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SET New 54/ 2018 July 9, 2018

SET market report for June 2018 BANGKOK, July 9, 2018 - The Stock Exchange of Thailand (SET) Index at the end of June decreased nine percent from end-2017 and 7.6 percent from the previous month to 1,595.58 points, resulting in lower Forward P/E ratio at 14.57 times. This movement was in similar direction to other stock exchanges in the region. The average daily trading value of SET and Market for Alternative Investment (mai) in June was THB 57.39 billion (USD 1.74 billion), a 34.3 percent increase from a year earlier. For the first half of 2018, foreign investors sold a net THB 179.84 billion of Thai shares. Value of their holding slightly declined from approximate value of THB 4.85 trillion, accounting for 29.73 percent of the total market capitalization, compared to 30.84 at the end of 2017. SET President Pakorn Peetathawatchai said that SET Index declined in the same direction as the global market, causing the forward P/E ratio to reduce to 14.57 times, affected by concerns over trade conflicts and monetary policy maneuvers of the US central bank. However, the Thai economy still looked promising, driven by internal factors including the government's accelerated investment and the improving private investment. Key highlights for June Securities market:

In June, foreign investors sold a net THB 48.7 billion of Thai shares, in line with most regional stock markets and the Thai bond market, where foreign investors were also net sellers in June.

For the first half of 2018, foreign investors sold a net THB 179.84 billion of Thai shares. At the end of June, foreign investors held Thai shares worth a combined approx. THB 4.85 trillion, representing 29.73 percent of the total market capitalization, slightly decline from 30.84 at the end of 2017.

SET Index ended June at 1,595.58 points, a nine percent drop from end-2017. However, indices of Resources, Services and Industrials sectors, in descending order fell at a slower pace than SET Index.

Forward P/E ratio of SET was 14.57 times at end-June while historical P/E ratio was 16.24 times, higher than the average of Asian stock markets at 13.70 times and 15.03 times, respectively.

Dividend yield ratio of SET was 3.23 percent at end-June, above Asian stock markets' average ratio of 2.83 percent.

A combined market capitalization of SET and mai at the end of June was THB 16.4 trillion, down 8.7 percent from the end of 2017 in line with SET Index.

The average daily trading value of SET and mai in June was at THB 57.39 billion, up 34.3 percent compared to the same period a year earlier.

Derivatives market:

In June, the average derivatives trading volume jumped by 42.1 percent from the previous month to 557,004 contracts per day, mainly driven by the increase in transactions of SET50 Index Futures and Single Stock Futures.

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“SET…Make it Work for Everyone” Members of the media please contact the Corporate Communications Dept.: Arada Kultawanich tel: +66 (0) 2009 9483 / Darawan Maleesri tel: +66 (0) 2009 9484 Kanokwan Khemmalai tel: +66 (0) 2009 9478.

SET market report for June 2018

Jun 29, 2018

2

Agenda • SET in the regional context • Market Activities

3

Source: Bloomberg Note: exclude mai

Foreign net trading value into regional stock markets

SET in the regional context

Net buy / sell Yearly 6 months Quarterly Monthly

2018 YTD 2016 2017 H2/17 H1/18 3/2017 4/2017 1/2018 2/2018

2018 Apr May Jun

THAILAND 2,240 -796 -1,189 -5,642 -113 -1,075 -1,839 -3,804 -684 -1,621 -1,499 -5,642 INDONESIA 1,259 -2,960 -4,264 -3,570 -2,110 -2,154 -1,713 -1,857 -750 -460 -647 -3,570 PHILIPPINES 83 1,095 687 -1,219 658 29 -621 -598 -171 -174 -253 -1,219 VIETNAM -345 1,163 757 1,564 219 538 488 1,076 66 1,002 8 1,564 TAIWAN 10,956 6,489 -2,922 -8,916 -2,200 -722 -2,361 -6,554 -2,873 -1,043 -2,638 -8,916

INDIA 2,903 8,108 -398 -875 -3,000 2,602 2,125 -3,000 -943 -1,427 -630 -875 KOREA 10,480 8,267 -743 -3,706 -2,777 2,034 -1,084 -2,622 -1,213 -261 -1,148 -3,706

