.95

1.67

24.48

20.00

15.47

15.53

22.07

17.35

14.27

11.97

42.29

29.21

23.00

19.28

1.52

1.83

INDORAMA VENTURES PCL

2.01

1.97

1.72

1.55

0.69

0.55

0.48

0.47

7.10

11.03

8.47

6.25

10.75

12.86

9.66

8.48

7.85

8.47

14.29

10.47

9.08

3.46

2.38

IRPC PCL

1.09

1.13

1.06

1.01

0.35

0.31

6.61

9.04

7.67

7.77

11.26

13.88

8.89

8.12

7.97

13.02

28.13

12.38

10.74

3.89

KASIKORNBANK PCL

2.81

2.38

2.01

1.73

4.51

4.16

3.70

3.31

9.14

12.53

10.52

8.74

16.63

12.37

10.36

9.14

KRUNG THAI BANK PUB CO LTD

1.65

1.42

1.28

1.15

3.78

3.33

2.98

2.71

12.61

8.77

8.30

7.13

LAND & HOUSES PUB CO LTD

3.00

2.88

2.77

2.67

4.83

3.99

3.61

3.25

65.30

32.89

26.28

59.52

MINOR INTERNATIONAL PCL

4.59

4.09

3.57

3.11

2.77

2.25

2.05

1.95

1.80

15.56

12.61

11.44

10.93

PRUKSA REAL ESTATE PCL

2.55

2.20

1.88

1.62

1.86

1.64

1.39

1.26

11.08

10.27

8.88

PTT EXPLOR & PROD PUBLIC CO

2.74

2.20

1.86

1.60

1.63

3.29

2.72

2.30

2.21

2.08

7.20

5.68

5.49

5.29

4.81

PTT GLOBAL CHEMICAL PCL

1.21

1.27

1.16

1.09

0.98

0.57

0.52

0.53

0.52

6.69

6.59

5.62

5.74

PTT PCL

1.56

1.41

1.24

1.13

1.04

0.40

0.34

0.32

0.31

6.04

5.54

4.88

4.41

RATCHABURI ELEC GEN HODG PUB

1.59

1.53

1.46

1.40

1.29

1.74

1.57

1.58

1.53

1.43

35.11

9.20

10.51

ROBINSON DEPARTMENT STORE PU

7.78

6.78

5.82

4.97

3.82

3.04

2.46

2.03

1.73

34.24

23.64

SHIN CORP PCL

7.28

8.39

8.12

10.31

21.88

20.25

18.77

16.69

11.76

SIAM CEMENT PUBLIC CO LTD

3.16

3.02

2.67

2.35

1.27

1.14

1.06

1.02

13.16

SIAM CITY CEMENT PUB CO LTD

6.07

5.71

5.45

5.12

4.51

4.00

3.67

3.37

SIAM COMMERCIAL BANK PUB CO

2.98

2.53

2.19

1.90

5.87

5.34

4.72

SIAM MAKRO PUBLIC CO LTD

10.57

9.95

9.23

8.50

1.05

0.91

0.81

SUPALAI PUBLIC COMPANY LTD

2.99

2.50

2.13

1.81

2.52

2.33

THAI AIRWAYS INTERNATIONAL

0.67

0.70

0.66

0.61

0.25

THAI OIL PCL

1.62

1.51

1.39

1.30

0.31

THAI UNION FROZEN PROD PUB

2.92

2.23

2.05

1.85

THANACHART CAPITAL PCL

1.22

1.11

0.94

TISCO FINANCIAL GROUP PCL

2.12

1.93

1.71

TMB BANK PCL

1.54

1.47

TOTAL ACCESS COMMUNICATION

2.87

TPI POLENE PUBLIC CO LTD

0.51

TRUE CORP PCL

3.78

0.90

2.12

0.99

1.09

4.62

1.56

0.27

11.11

8.27

72.43

1.3%

5.16

3.55

13.0%

2.25

2.77

13.11

11.1%

3.16

3.58

33.75

27.4%

2.13

4.10

4.60

1.77

1.92

2.33

3.48

4.19

3.99

4.30

1.18

6.87

4.46

5.8%

2.61

217.28

19.1%

4.68

5.24

21.81

17.3%

4.73

5.30

8.76

0.2%

1.55

1.93

2.16

18.87

-2.2%

8.94

8.18

7.37

18.90

16.92

15.46

30.49

24.13

20.27

17.90

15.54

11.84

9.63

8.79

2.11

2.62

3.21

3.61

12.59

9.95

9.17

9.00

9.24

3.10

3.77

4.22

4.30

6.60

6.08

8.63

9.58

8.57

8.33

7.45

4.35

4.28

4.84

5.12

5.44

8.54

8.51

7.67

7.18

7.89

3.93

4.11

4.47

4.74

9.65

10.21

13.75

13.63

13.67

13.28

11.97

4.24

4.22

4.29

4.33

14.78

11.97

10.22

45.54

32.73

25.10

20.15

1.02

1.45

1.90

2.50

97.41

84.91

68.92

18.35

14.21

12.54

11.72

9.13

6.99

7.76

14.14

11.47

9.93

9.46

16.42

18.59

13.52

11.05

3.26

3.04

3.77

18.16

17.59

15.94

13.92

12.10

29.57

25.07

21.38

18.50

3.02

3.36

14.93

13.19

11.09

9.58

2.35

12.33

22.44

18.45

15.72

13.57

11.63

41.97

30.31

24.82

21.23

2.06

14.56

13.14

9.27

8.86

8.06

6.95

12.13

10.35

9.02

7.57

1.91

1.84

1.75

7.94

5.67

5.07

4.57

6.09

5.31

6.03

5.38

6.65

6.42

6.52

19.83

12.84

11.11

9.91

12.54

10.61

9.47

8.56

2.15

5.73

18.30

15.66

14.00

3.14

2.82

10.39

17.00

15.58

12.47

2.21

2.11

1.99

8.56

11.25

7.82

6.54

7.27

7.33

6.80

5.85

1.27

1.20

1.15

11.21

8.23

7.35

6.50

10.01

7.86

7.26

0.82

0.77

0.74

3.53

3.92

4.51

7.97

8.34

7.22

6.42

21.93

20.52

19.59

14.77

12.95

12.20

14.51

11.84

10.07

9.16

5.97

4.85

4.19

4.02

5.18

6.88

7.49

6.84

6.68

4.42

6.41

5.81

5.32

4.98

9.20

11.18

10.10

10.06

17.32

13.76

24.83

18.95

26.09

15.93

8.33

119.90

12.84

10.69

9.03

13.22

26.56

21.25

18.17

16.03

4.18

11.07

25.77

20.77

17.53

0.73

30.55

19.23

15.29

2.10

1.79

15.97

15.75

0.23

0.22

0.20

2.90

0.31

6.36

0.85

0.74

0.67

0.61

0.86

1.16

1.18

1.02

1.01

1.50

3.07

2.81

2.43

1.38

1.28

3.93

3.48

5.06

4.88

4.51

2.47

0.52

0.51

0.48

1.28

4.14

4.71

4.75

1.01

0.29

2.03

3.94

10.10

6.34

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

11.28

6.37

6.44

6.86

4.66

20.93

24.23

1.26

11.47

4.14

10.86 31.06

3.08

8.71

17.55

16.38

20.94

6.8%

182.02

10.7%

5.37

73.35

18.3%

4.03

384.20

21.2%

4.44

51.92

-3.9%

70.29

12.9%

8.49

76.42

27.4%

4.51

404.09

4.7%

4.08

4.55

351.20

-21.3%

2.71

3.20

3.56

192.58

20.7%

2.89

3.57

4.09

410.69

-4.5%

3.53

4.08

4.72

5.67

20.56

11.7%

0.00

2.15

2.47

3.00

25.85

18.6%

4.81

4.12

4.47

4.38

11.10

9.38

6.61

8.60

10.37

9.79

10.13

16.18

14.35

12.12

10.92

1.70

3.10

3.91

9.34

8.57

6.65

6.91

3.24

3.49

10.40

9.28

8.10

7.17

5.02

5.17

18.51

16.70

15.85

12.90

1.60

16.55

16.68

15.91

13.44

10.53

27.87

14.86

12.76 169.29

10.74

4.22

71.29

9.7%

4.62

86.27

19.8%

4.33

4.26

42.56

17.4%

5.77

6.35

49.81

4.3%

1.82

2.19

2.89

1.67

-10.6%

16.08

6.35

5.94

6.64

101.64

25.1%

3.34

0.59

1.18

1.43

13.16

-16.7%

0.00

3.74

-21.1%

12.11.2012

Advanced Info Service PCL Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services. The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

Price/Volume 250

16.0 M 14.0 M

200

12.0 M 10.0 M

150

8.0 M

Valuation Analysis

100

Latest Fiscal Year: LTM as of: 52-Week High (24.08.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ADVANC TB EQUITY YTD Change ADVANC TB EQUITY YTD % CHANGE

12/2011 09/yy 227.00 136.00 2'822'000.00 189 -16.74% 38.97% 56.59% 2'973.1 561'915.00 22'005.84 0.0 209.9 19'087.35 556'477.82

6.0 M 4.0 M

2.0 M

0 n-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 56'752.69 EBIT 39'077.41 Operating Margin 30.91% Pretax Margin 29.03% Return on Assets 33.29% Return on Common Equity 84.67% Return on Capital 49.63% Asset Turnover 1.51% Margin Analysis Gross Margin 39.7% EBITDA Margin 44.3% EBIT Margin 32.6% Net Income Margin 17.6% Structure Current Ratio 1.12 Quick Ratio 0.88 Debt to Assets 25.39% Tot Debt to Common Equity 56.06% Accounts Receivable Turnover 19.24 Inventory Turnover 111.03 Price/ Cash Flow

LTM

FY+1

0.63 1'573.72 46.31% 41.62% 0.632 33 4.152 10'054'580 6'447'017 5'205'396 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 123'420.1 136'552.2 139'802.4 147'501.6 35'611.8 38'065.7 10.21x 15.54x 4.00x 3.86x 15.25x 56'177.3 60'493.0 62'944.1 66'797.9 16'151.5 16'354.5 7.01x 10.43x 8.84x 8.33x 8.65x 8.70x 24'352.6 30'086.6 35'870.9 39'195.9 9'301.8 9'743.0 15.61x 21.14x 15.65x 14.42x 14.71x 14.63x S&P Issuer Ratings Long-Term Rating Date 03.11.2005 Long-Term Rating ALong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 34.07 (EBITDA-Capex)/Interest Exp. 32.17 Net Debt/EBITDA -0.09 Total Debt/EBITDA 0.33 Reference Total Debt/Equity 56.1% Total Debt/Capital 35.8% Asset Turnover 1.51 Net Fixed Asset Turnover 3.18 Accounts receivable turnover-days 19.02 Inventory Days 3.30 Accounts Payable Turnover Day 16.35 Cash Conversion Cycle 9.27 Sales/Revenue/Turnover

14.00

140'000.0

12.00

120'000.0

10.00

100'000.0

8.00

80'000.0

6.00

60'000.0

4.00

40'000.0

2.00

20'000.0

0.00 02.01.2009

.0 M d-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Advanced Info Service PCL Holdings By:

All

Holder Name SHIN CORP PCL SINGTEL STRATEGIC IN THAI NVDR CO LTD THAI TRUST FUND MGMT STATE STREET BANK EU STATE STREET BANK AN VANGUARD GROUP INC SOCIAL SECURITY OFFI BANK OF NEW YORK MEL UMB BANK N A TMB ASSET MANAGEMENT MORGAN STANLEY TD ASSET MANAGEMENT JP MORGAN INVESTMENT MACQUARIE GROUP LTD WILLIAM BLAIR & CO L WILLIAM BLAIR & CO L DAIWA SB INVESTMENTS THOMAS WHITE INTERNA KBC GROUP NV

Firm Name Bualuang Securities Kasikorn Securities Nomura Finansia Syrus Securities PCL Asia Plus Securities Country Group Securities PCL KT Zmico Securities KGI Securities DBS Vickers CIMB Daiwa Securities Co. Ltd. OSK (Asia) Securities Phillip Securities SCB Securities Co. Ltd. Krungsri Securities UOB Kay Hian IV Global Trinity Securities Morgan Stanley Goldman Sachs Credit Suisse JPMorgan HSBC Macquarie BNP Paribas Equity Research EVA Dimensions Deutsche Bank Thanachart Securities PCL Globlex Securities Co Ltd KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios WILLIAM BLAIR SICAVMultiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-LUX MF-AGG MF-AGG MF-AGG

Recommendation

PRASIT SUJIRAVORAKUL sell SORAPONG JAKTEERUGKUL outperform PIYACHAT RATANASUVAN buy PORNSOOK AMONVADEKUL hold KAWEE MANITSUPAWONG buy PUTCHARIN WATTANAKAEWSRIPETCH long-term buy PIYATHIDA SONTHISOMBAT buy PHATIPAK NAVAWATANA outperform CHIRASIT VUTTIGRAI buy PISUT NGAMVIJITVONG underperform RAMAKRISHNA MARUVADA outperform JEFFREY TAN buy RUTSADA TWEESAENGSAKULTHAI buy SOLAYA NA SONGKHLA neutral THAKOL BANJONGRUCK buy ATHAPORN ARAYASANTIPARB hold RATTANA LEENUTAPHONG buy NATWARIN TRIPOBSAKUL buy SURABHI CHANDNA Underwt/Cautious SACHIN SALGAONKAR neutral/neutral COLIN MCCALLUM outperform JAMES R SULLIVAN neutral LUIS HILADO neutral BUNLUNG WAIYANONT outperform FOONG CHOONG CHEN hold TEAM COVERAGE buy THAPANA PHANICH buy SARACHADA SORNSONG buy ARTIT JANSAWANG buy on weakness PHONTEP WONGNAK buy

Amt Held 1'202'712'000 629'000'000 171'463'886 64'039'000 56'509'659 35'192'050 28'531'709 25'196'400 15'601'379 8'165'970 7'053'300 4'800'200 1'712'800 1'430'500 1'347'000 1'191'200 887'100 613'900 600'000 529'805

% Out 40.45 21.16 5.77 2.15 1.9 1.18 0.96 0.85 0.52 0.27 0.24 0.16 0.06 0.05 0.05 0.04 0.03 0.02 0.02 0.02

Weighting

Change 1 5 5 3 5 5 5 5 5 1 5 5 5 3 5 3 5 5 1 3 5 3 3 5 3 5 5 5 5 5

M M M M U M M M M M M M M M M M M U M M M M M M M U M M M M

Latest Chg 338'700 185'333 (91'800) 1'341'100 517'000 75'300 36'600 193'700 16'599

Target Price 172 250 264 190 250 250 229 233 252 194 221 254 230 230 222 212 224 250 156 212 240 185 226 250 223 #N/A N/A 250 260 214 153

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 24.08.2012 Holding Company 24.08.2012 n/a 24.08.2012 Corporation 24.08.2012 n/a 24.08.2012 n/a 24.08.2012 Bank 30.06.2012 Investment Advisor 24.08.2012 Unclassified 24.08.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.12.2011 Investment Advisor 31.12.2011 Mutual Fund Manager 30.06.2011 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.03.2012 Investment Advisor 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Date 12.11.2012 12.11.2012 09.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 24.10.2012 06.09.2012 27.08.2012 24.08.2012 04.07.2012 10.11.2011

12.11.2012

Airports of Thailand PCL Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang). The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket. It is developing the New Bangkok International Airport (Suvarnabhumi).

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.10.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AOT TB EQUITY YTD Change AOT TB EQUITY YTD % CHANGE

Price/Volume

09/2011 06/yy 88.25 38.50 4'493'400.00 85 -3.68% 120.78% 92.96% 1'428.6 121'428.45 63'557.11 0.0 145.7 26'891.98 149'183.18

100 90 80 70 60 50 40 30 20 10 0 n-11

12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 15'073.41 EBIT 7'207.77 Operating Margin 25.17% Pretax Margin 12.80% Return on Assets 3.45% Return on Common Equity 6.75% Return on Capital 4.73% Asset Turnover 0.20% Margin Analysis Gross Margin EBITDA Margin 50.6% EBIT Margin 33.9% Net Income Margin 8.8% Structure Current Ratio 1.91 Quick Ratio 1.70 Debt to Assets 43.20% Tot Debt to Common Equity 89.00% Accounts Receivable Turnover 19.16 Inventory Turnover Price/ Cash Flow

LTM

06/yy 26'929.0 13.82x 13'352.8 6.58x 2'668.1 19.29x

06/yy 29'951.3 13.73x 15'170.2 7.46x 5'115.3 16.68x

FY+1

0.97 373.48 126.24% 88.89% 0.972 20 3.950 3'191'820 3'213'033 3'499'237 FY+2

FQ+1

FQ+2

09/12 Y 09/13 Y 09/12 Q4 12/12 Q1 30'419.9 33'133.7 7'997.0 8'113.0 5.19x 4.65x 15'807.7 16'990.7 3'541.7 4'530.0 9.44x 8.78x 6'342.8 7'719.3 1'513.3 2'331.0 19.44x 15.71x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

6.78 5.25 1.82 3.90 89.0% 47.0% 0.20 0.34 19.11 -

Sales/Revenue/Turnover

10.00

35'000.0

9.00

30'000.0

8.00 7.00

25'000.0

6.00

20'000.0

5.00

15'000.0

4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 03.10.2008

0.0 03.04.2009

03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Airports of Thailand PCL Holdings By:

All

Holder Name FINANCE MINISTRY BBL ASSET MGMT CO LT STATE STREET BANK AN THAI NVDR CO LTD SOCIAL SECURITY OFFI THAMATHATAREE PONGSA AMERICAN INTERNATION BANK OF NEW YORK MEL TMB ASSET MANAGEMENT MORGAN STANLEY GOLDMAN SACHS GROUP JO HAMBRO CAPITAL MA SEI INVESTMENT MANAG DAIWA SB INVESTMENTS FRANK RUSSELL TRUST EATON VANCE ADVISORS PIONEER ASSET MANAGE INVESCO LTD PRUDENTIAL FINANCIAL BLACKROCK

Firm Name Kasikorn Securities Macquarie Kim Eng Securities OSK (Asia) Securities Country Group Securities PCL SCB Securities Co. Ltd. Bualuang Securities KGI Securities Credit Suisse Asia Plus Securities Phillip Securities DBS Vickers Thanachart Securities PCL EVA Dimensions CIMB KT Zmico Securities Standard Chartered Krungsri Securities KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst SORAPONG JAKTEERUGKUL JITIMA RATANATAM JAROONPAN WATTANAWONG AHMAD MAGHFUR USMAN VARAYU WATTANASIRI SIRIMA DISSARA SUPPATA SRISUK SUCHOT TIRAWANNARAT THANIYA KEVALEE KAWEE MANITSUPAWONG SIAM TIYANONT NALYNE VIRIYASATHIEN SAKSID PHADTHANANARAK TEAM COVERAGE MONCHAI JATURANPINYO RAENOO BHANDASUKDI CLAIRE TENG SITTIDATH PRASERTRUNGRUANG PHONTEP WONGNAK

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation underperform underperform buy buy trading buy buy buy outperform outperform hold reduce buy buy overweight outperform Under Review in-line buy hold

Amt Held 1'000'000'000 69'770'891 27'736'955 27'265'584 18'523'100 9'300'000 7'402'900 3'722'900 3'389'100 1'360'700 1'196'100 1'021'600 672'400 463'000 446'600 352'500 332'100 309'700 261'900 150'800

% Out 70 4.88 1.94 1.91 1.3 0.65 0.52 0.26 0.24 0.1 0.08 0.07 0.05 0.03 0.03 0.02 0.02 0.02 0.02 0.01

Weighting

Change

1 1 5 5 5 5 5 5 5 3 2 5 5 5 5 #N/A N/A 3 5 3

M M M N M M M N M M M M M U M M M M M

Latest Chg (1'720'000) (44'100) 1'196'100 (62'400) 463'000 326'100 332'100 107'500 150'800

Target Price 70 70 97 97 61 83 85 88 90 72 67 88 90 #N/A N/A 90 #N/A N/A 40 66 52

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.12.2011 Government 17.09.2012 n/a 30.12.2011 Bank 30.12.2011 Corporation 30.12.2011 Unclassified 30.12.2011 n/a 30.12.2011 Insurance Company 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 31.03.2012 Investment Advisor 31.05.2012 Investment Advisor 31.08.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 09.11.2012 Investment Advisor 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided

Date 05.11.2012 02.11.2012 01.11.2012 25.10.2012 28.09.2012 27.09.2012 26.09.2012 25.09.2012 21.09.2012 19.09.2012 17.09.2012 12.09.2012 11.09.2012 06.09.2012 16.08.2012 15.08.2012 01.08.2012 22.05.2012 15.08.2011

12.11.2012

Bangchak Petroleum PCL Bangchak Petroleum Public Company Limited operates petroleum refineries and gas service stations. The Company distributes gasoline and oil products through its Bangchak Green gas stations nationwide. Bangchak is a state-owned company.

Price/Volume 30

50.0 M 45.0 M 40.0 M 35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M

25 20 15

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.10.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BCP TB EQUITY YTD Change BCP TB EQUITY YTD % CHANGE

12/2011 09/yy 27.75 17.50 4'654'400.00 27.5 -0.90% 57.14% 95.12% 1'376.9 37'865.39 18'819.38 0.0 150.4 4'030.53 58'731.35

10 5 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 9'000.28 EBIT 6'947.21 Operating Margin 4.38% Pretax Margin 3.94% Return on Assets 5.68% Return on Common Equity 12.25% Return on Capital 9.27% Asset Turnover 2.49% Margin Analysis Gross Margin 6.7% EBITDA Margin 3.4% EBIT Margin 2.0% Net Income Margin 3.5% Structure Current Ratio 2.15 Quick Ratio 0.83 Debt to Assets 30.55% Tot Debt to Common Equity 63.30% Accounts Receivable Turnover 23.78 Inventory Turnover 6.84 Price/ Cash Flow

LTM

FY+1

0.93 704.16 66.20% 53.89% 0.928 19 4.158 6'012'780 6'308'477 5'726'851 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 154'662.3 161'466.6 156'580.0 191'379.6 30'420.0 40'026.0 1.03x 1.16x 0.29x 0.27x 9'790.0 5'492.4 7'248.3 8'936.2 2'615.0 2'097.0 4.06x 9.92x 8.10x 6.57x 6'135.4 3'686.3 3'895.6 4'670.0 1'627.0 1'059.0 3.41x 9.38x 9.71x 8.09x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

11.49 4.86 3.77 4.18 63.3% 38.6% 2.49 5.65 15.39 53.48 24.31 32.41

Sales/Revenue/Turnover

35.00

180'000.0

30.00

160'000.0 140'000.0

25.00

120'000.0

20.00

100'000.0

15.00

80'000.0 60'000.0

10.00

40'000.0

5.00 0.00 02.01.2009

20'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Bangchak Petroleum PCL Holdings By:

All

Holder Name PTT PCL FINANCE MINISTRY THAI NVDR CO LTD AMERICAN INTERNATION KRUNGSRI DVD STOCK L SOMERS LTD SOCIAL SECURITY OFFI STATE STREET BANK EU BANK OF NEW YORK MEL KRS DIVIDEND STOCK F BANGKOK LIFE ASSURAN TINGTANATHIKUL SOMPO EAST FOURTEEN LIMITE GOLDMAN SACHS INTERN KRS DIVIDEND STOCK R HSBC BANK PLC PRINCIPAL FINANCIAL VANGUARD GROUP INC CAUSEWAY CAPITAL MAN TMB ASSET MANAGEMENT

Firm Name Krungsri Securities Asia Plus Securities KT Zmico Securities OSK (Asia) Securities SCB Securities Co. Ltd. UOB Kay Hian Trinity Securities AIRA Securities EVA Dimensions Kim Eng Securities Phillip Securities BNP Paribas Equity Research Kasikorn Securities Finansia Syrus Securities PCL Thanachart Securities PCL Macquarie Country Group Securities PCL KGI Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

CHARNVUT TAECHA-AMORNTANAKIJ NALINRAT KITTIKUMPOLRAT JAKAPONG CHAWENGSRI KANNIKA SIAMWALLA CHAIPAT THANAWATTANO ARSIT PAMARANONT VAJIRALUX SANGLERDSILLAPACHAI KATE TOUNGTONG TEAM COVERAGE SUTTHICHAI KUMWORACHAI PREEYANUN TRIPETCHCHUPORN SOMKIJ ORANCHATCHAWAN SIRINATTHA TECHASIRIWAN SONGKLOD WONGCHAI SUPANNA SUWANKIRD TREVOR BUCHINSKI MONGKOL PUANGPETRA PONGTHAM DANWUNGDERM

buy buy buy buy buy buy buy sell hold buy trading buy buy underperform hold buy underperform buy outperform

Amt Held 374'748'571 137'442'767 96'434'141 52'060'069 34'523'200 30'604'900 25'628'826 15'677'200 12'826'679 10'175'300 8'690'200 7'900'000 7'632'800 7'283'200 7'079'400 7'000'000 2'077'200 1'599'180 1'293'300 1'169'000

% Out 27.22 9.98 7 3.78 2.51 2.22 1.86 1.14 0.93 0.74 0.63 0.57 0.55 0.53 0.51 0.51 0.15 0.12 0.09 0.08

Weighting

Change 5 5 5 5 5 5 5 1 3 5 5 5 1 3 5 1 5 5

M M M M M M M D D M M M M M M M M U

Latest Chg 340'700 4'200

Target Price 30 34 30 32 32 34 32 29 #N/A N/A 27 33 29 18 27 31 18 25 27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 08.11.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 01.03.2012 30.09.2012 30.06.2012 30.06.2012 12.11.2012

Date 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided

Inst Type Government Government Corporation Insurance Company Other Other Unclassified n/a Investment Advisor n/a Insurance Company n/a Other Investment Advisor n/a Bank Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 07.11.2012 01.11.2012 01.11.2012 31.10.2012 31.10.2012 30.10.2012 28.09.2012 24.08.2012 30.04.2012 23.02.2012

12.11.2012

Bangkok Bank PCL Bangkok Bank Public Company Limited provides various banking and financial services including commercial, consumer, credit card, and mortgage lending, international trade financing, investment banking, and securities services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBL TB EQUITY YTD Change BBL TB EQUITY YTD % CHANGE

12/2011 09/yy 203.00 136.00 4'503'300.00 178.5 -12.07% 31.25% 58.21% 1'908.8 340'728.47 214'913.94 0.0 871.9 303'361.54 -

250

25.0 M

200

20.0 M

150

15.0 M

100

10.0 M

5.0 M

0 n-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA EBIT Operating Margin 38.13% Pretax Margin 39.64% Return on Assets 1.40% Return on Common Equity 12.40% Return on Capital 6.55% Asset Turnover 0.06% Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin 31.7% Structure Current Ratio Quick Ratio Debt to Assets 10.20% Tot Debt to Common Equity 88.15% Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

LTM

09/yy 09/yy 110'438.7 126'668.3 0.00x 0.00x 0.0 0.0 0.00x 0.00x 26'939.8 30'672.0 9.99x 12.07x

FY+1

1.12 1'224.00 31.99% 19.95% 1.124 36 4.556 5'593'220 6'260'200 5'231'226 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 87'413.2 96'271.1 22'853.0 23'522.0 32'999.8 37'950.6 8'081.5 9'492.5 10.34x 8.99x 9.05x 8.56x S&P Issuer Ratings

01.11.2006 BBB+ STABLE 01.11.2006 A-2 88.1% 46.8% 0.06 3.65 -

Sales/Revenue/Turnover

70.00

140'000.0

60.00

120'000.0

50.00

100'000.0

40.00

80'000.0

30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 02.01.2009

.0 M d-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Bangkok Bank PCL Holdings By:

All

Holder Name THAI NVDR CO LTD STATE STREET BANK AN THAILAND SECURITIES MORGAN STANLEY & CO STATE STREET BANK EU BANGKOK INSURANCE PC UOB-KAY HIAN PTE LTD GOVT OF SINGAPORE IN BANK OF TOKYO-MITSUB SOCIAL SECURITY OFFI BANK OF NEW YORK MEL VANGUARD GROUP INC SOPHONPANICH CHATRI GOVT SAVINGS BANK FU ABU DHABI INVESTMENT SAWAIPRAPAS & SON CO HSBC BANK PLC CHATRIEN HOLDING LTD SELANGOR HOLDINGS IN T ROWE PRICE ASSOCIA

Firm Name Nomura Kasikorn Securities Macquarie Bualuang Securities DBS Vickers Thanachart Securities PCL JPMorgan Kim Eng Securities Asia Plus Securities KT Zmico Securities RHB Research Institute Sdn Bhd Daiwa Securities Co. Ltd. BNP Paribas Equity Research OSK (Asia) Securities SCB Securities Co. Ltd. Krungsri Securities UOB Kay Hian IV Global Finansia Syrus Securities PCL Globlex Securities Co Ltd Trinity Securities Morgan Stanley CIMB Standard Chartered Phillip Securities Deutsche Bank KGI Securities HSBC Country Group Securities PCL EVA Dimensions Goldman Sachs AIRA Securities KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios

Analyst JAMES MOSS SORAPONG JAKTEERUGKUL PASSAKORN LINMANEECHOTE SUWAT BUMRUNGCHARTUDOM SUGITTRA KONGKHAJORNKIDSUK SARACHADA SORNSONG ANNE JIRAJARIYAVECH WORAPHON WIROONSRI USANEE LIURUT PRAPHARAS NONTHAPIBOON ALEXANDER CHIA SRIKANTH VADLAMANI WANNAPPA ASAVATEVAVITH KEITH WEE KITTIMA SATTAYAPAN TANADECH RUNGSRITHANANON THANANCHAI JITTANOON RATTANA LEENUTAPHONG SUNANTA VASAPINYOKUL WILASINEE BOONMASUNGSONG SURACHAI PRAMUALCHAROENKIT EDWARD GOH MONCHAI JATURANPINYO DIKSHA GERA SASIKORN CHAROENSUWAN PEACH PATHARAVANAKUL THANINEE SATIRAREUNGCHAI XIUSHI CAI CHAIYOT JIWANGKUL TEAM COVERAGE MELISSA KUANG CHITRADA LEKHRAPHAN SARANRAT PANTHACHOTIRAT

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG

Recommendation buy outperform outperform buy buy hold neutral buy buy buy market perform hold buy buy buy buy buy buy buy buy buy Overwt/Attractive underperform outperform buy buy neutral overweight long-term buy overweight Buy/Neutral buy on weakness hold

Amt Held 566'877'526 93'132'100 77'608'476 38'190'313 34'648'211 34'197'030 31'795'250 30'510'500 25'690'400 25'498'800 24'803'201 21'256'527 16'678'478 13'600'000 13'185'200 11'409'700 10'968'085 10'676'110 10'002'847 9'302'600

% Out 29.7 4.88 4.07 2 1.82 1.79 1.67 1.6 1.35 1.34 1.3 1.11 0.87 0.71 0.69 0.6 0.57 0.56 0.52 0.49

Weighting

Change 5 5 5 5 5 3 3 5 5 5 3 3 5 5 5 5 5 5 5 5 5 5 1 5 5 5 3 5 5 5 5 5 3

M M M M M M M M M M M D M M M M M M M U M M M M M U M M M U M M D

Latest Chg 793'500 243'300

Target Price 262 220 220 246 225 190 190 232 245 250 206 190 220 242 221 231 260 214 235 211 234 214 188 213 235 225 222 240 232 #N/A N/A 230 219 180

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 10.09.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 30.06.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 30.09.2012

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Bank Investment Advisor Investment Advisor n/a Insurance Company Corporation Government Bank Unclassified Investment Advisor Investment Advisor n/a Unclassified Government n/a Bank Other n/a Investment Advisor

Date 12.11.2012 01.11.2012 31.10.2012 31.10.2012 30.10.2012 25.10.2012 24.10.2012 24.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 21.10.2012 19.10.2012 18.10.2012 15.10.2012 11.10.2012 10.10.2012 08.10.2012 28.09.2012 10.09.2012 20.07.2012 23.04.2012 23.02.2012

12.11.2012

Bangkok Dusit Medical Services PCL Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

Price/Volume 120

18.0 M 16.0 M

100

14.0 M

12.0 M 10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.10.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BGH TB EQUITY YTD Change BGH TB EQUITY YTD % CHANGE

12/2011 06/yy 113.00 67.75 2'985'700.00 106.5 -5.75% 57.20% 84.53% 1'545.5 164'591.38 16'791.85 0.0 1'422.0 4'340.10 183'150.01

8.0 M

6.0 M 4.0 M

2.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 8'002.00 EBIT 5'334.25 Operating Margin 14.72% Pretax Margin 16.79% Return on Assets 11.07% Return on Common Equity 21.45% Return on Capital 14.56% Asset Turnover 0.69% Margin Analysis Gross Margin 34.7% EBITDA Margin 22.1% EBIT Margin 15.3% Net Income Margin 12.1% Structure Current Ratio 1.17 Quick Ratio 1.02 Debt to Assets 28.56% Tot Debt to Common Equity 52.48% Accounts Receivable Turnover 13.48 Inventory Turnover 48.98 Price/ Cash Flow

LTM

06/yy 28'506.4 10.30x 6'344.5 15.30x 3'447.5 20.37x

06/yy 41'821.2 13.69x 9'245.4 18.31x 6'684.0 22.47x

FY+1

0.61 747.26 60.34% 31.50% 0.614 22 4.182 2'459'720 3'408'637 2'886'612 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 43'565.3 48'381.7 11'812.3 11'516.0 4.08x 3.64x 10'482.6 11'735.3 2'927.0 2'449.0 17.47x 15.61x 6'039.4 6'719.2 1'692.4 899.5 26.41x 24.57x S&P Issuer Ratings

10.39 5.70 1.85 2.27 52.5% 33.4% 0.69 1.37 27.16 7.47 31.30 2.30

Sales/Revenue/Turnover

25.00

40'000.0 35'000.0

20.00

30'000.0 25'000.0

15.00

20'000.0 10.00

15'000.0 10'000.0

5.00

0.00 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Bangkok Dusit Medical Services PCL Holdings By:

All

Holder Name PRASARTTONG-OSOTH PR THONGTANG WICHAI BANGKOK AIRWAYS CO L VIRIYAH INSURANCE CO PRASARTTONG-OSO PORA DEUTSCHE BANK AG/SIN SUCHATO CHIROTCHANA CREDIT SUISSE AG THONGTANG NONGLUCK YOSSUNDHRAKUL CHULDE STATE STREET BANK EU APIMONBUT SIRINYA BANGKOK BANK PCL ADHIKOMPRAPA WALLOP BANGKOK AIRWAYS HOLD LADPLEE NAPAMAS THAI NVDR CO LTD VIDDAYAKORN PONGSAK MALAKUL NA AYUDHYA A THONGTANG ATT

Firm Name Kasikorn Securities Bualuang Securities Trinity Securities Deutsche Bank Asia Plus Securities KT Zmico Securities DBS Vickers Phillip Securities SCB Securities Co. Ltd. IV Global Finansia Syrus Securities PCL Credit Suisse OSK (Asia) Securities KGI Securities Thanachart Securities PCL CIMB Macquarie EVA Dimensions UOB Kay Hian AIRA Securities Krungsri Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Analyst SORAPONG JAKTEERUGKUL NARUMON EKASAMUT VAJIRALUX SANGLERDSILLAPACHAI POCHARA THIMASAN KAWEE MANITSUPAWONG PORNSAWAT JIRAJARUS JESADA TECHAHUSDIN RUTSADA TWEESAENGSAKULTHAI RAWEENUCH PIYAKRIENGKAI RATTANA LEENUTAPHONG SUNANTA VASAPINYOKUL THANIYA KEVALEE TEAM COVERAGE PHATIPAK NAVAWATANA SIRIPORN ARUNOTHAI KASEM PRUNRATANAMALA JITIMA RATANATAM TEAM COVERAGE KOWIT PONGWINYOO NUTTAPON KUMNOUNPHON THAKOL BANJONGRUCK

Recommendation outperform buy buy buy hold buy buy accumulate buy buy buy outperform buy neutral buy outperform outperform underweight hold hold trading

Amt Held 196'204'984 153'669'155 104'938'769 99'544'463 49'662'607 44'694'900 37'483'009 31'337'598 31'329'114 27'545'795 25'802'689 20'411'510 20'207'156 17'521'019 17'000'000 15'127'000 14'981'999 13'544'700 13'143'302 12'640'000

% Out 12.7 9.94 6.79 6.44 3.21 2.89 2.43 2.03 2.03 1.78 1.67 1.32 1.31 1.13 1.1 0.98 0.97 0.88 0.85 0.82

Latest Chg -

Weighting

Change

Target Price

5 5 5 5 3 5 5 4 5 5 5 5 5 3 5 5 5 1 3 3 2

M M M M M M M M M M M M M M M M M D M U M

120 126 130 123 100 125 130 122 115 137 130 123 126 113 130 126 120 #N/A N/A 100 107 104

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012 29.03.2012

Date 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month

Inst Type n/a n/a n/a Insurance Company n/a Bank n/a Investment Advisor n/a n/a n/a n/a Bank n/a n/a n/a Corporation n/a n/a n/a

Date 07.11.2012 01.11.2012 01.11.2012 31.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 10.10.2012 09.10.2012 05.10.2012 27.09.2012 06.09.2012 24.08.2012 07.08.2012 30.07.2012

12.11.2012

Bangkok Life Assurance PCL Bangkok Life Assurance PCL offers life insurance services.

