1

Balance Sheet & Income Statementof

Securities Companies in Thailand

(as of the end of June 2009)

Quarterly Report

Source : SEC / SET

2

Table 1 : Market Indicators

2008 2009

Q1 Q2 Q3 Q4 Q1 Q2

SET Index * 817.03 768.59 596.54 449.96 431.50 597.48

Market Cap. (mil. baht) * 6,424,241 6,095,900 4,760,818 3,590,376 3,460,766 4,773,404

Total Turnover (mil. baht) 1,212,653 1,203,458 774,412 790,706 539,936 1,260,043

Avg. Daily Trading Value

(mil. baht)

18,880 20,056 12,212 12,440 8,660 21,323

No. of Listed Companies * 474 480 479 476 474 475

No. of Listed Securities * 582 592 588 580 579 581

No. of Securities Companies *

43 43 43 43 45 45

No. of SET’s Members * 39 39 39 39 39 39

No. of TFEX’s Members * 27 27 36 36 40 41

* at the end of the period

3

Table 2 : Aggregate Balance Sheet of Securities Companies

(unit :mill. baht) 2008 2009

Q1 Q2 Q3 Q4 Q1 Q2

Asset 140,403 162,018 136,253 145,514 142,066 155,132

Liabilities 72,798 94,947 70,176 82,107 80,977 95,455

Equity 67,605 67,071 66,077 63,407 61,089 59,676

4

Table 3 : Aggregate Income Statement of Securities Companies(unit : mill. baht) 2008 2009

Q1 Q2 Q3 Q4 Q1 Q2

Brokerage - Securities 5,354 3,688 3,302 3,219 2,152 4,966

Brokerage - Derivatives 238 79 250 368 247 325

Underwriting 41 282 28 46 30 45

Financial Advisory 139 63 93 177 159 161

Gains on Trading - Securities 131 227-64 -16 -257 337

Gains on Trading – Derivatives * 194 37 -3300 638 -19 292

Interest and Dividend 465 438524 515 357 359

Others 698 354 536 472 400 427

Total Revenue 7,260 5,168 4,340 5,418 3,069 6,917

Expenses on Borrowing 128 100 141 133 87 69

Fees & Services Expenses 385 367 320 426 269 413

Provision for bad debts/ doubtful account 36 -2 56 2,119 131 -59

Personnel Expenses 2,656 1,909 2,129 2,138 2,015 2,880

Premises & Equipment 809 532 798 793 770 773

Other Expenses 583 381 595 807 532 604

Total Expenses 4,595 3,287 4,039 6,417 3,804 4,680

Net Profit 1,970 1,422 155 -1,257 -762 1,734

Corporate Tax 695 459 147 257 27 498

5

Figure 1 : Assets, Liabilities and Equity of Securities Companies

155,132

72,79882,107 80,977

95,455

67,07059,676

142,066145,514136,253

162,018

140,403

94,947

70,17666,07767,605

61,08963,407

0

50,000

100,000

150,000

200,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Btm

.

Asset Liabilities Equity

6

Figure 2 : Assets of Securities Companies

50,618

6,833 6,475

6,47223,104 20,83020,700

20,7457,7805,858 8,301

10,54442,332 22,207 24,158

35,391

30,713

25,746

46,36345,15436,44337,05537,378

6,5826,311 5,984

24,44820,383

9,090 13,035

58,271

42,037

39,35416,465

16,970

16,223

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Btm

.