Unit: million USD, Data as of Jun 29, 2018

4 Sources: SETSMART, Thai BMA and BOT

SET in the regional context

Unit: million USD, Data as of Jun 29, 2018

Foreign net flow into Thai bond and equity markets

Net flow Yearly 6 months Quarterly Monthly

2018 YTD 2016 2017 H2/17 H1/18 3/2017 4/2017 1/2018 2/2018

2018 Apr May Jun

1.Government bond (LB+TB) 16.4 113.1 17.5 27.5 33.8 -16.3 -8.7 36.2 8.4 17.4 10.4 27.5 2.Central bank bond 46.8 104.1 111.1 -34.3 58.3 52.8 29.8 -64.1 -38.9 -6.7 -18.4 -34.3 3.Equity 78.5 -26.0 -39.1 -179.8 -4.1 -34.9 -58.0 -121.8 -21.4 -51.7 -48.7 -179.8 Total (1+2+3) 141.7 191.2 89.5 -186.6 88.0 1.6 -36.9 -149.7 -51.9 -41.0 -56.7 -186.6 THB/USD (average) 35.28 33.92 33.15 31.74 33.37 32.92 31.55 31.92 31.28 31.97 32.50 31.74 THB/USD (end of period) 35.83 32.57 32.57 33.03 33.31 32.57 31.18 33.03 31.52 32.07 33.03 33.03

5

SET in the regional context

Source: Bloomberg; * MSCI EM = MSCI Emerging Markets Index

-10.6 -10.3

-5.0 -6.3 -4.6 -5.4 -6.7 -5.5 -4.1 -1.8 -1.9 -1.3 -1.4

-7.7 -7.6 -5.0 -4.7 -4.6 -4.0 -4.0 -3.1 -2.8 -1.1 -0.3

0.3 0.5

China Thailand Hong Kong Singapore MSCI EM Philippines Korea Indonesia Malaysia Vietnam Taiwan India Japan

USD Local currency

Stock index change (%MTD) Unit: percent; (end of May 2018 - Jun 29, 2018)

-21.3 -14.4

-10.3 -13.1 -7.7 -5.2

-9.3 -5.8 -3.6 -3.4 -0.4 -0.8 -3.0

-15.9 -12.9 -9.0 -8.8 -7.7 -5.9 -5.7 -3.9 -3.2 -2.4 -2.0

1.8 4.0

Philippines China Thailand Indonesia MSCI EM Malaysia Korea Singapore Hong Kong Vietnam Japan Taiwan India

USD Local currency

Stock index change (%YTD) Unit: percent; (end of Dec 2017 - Jun 29, 2018)

6 Source: Bloomberg

SET in the regional context

Stock index movement (in local currency) Data as of Jun 29, 2018; rebased end-2017 = 100

80

90

100

110

120

130

31-D

ec-1

7

31-Ja

n-18

28-F

eb-1

8

31-M

ar-1

8

30-A

pr-1

8

31-M

ay-1

8

Vietnam

Singapore

Malaysia

Indonesia

Thailand

Philippines80

90

100

110

120

130

31-D

ec-1

7

31-Ja

n-18

28-F

eb-1

8

31-M

ar-1

8

30-A

pr-1

8

31-M

ay-1

8

MSCI world index

MSCI asia exJapanMSCI emergingmarketsThailand

MSCI ASEAN

MSCI frontiermerkets29

-Jun-

18

29-Ju

n-18

7

Source: Bloomberg, *Historical P/E of SET and mai from SETSMART Forward P/E Ratio : The measure of the price-to-earning ratio (P/E) using forecasted earnings for the next 12 months from analyst consensus in Bloomberg data base. Historical P/E Ratio: The measure of the price-to-earning ratio( P/E) using trailing 12 months earning in the calculation.

SET in the regional context

Unit: times Forward P/E of Thailand and regional comparisons

Unit: times Historical P/E of Thailand and regional comparisons

10.25

13.70

12.54

14.81

14.87

16.94

16.40

18.87

14.20

15.34

37.44

9.34 11.95

11.63

13.69

13.97

15.54

15.59

16.99

16.80

15.66

30.57

9.08 11.29

11.51

12.97

13.89

14.74

16.21

16.48

17.17

14.57

27.47

Korea China Hong Kong Singapore Taiwan Indonesia Malaysia Philippines Vietnam SET mai

29-Jun-2017 30-May-2018 29-Jun-2018

13.30

16.08

13.83

16.90

16.22

17.43

16.28

21.68

37.69

16.36

92.46

11.03

11.53

11.91

14.70

14.66

16.76

17.98

19.07

20.55

17.64

89.25

10.47

11.13

11.58

13.78

14.69

17.44

17.99

18.37

19.87

16.24

77.09

Singapore Korea Hong Kong China Taiwan Malaysia Vietnam Philippines Indonesia SET mai

29-Jun-2017 30-May-2018 29-Jun-2018

Average of 9 countries as of Jun 29, 2018 is 15.03

Average of 9 countries as of Jun 29, 2018 is 13.70

8

Source: Bloomberg Market dividend yield : Previous 12-month dividend value divided by market capitalization at the end of the month.