Price/Volume 60

14.0 M

12.0 M 10.0 M

8.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.12.2011) 52-Week Low (09.11.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLA TB EQUITY YTD Change BLA TB EQUITY YTD % CHANGE

12/2011 06/yy 52.50 41.50 1'483'500.00 43.25 -17.62% 4.22% 0.00% 1'204.8 52'106.38 0.00 0.0 0.0 2'736.72 50'585.68

6.0 M

4.0 M

2.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA EBIT Operating Margin 13.41% Pretax Margin 13.41% Return on Assets 2.49% Return on Common Equity 19.91% Return on Capital 19.91% Asset Turnover 0.35% Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin 9.5% Structure Current Ratio Quick Ratio Debt to Assets 0.00% Tot Debt to Common Equity 0.00% Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

LTM

06/yy 33'790.4 4.66x 0.0 0.00x 4'032.2 13.69x

06/yy 39'723.9 5.40x 0.0 0.00x 2'859.4 19.73x

FY+1

0.79 708.50 -8.05% -5.07% 0.792 12 3.167 714'960 1'027'930 1'395'671 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 41'639.3 46'412.9 7'412.6 11'387.0 3'664.8 4'464.9 857.8 979.0 14.18x 11.55x S&P Issuer Ratings

0.0% 0.0% 0.35 -

Sales/Revenue/Turnover

3.50

40'000.0

3.00

35'000.0 30'000.0

2.50

25'000.0 2.00

20'000.0 1.50

15'000.0

1.00

10'000.0

0.50

5'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Bangkok Life Assurance PCL Holdings By:

All

Holder Name MITSUBISHI UFJ GLOBA WATTANASOPHONPANICH BANGKOK BANK PCL BANGKOK INSURANCE PC SOPHONPANICH CHATRI JATUBUTR HOLDING CO THAI NVDR CO LTD MSI HOLDING THAILAND SOPHONPANICH CHAI SOPHONPANICH CHOEDCH LIMSONG SOMKIART LIMSONG NUANKAMOL LEESAWASTRAKUL SUCHA ARUNANONCHAI TREETIP BUALUANG LT EQTY 75 BUALUANG LONG TERM E WASATCH ADVISORS INC THAILAND SECURITIES LIMSONG JIRAWAT BUALUANG FLEXIBLE RM

Firm Name Bualuang Securities SCB Securities Co. Ltd. Asia Plus Securities HSBC Kasikorn Securities Macquarie EVA Dimensions Finansia Syrus Securities PCL Credit Suisse Standard Chartered Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a

Analyst SUWAT BUMRUNGCHARTUDOM KITTIMA SATTAYAPAN USANEE LIURUT MICHAEL P CHANG SORAPONG JAKTEERUGKUL PASSAKORN LINMANEECHOTE TEAM COVERAGE SUNANTA VASAPINYOKUL FRANCES FENG PETER O'BRIEN PEACH PATHARAVANAKUL

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH

Recommendation buy neutral hold neutral neutral neutral sell hold neutral in-line buy

Amt Held 293'144'700 159'525'000 92'873'200 59'329'300 45'690'860 45'000'000 44'970'146 40'858'200 32'667'920 32'100'010 29'250'000 24'000'000 23'148'400 12'062'700 12'009'900 11'307'000 8'225'144 7'580'183 7'000'000 6'035'700

% Out 24.33 13.24 7.71 4.92 3.79 3.74 3.73 3.39 2.71 2.66 2.43 1.99 1.92 1 1 0.94 0.68 0.63 0.58 0.5

Weighting

Change 5 3 3 3 3 3 1 3 3 3 5

M M M M M M D D M M M

Latest Chg (1'121'700) 500'000 -

Target Price 54 48 45 51 45 45 #N/A N/A 49 45 50 55

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 14.05.2012 30.06.2012 14.05.2012 14.05.2012 14.05.2012

Date 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type n/a n/a Bank Insurance Company n/a n/a Corporation n/a n/a n/a n/a n/a n/a n/a n/a n/a Investment Advisor Investment Advisor n/a n/a

Date 12.11.2012 09.11.2012 22.10.2012 18.10.2012 08.10.2012 05.10.2012 28.08.2012 17.08.2012 14.08.2012 31.05.2012 30.05.2012

12.11.2012

Bank of Ayudhya PCL Bank of Ayudhya Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, asset management and investment banking services, to customers through its nationwide branches. It also has branches in Hong Kong, Vietnam, Laos, and Cayman Islands.

Price/Volume 40

120.0 M

100.0 M

30 80.0 M

25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.09.2012) 52-Week Low (23.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BAY TB EQUITY YTD Change BAY TB EQUITY YTD % CHANGE

12/2011 09/yy 37.00 18.30 8'152'800.00 28.75 -22.30% 57.10% 54.55% 6'074.1 174'631.63 233'654.16 0.0 206.6 106'982.55 -

60.0 M

40.0 M

10 20.0 M

5 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA EBIT Operating Margin 27.77% Pretax Margin 27.83% Return on Assets 1.16% Return on Common Equity 10.80% Return on Capital 3.47% Asset Turnover 0.08% Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin 16.5% Structure Current Ratio Quick Ratio Debt to Assets 24.65% Tot Debt to Common Equity 227.98% Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

LTM

09/yy 72'472.7 0.00x 0.0 0.00x 11'047.2 10.17x

09/yy 80'087.1 0.00x 0.0 0.00x 11'348.4 16.72x

FY+1

1.18 2'007.96 62.02% 34.04% 1.180 33 4.212 7'977'940 14'960'280 14'913'770 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 61'025.7 67'948.7 15'911.3 16'595.0 15'150.8 18'504.9 3'780.5 4'549.5 11.50x 9.44x 9.70x 8.96x S&P Issuer Ratings

28.09.2005 BBBSTABLE 28.09.2005 A-3 228.0% 69.5% 0.08 4.56 -

Sales/Revenue/Turnover

35.00

80'000.0

30.00

70'000.0 60'000.0

25.00

50'000.0 20.00

40'000.0 15.00

30'000.0

10.00

20'000.0

5.00

10'000.0

0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Bank of Ayudhya PCL Holdings By:

All

Holder Name GENERAL ELECTRIC COM THAI NVDR CO LTD STRONGHOLD ASSETS CO GREAT LUCK EQUITY CO GL ASSET CO LTD BBTV SATELVISION CO BBTV ASSET MANAGEMEN BANGKOK BROADCASTING MAHAKIJ HOLDINGS CO TUN RUNG RUENG CO LT STATE STREET BANK EU CACEIS BANK LUXEMBOU SUPER ASSETS CO LTD CKR CO LTD VANGUARD GROUP INC SOCIAL SECURITY OFFI RATANARAK CO LTD GUARDIAN INVESTOR SE TMB ASSET MANAGEMENT FRANK RUSSELL TRUST

Firm Name Nomura Kasikorn Securities Macquarie Bualuang Securities DBS Vickers Kim Eng Securities Thanachart Securities PCL Credit Suisse Asia Plus Securities KT Zmico Securities BNP Paribas Equity Research OSK (Asia) Securities UOB Kay Hian IV Global Globlex Securities Co Ltd Trinity Securities Goldman Sachs JPMorgan CIMB Daiwa Securities Co. Ltd. SCB Securities Co. Ltd. Finansia Syrus Securities PCL KGI Securities HSBC Deutsche Bank Phillip Securities EVA Dimensions AIRA Securities Kasikorn Securities KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JAMES MOSS SORAPONG JAKTEERUGKUL PASSAKORN LINMANEECHOTE SUWAT BUMRUNGCHARTUDOM TEAM COVERAGE WORAPHON WIROONSRI SARACHADA SORNSONG THANIYA KEVALEE USANEE LIURUT WEERAPAT WONGURAI WANNAPPA ASAVATEVAVITH CHALIE KUEYEN THANANCHAI JITTANOON RATTANA LEENUTAPHONG WILASINEE BOONMASUNGSONG SURACHAI PRAMUALCHAROENKIT MELISSA KUANG ANNE JIRAJARIYAVECH MONCHAI JATURANPINYO SRIKANTH VADLAMANI KITTIMA SATTAYAPAN SUNANTA VASAPINYOKUL THANINEE SATIRAREUNGCHAI XIUSHI CAI PEACH PATHARAVANAKUL SASIKORN CHAROENSUWAN TEAM COVERAGE CHITRADA LEKHRAPHAN SIRINATTHA TECHASIRIWAN SARANRAT PANTHACHOTIRAT

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG

Recommendation buy neutral neutral hold hold buy buy neutral buy buy hold buy buy hold buy buy neutral/neutral neutral outperform buy buy buy outperform underweight buy buy overweight hold buy hold

Amt Held 1'538'365'000 1'043'755'620 166'536'980 166'478'940 166'414'640 166'151'114 163'112'900 160'789'220 158'726'810 157'889'440 155'538'870 56'042'841 51'421'714 48'528'834 44'040'854 43'940'600 33'321'590 22'009'100 4'888'800 4'727'390

% Out 25.33 17.18 2.74 2.74 2.74 2.74 2.69 2.65 2.61 2.6 2.56 0.92 0.85 0.8 0.73 0.72 0.55 0.36 0.08 0.08

Weighting

Change 5 3 3 3 3 5 5 3 5 5 3 5 5 3 5 5 3 3 5 5 5 5 5 1 5 5 5 3 5 3

M M M M M M M D M M M M M M U M M M M M U M M M U M U M M D

Latest Chg (461'635'000) 1'866'600 (14'491'100) 18'700 312'200

Target Price 41 31 31 36 33 38 34 35 38 37 33 36 39 35 34 36 31 33 40 38 35 40 43 33 38 37 #N/A N/A 25 29 24

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 26.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 06.09.2012 30.09.2012 06.09.2012 06.09.2012 30.06.2012 28.09.2012 31.05.2012

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Corporation n/a Other Other n/a Corporation Corporation n/a n/a n/a Bank n/a Other Investment Advisor Unclassified n/a Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 01.11.2012 31.10.2012 31.10.2012 30.10.2012 25.10.2012 25.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 10.10.2012 08.10.2012 03.10.2012 01.10.2012 06.09.2012 23.04.2012 26.03.2012 29.12.2011

12.11.2012

Banpu PCL Banpu Public Company Limited mines for coal and other minerals. The Company produces thermal coal and coking coal, and have expertise in open-pit and underground coal mining operations, as well as coal-fired power generation. Banpu PCL has business bases in Thailand, Laos, Indonesia, China, Australia and Mongolia.

Price/Volume 700

18.0 M

600

16.0 M 14.0 M

500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (12.11.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BANPU TB EQUITY YTD Change BANPU TB EQUITY YTD % CHANGE

12/2011 09/yy 688.00 381.00 698'900.00 381 -44.62% 0.00% 0.33% 271.7 103'535.93 94'811.69 0.0 12'764.5 29'522.52 185'095.14

12.0 M

400

10.0 M

300

8.0 M 6.0 M

200

4.0 M

100

2.0 M

0 n-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 29'625.23 EBIT 23'395.10 Operating Margin 20.81% Pretax Margin 30.16% Return on Assets 6.12% Return on Common Equity 17.79% Return on Capital 12.27% Asset Turnover 0.56% Margin Analysis Gross Margin 33.9% EBITDA Margin 24.8% EBIT Margin 19.8% Net Income Margin 17.8% Structure Current Ratio 1.67 Quick Ratio 1.07 Debt to Assets 42.14% Tot Debt to Common Equity 124.93% Accounts Receivable Turnover 12.19 Inventory Turnover 15.20 Price/ Cash Flow

LTM

FY+1

1.11 189.87 -31.55% -27.28% 1.111 32 3.938 628'270 946'662 1'480'274 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 101'258.0 119'825.2 114'400.4 116'814.0 30'378.0 28'096.5 10.47x 5.61x 1.53x 1.48x 24'533.8 21'123.8 28'642.8 28'154.8 5'910.0 5'639.0 8.48x 0.00x 6.46x 6.57x 21'653.1 11'309.1 10'747.3 11'112.4 2'596.2 2'268.0 6.58x 9.42x 9.72x 9.28x 10.63x 11.12x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

8.72 6.55 2.32 3.33 124.9% 51.7% 0.56 2.72 30.02 24.07 15.23 43.73

Sales/Revenue/Turnover

60.00

120'000.0

50.00

100'000.0

40.00

80'000.0

30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 02.01.2009

.0 M d-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Banpu PCL Holdings By:

All

Holder Name THAI NVDR CO LTD MITR PHOL SUGAR CORP BANK OF NEW YORK MEL STATE STREET BANK AN STATE STREET BANK EU LAZARD ASSET MANAGEM TME CAPITAL CO LTD VONGKUSOLKIT ISARA VANGUARD GROUP INC VONGKUSOLKIT VITOON SOCIAL SECURITY OFFI VONGKUSOLKIT KAMOL GOVT OF SINGAPORE IN VONGKUSOLKIT SOONTHO UNITED FARMERS & IND VONGKUSOLKIT LUCKSAM MP PARTICLE BOARD CO MORGAN STANLEY KANTATHAM SAWATDIPAR AUAPINYAKUL ONGART

Firm Name JPMorgan CIMB Kim Eng Securities OSK (Asia) Securities Bualuang Securities BNP Paribas Equity Research UOB Kay Hian Trinity Securities Goldman Sachs KT Zmico Securities Asia Plus Securities Phillip Securities SCB Securities Co. Ltd. Finansia Syrus Securities PCL Kasikorn Securities Credit Suisse Macquarie Nomura DBS Vickers Thanachart Securities PCL EVA Dimensions Deutsche Bank Standard Chartered Krungsri Securities Globlex Securities Co Ltd KGI Securities Country Group Securities PCL KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG Co File Co File

Recommendation

STEVANUS JUANDA SUWAT SINSADOK SUTTHICHAI KUMWORACHAI KANNIKA SIAMWALLA THANATTHEP CHANTARAKARN TANAPORN VISARUTHAPHONG CHAIWAT ARSIRAWICHAI VAJIRALUX SANGLERDSILLAPACHAI NIKHIL BHANDARI JAKAPONG CHAWENGSRI NALINRAT KITTIKUMPOLRAT RUTSADA TWEESAENGSAKULTHAI CHAIPAT THANAWATTANO SONGKLOD WONGCHAI SORAPONG JAKTEERUGKUL PAWORAMON SUVARNATEMEE DAVID GAMBRILL BO VONGVIVATHCHAI TEAM COVERAGE SUPANNA SUWANKIRD TEAM COVERAGE THAPANA PHANICH CHEN YAN CHARNVUT TAECHA-AMORNTANAKIJ ARTIT JANSAWANG PIYATHIDA VONGVIVATHCHAI MONGKOL PUANGPETRA PARIN KITCHATORNPITAK

neutral neutral hold sell hold buy hold buy Buy/Neutral trading buy hold long-term buy neutral hold neutral neutral neutral buy sell buy overweight buy outperform buy buy outperform buy buy

Amt Held 34'116'615 14'369'408 12'660'184 12'660'184 12'246'562 12'175'520 6'381'600 5'922'444 4'650'809 3'640'911 3'571'000 3'409'621 2'096'500 1'843'196 1'779'445 1'684'500 1'520'965 1'125'100 675'745 420'225

% Out 12.55 5.29 4.66 4.66 4.51 4.48 2.35 2.18 1.71 1.34 1.31 1.25 0.77 0.68 0.65 0.62 0.56 0.41 0.25 0.15

Weighting

Change 3 3 3 1 3 5 3 5 5 5 3 5 3 3 3 3 3 5 1 5 5 5 5 5 5 5 5 5

M U M M M M D U M M M M M D M M M M D M U M N M M U M M

Latest Chg (1'454'900) 116'250 106'300 -

Target Price 420 453 480 344 448 457 430 487 530 483 507 473 490 430 400 448 400 470 360 505 #N/A N/A 540 577 595 736 600 667 860

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 19.04.2012 19.04.2012 19.04.2012 19.04.2012 19.04.2012 27.03.2012 19.04.2012 19.04.2012 30.06.2012 19.04.2012 19.04.2012 19.04.2012 19.04.2012 19.04.2012 19.04.2012 19.04.2012 19.04.2012 30.06.2012 31.12.2009 31.12.2009

Date 6 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Corporation n/a Investment Advisor Bank n/a Investment Advisor Other n/a Investment Advisor n/a Unclassified n/a Government n/a Corporation n/a n/a Investment Advisor n/a n/a

Date 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 31.10.2012 30.10.2012 29.10.2012 28.10.2012 25.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 18.10.2012 02.10.2012 27.09.2012 24.09.2012 24.09.2012 21.09.2012 13.09.2012 26.07.2012 28.05.2012 23.05.2012 30.04.2012 06.02.2012

12.11.2012

BEC World PCL BEC World Public Company Limited is diversified media holding company. The Company is involved in broadcasting and media businesses, including television and radio broadcasting and news media, Programme Sourcing-Production, Distribution and Extended and Supporting Businesses, including producing shows and music and marketing activities.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (28.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEC TB EQUITY YTD Change BEC TB EQUITY YTD % CHANGE

12/2011 09/yy 76.50 35.25 1'310'900.00 56 -26.80% 58.87% 51.52% 2'000.0 112'000.00 7.84 0.0 165.5 5'147.78 107'419.24

18.0 M

16.0 M

14.0 M

12.0 M

10.0 M

8.0 M

6.0 M

4.0 M

2.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 7'020.06 EBIT 5'086.06 Operating Margin 39.72% Pretax Margin 41.02% Return on Assets 45.33% Return on Common Equity 63.55% Return on Capital 63.65% Asset Turnover 1.47% Margin Analysis Gross Margin 52.6% EBITDA Margin 55.3% EBIT Margin 40.7% Net Income Margin 27.6% Structure Current Ratio 3.04 Quick Ratio 2.96 Debt to Assets 0.08% Tot Debt to Common Equity 0.11% Accounts Receivable Turnover 14.14 Inventory Turnover 20827.42 Price/ Cash Flow

LTM

09/yy 13'068.0 19.36x 7'306.0 9.50x 3'732.8 19.76x

09/yy 13'925.2 30.51x 7'699.7 19.28x 4'305.8 35.42x

FY+1

0.85 866.19 56.09% 29.21% 0.850 24 3.417 2'482'240 1'891'910 1'834'785 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 14'430.4 15'753.0 3'656.7 4'067.5 7.39x 6.73x 29.06x 7'915.5 8'842.6 1'877.0 1'807.0 13.57x 12.15x 4'724.5 5'472.4 1'141.3 1'398.0 23.69x 20.49x 20.66x 19.79x S&P Issuer Ratings

11030.20 10938.03 -0.63 0.00 0.1% 0.1% 1.47 52.12 25.88 0.02 24.19 3.88

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

BEC World PCL Holdings By:

All

Holder Name MALEENONT PRACHUM MALEENONT NIPA MALEENONT PRAVIT MALEENONT AMPORN MALEENONT RATANA MALEENONT PRASAN NIPATAKUSOL RATCHANE THAI NVDR CO LTD MALEENONT TRACY ANN MALEENONT CATHLEEN STATE STREET BANK EU STATE STREET BANK AN VANGUARD GROUP INC GOVT OF SINGAPORE IN BNP PARIBAS SEC SERV BANK OF NEW YORK MEL AMERICAN INTERNATION HSBC BANK PLC GUARDIAN CAPITAL INC TMB ASSET MANAGEMENT

Firm Name Bualuang Securities UOB Kay Hian DBS Vickers CIMB Phillip Securities SCB Securities Co. Ltd. Kasikorn Securities Asia Plus Securities KGI Securities Kim Eng Securities OSK (Asia) Securities IV Global Thanachart Securities PCL Standard Chartered Country Group Securities PCL Credit Suisse EVA Dimensions Macquarie Deutsche Bank BNP Paribas Equity Research JPMorgan Finansia Syrus Securities PCL KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG

Recommendation

PRASIT SUJIRAVORAKUL THUNYA SUTAVEPRAMOCHANON CHIRASIT VUTTIGRAI PISUT NGAMVIJITVONG SIAM TIYANONT RAWEENUCH PIYAKRIENGKAI SORAPONG JAKTEERUGKUL KAWEE MANITSUPAWONG PHATIPAK NAVAWATANA SUTTATIP PEERASUB WANIDA GEISLER RATTANA LEENUTAPHONG KALVALEE THONGSOMAUNG STEPHEN HUI PUTCHARIN WATTANAKAEWSRIPETCH KARIM SALAMATIAN TEAM COVERAGE CHAK REUNGSINPINYA MONCHAI MOKARANURAKSA CHUTIMA WORAMONTRI SRIYAN PIETERSZ PORNSOOK AMONVADEKUL PARIN KITCHATORNPITAK

hold buy hold outperform neutral sell neutral hold underperform buy sell buy buy in-line sell neutral buy neutral hold hold overweight hold buy

Amt Held 127'575'000 127'575'000 127'575'000 125'175'000 123'575'000 121'667'500 110'317'500 91'055'298 78'570'000 78'570'000 60'582'767 40'836'626 29'327'806 22'155'700 21'698'300 15'830'751 12'000'000 11'257'000 5'853'800 4'744'900

% Out 6.38 6.38 6.38 6.26 6.18 6.08 5.52 4.55 3.93 3.93 3.03 2.04 1.47 1.11 1.08 0.79 0.6 0.56 0.29 0.24

Weighting

Change 3 5 3 5 3 1 3 3 1 5 1 5 5 3 1 3 5 3 3 3 5 3 5

M U M M U D M M M M M M M N D M U M D M M M M

Latest Chg 5'017'300 (61'700)

Target Price 58 63 56 65 54 57 55 62 44 64 52 63 65 50 60 53 #N/A N/A 55 58 54 46 45 49

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.08.2012 n/a 23.08.2012 n/a 23.08.2012 n/a 23.08.2012 n/a 23.08.2012 n/a 23.08.2012 n/a 23.08.2012 n/a 23.08.2012 Corporation 23.08.2012 n/a 23.08.2012 n/a 23.08.2012 n/a 23.08.2012 Bank 30.06.2012 Investment Advisor 23.08.2012 Government 23.08.2012 Investment Advisor 23.08.2012 Investment Advisor 23.08.2012 Insurance Company 23.08.2012 Bank 31.05.2012 Mutual Fund Manager 28.09.2012 Investment Advisor

Date 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 12.11.2012 12.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 05.11.2012 27.10.2012 28.09.2012 13.09.2012 11.09.2012 27.08.2012 07.08.2012 29.06.2012 05.04.2012 16.02.2012 31.08.2011

12.11.2012

Berli Jucker PCL Berli Jucker Public Company Limited imports and distributes various types of products including consumers, engineering, packaging, and technical products. The Company is a sole distributor of Agfa and Polaroid photographic products in Thailand. Other products include toiletries, snack foods, glass containers, office supplies, medical supplies, and technical equipment.

Price/Volume 80

70.0 M

60.0 M

50.0 M

40.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BJC TB EQUITY YTD Change BJC TB EQUITY YTD % CHANGE

12/2011 09/yy 75.00 20.00 3'764'300.00 59.75 -20.33% 198.75% 74.55% 1'588.1 94'890.47 11'110.04 0.0 1'986.8 1'827.87 107'856.00

30.0 M

30 20

20.0 M

10.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 4'868.19 EBIT 3'087.65 Operating Margin 9.89% Pretax Margin 9.95% Return on Assets 6.84% Return on Common Equity 18.81% Return on Capital 10.47% Asset Turnover 1.04% Margin Analysis Gross Margin 24.9% EBITDA Margin 13.9% EBIT Margin 8.6% Net Income Margin 7.0% Structure Current Ratio 1.56 Quick Ratio 0.89 Debt to Assets 33.74% Tot Debt to Common Equity 88.31% Accounts Receivable Turnover 5.68 Inventory Turnover 4.57 Price/ Cash Flow

LTM

09/yy 30'098.7 5.18x 4'626.5 9.43x 2'095.0 15.41x

09/yy 36'046.2 8.70x 5'004.1 20.76x 2'361.0 38.42x

FY+1

1.02 413.30 201.18% 108.00% 1.024 12 1.667 7'306'300 9'497'237 8'997'855 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 37'325.7 42'673.9 2.87x 2.49x 5'771.9 6'743.1 18.69x 15.99x 2'476.0 3'002.8 644.0 38.25x 31.65x S&P Issuer Ratings

13.30 5.89 2.12 2.50 88.3% 43.3% 1.04 2.42 64.40 80.06 49.77 92.95

Sales/Revenue/Turnover

40.00

35'000.0

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0

10.00

5'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Berli Jucker PCL Holdings By:

All

Holder Name TCC HOLDING CO LTD DBS VICKER SECURITIE THAI NVDR CO LTD BUALUANG LT EQTY 75 BUALUANG LONG TERM E UOB-KAY HIAN PTE LTD PHILLIP SECURITIES P STATE STREET BANK EU SOCIAL SECURITY OFFI BUALUANG FLEXIBLE RM EGAT EMPLOYEE RETIRE TMB ASSET MANAGEMENT BANK OF NEW YORK MEL FRANK RUSSELL TRUST EATON VANCE MANAGEME DAIWA SB INVESTMENTS VANGUARD GROUP INCOR VANGUARD GROUP INCOR GUTMANN KAPITALANLAG MANUFACTURERS & TRAD

Firm Name OSK (Asia) Securities DBS Vickers Kim Eng Securities TISCO Securities Co., Ltd Bualuang Securities IV Global Finansia Syrus Securities PCL Trinity Securities Kasikorn Securities Thanachart Securities PCL EVA Dimensions Capital Nomura Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios VANGUARD FTSE ALL WO VANGUARD FTSE ALL WO Multiple Portfolios Multiple Portfolios

Analyst CHALIE KUEYEN TEAM COVERAGE SUTTATIP PEERASUB CHALINEE CONGMUANG CHAIYATORN SRICHAROEN RATTANA LEENUTAPHONG SUREEPORN TEEWASUWET NATWARIN TRIPOBSAKUL CHIDCHANOK OHPANAYIKOOL SIRIPORN ARUNOTHAI TEAM COVERAGE SAMANUN POLSOMBOONCHOK

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-USA ETF MF-AGG MF-AGG

Recommendation buy sell hold sell sell sell sell sell underperform sell sell neutral

Amt Held 1'112'704'820 78'430'100 46'513'525 32'295'200 30'359'600 29'078'900 27'000'000 19'581'200 15'604'000 15'473'600 11'146'300 1'278'200 1'214'088 660'900 461'700 357'000 300'800 242'616 190'300 32'200

% Out 70.06 4.94 2.93 2.03 1.91 1.83 1.7 1.23 0.98 0.97 0.7 0.08 0.08 0.04 0.03 0.02 0.02 0.02 0.01 0

Weighting

Change 5 1 3 1 1 1 1 1 1 1 1 3

M D M D M D M D M M D M

Latest Chg (9'000'000) 4'900 401'000 461'700 357'000 300'800 -

Target Price 57 44 48 49 45 47 61 47 49 36 #N/A N/A 40

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.05.2012 Holding Company 11.05.2012 Investment Advisor 11.05.2012 Corporation 11.05.2012 n/a 11.05.2012 n/a 11.05.2012 Corporation 11.05.2012 Private Equity 11.05.2012 n/a 11.05.2012 Unclassified 11.05.2012 n/a 11.05.2012 n/a 28.09.2012 Investment Advisor 08.11.2012 Investment Advisor 31.05.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.08.2012 Investment Advisor

Date Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Date 12.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.10.2012 06.09.2012 11.05.2012

12.11.2012

Big C Supercenter PCL Big C Supercenter Public Company Limited operates supermarkets and discount stores. The Company's Big C Supercenters are a combination of a supermarket selling fresh food and prepared food, and a retail discount store selling a wide variety of consumer products such as apparel, cosmetics, houseware, toys, appliances, furniture, electronics, and hardware.

Price/Volume 250

6.0 M

200

5.0 M 4.0 M

150

3.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.05.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIGC TB EQUITY YTD Change BIGC TB EQUITY YTD % CHANGE

100

12/2011 09/yy 238.00 105.00 346'500.00 181 -23.95% 72.38% 56.39% 825.0 149'325.00 36'500.00 0.0 22.3 7'421.57 177'074.92

2.0 M

1.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 11'592.97 EBIT 8'285.90 Operating Margin 7.56% Pretax Margin 6.40% Return on Assets 7.76% Return on Common Equity 26.09% Return on Capital 13.11% Asset Turnover 1.34% Margin Analysis Gross Margin 20.3% EBITDA Margin 10.0% EBIT Margin 7.1% Net Income Margin 4.8% Structure Current Ratio 0.33 Quick Ratio 0.12 Debt to Assets 40.23% Tot Debt to Common Equity 155.33% Accounts Receivable Turnover 752.37 Inventory Turnover 10.50 Price/ Cash Flow

LTM

FY+1

1.12 201.50 74.47% 52.66% 1.119 27 2.704 990'300 908'850 808'045 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 101'231.6 115'144.4 115'659.9 126'472.8 29'219.7 30'801.0 3.91x 5.82x 1.49x 1.34x 7'466.6 11'507.4 13'191.8 14'745.2 16.72x 15.82x 13.42x 12.01x 3'590.5 6'678.8 6'188.9 7'415.3 1'824.0 2'035.0 25.28x 22.61x 24.08x 20.19x 19.89x 18.39x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

9.12 6.21 2.41 2.63 155.3% 60.8% 1.34 4.32 0.49 34.85 77.77 -52.78

Sales/Revenue/Turnover

25.00

120'000.0 100'000.0

20.00

80'000.0 15.00

60'000.0 10.00

40'000.0

5.00

0.00 02.01.2009

20'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Big C Supercenter PCL Holdings By:

All

Holder Name GEANT INTERNATIONAL SAOWANEE HOLDINGS CO THAI NVDR CO LTD CHAN ARUNEE UBS AG/SINGAPORE BARCLAYS BANK PLC THANARAKCHOK AMNUAY CHIRATHIVAT WANTANEE OSATHANUGRAH NITI THIAPAIRAT POONSAK CHIRATHIVAT SUTHICHA CHIRATHIVAT SUTHIKIA CHAI-AMNUAY SIRIYOS CHIRATHIVAT TOS SOCIAL SECURITY OFFI BOONWISUT PORNCHAI CHIRATHIVAT SUTHIPOR STATE STREET BANK AN WASATCH ADVISORS INC TMB ASSET MANAGEMENT

Firm Name JPMorgan Kim Eng Securities Krungsri Securities OSK (Asia) Securities EVA Dimensions Morgan Stanley Asia Plus Securities KT Zmico Securities Phillip Securities UOB Kay Hian IV Global Finansia Syrus Securities PCL SCB Securities Co. Ltd. Religare Capital Markets Trinity Securities Kasikorn Securities CIMB Thanachart Securities PCL Bualuang Securities KGI Securities BNP Paribas Equity Research Deutsche Bank AIRA Securities DBS Vickers Macquarie

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios

Analyst KAE PORNPUNNARATH SUTTATIP PEERASUB VATCHARUT VACHARAWONGSITH HAN MENG TAN TEAM COVERAGE DIVYA GANGAHAR KOTHIYAL KAWEE MANITSUPAWONG WEERAPAT WONGURAI PREEYANUN TRIPETCHCHUPORN THANANCHAI JITTANOON RATTANA LEENUTAPHONG SUREEPORN TEEWASUWET KANCHAN KHANIJOU VINCENT FERNANDO NATWARIN TRIPOBSAKUL SIRINATTHA TECHASIRIWAN MARCIN SPIEWAK PHANNARAI TIYAPITTAYARUT CHAIYATORN SRICHAROEN NAT PANASSUTRAKORN CHUTIMA WORAMONTRI CHALINEE CONGMUANG NUTTAPON KUMNOUNPHON NALYNE VIRIYASATHIEN BUNLUNG WAIYANONT

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG

Recommendation overweight hold trading sell underweight Equalwt/In-Line hold sell accumulate hold hold buy neutral buy hold underperform underperform buy hold underperform hold hold hold buy underperform

Amt Held 287'820'000 218'280'000 22'264'289 18'918'689 18'000'000 15'900'000 13'156'600 9'135'243 7'475'400 7'260'400 7'093'200 7'082'400 6'617'600 5'117'100 4'669'100 4'440'500 4'169'400 4'138'991 2'186'779 1'957'100

% Out 34.89 26.46 2.7 2.29 2.18 1.93 1.59 1.11 0.91 0.88 0.86 0.86 0.8 0.62 0.57 0.54 0.51 0.5 0.27 0.24

Weighting

Change 5 3 2 1 1 3 3 1 4 3 3 5 3 5 3 1 1 5 3 1 3 3 3 5 1

U M M M D M U M U D M U M M M M M M M M M M U M M

Latest Chg (25'700)

Target Price 230 204 260 165 #N/A N/A 207 215 195 210 213 214 233 230 220 210 130 195 270 236 194 190 190 212 240 130

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 17.04.2012 30.06.2012 28.09.2012

Date 13 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month

Inst Type Holding Company n/a Corporation n/a Investment Advisor Investment Advisor n/a n/a n/a n/a n/a n/a n/a n/a Unclassified n/a n/a Bank Investment Advisor Investment Advisor

Date 11.11.2012 01.11.2012 24.10.2012 23.10.2012 23.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 09.10.2012 21.09.2012 19.09.2012 12.09.2012 11.09.2012 25.07.2012 24.07.2012 02.05.2012

12.11.2012

BTS Group Holdings PCL BTS Group Holdings PCL is primarily in the business of Mass Transit. The Company operates Bangkok's BTS SkyTrain system and the Bus Rapid Transit (BRT) System. BTS Group Holdings PCL is also involved in Media & Advertising, Property Development, and Services business.

Price/Volume 7

600.0 M

500.0 M

400.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.11.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BTS TB EQUITY YTD Change BTS TB EQUITY YTD % CHANGE

300.0 M

03/2012 09/yy 6.75 3.81 498'941'300.00 6.45 -4.44% 69.18% 100.00% 10'470.6 67'535.58 26'046.79 0.0 1'642.5 1'333.24 93'745.89

200.0 M

100.0 M

1 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 4'552.04 EBIT 2'566.97 Operating Margin 32.18% Pretax Margin 30.19% Return on Assets 3.45% Return on Common Equity 6.39% Return on Capital 6.14% Asset Turnover 0.13% Margin Analysis Gross Margin 47.4% EBITDA Margin 58.9% EBIT Margin 33.3% Net Income Margin 26.4% Structure Current Ratio 0.94 Quick Ratio 0.29 Debt to Assets 38.94% Tot Debt to Common Equity 73.81% Accounts Receivable Turnover 7.84 Inventory Turnover 1.36 Price/ Cash Flow

09/yy 6'931.3 36.41x 3'364.2 17.19x 1'344.5 25.20x

LTM 09/yy 8'913.3 22.91x 4'263.0 0.00x 1'688.2 30.85x

FY+1

0.93 5'528.24 80.39% 57.20% 0.925 15 4.667 ######### ######### ######### FY+2

FQ+1

FQ+2

03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 10'038.8 12'073.4 7.49x 6.45x 4'939.3 5'726.7 18.98x 16.37x 2'024.3 2'105.4 31.62x 33.95x S&P Issuer Ratings

3.18 2.60 4.79 5.16 73.8% 41.4% 0.13 0.16 46.68 270.00 67.22 215.06

Sales/Revenue/Turnover

2'500.00

9'000.0 8'000.0

2'000.00

7'000.0 6'000.0

1'500.00

5'000.0 4'000.0

1'000.00

3'000.0 2'000.0

500.00

1'000.0 0.00 03.04.2009

0.0 03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

BTS Group Holdings PCL Holdings By:

All

Holder Name KANJANAPAS KEEREE BANGKOK BANK PCL K2J HOLDING CO LTD GOLDMAN SACHS & CO THAI NVDR CO LTD CITIGROUP GLOBAL MAR UOB-KAY HIAN PTE LTD PANWICHIEN WANCHAI MORGAN STANLEY & CO SOMERS LTD STATE STREET BANK EU BARCLAYS CAPITAL SEC PHANICHEWA SOMBATH SOPHONPANICH CHATRI BDT INVESTMENT MGMT VANGUARD GROUP INCOR TMB ASSET MANAGEMENT CHEUNG CHE KIN TONG PAUL Y L KANJANAPAS KAVIN

Firm Name KT Zmico Securities TISCO Securities Co., Ltd OSK (Asia) Securities Bualuang Securities Thanachart Securities PCL Asia Plus Securities JPMorgan Phillip Securities KGI Securities Kim Eng Securities Finansia Syrus Securities PCL SCB Securities Co. Ltd. IV Global EVA Dimensions Krungsri Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios VANGUARD TOTAL INTER Multiple Portfolios n/a n/a n/a

Analyst RAENOO BHANDASUKDI MONCHAI MOKARANURAKSA TEAM COVERAGE SUPPATA SRISUK SAKSID PHADTHANANARAK KAWEE MANITSUPAWONG AVIN SONY SIAM TIYANONT SUCHOT TIRAWANNARAT JAROONPAN WATTANAWONG AMNART NGOSAWANG SIRIMA DISSARA RATTANA LEENUTAPHONG TEAM COVERAGE SITTIDATH PRASERTRUNGRUANG

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-USA MF-AGG Co File Co File EXCH

Recommendation buy hold buy buy buy buy overweight accumulate outperform buy buy buy buy hold buy

Amt Held 4'124'658'742 639'088'756 360'000'000 294'975'322 215'701'317 110'432'400 103'464'492 65'391'585 65'226'323 65'142'242 55'163'356 53'593'748 52'392'992 52'000'000 18'400'000 11'555'648 7'780'284 3'508'049 1'754'024 1'753'761

% Out 39.39 6.1 3.44 2.82 2.06 1.05 0.99 0.62 0.62 0.62 0.53 0.51 0.5 0.5 0.18 0.11 0.07 0.03 0.02 0.02

Weighting

Change 5 3 5 5 5 5 5 4 5 5 5 5 5 3 5

M D M M M M M M M M M M M U N

Latest Chg 3'067'808 (14'241'692) -

Target Price 7 7 #N/A N/A 8 8 7 8 6 7 7 7 7 6 #N/A N/A 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 05.09.2012 30.09.2012 30.06.2012 28.09.2012 17.06.2010 17.06.2010 22.02.2012

Date 12 month 12 month Not Provided 12 month 12 month 12 month 15 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Inst Type n/a Bank n/a Investment Advisor Corporation Unclassified Corporation n/a Investment Advisor Other n/a Other n/a n/a Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a

Date 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 09.11.2012 09.11.2012 07.11.2012 01.11.2012 01.11.2012 08.10.2012 05.10.2012 18.09.2012 06.09.2012 25.06.2012

12.11.2012

Bumrungrad Hospital PCL Bumrungrad Hospital Public Company Limited, through its subsidiaries, owns and operates the Bumrungrad Hospital. Located in Bangkok, the Hospital has capacity of international standard medical care with 554 beds for inpatients and approximately 125 clinic examination suites that can serve up to 3,000 outpatients daily.

