Ref. No.: CO2555_0219 1 of 8

Sansiri - SIRI Recent bookings beat our expectations Bloomberg │ Reuters SIRI.TH │SIRI9

Thailand Equities Research6 March 2012

Report type: Company Update

Company Overview SIRI is one of the leading property developers in Thailand with project portfolios varying from single-detached houses, townhouses and condominiums.

Accumulated bookings during 2M12 reported a strong growth as high as 104% q-q.

Decent SDH/TH booking trend and huge backlogs on hands would help propel earnings in CY12-CY13.

Latest P/E is above historical average but satisfactory dividend yield still warrants our ‘NEUTRAL rating on the shares.

What is the news? 2MCY12 bookings were stronger than expected especially the condominium projects. SIRI’s 2 new condo projects, launched in 1QCY12, were sold out with booking value of Bt2.2bn. How do we view this? Strong bookings and huge backlogs would help sustain profit growth into CY14. Investment Actions? Share prices’ recent runs have caused P/E valuation to exceed historical average. However, still satisfactory dividend yield helps us maintain our ‘NEUTRAL’ rating on the shares.

Sansiri

Rating 3.00 Neutral

- Previous Rating 3.00 Neutral

Target Price (Bt) 2.00

- Previous Target Price (Bt) 1.56

Closing Price (Bt) 2.16

Expected Capital Gains (%) -7.4%

Expected Dividend Yield (%) 6.4%

Expected Total Return (%) -1.0%

Raw Beta (Past 2yrs w eekly data) 0.76

Market Cap. (USD mn) 500

Enterprise Value (USD mn) 1,019

Market Cap. (Bt mn) 15,334

Enterprise Value (Bt mn) 31,717

3M Average Daily T/O (mn) 129.3

52 w eek range 1.02 - 2.2

Closing Price in 52 w eek range

Major Shareholders (%)

1. T.S. STAR 18.1

2. Thai NVDR 16.8

3. CHASE NOMINEES LIMITED 42 7.4

CG Report - 2011

Key Financial SummaryFYE 12/10 12/11 12/12F 12/13F

Revenue (Btmn) 18,732 20,679 25,351 27,915

Net Profit (Btmn) 1,898 2,015 2,222 2,588

EPS (Bt) 0.32 0.29 0.28 0.29

Net Profit, adj. (Btmn) 1,975 2,002 2,322 2,588

EPS, adj. (Bt) 0.34 0.28 0.29 0.29

P/E (X),adj. 6.4 7.6 7.4 7.5

BVPS (Bt) 1.58 1.61 1.78 1.99

P/B (X) 1.4 1.3 1.2 1.1

DPS (Bt) 0.03 0.14 0.14 0.14

Div. Yield (%) 1.4 6.5 6.4 6.7

Source: Bloomberg, PSR est.

*All multiples & yields based on current market price

Valuation Method

P/E'12 (7X)

0.00

1.00

2.00

3.00

4.00

Mar-11

Apr-11

May-11

Jun-11

Jul-11

Aug-11

Sep-11

Oct-11

Nov-11

Dec-11

Jan-12

Feb-12

585165245325405485565645

Volume, mn SIRI TB EQUITY SETI rebased

0% 50% 100%

Analyst Danai Tunyaphisitchai Analyst Reg#2375 Tel. 662-2-635-1700 Ext. 481 Email: danait@phillip.co.th

