[PPT] - CORPORATE PRESENTATION SEPTEMBER 2018 AGENDA MKET MAYBANK PowerPoint Presentation

SLIDE 1

CORPORATE PRESENTATION

SEPTEMBER 2018

SLIDE 2

STRICTLY PRIVATE AND CONFIDENTIAL

AGENDA

2

MKET OVERVIEW MAYBANK GROUP FINANCIAL HIGHLIGHTS

SLIDE 3

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OVERVIEW

#1 BROKER IN THAILAND FOR THE PAST 15 CONSECUTIVE YEARS

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SLIDE 4

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

#1 BROKER FOR 17 YEARS RUNNING

45

Branches

28

Branches In Bangkok

17

Branches In Up-country

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

Solid net capital ratio of 31.74%
Sufficient placement ability for underwriting IPO

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

Asset Triple A Asia Infrastructure Awards

2018, TPIPP as Renewable Energy Deal of the Year 2018

Best Broker of Southeast Asia for the year

(2015-2017), Alpha Southeast Asia

Best Securities Company of the year 2017 by

Money & Banking Magazine – June 2017

Best Retail Broker in Thailand (2007-2016),

Alpha Southeast Asia

Best Institutional Broker in Thailand (2007-

2016), Alpha Southeast Asia

Best Securities Company of the Year 2015,

Money & Banking Magazine

Best Retail Broker- Finance Asia (2014-2015)

& The ASEAN Banker (2015)

Best Brokerage House for Thailand, The Asset

Triple A Awards 2012- 2015

TFEX Best Award (2011), Alpha Southeast Asia
SET Awards 2011- Outstanding Securities

Company

SET Awards 2011- Outstanding Derivatives

House

Best Broker in Thailand (2010), Finance Asia
Best Research House for Retails (2007-2008),

SAA

Best Analyst in Energy and Petrochemicals for

Retail Investors (2008), SAA

Best Medium & Small Cap. Analyst for Retail

Investors (2007), SAA

Best Medium & Small Cap. Analyst for

Institutional Investors (2007), SAA

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

AA+

Updated on 2 May, 2018

Rating on par with BBL, KBANK,

KTB and SCB 4

2.29 2.37 2.45 2.54 2.81 2.98 3.10 3.16 3.47 3.62 4.02 4.04 4.28 4.49 4.78 5.30 5.40 5.74

5.97

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

9,034 7,166 13,973 14,684 20,612 17,989 16,802 18,924 19,692 4,637 4,420 4,517 5,275 4,496 4,818 4,914 4,655 4,660

Q22018 Branches as of 30 JUN, 2018

Assets (THB mn) Equity (THB mn)

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Key Rating Drivers Institutional Support Driven Ratings: Fitch Ratings believe there to be a high probability that Malayan Banking Berhad (Maybank, A-/Stable/F2) will extend extraordinary support to Maybank Kim Eng Securities (Thailand) Public Company Limited (MBKET) when needed. MBKET’s National Rating reflect such support from its ultimate parent Maybank and highlight Maybank’s ability and propensity to support its 83.5%-owned Thai subsidiary. Strategically Important Subsidiary: Fitch deems MBKET a strategically important subsidiary of Maybank, whose control extends to operations, branding and senior management. Thailand has the second-largest GDP in south-east Asia, and remains a key brokerage market for the group. MBKET has generally succeeded in supporting the group’s objective in Thailand. In turn, Maybank shares its know-how with MBKET, and allows access to some of the group’s shared banking facilities. Regional Support Underpins Franchise : MBKET’s securities franchise benefits from plenty of regional support, which is crecial to the firm’s goal of reaching out to foreign institutions in finding new brokerage

clients. MBKET has the ability to navigate profitability challenges in an increasingly fragmented industry.