Price/Volume 90

8.0 M

7.0 M

6.0 M

5.0 M

4.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.07.2012) 52-Week Low (15.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BH TB EQUITY YTD Change BH TB EQUITY YTD % CHANGE

12/2011 09/yy 85.50 39.75 233'400.00 75.5 -11.70% 89.94% 78.14% 728.4 54'993.69 4'954.93 1.7 2.1 1'260.73 54'282.23

3.0 M

30 20

2.0 M

1.0 M

0 n-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 2'557.34 EBIT 1'909.53 Operating Margin 17.34% Pretax Margin 19.01% Return on Assets 18.41% Return on Common Equity 36.61% Return on Capital 23.30% Asset Turnover 0.85% Margin Analysis Gross Margin 40.1% EBITDA Margin 23.6% EBIT Margin 17.8% Net Income Margin 14.4% Structure Current Ratio 1.80 Quick Ratio 1.57 Debt to Assets 36.78% Tot Debt to Common Equity 73.62% Accounts Receivable Turnover 9.78 Inventory Turnover 33.05 Price/ Cash Flow

LTM

09/yy 10'986.7 10.61x 2'656.0 11.85x 1'558.6 18.19x

09/yy 12'117.6 15.84x 2'854.6 20.67x 2'636.7 22.59x

FY+1

0.77 458.81 92.50% 65.59% 0.774 23 3.130 893'200 739'517 1'006'500 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 12'848.4 14'488.6 3'282.0 3'773.0 4.21x 3.71x 3'441.1 3'795.9 757.0 1'001.0 15.77x 14.30x 2'206.7 2'382.6 408.5 634.0 25.03x 23.93x S&P Issuer Ratings

13.50 7.85 -0.25 1.74 73.6% 42.4% 0.85 1.85 37.44 11.07 31.29 13.72

Sales/Revenue/Turnover

30.00

12'000.0

25.00

10'000.0

20.00

8'000.0

15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00 02.01.2009

.0 M d-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Bumrungrad Hospital PCL Holdings By:

All

Holder Name BANGKOK DUSIT MEDICA BANGKOK INSURANCE PC SINSUPTAWEE ASSET MG UOB-KAY HIAN PTE LTD THAI NVDR CO LTD WATTANASOPHONPANICH BNP PARIBAS SEC SERV GOVT OF SINGAPORE IN SOCIAL SECURITY OFFI BANGKOK LIFE ASSURAN STATE STREET BANK EU STATE STREET BANK AN SOPHONPANICH CHAI SOPHONPANICH BOONSRI MERRILL LYNCH PIERCE SOPHONPANICH CHALI GREEN SPOT CO LTD BNY MELLON GLOBAL FU SEREEWIWATTHANA WARA SOPHONPANICH CHATRI

Firm Name DBS Vickers Bualuang Securities UOB Kay Hian Trinity Securities Kasikorn Securities KT Zmico Securities CIMB OSK (Asia) Securities SCB Securities Co. Ltd. Deutsche Bank Finansia Syrus Securities PCL AIRA Securities Credit Suisse Macquarie Phillip Securities Thanachart Securities PCL KGI Securities EVA Dimensions Asia Plus Securities IV Global Krungsri Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Analyst JESADA TECHAHUSDIN NARUMON EKASAMUT KOWIT PONGWINYOO VAJIRALUX SANGLERDSILLAPACHAI SORAPONG JAKTEERUGKUL PORNSAWAT JIRAJARUS KASEM PRUNRATANAMALA TEAM COVERAGE RAWEENUCH PIYAKRIENGKAI POCHARA THIMASAN SUNANTA VASAPINYOKUL NUTTAPON KUMNOUNPHON THANIYA KEVALEE JITIMA RATANATAM RUTSADA TWEESAENGSAKULTHAI SIRIPORN ARUNOTHAI PHATIPAK NAVAWATANA TEAM COVERAGE KAWEE MANITSUPAWONG RATTANA LEENUTAPHONG THAKOL BANJONGRUCK

Recommendation hold buy buy buy underperform buy trading sell neutral sell hold buy sell neutral underperform accumulate buy outperform hold hold hold hold

Amt Held 148'027'600 106'680'417 63'258'514 60'413'690 32'212'617 25'121'875 18'689'800 18'434'600 15'098'500 12'256'900 10'533'300 8'733'638 7'608'060 5'972'125 5'391'040 5'227'500 4'490'975 4'000'000 3'726'000 3'666'035

% Out 20.32 14.65 8.68 8.29 4.42 3.45 2.57 2.53 2.07 1.68 1.45 1.2 1.04 0.82 0.74 0.72 0.62 0.55 0.51 0.5

Latest Chg -

Weighting

Change

Target Price

3 5 5 5 1 5 1 3 1 3 5 1 3 1 4 5 5 3 3 3 3

M M M M M M R M M M M M M M U M M D M M M

75 98 98 90 72 90 82 81 76 84 86 73 80 72 77 90 97 #N/A N/A 80 76 66

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012

Date 12 month 12 month Not Provided Not Provided Not Provided 12 month 3 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month

Inst Type Corporation Insurance Company n/a Corporation Corporation n/a Investment Advisor Government Unclassified Insurance Company n/a Bank n/a n/a Investment Advisor n/a n/a n/a n/a n/a

Date 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 31.10.2012 17.10.2012 12.10.2012 08.10.2012 27.09.2012 21.09.2012 17.09.2012 14.09.2012 20.08.2012 15.08.2012 14.08.2012 11.07.2012

12.11.2012

Central Pattana PCL Central Pattana Public Company Limited and its subsidiaries develop properties including shopping centers, condominiums, and office, for sale and rental. The Company's projects include Central Plaza Lardprao, Central Plaza Ram-indra, Central Plaza Pinklao, Central Festival Center Pattaya, and Central Plaza Ratchada.

Price/Volume 80

9.0 M

8.0 M

7.0 M 6.0 M

5.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.10.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPN TB EQUITY YTD Change CPN TB EQUITY YTD % CHANGE

12/2011 06/yy 77.25 33.75 4'171'700.00 71 -8.09% 110.37% 86.78% 2'178.8 154'695.94 25'248.50 0.0 485.4 944.61 180'196.02

4.0 M

3.0 M

2.0 M

1.0 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 4'705.09 EBIT 1'757.16 Operating Margin 14.70% Pretax Margin 20.34% Return on Assets 5.41% Return on Common Equity 16.46% Return on Capital 9.42% Asset Turnover 0.23% Margin Analysis Gross Margin 34.9% EBITDA Margin 45.3% EBIT Margin 22.8% Net Income Margin 17.2% Structure Current Ratio 0.21 Quick Ratio 0.12 Debt to Assets 39.41% Tot Debt to Common Equity 126.48% Accounts Receivable Turnover 20.81 Inventory Turnover Price/ Cash Flow

LTM

06/yy 10'945.3 29.75x 4'022.0 20.97x 1'767.4 36.11x

06/yy 14'336.0 31.97x 6'489.0 19.54x 3'316.7 30.59x

FY+1

0.89 837.20 107.41% 89.55% 0.885 17 4.353 3'079'020 3'072'513 2'909'771 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 17'172.1 19'145.5 4'378.4 4'716.5 10.48x 9.52x 8'307.5 9'396.9 2'017.7 1'852.5 21.69x 19.18x 4'162.3 4'859.9 1'658.3 1'010.0 35.99x 31.80x 34.18x 32.92x S&P Issuer Ratings

5.38 -6.68 3.85 4.14 126.5% 55.3% 0.23 0.93 17.58 0.55 -

Sales/Revenue/Turnover

40.00

14'000.0

35.00

12'000.0

30.00

10'000.0

25.00

8'000.0

20.00

6'000.0

15.00

4'000.0

10.00

2'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Central Pattana PCL Holdings By:

All

Holder Name CENTRAL HOLDING COMP CHAN ARUNEE THAI NVDR CO LTD CHIRATHIVAT SUTHICHA CHIRATHIVAT SUTHIKIA MONGKOLKITTI SUCHITR BANK OF NEW YORK MEL CHIRATHIVAT TOS CHIRATHIVAT PRIN BARCLAYS BANK PLC UBS AG/SINGAPORE NORPANLOB RATTANA STATE STREET BANK AN CHIRATHIVAT KOBCHAI SOCIAL SECURITY OFFI CHIRATHIVAT SUTHILAK OSATHANUGRAH NITI CHIRATHIVAT SUTHIPOR BNP PARIBAS SEC SERV TECHAPAIBUL CO LTD

Firm Name Deutsche Bank Kasikorn Securities Bualuang Securities Thanachart Securities PCL DBS Vickers Kim Eng Securities Macquarie KGI Securities Credit Suisse EVA Dimensions Asia Plus Securities HSBC Country Group Securities PCL Phillip Securities AIRA Securities UOB Kay Hian Globlex Securities Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Analyst SOPICHA WATTANASANSANEE SIRINATTHA TECHASIRIWAN CHAIYATORN SRICHAROEN PHANNARAI TIYAPITTAYARUT CHANPEN SIRITHANARATTANAKUL SUTTATIP PEERASUB PATTI TOMAITRICHITR TAREETIP WONGSAENGPAIBOON CHAI TECHAKUMPUCH TEAM COVERAGE NUANPUN NOIRUCHCHUKORN PRATIK BURMAN RAY DOME KUNPRAYOONSAWAD DANAI TUNYAPISITCHAI EKPAWIN SUNTARAPICHARD TEAM COVERAGE WILASINEE BOONMASUNGSONG

Recommendation buy neutral buy buy buy buy neutral outperform outperform sell buy overweight long-term buy reduce buy buy buy

Amt Held 588'171'980 89'444'070 89'098'808 41'794'000 41'730'200 33'652'400 32'093'000 30'150'550 30'150'550 28'173'650 26'820'000 26'817'600 26'665'484 26'493'500 25'254'400 25'142'440 24'786'200 24'566'400 21'528'100 21'237'480

% Out 27 4.11 4.09 1.92 1.92 1.54 1.47 1.38 1.38 1.29 1.23 1.23 1.22 1.22 1.16 1.15 1.14 1.13 0.99 0.97

Weighting

Change 5 3 5 5 5 5 3 5 5 1 5 5 5 2 5 5 5

M M M M M M M M M D M N M M M M U

Latest Chg 10'000 -

Target Price 82 58 74 67 71 63 58 68 50 #N/A N/A 65 59 51 38 42 45 47

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012 11.05.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation n/a Corporation n/a n/a n/a Investment Advisor n/a n/a Investment Advisor Investment Advisor n/a Bank n/a Unclassified n/a n/a n/a Investment Advisor n/a

Date 09.11.2012 06.11.2012 30.10.2012 09.10.2012 05.10.2012 20.09.2012 13.09.2012 31.08.2012 29.08.2012 27.08.2012 23.08.2012 20.08.2012 15.08.2012 22.03.2012 24.11.2011 22.09.2011 31.08.2011

12.11.2012

Charoen Pokphand Foods PCL Charoen Pokphand Foods Public Company Limited produces a wide range of food products. The Company's products include chicken, pork, shrimp, fish, eggs. and duck.

Price/Volume 45

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M

40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.05.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPF TB EQUITY YTD Change CPF TB EQUITY YTD % CHANGE

12/2011 09/yy 42.25 29.50 38'463'900.00 36 -14.79% 22.03% 50.98% 7'742.9 278'745.91 69'449.23 0.0 2'921.7 24'341.35 415'591.87

15 10 5 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 19'442.07 EBIT 14'702.75 Operating Margin 7.13% Pretax Margin 9.14% Return on Assets 9.60% Return on Common Equity 26.20% Return on Capital 14.90% Asset Turnover 1.45% Margin Analysis Gross Margin 16.3% EBITDA Margin 5.7% EBIT Margin 3.5% Net Income Margin 7.7% Structure Current Ratio 1.70 Quick Ratio 0.87 Debt to Assets 43.43% Tot Debt to Common Equity 109.20% Accounts Receivable Turnover 16.44 Inventory Turnover 6.80 Price/ Cash Flow

LTM

FY+1

0.86 3'320.89 24.03% 12.76% 0.856 29 4.172 26'612'540 28'706'340 26'451'620 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 200'702.1 315'634.2 335'683.8 388'890.0 92'564.3 107'251.0 4.51x 4.69x 1.11x 0.95x 18'176.7 17'943.8 25'029.1 33'723.6 4'862.0 13.60x 22.08x 16.60x 12.32x 15'721.2 20'954.8 16'552.0 19'674.1 1'326.8 5'894.0 11.33x 11.13x 16.29x 13.56x 12.63x 11.84x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

7.99 3.76 6.72 7.57 109.2% 51.1% 1.45 4.91 22.26 53.80 19.46 78.64

Sales/Revenue/Turnover

100.00

250'000.0

90.00

200'000.0

80.00 70.00

150'000.0

60.00 50.00

100'000.0

40.00 30.00

50'000.0

20.00 10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Charoen Pokphand Foods PCL Holdings By:

All

Holder Name CHAROEN POKPHAND GRO UBS AG/LONDON THAI NVDR CO LTD ORIENT SUCCESS INTL CAPITAL RESEARCH AND UOB-KAY HIAN PTE LTD CPF THAILAND PCL JIRAPUMMIN WALAIPORN VANGUARD GROUP INC SOCIAL SECURITY OFFI UBS AG/HONG KONG BANGKOK PRODUCES PCL TIEANWORN PRIN STATE STREET BANK EU ASAVANUND AREEYA GOVT OF SINGAPORE IN STATE STREET BANK AN JF ASSET MANAGEMENT JF ASSET MANAGEMENT TMB ASSET MANAGEMENT

Firm Name Morgan Stanley JPMorgan CIMB Kim Eng Securities Bualuang Securities Kasikorn Securities Phillip Securities Asia Plus Securities KTB Securities Thailand Co Ltd UOB Kay Hian Thanachart Securities PCL Finansia Syrus Securities PCL Standard Chartered Country Group Securities PCL Credit Suisse Trinity Securities KT Zmico Securities EVA Dimensions IV Global Macquarie SCB Securities Co. Ltd. Deutsche Bank DBS Vickers OSK (Asia) Securities Krungsri Securities AIRA Securities Capital Nomura Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DIVYA GANGAHAR KOTHIYAL KAE PORNPUNNARATH MARCIN SPIEWAK SUTTATIP PEERASUB PRASIT SUJIRAVORAKUL SIRINATTHA TECHASIRIWAN NAREE APISAWAITTKAN THIPTAWAT SUWANTAMARONG PARIN KITCHATORNPITAK THUNYA SUTAVEPRAMOCHANON SARACHADA SORNSONG SUREEPORN TEEWASUWET NIRGUNAN TIRUCHELVAM DOME KUNPRAYOONSAWAD CHAI TECHAKUMPUCH SURACHAI PRAMUALCHAROENKIT WEERAPAT WONGURAI TEAM COVERAGE RATTANA LEENUTAPHONG BUNLUNG WAIYANONT KANCHAN KHANIJOU CHALINEE CONGMUANG NALYNE VIRIYASATHIEN HAN MENG TAN SITTIDATH PRASERTRUNGRUANG NUTTAPON KUMNOUNPHON PLOENJAI JIRAJARUS

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG

Recommendation Equalwt/In-Line overweight outperform buy buy outperform accumulate buy strong buy buy buy buy underperform trading buy outperform buy buy underweight hold outperform neutral hold buy sell trading buy buy

Amt Held 2'817'341'295 433'172'149 417'010'295 405'000'000 394'374'700 218'827'700 203'859'940 140'000'000 94'621'808 90'827'900 89'254'106 82'885'000 80'000'000 68'965'241 60'000'000 59'182'100 51'261'990 46'960'300 22'779'500 18'369'000

% Out 36.39 5.59 5.39 5.23 5.09 2.83 2.63 1.81 1.22 1.17 1.15 1.07 1.03 0.89 0.77 0.76 0.66 0.61 0.29 0.24

Weighting

Change 3 5 5 5 5 5 4 5 5 5 5 5 1 5 5 5 5 1 3 5 3 3 5 1 2 5 5

M M M M M M M M M U M M M M M M M D M M D M M M M M U

Latest Chg 178'363'500 18'102'300 (2'324'800) 46'960'300 22'779'500 (239'200)

Target Price 33 43 49 40 44 40 37 41 40 40 43 42 29 39 47 42 38 #N/A N/A 34 40 34 36 45 24 38 49 56

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 27.08.2012 Holding Company 29.08.2012 Investment Advisor 27.08.2012 Corporation 27.08.2012 n/a 04.10.2012 Investment Advisor 27.08.2012 Corporation 27.08.2012 n/a 27.08.2012 n/a 30.06.2012 Investment Advisor 27.08.2012 Unclassified 27.08.2012 Bank 27.08.2012 Corporation 27.08.2012 n/a 27.08.2012 n/a 27.08.2012 n/a 27.08.2012 Government 27.08.2012 Bank 30.09.2011 Mutual Fund Manager 30.09.2011 Mutual Fund Manager 28.09.2012 Investment Advisor

Date 12 month 6 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Date 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 12.11.2012 22.10.2012 16.10.2012 16.10.2012 15.10.2012 15.10.2012 12.10.2012 08.10.2012 28.09.2012 25.09.2012 25.09.2012 13.09.2012 10.09.2012 04.09.2012 28.08.2012 15.08.2012 14.08.2012 14.08.2012 14.08.2012 11.07.2012 29.06.2012 11.05.2012

12.11.2012

CP ALL PCL CP ALL PCL operates convenience store chains in Thailand and China. The Company also owns and operates the a department store chain located primarily in Shanghai city and Chonqing city of China.

Price/Volume 45

200.0 M 180.0 M 160.0 M 140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M

40 35 30 25 20

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2012) 52-Week Low (15.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CPALL TB EQUITY YTD Change CPALL TB EQUITY YTD % CHANGE

12/2011 09/yy 44.75 23.75 21'133'400.00 40.75 -8.94% 71.58% 78.57% 8'983.1 366'061.38 2.17 0.0 208.2 24'095.04 340'040.01

15 10 5 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 11'063.84 EBIT 7'761.84 Operating Margin 5.00% Pretax Margin 7.08% Return on Assets 17.32% Return on Common Equity 46.92% Return on Capital 46.45% Asset Turnover 3.19% Margin Analysis Gross Margin 24.8% EBITDA Margin 7.0% EBIT Margin 5.0% Net Income Margin 5.2% Structure Current Ratio 1.19 Quick Ratio 0.81 Debt to Assets 0.00% Tot Debt to Common Equity 0.01% Accounts Receivable Turnover 360.48 Inventory Turnover 16.63 Price/ Cash Flow

LTM

FY+1

0.93 3'770.65 71.60% 60.00% 0.926 33 3.636 25'257'560 23'944'680 20'412'900 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 152'697.9 176'293.3 188'513.5 216'277.7 48'148.0 54'160.0 4.51x 4.35x 1.80x 1.55x 10'920.2 9'757.9 16'829.5 19'128.4 3'404.0 4'700.0 17.79x 0.00x 20.21x 17.78x 7'974.7 9'842.0 10'755.9 13'203.7 2'529.8 3'303.0 27.12x 32.42x 34.30x 27.89x 29.42x 26.55x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 932241.65 (EBITDA-Capex)/Interest Exp. 601818.18 Net Debt/EBITDA -2.23 Total Debt/EBITDA 0.00 Reference Total Debt/Equity 0.0% Total Debt/Capital 0.0% Asset Turnover 3.19 Net Fixed Asset Turnover 10.64 Accounts receivable turnover-days 1.02 Inventory Days 22.01 Accounts Payable Turnover Day 69.92 Cash Conversion Cycle -45.77 Sales/Revenue/Turnover

25.00

180'000.0 160'000.0

20.00

140'000.0 120'000.0

15.00

100'000.0 80'000.0

10.00

60'000.0 40'000.0

5.00

20'000.0 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

CP ALL PCL Holdings By:

All

Holder Name CP MERCHANDISING CO CHAROEN POKPHAND GRO AMERICAN INTERNATION STATE STREET BANK EU THAI NVDR CO LTD STATE STREET BANK AN VANGUARD GROUP INC UNS AGROCHEMICAL CO GOVT OF SINGAPORE IN T ROWE PRICE ASSOCIA BANK OF NEW YORK MEL BANGKOK PRODUCES PCL SCHRODER INVESTMENT MORGAN STANLEY SOCIAL SECURITY OFFI JO HAMBRO CAPITAL MA HEMVACHIRAVARAKOR PA TMB ASSET MANAGEMENT CARMIGNAC GESTION LU EMERGING GLOBAL SHAR

Firm Name KT Zmico Securities KGI Securities Bualuang Securities Kim Eng Securities Krungsri Securities Deutsche Bank Asia Plus Securities Country Group Securities PCL Macquarie DBS Vickers OSK (Asia) Securities SCB Securities Co. Ltd. UOB Kay Hian IV Global Finansia Syrus Securities PCL Trinity Securities Kasikorn Securities Morgan Stanley Credit Suisse JPMorgan CIMB Thanachart Securities PCL Phillip Securities BNP Paribas Equity Research EVA Dimensions Standard Chartered KTB Securities Thailand Co Ltd AIRA Securities HSBC

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst WEERAPAT WONGURAI NAT PANASSUTRAKORN CHAIYATORN SRICHAROEN SUTTATIP PEERASUB VATCHARUT VACHARAWONGSITH CHALINEE CONGMUANG KAWEE MANITSUPAWONG DOME KUNPRAYOONSAWAD BUNLUNG WAIYANONT NALYNE VIRIYASATHIEN HAN MENG TAN KANCHAN KHANIJOU THANANCHAI JITTANOON RATTANA LEENUTAPHONG SUREEPORN TEEWASUWET VAJIRALUX SANGLERDSILLAPACHAI SORAPONG JAKTEERUGKUL DIVYA GANGAHAR KOTHIYAL KARIM SALAMATIAN KAE PORNPUNNARATH MARCIN SPIEWAK PHANNARAI TIYAPITTAYARUT PREEYANUN TRIPETCHCHUPORN CHUTIMA WORAMONTRI TEAM COVERAGE NIRGUNAN TIRUCHELVAM PARIN KITCHATORNPITAK NUTTAPON KUMNOUNPHON SEAN MONAGHAN

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG EXCH EXCH MF-AGG ULT-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG

Recommendation buy outperform buy hold buy buy hold speculative buy underperform buy neutral buy buy buy hold buy underperform Equalwt/In-Line outperform overweight outperform hold buy hold overweight underperform strong buy hold underweight

Amt Held 2'693'284'400 2'111'646'600 203'552'400 195'753'585 169'658'852 125'611'402 107'882'114 90'000'000 62'403'200 53'736'400 38'797'505 32'860'000 26'522'600 24'927'800 24'015'000 23'815'300 22'500'000 21'311'200 9'410'826 8'410'100

% Out 29.98 23.51 2.27 2.18 1.89 1.4 1.2 1 0.69 0.6 0.43 0.37 0.3 0.28 0.27 0.27 0.25 0.24 0.1 0.09

Weighting

Change 5 5 5 3 5 5 3 4 1 5 3 5 5 5 3 5 1 3 5 5 5 3 5 3 5 1 5 3 1

M M M M M M M M M M M M M M D M M M M M M M M M D M M M D

Latest Chg 959'500 3'015'400 (1'722'400) (277'600) 9'410'826 -

Target Price 47 50 48 44 45 45 43 43 33 49 37 46 46 46 44 46 33 43 55 44 49 38 41 37 #N/A N/A 27 46 41 14

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 09.03.2012 09.05.2012 09.05.2012 09.05.2012 09.05.2012 09.05.2012 30.06.2012 09.05.2012 09.05.2012 30.09.2012 09.05.2012 09.05.2012 30.06.2012 30.06.2012 09.05.2012 31.07.2012 09.05.2012 28.09.2012 28.09.2012 08.11.2012

Date 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided 6 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type Other Holding Company Insurance Company n/a Corporation Bank Investment Advisor Corporation Government Investment Advisor Investment Advisor Corporation Investment Advisor Investment Advisor Unclassified Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 12.11.2012 12.11.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 09.10.2012 25.09.2012 07.09.2012 20.08.2012 10.05.2012 09.05.2012 09.05.2012 22.02.2012

12.11.2012

Delta Electronics Thailand PCL Delta Electronics (Thailand) PCL designs and manufactures electronic equipment. The Company produces power systems for telecommunications, medical equipment, and industrial automation. Delta also produces fans, electromagnetic interference filters, and solenoids.

Price/Volume 35

8.0 M

7.0 M

6.0 M 5.0 M

Valuation Analysis

4.0 M

Latest Fiscal Year: LTM as of: 52-Week High (12.11.2012) 52-Week Low (22.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DELTA TB EQUITY YTD Change DELTA TB EQUITY YTD % CHANGE

12/2011 09/yy 31.50 18.20 5'882'400.00 30.25 -3.97% 66.21% 93.64% 1'247.4 37'733.29 1'022.14 0.0 0.0 9'512.59 28'987.57

3.0 M

2.0 M

1.0 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 3'104.79 EBIT 2'283.42 Operating Margin 5.94% Pretax Margin 7.60% Return on Assets 9.87% Return on Common Equity 15.53% Return on Capital 15.18% Asset Turnover 1.26% Margin Analysis Gross Margin 23.5% EBITDA Margin 8.4% EBIT Margin 6.2% Net Income Margin 7.5% Structure Current Ratio 2.62 Quick Ratio 1.84 Debt to Assets 3.42% Tot Debt to Common Equity 5.15% Accounts Receivable Turnover 5.13 Inventory Turnover 4.43 Price/ Cash Flow

LTM

09/yy 38'753.2 2.67x 3'208.7 5.41x 2'740.2 8.88x

09/yy 39'606.7 1.50x 2'402.5 0.00x 4'177.3 7.69x

FY+1

0.81 396.63 71.23% 46.77% 0.814 17 4.000 910'240 1'235'727 1'043'865 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 39'578.7 41'719.2 9'393.0 9'142.0 0.73x 0.67x 4'462.1 4'664.6 1'032.0 1'061.0 6.50x 6.21x 3'404.2 3'614.9 798.5 842.0 11.00x 10.42x S&P Issuer Ratings

31.84 18.77 -2.73 0.37 5.1% 4.9% 1.26 8.04 71.36 82.65 95.35 59.28

Sales/Revenue/Turnover

25.00

60'000.0 50'000.0

20.00

40'000.0 15.00

30'000.0 10.00

20'000.0

5.00

0.00 02.01.2009

10'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Delta Electronics Thailand PCL Holdings By:

All

Holder Name SA PBG CLIENTS SG STATE STREET BANK EU DELTA ELECTRONICS IN UBS AG/SINGAPORE CAPITAL RESEARCH GLO THAI NVDR CO LTD STATE STREET BANK AN CHARTPITAK PAISAL CHARTPITAK PAIWAN GCIC LTD/CANADA AMERICAN INTERNATION BANK OF NEW YORK MEL WANG MING-CHENG MENG NG KONG VANGUARD GROUP INC FRANK RUSSELL TRUST EURO PACIFIC ASSET M CHOU ASSOCIATES MANA CHIH-YUAN CHU MUTTARAID ANUSORN

Firm Name CIMB Bualuang Securities TISCO Securities Co., Ltd Asia Plus Securities DBS Vickers Phillip Securities SCB Securities Co. Ltd. Krungsri Securities UOB Kay Hian Finansia Syrus Securities PCL Kasikorn Securities Macquarie EVA Dimensions KT Zmico Securities TISCO Securities Co., Ltd KTB Securities Thailand Co Ltd Thanachart Securities PCL Capital Nomura Securities Country Group Securities PCL

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst JONATHAN NG JINDARAT LAOTAVEERUNGSAWAT MONCHAI MOKARANURAKSA THIPTAWAT SUWANTAMARONG JESADA TECHAHUSDIN NAREE APISAWAITTKAN SOLAYA NA SONGKHLA VATCHARUT VACHARAWONGSITH ATHAPORN ARAYASANTIPARB SUREEPORN TEEWASUWET SORAPONG JAKTEERUGKUL CHAK REUNGSINPINYA TEAM COVERAGE POLASIT TANPOONKIAT TEAM COVERAGE SUTTHIVIT TESANABOON AUNGKANA TUNGWIKROMKRAI PLOENJAI JIRAJARUS VARAYU WATTANASIRI

Source EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG Co File Co File MF-AGG MF-AGG MF-AGG MF-AGG Co File Co File

Recommendation outperform hold buy buy hold trading buy buy trading buy trading buy neutral neutral buy Under Review buy hold hold buy hold

Amt Held 724'114'596 81'824'400 69'128'140 53'172'220 33'935'900 23'578'339 17'090'586 12'300'000 10'250'000 6'743'300 6'497'400 3'472'451 3'400'010 3'400'000 2'264'651 1'980'600 1'956'000 1'763'300 1'400'000 1'400'000

% Out 58.05 6.56 5.54 4.26 2.72 1.89 1.37 0.99 0.82 0.54 0.52 0.28 0.27 0.27 0.18 0.16 0.16 0.14 0.11 0.11

Weighting

Change

5 3 5 5 3 5 5 2 5 5 3 3 5 #N/A N/A 5 3 3 5 3

M M M M D M M M M M D D U M M M U M M

Latest Chg 33'935'900 192'000 312'900 -

Target Price 35 30 34 28 31 32 35 29 33 30 28 28 #N/A N/A #N/A N/A 26 27 24 30 21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.03.2012 Unclassified 01.03.2012 n/a 01.03.2012 Corporation 01.03.2012 Investment Advisor 30.09.2012 Investment Advisor 01.03.2012 Corporation 01.03.2012 Bank 01.03.2012 n/a 01.03.2012 n/a 30.06.2012 Hedge Fund Manager 01.03.2012 Insurance Company 08.11.2012 Investment Advisor 31.12.2009 n/a 31.12.2009 n/a 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 30.06.2012 Investment Advisor 31.12.2009 n/a 31.12.2009 n/a

Date 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month

Date 12.11.2012 12.11.2012 09.11.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 26.10.2012 19.10.2012 18.10.2012 06.09.2012 14.08.2012 06.08.2012 27.07.2012 23.05.2012 14.05.2012 25.01.2012

12.11.2012

Dynasty Ceramic PCL Dynasty Ceramic Public Company Limited produces ceramic floor tiles used for both indoor and outdoor construction and decoration.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (09.11.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DCC TB EQUITY YTD Change DCC TB EQUITY YTD % CHANGE

12/2011 09/yy 67.75 40.50 2'707'900.00 41.75 -38.38% 3.09% 2.75% 408.0 17'034.00 400.05 0.0 41.1 190.32 17'656.28

3.5 M

3.0 M

2.5 M

2.0 M

1.5 M

1.0 M

.5 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 1'981.91 EBIT 1'786.29 Operating Margin 24.79% Pretax Margin 25.02% Return on Assets 28.20% Return on Common Equity 45.93% Return on Capital 38.63% Asset Turnover 1.72% Margin Analysis Gross Margin 42.5% EBITDA Margin 25.1% EBIT Margin 21.9% Net Income Margin 17.3% Structure Current Ratio 1.10 Quick Ratio 0.22 Debt to Assets 9.33% Tot Debt to Common Equity 15.25% Accounts Receivable Turnover 59.69 Inventory Turnover 3.39 Price/ Cash Flow

09/yy 7'036.5 12.42x 2'030.4 10.31x 1'236.9 16.78x

LTM 09/yy 7'386.4 12.68x 1'368.0 0.00x 1'214.2 17.09x

FY+1

0.71 157.38 -20.32% -28.22% 0.713 17 3.471 2'016'640 741'977 560'686 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 7'595.8 8'255.2 2.29x 2.11x 1'890.4 2'064.9 9.34x 8.55x 1'279.0 1'457.7 279.0 13.33x 11.68x S&P Issuer Ratings

556.44 387.61 0.09 0.18 15.3% 13.1% 1.72 2.92 6.13 108.10 49.08 65.60

Sales/Revenue/Turnover

25.00

8'000.0 7'000.0

20.00

6'000.0 5'000.0

15.00

4'000.0 10.00

3'000.0 2'000.0

5.00

0.00 02.01.2009

1'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Dynasty Ceramic PCL Holdings By:

All

Holder Name SAENGSASTRA ROONGROJ VADCHARASURANG VIBUL STATE STREET BANK EU SAENGSASTRA MARUT SAENGSASTRA MONRAK VIRIYAMETAKUL CHAIYA SMARNPHANCHAI SUVIT SAENGSASTRA CATTLEYA THAI NVDR CO LTD STATE STREET BANK AN WASATCH ADVISORS INC TAYANUWAT RACHAN AMERICAN INTERNATION KRUNGSRI DVD STOCK L VIRIYAMETTAKUL PIJIT VIRIYAMETTAKUL PISUT PANYAWI SUWIT VIRIYAMETTAKUL PIPAT BANK OF NEW YORK MEL KRUNGSRI DVD STOCK F

Firm Name Bualuang Securities Deutsche Bank Kim Eng Securities Phillip Securities Asia Plus Securities KT Zmico Securities KGI Securities OSK (Asia) Securities SCB Securities Co. Ltd. Krungsri Securities Finansia Syrus Securities PCL Trinity Securities Thanachart Securities PCL EVA Dimensions UOB Kay Hian AIRA Securities Capital Nomura Securities DBS Vickers

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a n/a n/a n/a

Analyst NARUMON EKASAMUT SANSANEE SRIJAMJUREE MARIA LAPIZ DANAI TUNYAPISITCHAI PRASIT RATTANAKIJKAMOL PHORNSRI LAYSANITSAEREKUL NAT PANASSUTRAKORN TEAM COVERAGE SIRIMA DISSARA CHATREE SRISMAICHAROEN AMNART NGOSAWANG SURACHAI PRAMUALCHAROENKIT SAKSID PHADTHANANARAK TEAM COVERAGE KOWIT PONGWINYOO CHITRADA LEKHRAPHAN SAMANUN POLSOMBOONCHOK ARPAPORN SAWANGPAK

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Recommendation sell hold hold accumulate hold buy on weakness outperform neutral sell hold hold hold buy overweight buy buy reduce fully valued

Amt Held 100'000'000 34'994'010 24'007'100 20'000'000 20'000'000 17'545'000 12'892'000 11'000'000 10'835'522 9'306'517 8'315'598 6'476'150 6'383'700 6'015'400 4'500'000 4'400'000 4'000'000 3'980'000 3'686'845 2'189'900

% Out 24.51 8.58 5.88 4.9 4.9 4.3 3.16 2.7 2.66 2.28 2.04 1.59 1.56 1.47 1.1 1.08 0.98 0.98 0.9 0.54

Latest Chg -

Weighting

Change

Target Price

1 3 3 4 3 5 5 3 1 3 3 3 5 5 5 5 2 2

M M M M M M M D M M M M M U M M D M

46 45 48 50 52 52 65 50 50 50 50 53 64 #N/A N/A 58 62 52 56

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 30.06.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012 10.08.2012

Date 12 month 12 month 12 month Not Provided 12 month 3 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type n/a n/a n/a n/a n/a n/a n/a n/a Corporation Bank Investment Advisor n/a Insurance Company Other n/a n/a n/a n/a Investment Advisor n/a

Date 05.11.2012 02.11.2012 02.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 09.10.2012 06.09.2012 28.08.2012 25.07.2012 24.05.2012 11.10.2011

12.11.2012

Electricity Generating PCL Electricity Generating Public Company Limited is an electric utility holding company. The Company, through its two major subsidiaries, produces and supplies electricity to the Electricity Generating Authority of Thailand (EGAT), under long term power purchase agreements of 20 and 15 years. It also operates energy related businesses through joint ventures.

