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1 Thailand Company Guide Version 10 Bloomberg: ILINK TB Reuters: ILINK.BK Refer to important disclosures at the end of this report DBS Group Research. Equity 3 Apr 2017 HOLD (Downgrade to from BUY) Last Traded Price ( 31 Mar 2017): Bt17.90 (SET : 1,575.11) Price Target 12-mth: Bt18.00 (1% upside) (Prev Bt22.30) Potential Catalyst: Announcement of Samui project win in 3Q16 Where we differ: - Analyst Wasu MATTANAPOTCHANART wasum@th.dbsvickers.com What s New 1Q17F earnings to dive 45% y-o-y Seeking a new partner for underground projects Considering setting up a tower co. in Myanmar Price Relative Forecasts and Valuation FY Dec (Bt m) 2015A 2016A 2017F 2018F Revenue 3,058 2,942 4,752 5,583 EBITDA Pre-tax Profit Net Profit Net Pft (Pre Ex.) Net Pft Gth (Pre-ex) (%) 26.0 (16.8) EPS (Bt) EPS Pre Ex. (Bt) EPS Gth Pre Ex (%) 22 (20) Diluted EPS (Bt) Net DPS (Bt) BV Per Share (Bt) PE (X) PE Pre Ex. (X) P/Cash Flow (X) EV/EBITDA (X) Net Div Yield (%) P/Book Value (X) Net Debt/Equity (X) 0.2 CASH CASH CASH ROAE (%) Earnings Rev (%): (3) 12 Consensus EPS (Bt): Other Broker Recs: B: 3 S: 0 H: 0 Source of all data on this page: Company, DBSVTH, Bloomberg Finance L.P Disappointing 1Q17F and lack of news flows are main drags Earnings recovery not expected until 2H17F, downgrade to HOLD. Earnings are expected to decline significantly y-o-y during 1H17F due to a slowdown in cable sales and higher profit contribution to minority interests after ITEL s listing in Sep 16. ILINK s FY17F earnings and share price performance still hinge on winning the Samui submarine project by Aug 17. With rather weak 1H17F earnings and no near-term catalysts, we cut our TP to Bt18.00 and downgrade the counter from BUY to HOLD. 1Q17F earnings to dive 45% y-o-y. We expect ILINK to generate Bt33m earnings in 1Q17F (-45% y-o-y, -31.3% q-o-q) on the back of Bt715m revenue (-1% y-o-y, -20% q-o-q). Cable sales are expected to drop 27% y-o-y due to the slowdown in overall demand. The bottom line is expected to perform much worse than the top line because ILINK now owns 60% of ITEL, down from 100% before the IPO in Sep 16. Seeking a new partner for underground projects. Largely due to the fierce competition, ILINK has not won any underground projects so far. O&L, a non-listed firm, and SEAFCO won the Nonsee project in Jul 16 at Bt2.0bn (starting price at Bt2.5bn), and Shino Hydro and TEDA, SAMART s subsidiary, won Rama III Phase I project in Feb 17 at Bt1.5bn (starting price at Bt1.8bn). ILINK is now in talks with a new partner for civil construction, and the decision should be finalised by mid-year. At least two more underground projects will be up for bidding this year Rama III Phase II (<Bt2.5bn) and Ratchada (<Bt4.5bn), representing potential upsides to our forecasts. Valuation: We downgrade our rating from BUY to HOLD as we cut our TP to Bt The cut in TP is due to a lower PE multiple of 15x (7-year mean) vs 18x that we used previously (+0.5SD). Key Risks to Our View: We now expect the Samui project to contribute revenue of c.bt700m in FY17F. Any further delay of the cabinet approval or bidding loss would lead us to cut FY17F earnings. At A Glance Issued Capital (m shrs) 362 Mkt. Cap (Btm/US$m) 6,487 / 189 Major Shareholders (%) Anuntarumporn's Family (%) Interlink Holding Co.,Ltd (%) Sakchaichroekul s Family (%) Free Float (%) m Avg. Daily Val (US$m) 0.43 ICB Industry : Technology / Technology Hardware & Equipment ed: CK / sa:cs, PY