MBKET draws on regional expertise to undertake initiatives in research, investment banking and wealth management to strengthen its domestic franchise. Credit Risks Remain Low : MBKET’s historically low NPL ratio provide evidence of the firm’s generally prudent controls. However, asset-quality risks may heighten if the pace of margin-loan expansion quickens in 2018. Brokerage Challenges Lie Ahead : Fitch expects MBKET’s brokerage business to remain under pressure even as MBKET steps up efforts to boost institutional volume. The brokerage business has been on a rocky road

ver the past few years as aggressive new players have been rapidly expanding their market presence. The

expansion has intensified competition in the large retail segment, and reduced the availability of skilled staff. As a result, MBKET’s market share dropped further – to 6.1% of the brokerage industry to 1Q18 (2010 : 12.8%). Earning Pressure Persists : Fitch expects structural challenges in Thailand’s securities industry to further reduce MBKET’s operating profit/average equity ration from 16.7% in 2017. Brokerage contributes nearly 60%

f total revenue, but commission rates are likely to continue to fall, albeit more gradually. The agency

nonetheless expects MBKET to remain profitable through the cycle, and able to support the group’s

bjectives over the medium term.

Thailand

Credit Analysis Update as of 2nd May, 2018

Ratings Maybank Kim Eng Securities (Thailand) Plc National Long-Term Rating AA+(tha) Short-Term Rating F1+(tha) Outlook National Long-Term Rating Stable Financial Data Maybank Kim Eng Securities (Thailand) Plc (Consolidated) 31 Dec 17 31 Dec 16 Total Assets (USDm) 579.4 468.9 Total Assets (THBm) 18,924.1 16,802.6 Total Equity (THBm) 4,655.0 4,914.4 Net Income (THBm) 638.6 974.5 Operating profit/ 16.7 25.1 average equity (%) Net Income/ 13.4 20.0 average equity (%) Equity/Assets (%) 24.6 29.3 Analysts Jackerin Jeeradit +66 2 108 0163 Jackerin.jeeradit@fitchratings.com Thanasit Utamaphethai +66 2 108 0154 Thanasit.utamaphethai@fitchratings.com

Fitch Ratings : AA+(tha)

AA+(tha)

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Long-Term Ratings Bank / Securities

AAA

Bank of Ayudhya Bangkok Bank

AA+

Kasikorn Bank Krung Thai Bank Maybank Kim Eng Securities Siam Commercial Bank

AA

CIMB Thai Bank Capital Nomura Securities Kasikorn Securities SCB Securities Yuanta Securities

AA-

CGS-CIMB Securities (Thailand)

A+

Thanachart Bank TMB Bank

A

TCAP

A-

Asia Plus Group Holdings

Fitch Ratings : MBKET is same rating level as BBL, KBANK, KTB and SCB

AA(tha) AA(tha)

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR NETWORK1

WE ARE THE LARGEST RETAIL BROKERAGE NETWORK IN THAILAND

208,350

Retail Accounts

45

Branches Around The Country

Online Markets Offline Markets

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

OUR OFFSHORE MARKETS

1 Updated as of December 2016

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR BUSINESS OVERVIEW

Number of Accounts Dec-16 Dec-17 % Change Jun -18 % Change Total Equity Account 179,321 203,391 13.42% 208,344 2.44% Internet Account 81,144 86,252 6.29% 88,070 2.11% Credit Balance Account 3,632 3,809 4.87% 3,946 3.60% Cash Account 94,545 100,109 5.89% 76,475 (23.61%) Futures Account 12,605 13,221 4.89% 13,510 2.19% Number of Active Accounts Dec-16 Dec-17 % Change Jun 18 % Change Total Equity Account 78,676 76,209 (3.14%) 74,159 (2.69%) Internet Account 37,283 34,362 (7.83%) 33,149 (3.53%) Credit Balance Account 1,579 1,488 (5.76%) 1,494 (0.40%) Cash Account 39,814 38,279 (3.86%) 31,290 (18.26%) Futures Account 2,590 2,080 (19.69%) 2,060 (0.96%)

At the end of June

2018, MKET had 208,344 equity accounts and 13,510 futures accounts.

42.27% were internet

accounts, 1.89% were margin accounts and the rest 36.71% were cash accounts.

36.71% of equity accounts

and 15.25% of futures accounts were active accounts.

Outstanding loans on margin

accounts at the end of June 2018 totaled Baht 12,997 million.