SET in the regional context

Market Dividend Yield Unit: percent

1.49

1.62

2.76

2.22

1.77

3.05

3.36

3.66

3.26

3.15

1.66

1.81

1.67

1.89

2.24

2.04

3.59

3.58

3.72

3.79

2.97

1.79

1.74

1.75 2.2

8

2.36

2.41

3.39 3.6

8 3.85 4.00

3.23

1.89

Korea Philippines Vietnam Indonesia China Malaysia Hong Kong Taiwan Singapore SET mai

29-Jun-2017 30-May-2018 29-Jun-2018

Average of 9 countries as of Jun 29, 2018 is 2.83%

9

80.0 76.9

34.1 35.3

43.9

23.5 25.3

12.3 11.5

2015 2016 2017 2018(YTD)

Jan18

Feb18

Mar18

Apr18

May18

Thailand Singapore Malaysia Indonesia Philippines

1,917

1,686

1,054

1,003 704 906

485 507

140 117

2015 2016 2017 2018(YTD)

Jan18

Feb18

Mar18

Apr18

May18

Thailand Singapore Malaysia Indonesia Philippines

SET in the regional context Share turnover velocity** (2015 - May 2018)

Unit: percent

Average daily turnover* (2015 - May 2018) Unit: million USD

Source: World Federation of Exchanges (WFE) , there are no turnover velocity of Singapore Exchange since Apr 2018. * Average daily turnover calculates by trading value / number of business days ** The turnover velocity is the ratio between the Electronic Order Book (EOB) turnover of domestic shares and their market capitalization. The value is annualized by multiplying the monthly average by 12.

10

Source: World Federation of Exchanges (WFE). * Bombay SE

SET in the regional context

5,278

2,201

933 907 745 691 581 267

India*

Hong

Kon

g

Taiw

an

Malay

sia

Sing

apor

e

Thail

and

Indon

esia

Philip

pines

4,462

2,205

1,086 767 552 482 437 257

Hong

Kon

g

India*

Taiw

an

Sing

apor

e

Thail

and

Indon

esia

Malay

sia

Philip

pines

Domestic Market Capitalization Unit: billion USD; data as of end May 2018 (...%) Percentage change (MoM); Apr 2018 - May 2018

Number of Listed Companies Unit: companies; data as of end-May 2018 (…) Change (MoM); Apr 2018 - May 2018

(0.4%) (-4.1%) (-4.3%) (-161) (+15) (0) (0.9%) (-3.6%) (-4.1%) (+1) (+2) (-1) (MoM) (+8) (-6.9%) (0) (0.5%)

11 Source: World Federation of Exchanges (WFE). * BSE India Limited

SET in the regional context

-7.4% -5.4%

-4.0% -2.6%

0.6% 1.2% 2.6%

-6.8% -5.0%

0.0%

-5.9% -2.5% -1.1%

2.2% 3.0%

Philippines Indonesia India Malaysia Singapore Thailand Taiwan Hong Kong

USD Local currency

Domestic Market Capitalization (%YTD) Unit: percent; (end of Dec 2017 - May 2018)

-6.9% -4.3% -4.1% -4.1% -3.6%

0.4% 0.5% 0.9%

-5.6% -2.8% -2.6% -2.7% -2.6%

0.4% 0.6% 2.1%

Malaysia Philippines Thailand India Singapore Hong Kong Indonesia Taiwan

USD Local currency

Domestic Market Capitalization (%MoM) Unit: percent; (end of Apr 2018 - May 2018)

12

%YTD Weight Mkt cap.2015 2016 2017 Apr 18 May 18 Jun 18 Jun 18 Jun 18

SET -14.0 19.8 13.7 0.2 -3.0 -7.6 -9.0 100%SET50 -18.7 18.6 17.7 0.4 -3.6 -7.3 -7.4 67%

Resource -20.7 38.5 19.6 1.9 -3.1 -7.6 -1.8 23%Service 2.9 20.7 19.7 1.7 -2.3 -9.1 -7.7 25%

Industrial -9.7 33.6 28.7 1.8 -4.8 -11.5 -8.6 6%Property -0.9 4.0 6.6 -0.7 -0.3 -7.6 -11.5 15%

Technology -34.5 7.5 7.5 1.6 -6.2 -8.3 -11.6 9%Financial -22.3 17.7 11.5 -3.9 -2.9 -3.6 -12.2 16%

Consumption -18.3 6.2 -5.1 -2.6 -7.1 -6.4 -14.9 1%Agro & Food -13.2 36.3 -1.9 -2.4 -4.9 -6.8 -19.5 6%

%YoY %MTD

Source: SETSMART

Market Activities

12

80

90

100

110

120

29/12

/2017

1/8/20

18

1/12/2

018

18/01

/2018

24/01

/2018

30/01

/2018

2/5/20

18

2/9/20

18

15/02

/2018

21/02

/2018

27/02

/2018

3/6/20

18

3/12/2

018

16/03

/2018

22/03

/2018

28/03

/2018

4/3/20

18

4/10/2

018

18/04

/2018

24/04

/2018

30/04

/2018

5/7/20

18

5/11/2

018

17/05

/2018

23/05

/2018

30/05

/2018

6/5/20

18

6/11/2

018

15/06

/2018

21/06

/2018

27/06

/2018

RESOURCINDUSSERVICESET50SETTECHPROPCONFINCIALCONSUMPAGRO

SET index classified by industry

SET index classified by industry Unit: percent

(Data as of Jun 29, 2018; rebased end-2017 = 100)