Sansiri - SIRI Thailand Equities Research 6 March 2012

2 of 8

Accumulated bookings during 2M12 rose sharply by 104% q-q Bookings during 2MCY12 amounted to Bt8.3bn, up sharply by 104% from Bt4.1bn in 4QCY11. SIRI plans to launch 8 new condo projects in 1QCY12. At the latest, 2 new projects were sold out (HQ Thong Lor and DCONDO Krathu. Aside from bookings on these two new projects, condo bookings were boosted by the marketing event at Siam Paragon under “Life Comes Home” theme. Condo bookings rose to Bt6.1bn from Bt2.5bn in 4QCY11. SDH/TH bookings, meanwhile, bounced to Bt2.2bn from Bt1.5bn for the whole fourth quarter of last year. As a result, SDH/TH bookings in 1QCY12 would end up at Bt3.0bn, which is higher than our previous estimates of Bt2bn. As we expect SDH/TH market to regain normal pace during 2QCY12-4QCY12, SDH/TH bookings for the whole year would stand y-y to Bt13.2bn. Good bookings have resulted in huge backlogs on hands to be realized in CY12-CY14 amounting to Bt18.4bn, Bt12.9bn and Bt2.9bn, respectively. Decent SDH/TH booking trend and huge backlogs on hands would propel earnings in CY12-CY13 We project sales realized this year of Bt24.3bn from Bt19.7bn in CY11, of which backlogs on hands have already secured Bt18.4bn in revenue. The remaining would come from realization of Bt6bn from SDH/TH bookings for the rest of this year. Revenue risk for CY12 should be minimal given secured portion from backlogs. Profit growth would stand at 10% while EPS growth would edge up only 3% as one-third of SIRI-W1 are assumed to be exercised in each year for the next 3 years. Meanwhile, backlogs to CY13 would be at Bt12.9bn. The slight growth in SDH/TH bookings (Bt13bn) would suffice to generate sales realized growth of 10%. With lower income tax rate from the government’s stimulus package, we expect CY13 net profit would increase by 16%. SDH/TH booking momentum ahead would be the vital driver to our earnings forecasts in CY13. Only dividend yield keeps us to maintain a ‘NEUTRAL’ Share prices’ recent runs have caused P/E valuation to stand at 7x, slightly higher than its historical average. However, still satisfactory dividend yield helps us maintain our ‘NEUTRAL’ rating on the shares. Our price target is at Bt2.00 based on a 7x CY12 prospective P/E.

Sansiri - SIRI Thailand Equities Research 6 March 2012

3 of 8

FYE Dec FY09 FY10 FY11 FY12F FY13FValuation RatiosP/E (X), adj. 10.1 6.4 7.6 7.4 7.5P/B (X) 1.3 1.4 1.3 1.2 1.1EV/EBITDA (X), adj. 12.5 10.1 9.6 8.8 8.3Dividend Yield (%) 6.0 1.4 6.5 6.4 6.7 Per share data (Bt)EPS, reported 0.16 0.32 0.29 0.28 0.29EPS, adj. 0.21 0.34 0.28 0.29 0.29DPS 0.13 0.03 0.14 0.14 0.14BVPS 1.72 1.58 1.61 1.78 1.99

Growth & Margins (%)GrowthRevenue 5.4 17.4 10.4 22.6 10.1EBITDA 3.2 23.4 5.6 8.2 6.3EBIT 3.3 24.6 3.6 9.8 5.5Net Income, adj. -13.6 56.3 1.4 16.0 11.4MarginsEBITDA margin 16.0 16.8 16.0 14.2 13.7EBIT margin 14.6 15.5 14.5 13.0 12.5Net Profit Margin 6.1 10.1 9.7 8.8 9.3

Key RatiosROE (%) 9.6 9.9 18.2 16.8 16.7 ROA (%) 3.7 3.4 5.6 5.2 5.5

Net Debt-Cash 6,281 11,345 15,700 19,945 18,725Net Gearing(X) 0.6 1.2 1.4 1.6 1.3

Income Statement (Bt mn)Revenue 15,958 18,732 20,679 25,351 27,915EBITDA 2,547 3,142 3,317 3,588 3,813Depreciation & Amortisation 221 243 313 289 333EBIT 2,326 2,899 3,004 3,299 3,480Net Finance (Expense)/Income -110 -222 -222 -283 -245Other items -293 -77 13 -100 0Associates & JVs 0 0 0 0 0

Profit Before Tax 1,923 2,600 2,795 2,916 3,235Taxation -951 -702 -779 -694 -647

Profit After Tax 972 1,898 2,016 2,222 2,588Non-controlling Interest 2 0 1 -0 -0

Net Income, reported 970 1,898 2,015 2,222 2,588Net Income, adj. 1,263 1,975 2,002 2,322 2,588Source: PSR est.

Sansiri - SIRI Thailand Equities Research 6 March 2012

4 of 8

FYE Dec FY09 FY10 FY11 FY12F FY13FBalance Sheet (Bt mn)Cash 3,402 3,331 2,863 1,869 488ST Investments 44 141 105 105 105Accounts Receivables 3,595 50 48 206 209Inventories 13,566 22,339 25,616 30,737 30,557Others 1,028 1,828 3,661 3,661 3,661

Total current assets 21,635 27,690 32,293 36,578 35,021PPE 1,016 1,390 1,881 2,035 2,159Property Investments 1,349 317 677 933 1,176Associates & JVs 81 667 385 338 291Investments 130 0 0 0 0Others 1,164 1,127 1,002 998 994

