fund performance presentation as of december 2009 suranaree university of technology

AIA confidential and proprietary information. Not for distribution. 11

Fund Performance Presentation as of December 2009Suranaree University of TechnologyAIA Equity Registered Provident Fund

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• Fund Status of each plan

• SUT Fund Performance as of December 31, 2009

• AIA Equity Fund Performance as of December 31, 2009

• Performance of each investment plan

• Investment Outlook and Strategy

2

Agenda

01

3

Fund Status of each plan

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0

100

200

300

400

500

600

700

800

900

1000

Net Asset Value (NAV) Members

Plan 1 Plan 2 Plan 3 Plan # Portion Fixed Income Portion

Equity Portion

1 100% SUT Fund 90% 10%

90% SUT Fund

+ 10% AIA Equity Fund

85% SUT Fund

+ 15% AIA Equity Fund

2 81% 19%

3 77% 23%

(Million Baht)

(members)

Plan 1 Plan 2 Plan 3 TotalNet Asset Value

(Million Baht)360.09 53.74 55.11 468.94

No. of members 804 117 95 1,016

Fund Status As of December 31, 2009

02

5

SUT Fund Performance

As of December 31, 2009

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Dec 31, 08 Sep 30, 09 Dec 31, 09

Net Asset value 399,769,590.09 455,020,473.67 455,262,269.22

No. of Units 26,406,281.00 28,342,909.00 28,209,736.51

No. of Members 987 1,011 1,016

Unit Price 15.1392 16.0541 16.1385

Net Return 0.64% 6.04%* 6.60%

* YTD (Not Annualized)

Fund Status : SUT Fund

YTD Net Yield as of Jan 22, 10 = -0.17% ( from Jan 1, 10 to Jan 22, 10 : not annualized)

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Cost Market Price Protion

1)Bonds, Treasury Bills or BoT Bond 301,939,214 304,017,648 66.78%2)Bank Deposits 41,731,037 42,738,612 9.39%3)Debt Instruments - Commercial Banks 28,200,000 28,583,726 6.28%4)Debt Instruments - Private companies 37,866,022 38,917,043 8.55%5)Common Stock 36,000,644 41,398,201 9.09%

Total Investment 445,736,917 455,655,229 100.09%

6) Other Account Payable 0 -392,960 -0.09%

Net Asset Value 445,736,917 455,262,269 100.00%

SUT FUNDSecurities

Asset Allocation

Unit : Baht

As of December 31, 2009

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Total Bank Deposit 42,738,611.58 Baht (9.39% of NAV)

% of NAV

Bank Deposits

Fixed Deposits9.47%

Saving Account0.75%

Current Account2.71%

Fixed Deposit Account (ประจำ��)UOB 4.16%

LH Bank 1.63%

TISCO 1.04%

BAY 0.22%

Saving Account (ออมทรพย์ )CITIBANK 0.24%

UOB 0.12%

BAY 0.03%

Current Account

(กระแสร�ย์วัน) TISCO

0.99%

CITI 0.95%

BAY 0.00%

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Corporate Debenture Investment

No. Issuer Credit Rating Issuer Code Maturity Cost (Baht) Market Value (Baht) Coupon Rate (%) Portion % NAV1 BANPU AA- BP109A* 15/9/2010 888,000 905,078 3.650 0.20%

BP125A 14/5/2012 1,000,000 1,015,166 3.500 0.22%

BP145A 14/5/2014 1,500,000 1,538,258 4.300 0.34%

BP165A 14/5/2016 8,998,026 9,007,032 4.903 1.98% 2.74%

2 SIAM CEMENT A SCC114A 1/4/2011 8,599,313 8,899,659 3.792 1.95% 1.95%

3 PTT PCL AAA PTTC153A 20/3/2015 6,286,892 6,587,166 4.905 1.45%

PTTC243A 6/3/2024 1,500,000 1,650,674 5.000 0.36% 1.81%

4 TOYOTA LEASING AAA TLT112A 28/2/2011 4,000,000 4,110,813 3.500 0.90% 0.90%

5 HONDA LEASING AAA HLTC103A 25/3/2010 3,000,000 3,055,955 4.400 0.67%

HLTC10OA 18/10/2010 998,447 1,023,353 4.400 0.22% 0.90%

6 GLOW ENERGY A GLOW10DA* 11/12/2010 1,095,344 1,123,891 5.264 0.25% 0.25%

รวัม 37,866,022 38,917,043 8.55% 8.55%

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2.65%3.71%

27.18%

66.46%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

< 1 ป� 1-3 ป� 3-5 ป� > 5 ป�

Corporate,

8.55%

Government,

66.78%

Financial

Inst., 15.67%

(Modified Duration) = 1.02 (Years)