13

338,8

36

263,9

31

320,2

80

311,2

57

312,8

52

336,2

62

341,5

16

337,6

70

338,8

36

339,7

33

314,7

15

312,0

86

309,1

01

285,4

76

263,9

31

540 417

566 551 547 571 575 547

540 541 500 491 486 461 417

50150250350450550650750

0

100,000

200,000

300,000

400,000

500,000

2017

2018

(YTD

)

Jun

17

Jul 1

7

Aug

17

Sep

17

Oct 1

7

Nov 1

7

Dec 1

7

Jan

18

Feb

18

Mar 1

8

Apr 1

8

May 1

8

Jun

18

17,58

7,433

16,10

7,392

15,61

2,755

15,57

5,690

16,02

3,441

16,47

1,117

17,04

0,721

16,83

7,277

17,58

7,433

18,33

1,165

18,19

6,387

17,83

5,643

17,87

2,266

17,41

8,772

16,10

7,392

1,754 1,596 1,575 1,576 1,616 1,673 1,721 1,697 1,754 1,827 1,830 1,776 1,780 1,727 1,596

200

600

1,000

1,400

1,800

0

5,000,000

10,000,000

15,000,000

20,000,000

2017

2018

(YTD

)

Jun

17

Jul 1

7

Aug

17

Sep

17

Oct 1

7

Nov 1

7

Dec 1

7

Jan

18

Feb

18

Mar 1

8

Apr 1

8

May 1

8

Jun

18

SET Market capitalization and SET index Unit: Market cap.(million THB) (LHS); Index (RHS)

mai Market capitalization and mai index

Source: SETSMART, data as of Jun 29, 2018.

Market Activities

Unit: Market cap.(million THB) (LHS); Index (RHS)

SET Market Cap (million THB)

Index

High

18,451,181 (Jan 24, 18)

1,838.96 (Jan 24, 18)

Low

16,107,392 (Apr 4, 18)

1,595.58 (Jun 29, 18)

Average 17,780,573 %YTD -8.42% -9.02%

mai Market Cap (million THB)

Index

High

339,733 (Jan 31, 18)

540.74 (Jan 31, 18)

Low

300,538 (Apr 4, 18)

416.57 (Jun 29, 18)

Average 263,931

%YTD -22.11% -22.91%

2018 (YTD)

2018 (YTD)

14

47,755

64,160

48,337 39,924

69,463 58,681 60,541 60,067 55,700

1,753.71 1,595.58 1,575.11 1,574.74

1,776.26 1,595.58

1,780.11 1,726.97 1,595.58

0

400

800

1,200

1,600

2,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

2017

2018

(YTD

)

Q1/20

17

Q2/20

17

Q1/20

18

Q2/20

18

Apr 1

8

May 1

8

Jun

18

2,358 1,450 2,528 2,165 1,718 1,172 957 838 1,690

540.37

416.57

597.45 565.71

490.65 416.57 486.44 460.88

416.57

0

100

200

300

400

500

600

700

800

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2017

2018

(YTD

)

Q1/20

17

Q2/20

17

Q1/20

18

Q2/20

18

Apr 1

8

May 1

8

Jun

18

SET average daily trading value and SET Index

SET and mai (THB million)

2017

2018 (YTD)

H1/2017 H2/2017 H1/2018 Q1/2017 Q2/2017 Q1/2018 Q2/2018 Apr 18 May 18 Jun 18

Average daily trading value % YOY

50,114 -4.59%

65,610 40.95%

46,549 -0.26%

58,366 -7.76%

65,610 40.95%

50,865 9.29%

42,089 -10.09%

71,181 39.94%

59,853 42.21%

61,498 53.24%

60,905 41.66%

57,390 34.29%

Average daily trading value SET Index at the end of period

mai average daily trading value and mai Index

Average daily trading value mai Index at the end of period

Market Activities

Unit: Trading value (million THB (LHS); Index (RHS) Unit: Trading value (million THB) (LHS); Index (RHS)

Source: SETSMART, Data as of May 31, 2018

15

24,208 26,951 22,847 25,569 26,951 25,797 19,798 28,107 23,117 34,936 29,680 27,322 24,106 23,996 21,391

15,151 23,720 13,703 16,598 23,720 14,352 13,032

23,780 23,222 25,754 22,811 23,973 23,030 23,178 23,430

5,517 6,765

5,200 5,834 6,765

5,608 4,778

6,990 6,050 8,749

7,212 6,396 6,273 6,229 5,680 5,238 8,174

4,799 5,677 8,174

5,107 4,481

8,442 7,464

9,403 8,427 8,737 8,089 7,502 6,889

48.31% 41.08% 49.08% 47.63% 41.08% 50.72% 47.04% 43.08% 38.62% 44.31% 43.56% 41.13% 39.20% 39.40% 37.27%