Total non-current assets 3,740 3,501 3,944 4,304 4,621Total Assets 25,375 31,190 36,238 40,882 39,642Short term loans 5,229 5,207 9,290 5,091 2,991Accounts Payables 795 805 975 1,241 1,162Others 4,019 4,735 4,604 4,604 4,604Total current liabilities 10,044 10,747 14,868 10,936 8,757Long term loans 4,454 9,470 9,274 16,722 16,222Others 753 1,526 718 680 642

Total liabilities 15,251 21,743 24,860 28,339 25,622Non-controlling interest -6 -0 0 0 0

Shareholder Equity 10,131 9,448 11,377 12,543 14,020

Cashflow Statements (Bt mn)CFONet Income 2,561 2,600 2,794 2,916 3,235Adjustments 613 482 362 627 648Cash from ops before WC changes 3,174 3,083 3,156 3,543 3,883WC changes -340 -4,975 -5,481 -4,255 804Cash generated from ops 2,834 -1,892 -2,324 -712 4,687Taxes paid, net -793 -952 -642 -694 -647Interest paid -464 -540 -886 -1,082 -1,009

Cashflow from ops 1,577 -3,384 -3,852 -2,488 3,031CFI 0 0 0 0 0CAPEX, net -162 -535 -551 -400 -400Dividends from associates & JVs 0 -7 0 0 0Dividends/Interest from Investments -1 353 95 -300 -300Purchase/sale of investments -20 -102 33 0 0Investments in subs & associates -35 0 0 0 0Others -140 127 -5 -0 -0

Cashflow from investments -358 -164 -428 -700 -700CFF 0 0 0 0 0Share issuance 0 90 102 0 0Purchase of treasury shares 0 0 0 0 0Loans, net of repayments 648 4,998 3,870 3,250 -2,600Dividends to minority interests 0 0 0 0 0Dividends to shareholders & capital reduction -442 -766 -178 -1,056 -1,111Others 0 -849 0 0 0

Cashflow from financing 206 3,473 3,794 2,194 -3,711Net change in cash 1,425 -75 -486 -995 -1,380Effects of exchange rates 0 -9 7 0 0CCE, end 3,402 3,331 2,863 1,869 488Source: PSR est.

Sansiri - SIRI Thailand Equities Research 6 March 2012

5 of 8

Total Returns Recommendation Rating> +20% Buy 1+5% to +20% Accumulate/Trading Buy 2-5% to +5% Neutral 3-5% to -20% Reduce/Trading Sell 4>-20% Sell 5

We do not base our recommendations entirely on the above quantitative return bands. We

consider qualitative factors like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final recommendation

Ratings History

Phillip Group Rating System

Remarks

12345

Source: Bloomberg, PSR

0

5

10

15

20

25

30

Dec-09

Mar-10

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

Mar-12

Jun-12

Target PriceMarket Price

Sansiri - SIRI Thailand Equities Research 6 March 2012

6 of 8

Research Department Fundamental: Name Analyst Reg No. Tel Email Sector Sasikorn Charoensuwan 9744 66 2 635 1700#480 sasikorn@phillip.co.th Banking Finance and Securities Rutsada Tweesaengsakulthai 17972 66 2 635 1700#482 rutsada@phillip.co.th ICT Energy Health Care Services Danai Tunyaphisitchai 2375 66 2 635 1700#481 danait@phillip.co.th Construction Materials Property Development Naree Apisawaittakan 17971 66 2 635 1700#484 nareea@phillip.co.th Agro & food Industry Electronics Siam Tiyanont 17970 66 2 635 1700#483 siam@phillip.co.th Transportation Media and Publishing Preeyanun Tripetchchuporn 17973 66 2 635 1700#488 preeyanunt@phillip.co.th Petrochemicals and Chemicals Commerce Tourism Ornmongkol Tantitanatorn 34100 66 2 635 1700#491 ornmongkolt@phillip.co.th Finance and Securities Automotive Construction Materials Strategy: Name Analyst Reg No. Tel Email Teerada Charnyingyong 9501 66 2 635 1700#487 teeradac@phillip.co.th Pinkaew Santimetvirul 37928 66 2 635 1700#491 pinkaews@phillip.co.th Waraporn Trakonthanasoontorn 66 2 635 1700#495 warapornt@phillip.co.th Technical: Name Analyst Reg No. Tel Email Sasima Hattakitnikorn 8328 66 2 635 1700#490 sasimah@phillip.co.th Kanoksak Vutipan 2423 66 2 635 1700#485 Kanoksakv@phillip.co.th Database & Production: Name Tel Email Manunpat Yuenyongwatanakorn 66 2 635 1700#492 manunpaty@phillip.co.th Sutiporn Oupkaew 66 2 635 1700#489 Sutiporno@phillip.co.th Translation: Name Tel Email Chaiyot Ingkasorarat 66 2 635 1700#493 chaiyoti@phillip.co.th

