TCAP: Annual Report 2010

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Six Strategic Intents for the Business Operation in 2011

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Dear shareholders,

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Mr. Banterng Tantivit

Message from the Board of Directors

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Mr. Suphadej Poonpipat

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6CCJ6A G:EDGI '%&% I=6C68=6GI 86E>I6A EJ7A>8 8DBE6CN A>B>I:9

MR. SOMJATE MOOSIRILERT Member of the Executive Committee and Senior Executive Vice President

MS. SUVARNAPHA SUVARNAPRATHIP Vice Chairperson of the Executive Committee

MR. SUPHADEJ POONPIPAT Vice Chairman, Chairman of the Executive Committee and Chief Executive Officer

MR. BANTERNG TANTIVIT Chairman of the Board of Directors

THANACHART CAPITAL

BOARD OF DIRECTORS

MR. SOMKIAT SUKDHEVA Chairman of the Nomination Committee, Chairman of the Remuneration Committee, and Member of the Audit Committee

6CCJ6A G:EDGI '%&% I=6C68=6GI 86E>I6A EJ7A>8 8DBE6CN A>B>I:9

&,

MR. TAWEESAK SAKSIRILARP Member of the Executive Committee and Executive Vice President

MR. PHIMOL RATTAPAT Director

MRS. PUNTIP SURATHIN Member of the Audit Committee, Member of the Nomination Committee, and Member of the Remuneration Committee

MRS. SIRIPEN SITASUWAN Chairperson of the Audit Committee, Member of the Nomination Committee, and Member of the Remuneration Committee

Thai Economic Condition in 2010 and the Outlook for 2011*

The Thai Economy in 2010 Recovered with a 7.8 percent Expansion and Economic Stability.

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Th e Th a i Eco n o my i n 2 0 1 1 i s Forecasted to have Continuous Expansion at 3.5-4.5 percent with Increasing Inflationary Pressure.

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2009 Percent

2010

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2011 *

* Estimate

15.0 12.0 10.0

9.2 6.6

5.9 5.0

3.8

0.0

-2.8 -5.0

-5.2 -7.0

-10.0

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

Source: Office of the National Economic and Social Development Board

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I]ZhZ \adWVa ZXdcdb^X X]Vc\Zh l^aa gZbV^c [dg V eZg^dY d[ i^bZ! Wji i]Z egdWaZbh d[ jcZbeadnbZci VcY i]Z Z[[ZXih d[ Xg^h^h ^c i]Z JH [^cVcX^Va hZXidg l^aa iV`Z Vc ZmiZcYZY Vbdjci d[ i^bZ id hdakZ VcY i]Z \adWVa gZWVaVcX^c\ l]^X] cZZYh YZkZade^c\ Xdjcig^Zh id XdchjbZ VcY ^ckZhi bdgZ ^h hi^aa egdb^cZci# I]ZgZ[dgZ ^c i]Z aViiZg ]Va[ d[ i]Z nZVg! ^[ i]Z Z[[ZXi d[ F: >> YZXZaZgViZh VcY ^ckZhidgh \V^c bdgZ Xdc[^YZcXZ ^c i]Z YZkZade^c\ Xdjcig^ZhÉ XVeVW^a^in id Xdcigda ^c[aVi^dc VcY i]Z^g ediZci^Va id \gdl ^c XdbeVg^hdc l^i] di]Zg cVi^dch! XVe^iVa l^aa [adl WVX` id ^ckZhi ^c i]^h gZ\^dc VcY i]Z egZhhjgZ [dg XjggZcXn VeegZX^Vi^dc ^c i]Z adc\ iZgb l^aa dXXjg V\V^c# I]ZgZ[dgZ! ZmX]Vc\Z gViZ ^c '%&& ^h [dgZhZZc id ha^\]ian YZegZX^ViZ [gdb i]Z ZcY d[ '%&% id '."(& WV]i eZg JH YdaaVg l^i] V YZegZX^Vi^dc ZmeZXiZY ^c i]Z WZ\^cc^c\ VcY i]Z VeegZX^Vi^dc gZijgcZY Wn i]Z ZcY d[ nZVg#

2010

I]Z h^\c^[^XVci ZXdcdb^X X]Vc\Zh ^c '%&& l^aa ^cXajYZ eg^XZ VY_jhibZcih# I]Z Jc^iZY HiViZhÉ ZXdcdb^X gZXdkZgn VcY ZXdcdb^X hi^bjajh eVX`V\Zh l^aa XVjhZ eg^XZh d[ egdYjXih VcY hZgk^XZh ^c i]Z \adWVa bVg`Zi id g^hZ! ^c VYY^i^dc id kVg^djh di]Zg [VXidgh! hjX] Vh i]Z jcgZhi ^c i]Z B^YYaZ :Vhi l]^X] aZVYh id g^hZh ^c d^a eg^XZ# I]Z VkZgV\Z eg^XZ d[ i]Z 9jWV^ XgjYZ d^a ^h [dgZXVhiZY id WZ WZilZZc -*".* JH YdaaVgh eZg WVggZa l]^X] l^aa ZmXZZY &%% JH YdaaVgh eZg WVggZa ^c i]Z WZ\^cc^c\ VcY YZXa^cZ aViZg ^c i]Z nZVg# Di]Zg egdYjXi eg^XZh hjX] Vh \daY VcY V\g^XjaijgVa egdYjXih l^aa Vahd ^cXgZVhZ VcY ^i l^aa WZ Vcdi]Zg [^cZ nZVg [dg [Vgb ^cXdbZ# I]Z ^c[aVi^dc gViZ ^c I]V^aVcY l^aa ^cXgZVhZ YjZ id bVcn [VXidgh hjX] Vh i]Z ^cXgZVhZ ^c d^a VcY [ddY eg^XZh VcY i]Z lV\Z VcY hVaVgn VY_jhibZci# =ZcXZ! i]Z ^c[aVi^dc gViZ ^h [dgZXVhiZY id WZ Vi (#%")#% eZgXZci#