30.23% 36.15% 29.44% 30.92% 36.15% 28.22% 30.96% 34.00% 38.80% 32.66% 33.48% 36.09% 37.45% 38.06% 40.83%

11.01% 10.31% 11.17% 10.87% 10.31% 11.03% 11.35% 10.47% 10.11% 11.10% 10.59% 9.63% 10.20% 10.23% 9.90% 10.45% 12.46% 10.31% 10.58% 12.46% 10.04% 10.65% 12.45% 12.47% 11.93% 12.37% 13.15% 13.15% 12.32% 12.00%

2017 2018(YTD)

H1/2017 H2/2017 H1/2018 Q1/2017 Q2/2017 Q1/2018 Q2/2018 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Jun 18

Local Investors Foreign Investors Local Institutions Proprietary Trading

Market Activities

Average daily trading value and trading proportion classified by investor types

Unit: million THB

Unit: percent

Source: SETSMART, Data as of Jun 29, 2018

50,114 65,610 46,549 53,679 50,865 42,089 78,842 68,130 66,428 67,319 61,498 60,905 65,610 59,853 57,390

16

Unit: million THB

-26,103

-179,844

13,022

-179,844

6,371 6,652

-57,992 -121,852

-21,404 -51,734 -48,714

2017 2018(YTD)

H1/2017 H1/2018 Q1/2017 Q2/2017 Q1/2018 Q2/2018 Apr 18 May 18 Jun 18

Source: SETSMART; Data as of Jun 29, 2018

Market Activities

116,182

-179,844

74,743

-11,081

Local Investors Foreign Investors Local Institutions Proprietary Trading

Unit: million THB

Net trading position classified by investor type (YTD)

Net trading value of foreign investors

17

Proportion of trading value by sector Unit: percent , data as of Jun 29, 2018

Source: SETSMART

Market Activities

Daily average trading value (Unit: million THB)

SET10

SET11-30 SET31-50

SET51-100

Non SET100 and mai

Proportion of trading value by market cap Unit: percent , data as of Jun 29, 2018

25% 34% 25% 34% 24% 25% 32% 36% 40% 35% 36% 18%

25% 18%

25% 18% 17%

26% 24% 24% 25% 24% 11% 9%

11% 9%

11% 12% 9% 9% 8% 9% 9% 14%

11% 13%

11% 12% 14%

12% 11% 11% 12% 10% 32% 21%

34% 21%

35% 32% 22% 20% 19% 19% 20%

20% 31% 18%

31% 17% 20%

32% 30% 32% 31% 28% 12%

12% 12%

12% 12% 12%

12% 11% 13% 10% 12% 8% 7%

10% 7%

11% 8% 7% 6% 7% 8% 7% 9%

6% 7%

6% 7% 6%

6% 6% 6% 5% 5% 7% 8%

6% 8%

7% 6% 7% 7% 8% 8% 9% 6%

6% 4%

6% 4% 5%

6% 6% 7% 6% 6% 6%

4% 7%

4% 6% 7%

5% 4% 3% 4% 4% 4% 4%

5% 4%

5% 5% 4% 3%

4% 4% 4% 3% 2% 3%

2% 3% 2%

2% 2%

1% 2% 2% 23% 20% 27% 20% 28% 30%

20% 25% 20% 22% 22%

2017 2018 H1/2017 H1/2018 Q1/2017 Q2/2017 Q1/2018 Q2/2018 Apr 18 May 18 Jun 18

Commerce Transportation

Bank Information & Communication Technology

Energy

Construction materials Food & Beverage

Others

Construction Petro

46,549 65,610 65,610 50,865 50,114 42,089 67,319 59,853 61,498 60,905 57,390

18

Number of active investors and active rate* Unit: No. of accounts (LHS); % active rate (RHS)

Source: SET; Note: 1. 12-month average 2. December info

* calculated by number of active accounts / total accounts; active account is account which trade at least once a month ** Data as of Jun 1, 2018

Market Activities

335,302 361,300 351,170 351,331 332,783 354,027 388,357 389,465 390,421 345,681

405,167 390,443 374,360 345,411 381,908

25.7% 25.2% 24.8% 24.6% 23.1% 24.4% 26.5% 26.4% 26.1% 22.9%

26.6% 25.4% 24.1% 22.1% 24.2%

0%

10%

20%

30%

40%

0

200,000

400,000

600,000

800,000

2016 2017 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18

clients active rate

2016 2017 2017 2018

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Number of investors (accounts) 1,353,2252 1,510,0532 1,414,331 1,426,178 1,437,826 1,450,697 1,464,845 1,477,606 1,496,421 1,510,053 1,524,543 1,540,062 1,552,632 1,562,344 1,576,062