Price/Volume 160

4.5 M

140

4.0 M

120

3.5 M 3.0 M

100

2.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.10.2012) 52-Week Low (22.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EGCO TB EQUITY YTD Change EGCO TB EQUITY YTD % CHANGE

12/2011 09/yy 138.00 86.00 415'500.00 132 -4.35% 53.49% 86.54% 526.5 69'493.38 12'057.12 0.0 555.0 10'341.55 97'554.42

2.0 M

1.5 M

1.0 M

.5 M

0 n-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 2'460.96 EBIT 488.41 Operating Margin 6.38% Pretax Margin 70.10% Return on Assets 11.41% Return on Common Equity 16.31% Return on Capital 12.81% Asset Turnover 0.09% Margin Analysis Gross Margin 27.0% EBITDA Margin 29.8% EBIT Margin 5.1% Net Income Margin 65.1% Structure Current Ratio 11.72 Quick Ratio 6.49 Debt to Assets 16.53% Tot Debt to Common Equity 20.80% Accounts Receivable Turnover 4.23 Inventory Turnover 2.15 Price/ Cash Flow

LTM

09/yy 7'714.3 28.05x 2'687.5 18.47x 4'729.6 9.41x

09/yy 10'927.3 17.73x 1'731.4 0.00x 10'514.3 6.51x

FY+1

0.45 178.93 57.22% 44.56% 0.450 19 4.053 594'780 566'103 641'614 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 11'389.5 14'066.9 2'905.7 4'879.0 8.22x 6.66x 4'780.9 5'548.8 651.0 20.40x 17.58x 7'925.1 6'638.6 1'538.0 1'777.0 9.16x 10.47x 9.38x 9.76x S&P Issuer Ratings

3.55 3.43 10.95 13.42 20.8% 17.1% 0.09 0.31 86.54 170.02 39.84 152.63

Sales/Revenue/Turnover

8.00

20'000.0

7.00

18'000.0 16'000.0

6.00

14'000.0

5.00

12'000.0

4.00

10'000.0 8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 02.01.2009

.0 M d-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Electricity Generating PCL Holdings By:

All

Holder Name EGAT TEPDIA GENERATING BV THAI NVDR CO LTD BBL ASSET MGMT CO LT BANGKOK LIFE ASSURAN AMERICAN INTERNATION SOCIAL SECURITY OFFI STATE STREET BANK EU THANACHART LIFE ASSU THANACHART BANK PCL SOUTHEAST LIFE INSUR BANGKOK BANK PCL BUALUANG LONG TERM E BANK OF NEW YORK MEL VANGUARD GROUP INC TMB ASSET MANAGEMENT EURO PACIFIC ASSET M GUINNESS ATKINSON AS ARMYTAGE PRIVATE LTD ASSURANCE FEDERALE

Firm Name OSK (Asia) Securities Kasikorn Securities JPMorgan BNP Paribas Equity Research Asia Plus Securities Krungsri Securities Bualuang Securities Macquarie EVA Dimensions Thanachart Securities PCL SCB Securities Co. Ltd. KT Zmico Securities KGI Securities Kim Eng Securities Country Group Securities PCL Phillip Securities Nomura UOB Kay Hian Trinity Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG Research

Recommendation

KANNIKA SIAMWALLA SIRINATTHA TECHASIRIWAN AVIN SONY TANAPORN VISARUTHAPHONG NALINRAT KITTIKUMPOLRAT CHARNVUT TAECHA-AMORNTANAKIJ THANATTHEP CHANTARAKARN CHAK REUNGSINPINYA TEAM COVERAGE SUPANNA SUWANKIRD CHAIPAT THANAWATTANO JAKAPONG CHAWENGSRI PIYATHIDA VONGVIVATHCHAI SUTTHICHAI KUMWORACHAI MONGKOL PUANGPETRA RUTSADA TWEESAENGSAKULTHAI DANIEL RAATS ATHAPORN ARAYASANTIPARB VAJIRALUX SANGLERDSILLAPACHAI

buy outperform overweight buy buy hold hold outperform hold buy neutral sell on strength outperform hold buy neutral buy hold hold

Amt Held 133'773'662 126'054'178 54'936'336 26'379'649 10'206'200 7'196'400 6'387'300 6'074'641 5'918'000 3'665'100 2'821'000 2'805'000 2'748'400 2'229'991 686'302 446'500 259'200 234'500 78'000 57'400

% Out 25.41 23.94 10.43 5.01 1.94 1.37 1.21 1.15 1.12 0.7 0.54 0.53 0.52 0.42 0.13 0.08 0.05 0.04 0.01 0.01

Weighting

Change 5 5 5 5 5 3 3 5 3 5 3 1 5 3 5 3 5 3 3

U M M M M N M M U M D M M M M M M M D

Latest Chg 227'300 80'100 1'600 -

Target Price 143 137 155 150 127 136 126 137 #N/A N/A 129 124 115 129 97 102 100 110 88 99

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 16.03.2012 n/a 16.03.2012 n/a 16.03.2012 Corporation 26.09.2012 n/a 16.03.2012 Insurance Company 16.03.2012 Insurance Company 16.03.2012 Unclassified 16.03.2012 n/a 16.03.2012 n/a 16.03.2012 Investment Advisor 16.03.2012 n/a 16.03.2012 Bank 16.03.2012 n/a 08.11.2012 Investment Advisor 30.06.2012 Investment Advisor 12.11.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 29.06.2012 Investment Advisor 31.03.2012 Investment Advisor 02.04.2012 Investment Advisor

Date 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Date 12.11.2012 12.11.2012 31.10.2012 31.10.2012 25.10.2012 24.10.2012 05.10.2012 26.09.2012 06.09.2012 23.08.2012 22.08.2012 20.06.2012 12.06.2012 14.05.2012 30.04.2012 21.02.2012 09.10.2011 08.04.2011 03.03.2011

12.11.2012

Esso Thailand PCL Esso Thailand PCL is a fully integrated oil business, including oil refinery and production. The Company provides liquefied petroleum gas (LPG), gasoline, aviation fuel, diesel, marine fuel, lubricants, aromatic products and other related products such as purified terephthalic acid (PTA), solvents, plasticizers, and benzene concentrate stream.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.03.2012) 52-Week Low (22.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ESSO TB EQUITY YTD Change ESSO TB EQUITY YTD % CHANGE

12/2011 09/yy 14.60 8.70 14'292'600.00 10.5 -28.08% 20.69% 33.90% 3'460.9 36'339.01 38'291.11 0.0 7.4 668.22 67'524.76

160.0 M

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 4'557.79 EBIT 3'260.37 Operating Margin 1.58% Pretax Margin 1.43% Return on Assets -3.01% Return on Common Equity -8.52% Return on Capital Asset Turnover 3.13% Margin Analysis Gross Margin 3.9% EBITDA Margin 0.6% EBIT Margin -0.1% Net Income Margin 0.5% Structure Current Ratio 0.99 Quick Ratio 0.18 Debt to Assets 51.85% Tot Debt to Common Equity 156.09% Accounts Receivable Turnover 39.73 Inventory Turnover 8.84 Price/ Cash Flow

LTM

FY+1

1.20 1'073.36 19.84% -2.35% 1.199 15 2.733 11'788'820 10'947'340 15'223'240 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 210'872.0 226'497.4 226'623.1 233'797.8 70'087.0 71'599.0 1.17x 1.31x 0.31x 0.29x 8'833.4 1'465.4 7'912.1 8'425.5 5'175.0 2'507.0 7.07x 46.55x 8.53x 8.01x 4'946.4 (2'177.4) 3'576.5 4'366.4 2'222.0 1'427.0 6.31x 0.00x 10.12x 8.43x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

6.05 0.76 21.28 22.68 156.1% 60.9% 3.13 7.01 9.21 41.40 7.06 45.42

Sales/Revenue/Turnover

60.00

250'000.0

50.00

200'000.0

40.00

150'000.0

30.00

100'000.0 20.00

50'000.0

10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Esso Thailand PCL Holdings By:

All

Holder Name EXXON MOBIL CORP VAYUPAK FUND I THAI NVDR CO LTD EKUDOMSIN WICHAI EKUDOMSIN CHAROEN SUTHIPONGCHAI SUTHIC EAST FOURTEEN LIMITE BANK OF NEW YORK MEL VANGUARD GROUP INC TMB ASSET MANAGEMENT EATON VANCE ADVISORS PRUDENTIAL FINANCIAL GLOBAL INVESTMENT SE INDEXIQ ADVISORS LLC WELLS FARGO KBL RICHELIEU GESTIO

Firm Name Morgan Stanley KT Zmico Securities Kasikorn Securities BNP Paribas Equity Research OSK (Asia) Securities Thanachart Securities PCL SCB Securities Co. Ltd. Phillip Securities UOB Kay Hian EVA Dimensions Macquarie Country Group Securities PCL Asia Plus Securities Trinity Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst MAYANK MAHESHWARI JAKAPONG CHAWENGSRI SIRINATTHA TECHASIRIWAN SOMKIJ ORANCHATCHAWAN KANNIKA SIAMWALLA SUPANNA SUWANKIRD CHAIPAT THANAWATTANO PREEYANUN TRIPETCHCHUPORN CHAIWAT ARSIRAWICHAI TEAM COVERAGE TREVOR BUCHINSKI MONGKOL PUANGPETRA NALINRAT KITTIKUMPOLRAT VAJIRALUX SANGLERDSILLAPACHAI

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation Underwt/In-Line sell outperform hold sell buy sell buy hold sell outperform hold hold hold

Amt Held 2'264'500'000 253'750'000 41'241'974 30'000'000 29'000'000 22'751'900 17'457'700 6'578'872 5'096'649 2'937'500 840'000 680'000 376'400 80'480 26'211 -

% Out 65.43 7.33 1.19 0.87 0.84 0.66 0.5 0.19 0.15 0.08 0.02 0.02 0.01 0 0 0

Weighting

Change 1 1 5 3 1 5 1 5 3 1 5 3 3 3

M M M M M M M M M D M M M M

Latest Chg 10'700 (113'000) 47 (117'500)

Target Price 8 10 14 12 10 13 9 13 10 #N/A N/A 14 12 12 17

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 10.05.2012 Corporation 10.05.2012 Investment Advisor 10.05.2012 Corporation 10.05.2012 n/a 10.05.2012 n/a 10.05.2012 n/a 10.05.2012 Other 08.11.2012 Investment Advisor 30.06.2012 Investment Advisor 12.11.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 31.01.2012 Investment Advisor 08.11.2012 Investment Advisor 31.08.2012 Unclassified 29.06.2012 Mutual Fund Manager

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided

Date 12.11.2012 12.11.2012 12.11.2012 31.10.2012 15.10.2012 09.10.2012 28.09.2012 13.09.2012 30.08.2012 28.08.2012 24.08.2012 30.04.2012 12.03.2012 05.03.2012

12.11.2012

Glow Energy PCL Glow Energy Pcl consists of power producers and utility providers. The Group delivers electricity to the Electricity Generating Authority of Thailand or EGAT under the SPP and IPP programs, as well as directly supply's electricity, steam, and water to industries.

Price/Volume 80

10.0 M 9.0 M 8.0 M 7.0 M 6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M

70 60 50 40

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.10.2012) 52-Week Low (21.02.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GLOW TB EQUITY YTD Change GLOW TB EQUITY YTD % CHANGE

12/2011 09/yy 73.00 50.00 477'800.00 71.5 -2.05% 43.00% 90.22% 1'462.9 104'594.85 73'693.01 0.0 4'980.3 8'683.72 178'650.42

30 20 10 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 9'281.06 EBIT 6'081.07 Operating Margin 15.07% Pretax Margin 10.59% Return on Assets 3.71% Return on Common Equity 13.50% Return on Capital 6.08% Asset Turnover 0.41% Margin Analysis Gross Margin 16.4% EBITDA Margin 21.6% EBIT Margin 13.8% Net Income Margin 8.7% Structure Current Ratio 1.59 Quick Ratio 1.06 Debt to Assets 61.29% Tot Debt to Common Equity 215.15% Accounts Receivable Turnover 6.34 Inventory Turnover 10.73 Price/ Cash Flow

LTM

09/yy 38'222.9 13.53x 9'511.2 14.39x 3'898.2 17.70x

09/yy 50'959.1 12.76x 11'024.8 15.51x 4'643.1 20.90x

FY+1

0.73 361.11 32.37% 29.47% 0.725 18 3.667 791'880 646'613 783'635 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 56'858.3 67'523.2 16'386.7 17'245.0 3.05x 2.44x 13'641.4 18'853.8 4'736.0 5'057.0 13.10x 9.48x 5'444.4 8'390.8 1'836.2 2'292.5 19.23x 12.47x 11.50x 10.78x S&P Issuer Ratings

5.53 0.77 6.18 6.91 215.2% 65.3% 0.41 0.52 57.76 34.10 57.65 41.46

Sales/Revenue/Turnover

60.00

45'000.0 40'000.0

50.00

35'000.0 30'000.0

40.00

25'000.0 30.00

20'000.0 15'000.0

20.00

10'000.0 10.00 0.00 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Glow Energy PCL Holdings By:

All

Holder Name IPR GDF SUEZ ENERGY GDF SUEZ ENERGY ASIA CAPITAL RESEARCH & M THAI NVDR CO LTD SOCIAL SECURITY OFFI STATE STREET BANK EU CAPITAL RESEARCH GLO VANGUARD GROUP INC AMERICAN INTERNATION KRUNGSRI DVD STOCK L BOON RAWD BREWERY CO BANK OF NEW YORK MEL GUARDIAN CAPITAL INC TMB ASSET MANAGEMENT FRANKLIN RESOURCES GUINNESS ATKINSON AS W&W ASSET MANAGEMENT LEGAL & GENERAL PRUDENTIAL FINANCIAL EATON VANCE ADVISORS

Firm Name KT Zmico Securities Bualuang Securities Nomura OSK (Asia) Securities Kasikorn Securities Asia Plus Securities BNP Paribas Equity Research SCB Securities Co. Ltd. Finansia Syrus Securities PCL Macquarie JPMorgan Thanachart Securities PCL Country Group Securities PCL EVA Dimensions Trinity Securities Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst PATCHARIN KARSEMARNUNTANA THANATTHEP CHANTARAKARN DANIEL RAATS KANNIKA SIAMWALLA SORAPONG JAKTEERUGKUL NALINRAT KITTIKUMPOLRAT TANAPORN VISARUTHAPHONG CHAIPAT THANAWATTANO SONGKLOD WONGCHAI CHAK REUNGSINPINYA AVIN SONY SUPANNA SUWANKIRD MONGKOL PUANGPETRA TEAM COVERAGE VAJIRALUX SANGLERDSILLAPACHAI THAPANA PHANICH

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG

Recommendation trading buy buy buy buy underperform hold hold buy hold underperform neutral buy buy sell hold not rated

Amt Held 645'259'773 365'716'260 73'644'900 42'138'502 40'645'200 36'411'346 17'005'000 13'022'519 10'700'000 9'798'200 8'000'000 7'515'342 4'177'600 1'242'000 1'112'496 745'100 492'200 352'300 296'200 256'100

% Out 44.11 25 5.03 2.88 2.78 2.49 1.16 0.89 0.73 0.67 0.55 0.51 0.29 0.08 0.08 0.05 0.03 0.02 0.02 0.02

Weighting

Change

5 5 5 5 1 3 3 5 3 1 3 5 5 1 3 #N/A N/A

M M U M M M M M M M M M M M D M

Latest Chg 554'600 (2'925'000) 1'160'700 4'500 (4'631'973) (2'100) -

Target Price 76 79 84 83 50 75 63 82 73 50 62 70 64 #N/A N/A 62 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 09.05.2012 Other 09.05.2012 n/a 30.10.2012 Investment Advisor 09.05.2012 Corporation 09.05.2012 Unclassified 09.05.2012 n/a 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 09.05.2012 Insurance Company 09.05.2012 Other 09.05.2012 n/a 09.05.2012 Investment Advisor 31.05.2012 Mutual Fund Manager 12.11.2012 Investment Advisor 28.09.2012 Investment Advisor 29.06.2012 Investment Advisor 30.10.2012 Investment Advisor 31.07.2012 Unclassified 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor

Date 3 month 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 12.11.2012 12.11.2012 11.11.2012 09.11.2012 01.11.2012 31.10.2012 31.10.2012 31.10.2012 31.10.2012 26.09.2012 09.08.2012 05.06.2012 30.04.2012 30.11.2011 25.11.2011 21.04.2011

12.11.2012

Hemaraj Land and Development PCL Hemaraj Land and Development Public Company Limited develops industrial estates and infrastructure projects. The Company acquires land, develops infrastructure and provides utilities including site grading, roadways, storm drainage, water treatment, water supply, electricity substations, telephone exchanges and gas pipelines.

Price/Volume 4

160.0 M

140.0 M

120.0 M 100.0 M

Valuation Analysis

80.0 M

Latest Fiscal Year: LTM as of: 52-Week High (22.10.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HEMRAJ TB EQUITY YTD Change HEMRAJ TB EQUITY YTD % CHANGE

12/2011 06/yy 3.26 2.06 9'714'400.00 3.14 -3.68% 52.43% 86.67% 9'705.2 30'474.29 8'442.01 0.0 326.5 3'718.19 37'139.15

60.0 M

40.0 M

20.0 M

0 n-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 1'387.59 EBIT 1'184.33 Operating Margin 28.53% Pretax Margin 18.26% Return on Assets 7.30% Return on Common Equity 16.61% Return on Capital 11.14% Asset Turnover 0.29% Margin Analysis Gross Margin 43.1% EBITDA Margin 36.3% EBIT Margin 32.5% Net Income Margin 12.9% Structure Current Ratio 4.95 Quick Ratio 1.60 Debt to Assets 42.19% Tot Debt to Common Equity 95.90% Accounts Receivable Turnover 44.44 Inventory Turnover 0.40 Price/ Cash Flow

06/yy 2'936.7 34.30x 801.2 32.02x 617.1 40.08x

LTM 06/yy 5'912.4 20.29x 2'145.6 16.77x 1'492.9 18.80x

FY+1

1.05 5'844.47 46.30% 42.42% 1.054 20 4.650 15'822'020 17'306'580 20'752'360 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 6'231.7 7'349.5 1'451.0 1'652.0 6.15x 5.27x 2'405.0 2'863.5 575.0 15.44x 12.97x 2'194.1 2'942.0 523.2 557.5 13.83x 10.33x 11.59x 10.50x S&P Issuer Ratings

3.41 2.30 2.87 3.87 95.9% 48.0% 0.29 5.49 8.24 922.30 40.32 1145.77

Sales/Revenue/Turnover

60.00

6'000.0

50.00

5'000.0

40.00

4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 02.01.2009

.0 M d-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Hemaraj Land and Development PCL Holdings By:

All

Holder Name HORRUNGRUANG PENPUNN CREDIT AGRICOLE SUIS NOMURA SINGAPORE LTD THAI NVDR CO LTD FRANKLIN RESOURCES JP MORGAN ASSET MGMT SIRIRATTANAPAN KANOK EFG BANK TEPSATIT SOMBAT QUAM SECURITIES CO L KORAKOCHSAKULWONG KA STATE STREET BANK EU SOMERS LTD KANDA ABDULLAH HORRUNGRUANG SUMETH SRISOMBURANANONT CHA HORRUNGRUANG VIKIT BANGKOK BANK PCL LERTBANDITKUL KANYAN HORRUNGRUANG SAWASDI

Firm Name Kim Eng Securities EVA Dimensions Deutsche Bank CIMB Asia Plus Securities KGI Securities Phillip Securities SCB Securities Co. Ltd. Trinity Securities Kasikorn Securities Thanachart Securities PCL Country Group Securities PCL Finansia Syrus Securities PCL DBS Vickers Bualuang Securities UOB Kay Hian Macquarie Globlex Securities Co Ltd AIRA Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Analyst MARIA LAPIZ TEAM COVERAGE NATHAVUT SHIVARUCHIWONG WATTAIPUN EKATAKSIN THERDSAK THAVEETEERATHAM TAREETIP WONGSAENGPAIBOON DANAI TUNYAPISITCHAI YUPHARET LIKITSANSUK SURACHAI PRAMUALCHAROENKIT SIRINATTHA TECHASIRIWAN PHANNARAI TIYAPITTAYARUT DOME KUNPRAYOONSAWAD WORARAT POWPAKA CHANPEN SIRITHANARATTANAKUL CHAIYATORN SRICHAROEN WANIDA GEISLER PATTI TOMAITRICHITR ARTIT JANSAWANG CHITRADA LEKHRAPHAN

Recommendation buy hold buy outperform buy outperform accumulate buy buy outperform buy trading buy hold buy buy buy outperform buy hold

Amt Held 1'068'725'770 849'906'389 651'534'500 560'424'401 485'246'393 478'726'900 460'926'000 447'377'000 337'989'500 336'830'000 319'766'800 254'803'800 234'898'100 224'435'000 215'630'185 129'372'800 108'195'900 105'918'000 78'285'400 64'803'500

% Out 11.01 8.76 6.71 5.77 5 4.93 4.75 4.61 3.48 3.47 3.29 2.63 2.42 2.31 2.22 1.33 1.11 1.09 0.81 0.67

Weighting

Change 5 3 5 5 5 5 4 5 5 5 5 5 3 5 5 5 5 5 3

M D M M U M M M M M M M M M M M M M M

Latest Chg (6'800'000) (9'500'000) -

Target Price 4 #N/A N/A 4 4 3 4 3 4 4 3 4 3 4 4 4 3 3 3 3

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 16.03.2012 16.03.2012 16.03.2012 16.03.2012 19.07.2012 23.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012 16.03.2012

Date 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Inst Type n/a Bank Investment Advisor Corporation Investment Advisor n/a n/a Investment Advisor n/a n/a n/a n/a Other n/a n/a n/a n/a Bank n/a n/a

Date 06.11.2012 02.11.2012 18.10.2012 18.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 11.10.2012 09.10.2012 28.09.2012 26.09.2012 14.09.2012 28.08.2012 14.08.2012 13.08.2012 28.05.2012 22.03.2012

12.11.2012

Home Product Center PCL Home Product Center Public Company Limited is a retailer of building materials and home improvement products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 29.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HMPRO TB EQUITY YTD Change HMPRO TB EQUITY YTD % CHANGE

12/2011 09/yy 12.10 8.21 12'878'400.00 11.8 -2.48% 43.76% 92.29% 7'040.4 83'077.24 3'012.14 0.0 0.0 1'977.32 87'036.55

70.0 M

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 n-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 2'749.48 EBIT 1'718.63 Operating Margin 6.06% Pretax Margin 10.32% Return on Assets 11.46% Return on Common Equity 29.38% Return on Capital 20.66% Asset Turnover 1.55% Margin Analysis Gross Margin 25.7% EBITDA Margin 9.5% EBIT Margin 5.9% Net Income Margin 7.1% Structure Current Ratio 0.82 Quick Ratio 0.33 Debt to Assets 14.57% Tot Debt to Common Equity 37.09% Accounts Receivable Turnover 128.26 Inventory Turnover 4.91 Price/ Cash Flow

LTM

09/yy 27'299.2 6.33x 2'617.1 18.97x 1'923.5 28.27x

09/yy 32'901.2 9.23x 3'116.1 25.94x 2'440.1 35.41x

FY+1

1.00 2'338.89 44.21% 30.44% 0.995 27 4.037 17'572'240 17'828'010 16'401'870 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 35'818.8 42'656.1 11'786.0 11'705.0 2.40x 2.02x 5'015.8 6'098.8 2'060.0 1'759.0 17.35x 14.27x 2'726.5 3'428.1 986.0 951.5 29.21x 23.00x 21.45x 22.48x S&P Issuer Ratings

23.38 -2.79 1.27 1.39 37.1% 27.1% 1.55 2.54 2.85 74.47 93.32 -25.12

Sales/Revenue/Turnover

30.00

30'000.0

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 02.01.2009

.0 M d-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Home Product Center PCL Holdings By:

All

Holder Name LAND AND HOUSES PCL QUALITY HOUSES OSATHANUGRAH NITI AMERICAN INTERNATION THAI NVDR CO LTD UDOMKUNNATUM MANIT THUMPOMKUL KHUNAWUT SARASIN CO LTD SCHRODER INVESTMENT MITSANTISUK VICHAI STATE STREET BANK AN STATE STREET BANK EU HEMVACHIRAVARAKOR PA THAMATHATAREE PONGSA WASATCH ADVISORS INC GOLDMAN SACHS INTERN SOMERS LTD ABERDEEN ASSET MANAG INVESCO LTD TMB ASSET MANAGEMENT

Firm Name Bualuang Securities Krungsri Securities OSK (Asia) Securities Asia Plus Securities KGI Securities DBS Vickers Finansia Syrus Securities PCL Kim Eng Securities Trinity Securities KT Zmico Securities UOB Kay Hian IV Global Credit Suisse JPMorgan SCB Securities Co. Ltd. Deutsche Bank Thanachart Securities PCL Kasikorn Securities Phillip Securities EVA Dimensions Standard Chartered BNP Paribas Equity Research Macquarie AIRA Securities Globlex Securities Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CHAIYATORN SRICHAROEN TANADECH RUNGSRITHANANON TEAM COVERAGE KAWEE MANITSUPAWONG NAT PANASSUTRAKORN NALYNE VIRIYASATHIEN SUREEPORN TEEWASUWET SUTTATIP PEERASUB VAJIRALUX SANGLERDSILLAPACHAI WEERAPAT WONGURAI THANANCHAI JITTANOON RATTANA LEENUTAPHONG KARIM SALAMATIAN KAE PORNPUNNARATH KANCHAN KHANIJOU CHALINEE CONGMUANG PHANNARAI TIYAPITTAYARUT SIRINATTHA TECHASIRIWAN PREEYANUN TRIPETCHCHUPORN TEAM COVERAGE STEPHEN HUI CHUTIMA WORAMONTRI BUNLUNG WAIYANONT NUTTAPON KUMNOUNPHON ARTIT JANSAWANG

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy buy outperform buy buy buy buy buy on weakness buy buy underperform underweight neutral hold buy outperform trading buy hold outperform hold outperform sell buy on weakness

Amt Held 2'120'220'590 1'392'951'862 332'901'303 249'360'076 233'202'667 216'770'036 99'707'904 89'763'200 76'643'760 70'354'238 69'498'489 64'556'556 55'682'284 53'648'989 47'883'112 37'685'976 36'347'270 12'252'502 6'108'160 5'667'008

% Out 30.11 19.78 4.73 3.54 3.31 3.08 1.42 1.27 1.09 1 0.99 0.92 0.79 0.76 0.68 0.54 0.52 0.17 0.09 0.08

Weighting

Change 5 5 5 5 5 5 5 5 5 5 5 5 1 1 3 3 5 5 5 3 5 3 5 1 5

M M M M M M M M M M M M M M M M M M D D M M M D M

Latest Chg 76'643'760 16'350'720 (11'229'597)

Target Price 15 15 15 16 16 13 14 14 14 13 14 14 7 11 12 13 13 12 13 #N/A N/A 11 11 12 10 9

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 30.06.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 30.06.2012 20.04.2012 20.04.2012 30.09.2011 09.11.2012 28.09.2012

Date 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 3 month Not Provided Not Provided Not Provided 9 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided

Inst Type Corporation n/a n/a Insurance Company Corporation n/a n/a n/a Investment Advisor n/a Bank n/a n/a n/a Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 12.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 30.10.2012 22.10.2012 09.10.2012 08.10.2012 28.09.2012 06.09.2012 22.08.2012 09.08.2012 07.08.2012 05.03.2012 10.01.2012

12.11.2012

Indorama Ventures PCL Indorama Ventures PCL manufactures and distributes polyethylene terephthalate ("PET"), purified terephthalic acid ("PTA") and related products, polyester fibers and yarns, and wool products.

Price/Volume 45

120.0 M

100.0 M

35 30

80.0 M

60.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.02.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IVL TB EQUITY YTD Change IVL TB EQUITY YTD % CHANGE

12/2011 06/yy 42.50 26.00 4'936'600.00 26.5 -37.65% 1.92% 1.52% 4'814.3 127'577.82 61'346.10 0.0 139.1 17'706.51 205'671.75

40.0 M

20.0 M

5 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 15'589.44 EBIT 10'812.93 Operating Margin 5.81% Pretax Margin 8.69% Return on Assets 3.16% Return on Common Equity 8.44% Return on Capital 5.78% Asset Turnover 1.26% Margin Analysis Gross Margin 10.9% EBITDA Margin 5.5% EBIT Margin 2.8% Net Income Margin 8.4% Structure Current Ratio 1.57 Quick Ratio 0.98 Debt to Assets 42.07% Tot Debt to Common Equity 104.62% Accounts Receivable Turnover 7.07 Inventory Turnover 9.26 Price/ Cash Flow

LTM

FY+1

1.57 1'380.24 -14.11% -7.50% 1.570 24 3.875 9'094'820 11'763'190 15'967'160 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 140'741.3 201'288.7 232'885.4 267'012.8 55'923.5 57'787.0 6.97x 3.96x 0.81x 0.69x 17'258.9 11'027.3 15'988.4 21'298.5 4'262.8 4'186.0 15.07x 19.09x 12.86x 9.66x 20'384.5 5'061.7 8'359.6 12'188.3 2'132.8 2'037.3 10.26x 28.65x 14.29x 10.47x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

6.56 3.96 7.06 7.82 104.6% 51.1% 1.26 2.65 51.75 39.50 41.61 41.76

Sales/Revenue/Turnover

35.00

200'000.0 180'000.0

30.00

160'000.0

25.00

140'000.0 120'000.0

20.00

100'000.0 80'000.0

15.00

60'000.0

10.00

40'000.0 5.00 0.00 02.01.2009

20'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Indorama Ventures PCL Holdings By:

All

Holder Name INDORAMA RESOURCES L BANGKOK BANK PCL THAI NVDR CO LTD CANOPUS INTERNATIONA INDORAMA SYNTHETICS VANGUARD GROUP INC TMB ASSET MANAGEMENT EATON VANCE MANAGEME MACQUARIE GROUP LTD EATON VANCE ADVISORS DAIWA SB INVESTMENTS PRUDENTIAL FINANCIAL LEGAL & GENERAL LOMBARD ODIER DARIER WELLS FARGO BANK OF NEW YORK MEL LOMBARD ODIER DARIER FMR LLC ENTREPRENEURSHARES G APEX INVESTMENT SERI

Firm Name HSBC Bualuang Securities Kasikorn Securities Macquarie BNP Paribas Equity Research KT Zmico Securities OSK (Asia) Securities SCB Securities Co. Ltd. UOB Kay Hian Phillip Securities Trinity Securities DBS Vickers Asia Plus Securities Credit Suisse Morgan Stanley Thanachart Securities PCL JPMorgan CIMB KGI Securities Krungsri Securities EVA Dimensions Finansia Syrus Securities PCL Kim Eng Securities Deutsche Bank

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation

SRIHARSHA PAPPU SUPPATA SRISUK SORAPONG JAKTEERUGKUL DAVID GAMBRILL SOMKIJ ORANCHATCHAWAN JAKAPONG CHAWENGSRI KANNIKA SIAMWALLA CHAIPAT THANAWATTANO ARSIT PAMARANONT PREEYANUN TRIPETCHCHUPORN VAJIRALUX SANGLERDSILLAPACHAI NAPHAT CHANTARASEREKUL THIPTAWAT SUWANTAMARONG PAWORAMON SUVARNATEMEE MAYANK MAHESHWARI SAKSID PHADTHANANARAK AVIN SONY SUWAT SINSADOK PONGTHAM DANWUNGDERM CHARNVUT TAECHA-AMORNTANAKIJ TEAM COVERAGE SONGKLOD WONGCHAI MARIA LAPIZ THAPANA PHANICH

overweight buy outperform outperform hold sell on strength sell neutral buy buy buy buy buy outperform Underwt/In-Line buy overweight outperform outperform trading sell hold speculative buy not rated

Amt Held 3'066'038'376 230'180'944 147'573'476 130'000'000 90'409'200 43'703'990 11'421'100 1'761'100 943'800 920'811 856'700 792'988 588'871 527'500 387'072 218'070 151'600 97'500 66'000 12'000

% Out 63.69 4.78 3.07 2.7 1.88 0.91 0.24 0.04 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0 0 0 0 0

Weighting

Change

5 5 5 5 3 1 1 3 5 5 5 5 5 5 1 5 5 5 5 2 1 3 4 #N/A N/A

M M M M M M D D M M M M M M D M M M M M D D M M

Latest Chg 6'234'000 (148'900) 1'761'100 (123'800) 128'400 254'700 1'042 -

Target Price 42 33 33 33 29 28 23 30 36 37 35 36 37 32 25 35 41 38 44 45 #N/A N/A 40 58 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.05.2012 Corporation 11.05.2012 Bank 11.05.2012 Corporation 11.05.2012 n/a 11.05.2012 n/a 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2011 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor 31.08.2012 Investment Advisor 28.09.2012 Unclassified 30.09.2012 Mutual Fund Manager 31.08.2012 Unclassified 08.11.2012 Investment Advisor 30.12.2011 Investment Advisor 31.08.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2011 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month 3 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 09.11.2012 06.11.2012 02.11.2012 01.11.2012 31.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 26.10.2012 26.10.2012 25.10.2012 24.10.2012 24.10.2012 19.10.2012 09.10.2012 15.08.2012 15.08.2012 19.06.2012 18.05.2012 05.03.2012 23.02.2012 16.09.2011 21.04.2011

12.11.2012

IRPC PCL IRPC PCL produces a variety of petrochemical products including polypropylene, high density polyethylene and expandable polystyrene primarily used in packaging materials. Through its subsidiaries, the Company produces and distributes gasoline, liquefied petroleumgas (LPG), asphalt, as well as electricity and construction materials. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.03.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance IRPC TB EQUITY YTD Change IRPC TB EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 4.92 3.46 20'163'300.00 4.22 -14.23% 21.97% 52.05% 20'434.4 86'233.24 30'843.66 0.0 52.8 3'993.99 123'601.58

600.0 M

500.0 M

400.0 M

300.0 M

200.0 M

100.0 M

0 n-11

.0 M d-11

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 10'512.70 EBIT 6'918.25 Operating Margin 2.80% Pretax Margin 1.70% Return on Assets -2.23% Return on Common Equity -4.17% Return on Capital Asset Turnover 1.93% Margin Analysis Gross Margin 4.6% EBITDA Margin 1.2% EBIT Margin -0.3% Net Income Margin 1.7% Structure Current Ratio 2.01 Quick Ratio 0.50 Debt to Assets 23.34% Tot Debt to Common Equity 40.65% Accounts Receivable Turnover 17.07 Inventory Turnover 7.11 Price/ Cash Flow

LTM

FY+1

1.54 10'573.70 14.41% 4.32% 1.544 23 3.696 36'484'440 45'291'230 66'907'040 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 251'855.9 274'890.6 276'564.8 280'109.5 61'700.0 66'212.5 2.13x 1.73x 0.42x 0.41x 12'452.4 3'364.0 8'907.5 13'901.9 4'768.0 4'310.0 8.39x 36.99x 13.88x 8.89x 7'693.0 (3'170.0) 2'774.7 7'019.6 1'730.8 2'027.5 9.45x 0.00x 28.13x 12.38x 13.02x 12.41x S&P Issuer Ratings Long-Term Rating Date 28.07.2009 Long-Term Rating BBBLong-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 5.87 (EBITDA-Capex)/Interest Exp. 1.48 Net Debt/EBITDA 11.09 Total Debt/EBITDA 14.14 Reference Total Debt/Equity 40.6% Total Debt/Capital 28.9% Asset Turnover 1.93 Net Fixed Asset Turnover 4.00 Accounts receivable turnover-days 21.44 Inventory Days 51.45 Accounts Payable Turnover Day 27.74 Cash Conversion Cycle 50.69 Sales/Revenue/Turnover

120.00

300'000.0

100.00

250'000.0

80.00

200'000.0

60.00

150'000.0

40.00

100'000.0

20.00

50'000.0

0.00 02.01.2009

j-12

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

IRPC PCL Holdings By:

All

Holder Name PTT PCL GOVERNMENT SAVINGS B GOVERNMENT PENSION F THAI NVDR CO LTD BANGKOK BANK PCL VANGUARD GROUP INC VAYUPAK FUND I STATE STREET BANK AN SOCIAL SECURITY OFFI STATE STREET BANK EU THAILAND PROSPERITY EAST FOURTEEN LIMITE TMB ASSET MANAGEMENT PRUDENTIAL FINANCIAL INVESCO LTD BESSEMER GROUP INCOR SIMPLICITY AB WELLS FARGO INDEXIQ ADVISORS LLC FMR LLC

Firm Name Kasikorn Securities Morgan Stanley BNP Paribas Equity Research Asia Plus Securities Phillip Securities SCB Securities Co. Ltd. Bualuang Securities UOB Kay Hian Trinity Securities AIRA Securities OSK (Asia) Securities DBS Vickers Standard Chartered Thanachart Securities PCL Deutsche Bank KT Zmico Securities EVA Dimensions Macquarie Kim Eng Securities Country Group Securities PCL Finansia Syrus Securities PCL KGI Securities

Portfolio Name n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst SORAPONG JAKTEERUGKUL MAYANK MAHESHWARI SOMKIJ ORANCHATCHAWAN NALINRAT KITTIKUMPOLRAT PREEYANUN TRIPETCHCHUPORN CHAIPAT THANAWATTANO THANATTHEP CHANTARAKARN ARSIT PAMARANONT VAJIRALUX SANGLERDSILLAPACHAI KATE TOUNGTONG KANNIKA SIAMWALLA NAPHAT CHANTARASEREKUL DUKE SUTTIKULPANICH SUPANNA SUWANKIRD THAPANA PHANICH JAKAPONG CHAWENGSRI TEAM COVERAGE TREVOR BUCHINSKI SUTTHICHAI KUMWORACHAI MONGKOL PUANGPETRA SONGKLOD WONGCHAI PONGTHAM DANWUNGDERM

Source EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation outperform Overwt/In-Line hold buy buy neutral buy hold buy buy neutral buy in-line sell hold sell on strength sell outperform hold buy buy underperform

Amt Held 7'869'694'600 1'950'000'000 1'183'796'970 644'825'754 504'906'708 246'628'970 230'284'000 199'142'000 161'986'900 155'473'242 123'000'000 108'904'100 17'341'600 3'396'500 2'511'396 2'285'000 1'000'000 971'385 662'905 565'500

% Out 38.51 9.54 5.79 3.16 2.47 1.21 1.13 0.97 0.79 0.76 0.6 0.53 0.08 0.02 0.01 0.01 0 0 0 0

Weighting

Change 5 5 3 5 5 3 5 3 5 5 3 5 3 1 3 1 1 5 3 5 5 1

M M M M U M M M M M M M M M M M D M M U M M

Latest Chg 15'481'400 63'300 1'441 -

Target Price 5 5 4 5 5 4 5 4 5 5 4 5 4 3 4 4 #N/A N/A 5 4 5 5 4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.03.2012 Government 01.03.2012 Bank 01.03.2012 Pension Fund (ERISA) 01.03.2012 Corporation 01.03.2012 Bank 30.06.2012 Investment Advisor 01.03.2012 Investment Advisor 01.03.2012 Bank 01.03.2012 Unclassified 01.03.2012 n/a 01.03.2012 n/a 01.03.2012 Other 12.11.2012 Investment Advisor 31.08.2012 Investment Advisor 09.11.2012 Investment Advisor 31.07.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Unclassified 08.11.2012 Investment Advisor 31.08.2012 Investment Advisor

Date 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month 3 month Not Provided 12 month 12 month 12 month 12 month Not Provided

Date 12.11.2012 06.11.2012 31.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 29.10.2012 15.10.2012 11.10.2012 10.10.2012 09.10.2012 03.10.2012 18.09.2012 10.09.2012 05.09.2012 30.07.2012 30.04.2012 30.04.2012 21.10.2011

12.11.2012

Kasikornbank PCL Kasikornbank Public Company Limited provides commercial banking services including personal and commercial banking, international trade, as well as investment banking services, to its customers throughout Thailand. The Bank has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen, and representative offices in Shanghai, Beijing, and Kunmin. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KBANK TB EQUITY YTD Change KBANK TB EQUITY YTD % CHANGE

Price/Volume

12/2011 09/yy 188.00 109.00 6'300'400.00 182.5 -2.93% 67.43% 89.24% 2'393.3 436'770.00 137'354.72 0.0 12'166.7 244'206.30 -

200 180 160 140 120 100 80 60 40 20 0 n-11

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA EBIT Operating Margin 31.47% Pretax Margin 31.44% Return on Assets 1.62% Return on Common Equity 18.64% Return on Capital 8.69% Asset Turnover 0.09% Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin 19.0% Structure Current Ratio Quick Ratio Debt to Assets 7.97% Tot Debt to Common Equity 88.73% Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

LTM

FY+1

1.14 1'639.62 58.51% 52.02% 1.144 34 4.765 5'206'860 4'528'880 4'505'976 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 147'650.9 176'573.3 105'057.1 118'005.0 27'146.5 28'507.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 26'475.4 30'599.7 35'293.4 42'141.5 7'092.0 10'865.0 10.58x 14.27x 12.37x 10.36x 10.81x 10.16x S&P Issuer Ratings Long-Term Rating Date 06.12.2011 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 28.09.2005 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 88.7% Total Debt/Capital 45.1% Asset Turnover 0.09 Net Fixed Asset Turnover 4.45 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

90.00

180'000.0

80.00

160'000.0

70.00

140'000.0

60.00

120'000.0

50.00

100'000.0

40.00

80'000.0

30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00 02.01.2009

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Kasikornbank PCL Holdings By:

All

Holder Name THAI NVDR CO LTD STATE STREET BANK AN STATE STREET BANK EU THAILAND SECURITIES BANK OF NEW YORK MEL SOCIAL SECURITY OFFI VANGUARD GROUP INC GOVT OF SINGAPORE IN T ROWE PRICE ASSOCIA HSBC BANK PLC TMB ASSET MANAGEMENT LAMSAM BANTHOON MADISON SQUARE INVES LAMSAM BANYONG PRINCIPAL FINANCIAL PACIFIC LIFE INSURAN MORGAN STANLEY MACKAY SHIELDS LLC DIMENSIONAL FUND ADV LEGG MASON CAPITAL M