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2011*

gZVa ^ciZgZhi gViZ ^c dgYZg id Y^hXdjgV\Z XVgZaZhh Xdchjbei^dc VcY heZXjaVi^kZ ^ckZhibZci# 7n i]Z ZcY d[ '%&%! i]Z gZVa YZedh^i ^ciZgZhi gViZ hi^aa hiddY ^c V cZ\Vi^kZ [^\jgZ Vi "&#. eZgXZci# ' >c[aVi^dc gViZ ]Vh ^cXgZVhZY! Vai]dj\] cdi nZi Vi VaVgb^c\ gViZ# ( Di]Zg Xdjcig^Zh ]VkZ Wgdj\]i je i]Z^g ^ciZgZhi gViZh! dcZ V[iZg i]Z di]Zg! [dg ^c[aVi^dc egZkZci^dc VcY [dg VY_jhibZci id cdgbVaan edh^i^kZ ^ciZgZhi gViZ# >[ eda^Xn ^ciZgZhi gViZ YdZh cdi g^hZ! i]^h bVn aZVY id bdgZ ViigVXi^kZ ^ckZhibZcih ^c di]Zg Xdjcig^Zh Vh lZaa Vh XVjh^c\ V cZ\Vi^kZ ^bV\Z dc XZcigVa WVc` ^c cdi jcYZg\d^c\ V hig^Xi bZVhjgZ V\V^cih ^c[aVi^dc# ) I]Z ZXdcdbn ^h higdc\ Zcdj\] id WZVg i]Z WjgYZc d[ ]^\]Zg ^ciZgZhi# I]ZgZ[dgZ! ^c '%&&! i]Z [dgZXVhi hiViZh ]^\] edhh^W^a^in gZ\VgY^c\ i]Z ^cXgZVhZ d[ eda^Xn ^ciZgZhi gViZ id (#%"(#'* eZgXZci l]^X] bdcZiVgn eda^Xn igVchb^hh^dc ldjaY hadl Ydlc ^c[aVi^dc i]gdj\] hadlZg Xdchjbei^dc VcY ^ckZhibZci! VcY i]Z XjggZcXn VeegZX^Vi^dc# =ZcXZ! egdYjXZgh l^aa ]VkZ deedgijc^i^Zh id gV^hZ egdYjXi VcY hZgk^XZ eg^XZh l]^aZ! dc i]Z di]Zg ]VcY! i]Zn l^aa Xdc[gdci V Xdhi ^cXgZVhZ# =dlZkZg! Xdc[gdci^c\ Xdhi ^cXgZVhZ egZhhjgZ ^h WZiiZg i]Vc i]Z aVX` d[ YZbVcY [dg egdYjXih VcY hZgk^XZh Vh ZmeZg^ZcXZY Yjg^c\ i]Z \adWVa ZXdcdb^X gZXZhh^dc#

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'&

Percent

Inflation Rate and Policy Interest Rate

Percent

5.0

2.5

4.0

2.0

3.0

1.5

2.0

1.0

1.0

0.5

0.0

0.0

-1.0

-0.5

-2.0

-1.0

-3.0

-1.5 -2.0

-4.0

1Q09

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

Source: The Bank of Thailand and Ministry of Commerce

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Management Discussion and Analysis of Financial Position and Performance

Financial Position and Performance of Thanachart Capital Public Company Limited and its Subsidiaries.

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Companies in Financial Business Group of Thanachart (A) The Member Companies That Operate Financial Businesses:

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5. Strategic Risk

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6. Regulatory Risk

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Corporate Governance

Report on Corporate Governance Compliance Corporate Governance Policy, Business Ethics, and Codes Of Conduct for Directors, Executives, and Staff

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TCAPâ&#x20AC;&#x2122;s Business Conducts According to Good Corporate Governance Principles in 2010 Include: 1.

Shareholdersâ&#x20AC;&#x2122; Rights and Equitable Treatment

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Report of the Remuneration Committee

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..

Report of Independent Auditor

To the Shareholders of Thanachart Capital Public Company Limited

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Balance Sheets

Thanachart Capital Public Company Limited and its subsidiaries Balance sheets As at 31 December 2010 and 2009 Jc^i/ 7V]i

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Balance Sheets (Continued)

Thanachart Capital Public Company Limited and its subsidiaries Balance sheets (continued) As at 31 December 2010 and 2009 Jc^i/ 7V]i

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Related Party Transactions

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The Related Transactions between Thanachart Group 1. Companies in Thanachart Group and Relationship

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2. The related transactions between Thanachart Group Companies

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3. Related transactions between the Company and member companies of the Group with executives and related-to-executive persons

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Thanachart Management and Services Company Limited Providing service staff.

Thanachart Legal and Appraisal Company Limited Providing legal advice, contract, prosecution and enforcement, and collateral appraisal.

Thanachart Training and Development Company Limited Providing services on Thanachart groupâ&#x20AC;&#x2122;s employees training.

Transactions between Member Companies of Thanachart Group with Companies Related to Executives.

1. MBK Group Public Company Limited. (MBK Group)

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