Sansiri - SIRI Thailand Equities Research 6 March 2012

7 of 8

Bangkok Offices Head Office Srinakarindr Branch Viphavadi Branch

11st Fl., Unit 1102, 14th Fl., Unit 1404 17th Fl., Modernform Tower, 15th Fl., Lao Peng Nguan Tower 1,

and 15th Fl., Vorawat Bldg., 699 Srinakarindr Rd., Suan Luang, 333 Soi Chuaypuang, Viphavadi- 849 Silom Rd. Silom, Suan Luang, Bangkok 10250 Rangsit Rd., Ladyao, Chatuchak, Bangrak, Bangkok 10500 Tel : 0 2722 8344-53 Bangkok 10900 Tel : 0 2635 1700 , 0 2268 0999 Fax : 0 2722 8343 Tel : 0 2618 8400 Fax : 0 2635 1615 Fax : 0 2618 8344 , 0 2618 8381 Yaowarat Branch Bangkapi Branch Bangkapi 2 Branch

19th Fl., Kanchanadhat Bldg., 8th Fl., The Mall Office Tower-Bangkapi 8th Fl., The Mall Office Tower-Bangkapi 308 Yaowarat Rd., Jakawat, 3522 Lad Prao Rd., Klongchan 3522 Lad Prao Rd., Klongchan Sampantawong, Bangkok 10100 Bangkapi, Bangkok 10240 Bangkapi, Bangkok 10240 Tel : 0 2622 7833 , 0 2226 2777 Tel : 0 2363 3263 Tel : 0 2363 3469 Fax : 0 2622 7844 Fax : 0 2363 3275 Fax : 0 2363 3464 Hua Lumphong Branch Rangsit Branch Sindhorn Branch

4th Fl., Tang Hua Pak Bldg., G Fl., Room#PLZ.G.SHP065A 130-132 Sindhorn Tower 3 Building, 320 Rama 4 Rd., Mahaprutharam, Future Park Rangsit 19 Floor, Wireless Rd., Lumpini, Bangrak, Bangkok 10500 94 Paholyothin Rd., Prachathipat, Pathumwan, Bangkok 10330 Tel : 0 2639 1200 Thunyaburi, Pathumthani 12130 Tel : 0 2650 9717 Fax : 0 2639 1340-1 Tel : 0 2958 5040 Fax : 0 2657 9722 Fax : 0 2567 3311 Provincial Offices Khon Kaen Branch Phisanulok Branch Had Yai Branch

4th Fl., Kow Yoo Hah Bldg., 2nd Fl., Thai Sivarat Bldg., 4th Fl., Southland Rubber Bldg., 359/2 Mittapap Rd., Naimuang, 59/15 Baromtrilokanad Rd., Naimuang 55 Ratyindee Rd., Had Yai, Muang , Khon Kaen 40000 Muang, Phisanulok 65000 Had Yai, Songkla 90110 Tel : 0 4332 5044-8 Tel : 0 5524 3646 Tel : 0 7423 4095-99, 0 7423 0537-8 Fax : 0 4322 5687 Fax : 0 5524 5082 Fax : 0 7422 0908 Khon Kaen-Rim Bueng Branch Had Yai-Petkasem Branch Chumporn Investor Center

3rd Fl., Arokaya Bldg., 3rd Fl., Unit 3D, Redar Group Bldg., 25/45 Krom Luang Chumporn Rd., 52 Rop Bueng Rd., Nai Muang, 607 Petkaseam Rd., Had Yai, Tatapao, Muang, Chumporn 86000 Muang , Khon Kaen 40000 Had Yai, Songkla 90110 Tel : 0 7757 0652-3 Tel : 0 4322 6026 Tel : 0 7422 3044 Fax : 0 7757 0441 Fax : 0 4322 6796 Fax : 0 7422 3620 Suratthani Branch Laemchabang Branch 62/9 Donnok Rd., Talad, 83/112, 114 Moo 9, Tungsukla Muang Suratthani, Suratthani 84000 Sriracha, Chonburi 20110 Tel : 077 206 131 Tel : 0 3849 0669 Fax : 077 206 151 Fax : 0 3849 3125