Credit Rating by TRIS / FITCHAAA = 42%AA = 32%A = 26%

(Classify by duration)(Classify by issuer)

Summary of Fixed Income Investment

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1

23

Equity Investment

Common Stock Units Cost Market Value % NAV

PTT 30,300 6,068,546 7,453,800 1.64%

PTTEP 19,500 2,105,396 2,866,500 0.63%

TOP 54,400 2,092,083 2,325,600 0.51%

BANPU 3,200 1,147,219 1,843,200 0.40%

RATCH 51,800 1,881,009 1,825,950 0.40%

TTW 333,600 1,403,260 1,487,856 0.33%

Sector : Energy 492,800 14,697,514 17,802,906 3.91%

BBL 34,500 3,445,448 4,002,000 0.88%

KBANK 43,100 2,906,312 3,663,500 0.80%

SCB 15,900 1,284,409 1,379,325 0.30%

Sector : Banking 93,500 7,636,169 9,044,825 1.99%

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Equity Investment

Common Stock Units Cost Market Value % NAV

AP 339,100 1,741,479 1,949,825 0.43%

TICON 175,900 1,701,480 1,688,640 0.37%

LH 241,200 1,430,369 1,519,560 0.33%

Sector : Property 756,200 4,873,327 5,158,025 1.13%

ADVANC 38,100 3,217,030 3,295,650 0.72%

DTAC 37,500 1,321,002 1,340,625 0.29%

Sector : Communication 75,600 4,538,032 4,636,275 1.02%

SCC 8,100 1,647,692 1,903,500 0.42%

Sector : Construction 8,100 1,647,692 1,903,500 0.42%

TPC 48,300 904,927 888,720 0.20%

PTTCH 1,300 90,918 96,200 0.02%

Sector : Chemical and Plastic 49,600 995,844 984,920 0.22%

Total 1,491,300 36,000,644 41,398,201 9.09%

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Income Baht

Interest on Bank Deposit 1,964,020.79

Interest on Bond and Treasury Bill 4,948,385.06

Interest on Promissory Note 813,789.20

Interest on Debenture 3,097,005.45

Dividend 1,644,648.00

Gain on Sales of Securities 5,248,326.25

Sub Total 17,716,174.75 Unrealized loss from mark-to market (Debt Instruments) (4,961,188.59)

Unrealized gain from mark-to-market (Equity Instruments) 16,014,928.14

Total Investment Income 28,769,914.30

January 1 – December 31, 09Earnings of fund

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Suranaree Fund Net Return Benchmark

Bank Deposit 3.85% Average 4 Banks 1 Year Fixed Deposit Rate (Institution) 0.84%

Gov. Bond / Debenture 1.98% TBMA 1-Year. Zero Rate Return Gov. Bond Index 2.27%

TBMA 2-Year. Zero Rate Return Gov. Bond Index 2.07%

Equity 71.27% Set Index Return 63.25%

Net Return 6.60% Benchmark 6.94%

Jan 1 – Dec 31 0, 9

Suranaree University Fund Performance

Note : *10% SET Index Return + 30% TBMA 1 –Yr. ZRR Govt. Bond Index + 30% TBMA 2 –Yr. ZRR Govt. Bond Index

+ 30% Avg. 1-yr. Fixed Deposit Rate

- Past performance of provident fund is not indicative of future results - In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved- The performance measurement has been made in comply with the standard performance measurement set by AIMC.- We are not soliciting or recommending any action based on this material.