Short sell value Y-T-D June

2018 totaled Baht 7,944.05 million.

There was no default on

MKET margin accounts

51%

Retail Accounts

39%

Foreign Accounts

10%

Local Institutional Accounts

MKET BROKERAGE2 BUSINESS

2Updated as of Q2/2018

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR BUSINESS OVERVIEW

Among 42 TFEX member brokers, MKET

ranked #11 by derivatives trading volume in 2Q2018. MKET’s derivatives trading volumes come from servicing retail clients, foreign institutions, local institutions and from proprietary trading.

Since TFEX commenced trading on April

2006, MKET has earned the customers’ derivatives account 13,587 accounts. Trading channels cover both sending

rders through marketing officers and

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

fficers 482 derivatives sales persons -

spreading across 45 branches (excluding Head Office) throughout the country.

1,739,547 1,821,050 1,918,969 2,039,614 1,903,785 5.44% 4.45% 4.04% 3.36% 3.61% 0% 2% 4% 6% 8% (200,000) 300,000 800,000 1,300,000 1,800,000 2,300,000 2Q2017 3Q2017 4Q2017 1Q2018 2Q2018 Market Share (%) Volume (Contracts)

MKET's Derivatives Volume and Market Share (%) 2Q2017 - 2Q2018

MKET DERIVATIVES BROKERAGE BUSINESS

In 2Q2018, MKET’s Brokerage fee from Derivatives Business was 40.40

million Baht compared to 30.40 million Baht in 2Q2017, representing the revenue increase of 32.89%. MKET’s average daily volume increased from 28,992 contracts in 2Q2017 to 31,730 contracts in 2Q2018, representing an increase by 9.44%. In 2Q2018, MKET ranked No.11 in term of market shares that accounted for 3.61% of the total volume in derivatives market.

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

INNOVATION AT OUR CORE

MKET always develop our information

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

The first Thai broker with live research

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

Real time stock information and trading

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

Providing rich research and news

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

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@maybankfriends

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

2018 EVENT HIGHLIGHTS

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Even faced with stiff competition from a total of 215 submissions from 55 banks, brokers and Financial Institutions, we are proud that MKET is awarded as follows Maybank Kim Eng (Thailand) has won 3 major awards from Alpha Southeast Asia Best Broker in Southeast Asia (2007-2018) Best Retail Broker : Thailand and Philippines Best Institutional Broker : Thailand, Singapore and Philippines Thank you to all MKET staff for your contributions to achieve these successes. The Asset Triple A awards MBKET as Joint Financial Advisor, Joint Global Coordinator and Jint Domestic Bookrunner, together with CIMB Securities (Thailand) and TISCO Securities for the Initial Public Offering Deal of TPI Polene Power Plc as Renewable energy deal of the year 2018. The 2018 award honors the deals in Asia that make a difference during the review period during the calendar year 2017 (January 1 - December 31 2017) The award present was held on 19 June at Four Seasons Hotel Hong Kong where George Yuen, Head of Debt Markets Loan Syndication, Greater China of Kim Eng Securities (Hong Kong) picked up the awards on behalf of Maybank Investment Bank and Maybank Kim Eng. This award reflects Maybank on-going commitment to its clients, providing the best services across the ASEAN and the regional markets. Thank you to our colleagues both front office and back office who supports the company on this success.

Alpha Southeast Asia Awards – Best Retail Broker and Best Institutional Broker Asia Infrastructure Awards 2018 : Renewable energy deal of the year

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

2018 EVENT HIGHLIGHTS

.

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Maybank Kim Eng Securities (Thailand) has organized Maybank Go Ahead Challenge 2018 for 7 consecutive years inviting students both undergraduate and master degree or the graduated but not exceeding 2 years in all fields of subjects to participate in International Business Competition. This year we recruit undergraduate students to join Maybank GO AHEAD Challenge 2018 by joining hands with top universities in Thailand. The final round of Maybank Go Ahead Challenge 2018 – Thailand Campus Level & National Level to get 2 finalists as Thailand representative to join International competition held on June 29, 2018 at Jasmine City Hotel, Sukhumvit 23. The winner will receive prize worth up to USD 50,000 (or equivalent toTHB 1,600,000) for the final round. Aside, the winner would receive a chance to join the coveted Global Maybank Apprentice program. Thailand three finalists who will be delegates to compete Business Cases, Global Final Level in Malaysia are as follows. 1.