Firm Name Nomura Krungsri Securities BNP Paribas Equity Research Macquarie OSK (Asia) Securities Bualuang Securities KT Zmico Securities JPMorgan DBS Vickers CIMB Phillip Securities SCB Securities Co. Ltd. IV Global Finansia Syrus Securities PCL Trinity Securities AIRA Securities Morgan Stanley Asia Plus Securities Thanachart Securities PCL Kim Eng Securities Globlex Securities Co Ltd Standard Chartered KGI Securities RHB Research Institute Sdn Bhd UOB Kay Hian Goldman Sachs Deutsche Bank HSBC EVA Dimensions Country Group Securities PCL Daiwa Securities Co. Ltd. KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JAMES MOSS TANADECH RUNGSRITHANANON WANNAPPA ASAVATEVAVITH PASSAKORN LINMANEECHOTE KEITH WEE SUWAT BUMRUNGCHARTUDOM PRAPHARAS NONTHAPIBOON ANNE JIRAJARIYAVECH TEAM COVERAGE MONCHAI JATURANPINYO SASIKORN CHAROENSUWAN KITTIMA SATTAYAPAN RATTANA LEENUTAPHONG SUNANTA VASAPINYOKUL SURACHAI PRAMUALCHAROENKIT VARIYA VANGTAL EDWARD GOH USANEE LIURUT SARACHADA SORNSONG WORAPHON WIROONSRI WILASINEE BOONMASUNGSONG DIKSHA GERA THANINEE SATIRAREUNGCHAI ALEXANDER CHIA THANANCHAI JITTANOON MELISSA KUANG PEACH PATHARAVANAKUL XIUSHI CAI TEAM COVERAGE CHAIYOT JIWANGKUL SRIKANTH VADLAMANI SARANRAT PANTHACHOTIRAT

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG EXCH MF-AGG Co File MF-AGG Co File MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy buy buy outperform buy buy buy overweight buy neutral buy buy buy buy buy buy Overwt/Attractive buy buy hold buy in-line outperform outperform buy Buy/Neutral buy overweight hold long-term buy buy buy

Amt Held 690'118'489 216'181'859 102'767'306 43'589'634 43'380'098 28'816'850 26'102'313 25'769'600 20'680'000 14'549'592 5'677'600 4'580'000 4'306'700 3'364'420 3'337'173 3'073'600 2'841'600 1'887'000 1'189'000 832'800

% Out 28.84 9.03 4.29 1.82 1.81 1.2 1.09 1.08 0.86 0.61 0.24 0.19 0.18 0.14 0.14 0.13 0.12 0.08 0.05 0.03

Weighting

Change 5 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 5 5 5 3 5 3 5 5 5 5 5 5 3 5 5 5

M M M M M M M M M M M M M M M M M M M M M M M M M M M M U M U M

Latest Chg 2'608'900 (3'513'500) (74'200) (282'600) 89'200 142'400 238'200

Target Price 230 220 210 230 254 251 235 220 210 207 222 218 212 219 222 230 202 237 200 200 191 162 220 225 242 205 225 220 #N/A N/A 196 165 137

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 07.09.2012 07.09.2012 07.09.2012 07.09.2012 07.09.2012 07.09.2012 30.06.2012 07.09.2012 30.09.2012 07.09.2012 28.09.2012 31.12.2009 31.08.2012 31.12.2009 30.09.2012 30.09.2012 30.06.2012 31.03.2012 31.07.2011 30.09.2012

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Corporation Bank n/a Investment Advisor Investment Advisor Unclassified Investment Advisor Government Investment Advisor Bank Investment Advisor n/a Investment Advisor n/a Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 12.11.2012 08.11.2012 31.10.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 29.10.2012 29.10.2012 25.10.2012 22.10.2012 22.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 17.10.2012 11.10.2012 08.10.2012 05.10.2012 03.10.2012 05.12.2011 01.11.2011

12.11.2012

Krung Thai Bank PCL Krung Thai Bank Public Company Limited is a state-owned commercial bank offering various banking and financial services including commercial, consumer, credit card, and mortgage loans, as well as provident fund management, foreign exchange, and international trade financing services. The Bank is majority owned by the Financial Institutions Development Fund.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (19.10.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KTB TB EQUITY YTD Change KTB TB EQUITY YTD % CHANGE

12/2011 09/yy 19.30 13.17 27'677'300.00 18.6 -3.63% 41.22% 85.32% 13'976.1 259'954.75 473'999.76 28.3 0.0 235'534.47 -

20 18 16 14 12 10 8 6 4 2 0 n-11

140.0 M 120.0 M 100.0 M 80.0 M 60.0 M 40.0 M 20.0 M .0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA EBIT Operating Margin 31.89% Pretax Margin 32.27% Return on Assets 1.00% Return on Common Equity 15.46% Return on Capital 4.11% Asset Turnover 0.06% Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin 24.1% Structure Current Ratio Quick Ratio Debt to Assets 24.12% Tot Debt to Common Equity 365.19% Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

LTM

09/yy 09/yy 96'019.0 108'119.7 0.00x 0.00x 0.0 0.0 0.00x 0.00x 19'695.7 23'481.2 8.75x 9.05x

FY+1

1.29 7'097.41 47.12% 40.21% 1.286 36 4.389 25'399'360 28'626'020 36'463'420 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 78'082.4 87'167.2 20'265.0 21'183.0 26'124.8 30'974.4 3'788.7 7'811.5 8.94x 8.18x 8.23x 8.38x S&P Issuer Ratings

28.04.2006 BBB STABLE 28.04.2006 A-2 365.2% 78.5% 0.06 4.80 -

Sales/Revenue/Turnover

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00 02.01.2009

160.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Krung Thai Bank PCL Holdings By:

All

Holder Name FINANCIAL INSTITUTIO THAI NVDR CO LTD VAYUPAK FUND I STATE STREET BANK EU BANK OF NEW YORK MEL STATE STREET BANK AN GOVERNMENT SAVINGS B MORGAN STANLEY & CO VANGUARD GROUP INC EAST FOURTEEN LIMITE SOMERS LTD INVESTEC ASSET MANAG SEB FONDFORVALTNING LEGG MASON CAPITAL M TMB ASSET MANAGEMENT ACADIAN ASSET MANAGE AVIVA PLC PIONEER INVESTMENT M DAIWA SB INVESTMENTS PEAR TREE ADVISORS I

Firm Name Nomura Kasikorn Securities Macquarie Bualuang Securities DBS Vickers Morgan Stanley Thanachart Securities PCL Kim Eng Securities BNP Paribas Equity Research Globlex Securities Co Ltd Asia Plus Securities Goldman Sachs KT Zmico Securities KGI Securities RHB Research Institute Sdn Bhd OSK (Asia) Securities Phillip Securities SCB Securities Co. Ltd. UOB Kay Hian IV Global Finansia Syrus Securities PCL Trinity Securities Standard Chartered Credit Suisse JPMorgan CIMB Deutsche Bank HSBC Country Group Securities PCL Krungsri Securities EVA Dimensions AIRA Securities KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JAMES MOSS SORAPONG JAKTEERUGKUL PASSAKORN LINMANEECHOTE SUWAT BUMRUNGCHARTUDOM TEAM COVERAGE EDWARD GOH SARACHADA SORNSONG WORAPHON WIROONSRI WANNAPPA ASAVATEVAVITH WILASINEE BOONMASUNGSONG USANEE LIURUT MELISSA KUANG PRAPHARAS NONTHAPIBOON THANINEE SATIRAREUNGCHAI DAVID CHONG KEITH WEE SASIKORN CHAROENSUWAN KITTIMA SATTAYAPAN THANANCHAI JITTANOON RATTANA LEENUTAPHONG SUNANTA VASAPINYOKUL SURACHAI PRAMUALCHAROENKIT DIKSHA GERA DANIEL M FINEMAN ANNE JIRAJARIYAVECH MONCHAI JATURANPINYO PEACH PATHARAVANAKUL XIUSHI CAI CHAIYOT JIWANGKUL TANADECH RUNGSRITHANANON TEAM COVERAGE CHITRADA LEKHRAPHAN SARANRAT PANTHACHOTIRAT

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral outperform outperform trading buy buy Equalwt/Attractive sell buy buy buy buy Buy/Neutral not rated neutral outperform buy buy buy buy buy buy buy in-line outperform overweight outperform buy overweight trading buy trading overweight reduce buy

Amt Held 6'156'999'067 660'583'006 439'964'115 294'249'088 239'912'412 125'622'229 88'145'858 82'835'736 67'103'860 65'344'000 61'071'100 51'678'100 17'365'600 9'074'500 8'997'900 7'009'700 5'386'226 3'705'200 2'948'800 2'676'591

% Out 44.05 4.73 3.15 2.11 1.72 0.9 0.63 0.59 0.48 0.47 0.44 0.37 0.12 0.06 0.06 0.05 0.04 0.03 0.02 0.02

Weighting

Change

3 5 5 5 5 3 1 5 5 5 5 5 #N/A N/A 3 5 5 5 5 5 5 5 5 3 5 5 5 5 5 5 2 5 2 5

M M M M M M M M M M M M M M M M M M M M U M M M M M M M M M U D M

Latest Chg 699'500 (74'300) 8'828'100 34'500 4'912'126 3'705'200 (273'800) 2'676'591

Target Price 21 24 24 21 22 20 16 25 22 21 24 22 23 22 23 22 22 23 24 23 22 25 16 23 23 27 22 20 20 18 #N/A N/A 19 17

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 31.08.2012 Government 31.08.2012 Corporation 31.08.2012 Investment Advisor 31.08.2012 n/a 31.08.2012 Investment Advisor 31.08.2012 Bank 31.08.2012 Bank 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Other 31.08.2012 Other 31.08.2012 Investment Advisor 28.09.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Hedge Fund Manager 28.09.2012 Investment Advisor 28.09.2012 Investment Advisor 31.03.2012 Investment Advisor 30.06.2012 Investment Advisor

Date Not Provided 12 month 12 month 3 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 6 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 12.11.2012 12.11.2012 31.10.2012 31.10.2012 30.10.2012 29.10.2012 25.10.2012 22.10.2012 22.10.2012 22.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 18.10.2012 18.10.2012 18.10.2012 11.10.2012 05.10.2012 28.09.2012 26.09.2012 10.09.2012 02.04.2012 23.12.2011

12.11.2012

Land and Houses PCL Land and Houses Public Company Limited develops real estate projects including single-detached homes, townhouses, and condominiums. The Company builds single and attached homes, primarily on land that it develops and improves. Land and Houses also operates its own architectural, engineering, design and construction teams for customer's specific designs and orders. Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LH TB EQUITY YTD Change LH TB EQUITY YTD % CHANGE

Price/Volume

12/2011 06/yy 9.20 5.65 18'674'700.00 8.75 -4.89% 54.87% 87.32% 10'025.9 87'726.81 26'703.02 0.0 1'075.9 1'199.38 113'892.73

10 9 8 7 6 5 4 3 2 1 0 n-11

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 3'540.85 EBIT 3'185.32 Operating Margin 16.57% Pretax Margin 36.02% Return on Assets 8.37% Return on Common Equity 17.23% Return on Capital 9.78% Asset Turnover 0.35% Margin Analysis Gross Margin 32.5% EBITDA Margin 18.9% EBIT Margin 16.7% Net Income Margin 29.2% Structure Current Ratio 2.83 Quick Ratio 0.11 Debt to Assets 43.90% Tot Debt to Common Equity 90.84% Accounts Receivable Turnover 509.87 Inventory Turnover 0.46 Price/ Cash Flow

LTM

06/yy 17'313.6 20.42x 3'566.7 22.71x 5'077.6 11.50x

06/yy 21'186.8 17.89x 3'996.2 26.12x 5'130.3 15.00x

FY+1

1.20 2'855.47 59.03% 49.98% 1.203 30 3.900 13'336'740 16'974'780 16'368'410 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 21'964.6 24'295.3 5'959.6 5'665.0 5.23x 4.79x 4'701.5 5'192.8 1'161.0 1'116.0 24.23x 21.93x 4'585.3 5'172.3 1'207.0 1'246.8 18.90x 16.92x 18.62x 18.42x S&P Issuer Ratings

11.44 3.98 6.27 6.55 90.8% 46.7% 0.35 1.85 0.72 799.16 43.95 791.15

Sales/Revenue/Turnover

80.00

25'000.0

70.00

20'000.0

60.00 50.00

15'000.0

40.00

10'000.0

30.00 20.00

5'000.0

10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Land and Houses PCL Holdings By:

All

Holder Name ASAVABHOKHIN ANANT THAI NVDR CO LTD GOVT OF SINGAPORE IN MAYLAND CO LTD SOCIAL SECURITY OFFI STATE STREET BANK AN HARNPANICH PIENGCHAI SIAM COMMERCIAL BANK THAILAND SECURITIES BANK OF NEW YORK MEL THANANUN-NARAPOOL AD MORGAN STANLEY KRUNGSRI DVD STOCK L AMERICAN INTERNATION TMB ASSET MANAGEMENT SUNTHORNCHITCHAROEN BDT INVESTMENT MGMT JO HAMBRO CAPITAL MA SEI INVESTMENT MANAG FRANK RUSSELL TRUST

Firm Name KGI Securities TISCO Securities Co., Ltd Globlex Securities Co Ltd Kasikorn Securities Macquarie Bualuang Securities OSK (Asia) Securities SCB Securities Co. Ltd. Nomura Thanachart Securities PCL IV Global BNP Paribas Equity Research Trinity Securities Finansia Syrus Securities PCL Kim Eng Securities UOB Kay Hian EVA Dimensions Credit Suisse KT Zmico Securities Phillip Securities JPMorgan HSBC CIMB DBS Vickers Asia Plus Securities Krungsri Securities KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TAREETIP WONGSAENGPAIBOON NATHAVUT SHIVARUCHIWONG WILASINEE BOONMASUNGSONG SIRINATTHA TECHASIRIWAN PATTI TOMAITRICHITR NARUMON EKASAMUT WANIDA GEISLER YUPHARET LIKITSANSUK BO VONGVIVATHCHAI PHANNARAI TIYAPITTAYARUT RATTANA LEENUTAPHONG CHUTIMA WORAMONTRI VAJIRALUX SANGLERDSILLAPACHAI WORARAT POWPAKA TERMPORN TANTIVIVAT PORNTHIPA RAYABSANGDUAN TEAM COVERAGE CHAI TECHAKUMPUCH POLASIT TANPOONKIAT DANAI TUNYAPISITCHAI ANNE JIRAJARIYAVECH PRATIK BURMAN RAY WATTAIPUN EKATAKSIN CHANPEN SIRITHANARATTANAKUL THERDSAK THAVEETEERATHAM CHATREE SRISMAICHAROEN PARIN KITCHATORNPITAK

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH MF-AGG Co File MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral hold hold neutral neutral buy neutral neutral neutral buy hold hold buy sell hold buy buy outperform buy on weakness accumulate overweight neutral outperform buy hold hold buy

Amt Held 2'382'639'623 2'242'066'038 1'504'467'252 563'574'391 268'589'700 204'359'664 111'250'000 91'620'525 87'528'153 79'351'859 69'360'922 59'248'300 54'458'700 51'881'600 23'785'000 23'059'620 7'750'000 6'835'600 5'849'700 3'379'300

% Out 23.76 22.36 15.01 5.62 2.68 2.04 1.11 0.91 0.87 0.79 0.69 0.59 0.54 0.52 0.24 0.23 0.08 0.07 0.06 0.03

Weighting

Change 3 3 3 3 3 5 3 3 3 5 3 3 5 1 3 5 5 5 5 4 5 3 5 5 3 3 5

M M D M M M M M M M N M M M M M U M M M M N M M M M M

Latest Chg 5'145'000 (1'338'100) (309'800) (1'732'800) (571'200) -

Target Price 8 9 9 8 8 9 9 9 9 10 9 9 9 8 9 10 #N/A N/A 10 8 8 9 8 9 8 7 8 7

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.05.2012 08.05.2012 20.06.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 30.06.2012 08.05.2012 08.05.2012 28.09.2012 31.12.2009 30.09.2012 31.07.2012 30.09.2012 31.05.2012

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 3 month Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month Not Provided

Inst Type n/a Corporation Government n/a Unclassified Bank n/a Bank Investment Advisor Investment Advisor n/a Investment Advisor Other Insurance Company Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 08.11.2012 01.11.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 25.10.2012 25.10.2012 23.10.2012 09.10.2012 04.10.2012 20.09.2012 20.09.2012 18.09.2012 14.09.2012 06.09.2012 06.09.2012 29.08.2012 27.08.2012 21.08.2012 20.08.2012 20.08.2012 20.08.2012 16.08.2012 15.08.2012 15.08.2012 21.12.2011

12.11.2012

Minor International PCL Minor International PCL owns and operates restaurants and hotels in Asia. The Company operates hotels, resorts, spas, and franchised restaurants in Thailand and Vietnam. Minor also manufactures ice cream and cheeses.

Price/Volume 25

40.0 M 35.0 M

30.0 M 25.0 M

20.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (09.11.2012) 52-Week Low (23.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 12.11.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MINT TB EQUITY YTD Change MINT TB EQUITY YTD % CHANGE

12/2011 09/yy 20.00 9.18 3'233'200.00 19.3 -3.50% 110.20% 98.15% 3'672.5 70'878.77 19'824.11 0.0 567.2 1'145.78 91'028.11

15.0 M 10.0 M

5.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 4'580.13 EBIT 2'551.94 Operating Margin 9.76% Pretax Margin 12.78% Return on Assets 8.12% Return on Common Equity 23.37% Return on Capital 12.22% Asset Turnover 0.70% Margin Analysis Gross Margin 56.9% EBITDA Margin 19.4% EBIT Margin 11.8% Net Income Margin 11.0% Structure Current Ratio 0.89 Quick Ratio 0.45 Debt to Assets 48.51% Tot Debt to Common Equity 137.98% Accounts Receivable Turnover 20.38 Inventory Turnover 8.87 Price/ Cash Flow

LTM

09/yy 23'949.4 8.94x 4'275.7 12.21x 2'840.7 12.18x

09/yy 30'359.3 6.35x 4'803.0 0.00x 2'696.5 21.57x

FY+1

1.08 1'575.25 100.48% 91.53% 1.084 22 4.273 10'391'760 12'083'420 9'807'969 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 31'537.7 34'579.3 8'789.5 9'331.0 2.77x 2.49x 6'164.9 7'030.1 2'026.5 2'119.0 14.77x 12.95x 3'004.7 3'573.5 1'034.3 1'482.0 24.13x 20.27x S&P Issuer Ratings

5.21 2.57 3.41 3.71 138.0% 57.0% 0.70 1.53 17.96 41.25 73.94 -38.44

Sales/Revenue/Turnover

18.00

30'000.0

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Minor International PCL Holdings By:

All

Holder Name MINOR HOLDING THAI C HEINECKE WILLIAM ELL OSATHANUGRAH NITI THAI NVDR CO LTD HEINECKE JOHN SCOTT MERRILL LYNCH PIERCE STATE STREET BANK EU CREDIT SUISSE/SINGAP SYMPHONY CAPITAL PAR HEINECKE DAVID WILLI ADULYADEJ BHUMIBOL CPB EQUITY CO LTD UBS AG/SINGAPORE BNP PARIBAS SEC SERV SOCIAL SECURITY OFFI ALPINE WOODS CAPITAL BANGKOK RINWEST CO L SORNSONGKRAM TASANAW INVESCO LTD OSATHANUGRAH SOMPORN

Firm Name Morgan Stanley Asia Plus Securities Phillip Securities SCB Securities Co. Ltd. Bualuang Securities IV Global Finansia Syrus Securities PCL Kasikorn Securities Credit Suisse Macquarie CIMB Thanachart Securities PCL Kim Eng Securities EVA Dimensions Deutsche Bank DBS Vickers Capital Nomura Securities KT Zmico Securities AIRA Securities Krungsri Securities Trinity Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst DIVYA GANGAHAR KOTHIYAL NUANPUN NOIRUCHCHUKORN PREEYANUN TRIPETCHCHUPORN RAWEENUCH PIYAKRIENGKAI NARUMON EKASAMUT RATTANA LEENUTAPHONG SUNANTA VASAPINYOKUL SORAPONG JAKTEERUGKUL THANIYA KEVALEE JITIMA RATANATAM KASEM PRUNRATANAMALA KALVALEE THONGSOMAUNG SUTTATIP PEERASUB TEAM COVERAGE CHALINEE CONGMUANG NALYNE VIRIYASATHIEN CHOLAKRIT PRAIPAISARNKIT PORNSAWAT JIRAJARUS EKPAWIN SUNTARAPICHARD ADISAK PHUPIPHATHIRUNGUL VAJIRALUX SANGLERDSILLAPACHAI

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG EXCH

Recommendation Overwt/In-Line hold accumulate neutral buy buy buy underperform outperform underperform outperform buy buy hold buy buy buy Positive buy buy buy

Amt Held 546'755'903 511'255'466 259'079'714 228'799'562 165'026'394 151'219'940 120'322'759 115'059'545 112'290'000 93'610'056 72'470'861 69'720'115 57'345'826 44'230'380 41'736'508 36'329'337 30'293'839 28'911'393 27'500'000 26'888'027

% Out 14.89 13.92 7.05 6.23 4.49 4.12 3.28 3.13 3.06 2.55 1.97 1.9 1.56 1.2 1.14 0.99 0.82 0.79 0.75 0.73

Weighting

Change 5 3 4 3 5 5 5 1 5 1 5 5 5 3 5 5 5 4 5 5 5

M M D M M M M M M D M M M U M M M M M M M

Latest Chg 178'831'304 (10'044'500) 27'500'000 -

Target Price 21 16 19 20 21 22 20 15 19 15 23 18 14 #N/A N/A 18 21 16 #N/A N/A 17 13 14

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.04.2012 11.10.2012 12.04.2012 12.04.2012 12.04.2012 12.04.2012 12.04.2012 12.04.2012 12.04.2012 12.04.2012 12.04.2012 12.04.2012 12.04.2012 12.04.2012 12.04.2012 31.07.2012 12.04.2012 12.04.2012 29.02.2012 12.04.2012

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type n/a n/a n/a Corporation n/a Investment Advisor n/a Bank n/a n/a n/a Other Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor n/a Investment Advisor n/a

Date 06.11.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 19.10.2012 18.10.2012 15.10.2012 11.10.2012 09.10.2012 12.09.2012 10.09.2012 03.09.2012 09.08.2012 18.05.2012 14.05.2012 04.05.2012 25.07.2011 04.05.2011

12.11.2012

Pruksa Real Estate PCL Pruksa Real Estate PCL develops residential real estate. The Company builds townhouses, detached homes, and condominiums.

Price/Volume 25

30.0 M

25.0 M 20.0 M

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.10.2012) 52-Week Low (29.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 17.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PS TB EQUITY YTD Change PS TB EQUITY YTD % CHANGE

12/2011 09/yy 20.80 10.40 3'346'100.00 19.6 -5.77% 88.46% 83.65% 2'211.2 43'339.36 20'306.76 0.0 0.5 2'030.52 60'500.37

10.0 M

5.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 4'223.61 EBIT 3'884.35 Operating Margin 16.70% Pretax Margin 16.79% Return on Assets 6.61% Return on Common Equity 16.35% Return on Capital 8.19% Asset Turnover 0.54% Margin Analysis Gross Margin 36.7% EBITDA Margin 18.5% EBIT Margin 16.8% Net Income Margin 12.2% Structure Current Ratio 2.81 Quick Ratio 0.15 Debt to Assets 48.37% Tot Debt to Common Equity 119.48% Accounts Receivable Turnover Inventory Turnover 0.42 Price/ Cash Flow

LTM

09/yy 25'578.7 8.40x 4'913.3 10.11x 3'539.1 8.94x

09/yy 23'326.4 6.31x 3'061.6 0.00x 2'990.4 13.32x

FY+1

1.25 504.94 81.35% 73.53% 1.247 31 4.097 2'254'680 7'219'074 7'427'359 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 26'361.3 31'249.7 7'815.3 8'875.0 2.39x 1.98x 5.55x 5'109.5 6'005.6 1'569.0 1'973.0 11.84x 10.07x 3'671.0 4'515.7 994.8 1'325.0 11.84x 9.63x 9.38x 9.20x S&P Issuer Ratings

30.73 26.07 4.11 4.55 119.5% 54.4% 0.54 8.97 881.90 39.25 -

Sales/Revenue/Turnover

60.00

25'000.0

50.00

20'000.0

40.00

15'000.0

30.00

10'000.0 20.00

5'000.0

10.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Pruksa Real Estate PCL Holdings By:

All

Holder Name VIJITPONGPUN THONGMA VIJITPONGPUN MALINEE VIJITPONGPUN THIPSUD VIJITPONGPUN CHANYA PROMSAWAD RATANA THAI NVDR CO LTD THAILAND EQUITY FUND SOCIAL SECURITY OFFI STATE STREET BANK AN GCIC LTD/CANADA MORGAN STANLEY BANK OF NEW YORK MEL FRANKLIN RESOURCES VANGUARD GROUP INC EATON VANCE MANAGEME TMB ASSET MANAGEMENT PRUDENTIAL FINANCIAL EATON VANCE ADVISORS DAIWA SB INVESTMENTS

Firm Name Krungsri Securities Kasikorn Securities Finansia Syrus Securities PCL Nomura Phillip Securities EVA Dimensions TISCO Securities Co., Ltd Globlex Securities Co Ltd Macquarie Bualuang Securities KGI Securities OSK (Asia) Securities SCB Securities Co. Ltd. Asia Plus Securities Thanachart Securities PCL CIMB Trinity Securities Country Group Securities PCL BNP Paribas Equity Research IV Global DBS Vickers Kim Eng Securities KT Zmico Securities UOB Kay Hian JPMorgan Credit Suisse HSBC

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CHATREE SRISMAICHAROEN SIRINATTHA TECHASIRIWAN WORARAT POWPAKA BO VONGVIVATHCHAI DANAI TUNYAPISITCHAI TEAM COVERAGE NATHAVUT SHIVARUCHIWONG WILASINEE BOONMASUNGSONG PATTI TOMAITRICHITR NARUMON EKASAMUT TAREETIP WONGSAENGPAIBOON WANIDA GEISLER YUPHARET LIKITSANSUK THERDSAK THAVEETEERATHAM PHANNARAI TIYAPITTAYARUT WATTAIPUN EKATAKSIN SURACHAI PRAMUALCHAROENKIT RONNAKRIT SARINWONG CHUTIMA WORAMONTRI RATTANA LEENUTAPHONG CHANPEN SIRITHANARATTANAKUL TERMPORN TANTIVIVAT POLASIT TANPOONKIAT PORNTHIPA RAYABSANGDUAN ANNE JIRAJARIYAVECH CHAI TECHAKUMPUCH PRATIK BURMAN RAY

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation trading outperform buy buy reduce buy buy buy outperform buy outperform neutral buy buy sell outperform buy trading buy buy buy buy buy buy buy overweight underperform overweight

Amt Held 1'294'865'000 85'000'000 85'000'000 85'000'000 81'020'800 55'031'964 31'666'500 20'329'300 11'841'300 10'137'000 9'902'900 4'713'781 4'049'300 3'271'000 2'428'400 1'779'700 352'400 344'000 -

% Out 58.56 3.84 3.84 3.84 3.66 2.49 1.43 0.92 0.54 0.46 0.45 0.21 0.18 0.15 0.11 0.08 0.02 0.02 0

Weighting

Change 2 5 5 5 2 5 5 5 5 5 5 3 5 5 1 5 5 5 5 5 5 5 5 5 5 1 5

M M M M M U M M M M M M M M M M M U U N M M M U M M N

Latest Chg (132'600) (241'800) 8'400 (934'000)

Target Price 23 22 24 28 17 #N/A N/A 22 23 22 21 24 20 21 22 14 26 22 20 21 21 21 23 22 21 22 15 22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 28.03.2012 n/a 28.03.2012 n/a 28.03.2012 n/a 28.03.2012 n/a 28.03.2012 n/a 28.03.2012 Corporation 28.03.2012 Investment Advisor 28.03.2012 Unclassified 28.03.2012 Bank 30.06.2012 Hedge Fund Manager 30.06.2012 Investment Advisor 08.11.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 28.09.2012 Investment Advisor 31.08.2012 Investment Advisor 31.08.2012 Investment Advisor 31.03.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 12.11.2012 12.11.2012 07.11.2012 06.11.2012 06.11.2012 02.11.2012 01.11.2012 31.10.2012 30.10.2012 30.10.2012 25.10.2012 25.10.2012 25.10.2012 17.10.2012 09.10.2012 07.10.2012 05.10.2012 28.09.2012 20.09.2012 17.09.2012 14.09.2012 14.09.2012 12.09.2012 06.09.2012 05.09.2012 03.09.2012 20.08.2012

12.11.2012

PTT Exploration & Production PCL PTT Exploration and Production Public Company Limited explores for crude oil and natural gas, develops fields for production, and produces oil and natural gas. The Company is a subsidiary of the Petroleum Authority of Thailand.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (03.08.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTTEP TB EQUITY YTD Change PTTEP TB EQUITY YTD % CHANGE

12/2011 09/yy 187.00 147.50 1'938'000.00 164.5 -12.03% 11.53% 44.30% 3'320.0 546'137.63 122'745.22 0.0 0.0 42'799.90 698'005.77

200 180 160 140 120 100 80 60 40 20 0 n-11

16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended

LTM-4Q

31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 Total Revenue 95'047.4 138'946.9 #N/A Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/Revenue #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... EBITDA #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... TEV/EBITDA#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Net Income#N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... P/E #N/A Requesting #N/A Data...Requesting#N/A Data... Requesting#N/A Data... Requesting#N/A Data... Requesting Data... Profitability EBITDA 120'864.31 EBIT 82'037.25 Operating Margin 48.36% Pretax Margin 47.04% Return on Assets 12.39% Return on Common Equity 28.87% Return on Capital 17.61% Asset Turnover 0.43% Margin Analysis Gross Margin 77.2% EBITDA Margin 72.6% EBIT Margin 51.2% Net Income Margin 26.4% Structure Current Ratio 0.87 Quick Ratio 0.63 Debt to Assets 27.41% Tot Debt to Common Equity 61.37% Accounts Receivable Turnover 8.76 Inventory Turnover 4.11 Price/ Cash Flow

LTM

FY+1

1.02 1'044.00 6.04% 1.00% 1.022 38 4.079 5'371'600 3'603'237 3'843'048 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 159'826.6 202'015.4 201'079.0 237'491.7 54'748.7 58'598.0 15.20x 13.07x 3.14x 2.50x 114'612.2 146'737.0 144'024.0 166'583.1 37'735.0 39'843.0 4.75x 4.71x 4.85x 4.19x 41'048.0 58'697.2 57'283.3 65'637.7 14'137.2 14'354.0 11.27x 9.20x 9.95x 9.17x 9.58x 9.37x S&P Issuer Ratings Long-Term Rating Date 17.02.2011 Long-Term Rating BBB+ Long-Term Outlook NEG Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 32.05 (EBITDA-Capex)/Interest Exp. 14.21 Net Debt/EBITDA 1.03 Total Debt/EBITDA 1.18 Reference Total Debt/Equity 61.4% Total Debt/Capital 38.0% Asset Turnover 0.43 Net Fixed Asset Turnover 0.68 Accounts receivable turnover-days 41.79 Inventory Days 88.96 Accounts Payable Turnover Day 22.07 Cash Conversion Cycle 94.15 Sales/Revenue/Turnover

12.00

180'000.0 160'000.0

10.00

140'000.0 120'000.0

8.00

100'000.0 6.00

80'000.0 60'000.0

4.00

40'000.0 2.00 0.00 02.01.2009

20'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

PTT Exploration & Production PCL Holdings By:

All

Holder Name PTT PCL ABERDEEN THAI NVDR CO LTD STATE STREET BANK AN BNP PARIBAS SEC SERV STATE STREET BANK EU BNP PARIBAS SEC SERV VANGUARD GROUP INC SOCIAL SECURITY OFFI BANK OF NEW YORK MEL LAZARD ASSET MANAGEM MORGAN STANLEY & CO TMB ASSET MANAGEMENT DANSKE INVEST A/S MORGAN STANLEY THOMAS WHITE INTERNA LAZARD GLOBAL ACTIVE CREDIT SUISSE ASSET THRIVENT FINANCIAL F AIG INVESTMENT CORP

Firm Name OSK (Asia) Securities Sanford C. Bernstein & Co Goldman Sachs Kim Eng Securities BNP Paribas Equity Research Asia Plus Securities KT Zmico Securities DBS Vickers SCB Securities Co. Ltd. Bualuang Securities UOB Kay Hian AIRA Securities Morgan Stanley JPMorgan Finansia Syrus Securities PCL Trinity Securities Kasikorn Securities Phillip Securities Credit Suisse HSBC CIMB Daiwa Securities Co. Ltd. Krungsri Securities KTB Securities Thailand Co Ltd Thanachart Securities PCL Deutsche Bank Macquarie Barclays Standard Chartered IV Global Country Group Securities PCL KGI Securities EVA Dimensions Globlex Securities Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH ULT-AGG EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

KANNIKA SIAMWALLA NEIL BEVERIDGE PATRICK TIAH SUTTHICHAI KUMWORACHAI TANAPORN VISARUTHAPHONG NALINRAT KITTIKUMPOLRAT PATCHARIN KARSEMARNUNTANA NAPHAT CHANTARASEREKUL CHAIPAT THANAWATTANO THANATTHEP CHANTARAKARN CHAIWAT ARSIRAWICHAI KATE TOUNGTONG MAYANK MAHESHWARI AVIN SONY SONGKLOD WONGCHAI VAJIRALUX SANGLERDSILLAPACHAI SORAPONG JAKTEERUGKUL RUTSADA TWEESAENGSAKULTHAI PAWORAMON SUVARNATEMEE THOMAS C HILBOLDT SUWAT SINSADOK ADRIAN LOH CHARNVUT TAECHA-AMORNTANAKIJ PARIN KITCHATORNPITAK SUPANNA SUWANKIRD THAPANA PHANICH TREVOR BUCHINSKI SCOTT DARLING DUKE SUTTIKULPANICH RATTANA LEENUTAPHONG MONGKOL PUANGPETRA PIYATHIDA VONGVIVATHCHAI TEAM COVERAGE ARTIT JANSAWANG

neutral market perform Buy/Neutral buy buy buy buy hold buy buy buy buy Equalwt/In-Line overweight buy buy neutral buy underperform neutral trading buy buy trading buy sell hold neutral equalweight outperform buy buy outperform buy buy

Amt Held 2'167'500'700 90'238'845 78'974'969 77'623'441 69'566'545 49'263'984 39'279'100 27'983'383 27'674'800 27'551'200 19'387'950 17'260'600 8'022'500 5'353'145 1'677'600 1'241'400 965'600 951'000 828'100 800'000

% Out 65.29 2.72 2.38 2.34 2.1 1.48 1.18 0.84 0.83 0.83 0.58 0.52 0.24 0.16 0.05 0.04 0.03 0.03 0.02 0.02

Weighting

Change 3 3 5 5 5 5 5 3 5 5 5 5 3 5 5 5 3 5 1 3 5 5 2 5 1 3 3 3 5 5 5 5 5 5

M U M M M M M M U M M M M U M M M M M M M M M M M M M D M M M M U M

Latest Chg 999'200 1'364'100 (102'800) 87'700 351'000 -

Target Price 157 170 195 185 211 196 182 170 200 188 195 190 148 180 195 187 165 182 156 165 180 194 187 204 151 190 165 220 200 199 192 212 #N/A N/A 192

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 15.10.2012 Government 28.09.2012 Unclassified 15.10.2012 Corporation 15.10.2012 Bank 15.10.2012 Investment Advisor 15.10.2012 n/a 15.10.2012 Investment Advisor 30.06.2012 Investment Advisor 15.10.2012 Unclassified 15.10.2012 Investment Advisor 30.09.2012 Investment Advisor 15.10.2012 Investment Advisor 12.11.2012 Investment Advisor 30.09.2012 Investment Advisor 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 31.10.2012 Investment Advisor 31.10.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 31.12.2010 Investment Advisor

Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 3 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided

Date 12.11.2012 07.11.2012 05.11.2012 05.11.2012 05.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 01.11.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 26.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 16.10.2012 16.10.2012 09.10.2012 03.10.2012 02.10.2012 31.08.2012 25.08.2012 24.05.2012 30.04.2012 25.04.2012 22.02.2012 10.01.2012

12.11.2012

PTT Global Chemical PCL PTT Global Chemical PCL is a fully integrated petrochemical and chemical company. The Company's products are derived from its main product, Olefins, namely ethylene and propylene.