Results Presentation

Score Range Number of Logo

Less than 50 No logo given

50 - 59

60 - 69

70 - 79

80 - 89

90 - 100

The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regarding corporate governance is made pursuant to the Office of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailand and the Market for Alternative disclosured to the public and able to be accessed by a general public investor. The results, therefore, is from the perspective of a third party. It is not an evaluation of operation and is not based on inside information. The survey result is as of the date appearing in the Corporate Gavernance Report of Thai Listed Companies. As a result, the survey result may be changed after that data. Phillip Securities (Thailand) of securities company does not confirm nor certify the accuracy of such survey result.

Sansiri - SIRI Thailand Equities Research 6 March 2012

8 of 8

Overseas Offices Singapore Office: Phillip Securities Pte Ltd Phillip Futures Pte Ltd 250 North Bridge Road, 250 North Bridge Road, #06-00 Raffles City Tower. #07-01 Raffles City Tower. Singapore 179 101 Singapore 179 101 Company Reg. No. 197501035Z Company Reg. No. 198305695G Tel : (65) 65336001 (General) Tel : (65) 65351155 (General) Fax : (65) 65353834 Fax : (65) 65330593 Hong Kong Office: Phillip Securities (HK) Ltd Phillip Commodities (HK) Ltd 11/F United Centre 95 11/F United Centre 95 Queensway Hong Kong Queensway Hong Kong Tel : (852) 22776600 Tel : (852) 22776600 Fax : (852) 28685307 Fax : (852) 28685307 Japan Office: Phillip Futures K.K. The Naruse Securities Co. Ltd. Tosho Bldg., 4-2 Nihonbashi Kabutocho, 6F, 3-8-3 Nihonbashi Hon-cho, Chuo-Ku Tokyo 103-0026 Chuo-ku, Tokyo 103-0023 Japan Tel : (81-3) 5651-2111 Tel : (81-3) 36662101 Fax : (81-3) 3662-5700 Fax : (81-3) 36678806 United Kingdom Office: Indonesia Office: King & Shaxson Ltd. Walker, Crips, Weddle, Beck PLC PT Phillip Securities Indonesia 6th Floor Candlewick House Sophia House, Wisma Standard Chartered Bank, 120 Cannon Street, London 76/80 City Road, Level 23B, Jl. Jend. Sudirman Kav. EC4N 6AS London EC1Y 2EQ 33A Jakarta 10220 Indonesia Tel : (44-20) 7929 5300 Tel : (44-20) 72537502 Tel : (62-21) 57900800 Fax : (44-20) 7283 6385 Fax : (44-20) 72537500 Fax : (62-21) 57900809 Australia Office: Sri Lanka Office: Head Office - Melbourne Sydney Office Asha Phillip Securities Ltd. Intersuisse Ltd Intersuisse Ltd Level 4, MiIlennium House Level 37, 530 Collins Street, Level 7, 5 Elizabeth Street, Sydney, No.46/58, Navam Mawatha, Melbourne, Victory 3000, NSW 2000, Columbo 02, Sri Lanka Australia Australia Tel : (94-1) 12314875 Tel : (613) 96298288 Tel : (612) 92332100 Fax : (94-1) 12314883 Fax : (613) 96298882 Fax : (612) 92332117

The information contained herein is based on sources which Phillip Securities(Thailand) believes reliable. We do not guarantee its accuracy or completeness. Opinions and estimates expressed herein are subject to change without notice. This report is for information only and should not be construed as an offer or solicitation for the purchase or sale of any securities referred to herein. We accept no liability for any loss, direct or indirect, from the use of this document. The directors and/or employees of Phillip Securities and or its associates may have an interest in the securities mentioned herein.

PHILLIP RESEARCH STOCK SELECTION SYSTEMS

BUY >15% upside from the current price

HOLD Trade within ± 15% from the current price

SELL >15% downside from the current price

We do not base our recommendations entirely on the above quantitative return bands. We consider qualitative factors

like (but not limited to) a stock's risk reward profile, market sentiment, recent rate of share price appreciation, presence or

absence of stock price catalysts, and speculative undertones surrounding the stock, before making our final

recommendation

GENERAL DISCLAIMER

This publication is prepared by Phillip Securities (Hong Kong) Ltd (“Phillip Securities”). By receiving or reading this

publication, you agree to be bound by the terms and limitations set out below.