% YoY of Number of accounts 8.7% 2 11.6% 2 9.7% 9.5% 10.1% 10.0% 10.1% 11.0% 11.3% 11.6% 11.7% 11.9% 11.6% 11.4% 11.4%

Trading Value / Accounts (Million baht)

3.181 2.801 2.57 2.68 2.37 2.69 3.36 3.15 3.32 2.84 4.09 3.49 3.73 3.20 3.35

% YoY of trading value / Accounts

10.8% -11.% -2.9% -20.8% -23.2% -20.6% 2.8% -2.2% -3.3% 9.52% 34.7% 28.9% 34.3% 51.9% 30.3%

1 1

19

235,570 251,599 244,637 243,864 227,873 244,646 270,587 272,254 273,364 239,181 284,396 275,813 263,337 244,601 270,553

5% 7% 14% 3% -12% -13% -1% -1% 6% 2% 5% 7% 5% 9% 11% -100%0%

100%200%

300%

0

100,000

200,000

300,000

2016 2017 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18

Source: SET; Note: 1. monthly average value 2. calculated by average of monthly internet trading value / average of monthly total trading value Active internet investors is account which trade at least once a month. ; Data as of Jun 1, 2018.

Market Activities

372,805 332,449 285,124 310,820 228,179 285,833

450,532 431,925 416,499 303,882 495,485 398,888 389,225

304,518 351,898

10% -11% 5% -21% -44% -42% 6% 1% -13% -5% 16% 23% 21% 49% 23% -200%-100%0%100%200%300%

0

200,000

400,000

600,000

2016 2017 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18

Number of active internet investor’s account

% Internet trading value 20162 20172 May 17 Jun 17 Jul 17 Aug 17 Sep 17 Oct 17 Nov 17 Dec 17 Jan 18 Feb 18 Mar 18 Apr 18 May 18 Comparing with total trading value (%) 34.9 32.6 31.6 33.1 29.0 30.0 34.5 35.2 32.1 31.0 29.9 29.3 27.9 27.5 27.5 Comparing with trading value of local investors, excludes local institution (%)

64.9 67.5 67.4 68.2 66.8 66.4 69.0 69.0 68.5 66.0 67.5 67.2 67.8 70.2 69.8

Unit: No. of accounts (LHS); %YoY (RHS)

1 1

Internet Trading Value Unit: million THB (LHS); %YoY (RHS)

1 1

20

Fund type2016 2017 Mar 18 Apr 18 May 18 Jun 18

Equity Fund 1,141,779 1,375,319 1,477,629 1,493,725 1,473,540 1,399,522 1.8% 28.6%Fixed Income Fund 2,508,995 2,712,984 2,656,520 2,660,276 2,614,212 2,570,263 -5.3% 52.6%Mixed Fund 297,695 371,759 402,506 394,485 393,872 386,328 3.9% 7.9%Property Fund 287,629 204,053 146,684 147,506 147,684 150,790 -26.1% 3.1%Infrastructure fund 235,937 247,296 245,841 248,093 247,896 300,374 21.5% 6.1%Others 87,511 76,434 79,762 81,396 80,456 78,616 2.9% 1.6%Total 4,559,545 4,987,846 5,008,941 5,025,482 4,957,660 4,885,892 -2.0% 100.0%

Domestic Equity Fund (Exclude Vayupak Fund) 619,808 773,357 801,578 814,571 810,736 780,587 0.9% 55.8%Vayupak Fund 328,726 369,250 405,818 403,666 388,565 355,699 -3.7% 25.4%Foreign Equity Fund 193,245 232,712 270,233 275,488 274,240 263,235 13.1% 18.8%Total 1,141,779 1,375,319 1,477,629 1,493,725 1,473,540 1,399,522 1.8% 100.0%

Long-Term Equity Fund (LTF) 337,392 397,126 381,683 385,650 376,291 356,975 -10.1% 25.5%Retirement Mutual Fund - Equity (RMFEQ) 73,467 100,576 107,980 104,286 104,177 99,002 -1.6% 7.1%Trigger Equity Fund 18,859 2,059 2,339 2,371 2,726 2,948 43.2% 0.2%Other Equity fund 383,334 506,307 579,809 597,752 601,782 584,898 15.5% 41.8%Vayupak Fund 328,726 369,250 405,818 403,666 388,565 355,699 -3.7% 25.4%Total 1,141,779 1,375,319 1,477,629 1,493,725 1,473,540 1,399,522 1.8% 100.0%

Net asset valueEnd of year End of Month %YTD % proportion

Equity fund classified by destination

Equity fund classified by special fund group

Source: Summation of Asset Size by Classification report, Association of Investment Management Companies Note: In Jan 2017, AIMC adjusted fund type of 1 Mixed funds to Others fund