Price/Volume 80

70.0 M

60.0 M

50.0 M

Latest Fiscal Year: LTM as of: 52-Week High (21.02.2012) 52-Week Low (01.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTTGC TB EQUITY YTD Change PTTGC TB EQUITY YTD % CHANGE

12/2011 09/yy 76.00 53.25 7'436'300.00 62 -18.42% 16.43% 36.26% 4'508.8 279'548.66 120'165.40 0.0 9'949.9 22'605.64 388'222.97

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

31.12.2008 -

30.0 M

30 20

20.0 M

10.0 M

0 n-11

31.12.2009

Profitability

LTM-4Q 31.12.2010 376'700.8 15'520.9 -

31.12.2011 500'305.0 0.76x 30'033.0 9.16x

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

37'795.00 7.55% 6.93% 7.69% 14.28% 10.63% 1.28% 16.2% 7.6% 6.0% 1.75 1.07 32.22% 60.54% 13.16 11.89

LTM

FY+1

2.10 1'797.35 -1.09% 4.99% 30 4.400 20'912'680 13'123'010 12'694'280 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 0.0 420'065.5 533'337.3 536'511.6 125'634.0 125'371.0 #DIV/0! 2.81x 0.71x 0.66x 0.0 39'882.0 51'842.8 56'718.7 15'349.0 14'622.0 0.00x 0.00x 7.49x 6.84x 0.0 23'613.5 29'205.2 32'568.4 6'853.3 8'545.0 0.00x 0.00x 9.58x 8.57x S&P Issuer Ratings Long-Term Rating Date 21.10.2011 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 60.5% Total Debt/Capital 36.6% Asset Turnover 1.28 Net Fixed Asset Turnover 2.07 Accounts receivable turnover-days 27.81 Inventory Days 30.79 Accounts Payable Turnover Day 25.28 Cash Conversion Cycle 33.32 Sales/Revenue/Turnover

1.20

600'000.0

1.00

500'000.0

0.80

400'000.0

0.60

.0 M d-11

Fiscal Year Ended 31.12.2007 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

Valuation Analysis

300'000.0 200'000.0

0.40

100'000.0 0.20

0.0 0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

PTT Global Chemical PCL Holdings By:

All

Holder Name PTT PCL THAI NVDR CO LTD STATE STREET BANK EU HMC POLYMERS CO LTD SIAM CEMENT PCL BANK OF NEW YORK MEL STATE STREET BANK AN BANGKOK SYNTHETICS C BLACKROCK EAST FOURTEEN LIMITE SOCIAL SECURITY OFFI VANGUARD GROUP INCOR HARTFORD INVESTMENT TMB ASSET MANAGEMENT VANGUARD GROUP INCOR PRINCIPAL FINANCIAL INVESTEC ASSET MANAG VANGUARD GROUP INCOR EATON VANCE MANAGEME HSBC INVESTMENT FUND

Firm Name Krungsri Securities Kasikorn Securities OSK (Asia) Securities Phillip Securities Asia Plus Securities KT Zmico Securities Credit Suisse JPMorgan DBS Vickers SCB Securities Co. Ltd. Bualuang Securities UOB Kay Hian Finansia Syrus Securities PCL Trinity Securities Morgan Stanley CIMB Nomura BNP Paribas Equity Research Kim Eng Securities Thanachart Securities PCL Deutsche Bank HSBC EVA Dimensions Goldman Sachs Macquarie KGI Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a VANGUARD EMERGING MA Multiple Portfolios Multiple Portfolios VANGUARD MSCI EMERGI Multiple Portfolios Multiple Portfolios VANGUARD TOTAL INTER Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH MF-USA MF-AGG MF-AGG ETF MF-AGG MF-AGG MF-USA MF-AGG MF-AGG

Recommendation

CHARNVUT TAECHA-AMORNTANAKIJ SORAPONG JAKTEERUGKUL KANNIKA SIAMWALLA PREEYANUN TRIPETCHCHUPORN NALINRAT KITTIKUMPOLRAT PATCHARIN KARSEMARNUNTANA PAWORAMON SUVARNATEMEE AVIN SONY NAPHAT CHANTARASEREKUL CHAIPAT THANAWATTANO SUPPATA SRISUK CHAIWAT ARSIRAWICHAI SONGKLOD WONGCHAI VAJIRALUX SANGLERDSILLAPACHAI MAYANK MAHESHWARI SUWAT SINSADOK NITIN KUMAR SOMKIJ ORANCHATCHAWAN SUTTHICHAI KUMWORACHAI SUPANNA SUWANKIRD THAPANA PHANICH SRIHARSHA PAPPU TEAM COVERAGE PATRICK TIAH TREVOR BUCHINSKI PONGTHAM DANWUNGDERM

buy outperform buy trading buy hold buy outperform neutral buy buy buy buy buy buy Equalwt/In-Line outperform buy buy buy hold buy neutral underweight Buy/Cautious outperform neutral

Amt Held 2'204'318'913 270'095'790 124'587'413 83'427'636 82'164'775 76'217'118 69'573'890 43'420'625 35'017'450 28'691'041 28'071'871 11'733'500 11'313'600 10'693'615 9'334'004 8'174'100 6'213'324 2'859'700 1'672'400 1'140'600

% Out 48.89 5.99 2.76 1.85 1.82 1.69 1.54 0.96 0.78 0.64 0.62 0.26 0.25 0.24 0.21 0.18 0.14 0.06 0.04 0.03

Weighting

Change 5 5 5 5 3 5 5 3 5 5 5 5 5 5 3 5 5 5 5 3 5 3 1 5 5 3

M M M M M M M M M M M M M M M M M M M M M D D M M M

Latest Chg 568'374 4'228'100 11'313'600 (139'300) 248'900 638'700 641'400

Target Price 75 79 68 76 73 75 72 60 73 78 74 73 68 73 62 82 73 83 74 #N/A N/A 72 72 #N/A N/A 80 79 63

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 03.09.2012 Government 03.09.2012 Corporation 03.09.2012 n/a 03.09.2012 Corporation 03.09.2012 Corporation 03.09.2012 Investment Advisor 03.09.2012 Bank 03.09.2012 Other 31.07.2012 Investment Advisor 03.09.2012 Other 03.09.2012 Unclassified 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 28.09.2012 Mutual Fund Manager

Date 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided

Date 12.11.2012 12.11.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 06.11.2012 06.11.2012 06.11.2012 31.10.2012 26.10.2012 09.10.2012 03.10.2012 02.10.2012 06.09.2012 04.09.2012 24.08.2012 15.06.2012

12.11.2012

PTT PCL PTT PCL is a state-controlled fully integrated gas and oil company. The company explores for, produces, transports, and sells natural gas and crude oil. It also produces, transports and markets refined petroleum products.

Price/Volume 400

18.0 M

350

16.0 M

300

14.0 M 12.0 M

250

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.03.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTT TB EQUITY YTD Change PTT TB EQUITY YTD % CHANGE

12/2011 06/yy 369.00 296.00 1'738'200.00 317 -14.09% 7.09% 27.40% 2'856.3 905'447.00 407'923.15 0.0 88'028.4 127'093.72 1'329'893.61

31.12.2007 1'508'129.4 0.82x 147'713.2 8.41x 97'803.6 10.80x

8.0 M

150

6.0 M

100

4.0 M

2.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

200

31.12.2008 31.12.2009 2'000'815.8 1'586'174.5 0.35x 0.64x 148'987.3 129'141.0 4.69x 7.86x 51'704.8 59'547.6 9.55x 11.68x Profitability

LTM-4Q 31.12.2010 1'898'682.2 0.64x 166'568.6 7.31x 83'992.1 10.82x

LTM

FY+1

1.14 1'248.39 9.36% 3.17% 1.139 33 4.485 3'314'040 3'756'230 3'472'437 FY+2

FQ+1

FQ+2

31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 2'428'164.7 ######### ######### ######### ######### 682'132.1 836'659.7 0.53x 2.38x 1.97x 0.48x 0.44x 202'571.5 189'151.4 201'934.6 228'759.5 250'046.6 57'641.3 57'990.0 6.30x 7.17x 6.67x 5.81x 5.32x 105'296.4 111'392.6 84'143.8 107'810.5 118'440.6 31'298.7 26'413.2 8.62x 8.56x 10.96x 8.51x 7.67x 7.58x 7.55x S&P Issuer Ratings 202'571.46 Long-Term Rating Date 01.11.2006 142'654.94 Long-Term Rating BBB+ 5.88% Long-Term Outlook STABLE 6.94% Short-Term Rating Date 5.90% Short-Term Rating 15.19% Credit Ratios 10.81% EBITDA/Interest Exp. 11.23 1.84% (EBITDA-Capex)/Interest Exp. 5.24 Net Debt/EBITDA 1.61 8.1% Total Debt/EBITDA 2.18 7.7% Reference 5.3% Total Debt/Equity 73.4% 4.3% Total Debt/Capital 38.8% Asset Turnover 1.84 1.14 Net Fixed Asset Turnover 4.17 0.89 Accounts receivable turnover-days 28.15 29.09% Inventory Days 7.83 73.38% Accounts Payable Turnover Day 29.52 13.00 Cash Conversion Cycle 5.40 46.76

Price/ Cash Flow

Sales/Revenue/Turnover

8.00

3'000'000.0

7.00

2'500'000.0

6.00

2'000'000.0

5.00 4.00

1'500'000.0

3.00

1'000'000.0

2.00

500'000.0 1.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

PTT PCL Holdings By:

All

Holder Name FINANCE MINISTRY VAYUPAK FUND I THAI NVDR CO LTD STATE STREET BANK AN VANGUARD GROUP INC STATE STREET BANK EU SOCIAL SECURITY OFFI GOVT OF SINGAPORE IN BANK OF NEW YORK MEL TMB ASSET MANAGEMENT FMR LLC THRIVENT FINANCIAL F SANFORD C BERNSTEIN MORGAN STANLEY THREADNEEDLE ASSET M ALLIANCEBERNSTEIN LP MACQUARIE GROUP LTD DAIWA SB INVESTMENTS ING INVESTMENT MANAG RE ADVISERS CORPORAT

Firm Name Kasikorn Securities Deutsche Bank Asia Plus Securities KT Zmico Securities DBS Vickers OSK (Asia) Securities SCB Securities Co. Ltd. Bualuang Securities Krungsri Securities UOB Kay Hian Trinity Securities BNP Paribas Equity Research Goldman Sachs KTB Securities Thailand Co Ltd Credit Suisse Morgan Stanley Macquarie EVA Dimensions Kim Eng Securities HSBC Daiwa Securities Co. Ltd. CIMB JPMorgan Phillip Securities Globlex Securities Co Ltd Thanachart Securities PCL KGI Securities Country Group Securities PCL Finansia Syrus Securities PCL Nomura

Portfolio Name n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation

SIRINATTHA TECHASIRIWAN outperform THAPANA PHANICH hold NALINRAT KITTIKUMPOLRAT buy PATCHARIN KARSEMARNUNTANA buy NAPHAT CHANTARASEREKUL buy KANNIKA SIAMWALLA buy CHAIPAT THANAWATTANO buy THANATTHEP CHANTARAKARN buy CHARNVUT TAECHA-AMORNTANAKIJ buy CHAIWAT ARSIRAWICHAI buy VAJIRALUX SANGLERDSILLAPACHAI buy TANAPORN VISARUTHAPHONG buy PATRICK TIAH neutral/neutral PARIN KITCHATORNPITAK buy PAWORAMON SUVARNATEMEE neutral MAYANK MAHESHWARI Equalwt/In-Line TREVOR BUCHINSKI outperform TEAM COVERAGE buy SUTTHICHAI KUMWORACHAI buy THOMAS C HILBOLDT underweight ADRIAN LOH outperform SUWAT SINSADOK outperform AVIN SONY overweight PREEYANUN TRIPETCHCHUPORN accumulate ARTIT JANSAWANG buy SUPANNA SUWANKIRD hold PIYATHIDA VONGVIVATHCHAI outperform MONGKOL PUANGPETRA buy SONGKLOD WONGCHAI buy STEWART CALLAGHAN suspended coverage

Amt Held 1'459'885'575 435'800'000 104'844'600 34'240'032 25'578'036 24'886'102 24'019'200 17'812'200 15'813'217 6'901'600 3'408'800 1'667'350 963'400 893'600 791'400 717'300 472'000 406'700 356'700 331'750

% Out 51.11 15.26 3.67 1.2 0.9 0.87 0.84 0.62 0.55 0.24 0.12 0.06 0.03 0.03 0.03 0.03 0.02 0.01 0.01 0.01

Weighting

Change

5 3 5 5 5 5 5 5 5 5 5 5 3 5 3 3 5 5 5 1 5 5 5 4 5 3 5 5 5 #N/A N/A

M M M M M M M M M M M M M M M D M U M N M M M M M M M M M M

Latest Chg 389'000 (88'200) (5'700) 28'950 (52'800) (8'100) 148'600 (33'900) (13'950)

Target Price 389 335 390 403 374 378 380 400 400 405 409 408 340 420 344 372 389 #N/A N/A 392 321 380 453 430 396 380 325 420 442 395 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 10.09.2012 10.09.2012 10.09.2012 10.09.2012 30.06.2012 10.09.2012 10.09.2012 10.09.2012 10.09.2012 12.11.2012 30.09.2012 31.07.2012 31.08.2012 30.06.2012 07.03.2012 31.08.2012 30.06.2011 31.03.2012 30.09.2012 30.06.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Government Investment Advisor Corporation Bank Investment Advisor n/a Unclassified Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 31.10.2012 17.10.2012 16.10.2012 15.10.2012 02.10.2012 25.09.2012 25.09.2012 20.09.2012 17.09.2012 03.09.2012 27.08.2012 21.08.2012 21.08.2012 03.08.2012 17.07.2012 15.05.2012 30.04.2012 24.01.2012 11.09.2011

12.11.2012

Ratchaburi Electricity Generating Holding PCL Ratchaburi Electricity Generating Holding Public Company Limited, through its wholly owned subsidiaries, operates a 3,645 megawatt power plant comprising the thermal generating units and the combined cycle generating Units. Its power output is sold entirely to the Electricity Generating Authority of Thailand (EGAT) under a 25-year purchase agreement.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.11.2012) 52-Week Low (18.05.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RATCH TB EQUITY YTD Change RATCH TB EQUITY YTD % CHANGE

12/2011 06/yy 55.25 40.00 303'000.00 54 -2.26% 35.00% 93.44% 1'450.0 78'300.00 38'662.06 0.0 693.8 13'709.32 104'106.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

5.0 M

4.0 M

3.0 M

2.0 M

1.0 M

0 n-11

.0 M d-11

j-12

f-12

m-12

a-12

m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 43'820.7 1.85x 7'865.8 10.32x 5'829.4 11.38x

31.12.2008 31.12.2009 42'210.3 35'350.6 1.76x 1.66x 9'327.3 9'062.8 7.95x 6.48x 6'492.9 6'739.6 9.54x 7.58x Profitability

LTM-4Q 31.12.2010 42'181.1 1.39x 8'094.6 7.22x 5'225.9 10.63x

31.12.2011 43'456.9 2.06x 9'713.8 9.21x 4'840.6 13.17x 9'713.83 6'437.37 14.81% 15.06% 7.54% 13.27% 11.94% 0.61% 17.6% 20.6% 13.0% 11.1% 1.50 1.28 40.32% 80.68% 5.15 23.37

Price/ Cash Flow

LTM

06/yy 39'474.4 6.34x 8'513.4 7.99x 5'325.7 11.41x

06/yy 53'144.8 6.74x 10'959.2 8.14x 6'614.8 9.57x

FY+1

0.53 698.57 37.69% 29.09% 0.535 18 3.778 773'080 1'174'480 1'225'589 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 49'922.8 49'646.1 12'490.0 10'065.0 2.04x 2.03x 10'304.1 10'345.5 2'963.5 2'187.0 10.10x 10.06x 5'697.3 5'728.3 1'539.0 804.4 13.63x 13.67x 15.71x 16.07x S&P Issuer Ratings

06.01.2011 BBB+ STABLE 5.02 4.92 2.27 3.16 80.7% 44.3% 0.61 1.30 71.00 15.66 49.54 -1.52

Sales/Revenue/Turnover

200.00

60'000.0

180.00

50'000.0

160.00 140.00

40'000.0

120.00

30'000.0

100.00 80.00

20'000.0

60.00 40.00

10'000.0

20.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Ratchaburi Electricity Generating Holding PCL Holdings By:

All

Holder Name EGAT SOCIAL SECURITY OFFI AMERICAN INTERNATION BANGKOK LIFE ASSURAN THAI NVDR CO LTD GOVT SAVINGS BANK FU THAILIFE CO LTD STATE STREET BANK EU PUNYAVUTTI PAIBULYA BANK OF NEW YORK MEL VANGUARD GROUP INC TMB ASSET MANAGEMENT MACQUARIE GROUP LTD EATON VANCE ADVISORS HWANG-DBS INVESTMENT PRUDENTIAL FINANCIAL HSBC TRINKAUS INVEST BESSEMER GROUP INCOR MIZUHO ASSET MANAGEM INVESCO LTD

Firm Name BNP Paribas Equity Research SCB Securities Co. Ltd. Asia Plus Securities KT Zmico Securities Bualuang Securities CIMB Thanachart Securities PCL EVA Dimensions UOB Kay Hian Kasikorn Securities JPMorgan Macquarie Kim Eng Securities Country Group Securities PCL Phillip Securities Nomura Deutsche Bank Trinity Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TANAPORN VISARUTHAPHONG CHAIPAT THANAWATTANO NALINRAT KITTIKUMPOLRAT PATCHARIN KARSEMARNUNTANA THANATTHEP CHANTARAKARN SUWAT SINSADOK SUPANNA SUWANKIRD TEAM COVERAGE ARSIT PAMARANONT SIRINATTHA TECHASIRIWAN AVIN SONY CHAK REUNGSINPINYA SUTTHICHAI KUMWORACHAI MONGKOL PUANGPETRA RUTSADA TWEESAENGSAKULTHAI DANIEL RAATS THAPANA PHANICH VAJIRALUX SANGLERDSILLAPACHAI

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy neutral buy buy on weakness hold outperform buy sell buy neutral underweight neutral buy buy buy buy not rated buy

Amt Held 652'500'000 67'982'600 50'917'100 30'000'000 23'188'778 21'754'900 12'513'600 12'309'842 7'760'000 7'504'986 1'683'175 1'229'800 716'600 285'300 206'068 191'700 155'000 118'700 82'700 51'500

% Out 45 4.69 3.51 2.07 1.6 1.5 0.86 0.85 0.54 0.52 0.12 0.08 0.05 0.02 0.01 0.01 0.01 0.01 0.01 0

Weighting

Change

5 3 5 5 3 5 5 1 5 3 1 3 5 5 5 5 #N/A N/A 5

M D M M M M M D M M M D M M M M M M

Latest Chg 194'700 4'600 7'100 -

Target Price 59 54 55 61 47 54 50 #N/A N/A 53 49 40 49 47 55 50 41 #N/A N/A 44

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 01.03.2012 Corporation 01.03.2012 Unclassified 01.03.2012 Insurance Company 01.03.2012 Insurance Company 01.03.2012 Corporation 01.03.2012 Unclassified 01.03.2012 n/a 01.03.2012 n/a 01.03.2012 n/a 08.11.2012 Investment Advisor 30.06.2012 Investment Advisor 12.11.2012 Investment Advisor 30.06.2011 Investment Advisor 31.08.2012 Investment Advisor 30.04.2011 Mutual Fund Manager 31.08.2012 Investment Advisor 30.09.2012 Mutual Fund Manager 31.07.2012 Investment Advisor 27.02.2012 Investment Advisor 09.11.2012 Investment Advisor

Date 12 month Not Provided 12 month 3 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 31.10.2012 25.10.2012 22.10.2012 22.10.2012 05.10.2012 25.09.2012 18.09.2012 10.09.2012 15.08.2012 15.08.2012 09.08.2012 07.08.2012 20.07.2012 30.04.2012 15.02.2012 26.09.2011 21.04.2011 15.03.2011

12.11.2012

Robinson Department Store PCL Robinson Department Store Public Company Limited owns and operates Robinson department store chain.

Price/Volume 70

30.0 M

25.0 M

20.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ROBINS TB EQUITY YTD Change ROBINS TB EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

5.0 M

10 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 11'966.0 0.91x 1'152.0 9.47x 864.4 14.23x

15.0 M

12/2011 09/yy 67.00 33.00 1'058'700.00 62.25 -7.09% 88.64% 82.35% 1'110.7 69'138.66 0.00 0.0 330.6 3'006.08 67'617.88

31.12.2008 31.12.2009 13'109.8 13'539.3 0.36x 0.67x 1'284.8 1'323.7 3.64x 6.90x 1'020.0 1'013.3 6.20x 11.30x Profitability

LTM-4Q 31.12.2010 14'794.4 1.64x 938.8 25.80x 1'697.4 16.10x

31.12.2011 17'630.1 2.53x 1'337.1 33.30x 1'453.0 32.44x 1'337.13 551.83 3.13% 12.49% 12.62% 19.29% 20.99% 1.49% 24.4% 7.6% 2.9% 8.2% 1.01 0.69 0.00% 0.00% 54.90 14.12

Price/ Cash Flow

LTM

09/yy 16'855.1 6.90x 1'246.4 28.10x 1'554.2 23.94x

09/yy 20'389.5 11.61x 1'557.3 45.20x 1'723.9 41.77x

FY+1

1.13 248.46 88.14% 48.30% 1.134 23 4.043 764'160 2'589'853 1'761'871 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 22'760.2 28'132.0 6'989.5 7'391.0 2.94x 2.35x 3'567.8 4'574.2 1'259.0 1'178.0 18.95x 14.78x 2'099.8 2'755.0 625.5 750.7 32.73x 25.10x 23.64x 22.66x S&P Issuer Ratings

223004.07 -76834.94 -1.26 0.00 0.0% 0.0% 1.49 3.34 6.67 25.93 72.04 -47.14

Sales/Revenue/Turnover

30.00

20'000.0 18'000.0

25.00

16'000.0 14'000.0

20.00

12'000.0

15.00

10'000.0 8'000.0

10.00

6'000.0 4'000.0

5.00 0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Robinson Department Store PCL Holdings By:

All

Holder Name CENTRAL RETAIL CORP CRG SERVICE CO LTD ASIA INVESTMENT INTL CREDIT SUISSE/SINGAP CHIRATHIVAT SUTHILAK NORPANLOB THAPIDA THAI NVDR CO LTD SAKUNTANAK PONG VIELLA ASSETS LTD BUALUANG LONG-TERM E BUALUANG LT EQTY 75/ CHIRATHIVAT ISARES BOONSRI NATTEERA CACEIS BANK BUALUANG FLEXIBLE RM GOLDMAN SACHS INTERN SCHRODER INVESTMENT VANGUARD GROUP INC INVESCO LTD TMB ASSET MANAGEMENT

Firm Name KT Zmico Securities Kasikorn Securities Asia Plus Securities SCB Securities Co. Ltd. Bualuang Securities UOB Kay Hian Trinity Securities JPMorgan CIMB BNP Paribas Equity Research Kim Eng Securities KGI Securities Phillip Securities IV Global Credit Suisse Thanachart Securities PCL Macquarie Deutsche Bank Standard Chartered EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst WEERAPAT WONGURAI SIRINATTHA TECHASIRIWAN KAWEE MANITSUPAWONG KANCHAN KHANIJOU CHAIYATORN SRICHAROEN THANANCHAI JITTANOON VAJIRALUX SANGLERDSILLAPACHAI KAE PORNPUNNARATH MARCIN SPIEWAK CHUTIMA WORAMONTRI MARIA LAPIZ NAT PANASSUTRAKORN PREEYANUN TRIPETCHCHUPORN RATTANA LEENUTAPHONG KARIM SALAMATIAN PHANNARAI TIYAPITTAYARUT BUNLUNG WAIYANONT CHALINEE CONGMUANG PAULINE LEE TEAM COVERAGE

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy on weakness outperform hold buy buy hold buy neutral outperform buy sell outperform buy buy neutral hold outperform buy in-line overweight

Amt Held 308'162'660 289'645'488 120'900'000 47'992'765 36'278'352 32'818'044 25'210'451 14'810'000 14'578'677 11'911'800 10'314'900 10'131'400 9'626'000 8'193'894 6'338'900 6'134'700 2'501'300 2'089'260 934'100 893'900

% Out 27.75 26.08 10.89 4.32 3.27 2.95 2.27 1.33 1.31 1.07 0.93 0.91 0.87 0.74 0.57 0.55 0.23 0.19 0.08 0.08

Weighting

Change 5 5 3 5 5 3 5 3 5 5 1 5 5 5 3 3 5 5 3 5

M M U M M M M M M M D M U M M M M M M U

Latest Chg 2'501'300 149'600 3'300

Target Price 66 72 68 75 76 62 76 63 81 73 60 73 70 67 59 67 72 70 57 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 23.03.2012 30.06.2012 30.06.2012 09.11.2012 28.09.2012

Date 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided 6 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided

Inst Type Corporation Other n/a Bank n/a n/a Corporation n/a n/a n/a n/a n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 12.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 08.11.2012 08.11.2012 06.11.2012 02.11.2012 12.10.2012 12.10.2012 12.10.2012 10.10.2012 09.10.2012 10.09.2012 15.06.2012 21.05.2012 21.04.2012

12.11.2012

Shin Corp PCL Shin Corporation Public Company Limited is a holding company that invests in diversified telecommunication and media and advertising businesses. Main services offered by its subsidiaries and affiliated companies are satellite transponder, Television broadcasting, cellular phone and wireless communication, information technology and internet, low-cost airline, and consumer financing.

Price/Volume 70.0 M

60.0 M

50.0 M

40.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.08.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance INTUCH TB EQUITY YTD Change INTUCH TB EQUITY YTD % CHANGE

12/2011 06/yy 71.00 38.75 10'514'800.00 60 -15.49% 54.84% 65.89% 3'206.4 192'385.22 10'280.16 0.0 8'166.7 13'953.55 203'871.13

31.12.2007 10'359.1 9.40x (1'160.7) 960.0 87.50x

30.0 M

30 20

20.0 M

10.0 M

0 n-11

31.12.2008 31.12.2009 8'917.6 8'533.2 7.24x 11.99x 2'199.4 2'910.9 29.36x 35.15x 5'649.4 6'495.9 8.86x 13.55x Profitability

LTM-4Q 31.12.2010 7'966.8 13.34x 1'339.9 79.31x 8'015.7 11.70x

31.12.2011 8'649.0 16.46x 2'271.5 62.67x 16'559.3 8.32x 2'271.55 -374.65 -4.33% 191.42% 36.83% 80.11% 44.93% 0.18% 29.1% 29.9% 0.6% 191.5% 0.82 0.80 18.51% 48.59% 6.49 19.22

Price/ Cash Flow

j-12

f-12 m-12

LTM

06/yy 7'965.3 55.05x 1'502.5 78.11x 9'485.5 11.06x

a-12 m-12

06/yy 9'112.9 74.38x 2'722.6 75.76x 18'325.6 10.64x

j-12

a-12

s-12

o-12

FY+1

0.69 768.99 73.59% 56.44% 0.686 19 4.579 15'178'540 12'918'510 13'898'560 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 9'502.4 10'248.8 2'318.0 20.86x 19.23x 2'093.0 2'401.0 825.0 97.41x 84.91x 13'605.5 15'383.2 3'475.5 4'557.0 14.21x 12.54x S&P Issuer Ratings

4.71 -0.29 1.22 3.99 48.6% 26.0% 0.18 0.47 56.40 19.04 80.93 -8.07

Sales/Revenue/Turnover

18.00

16'000.0

16.00

14'000.0

14.00

12'000.0

12.00

10'000.0

10.00

8'000.0

8.00

6'000.0

6.00

4'000.0

4.00

2'000.0

2.00 0.00 02.01.2009

.0 M d-11

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Shin Corp PCL Holdings By:

All

Holder Name TEMASEK HOLDINGS PRI CEDAR HOLDINGS LTD THAI NVDR CO LTD DAMRONGSUTHIPONG PRA SCHRODER INVESTMENT TMB ASSET MANAGEMENT EMERGING GLOBAL SHAR FRANKLIN RESOURCES EATON VANCE MANAGEME INVESCO LTD CAUSEWAY CAPITAL MAN NATIXIS ASSET MANAGE ING INVESTMENT MANAG MONEGA KAGMBH

Firm Name Bualuang Securities Krungsri Securities IV Global Finansia Syrus Securities PCL OSK (Asia) Securities KT Zmico Securities Credit Suisse SCB Securities Co. Ltd. Country Group Securities PCL DBS Vickers Nomura Trinity Securities EVA Dimensions Thanachart Securities PCL Asia Plus Securities KGI Securities Morgan Stanley CIMB Phillip Securities

Portfolio Name n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

PRASIT SUJIRAVORAKUL hold THAKOL BANJONGRUCK buy RATTANA LEENUTAPHONG buy PORNSOOK AMONVADEKUL buy TEAM COVERAGE trading buy TEAM COVERAGE buy COLIN MCCALLUM outperform SOLAYA NA SONGKHLA buy PUTCHARIN WATTANAKAEWSRIPETCH long-term buy CHIRASIT VUTTIGRAI buy PIYACHAT RATANASUVAN buy NATWARIN TRIPOBSAKUL buy TEAM COVERAGE hold SARACHADA SORNSONG buy KAWEE MANITSUPAWONG buy PHATIPAK NAVAWATANA outperform SURABHI CHANDNA Underwt/Cautious PISUT NGAMVIJITVONG outperform RUTSADA TWEESAENGSAKULTHAI buy

Amt Held 1'334'354'825 910'068'139 171'864'134 21'143'500 13'364'300 7'606'700 1'844'843 1'428'600 426'000 333'000 116'300 103'000 82'933 -

% Out 41.62 28.38 5.36 0.66 0.42 0.24 0.06 0.04 0.01 0.01 0 0 0 0

Weighting

Change 3 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 1 5 5

M M M M N M M M M M M M U M M M M M M

Latest Chg (1'000'000) 13'364'300 (99'100) (135'700) 103'000 (106'000)

Target Price 69 77 71 70 76 78 85 79 83 88 79 75 #N/A N/A 85 73 85 50 71 78

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 25.09.2012 Government 25.09.2012 Other 30.08.2012 Corporation 30.08.2012 n/a 30.06.2012 Investment Advisor 28.09.2012 Investment Advisor 08.11.2012 Investment Advisor 30.06.2012 Investment Advisor 31.08.2012 Investment Advisor 09.11.2012 Investment Advisor 30.06.2012 Investment Advisor 29.06.2012 Mutual Fund Manager 30.09.2012 Investment Advisor 28.09.2012 Investment Advisor

Date 12 month 12 month Not Provided Not Provided 3 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month 12 month

Date 12.11.2012 12.11.2012 09.11.2012 09.11.2012 05.11.2012 18.10.2012 17.10.2012 21.09.2012 18.09.2012 14.09.2012 13.09.2012 12.09.2012 06.09.2012 24.08.2012 23.08.2012 16.08.2012 14.08.2012 19.07.2012 10.07.2012

12.11.2012

Siam Cement PCL The Siam Cement Public Company Limited is a diversified industrial company. The Company's operations include cement manufacturing, petrochemicals manufacturing, paper manufacturing, building product manufacturing, and distribution.

Price/Volume 450

14.0 M

400

12.0 M

350

10.0 M

300

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (02.11.2012) 52-Week Low (15.12.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCC TB EQUITY YTD Change SCC TB EQUITY YTD % CHANGE

12/2011 09/yy 402.00 310.00 596'700.00 386 -3.98% 24.52% 83.70% 1'200.0 463'200.00 162'268.02 0.0 22'769.6 29'884.81 617'537.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

200

6.0 M

150

4.0 M

100

2.0 M

50 0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 267'736.7 1.50x 39'195.0 10.22x 30'351.9 9.17x

250

31.12.2008 31.12.2009 293'230.3 238'664.3 0.91x 1.80x 31'616.2 41'969.1 8.46x 10.25x 16'770.6 24'345.5 7.37x 11.58x Profitability

LTM-4Q 31.12.2010 301'323.1 1.72x 38'713.3 13.41x 37'381.9 10.95x

31.12.2011 368'578.7 1.44x 36'126.7 14.69x 27'280.7 13.77x 36'126.75 22'918.91 6.22% 8.48% 5.24% 14.57% 5.75% 1.04% 14.3% 8.3% 4.8% 7.4% 1.10 0.60 43.30% 115.74% 10.60 7.43

Price/ Cash Flow

LTM

FY+1

1.11 609.12 23.21% 27.54% 1.113 29 4.345 1'691'120 1'957'833 1'779'231 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 356'887.3 395'655.0 407'069.9 435'099.3 101'322.5 109'426.5 5.96x 5.58x 1.54x 1.42x 6.13x 5.64x 37'583.2 32'954.2 43'675.4 53'833.9 11'233.0 13'297.5 12.68x 17.39x 14.14x 11.47x 12.43x 12.38x 40'752.9 19'868.3 25'363.2 34'515.3 7'406.6 9'062.3 7.71x 21.07x 18.59x 13.52x 13.61x 14.07x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

5.95 3.74 4.14 5.12 115.7% 49.9% 1.04 2.51 34.53 49.26 34.98 47.22

Sales/Revenue/Turnover

25.00

400'000.0 350'000.0

20.00

300'000.0 250'000.0

15.00

200'000.0 10.00

150'000.0 100'000.0

5.00

0.00 02.01.2009

50'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Siam Cement PCL Holdings By:

All

Holder Name CROWN PROPERTY BUREA THAI NVDR CO LTD STATE STREET BANK AN BNP PARIBAS SEC SERV CPB EQUITY CO LTD STATE STREET BANK EU SOCIAL SECURITY OFFI BNP PARIBAS SEC SERV OFFICE OF THE PRIVY RANDERYBURAMAKARN CO SIAM CEMENT FOUNDATI SIAM COMMERCIAL BANK T ROWE PRICE ASSOCIA SIAM CEMENT GEN MGR NANA LEK BANK OF NEW YORK MEL TMB ASSET MANAGEMENT NALAMLIENG CHUMPOL MORGAN STANLEY FULLERTON FUND MANAG

Firm Name Krungsri Securities Kasikorn Securities Morgan Stanley BNP Paribas Equity Research Asia Plus Securities KGI Securities Kim Eng Securities Phillip Securities SCB Securities Co. Ltd. Thanachart Securities PCL IV Global Trinity Securities Credit Suisse DBS Vickers CIMB Finansia Syrus Securities PCL Deutsche Bank Bualuang Securities EVA Dimensions Macquarie KT Zmico Securities AIRA Securities Globlex Securities Co Ltd JPMorgan UOB Kay Hian

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios

Analyst CHATREE SRISMAICHAROEN SORAPONG JAKTEERUGKUL MAYANK MAHESHWARI SOMKIJ ORANCHATCHAWAN PRASIT RATTANAKIJKAMOL NAT PANASSUTRAKORN SUTTHICHAI KUMWORACHAI DANAI TUNYAPISITCHAI SIRIMA DISSARA PIMPAKA NICHGAROON RATTANA LEENUTAPHONG VAJIRALUX SANGLERDSILLAPACHAI PAWORAMON SUVARNATEMEE NAPHAT CHANTARASEREKUL SUWAT SINSADOK SONGKLOD WONGCHAI SANSANEE SRIJAMJUREE CHAIYATORN SRICHAROEN TEAM COVERAGE DAVID GAMBRILL JAKAPONG CHAWENGSRI CHITRADA LEKHRAPHAN ARTIT JANSAWANG AVIN SONY ATHAPORN ARAYASANTIPARB

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH MF-AGG Co File ULT-AGG MF-AGG

Recommendation buy outperform Underwt/In-Line buy buy outperform buy accumulate buy sell buy buy neutral buy outperform buy buy hold sell outperform neutral buy buy overweight buy

Amt Held 360'000'000 128'231'197 41'032'581 31'345'736 23'220'000 21'473'371 19'627'600 15'527'780 15'473'000 14'965'100 13'347'300 9'070'600 8'567'300 7'647'800 6'741'000 6'545'453 2'846'800 1'001'000 838'200 630'000

% Out 30 10.69 3.42 2.61 1.94 1.79 1.64 1.29 1.29 1.25 1.11 0.76 0.71 0.64 0.56 0.55 0.24 0.08 0.07 0.05

Weighting

Change 5 5 1 5 5 5 5 4 5 1 5 5 3 5 5 5 5 3 1 5 3 5 5 5 5

M M M M M M M M M D M M M M M M M M D M D M M M M

Latest Chg 1'065'500 (37'300) -

Target Price 400 420 288 437 455 420 402 388 430 320 425 430 363 390 445 410 420 390 #N/A N/A 420 369 380 394 410 426

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 09.08.2012 Other 09.08.2012 Corporation 09.08.2012 Bank 09.08.2012 Investment Advisor 09.08.2012 Other 09.08.2012 n/a 09.08.2012 Unclassified 09.08.2012 Investment Advisor 09.08.2012 n/a 09.08.2012 n/a 09.08.2012 n/a 09.08.2012 Bank 30.09.2012 Investment Advisor 09.08.2012 n/a 09.08.2012 n/a 09.08.2012 Investment Advisor 28.09.2012 Investment Advisor 31.12.2009 n/a 30.06.2012 Investment Advisor 31.03.2011 Mutual Fund Manager

Date 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 9 month 12 month

Date 12.11.2012 12.11.2012 31.10.2012 31.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 25.10.2012 24.10.2012 24.10.2012 24.10.2012 24.10.2012 17.10.2012 12.10.2012 06.09.2012 30.07.2012 27.07.2012 06.07.2012 28.05.2012 16.05.2012 26.04.2012

12.11.2012

Siam City Cement PCL Siam City Cement Public Company Limited produces and distributes cement under branded names with various type of cement for different applications. The Company also also produces and distributes ready-mix concrete and aggregates under branded names, as well as branded wood-replacement products.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (08.11.2012) 52-Week Low (23.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCCC TB EQUITY YTD Change SCCC TB EQUITY YTD % CHANGE

12/2011 06/yy 462.00 236.00 57'000.00 446 -3.46% 88.98% 93.81% 230.0 102'580.00 4'487.61 0.0 5.0 1'921.40 105'638.98

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 21'304.8 19'970.6 1.58x 2.82x 5'054.4 4'896.6 6.64x 11.51x 3'172.7 2'946.4 9.72x 18.35x Profitability

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

LTM-4Q 31.12.2010 20'982.0 2.66x 4'699.0 11.89x 2'695.1 19.97x

31.12.2011 23'149.7 2.67x 5'580.2 11.09x 3'293.4 18.02x 5'580.22 4'501.16 19.44% 21.19% 11.82% 18.23% 15.18% 0.91% 44.4% 20.9% 16.3% 14.2% 1.61 1.01 16.91% 26.39% 8.59 7.35

Price/ Cash Flow

LTM

06/yy 22'363.7 9.51x 5'485.6 9.18x 3'320.1 14.83x

06/yy 24'626.7 10.77x 5'143.5 15.26x 3'208.2 23.50x

FY+1

0.95 52.10 78.88% 79.58% 0.951 14 2.643 83'840 89'060 99'209 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 25'631.6 27'945.4 6'809.0 5'467.0 4.11x 3.77x 6'006.9 6'629.1 1'454.5 1'270.5 17.59x 15.94x 4'133.5 4'798.4 976.0 956.5 25.07x 21.38x S&P Issuer Ratings

25.88 16.29 0.59 1.06 26.4% 20.9% 0.91 1.68 42.60 49.77 50.60 52.01

Sales/Revenue/Turnover

25.00

25'000.0

20.00

20'000.0

15.00

15'000.0

10.00

10'000.0

5.00

5'000.0

0.00 02.01.2009

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

Fiscal Year Ended 31.12.2007 22'800.4 2.65x 5'211.8 11.59x 3'230.5 18.36x

500 450 400 350 300 250 200 150 100 50 0 n-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Siam City Cement PCL Holdings By:

All

Holder Name SUNRISE EQUITY CO LT THAI ROCK-CEM CO LTD HOLDERFIN BV THAI NVDR CO LTD VAYUPAK FUND I BNP PARIBAS SEC SERV AMERICAN INTERNATION RATANARAK SASITHORN STATE STREET BANK EU STATE STREET BANK AN RATANARAK PILARNUJ RATANARAK CHACHCHON ABERDEEN ASSET MANAG TMB ASSET MANAGEMENT BDT INVESTMENT MGMT MAHASANDANA SIVA JUPITER ASSET MANAGE HUGENTOBLER PAUL HEI EATON VANCE ADVISORS ABERDEEN

Firm Name Kim Eng Securities Kasikorn Securities Macquarie SCB Securities Co. Ltd. EVA Dimensions Krungsri Securities IV Global Asia Plus Securities Trinity Securities Phillip Securities Deutsche Bank KT Zmico Securities AIRA Securities UOB Kay Hian

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a

Analyst MARIA LAPIZ SORAPONG JAKTEERUGKUL DAVID GAMBRILL SIRIMA DISSARA TEAM COVERAGE CHATREE SRISMAICHAROEN RATTANA LEENUTAPHONG PRASIT RATTANAKIJKAMOL SURACHAI PRAMUALCHAROENKIT DANAI TUNYAPISITCHAI SANSANEE SRIJAMJUREE SUMEK CHANTRASURIYARAT CHITRADA LEKHRAPHAN WANIDA GEISLER

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH Co File MF-AGG MF-AGG MF-AGG Co File MF-AGG Co File MF-AGG ULT-AGG

Recommendation Under Review underperform underperform sell hold hold hold sell sell accumulate sell buy buy on weakness hold

Amt Held 80'065'840 77'628'433 7'051'100 6'631'091 5'021'800 3'830'400 3'269'400 2'110'628 1'607'767 1'584'343 1'439'742 1'000'500 743'000 545'700 340'000 257'600 135'000 50'600 35'400 31'100

% Out 34.81 33.75 3.07 2.88 2.18 1.67 1.42 0.92 0.7 0.69 0.63 0.43 0.32 0.24 0.15 0.11 0.06 0.02 0.02 0.01

Weighting

Change

#N/A N/A 1 1 1 3 3 3 1 1 4 1 5 5 3

M M D M D M M M M U D M M M

Latest Chg (7'100) -

Target Price #N/A N/A 320 320 330 #N/A N/A 340 334 276 305 300 270 297 283 225

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 21.08.2009 30.09.2011 28.09.2012 30.09.2012 21.08.2009 30.04.2012 21.08.2009 31.08.2012 28.09.2012

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Investment Advisor n/a n/a Corporation Investment Advisor Investment Advisor Insurance Company n/a n/a Bank n/a n/a Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor Unclassified

Date 26.10.2012 01.10.2012 28.09.2012 17.09.2012 10.09.2012 06.08.2012 06.08.2012 03.08.2012 03.08.2012 06.06.2012 04.05.2012 26.04.2012 02.02.2012 12.10.2011

12.11.2012

Siam Commercial Bank PCL Siam Commercial Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand.

