TISCO: TISCO FINANCIAL GROUP PUBLIC COMPANY LIMITED TLI: THAI LIFE INSURANCE PUBLIC COMPANY LIMITED TSI: THE THAI SETAKIJ INSURANCE PUBLIC COMPANY LIMITED TTA: THORESEN THAI AGENCIES PUBLIC COMPANY

LIMITED THMUI: THAI MUI CORPORATION PUBLIC COMPANY LIMITED TIDLOR: NGERN TID LOR PUBLIC COMPANY LIMITED TK: THITIKORN PUBLIC COMPANY LIMITED TRUE: TRUE CORPORATION PUBLIC COMPANY LIMITED TTA: THORESEN THAI

. (2005) find that investors care more about “visible” fees such as front- and back-end load fees, but not operating expenses, so this could potentially be one reason behind this puzzling finding. 4

February Entered into the third joint venture agreement with Tokyo Tatemono Asia Pte. Ltd. (“TTA”) to develop an ultra-luxury condominium project in soi Sukhumvit 38, near BTS station – Thonglor. The project

projects, the Lofts Ratchathewi, and an ultra-luxury condominium project in Soi Sukhumvit 38, near BTS station – Thonglor, which is the third joint venture project with Tokyo Tatemono Asia Pte. Ltd. (“TTA

: THAI SUGAR TERMINAL PUBLIC COMPANY LIMITED TSTH: TATA STEEL (THAILAND) PUBLIC COMPANY LIMITED TTA: THORESEN THAI AGENCIES PUBLIC COMPANY LIMITED TTB: TMBTHANACHART BANK PUBLIC COMPANY LIMITED TTCL: TTCL

LIMITED TSTE: TSTE PUBLIC COMPANY LIMITED TSTH: TATA STEEL (THAILAND) PUBLIC COMPANY LIMITED TTA: THORESEN THAI AGENCIES PUBLIC COMPANY LIMITED TTB: TMBTHANACHART BANK PUBLIC COMPANY LIMITED TTCL: TTCL

Annual Report 2009 1 Annual Report 20092 Over the past year, the Thai economy experienced a recession for the first time since the Asian economic crisis in 1997. The first quarter saw a 7.1 percent contraction as a result of sluggish export in the midst of global financial crisis, diminishing demand of domestic private sector, and lack of confidence in economic and political directions. All these factors played out against a backdrop of weakening economies of our trade partners worldwide, which...