Mr. Ravisut Udomrungrueng, Mahidol University International College, Business Economics

2.

Ms. Yada Sotangkur, Thammasat University, Marketing

3.

Ms. Latisha Khorana, Thammasat University, Marketing

There were about 600 applicants from Thailand out of close to 10,000 applicants comprising 80 nationalities from all over the world. The activities are designed to make challengers learn and understand what is needed to stay relevant in the current and future business environment. MGAC will test both financial and non- financial disciplines to spot the all-rounder talent equipped with future-ready skills that could operate effectively in a rapidly changing environment.The final round competition will be held in Malaysia in August 2018.

Maybank Go Ahead Challenge 2018 (MGAC) – Thailand Campus Level & National Level : June 29, 2018

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

2018 EVENT HIGHLIGHTS

June 8, 2018 : MKET CSR Activity .

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MKET volunteers have signed up to join the CSR activity The project “Paper Ranger – Volunteer for making books for brothers and sisters” under the Foundation for Rural Restoration of Thailand Under the Royal Patronage. The activity is to create recycle books for needed children, using the one page used paper to make handmade reused book and decorate the covers and send to the underprivileged children who lack equipment to learn in the wilderness areas.

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

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

PRODUCT TYPE DEALS

1. M&A

3 - 4

2. REITS

1 - 2

3. Infrastructure Fund

1 - 2

4. Initial Public Offering IPO)

Added on Public Offering 15 -16

5. Equity/Private Placement

1 - 2

6. Financial Advisory (FA) -

Others 1 - 2

DEALS BY PRODUCTS IN PIPELINE

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IB’S MANDATED & POTENTIAL DEALS

Investment Banking

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STRICTLY PRIVATE AND CONFIDENTIAL

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Our ECM Track Record Since 2003

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

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STRICTLY PRIVATE AND CONFIDENTIAL

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

f its subsidiary

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

f their investment in a

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

f the share acquisition in

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

f their investment in a

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

2015

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

2015

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

2016

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

2016

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

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

Our Advisory Track Record Since 2003

Big C Supercenter

2017

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

2018

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

2018

FA, Tender Offer Agent

n Acquiring TICON

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

2017

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

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

THE WINNING TEAM2

BOARD OF DIRECTORS

TH EXCO

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

AUDIT COMMITTEE

COMPLIANCE

CG COMMITTEE TH CUC RETAIL SALES & DEALING RETAIL 1-3 RETAIL 4

E-COMMERCE PRIVATE WEALTH MANAGEMEN 1-2 BUSINESS DEVELOPMENT BUSINESS MARKETING OFFSHORE TRADING SELLING AGENT INSTITUTIONAL SALES INVESTMENT BANKING DERIVATIVE CORPORATE LEGAL HUMAN RESOURCES CORPORATE COMMUNICATIONS CHIEF INFORMATION OFFICER

INTERNAL AUDIT

HEAD OF FINANCE

ACCOUNTING

SETTLEMENT/ CUSTODIAN OPERATION CLIENT SERVICE GENERAL SERVICES

TREASURY/ CASHIERS MANAGEMENT ACCOUNTING

The Board of Directors

Mr Yuth Vorachattarn Chairman to the BOD & Audit Committee Member

Mr. John Chong Eng Chuan

Director

Mr. Montree Sornpaisarn

Director

Ms. Sopawadee

Lertmanaschai Director & Chairman to audit Committee

Mr. Hans Johan Patrik,

Sandin 1 Director & Audit Committee Member

Mr. Henry Koh Swee Ong

Director

Thailand Executive Committee (TH EXCO)