Asset under management

Market Activities Unit: million THB; Data as of Jun 29, 2018

21

Average daily trading contract classified by instruments Unit: contracts; Data as of Jun 29, 2018

2017 2018 %YOY3 H1/2017 H1/18 Q1/17 Q2/17 Q1/18 Q2/18 May 18 Jun 18 %MOM4

SET50 Index Futures1

107,873 171,068 58.58% 95,626 171,068 100,757 90,324 175,814 166,165 143,225 207,742 45.05%

SET50 Index Options 4,433 5,959 34.41% 2,795 5,959 2,450 3,151 6,792 5,098 4,710 6,912 46.75%

Single Stock Futures 194,593 265,313 36.34% 173,986 265,313 189,815 157,628 285,332 244,626 221,844 317,828 43.27%

50 Baht Gold Futures 783 680 -13.24% 658 680 693 622 716 642 708 535 -24.53%

10 Baht Gold Futures1

14,347 18,330 27.76% 11,117 18,330 9,093 13,209 16,921 19,787 17,989 19,338 7.50% Interest Rate Futures

1 - - n.a. - - -- - - - - - n.a.

Silver Futures1 - - n.a. - - - - - - - - n.a. Brent Crude Oil Futures1 - - n.a. - - - - - - - - n.a. USD Futures1 1,422 2,588 82.06% 1,073 2,588 907 1,244 2,536 2,642 2,417 3,918 62.06% Sector Index Futures1 - - n.a. - - - - - - - - n.a. Agricultural Futures6 44 81 86.41% 31 81 7 55 16 148 211 195 -7.34% Gold Deferred,6 722 732 1.30% - 732 - - 691 774 817 537 -34.25%

All Products2

324,217 464,751 43.35% 285,284 464,751 303,721 266,234 488,817 439,882 391,920 557,004 42.12%

Source: SETSMART

Note 1 Calculate from the total volume traded during that period, divided by the number of business days in that period. 2 Calculate by total trading volume of each instrument / number of business days of each instrument. 3 Calculated from the average daily trading volume of 2017 with 2018 (YTD). 4 Calculated from the average daily trading

volume in June 2018 compared with May 2018.

5 TFEX ready for first agricultural trading "RSS3 Futures" on Feb 15, 2016

6 TFEX ready for gold deferred futures trading on Sep 4, 2017

Market Activities: TFEX

22 Source: SET; Data as of Jul 3, 2018.

Market Activities Unit: million THB Fund raising value

Accumulated fund raising value in Jan - Jun 2018

Property 17,196

Resources 1,138

mai 6,588

Financials 2,342

Industrials 15,513

Services 3,820

Technology 56,761

Consumption 179

Others 12

Type

Yearly % YoY

Quarterly Monthly 2017 2017 (6M) 2018 (6M) 1/2017 2/2017 1/2018 2/2018 Mar 18 Apr 18 May 18 Jun 18

Initial Public Offering 106,280 32,296 12,874 -60.14% 2,346 29,949 11,851 1,023 1,325 - - 1,023 Secondary Offering 158,963 59,811 90,674 51.60% 25,314 34,498 21,969 68,705 6,593 7,089 57,553 4,063 - Public Offering 2,083 1,351 53,236 3,841.39% - 1,351 - 53,236 - - 53,236 - - Private Placement 57,841 25,137 5,936 -76.38% 21,038 4,100 5,165 771 3,061 103 3 665 - Convertible Bond - - 1,577 n.a. - - 20 1,557 20 - 612 945 - Warrant 35,483 4,225 20,046 374.44% 1,740 2,486 11,025 9,021 1,992 6,375 372 2,273 - Right Offering 63,555 29,098 9,879 -66.05% 2,536 26,562 5,759 4,120 1,520 611 3,329 180 Grand Total 265,242 92,107 103,548 12.42% 27,660 64,447 33,820 69,728 7,918 7,089 57,553 5,086

Accumulated fund raising value in June 2018

Property 130

mai 1,994

Financials 1,712 Industrials

300

Services 944

Consumption 5

Appendix 1 Market Statistics

As end of June 2018 2017 2018 Q1/2017 Q2/2017 Q1/2018 Q2/2018 Apr 2018 May 2018 Jun 2018

SET

SET Index 1,753.71 1,595.58 1,575.11 1,574.74 1,776.26 1,595.58 1,780.11 1,726.97 1,595.58

Market Dividend Yield (%) 2.70 3.16 3.13 3.09 2.85 3.16 2.85 2.93 3.16

Market P/E Ratio 1/ 19.06 16.24 17.38 16.32 18.29 16.24 18.29 17.62 16.24

Market P/BV 2.13 1.83 1.93 1.89 2.07 1.83 2.07 1.97 1.83

Total Turnover Value (M.Baht) 11,652,311.49 7,827,565.25 2,996,891.18 2,395,435.55 4,306,730.98 3,520,834.27 1,089,739.50 1,261,396.94 1,169,697.83