Cash L/T DepositsInvestment in Debt & Equity Investment in SubsidiaryTCH Receivable Securities Business ReceivablePremises & Equipment Others

7

Figure 3 : Assets Structure of Securities Companies

Premises & Equipment

1%

Others22%

TCH Receivable 6%

Investment in subsidiary

3%

Investment in Debt & Equity

14% L/T Deposits4%

Cash33%

Securities Business

Receivable17%

Q1 2008

Premises & Equipment

1%

Others17%

TCH Receivable 7%

Investment in subsidiary

2%

Investment in Debt & Equity

13%

L/T Deposits4%

Cash33%

Securities Business

Receivable23%

Q2 2008

Q1 2009

Q2 2009

Premises & Equipment

2%

Others12%

TCH Receivable 6%

Investment in subsidiary

2%

Investment in Debt & Equity

16%

L/T Deposits5%

Cash27%

Securities Business

Receivable30%

Premises & Equipment

1%Others10%

TCH Receivable 8%

Investment in subsidiary

2%

Investment in Debt & Equity

15%

L/T Deposits4%

Cash23%

Securities Business

Receivable37%

8

Figure 4 : Liabilities of Securities Companies

4,629

7,434 6,288 8,002

36,545 37,465

31,832

55,751

22,596 19,57633,578

27,073

6,223 7,643 6,847 4,783 4,4006,0103,969

11,206

36,989

53,014

41,523

23,084

0

20,000

40,000

60,000

80,000

100,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Btm

.

Borrowings TCH Payables Securities Business Payables Others

9

Figure 5 : Liabilities Structure of Securities Companies

Others41%

Securities Business Payables

47%

TCH Payables7%

Borrowings5%

Q1 2009

Q2 2009

Others28%

Securities Business Payables

59%

TCH Payables8%

Borrowings5%

Q1 2008

Others31%

Securities Business Payables

50%

TCH Payables10%

Borrowings9%

Others24%

Securities Business Payables

56%

TCH Payables12%

Borrowings8%

Q2 2008

10

Figure 6 : Revenue of Securities Companies

5,292

629

465

524

515

357

359

536

472

400

427

2,399

3,5863,5523,765

5,593

325

265 622

438354

698

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Btm

.

Brokerage Underwriting Financial Advisory Proprietary Trading Interest and Dividend Others

11

Figure 7 : Revenue Structure of Securities Companies

Others11%

Brokerage66%

Underwriting1%

Financial Advisory

4%

Proprietary Trading

8%

Interest and Dividend

10%

Q1 2009

Others6%

Brokerage77%

Underwriting1%

Financial Advisory

2%

Proprietary Trading

9%

Interest and Dividend

5%

Q2 2009

Q1 2008

Q2 2008

Others10%

Brokerage77%

Underwriting1%

Financial Advisory

2%

Proprietary Trading

4%

Interest and Dividend

6%

Others7%

Brokerage74%Underwriting

5%

Financial Advisory

1%

Proprietary Trading

5%

Interest and Dividend

8%

12

Figure 8 : Expenses of Securities Companies

385 367 320 426 269 413

2,656

1,9092,129

2,138

2,015

2,880

809

532

798

793

770

773

583

381

595

807

532

604

131

2,119

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q1 2009

Btm

.

Expenses on Borrowing Fees & Services Expenses Provision for bad debts / doubtful a/c

Personel Expenses Premises & Equipment Other Expenses

13

Figure 9 : Expenses Structure of Securities Companies

Other Expenses14%

Expenses on Borrowing

2%Fees &

Services Expenses

7%

Provision for bad debts / doubtful a/c

3%

Personel Expenses

54%

Premises & Equipment

20%

Q1 2009

Q2 2009

Other Expenses13%

Expenses on Borrowing

1% Fees & Services Expenses

9%

Provision for bad debts / doubtful a/c

1%

Personel Expenses

60%

Premises & Equipment

16%

Q1 2008

Q2 2008

Expenses on Borrowing

3% Fees & Services Expenses

8%

Personel Expenses

58%

Premises & Equipment Expenses

18%

Others Expenses

13%

Expenses on Borrowing

3% Fees & Services Expenses

11%

Personel Expenses

58%

Premises & Equipment Expenses

16%

Others Expenses

12%

14

Figure 10 : Net Profit and ROE of Securities Companies

1,970

1,422

155

-1,257

-762

1,734

2.91%2.91%

-1.25%

-1.98%

0.23%

2.12%

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

2,500

Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009

Btm

.

-5%

0%

5%

10%

Net Profit ROE