Mr. Montree Sornpaisarn

Chairman

Ms. Hamidah Binti Moris

Member

Mr. Mohamad Yasin B. Abdullah

Member

Ms. Sudthida Chirapatsakul

Member

Mr. Henry Koh Swee Ong

Member

Mr. Peerasit Chiwabhong

Member

Mr. Chuchart Suratepin

Member

Mr. Prateep Chongcharoensuk

Member

Mr. Chakravee Suthisote

Member

Mr. Vichet Pornsinsiriruk

Member

1 Mr. Hans Johan Patrik, Sandin’s effective date on 14 May 2018

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

INSTITUTIONAL RESEARCH RESEARCH

Mr. Hans Johan Patrik, Sandin
Mr. Hans Johan Patrik, Sandin joined the

Company as an Independent Director and a member of the Audit Committee to be effective on May 14, 2018 in the replacement

f Mr. Chiang Shin Lee
Mr. Sandin has been appointed as a Director
f Maybank Investment Bank since 20 May
2015. He has 23 years of working experience

in international financial markets, a strong expertise in derivatives, coupled with a good knowledge

f

the evolving market infrastructure and regulations. He had worked at Union Bank of Switzerland, Zurich in 1911, BNP Paribas, London in Fixed Income Division in 1998. In 2010 Mr. Sandin transferred to Hong Kong and was appointed Head

f

Fixed Income Distribution & Origination, Asia-Pacific ex Japan. Mr. Sandin's last role was as Head, Strategic Hedging Advisory, Investment Banking, before his retirement in April 2014.

SLIDE 18

STRICTLY PRIVATE AND CONFIDENTIAL

THE VOICE OF THE ASEAN OPPORTUNITY

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

marketplace. As a result of our

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

18

MAYBANK KIM ENG THAILAND

OVERVIEW

SLIDE 19

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

LEADERSHIP POSITION STRONG SHAREHOLDERS AND CREDIT RATINGS

2,400

Branches and

ffices in more

than 20 countries

1,156

Branches in 10 ASEAN countries

5

International Financial Centres (IFCs)

MAYBANK

THE LEADING REGIONAL FINANCIAL SERVICES GROUP

No. 1 bank in Malaysia: Conventional

and Islamic

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

years by World Branding Awards

‘Best Islamic Financial Institution’ in

Malaysia by Global Finance Awards 2016

Most Valuable Company on Bursa

Malaysia

48% owned by PNB and its funds and 15%

by EPF *

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

sovereign

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SLIDE 20

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK

A TRULY ASEAN FRANCHISE

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

3 Mar 17 (USD Bil)

TOTAL ASSETS

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

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

* * *

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STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK

TOP 5 BANK IN ASEAN1

5 .

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

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

51 74 77 81 85 108 164 235 283 333

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

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

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

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

4.

Source: Bloomberg

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

4 . 6 .

1in terms of assets, loans and deposits, and net profit

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SLIDE 22

STRICTLY PRIVATE AND CONFIDENTIAL

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

MAYBANK KIM ENG

ASEAN’S INVESTMENT BANK

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

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

1.

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

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

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

1.

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

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

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

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

EQUITIES MARKET SHARE BY COUNTRY

1.

502 574 735 769 896 940 948 984 1104 1132

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

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

2. 2.

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

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

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

2. 2.