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December 31, 08 December 31 ,09 SUT

Net Asset value 63,970,898 114,471,356 13,684,167

No. of Units 20 23 1

No. of Members 921 1,008 212

Unit Price 8.0245 12.0130 12.0130

Net Return -38.67% 49.70% 49.70%

Fund Status : AIA Equity

YTD Net Yield as of Jan 22, 10 = -4.08% ( from Jan 1, 10 to Jan 22, 10 : not annualized)

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Securities

Cost Market Price Portion

1)Bank Deposits 6,718,994 6,730,125 5.88%

2) Common Stock 96,448,040 108,126,138 94.46%

(Total Investment) 103,167,034 114,856,263 100.34%

3) Accrued Dividend 0 23,436 0.02%

4) Other Account Payable 0 -408,343 -0.36%

Net Asset Value 103,167,034 114,471,356 100.00%

AIA Equity Fund

Unit : Baht

Asset Allocation As of December 31, 2009

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1

2

3

Equity Investment

Sec. Name Units Cost Market Value % NAV

PTT 64,600.00 15,568,936.64 15,891,600.00 13.88%

TOP 130,400.00 5,502,136.25 5,574,600.00 4.87%PTTEP 31,100.00 3,657,106.71 4,571,700.00 3.99%

BANPU 7,400.00 2,670,094.44 4,262,400.00 3.72%

TTW 723,800.00 2,984,005.99 3,228,148.00 2.82%EGCO 31,400.00 2,751,409.92 2,488,450.00 2.17%

PTTAR 93,200.00 1,852,546.31 2,376,600.00 2.08%

Sector : Energy1,081,900.00 34,986,236.26 38,393,498.00 33.54%

BBL 82,000.00 8,561,814.26 9,512,000.00 8.31%

KBANK 92,200.00 6,167,944.35 7,837,000.00 6.85%

SCB 69,300.00 5,226,142.11 6,011,775.00 5.25%

BAY 81,900.00 1,679,244.96 1,842,750.00 1.61%

Sector : Banking243,400.00 13,073,331.42 15,691,525.00 13.71%

ADVANC 83,400.00 6,999,898.03 7,214,100.00 6.30%

DTAC 142,600.00 5,066,681.69 5,097,950.00 4.45%Sector : Communication226,000.00 12,066,579.72 12,312,050.00 10.76%

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Equity Investment (cont)

Sec. Name Units Cost Market Value % NAV

AP 871,300.00 4,971,840.43 5,009,975.00 4.38%

LH 588,300.00 3,249,664.82 3,706,290.00 3.24%

PS 128,200.00 2,098,519.17 2,281,960.00 1.99%

Sector : Property 1,587,800.00 10,320,024.42 10,998,225.00 9.61%

SCC 16,600.00 3,388,157.89 3,901,000.00 3.41%

Sector : Construction 16,600.00 3,388,157.89 3,901,000.00 3.41%

BECL 178,300.00 3,321,505.20 3,708,640.00 3.24%

AOT 71,600.00 2,839,591.96 2,792,400.00 2.44%

Sector : Transportation 249,900.00 6,161,097.16 6,501,040.00 5.68%

DELTA 180,400.00 3,147,380.95 3,355,440.00 2.93%

STANLY 26,400.00 2,328,309.89 3,181,200.00 2.78%

CPF 278,400.00 1,472,665.68 3,173,760.00 2.77%

MCOT 46,100.00 942,442.09 1,106,400.00 0.97%

Sector : Other 531,300.00 7,890,798.61 10,816,800.00 9.45%

Total 4,018,900.00 96,448,039.74 108,126,138.00 94.46%

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2009 Fund Return (AIA Equity) Benchmark

Bank Deposit 1.73%

Average 4 Banks 1 Year Fixed

Deposit Rate (Institution) 0.84%

Equity 67.01% Set Index Return 63.25%

Net Return 49.70% Benchmark* 63.25%

Equity Fund Performance

Jan 1 – Dec 31 09

Note : * Benchmark calculated by 100% SET Index Return

- Past performance of provident fund is not indicative of future results - In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved- The performance measurement has been made in comply with the standard performance measurement set by AIMC.- We are not soliciting or recommending any action based on this material.