2 WHAT S NEW Weak 1H17F, but there are some potential upsides to earnings in the long run 1Q17F earnings to dive 45% y-o-y: We expect ILINK to generate Bt33m earnings in 1Q17F (-45% y-o-y, -31.3% q-oq) on the back of Bt715m revenue (-1% y-o-y, -20% q-o-q). Cable sales (72%/53% of revenue in 1Q16/1Q17F) are expected to drop 27% y-o-y due to the slowdown in overall demand. The bottom line is expected to perform much worse than the top line due to higher profit contribution to the minority interests; ILINK now owns 60% of ITEL, down from 100% before the IPO in Sep 16. Cut FY17F earnings by 3%: The weak cable sales in 1Q17F lead us to cut the full-year forecast. We cut FY17F cable sales from Bt2.2bn to Bt2.0bn (flat y-o-y), resulting in a 3% earnings cut for the year. Seeking new partner for underground project: Largely due to the fierce competition, ILINK has not won any underground projects so far. O&L, a non-listed firm, and SEAFCO won the Nonsee project in Jul 16 at Bt2.0bn (starting price at Bt2.5bn), and Shino Hydro and TEDA, SAMART s subsidiary, won Rama III Phase I project in Feb 17 at Bt1.5bn (starting price at Bt1.8bn). ILINK is now in talks with a new partner for civil construction, and the decision should be finalised by midyear. At least two more underground projects will be up for bidding this year Rama III Phase II (<Bt2.5bn) and Ratchada (<Bt4.5bn), representing potential upsides to our forecasts. Considering setting up a tower co. in Myanmar, an upside for ITEL: The management of ITEL, 60% owned by ILINK, has been in talks with one of the four mobile operators in Myanmar. ITEL wants to secure a long-term contract (15-20 years) for tower rent with the operator and then set up a tower company there. It is hoping to sign the contract by May so that it can start building towers. The first phase should consist of 1,000-1,500 towers. Quarterly / Interim Income Statement (Btm) FY Dec (Btm) 1Q16 4Q16 1Q17F yoy qoq 2017F yoy 1Q17F as % of FY17F Sales % -23.1% 1, % 19.1% Engineering % -67.0% 1, % 1.8% Telecom % 4.2% % Total revenue % -19.5% 4, % 15.0% Cost of sales (401) (374) (288) -28.2% -23.1% (1,511) 0.1% 19.1% Cost of engineering (31) (91) (30) -3.2% -67.0% (1,529) 186.5% 2.0% Cost of telecom (115) (245) (255) 120.8% 4.2% (577) 44.2% Cost of Goods Sold (547) (710) (573) 4.6% -19.3% (3,616) 54.8% 15.8% Gross Profit % -20.2% 1, % 12.5% Other Operating Income % 0.0% % 31.6% Distribution Costs (62) (69) (54) -12.9% -21.6% (333) 60.1% 16.2% Administration Expenses (31) (34) (34) 12.0% 0.0% (143) 27.4% 24.1% SG&A (93) (103) (88) -4.6% -14.4% (475) 28.1% 18.6% EBIT % -25.0% % 9.2% Interest Expense (10) (12) (12) 16.3% 0.0% (58) 57.9% 20.5% Pretax Profit % -29.0% % 8.1% Tax (16) (20) (10) -34.8% -48.6% (127) 85.5% 8.1% Minority Interests 0 (4) (8) NA 88.9% (72) % 11.1% Net Profit % -31.3% % 7.6% Margins (%) Gross Margin 23.9% 20.1% 19.9% 23.9% SGA % Sales -12.9% -11.6% -12.4% -10.0% EBIT Margin 11.9% 9.5% 8.9% 14.5% Pre-tax Margin 10.5% 8.2% 7.2% 13.4% Net Margin 8.3% 5.4% 4.6% 9.2% Effective Tax Rate % -20.9% -27.6% -20.0% -20.0% Source of all data: Company, DBSVTH Page 2