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

22

SLIDE 23

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG

OUR BUSINESS PLATFORM

REGIONAL PRODUCTS SHELF

Local and

Global Equities

Fixed Income
Contracts for

Difference

Futures &

Options

PRIME SERVICES

Providing funds, corporates and

family offices with access similar to the larger prime brokers

DISTRIBUTION CAPABILITIES

Involved in notable major IPOs in

the region

Far-reaching corporate access

and local insights of the economy and corporate landscape

REGIONAL RESEARCH NETWORK

Reputable extensive to simplified

research coverage

Innovativeness in delivery

methods

DISTRIBUTION NETWORK

Maybank Group’s Regional

Network

Investment centres/ touchpoints

in all key markets we operate in

SECURITIES FINANCING

Trade in multiple markets with

multi-currency financing facility

OUR SOLUTIONS TO OUR CLIENTS

REGIONAL CORPORATE ACCESS

Private non-deal, pre-IPO

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

REGIONAL ACCOUNT MANAGEMENT

Dedicated teams to manage and

service all the key accounts in the region

ONLINE TRADING PLATFORM

Award winning multi-market and

multi-access trading capabilities

Derivatives
Leveraged

Forex

Securities

Borrowing & Lending 23

SLIDE 24

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG

OUR THOUGHT LEADERSHIP

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

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

85

Analysts, sector specialists, economist and strategist

550

Companies regionally covering more than

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

nications

Internet Oilfield Services Plantations Infrastructure Small & mid Caps

KEY SECTORS

Consumer Discretionary

24

SLIDE 25

STRICTLY PRIVATE AND CONFIDENTIAL

THE LARGEST PLACEMENT IN ASEAN SINCE FEBRUARY 2014

Sime Darby Berhad
USD 571.65 million
Primary Placement

THAILAND’S LEADING RENEWABLE ENERGY COMPANY LISTING

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

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

EC World
USD 256.20 million
Initial Public Offering

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

Tuasone Pte Ltd
SGD 650.0 million
Syndicated Project Financing

THE FIRST SOVEREIGN SUKUK WITHOUT UTILISING PHYSICAL ASSETS

Malaysia Sukuk Global Berhad
USD 1.50 billion
Global Islamic Sukuk

THE SECOND LARGEST M&A DEAL IN INDONESIA

Marlin Enterprise
USD 425.0 million
Senior Syndicated Facility

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

Sarawak Hidro Sdn Bhd
RM 5.54 billion
Sukuk Murabahah Facility

THE LARGEST VESSEL FINANCING IN AFRICA FOR 2016

Yinson Production (West Africa)

Pte Ltd

USD 780.00 million
Islamic Murabahah Term

Financing Facility

INDONESIA’S NATIONAL INFRASTRUCTURE FUNDING

PT Sarana Multi Infrastruktur

(Persero)

IDR 5.0 trillion
Bond Issuance

MAYBANK KIM ENG

NOTABLE ASEAN DEALS FY2016

25

SLIDE 26

STRICTLY PRIVATE AND CONFIDENTIAL

ASIAMONEY BROKERS POLL AWARDS 2015

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

FINANCE ASIA COUNTRY AWARDS 2016

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

GLOBAL BANKING & FINANCE REVIEW AWARDS 2015

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

HFM ASIA HEDGE FUND SERVICES

Best Prime Broker- Boutique, ASEAN

SHARE INVESTOR AWARDS 2015

Most Preferred CFD Provider, Singapore

ALPHA SOUTHEAST 10th ANNIVERSARY AWARDS 2016

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

FINANCE ASIA COUNTRY AWARDS 2015

Best Broker- Thailand Best Broker- Philippines

EUROMONEY AWARDS FOR EXCELLENCE 2016

Best Investment Bank in Malaysia

ASIAMONEY BEST BANK AWARDS 2015

Best Domestic Equity House in Malaysia

ASIAN BANKING AND FINANCE WHOLESALE BANKING AWARDS 2015

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

APLMA 4TH ASIA PACIFIC SYNDICATED LOAN AWARDS 2015

MAYBANK KIM ENG

BEST IN ASEAN

26

SLIDE 27

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

FINANCIAL HIGHLIGHTS

#1 BROKER IN THAILAND FOR THE PAST 15 CONSECUTIVE YEARS

27

SLIDE 28

STRICTLY PRIVATE AND CONFIDENTIAL

384 351 393 199 649 2,054 2, 1 15,788 13,973 14,962 1 ,6 2 1,618 1,829 1,515 1,2

FY2015 FY2016 FY2017 FY2018 (Mar) 4,819 4,914 4,655 ,804 13,170 11,888 14,269 1 ,937 17,989 16,803 18,924 16, 0

FY2015 FY2016 FY2017 FY2018 (Mar)