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2006 2007

2008 2009

Net Return -7.21% 41.00%

-38.67% 49.70%

Benchmark (SET Index Return) -8.01%

26.22% -47.56% 63.25%

Past Performance : AIA Equity

Accumulated Net Return (Since Inception Date) = 20.13%

04

21

Performance of each investment plan

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Performance of each Investment Plan

15434. 8Baht

15641. 3 Baht

16054. 1 Baht

Unit Price(Estimate1)

2

3

1

Benchmark**2009 Net

Return Plan #

85%(Benchmark of SUT Fund) + 15% (100% SET Index Return)3

90%(Benchmark of SUT Fund) + 10% (100% SET Index Return)2

10% SET Index Return + 30% 1-Yr. Fixed Deposit Rate (Avg. 4 Banks) + 30% TBMA 1-Yr. ZRR Index + 30% TBMA 2-Yr. ZRR Index1

Benchmark**Plan #

1Calculated by weighted average from portion of each investment plan

6.60% 6.94%

10.91% 11.80%

13.07% 14.29%

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Plan # Net Return 2008 Net Return 2009 Accumulated Net Return

( 2008 - 2009)

1 0.64% 6.60% 7.24%

2 -2.59% 10.91% 8.32%

3 -4.17% 13.07% 8.90%

Compare Return of each Investment Plan

(2008 VS 2009)

05

24

Investment Outlook and Strategy

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AIA confidential and proprietary information. Not for distribution.

Average 1 YR Fixed Deposit Rate of BBL, KBANK, SCB, KTB

2007 2008 2009 1-year fixed 2.90% 2.52% 0.84%

0.5

0.7

0.9

1.1

1.3

1.5

1.7

Dec 08 Feb 09 Apr 09 June 09 Aug 09 Oc t09 Dec 09

1.71% p.a.

0.56% p.a.

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Yield Curve

Steep yield curve due to low level of policy rate mean time long dated higher due to economic recover expectation.

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Inflation Rate and Interest Rate

• Inflation Expectation in Thailand tends to increase in the next 1-2 years as well as other countries such as US, EU and Australia

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Period Strategy

(1H10)- Maintain duration not less than 1 year- Reinvest cash matured in Fixed Deposit 2-3 Years to enhance fund return during inflation pressure

(2H10)

- Extend duration to 1.5 – 2 years- Ladder structure port focus on 1-2-3-4 years to prevent Mark to Market (MTM) loss from tightening policy expected in 2H10

Fixed Income Strategy

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AIA confidential and proprietary information. Not for distribution. Source : www.aimc.or.th / Reuter

380

430

480

530

580

630

680

730

5/1/2

009

5/2/2

009

5/3/2

009

5/4/2

009

5/5/2

009

5/6/2

009

5/7/2

009

5/8/2

009

5/9/2

009

5/10/2

009

5/11/2

009

5/12/2

009

449.96

734.54

2550 2551 2552SET Index Return 26.22% -47.56% 63.25%

SET Index

http://www.aimc.or.th/

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Valuation: Regional vs Thailand

Regional valuations*

*Based on closing prices as of 20 November 2009 Source: UBS estimates

We expect Thailand to deliver 16% EPS growth, 13.5% ROE, and 3.8% dividend yield in 2010E

Country/Region 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011 2008 2009 2010 2011

Australia 11.0 17.5 14.2 11.8 -13.4 -19.3 23.1 20.2 1.7 2.0 1.8 1.7 15.3 11.6 12.8 14.3 5.8 3.6 4.0 4.5

China 13.7 19.1 15.8 13.9 -7.2 17.3 20.5 13.5 1.9 2.7 2.4 2.2 14.0 14.4 15.4 15.6 3.1 2.0 2.5 2.8

Hong Kong 14.1 20.4 16.8 15.5 -24.6 7.0 22.3 9.1 0.9 1.3 1.3 1.2 6.1 6.3 7.4 8.0 4.6 3.1 3.3 3.7

Indonesia 8.6 15.3 13.2 10.9 2.5 12.5 16.2 23.0 1.7 3.0 2.6 2.5 19.8 19.7 20.0 22.6 4.5 2.2 2.9 3.5

India 10.8 18.3 15.6 12.9 0.9 4.1 17.6 20.3 1.7 2.8 2.4 2.1 16.4 15.2 15.6 16.2 2.1 1.3 1.4 1.7