3 CRITICAL DATA POINTS TO WATCH Earnings Drivers: Three-year plan sees impressive growth from telecom business. Management announced at the analyst meeting yesterday that it expects to see ILINK s top line grow from Bt2.9bn in FY16 to Bt4.8bn in FY19F (18.6% 3-year CAGR) on the back of 10% CAGR for cable sales, 69% CAGR for engineering business, and 14% for telecom business over the three-year period. The lofty growth in engineering revenue is due to revenue contribution from the Samui submarine project (Bt683m/Bt861m/Bt450m in FY16/FY17/FY18F). Over the same period, the earnings contribution from the telecom business is expected to grow from 20% in FY16 to 28% in FY19F as its gross margins should expand from 28% to c.40%. Samui and Airport of Thailand s projects to boost engineering income. In , the company had been working on submarine installation projects to Kood and Mark Islands (Bt1.2bn) and Phangan Island (Bt800m) for Thailand s Provincial Electricity Authority (PEA). ILINK is expected to win another submarine project this year (Samui Island, Bt2.0bn). The Samui project, utility work for Suvarnabhumi Phase II (Bt800bn), Hode- Sariang transmission-line (Bt290m) and power-substation (Bt530m) projects should boost the income from its engineering business to Bt1.9bn in FY17F, up from Bt170m in FY16. Opportunities in telecom business. Recurring telecom revenue comes from i) leasing backup mobile network to TRUE (Bt70m revenue p.a.), ii) operating IT networks for corporations, and iii) leasing out data centres. Data centres are expected to contribute revenues of Bt60m in FY16E, up from Bt20m in FY15, thanks to new leases by TMB and ING (200 racks) that started generating revenue in September 2015; currently, 320 out of 348 racks are occupied. ILINK is also building the second data centre, to be completed in 1Q17F, which is expected to contribute Bt3m as share of profit from associate in FY17F. The non-recurring telecom revenue comes from installation works such as the Fiber-to-the-home (FTTX) project for TRUE. Revenue growth is concentrated in high-margin businesses. Engineering and telecom businesses generate around 15% and 13% net profit margins respectively. Hence, the lacklustre growth of low-margin cable sales (5% net profit margin) and higher growth in the other two areas are positive for the company's overall profitability. Market share of cable sales Revenue breakdown 2016 Breakdown of telecom revenue FY17F Earnings trend Source: Company, DBSVTH Page 3

4 Balance Sheet: Leverage ratios to remain low due to declining capex. ILINK had invested around Bt900m p.a. in FY14-15, up from Bt453m in FY13, due to high upfront investments for the fibre-optic network along Thailand s railway, and the data centre. The investments are mostly completed, and we forecast annual capex to drop to Bt500m in FY16E. As a result, we expect the company to be net cash at the end of FY16E. Share Price Drivers: The official win of the Samui underground project (Bt2.0bn) could boost the share price. Leverage & Asset Turnover (x) Capital Expenditure Key Risks: Heavy reliance on two brands of cables. Around 65% of revenue and 42% of net profit in FY15 were contributed by LINK and AMP cables. If either LINK or AMP adds distributors to its list, ILINK s sales would likely be impacted. In the long run, ILINK should be able to find new brands of cables to make up for the market share loss. Delay of submarine project. We expect ILINK to realise Bt683m revenue from the submarine project to Samui Island (Bt2.0bn) this year, assuming that the Cabinet approves the project in the middle of the year, and revenue recognition starts in Aug. If the process does not proceed smoothly as we have assumed, we would have to cut our FY17F earnings. ROE (%) Company Background (ILINK) is a leading trader of indoor data cables (65% of FY15 revenue) in Thailand. It also has two other businesses, namely i) engineering (22% of revenue), in which it acts as a contractor for submarine and underground cable projects, and ii) telecom (13% of revenue). ILINK has 20,000 clients in the trading business, comprising contractors, wholesalers and designers. For the engineering business, its major clients have been TOT, Suvarnabhumi Airport, CAT Telecom, Metropolitan Electricity Authority and Provincial Electricity Authority. For the recurring-income telecom business, ILINK leases out i) data centre (745 square metres, 348 racks) to corporations, and ii) fibre optic network to TRUE (backup capacity) and private enterprises (interconnected IT systems); it has 35k km of fibre (60 cores), of which one-seventh is in Bangkok. 