Daily Turnover Value (M.Baht) 47,755.37 64,160.37 48,336.95 39,923.93 69,463.40 58,680.57 60,541.08 60,066.52 55,699.90

Number of Listed Securities 2,052 2,341 1,891 1,962 2,306 2,341.00 2,272 2,244 2,341.00

Newly Listed Companies 22 1 2 3 1 - - - -

Raising value of New Listed Securities (M.Baht) 2/ 390,660.95 3,686.40 4,620.60 94,929.61 3,686.40 - - - -

Total value of Newly Listed Securities (M.Baht) 3/ 97,546.66 921.60 1,422.44 28,541.61 921.60 - - - -

Delisted Listed Companies 7 - 1 2 - - - - -

No. of Companies moved from mai to SET 2 2 1 - - 2 - 2 -

No. of Companies moved from SET to mai 1 - 1 - - - - - -

Total Capitalization (M.Baht) 17,587,433.31 16,107,392 15,491,497 15,612,755 17,835,643 16,107,392.28 17,872,266 17,418,772 16,107,392.28

mai

mai Index 540.37 416.57 597.45 565.71 490.65 416.57 486.44 460.88 416.57

Market Dividend Yield (%) 1.42 1.92 1.44 1.53 1.67 1.92 1.68 1.76 1.92

Market P/E Ratio 1/ 106.13 77.09 90.93 92.13 93.49 77.09 93.01 87.56 77.09

Market P/BV 2.83 2.06 3.05 2.85 2.41 2.06 2.40 2.23 2.06

Total Turnover Value (M.Baht) 575,436.58 176,842.54 156,712.91 129,891.07 106,525.98 70,316.56 17,221.41 17,601.04 35,494.11

Daily Turnover Value (M.Baht) 2,358.35 1,449.53 2,527.63 2,164.85 1,718.16 1,171.94 956.75 838.14 1,690.20

Number of Listed Securities 203 200 184 192 204 200 205 201 200

Newly Listed Companies 17 3 3 2 2 1 - - 1

Raising value of New Listed Securities (M.Baht) 2/ 35,688 5,966 3,696 6,738 2,153 3,813 - - 3,813

Total value of Newly Listed Securities (M.Baht) 3/ 8,733 1,561 924 1,408 538 1,023 - - 1,023

Delisted Listed Companies - - - - - - - -

No. of Companies moved from mai to SET 2 2 1 - - - 2 -

No. of Companies moved from SET to mai 1 - 1 - - - - - -

Total Capitalization (M.Baht) 338,836.35 263,931 324,089.06 320,279.80 312,086.43 263,930.77 309,101.17 285,475.89 263,930.77

Appendix 1 Market Statistics

As end of June 2018 2017 2018 Q1/2017 Q2/2017 Q1/2018 Q2/2018 Apr 2018 May 2018 Jun 2018

SET & mai

Trading value proportion separated by investor types 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Local Investors 48.31% 41.08% 50.72% 49.08% 43.08% 38.62% 39.20% 39.40% 37.27%

Foreign Investors 30.23% 36.15% 28.22% 29.44% 34.00% 38.80% 37.45% 38.06% 40.83%

Local Institutions 11.01% 10.31% 11.03% 11.17% 10.47% 10.11% 10.20% 10.23% 9.90%

Proprietary Trading 10.45% 12.46% 10.04% 10.31% 12.45% 12.47% 13.15% 12.32% 12.00%

Net Buying Position(M.Baht)

Local Investors -95,184.57 116,181.90 -34,362.26 -28,918.70 40,179.83 76,002.07 7,285.34 27,558.78 41,157.95

Foreign Investors -26,103.49 -179,843.54 6,370.85 6,651.60 -57,991.76 -121,851.79 -21,403.94 -51,733.87 -48,713.98

Local Institutions 104,665.62 74,743.01 28,422.95 23,011.92 14,513.68 60,229.33 15,439.59 22,932.90 21,856.85

Proprietary Trading 16,622.44 -11,081.36 -431.53 -744.83 3,298.25 -14,379.61 -1,320.99 1,242.20 -14,300.81

Daily Turnover Value (M.Baht) 50,113.72 65,609.90 50,864.58 42,088.78 71,181.56 59,852.51 61,497.83 60,904.66 57,390.10

Total Capitalization (M.Baht) 17,926,269.66 16,371,323.05 15,815,585.99 15,933,034.84 18,147,729.58 16,371,323.05 18,181,367.13 17,704,247.63 16,371,323.05

Source: The Stock Exchange of Thailand

Note:

1/ Historical P/E which calculated from market price of common stock divided / earnign per share

2/ Calculated from IPO Price multiplies with number of listed shares

3/ Calculated from IPO Price multiplies with IPO shares