Korea 10.8 13.3 9.7 8.6 -21.8 14.7 38.2 10.6 1.0 1.3 1.2 1.1 9.6 9.9 12.3 12.3 2.6 1.7 1.9 2.2

Malaysia 12.5 17.8 15.5 13.4 -15.7 -3.9 15.3 15.5 1.6 2.1 1.9 1.8 12.7 11.7 12.5 13.3 4.0 3.3 2.9 3.2

Philippines 9.9 15.4 13.8 12.3 -2.8 6.2 11.7 12.0 1.0 1.6 1.5 1.4 10.3 10.1 10.9 11.6 6.1 3.1 3.2 3.4

Singapore 9.2 18.3 15.1 13.4 -14.4 -19.1 21.6 12.8 1.1 1.8 1.7 1.6 12.0 9.8 11.3 11.9 5.7 3.2 3.5 3.8

Taiwan 16.6 24.4 16.3 14.4 -43.7 7.2 49.8 13.6 1.4 2.1 1.9 1.8 8.2 8.4 11.8 12.6 6.7 3.0 3.5 4.3

Thailand 8.6 12.9 11.1 9.3 -13.2 2.7 16.0 19.0 1.1 1.6 1.5 1.4 13.3 12.7 13.5 14.8 7.3 3.9 3.8 4.4

United States 24.0 19.0 15.0 12.6 -51.4 51.3 26.4 18.7 1.9 2.3 2.1 2.0 10.7 12.3 13.9 15.5 3.1 1.9 2.0 2.1

Europe 15.0 20.6 15.5 13.1 -31.4 -1.6 32.9 18.7 1.3 1.7 1.6 1.5 8.9 8.5 10.5 11.5 3.6 2.3 2.6 3.0

Japan 29.9 39.1 19.1 14.4 -68.7 -29.2 105.3 32.8 1.0 1.1 1.0 1.0 3.5 2.7 5.4 6.9 2.5 2.0 2.1 2.3

Asia Pac ex JP 12.1 18.1 14.7 12.7 -12.9 3.5 22.8 15.3 1.5 2.2 2.0 1.8 12.6 12.0 13.3 14.0 4.1 2.4 2.8 3.2

Asia ex JP 12.5 18.2 14.8 13.0 -12.7 10.8 22.9 14.2 1.5 2.2 2.0 1.8 12.0 12.1 13.5 14.0 3.6 2.2 2.5 2.9

Global DM 9.1 14.8 11.9 10.1 -8.2 -2.9 25.0 17.3 1.3 1.9 1.7 1.5 14.5 12.7 14.3 15.0 3.9 2.4 2.8 3.3

PE EPS Growth(%) PBOOK ROE(%) Net Div Yield(%)

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Equity Strategy

• Focus on growth and value Stock

• Overweight on

• Banking

• Energy

• PTT / PTTEP / TOP / BANPU

Regional banks valuation comparison

Data priced as at 20 November 2009; Source: UBS estimates

Tier-1 ratio2009E 2010E 2009E 2010E 2009E 2010E (2009E)

China/HK 17.6 14.5 3.2 2.8 18.1 19.3 9.0India 23.4 21.0 3.3 2.8 14.9 13.8 10.7Indonesia 16.4 13.2 3.1 2.8 19.8 21.4 12.1Malaysia 31.8 14.5 2.5 2.2 12.4 15.6 10.1Philippines 17.4 14.1 1.7 1.6 9.8 11.1 10.8Singapore 15.2 12.3 1.6 1.5 10.9 12.5 12.9Taiwan 43.3 23.2 2.2 2.1 7.2 8.9 8.7Thailand 13.4 10.2 1.5 1.3 11.1 13.0 11.5ASIA 19.5 15.2 3.0 2.6 16.5 17.6 9.6Asia, ex-Thailand 19.7 15.3 3.0 2.7 16.6 17.8 9.5

PE (x) P/BV (x) ROE

Thank you.

32

Investment involves risk. Investors should study investment details before making investment.

Past performance of provident fund is not a guarantee of future result.

Disclaimer:

fund performance presentation as of december 2009 suranaree university of technology

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