This publication shall not be reproduced in whole or in part, distributed or published by you for any purpose. Phillip

Securities shall not be liable for any direct or consequential loss arising from any use of material contained in this

publication.

The information contained in this publication has been obtained from public sources which Phillip Securities has no reason

to believe are unreliable and any analysis, forecasts, projections, expectations and opinions (collectively the “Research”)

contained in this publication are based on such information and are expressions of belief only. Phillip Securities has not

verified this information and no representation or warranty, express or implied, is made that such information or Research

is accurate, complete or verified or should be relied upon as such. Any such information or Research contained in this

publication is subject to change, and Phillip Securities shall not have any responsibility to maintain the information or

Research made available or to supply any corrections, updates or releases in connection therewith. In no event will Phillip

Securities be liable for any special, indirect, incidental or consequential damages which may be incurred from the use of

the information or Research made available, even if it has been advised of the possibility of such damages.

Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this material are as of the date

indicated and are subject to change at any time without prior notice.

This material is intended for general circulation only and does not take into account the specific investment objectives,

financial situation or particular needs of any particular person. The products mentioned in this material may not be suitable

for all investors and a person receiving or reading this material should seek advice from a financial adviser regarding the

suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of

that person, before making a commitment to invest in any of such products.

This publication should not be relied upon as authoritative without further being subject to the recipient’s own independent

verification and exercise of judgment. The fact that this publication has been made available constitutes neither a

recommendation to enter into a particular transaction nor a representation that any product described in this material is

suitable or appropriate for the recipient. Recipients should be aware that many of the products which may be described in

this publication involve significant risks and may not be suitable for all investors, and that any decision to enter into

transactions involving such products should not be made unless all such risks are understood and an independent

determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein

with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks.

Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of a security. Any decision to

purchase securities mentioned in this research should take into account existing public information, including any

registered prospectus in respect of such security.

Disclosure of Interest

Analyst Disclosure: Neither the analyst(s) preparing this report nor his associate has any financial interest in or serves as

an officer of the listed corporation covered in this report.

Firm’s Disclosure: Phillip Securities does not have any investment banking relationship with the listed corporation covered

in this report nor any financial interest of 1% or more of the market capitalization in the listed corporation. In addition, no

executive staff of Phillip Securities serves as an officer of the listed corporation.

Phillip Securities (HK)Phillip Securities (HK)Phillip Securities (HK)Phillip Securities (HK) Ltd Ltd Ltd Ltd

2

Availability

The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or

entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the

applicable law or regulation or which would subject Phillip Securities to any registration or licensing or other requirement,

or penalty for contravention of such requirements within such jurisdiction.

© 2011 Phillip Securities (Hong Kong) Limited

Phillip Capital – Regional Member Companies

SINGAPORE

Phillip Securities Pte Ltd

Raffles City Tower 250, North Bridge Road #06-00

Singapore 179101 Tel : (65) 6533 6001 Fax : (65) 6535 6631

Website : www.poems.com.sg

MALAYSIA

Phillip Capital Management Sdn Bhd

B-2-6 Megan Avenue II 12 Jln Yap Kwan Seng 50450 Kuala Lumpur Tel : (603) 2166 8099 Fax : (603) 2166 5099

Website : www.poems.com.my

HONG KONG

Phillip Securities (HK) Ltd

11-12/F United Centre 95 Queensway, Hong Kong

Tel : (852) 2277 6600 Fax : (852) 2868 5307

Website : www.poems.com.hk

THAILAND

Phillip Securities (Thailand) Public Co Ltd

15/F, Vorawat Building 849 Silom Road

Bangkok Thailand 10500 Tel : (622) 635 7100 Fax : (622) 635 1616

Website : www.poems.in.th

JAPAN

The Naruse Securities Co Ltd

4-2, Nihonbashi Kabutocho Chuo Ku, Tokyo Japan 103-0026

Tel : (81) 03-3666-2101 Fax : (81) 03-3664-0141

Website : www.naruse-sec.co.jp

UNITED KINGDOM King & Shaxson Ltd

6th Floor, Candlewick House

120 Cannon Street London EC4N 6AS

Tel : (44) 207 426 5950 Fax : (44) 207 626 1757

Website : www.kingandshaxson.com