Price/Volume 180

25.0 M

160 20.0 M

140 120

15.0 M

100 80

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (25.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 15.10.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCB TB EQUITY YTD Change SCB TB EQUITY YTD % CHANGE

12/2011 09/yy 172.00 102.00 4'581'200.00 159.5 -7.27% 56.37% 82.86% 3'393.7 541'300.94 316'179.32 83.9 1'312.0 158'704.56 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M

20 0 n-11

31.12.2008 31.12.2009 87'779.9 81'015.4 21'413.7 20'758.1 5.34x 13.97x Profitability

LTM-4Q 31.12.2010 84'367.9 24'206.0 14.54x

31.12.2011 143'320.2 36'272.7 10.92x 39.77% 41.00% 1.88% 19.36% 7.74% 0.08% 31.3% 16.84% 170.18% -

Price/ Cash Flow

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

LTM

FY+1

1.15 2'311.94 49.24% 40.27% 1.154 36 4.667 6'427'200 5'319'380 4'985'425 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 126'843.8 153'721.6 101'285.9 114'579.0 27'088.0 27'994.0 0.00x 0.00x 0.0 0.0 0.00x 0.00x 35'570.9 37'179.2 40'700.1 48'760.9 11'142.0 11'543.0 10.14x 15.42x 13.19x 11.09x 11.49x 10.50x S&P Issuer Ratings Long-Term Rating Date 23.12.2010 Long-Term Rating BBB+ Long-Term Outlook STABLE Short-Term Rating Date 28.09.2005 Short-Term Rating A-2 Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity 170.2% Total Debt/Capital 62.8% Asset Turnover 0.08 Net Fixed Asset Turnover 4.49 Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle Sales/Revenue/Turnover

50.00

160'000.0

45.00

140'000.0

40.00

120'000.0

35.00

100'000.0

30.00 25.00

80'000.0

20.00

60'000.0

15.00

40'000.0

10.00

20'000.0

5.00 0.00 02.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2007 82'747.0 17'356.0 11.44x

10.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Siam Commercial Bank PCL Holdings By:

All

Holder Name VAYUPAK FUND I CROWN PROPERTY BUREA THAI NVDR CO LTD CAPITAL RESEARCH AND STATE STREET BANK AN CPB EQUITY CO LTD ABERDEEN STATE STREET BANK EU GOVT OF SINGAPORE IN BNP PARIBAS SEC SERV VANGUARD GROUP INC SOCIAL SECURITY OFFI BANK OF NEW YORK MEL BNP PARIBAS SEC SERV TMB ASSET MANAGEMENT THREADNEEDLE ASSET M MORGAN STANLEY DANSKE INVEST A/S FRANK RUSSELL TRUST MCLEAN BUDDEN LTD

Firm Name Nomura Kasikorn Securities Macquarie Bualuang Securities DBS Vickers Thanachart Securities PCL Deutsche Bank Kim Eng Securities RHB Research Institute Sdn Bhd BNP Paribas Equity Research Globlex Securities Co Ltd Morgan Stanley Standard Chartered Asia Plus Securities KT Zmico Securities KGI Securities OSK (Asia) Securities Krungsri Securities UOB Kay Hian IV Global Finansia Syrus Securities PCL Trinity Securities Credit Suisse JPMorgan CIMB Phillip Securities HSBC Country Group Securities PCL EVA Dimensions AIRA Securities Goldman Sachs Daiwa Securities Co. Ltd. KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JAMES MOSS SORAPONG JAKTEERUGKUL PASSAKORN LINMANEECHOTE SUWAT BUMRUNGCHARTUDOM TEAM COVERAGE SARACHADA SORNSONG PEACH PATHARAVANAKUL WORAPHON WIROONSRI ALEXANDER CHIA WANNAPPA ASAVATEVAVITH WILASINEE BOONMASUNGSONG EDWARD GOH DIKSHA GERA USANEE LIURUT PRAPHARAS NONTHAPIBOON THANINEE SATIRAREUNGCHAI KEITH WEE TANADECH RUNGSRITHANANON THANANCHAI JITTANOON RATTANA LEENUTAPHONG SUNANTA VASAPINYOKUL SURACHAI PRAMUALCHAROENKIT DANIEL M FINEMAN ANNE JIRAJARIYAVECH MONCHAI JATURANPINYO SASIKORN CHAROENSUWAN XIUSHI CAI CHAIYOT JIWANGKUL TEAM COVERAGE VARIYA VANGTAL MELISSA KUANG SRIKANTH VADLAMANI SARANRAT PANTHACHOTIRAT

Source EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy outperform outperform buy buy hold buy buy outperform buy buy Equalwt/Attractive in-line buy buy outperform buy buy buy buy buy buy outperform overweight neutral buy overweight trading buy hold buy on weakness neutral/neutral outperform buy

Amt Held 785'798'200 722'941'958 198'173'070 170'360'061 113'523'051 82'367'800 59'589'000 59'353'519 44'369'300 39'600'300 38'194'328 33'120'400 28'180'500 20'593'300 8'053'000 5'037'028 4'504'900 2'929'300 1'792'901 1'715'400

% Out 23.15 21.3 5.84 5.02 3.35 2.43 1.76 1.75 1.31 1.17 1.13 0.98 0.83 0.61 0.24 0.15 0.13 0.09 0.05 0.05

Weighting

Change 5 5 5 5 5 3 5 5 5 5 5 3 3 5 5 5 5 5 5 5 5 5 5 5 3 5 5 5 3 5 3 5 5

M M M M M D M M M M M M M M M M M M M M M M M M D M M M U M M U M

Latest Chg (30'800) (109'300) 92'400 1'715'400

Target Price 200 202 202 211 180 162 195 190 183 190 183 167 135 213 210 212 207 198 210 202 200 198 175 200 190 201 200 178 #N/A N/A 165 160 134 147

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 12.09.2012 12.09.2012 12.09.2012 12.09.2012 12.09.2012 12.09.2012 28.09.2012 12.09.2012 12.09.2012 12.09.2012 30.06.2012 12.09.2012 12.09.2012 12.09.2012 28.09.2012 07.03.2012 30.06.2012 30.09.2012 31.05.2012 31.08.2012

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 6 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Investment Advisor Other Corporation Investment Advisor Bank Other Unclassified n/a Government Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 01.11.2012 31.10.2012 31.10.2012 29.10.2012 25.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 21.10.2012 18.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 16.10.2012 16.10.2012 16.10.2012 15.10.2012 08.10.2012 28.09.2012 10.09.2012 30.07.2012 20.07.2012 05.12.2011 29.09.2011

12.11.2012

Siam Makro PCL Siam Makro Public Company Limited operates the Makro discount store chain selling food and consumer products to its registered customers including wholesalers, retailers, small businesses, caterers, and private individuals who hold its Makro member cards. The company also operates auto care centers and gas stations within its stores' premises.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.11.2012) 52-Week Low (23.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MAKRO TB EQUITY YTD Change MAKRO TB EQUITY YTD % CHANGE

12/2011 09/yy 474.00 216.00 388'300.00 430 -9.28% 99.07% 79.84% 240.0 103'200.00 2'201.72 0.0 0.0 6'288.33 103'042.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 73'617.0 78'007.0 0.21x 0.24x 2'667.6 2'805.7 5.81x 6.76x 1'674.1 1'527.0 9.67x 13.76x Profitability

d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

LTM-4Q 31.12.2010 88'187.6 0.42x 3'428.5 10.75x 1'881.0 21.68x

31.12.2011 99'101.6 0.54x 4'396.7 12.12x 2'604.4 22.03x 4'396.65 3'384.84 3.42% 3.93% 11.49% 31.76% 26.20% 4.15% 9.8% 4.4% 3.4% 2.6% 0.72 0.32 7.26% 22.74% 637.91 15.58

Price/ Cash Flow

LTM

FY+1

1.00 72.66 99.67% 84.83% 0.999 20 3.050 1'012'960 434'350 356'632 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 95'647.6 110'792.1 113'050.3 126'733.6 27'195.0 30'195.0 1.72x 2.83x 0.88x 0.78x 4'088.6 4'894.3 5'585.4 6'556.7 1'354.0 1'537.0 12.57x 19.44x 18.45x 15.72x 2'400.6 3'070.3 3'405.1 4'213.8 963.0 950.0 21.80x 31.04x 30.31x 24.82x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

69.51 18.63 -0.03 0.47 22.7% 18.5% 4.15 6.97 0.57 23.50 43.84 -29.80

Sales/Revenue/Turnover

30.00

120'000.0

25.00

100'000.0

20.00

80'000.0

15.00

60'000.0

10.00

40'000.0

5.00

20'000.0

0.00 02.01.2009

2.0 M 1.8 M 1.6 M 1.4 M 1.2 M 1.0 M .8 M .6 M .4 M .2 M .0 M

Fiscal Year Ended 31.12.2007 63'590.4 0.36x 2'177.4 10.45x 1'291.6 18.40x

500 450 400 350 300 250 200 150 100 50 0 n-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Siam Makro PCL Holdings By:

All

Holder Name SIAM MAKRO HLDG (THA ORKAM HOLDING ASIA N ABERDEEN ASSET MANAG SOCIAL SECURITY OFFI BNP PARIBAS SEC SERV AMERICAN INTERNATION STATE STREET BANK AN SCHRODER INVESTMENT THAI NVDR CO LTD STATE STREET BANK EU CPF INVESTMENT LTD KRUNGSRI DVD STOCK L BNP PARIBAS SEC SERV WASATCH ADVISORS INC BANK OF NEW YORK MEL MORGAN STANLEY TMB ASSET MANAGEMENT DANSKE INVEST MANAGE DANSKE INVEST A/S ABERDEEN

Firm Name Kim Eng Securities Bualuang Securities KT Zmico Securities Kasikorn Securities Deutsche Bank Asia Plus Securities JPMorgan Macquarie SCB Securities Co. Ltd. Krungsri Securities Trinity Securities Credit Suisse Thanachart Securities PCL KGI Securities Phillip Securities BNP Paribas Equity Research EVA Dimensions Finansia Syrus Securities PCL

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst MARIA LAPIZ CHAIYATORN SRICHAROEN WEERAPAT WONGURAI SORAPONG JAKTEERUGKUL SOPICHA WATTANASANSANEE KAWEE MANITSUPAWONG KAE PORNPUNNARATH BUNLUNG WAIYANONT KANCHAN KHANIJOU VATCHARUT VACHARAWONGSITH NATWARIN TRIPOBSAKUL KARIM SALAMATIAN PHANNARAI TIYAPITTAYARUT NAT PANASSUTRAKORN PREEYANUN TRIPETCHCHUPORN CHUTIMA WORAMONTRI TEAM COVERAGE SUREEPORN TEEWASUWET

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy hold sell underperform hold hold neutral underperform neutral hold hold underperform buy neutral accumulate buy overweight hold

Amt Held 132'015'140 22'414'360 11'814'300 6'737'100 6'331'400 3'976'700 3'893'228 3'847'000 3'733'347 3'217'571 2'421'262 2'404'400 2'259'800 1'701'930 1'293'504 936'000 569'300 565'600 495'200 190'400

% Out 55.01 9.34 4.92 2.81 2.64 1.66 1.62 1.6 1.56 1.34 1.01 1 0.94 0.71 0.54 0.39 0.24 0.24 0.21 0.08

Weighting

Change 5 3 1 1 3 3 3 1 3 3 3 1 5 3 4 5 5 3

M M M D D D M D M D M D M M D U D D

Latest Chg (206'000) 3'847'000 385'800 376'900 (4'500) -

Target Price 478 466 376 330 450 483 420 330 400 450 400 290 440 400 413 430 #N/A N/A 390

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.08.2012 24.08.2012 23.05.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 30.06.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 24.08.2012 30.06.2012 24.08.2012 30.06.2012 28.09.2012 29.06.2012 30.09.2012 28.09.2012

Date 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Holding Company n/a Investment Advisor Unclassified Investment Advisor Insurance Company Bank Investment Advisor Corporation n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified

Date 12.11.2012 12.11.2012 07.11.2012 07.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 05.11.2012 09.10.2012 19.09.2012 28.08.2012 24.08.2012 20.08.2012 18.05.2012

12.11.2012

Supalai PCL Supalai Public Company Limited operates property development business. The Company develops single houses, condominiums and apartment buildings for sale and rental. Additionally, the Company owns and operates the Supalai Pasak Resort Hotel.

Price/Volume 25

30.0 M

25.0 M 20.0 M

15.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.10.2012) 52-Week Low (22.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SPALI TB EQUITY YTD Change SPALI TB EQUITY YTD % CHANGE

12/2011 06/yy 20.20 12.00 2'740'600.00 18.4 -8.91% 53.33% 73.17% 1'716.6 31'584.58 5'099.86 0.0 382.8 672.50 37'757.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

5.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 4'911.0 2.05x 1'300.1 7.75x 816.3 7.25x

10.0 M

31.12.2008 31.12.2009 6'169.9 9'617.7 1.33x 1.41x 1'946.7 3'684.4 4.20x 3.68x 1'068.7 2'476.1 2.94x 3.93x Profitability

31.12.2010 11'082.8 1.99x 3'844.5 5.73x 2'580.8 6.87x

31.12.2011 12'686.1 2.31x 4'097.9 7.16x 2'567.9 9.53x 4'097.85 4'015.03 31.65% 31.46% 7.77% 14.84% 10.79% 0.43% 42.3% 29.0% 28.0% 20.2% 3.66 0.13 24.88% 47.44% 1402.29 0.29

Price/ Cash Flow

LTM-4Q

LTM

06/yy 13'101.8 7.09x 4'349.1 4.99x 2'854.7 6.41x

06/yy 8'688.6 14.31x 2'516.6 14.12x 1'570.0 18.79x

FY+1

1.19 842.38 57.29% 33.09% 1.194 28 3.929 6'187'000 3'779'897 3'627'600 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 13'577.0 15'075.9 2'554.8 5'372.0 2.62x 2.34x 4'262.3 4'683.4 822.5 2'206.0 8.86x 8.06x 3'044.0 3'499.0 587.0 1'491.0 10.35x 9.02x 8.45x 7.86x S&P Issuer Ratings

27.89 27.61 2.30 2.39 47.4% 31.4% 0.43 22.76 0.26 1261.23 33.93 795.77

Sales/Revenue/Turnover

1'000.00

14'000.0

900.00

12'000.0

800.00 700.00

10'000.0

600.00

8'000.0

500.00

6'000.0

400.00

4'000.0

300.00 200.00

2'000.0

100.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Supalai PCL Holdings By:

All

Holder Name TANGMATITHAM PRATEEP THAI NVDR CO LTD TANGMATITHAM AJCHARA SOMERS LTD STATE STREET BANK AN STATE STREET BANK EU AMERICAN INTERNATION PRINCIPAL FINANCIAL HSBC INSTITUTIONAL T CACEIS BANK LUXEMBOU BANK OF NEW YORK MEL KAMON KENNETH RUDY GUO SEC LENDING THAI K EQUITY LTF HSBC BANK PLC ASVANITCHAKORN ARUNE K EQUITY DIVIDEND LT JF ASSET MANAGEMENT VANGUARD GROUP INC DIAM CO LTD

Firm Name TISCO Securities Co., Ltd Krungsri Securities BNP Paribas Equity Research Globlex Securities Co Ltd Kasikorn Securities Asia Plus Securities KT Zmico Securities Macquarie DBS Vickers Phillip Securities SCB Securities Co. Ltd. Bualuang Securities Finansia Syrus Securities PCL Trinity Securities OSK (Asia) Securities EVA Dimensions IV Global Thanachart Securities PCL Country Group Securities PCL Kim Eng Securities Credit Suisse JPMorgan KGI Securities CIMB KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NATHAVUT SHIVARUCHIWONG CHATREE SRISMAICHAROEN CHUTIMA WORAMONTRI WILASINEE BOONMASUNGSONG SIRINATTHA TECHASIRIWAN THERDSAK THAVEETEERATHAM POLASIT TANPOONKIAT PATTI TOMAITRICHITR CHANPEN SIRITHANARATTANAKUL DANAI TUNYAPISITCHAI YUPHARET LIKITSANSUK NARUMON EKASAMUT WORARAT POWPAKA SURACHAI PRAMUALCHAROENKIT WANIDA GEISLER TEAM COVERAGE RATTANA LEENUTAPHONG PHANNARAI TIYAPITTAYARUT RONNAKRIT SARINWONG TERMPORN TANTIVIVAT CHAI TECHAKUMPUCH ANNE JIRAJARIYAVECH TAREETIP WONGSAENGPAIBOON WATTAIPUN EKATAKSIN CHANYUT SRISAWATSAKUN

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG

Recommendation buy sell buy hold outperform hold buy outperform buy trading sell buy buy buy buy sell hold buy buy trading buy hold neutral neutral outperform underperform hold

Amt Held 393'816'044 270'621'664 90'188'200 84'246'600 45'699'708 33'663'512 18'000'000 15'575'448 15'526'600 14'979'000 14'055'256 13'912'400 12'306'700 10'574'200 10'517'708 9'077'580 9'051'100 5'690'000 3'814'615 1'780'000

% Out 22.94 15.77 5.25 4.91 2.66 1.96 1.05 0.91 0.9 0.87 0.82 0.81 0.72 0.62 0.61 0.53 0.53 0.33 0.22 0.1

Weighting

Change 5 1 5 3 5 3 5 5 5 1 5 5 5 5 1 3 5 5 5 3 3 3 5 1 3

M M M D M M M M M M M M M M M U N M U M M D M D M

Latest Chg (700'000) 515'500 -

Target Price 23 18 23 22 21 19 23 21 21 15 22 22 21 22 17 #N/A N/A 22 22 20 20 19 19 19 15 18

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 11.05.2012 n/a 11.05.2012 Corporation 11.05.2012 n/a 11.05.2012 Other 11.05.2012 Bank 11.05.2012 n/a 11.05.2012 Insurance Company 30.09.2012 Investment Advisor 11.05.2012 n/a 11.05.2012 n/a 08.11.2012 Investment Advisor 11.05.2012 n/a 11.05.2012 n/a 11.05.2012 n/a 11.05.2012 Bank 11.05.2012 n/a 11.05.2012 n/a 12.09.2011 Investment Advisor 30.06.2012 Investment Advisor 15.05.2012 Mutual Fund Manager

Date Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided

Date 09.11.2012 07.11.2012 06.11.2012 31.10.2012 31.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 30.10.2012 25.10.2012 16.10.2012 11.10.2012 09.10.2012 28.09.2012 14.09.2012 03.09.2012 20.08.2012 15.08.2012 30.07.2012 30.07.2012

12.11.2012

Thai Airways International PCL Thai Airways International Public Company Limited is Thailand's national airline providing air transportation, freight and mail services on domestic and international routes including Asia, Europe, North America, Africa and South West Pacific. The Company is a state enterprise which is controlled by the government and partly owned by the public.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.05.2012) 52-Week Low (15.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance THAI TB EQUITY YTD Change THAI TB EQUITY YTD % CHANGE

12/2011 06/yy 27.75 18.80 14'075'300.00 21.8 -21.44% 15.96% 42.46% 2'182.8 47'584.43 142'299.75 0.0 266.3 17'085.03 168'694.06

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

60.0 M

50.0 M

40.0 M

30.0 M

20.0 M

10.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 196'909.2 0.94x 27'407.2 6.74x 4'368.4 16.34x

31.12.2008 31.12.2009 200'118.0 161'602.7 0.76x 1.07x 9'301.8 30'214.0 16.33x 5.73x (21'379.5) 7'343.6 4.31x Profitability

LTM-4Q 31.12.2010 180'588.7 1.19x 30'571.3 7.04x 14'743.6 6.08x

31.12.2011 190'997.2 0.89x 18'543.3 9.12x (10'197.0) 18'543.29 -1'445.78 -0.76% -4.15% -0.29% -1.25% -1.35% 0.70% 49.3% 10.8% 0.5% -5.3% 0.84 0.48 51.85% 225.27% 12.74 13.22

Price/ Cash Flow

LTM

FY+1

1.21 941.26 14.74% 9.00% 1.211 26 3.731 5'431'280 7'396'830 8'575'822 FY+2

FQ+1

FQ+2

06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 188'781.0 197'063.2 208'869.4 218'717.1 51'838.0 51'212.0 4.22x 3.22x 0.92x 0.92x 25'790.9 21'299.2 29'774.1 33'242.8 7'876.5 6'900.0 7.11x 7.90x 5.67x 5.07x (4'485.8) (822.7) 4'208.8 5'459.7 1'070.3 1'352.5 0.00x 0.00x 11.10x 9.38x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

3.28 1.10 5.66 6.54 225.3% 69.2% 0.70 0.98 28.73 27.69 31.25 34.03

Sales/Revenue/Turnover

16.00

250'000.0

14.00

200'000.0

12.00 10.00

150'000.0

8.00

100'000.0

6.00 4.00

50'000.0

2.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Thai Airways International PCL Holdings By:

All

Holder Name FINANCE MINISTRY VAYUPAK FUND I THAI NVDR CO LTD GOVT SAVINGS BANK FU STATE STREET BANK AN BANK OF NEW YORK MEL STATE STREET BANK EU MORGAN STANLEY ACHVAKULTEP IAM KANATHANAVANICH WICH EAST FOURTEEN LIMITE TFB FOR MFC THAI FUN VANGUARD GROUP INC TMB ASSET MANAGEMENT TD ASSET MANAGEMENT EATON VANCE ADVISORS PRUDENTIAL FINANCIAL SIMPLICITY AB WELLS FARGO MIGDAL ASSET MANAGEM

Firm Name Kim Eng Securities Asia Plus Securities Phillip Securities Finansia Syrus Securities PCL DBS Vickers SCB Securities Co. Ltd. Morgan Stanley UOB Kay Hian Bualuang Securities Thanachart Securities PCL Country Group Securities PCL EVA Dimensions Credit Suisse Kasikorn Securities Macquarie CIMB OSK (Asia) Securities HSBC Standard Chartered KT Zmico Securities Krungsri Securities Goldman Sachs KGI Securities KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios

Analyst JAROONPAN WATTANAWONG KAWEE MANITSUPAWONG SIAM TIYANONT AMNART NGOSAWANG NALYNE VIRIYASATHIEN SIRIMA DISSARA EDWARD XU K AJITH SUPPATA SRISUK SAKSID PHADTHANANARAK VARAYU WATTANASIRI TEAM COVERAGE CHAI TECHAKUMPUCH SIRINATTHA TECHASIRIWAN DAVID GAMBRILL MONCHAI JATURANPINYO AHMAD MAGHFUR USMAN RAJANI KHETAN CLAIRE TENG SUMEK CHANTRASURIYARAT SITTIDATH PRASERTRUNGRUANG HINO LAM PHATIPAK NAVAWATANA PHONTEP WONGNAK

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG

Recommendation buy hold buy buy buy buy Overwt/In-Line buy trading buy sell buy hold neutral neutral neutral neutral buy overweight underperform buy on weakness trading neutral/neutral neutral buy

Amt Held 1'113'931'061 338'315'440 87'907'778 46'409'885 41'614'604 25'000'000 17'736'623 16'131'918 15'450'000 13'000'000 11'782'411 11'223'018 3'131'519 1'756'863 489'700 375'000 324'900 200'000 36'890 25'069

% Out 51.03 15.5 4.03 2.13 1.91 1.15 0.81 0.74 0.71 0.6 0.54 0.51 0.14 0.08 0.02 0.02 0.01 0.01 0 0

Weighting

Change 5 3 5 5 5 5 5 5 5 1 5 3 3 3 3 3 5 5 1 5 2 3 3 5

M D M M M M M M N M M U M M M M M U M M M M M U

Latest Chg (265'400) 356'400 (3'488'900) (26'400) 252 -

Target Price 26 26 34 28 27 27 31 27 27 23 25 #N/A N/A 23 21 21 23 35 26 16 31 28 23 30 34

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 13.03.2012 13.03.2012 13.03.2012 13.03.2012 13.03.2012 13.03.2012 13.03.2012 30.06.2012 13.03.2012 13.03.2012 13.03.2012 13.03.2012 30.06.2012 28.09.2012 31.12.2011 31.08.2012 31.08.2012 30.06.2012 31.08.2012 31.07.2012

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month 3 month Not Provided 12 month Not Provided Not Provided

Inst Type Government Investment Advisor Corporation Unclassified Bank Investment Advisor n/a Investment Advisor n/a n/a Other n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 09.11.2012 08.11.2012 08.11.2012 08.11.2012 07.11.2012 01.11.2012 18.10.2012 16.10.2012 11.10.2012 09.10.2012 28.09.2012 10.09.2012 03.09.2012 17.08.2012 16.08.2012 15.08.2012 15.08.2012 14.08.2012 01.08.2012 22.05.2012 16.05.2012 14.05.2012 27.02.2012 15.08.2011

12.11.2012

Thai Oil PCL Thai Oil Public Company Limited is an oil refinery company. The Company imports crude oil and refines it into gasoline. It also produces oil related products including liquefied petroleum gas (LPG), kerosene, fuel oil and chemicals. Thai oil supplies its products to domestic market where its major customers include Shell, Caltex Oil and the Petroleum Authority of Thailand.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (20.02.2012) 52-Week Low (31.05.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TOP TB EQUITY YTD Change TOP TB EQUITY YTD % CHANGE

12/2011 09/yy 77.00 53.00 2'841'100.00 65 -15.58% 22.64% 50.00% 2'040.0 132'601.81 45'687.93 0.0 5'564.1 19'292.23 155'762.23

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40.0 M

35.0 M

30.0 M

25.0 M

20.0 M

15.0 M

10.0 M

5.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 261'050.8 0.80x 29'642.2 7.03x 19'117.6 9.23x

31.12.2008 31.12.2009 399'124.8 284'123.0 0.24x 0.44x 10'488.0 20'244.5 8.99x 6.24x 223.6 12'061.5 214.55x 7.23x Profitability

LTM-4Q 31.12.2010 318'390.5 0.61x 14'769.7 13.20x 8'956.1 17.82x

31.12.2011 446'240.9 0.34x 26'725.6 5.66x 14'853.2 8.04x 26'725.59 20'121.63 4.51% 4.59% 7.27% 15.10% 11.13% 2.64% 5.1% 4.2% 2.7% 3.3% 3.13 1.69 29.46% 57.49% 14.46 9.69

Price/ Cash Flow

LTM

FY+1

1.29 841.56 18.02% 14.99% 1.295 32 3.563 7'665'640 7'791'230 8'036'782 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 417'789.6 445'372.9 431'783.0 424'226.2 111'423.3 103'789.0 1.75x 1.41x 0.37x 0.36x 29'028.0 18'620.1 23'436.3 24'253.9 7'111.0 6'461.0 4.94x 8.39x 6.65x 6.42x 16'569.2 12'256.8 12'776.7 13'464.2 3'430.8 3'584.3 6.26x 10.85x 10.37x 9.79x 9.32x 9.22x S&P Issuer Ratings Long-Term Rating Date 01.11.2006 Long-Term Rating BBB Long-Term Outlook STABLE Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. 12.57 (EBITDA-Capex)/Interest Exp. 10.76 Net Debt/EBITDA 0.94 Total Debt/EBITDA 2.52 Reference Total Debt/Equity 57.5% Total Debt/Capital 35.0% Asset Turnover 2.64 Net Fixed Asset Turnover 6.87 Accounts receivable turnover-days 25.32 Inventory Days 37.78 Accounts Payable Turnover Day 26.19 Cash Conversion Cycle 31.81 Sales/Revenue/Turnover

35.00

500'000.0 450'000.0

30.00

400'000.0

25.00

350'000.0 300'000.0

20.00

250'000.0 200'000.0

15.00

150'000.0

10.00

100'000.0 5.00 0.00 02.01.2009

50'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Thai Oil PCL Holdings By:

All

Holder Name PTT PCL THAI NVDR CO LTD STATE STREET BANK AN STATE STREET BANK EU JX HOLDINGS INC GOVT OF SINGAPORE IN VANGUARD GROUP INC IRPC PCL PRINCIPAL FINANCIAL PEAR TREE ADVISORS I TMB ASSET MANAGEMENT MACQUARIE GROUP LTD MACKAY SHIELDS LLC SANFORD C BERNSTEIN NATCAN INVESTMENT MA NATIONAL CITY FORUM INVESTMENT ADV FRANK RUSSELL TRUST HANDELSBANKEN FONDER DAIWA SB INVESTMENTS

Firm Name Kasikorn Securities Macquarie Kim Eng Securities Asia Plus Securities KT Zmico Securities JPMorgan DBS Vickers OSK (Asia) Securities SCB Securities Co. Ltd. Bualuang Securities Krungsri Securities UOB Kay Hian Trinity Securities AIRA Securities Morgan Stanley Credit Suisse CIMB BNP Paribas Equity Research HSBC Phillip Securities Finansia Syrus Securities PCL Standard Chartered Deutsche Bank EVA Dimensions Thanachart Securities PCL Goldman Sachs Daiwa Securities Co. Ltd. KGI Securities Country Group Securities PCL KTB Securities Thailand Co Ltd Nomura

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH Co File EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

SORAPONG JAKTEERUGKUL underperform TREVOR BUCHINSKI underperform SUTTHICHAI KUMWORACHAI hold NALINRAT KITTIKUMPOLRAT buy JAKAPONG CHAWENGSRI trading buy AVIN SONY underweight NAPHAT CHANTARASEREKUL hold KANNIKA SIAMWALLA neutral CHAIPAT THANAWATTANO buy THANATTHEP CHANTARAKARN hold CHARNVUT TAECHA-AMORNTANAKIJ buy CHAIWAT ARSIRAWICHAI buy VAJIRALUX SANGLERDSILLAPACHAI buy KATE TOUNGTONG speculative MAYANK MAHESHWARI Underwt/In-Line PAWORAMON SUVARNATEMEE neutral SUWAT SINSADOK neutral SOMKIJ ORANCHATCHAWAN buy DENNIS HYUNCHUL YOO neutral PREEYANUN TRIPETCHCHUPORN trading buy SONGKLOD WONGCHAI trading buy DUKE SUTTIKULPANICH underperform THAPANA PHANICH buy TEAM COVERAGE underweight SUPANNA SUWANKIRD buy PATRICK TIAH Buy/Neutral ADRIAN LOH underperform PONGTHAM DANWUNGDERM neutral MONGKOL PUANGPETRA hold PARIN KITCHATORNPITAK buy NITIN KUMAR suspended coverage

Amt Held 1'001'647'483 112'255'777 48'953'779 38'368'639 36'137'200 30'544'000 23'247'012 17'750'000 6'823'000 5'178'900 4'928'900 2'394'800 2'338'400 1'383'000 1'116'400 1'059'850 921'550 803'700 790'900 656'400

% Out 49.1 5.5 2.4 1.88 1.77 1.5 1.14 0.87 0.33 0.25 0.24 0.12 0.11 0.07 0.05 0.05 0.05 0.04 0.04 0.03

Weighting

Change

1 1 3 5 5 1 3 3 5 3 5 5 5 #N/A N/A 1 3 3 5 3 5 5 1 5 1 5 5 1 3 3 5 #N/A N/A

D D M M M M M D M M M M M M M M M M N M M M M D M M M D D M M

Latest Chg 3'445'100 (21'300) 5'178'900 3'204'100 178'500 (992'400) 1'116'400 186'000 (220'400)

Target Price 55 55 73 80 77 53 63 73 76 65 79 75 84 74 57 63 78 80 69 74 74 58 76 #N/A N/A 75 76 58 73 68 78 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 28.02.2012 28.02.2012 28.02.2012 28.02.2012 31.03.2012 28.02.2012 30.06.2012 28.02.2012 30.09.2012 30.06.2012 12.11.2012 30.06.2011 31.08.2012 31.08.2012 28.09.2012 28.09.2012 30.06.2012 31.05.2012 31.10.2012 31.03.2012

Date 12 month 12 month 12 month 12 month 3 month 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Inst Type Government Corporation Bank n/a Corporation Government Investment Advisor Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 09.11.2012 08.11.2012 08.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 07.11.2012 06.11.2012 06.11.2012 06.11.2012 31.10.2012 25.10.2012 25.10.2012 22.10.2012 10.10.2012 03.10.2012 10.09.2012 05.09.2012 04.09.2012 07.08.2012 21.05.2012 30.04.2012 09.11.2011 11.09.2011

12.11.2012

Thai Union Frozen Products PCL Thai Union Frozen Products Public Company Limited produces and exports frozen and canned seafood products including frozen tuna loin, shrimp and cephalopod. The Company also produces canned pet foods from by products of its seafood process. Additionally, the Company produces fish snack and canned tuna which are marketed locally.

Price/Volume 90

16.0 M

14.0 M

12.0 M

10.0 M

Latest Fiscal Year: LTM as of: 52-Week High (14.05.2012) 52-Week Low (16.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TUF TB EQUITY YTD Change TUF TB EQUITY YTD % CHANGE

12/2011 09/yy 78.00 51.06 1'199'100.00 72 -7.69% 41.01% 76.80% 1'147.6 82'626.76 39'766.26 0.0 2'651.4 902.52 117'008.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

30 20

4.0 M

2.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 55'507.1 0.63x 3'358.6 10.35x 1'823.3 10.82x

8.0 M

Valuation Analysis

31.12.2008 31.12.2009 69'048.1 68'994.5 0.50x 0.58x 3'910.5 5'242.8 8.91x 7.69x 2'200.5 3'343.8 7.69x 7.98x Profitability

LTM-4Q 31.12.2010 71'507.4 1.24x 4'754.2 18.70x 2'873.7 16.41x

31.12.2011 98'670.4 0.99x 9'266.9 10.52x 5'074.5 11.04x 9'266.95 7'486.79 7.59% 6.30% 6.51% 18.80% 13.22% 1.24% 16.6% 9.7% 7.4% 5.1% 1.59 0.48 47.78% 162.86% 9.28 3.24

Price/ Cash Flow

LTM

FY+1

0.72 506.94 41.97% 34.09% 0.723 28 4.607 2'676'860 2'917'413 2'775'288 FY+2

FQ+1

FQ+2

09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 93'319.3 106'388.5 111'378.3 123'356.1 25'799.5 28'952.0 3.74x 4.15x 1.03x 0.91x 8'125.7 10'299.1 11'030.4 12'361.7 4'391.0 3'389.0 11.12x 11.50x 10.61x 9.47x 3'937.9 5'604.6 5'713.8 6'866.6 1'111.0 1'666.0 12.65x 13.67x 14.35x 12.12x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

4.08 2.60 3.05 3.13 162.9% 59.5% 1.24 6.41 39.46 112.82 32.69 114.06

Sales/Revenue/Turnover

140.00

120'000.0

120.00

100'000.0

100.00

80'000.0

80.00

60'000.0 60.00

40'000.0 40.00

20'000.0

20.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Thai Union Frozen Products PCL Holdings By:

All

Holder Name CHANSIRI THIRAPHONG MITSUBISHI CORP CHANSIRI KRAISORN NIRUTTINANON CHENG CHANSIRI BUSAKORN THAI NVDR CO LTD SOCIAL SECURITY OFFI MERRILL LYNCH INTERN CHANSIRI PORNAPA STATE STREET BANK EU CHANSIRI DISPHOL BANK OF NEW YORK MEL TIN KING CHAN HAGOROMO FOODS CORP CHOY YUEN CHU NIRUTTINANON CHINTAN BOONMECHOTE RITTIRON STATE STREET BANK AN AMERICAN INTERNATION BOONMECHOTE PRASERT

Firm Name Trinity Securities Asia Plus Securities KT Zmico Securities DBS Vickers OSK (Asia) Securities Phillip Securities Bualuang Securities UOB Kay Hian IV Global Finansia Syrus Securities PCL Kasikorn Securities Credit Suisse JPMorgan Macquarie CIMB Deutsche Bank Kim Eng Securities Thanachart Securities PCL Country Group Securities PCL EVA Dimensions Krungsri Securities KTB Securities Thailand Co Ltd Standard Chartered AIRA Securities BNP Paribas Equity Research Capital Nomura Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Analyst VAJIRALUX SANGLERDSILLAPACHAI THIPTAWAT SUWANTAMARONG WEERAPAT WONGURAI NALYNE VIRIYASATHIEN CHALIE KUEYEN NAREE APISAWAITTKAN PRASIT SUJIRAVORAKUL THUNYA SUTAVEPRAMOCHANON RATTANA LEENUTAPHONG SUREEPORN TEEWASUWET SORAPONG JAKTEERUGKUL KARIM SALAMATIAN KAE PORNPUNNARATH BUNLUNG WAIYANONT MARCIN SPIEWAK CHALINEE CONGMUANG SUTTATIP PEERASUB KALVALEE THONGSOMAUNG DOME KUNPRAYOONSAWAD TEAM COVERAGE SITTIDATH PRASERTRUNGRUANG PARIN KITCHATORNPITAK NIRGUNAN TIRUCHELVAM NUTTAPON KUMNOUNPHON WANNAPPA ASAVATEVAVITH PLOENJAI JIRAJARUS

Recommendation buy buy buy buy buy accumulate buy buy buy buy neutral outperform overweight neutral outperform buy buy buy long-term buy underweight buy strong buy outperform buy on weakness buy neutral

Amt Held 90'379'681 86'936'280 73'701'072 55'623'126 44'082'608 39'809'576 34'043'062 28'753'933 27'332'262 27'254'707 26'337'170 26'170'800 19'722'331 19'278'000 18'708'000 16'080'008 15'860'745 14'963'353 14'319'551 13'913'000

% Out 7.88 7.58 6.42 4.85 3.84 3.47 2.97 2.51 2.38 2.37 2.29 2.28 1.72 1.68 1.63 1.4 1.38 1.3 1.25 1.21

Latest Chg -

Weighting

Change

Target Price

5 5 5 5 5 4 5 5 5 5 3 5 5 3 5 5 5 5 5 1 5 5 5 5 5 3

M M M M M M M M M M M M M M M M M M M D M M M M M M

88 94 87 91 87 83 94 90 86 88 70 80 90 70 91 87 93 87 78 #N/A N/A 84 88 81 76 87 75

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012 23.08.2012

Date Not Provided 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided

Inst Type n/a Corporation n/a n/a n/a Corporation Unclassified Bank n/a n/a n/a Investment Advisor n/a Corporation n/a n/a n/a Bank Insurance Company n/a

Date 12.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 25.10.2012 25.10.2012 15.10.2012 28.09.2012 10.09.2012 03.09.2012 10.08.2012 12.07.2012 29.06.2012 15.05.2012 14.05.2012

12.11.2012

Thanachart Capital PCL Thanachart Capital Public Company Limited provides financial services including consumer, corporate and mortgage financing. Additionally the Company provides securities underwriting and investment advisory services. Thanachart Capital also provides insurance services through its subsidiaries.