MAYBANK KIM ENG THAILAND

OUR HEALTHY BALANCE SHEET

In THB’000 2015 2016 2017 2017 (Mar) 2018 (Mar) Total Asset 17,989,158 16,802,595 18,924,143 19,436,017 19,740,675 Total Liabilities 13,170,242 11,888,244 14,269,126 14,807,001 14,936,819 Total Shareholders' Equity 4,818,916 4,914,351 4,655,017 4,629,016 4,803,856 Total Income 3,969,184 3,668,575 3,261,083 970,790 835,504 Net Income 1,019,231 974,490 638,629 256,939 148,839 Net Income per share 1.79 1.71 1.12 0.45 0.26 The Weighted Average Number of Ordinary Share (Thousand Share) 570,814 570,814 570,814 570,814 570,814

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

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

28

2015 2018 (Mar) 2017 2016 2015 2016 2017 2018 (Mar)

SLIDE 29

STRICTLY PRIVATE AND CONFIDENTIAL

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

MAYBANK KIM ENG THAILAND

OUR FINANCIAL RATIOS

66.8% 65.6% 61.2% 26.5% 19.6% 17.9%

2016 2017 201

Gross Margin Net Margin 29

36.3% 39.7% 46.3% 30.5% 35.4% 31.2% 2016 2017 201

Variable Fixed Cost

75.1%

77.5%

66.8%

5.8% 3.6% 3.1% 2016 2017 201

19.8% 13.4% 12.6% 2016 2017 201

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

SLIDE 30

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR P&L

30

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

3,669 2,445 974 3,261 2,460 639 3,969 2,688 1,019 3,344 2,608 596 * annualized to be full year 652 836 971 257 652 149

SLIDE 31

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR COMMON SIZE FINANCIAL STATEMENT

COMMON SIZE FINANCIAL STATEMENT 2015 2016 2017 2018 Total Income 100% 100% 100% 100% Brokerage fees 66.11% 70.60% 60.67% 65.99% Fees and services income 4.25% 2.07% 8.37% 0.76% Gain(loss) on trading in securities 1.97% 1.94% 3.42% 5.55% Interest and Dividend Income 26.26% 23.93% 25.31% 25.50% Other income 1.41% 1.46% 2.23% 2.20% Total Cost 100% 100% 100% 100% Variable Cost 58.86% 54.34% 52.87% 59.75% Fixed Cost 41.14% 45.66% 47.13% 40.25% Total Assets 100% 100% 100% 100% Cash 2.16% 2.11% 2.08% 1.77% Investment 1.08% 3.84% 10.85% 12.24% Account Receivable 93.39% 89.33% 81.88% 81.19% Other Assets 3.37% 4.72% 5.19% 4.80% Total Liabilities 100% 100% 100% 100% Account Payable 18.10% 29.66% 26.61% 18.18% Accrued Expense 4.06% 4.22% 2.12% 1.64% Other Liabilities 77.84% 66.12% 71.27% 80.18%

31

SLIDE 32

STRICTLY PRIVATE AND CONFIDENTIAL

MAYBANK KIM ENG THAILAND

OUR CREDIT OUTLOOK & NCR

Details of Doubtful Account Receivable

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

Account receivables (New Margin Loan) – NPL after 1999

54,338 54,338

Account receivables - overdue cash a/c before 1999

807 807 807 807

Account receivables - overdue cash a/c after 1999

4,839 4,945 5,511 4,902

Accrued interest receivables - margin loans

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

Allowance for doubtful accounts

248,281
248,323
261,916
265,819

2015 2016 2017 2018

NCR 38.51 45.34 24.47 28.84 Allowance for doubtful accounts

2015 2016 2017 2018

Beginning balance of period 260,099 248,281 248,323 261,916 Add Doubtful accounts 347 192 13,698 4,555 Less Reversal of doubtful accounts

12,165
150
105
652

Ending balance of period 248,281 248,323 261,916 265,819 Bad Debt and Doubtful Accounts

2015 2016 2017 2018

Provision for new Doubtful Debt 347 192 13,698 4,555 Received payment from Doubtful Debt

12,165
150
105
652

Total

11,818

42 13,593 3,903

32

SLIDE 33

MAYBANK KIM ENG SECURITIES (THAILAND) PLC.

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

SLIDE 34

DISCLAIMER

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

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

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