Price/Volume 45

60.0 M

50.0 M

35 30

40.0 M

12/2011 09/yy 41.75 24.00 4'588'400.00 36.25 -13.17% 51.04% 69.01% 1'277.8 46'320.84 323'654.79 0.1 37'422.5 79'237.77 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

10.0 M

5 0 n-11

31.12.2008 31.12.2009 32'985.1 44'165.7 2'768.4 5'109.0 3.39x 5.54x Profitability

LTM-4Q 31.12.2010 54'892.3 5'638.9 8.16x

31.12.2011 66'818.2 5'002.4 6.84x 29.39% 25.49% 0.55% 12.98% 2.61% 0.08% 10.7% 36.16% 845.97% -

Price/ Cash Flow

j-12

f-12 m-12

LTM

09/yy 64'908.7 0.00x 0.0 0.00x 5'453.2 0.00x

a-12 m-12

09/yy 70'707.7 0.00x 0.0 0.00x 5'082.1 0.00x

j-12

a-12

s-12

o-12

FY+1

1.04 986.25 57.78% 40.38% 1.043 26 3.769 16'052'540 9'978'457 10'158'410 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 39'212.3 45'442.2 9'600.0 9'900.0 5'506.2 6'760.3 1'478.0 1'200.0 8.57x 6.65x S&P Issuer Ratings

846.0% 81.0% 0.08 7.98 -

Sales/Revenue/Turnover

100.00

80'000.0

90.00

70'000.0

80.00

60'000.0

70.00

50'000.0

60.00 50.00

40'000.0

40.00

30'000.0

30.00

20'000.0

20.00

10'000.0

10.00 0.00 02.01.2009

.0 M d-11

Fiscal Year Ended 31.12.2007 29'204.2 2'817.7 6.92x

30.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.10.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TCAP TB EQUITY YTD Change TCAP TB EQUITY YTD % CHANGE

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Thanachart Capital PCL Holdings By:

All

Holder Name MBK PCL THAI NVDR CO LTD THANACHART CAPITAL P STATE STREET BANK AN DAIWA SECURITIES CAP JP MORGAN BANK LUXEM BANK OF NEW YORK MEL BEST FORTUNE PROPERT TANTIVIT ATINUCH THANACHART EMPLOYEE SOUTHEAST LIFE INSUR STATE STREET BANK EU SONSOPON SIRISAK EAST FOURTEEN LIMITE AVIVA PLC IMPERIAL WEALTH PROP KRUNGSRI DVD STOCK L JAIPETCH SOMPONG SOMERS LTD AMERICAN INTERNATION

Firm Name Nomura Phillip Securities Asia Plus Securities KT Zmico Securities OSK (Asia) Securities SCB Securities Co. Ltd. Bualuang Securities Krungsri Securities Finansia Syrus Securities PCL Trinity Securities JPMorgan DBS Vickers IV Global Kasikorn Securities Credit Suisse CIMB Macquarie BNP Paribas Equity Research KGI Securities UOB Kay Hian Deutsche Bank Kim Eng Securities HSBC EVA Dimensions KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a

Analyst JAMES MOSS SASIKORN CHAROENSUWAN USANEE LIURUT WEERAPAT WONGURAI CHALIE KUEYEN KITTIMA SATTAYAPAN SUWAT BUMRUNGCHARTUDOM TANADECH RUNGSRITHANANON SUNANTA VASAPINYOKUL SURACHAI PRAMUALCHAROENKIT ANNE JIRAJARIYAVECH TEAM COVERAGE RATTANA LEENUTAPHONG SORAPONG JAKTEERUGKUL THANIYA KEVALEE MONCHAI JATURANPINYO PASSAKORN LINMANEECHOTE WANNAPPA ASAVATEVAVITH THANINEE SATIRAREUNGCHAI THANANCHAI JITTANOON PEACH PATHARAVANAKUL WORAPHON WIROONSRI XIUSHI CAI TEAM COVERAGE SARANRAT PANTHACHOTIRAT

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH

Recommendation neutral buy buy buy buy buy buy buy buy buy underweight buy buy neutral neutral outperform neutral hold neutral buy hold buy underweight underweight buy

Amt Held 129'914'400 112'262'144 55'324'300 50'053'056 42'000'000 14'847'838 13'711'900 13'250'000 12'852'200 12'300'000 12'053'200 9'670'816 9'400'000 8'763'000 8'740'940 8'728'500 8'585'600 8'000'000 6'841'700 6'840'300

% Out 10.17 8.79 4.33 3.92 3.29 1.16 1.07 1.04 1.01 0.96 0.94 0.76 0.74 0.69 0.68 0.68 0.67 0.63 0.54 0.54

Weighting

Change 3 5 5 5 5 5 5 5 5 5 1 5 5 3 3 5 3 3 3 5 3 5 1 1 5

M M M M M M M M M M M U M M M M M M M M D M D U M

Latest Chg 8'488'438 -

Target Price 35 47 49 49 45 44 57 46 48 48 30 43 43 34 34 48 34 32 38 50 42 46 37 #N/A N/A 42

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 28.09.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012 20.04.2012

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Corporation Corporation Investment Advisor Bank Investment Advisor Investment Advisor Investment Advisor n/a n/a n/a n/a n/a n/a Other Investment Advisor n/a Other n/a Other Insurance Company

Date 12.11.2012 09.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 08.11.2012 06.11.2012 06.11.2012 06.11.2012 06.11.2012 05.11.2012 05.11.2012 31.10.2012 22.10.2012 19.10.2012 19.10.2012 11.10.2012 11.10.2012 08.10.2012 06.09.2012 08.08.2011

12.11.2012

Tisco Financial Group PCL Tisco Financial Group Pcl is a bank holding company. The Company's banking subsidiary offers working capital, project, term, automobile and home loans, custodian services, securities brokerage, mutual funds, and private banking, and advises on equity and debt capital markets, privatizations, debt restructuring, project finance, and mergers and acquisitions.

Price/Volume 60

14.0 M 12.0 M

10.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TISCO TB EQUITY YTD Change TISCO TB EQUITY YTD % CHANGE

12/2011 09/yy 49.25 33.75 1'084'100.00 47.75 -3.05% 41.48% 88.71% 727.9 34'756.18 160'323.30 0.3 101.1 31'625.80 -

8.0 M 6.0 M

4.0 M 10

2.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended 31.12.2007 Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

16.0 M

31.12.2008 31.12.2009 9'720.1 11'345.7 1'714.1 1'988.4 9.24x Profitability

LTM-4Q 31.12.2010 13'396.4 2'888.2 10.26x

31.12.2011 16'498.5 3'266.8 8.46x 41.74% 43.99% 1.41% 20.76% 2.80% 0.08% 29.6% 72.64% 989.03% -

Price/ Cash Flow

LTM

09/yy 15'733.5 0.00x 0.0 0.00x 3'273.2 8.00x

09/yy 19'723.3 0.00x 0.0 0.00x 3'385.4 9.89x

FY+1

0.96 557.37 52.15% 33.13% 0.963 28 3.750 2'019'240 2'844'967 2'568'052 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 12'360.4 14'328.9 3'913.0 3'418.0 3'743.8 4'306.4 1'025.0 1'046.0 9.28x 8.10x 8.11x 7.72x S&P Issuer Ratings

989.0% 90.8% 0.08 14.03 -

Sales/Revenue/Turnover

3.50

18'000.0

3.00

16'000.0 14'000.0

2.50

12'000.0

2.00

10'000.0

1.50

8'000.0 6'000.0

1.00

4'000.0

0.50 0.00 02.01.2009

2'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Tisco Financial Group PCL Holdings By:

All

Holder Name THAI NVDR CO LTD CDIB & PARTNERS INV SATHINEE CO LTD STATE STREET BANK EU BNP PARIBAS SEC SERV KRUNGSRI DVD STOCK L SOCIAL SECURITY OFFI JP MORGAN BANK LUXEM STATE STREET BANK AN HSBC BANK PLC BNP PARIBAS SECURITI NCB TRUST LTD-GEN UK KRUNGSRI DIVIDEND ST ABERDEEN LONG TERM E BANK OF NEW YORK MEL SIVASIRIKARUN CHAIWA WONGAPISAMPO PRADIT KUWAIT INVESTMENT OF KRS DIV STOCK LT EQT VALAISATHIEN CHALEE

Firm Name Nomura Kasikorn Securities Macquarie Bualuang Securities DBS Vickers Thanachart Securities PCL Kim Eng Securities BNP Paribas Equity Research Globlex Securities Co Ltd Standard Chartered KT Zmico Securities SCB Securities Co. Ltd. Trinity Securities KGI Securities OSK (Asia) Securities Phillip Securities Krungsri Securities UOB Kay Hian Finansia Syrus Securities PCL JPMorgan CIMB Asia Plus Securities EVA Dimensions Credit Suisse KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a n/a

Analyst JAMES MOSS SORAPONG JAKTEERUGKUL PASSAKORN LINMANEECHOTE SUWAT BUMRUNGCHARTUDOM TEAM COVERAGE SARACHADA SORNSONG WORAPHON WIROONSRI WANNAPPA ASAVATEVAVITH WILASINEE BOONMASUNGSONG DIKSHA GERA TEAM COVERAGE KITTIMA SATTAYAPAN SURACHAI PRAMUALCHAROENKIT THANINEE SATIRAREUNGCHAI KEITH WEE SASIKORN CHAROENSUWAN TANADECH RUNGSRITHANANON THANANCHAI JITTANOON SUNANTA VASAPINYOKUL ANNE JIRAJARIYAVECH MONCHAI JATURANPINYO USANEE LIURUT TEAM COVERAGE THANIYA KEVALEE SARANRAT PANTHACHOTIRAT

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH

Recommendation neutral outperform outperform buy hold buy buy buy hold in-line buy buy buy outperform sell accumulate buy sell buy neutral neutral hold buy neutral hold

Amt Held 96'027'368 72'791'200 35'893'425 29'964'900 24'951'900 21'040'700 20'576'600 19'316'400 11'501'107 10'897'400 9'150'000 8'292'600 6'236'600 6'127'400 5'402'106 4'700'000 4'608'200 4'497'200 4'257'900 4'208'020

% Out 13.19 10 4.93 4.12 3.43 2.89 2.83 2.65 1.58 1.5 1.26 1.14 0.86 0.84 0.74 0.65 0.63 0.62 0.58 0.58

Latest Chg -

Weighting

Change

Target Price

3 5 5 5 3 5 5 5 3 3 5 5 5 5 1 4 5 1 5 3 3 3 5 3 3

M M M M M U M M D M M M M M M M M M M D U M U M D

40 53 53 58 47 52 54 48 46 40 53 55 54 56 42 50 55 45 60 49 55 52 #N/A N/A 45 38

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.11.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012 08.05.2012

Date Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type Corporation n/a n/a n/a Investment Advisor Other Unclassified Investment Advisor Bank Bank Investment Advisor Other n/a n/a Investment Advisor n/a n/a n/a n/a n/a

Date 12.11.2012 01.11.2012 31.10.2012 31.10.2012 29.10.2012 25.10.2012 22.10.2012 22.10.2012 22.10.2012 18.10.2012 18.10.2012 18.10.2012 17.10.2012 16.10.2012 16.10.2012 16.10.2012 12.10.2012 12.10.2012 12.10.2012 11.10.2012 11.10.2012 05.10.2012 06.09.2012 03.09.2012 17.10.2011

12.11.2012

TMB Bank PCL TMB Bank Public Company Limited provides a full range of banking and financial services. The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand. It also has branches in Hong Kong, Laos, and Cayman Island.

Price/Volume 3

1400.0 M

1200.0 M 1000.0 M

800.0 M

Valuation Analysis

Latest Fiscal Year: LTM as of: 52-Week High (24.10.2012) 52-Week Low (21.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TMB TB EQUITY YTD Change TMB TB EQUITY YTD % CHANGE

12/2011 09/yy 1.98 1.33 36'813'900.00 1.87 -5.56% 40.60% 78.46% 43'549.9 81'438.35 171'429.29 0.0 104.4 151'359.63 -

31.12.2007 40'033.6 (43'676.9) -

600.0 M 400.0 M

200.0 M

0 n-11

.0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1600.0 M

31.12.2008 31.12.2009 35'074.4 30'463.6 423.7 1'945.2 59.00x 24.80x Profitability

LTM-4Q 31.12.2010 25'405.1 3'202.2 33.71x

31.12.2011 34'439.3 4'009.2 17.56x 20.62% 18.08% 0.71% 8.89% 3.07% 0.06% 17.8% 23.85% 328.55% -

Price/ Cash Flow

LTM

09/yy 31'907.6 0.00x 0.0 0.00x 3'952.9 14.16x

09/yy 38'551.7 0.00x 0.0 0.00x 4'699.6 20.22x

FY+1

1.10 16'693.54 41.02% 20.49% 1.099 24 2.083 60'866'600 ######### ######### FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 23'418.3 25'964.9 5'085.5 5'363.0 5'004.1 5'341.5 1'327.5 1'306.5 16.70x 15.85x 3.53x 3.16x S&P Issuer Ratings

09.10.2007 BB+ POS 09.10.2007 B 328.6% 76.6% 0.06 3.49 -

Sales/Revenue/Turnover

60.00

45'000.0 40'000.0

50.00

35'000.0 30'000.0

40.00

25'000.0 30.00

20'000.0 15'000.0

20.00

10'000.0 10.00 0.00 02.01.2009

5'000.0 0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

TMB Bank PCL Holdings By:

All

Holder Name FINANCE MINISTRY ING GROEP NV THAI NVDR CO LTD DBS BANK LTD JP MORGAN SP SITUATI CHUENGRUNGRUEANGK SO MILITARY GROUP STATE STREET BANK EU THAI LIFE INSURANCE PUANGRUENGSRI WARAPO JAROONGSATITPONG SIR TMB ASSET MANAGEMENT FRANK RUSSELL TRUST EATON VANCE ADVISORS PRUDENTIAL FINANCIAL BESSEMER GROUP INCOR VANGUARD GROUP INCOR WUNGCHAROEN BOONTUCK WELLS FARGO JONES HEWARD INVESTM

Firm Name Nomura Bualuang Securities Thanachart Securities PCL Kim Eng Securities BNP Paribas Equity Research Globlex Securities Co Ltd SCB Securities Co. Ltd. Asia Plus Securities KT Zmico Securities KGI Securities CIMB Phillip Securities Krungsri Securities IV Global Finansia Syrus Securities PCL JPMorgan Deutsche Bank UOB Kay Hian EVA Dimensions Credit Suisse Kasikorn Securities AIRA Securities KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios VANGUARD TOTAL WORLD n/a n/a Multiple Portfolios

Analyst JAMES MOSS SUWAT BUMRUNGCHARTUDOM SARACHADA SORNSONG WORAPHON WIROONSRI WANNAPPA ASAVATEVAVITH WILASINEE BOONMASUNGSONG KITTIMA SATTAYAPAN USANEE LIURUT WEERAPAT WONGURAI THANINEE SATIRAREUNGCHAI MONCHAI JATURANPINYO SASIKORN CHAROENSUWAN TANADECH RUNGSRITHANANON RATTANA LEENUTAPHONG SUNANTA VASAPINYOKUL ANNE JIRAJARIYAVECH PEACH PATHARAVANAKUL THANANCHAI JITTANOON TEAM COVERAGE THANIYA KEVALEE SIRINATTHA TECHASIRIWAN CHITRADA LEKHRAPHAN SARANRAT PANTHACHOTIRAT

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-USA Co File ULT-AGG MF-AGG

Recommendation neutral trading buy buy sell reduce trading buy sell hold sell underperform underperform buy sell sell sell underweight sell sell underweight underperform outperform trading buy

Amt Held 11'364'272'005 10'970'893'359 2'576'718'501 1'280'000'000 985'600'000 828'000'000 596'539'860 461'306'442 334'693'724 265'000'000 251'990'000 35'051'097 13'686'800 10'956'000 10'319'700 5'285'900 2'902'300 2'300'000 2'284'007 1'727'400

% Out 26.09 25.19 5.92 2.94 2.26 1.9 1.37 1.06 0.77 0.61 0.58 0.08 0.03 0.03 0.02 0.01 0.01 0.01 0.01 0

Weighting

Change 3 5 5 1 2 5 1 3 1 1 1 5 1 1 1 1 1 1 1 1 5 2 5

M M U M M M M M M M M M M M M M D M U M M M M

Latest Chg 134'700 4'091'200 10'003 -

Target Price 2 2 2 2 1 2 2 2 2 1 2 2 2 2 2 1 2 2 #N/A N/A 2 2 2 1

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 23.04.2012 23.04.2012 23.04.2012 23.04.2012 23.04.2012 23.04.2012 23.04.2012 23.04.2012 23.04.2012 23.04.2012 23.04.2012 28.09.2012 31.05.2012 31.08.2012 31.08.2012 31.07.2012 30.06.2012 31.12.2009 31.08.2012 09.11.2012

Date Not Provided 3 month 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month Not Provided 12 month Not Provided Not Provided 6 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type Government Investment Advisor Corporation Investment Advisor Other n/a n/a n/a n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Unclassified Investment Advisor

Date 12.11.2012 31.10.2012 25.10.2012 22.10.2012 22.10.2012 22.10.2012 18.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 17.10.2012 16.10.2012 12.10.2012 13.09.2012 07.09.2012 03.09.2012 24.04.2012 18.04.2012 19.10.2011

12.11.2012

Total Access Communication PCL Total Access Communication Public Company Limited provides cellular mobile telephone services under WorldPhone 800 and WorldPhone 1800 brand names throughout Thailand. The Company also sells cellular handsets and other telecommunications equipment through its WorldMedia network of retail stores.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.09.2012) 52-Week Low (14.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.09.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DTAC TB EQUITY YTD Change DTAC TB EQUITY YTD % CHANGE

12/2011 09/yy 94.00 63.83 2'485'700.00 81.25 -13.56% 27.29% 60.23% 2'367.8 192'384.64 4'589.42 0.0 17.0 21'973.14 198'210.09

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2008 31.12.2009 67'327.0 65'301.4 1.44x 1.47x 20'734.9 20'070.9 4.67x 4.79x 9'329.1 6'627.8 8.12x 12.77x Profitability

35.0 M 30.0 M 25.0 M 20.0 M 15.0 M 10.0 M 5.0 M .0 M d-11

LTM-4Q 31.12.2010 71'830.9 1.33x 25'150.6 3.81x 10'891.5 9.13x

31.12.2011 79'032.0 1.86x 27'178.2 5.42x 11'812.9 13.93x 27'178.21 16'662.86 21.08% 21.61% 10.79% 20.94% 17.63% 0.83% 35.6% 30.6% 17.8% 14.9% 0.48 0.44 4.42% 13.16% 13.34 171.96

Price/ Cash Flow

j-12

f-12 m-12

LTM

09/yy 77'530.3 6.01x 27'660.7 5.54x 12'382.9 14.12x

a-12 m-12

09/yy 85'418.5 8.90x 26'146.5 8.60x 11'086.3 19.77x

j-12

a-12

s-12

o-12

FY+1

0.50 426.47 38.09% 23.87% 0.496 32 4.188 7'020'700 6'546'510 6'935'108 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 86'877.7 91'213.7 21'781.3 23'904.5 2.44x 2.39x 9.66x 8.05x 27'047.5 29'161.7 6'658.0 7'236.0 7.33x 6.80x 6.89x 6.80x 11'577.2 12'224.7 2'972.3 3'073.5 16.68x 15.91x 16.43x 17.03x S&P Issuer Ratings

10.07.2008 NR 13.12.2004 NR 63.07 60.57 0.22 0.84 13.2% 11.6% 0.83 11.83 27.44 2.13 179.04 -75.08

Sales/Revenue/Turnover

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00

50'000.0

4.00

40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00 02.01.2009

40.0 M

Fiscal Year Ended 31.12.2007 65'169.4 1.85x 18'818.7 6.41x 5'841.4 15.70x

100 90 80 70 60 50 40 30 20 10 0 n-11

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

Total Access Communication PCL Holdings By:

All

Holder Name TELENOR ASA THAI TELCO HOLDINGS THAI NVDR CO LTD TOT CORP PCL STATE STREET BANK EU THAILAND SECURITIES SOCIAL SECURITY OFFI TMB ASSET MANAGEMENT VANGUARD GROUP INC FRANK RUSSELL TRUST FIDELITY INTERNATION SKANDIA INVESTMENT M EATON VANCE MANAGEME JO HAMBRO CAPITAL MA SEI INVESTMENT MANAG DAIWA SB INVESTMENTS ING INVESTMENT MANAG SKANDIA GLOBAL FUNDS FMR LLC PRUDENTIAL UNIT TRUS

Firm Name Bualuang Securities Nomura Finansia Syrus Securities PCL Phillip Securities Kasikorn Securities Macquarie KT Zmico Securities BNP Paribas Equity Research Asia Plus Securities Credit Suisse DBS Vickers CIMB OSK (Asia) Securities SCB Securities Co. Ltd. Krungsri Securities UOB Kay Hian IV Global Trinity Securities Morgan Stanley Goldman Sachs HSBC JPMorgan Daiwa Securities Co. Ltd. Country Group Securities PCL EVA Dimensions Thanachart Securities PCL Deutsche Bank KGI Securities AIRA Securities KTB Securities Thailand Co Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation

PRASIT SUJIRAVORAKUL sell PIYACHAT RATANASUVAN buy PORNSOOK AMONVADEKUL hold RUTSADA TWEESAENGSAKULTHAI buy SORAPONG JAKTEERUGKUL outperform BUNLUNG WAIYANONT outperform PIYATHIDA SONTHISOMBAT buy FOONG CHOONG CHEN buy KAWEE MANITSUPAWONG buy COLIN MCCALLUM outperform CHIRASIT VUTTIGRAI buy PISUT NGAMVIJITVONG underperform JEFFREY TAN buy SOLAYA NA SONGKHLA buy THAKOL BANJONGRUCK hold ATHAPORN ARAYASANTIPARB buy RATTANA LEENUTAPHONG hold NATWARIN TRIPOBSAKUL buy SURABHI CHANDNA Underwt/Cautious SACHIN SALGAONKAR neutral/neutral LUIS HILADO overweight JAMES R SULLIVAN neutral RAMAKRISHNA MARUVADA hold PUTCHARIN WATTANAKAEWSRIPETCH buy TEAM COVERAGE overweight SARACHADA SORNSONG buy THAPANA PHANICH hold PHATIPAK NAVAWATANA outperform EKPAWIN SUNTARAPICHARD buy PHONTEP WONGNAK hold

Amt Held 1'008'822'497 531'001'300 255'170'379 132'145'250 39'227'601 21'920'973 14'188'400 5'617'300 1'693'219 1'179'500 855'381 692'700 660'000 625'900 451'200 374'000 369'200 348'500 277'100 270'900

% Out 42.61 22.43 10.78 5.58 1.66 0.93 0.6 0.24 0.07 0.05 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.01 0.01 0.01

Weighting

Change 1 5 3 5 5 5 5 5 5 5 5 1 5 5 3 5 3 5 1 3 5 3 3 5 5 5 3 5 5 3

M M D M M M M M U M M D M M M M M U M M M M M U U M U M M D

Latest Chg (73'200) 36'000 (681'700) 701'181 45'000 281'300 (191'000) (12'600) -

Target Price 66 100 87 103 115 115 116 99 110 115 120 95 115 105 97 104 92 110 71 89 121 80 83 100 #N/A N/A 110 90 100 102 78

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 07.08.2012 Government 07.08.2012 n/a 07.08.2012 Corporation 07.08.2012 n/a 07.08.2012 n/a 07.08.2012 Investment Advisor 07.08.2012 Unclassified 28.09.2012 Investment Advisor 30.06.2012 Investment Advisor 31.05.2012 Investment Advisor 29.02.2012 Investment Advisor 31.07.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.07.2012 Investment Advisor 30.09.2012 Investment Advisor 31.03.2012 Investment Advisor 30.09.2012 Investment Advisor 31.08.2012 Mutual Fund Manager 31.08.2012 Investment Advisor 31.03.2011 Investment Advisor

Date 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Date 12.11.2012 09.11.2012 09.11.2012 01.11.2012 30.10.2012 29.10.2012 26.10.2012 24.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 22.10.2012 21.10.2012 21.10.2012 21.10.2012 20.10.2012 19.10.2012 28.09.2012 06.09.2012 03.09.2012 27.08.2012 24.07.2012 24.07.2012 26.09.2011

12.11.2012

TPI Polene PCL TPI Polene Public Company Limited manufactures cement and ready-mixed concrete, and low-density polyethylene (LDPE) plastic resin used in production of bags, bottles, water pipes, and coating materials. It is Thailand's sole producer of low-density polyethylene which is marketed under Polene brand name. Through joint venture, it also produces frit which is raw material in ceramic industry.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (09.02.2012) 52-Week Low (05.06.2012) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TPIPL TB EQUITY YTD Change TPIPL TB EQUITY YTD % CHANGE

12/2011 06/yy 17.40 11.10 24'299'100.00 15.8 -9.20% 42.34% 84.13% 2'019.0 31'900.20 4'427.67 0.0 1.0 568.01 36'681.31

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100.0 M 90.0 M 80.0 M 70.0 M 60.0 M 50.0 M 40.0 M 30.0 M 20.0 M 10.0 M .0 M d-11

j-12

f-12 m-12

a-12 m-12

j-12

a-12

s-12

o-12

Market Data

Fiscal Year Ended 31.12.2007 24'925.6 1.03x 3'129.4 8.17x 2'331.5 6.37x

20 18 16 14 12 10 8 6 4 2 0 n-11

31.12.2008 31.12.2009 25'707.9 21'860.1 0.61x 1.00x 3'785.5 2'908.7 4.12x 7.54x (5'433.1) 4'763.4 3.70x Profitability

LTM-4Q 31.12.2010 23'744.3 1.19x 3'381.5 8.32x 2'273.0 10.79x

31.12.2011 24'544.2 1.40x 5'108.0 6.72x 9'751.3 3.09x 5'108.03 3'365.78 13.71% 43.59% 9.93% 12.37% 11.87% 0.33% 26.9% 11.5% 2.8% 39.7% 1.59 0.36 6.18% 7.22% 10.38 2.57

Price/ Cash Flow

LTM

06/yy 24'699.3 4.52x 5'521.1 4.79x 3'913.0 5.96x

06/yy 23'910.9 5.13x 2'742.5 10.10x 7'158.0 3.23x

FY+1

1.03 823.71 19.97% 5.67% 1.027 7 2.429 29'649'340 19'024'700 13'599'840 FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 25'202.2 26'651.3 6'250.0 3'665.0 4'666.0 959.0 10.01x 7.86x 1'157.0 2'164.2 260.0 27.87x 14.86x S&P Issuer Ratings

21.89 10.61 1.74 1.96 7.2% 6.7% 0.33 0.41 35.26 142.20 40.26 128.68

Sales/Revenue/Turnover

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0 15.00

10'000.0 10.00

5'000.0

5.00 0.00 02.01.2009

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

TPI Polene PCL Holdings By:

All

Holder Name THAI PETROCHEMICAL I LEOPHAIRATANA ENTERP LEOPHAIRATANA PAKORN LEOPHAIRATANA ORAPIN LIEWPHAIRATANA PRAYA LEOPHAIRATANA BOONSR LEOPHAIRATANA PRAMUA BANGKOK BANK PCL LEOPHAIRATANA PATTAR THAI NVDR CO LTD BANK OF NEW YORK MEL TPI POLENE POWER CO VACHIRAPONG VICHARN KIETSOOKSATIT CHATCH RATTANASOONTRAKUL PE SRIYUKSIRI TAYUTH STATE STREET BANK AN UNITED GRAIN INDUSTR STATE STREET BANK EU TISCO SECURITIES CO

Firm Name TISCO Securities Co., Ltd EVA Dimensions Trinity Securities Asia Plus Securities SCB Securities Co. Ltd. IV Global Phillip Securities

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Analyst SANSANEE SRIJAMJUREE TEAM COVERAGE SURACHAI PRAMUALCHAROENKIT PRASIT RATTANAKIJKAMOL SIRIMA DISSARA RATTANA LEENUTAPHONG DANAI TUNYAPISITCHAI

Recommendation hold hold buy sell neutral sell sell

Amt Held 275'269'816 259'413'125 86'065'180 84'916'224 82'307'974 82'138'536 80'400'000 65'769'324 62'907'722 58'360'412 27'403'800 22'216'354 20'200'000 16'700'000 16'600'000 16'342'589 15'863'650 15'747'000 15'252'335 15'000'000

% Out 13.63 12.85 4.26 4.21 4.08 4.07 3.98 3.26 3.12 2.89 1.36 1.1 1 0.83 0.82 0.81 0.79 0.78 0.76 0.74

Latest Chg -

Weighting

Change

Target Price

3 3 5 1 3 1 1

M D M D M M M

14 #N/A N/A 15 12 13 12 13

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 15.03.2012 14.06.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 09.07.2012 15.03.2012 15.03.2012

Date Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type n/a n/a n/a n/a n/a n/a n/a Bank n/a Corporation Investment Advisor n/a n/a n/a n/a n/a Bank n/a n/a n/a

Date 09.11.2012 05.11.2012 26.10.2012 25.09.2012 17.09.2012 16.08.2012 01.12.2011

12.11.2012

True Corp PCL True Corporation PCL is an integrated telecommunications provider. The Company offers a wide range of voice, video, and data services, including dial-up and broadband Internet services, pay television, fixed-line phone, online games, and mobile phone services.

Price/Volume 7

800.0 M

700.0 M 600.0 M

500.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2012) 52-Week Low (15.11.2011) Daily Volume Current Price (11/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2012 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TRUE TB EQUITY YTD Change TRUE TB EQUITY YTD % CHANGE

12/2011 06/yy 6.25 2.88 32'984'800.00 4.74 -24.16% 64.58% 54.60% 14'503.2 68'745.06 85'238.37 0.0 692.0 11'848.42 148'599.41

31.12.2007 61'641.1 1.74x 21'226.3 5.06x 1'158.1 48.33x

300.0 M

200.0 M

100.0 M

0 n-11

31.12.2008 31.12.2009 61'265.3 62'474.3 1.48x 1.61x 20'158.0 20'965.7 4.51x 4.79x (2'355.2) 1'227.6 17.00x Profitability

LTM-4Q 31.12.2010 62'378.5 1.98x 19'680.7 6.26x 1'210.5 41.76x

31.12.2011 71'937.6 1.66x 17'672.9 6.77x (2'693.7) 17'672.94 2'789.82 3.88% 0.98% -2.53% -18.84% 0.54% 27.8% 20.8% 0.4% -3.7% 0.91 0.57 56.26% 410.25% 6.57 34.40

Price/ Cash Flow

j-12

f-12 m-12

LTM

06/yy 66'462.4 7.11x 19'721.3 5.87x 10'378.6 4.38x

a-12 m-12

06/yy 79'988.9 6.16x 16'611.1 8.16x (3'779.9) 0.00x

j-12

a-12

s-12

o-12

FY+1

0.93 4'769.24 62.33% 50.96% 0.934 23 1.957 80'522'200 ######### ######### FY+2

FQ+1

FQ+2

12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 84'127.1 89'467.3 21'232.0 20'803.0 1.72x 1.67x 17'818.1 20'585.1 3'670.4 5'051.0 8.34x 7.22x (4'717.4) (2'485.1) (2'056.5) (422.0) S&P Issuer Ratings

11.09.2009 NR 1.18 0.49 4.76 5.32 410.2% 79.9% 0.54 1.07 55.69 10.64 144.17 -106.57

Sales/Revenue/Turnover

20.00

80'000.0

18.00

70'000.0

16.00

60'000.0

14.00

50'000.0

12.00 10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00 0.00 02.01.2009

.0 M d-11

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400.0 M

0.0 02.07.2009

02.01.2010

02.07.2010

02.01.2011

02.07.2011

02.01.2012

02.07.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

12.11.2012

True Corp PCL Holdings By:

All

Holder Name CHAROEN POKPHAND GRO UNIQUE NETWORK CO LT WIDE BROAD CAST CO L CP INTERFOOD (THAILA UBS AG/LONDON THAI NVDR CO LTD UBS AG/HONG KONG CHAROEN POKPHAND HOL BANGKOK PRODUCES PCL BANGKOK TELECOM HOLD KASETPHAND INDUSTRY THANA HOLDING CO LTD VANGUARD GROUP INC TMB ASSET MANAGEMENT EATON VANCE ADVISORS PRUDENTIAL FINANCIAL WELLS FARGO MANUFACTURERS & TRAD INDEXIQ ADVISORS LLC FRANK RUSSELL TRUST

Firm Name Bualuang Securities Nomura Finansia Syrus Securities PCL Kim Eng Securities CIMB Country Group Securities PCL KT Zmico Securities DBS Vickers SCB Securities Co. Ltd. UOB Kay Hian IV Global Kasikorn Securities Phillip Securities Krungsri Securities Credit Suisse Deutsche Bank Asia Plus Securities Morgan Stanley AIRA Securities Macquarie Thanachart Securities PCL KGI Securities EVA Dimensions

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation

PRASIT SUJIRAVORAKUL sell PIYACHAT RATANASUVAN neutral PORNSOOK AMONVADEKUL sell CHATCHAI JINDARAT speculative buy PISUT NGAMVIJITVONG underperform PUTCHARIN WATTANAKAEWSRIPETCH sell PIYATHIDA SONTHISOMBAT trading buy CHIRASIT VUTTIGRAI fully valued SOLAYA NA SONGKHLA neutral ATHAPORN ARAYASANTIPARB sell RATTANA LEENUTAPHONG hold SIRINATTHA TECHASIRIWAN underperform RUTSADA TWEESAENGSAKULTHAI trading sell THAKOL BANJONGRUCK sell COLIN MCCALLUM underperform THAPANA PHANICH hold KAWEE MANITSUPAWONG sell SURABHI CHANDNA Underwt/Cautious EKPAWIN SUNTARAPICHARD buy BUNLUNG WAIYANONT underperform SARACHADA SORNSONG hold PHATIPAK NAVAWATANA Under Review TEAM COVERAGE sell

Amt Held 5'061'420'075 1'353'635'829 1'285'810'000 598'700'259 465'285'057 404'909'408 367'016'969 290'366'000 254'572'499 222'887'250 178'984'050 82'656'800 28'967'373 11'672'888 3'969'400 3'516'394 488'137 317'500 66'700 -

% Out 34.9 9.33 8.87 4.13 3.21 2.79 2.53 2 1.76 1.54 1.23 0.57 0.2 0.08 0.03 0.02 0 0 0 0

Weighting

Change

1 3 1 4 1 1 5 2 3 1 3 1 1 1 1 3 1 1 5 1 3 #N/A N/A 1

M M M M M M M M M M M M M M M M D M M M M M M

Latest Chg 2'084'800 44'800 724 (1'811'500)

Target Price 2 4 3 6 4 4 5 5 6 3 4 3 5 5 3 4 4 2 4 3 3 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 15.03.2012 30.06.2012 28.09.2012 31.08.2012 31.08.2012 31.08.2012 31.08.2012 08.11.2012 31.05.2012

Date 12 month Not Provided Not Provided 12 month 12 month Not Provided 3 month 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 12 month Not Provided Not Provided

Inst Type Holding Company n/a Other Corporation Investment Advisor Corporation Bank n/a Corporation n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 12.11.2012 09.11.2012 09.11.2012 06.11.2012 04.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 02.11.2012 30.10.2012 26.10.2012 18.10.2012 17.10.2012 27.08.2012 14.08.2012 12.08.2012 12.07.2012 22.06.2012 08.06.2012 15.05.2012 30.11.2011