4.8 (x) Forward PE Band (x) PB Band (x) Apr-13 Apr-14 Apr-15 Apr-16 Source: Company, DBSVTH +2sd: 4.28x +1sd: 3.58x Avg: 2.88x -1sd: 2.18x -2sd: 1.48x Page 4

5 Segmental Breakdown FY Dec 2014A 2015A 2016A 2017F 2018F Revenues (Btm) Sales of indoor cables 1,635 1,974 1,988 1,988 2,147 Engineering Telecommunication Total 2,677 3,058 2,942 3,522 3,938 Revenue breakdown(%) Sales of indoor cables 61% 65% 68% 56% 55% Engineering 30% 22% 6% 19% 22% Telecommunication 9% 14% 27% 24% 24% Total 100% 100% 100% 100% 100% Margins (%) Sales of indoor cables 22.6% 23.5% 23.8% 24.0% 24.0% Engineering 19.8% 19.8% 19.9% 19.9% 19.9% Telecommunication 23.1% 30.1% 23.2% 32.2% 35.4% Total 21.8% 23.6% 23.4% 23.9% 24.6% Income Statement (Btm) FY Dec 2014A 2015A 2016A 2017F 2018F Revenue 2,677 3,058 2,942 4,752 5,583 Cost of Goods Sold (2,093) (2,336) (2,254) (3,616) (4,209) Gross Profit ,135 1,373 Other Opng (Exp)/Inc (308) (350) (358) (445) (539) Operating Profit Other Non Opg (Exp)/Inc Associates & JV Inc (0.1) Net Interest (Exp)/Inc (14.6) (36.9) (44.6) (58.3) (43.5) Exceptional Gain/(Loss) Pre-tax Profit Tax (50.2) (68.5) (58.4) (127) (160) Minority Interest (0.6) (0.9) (6.3) (72.0) (87.2) Preference Dividend Net Profit Net Profit before Except EBITDA Growth Revenue Gth (%) (3.8) EBITDA Gth (%) (8.7) Opg Profit Gth (%) (11.2) Net Profit Gth (Pre-ex) (%) (16.8) Margins & Ratio Gross Margins (%) Opg Profit Margin (%) Net Profit Margin (%) ROAE (%) ROA (%) ROCE (%) Div Payout Ratio (%) Net Interest Cover (x) Source: Company, DBSVTH Page 5

6 Quarterly / Interim Income Statement (Btm) FY Dec 3Q2015 4Q2015 1Q2016 2Q2016 3Q2016 Revenue Cost of Goods Sold (591) (517) (547) (476) (521) Gross Profit Other Oper. (Exp)/Inc (93.2) (95.4) (86.7) (92.1) (84.3) Operating Profit Other Non Opg (Exp)/Inc Associates & JV Inc Net Interest (Exp)/Inc (6.7) (16.4) (10.3) (10.7) (11.6) Exceptional Gain/(Loss) Pre-tax Profit Tax (16.1) (10.3) (15.8) (13.5) (9.2) Minority Interest (2.3) Net Profit Net profit bef Except EBITDA Growth Revenue Gth (%) 17.1 (13.0) 7.3 (10.4) 6.8 EBITDA Gth (%) 8.3 (33.1) (46.9) 9.3 Opg Profit Gth (%) 8.3 (33.1) 46.1 (10.0) 9.3 Net Profit Gth (Pre-ex) (%) 13.0 (51.1) 87.2 (11.2) 15.4 Margins Gross Margins (%) Opg Profit Margins (%) Net Profit Margins (%) Balance Sheet (Btm) FY Dec 2014A 2015A 2016A 2017F 2018F Net Fixed Assets 1,747 2,272 2,768 3,255 3,963 Invts in Associates & JVs Other LT Assets Cash & ST Invts , ,006 Inventory Debtors Other Current Assets Total Assets 3,408 3,450 5,586 5,961 6,910 ST Debt Creditor 1, ,629 1,970 Other Current Liab LT Debt , Other LT Liabilities Shareholder s Equity 1,480 1,811 2,625 2,917 3,287 Minority Interests Total Cap. & Liab. 3,408 3,450 5,586 5,961 6,910 Non-Cash Wkg. Capital (52.6) (35.8) 188 (104) (238) Net Cash/(Debt) (285) (436) Debtors Turn (avg days) Creditors Turn (avg days) Inventory Turn (avg days) Asset Turnover (x) Current Ratio (x) Quick Ratio (x) Net Debt/Equity (X) CASH CASH CASH Net Debt/Equity ex MI (X) CASH CASH CASH Capex to Debt (%) Z-Score (X) Source: Company, DBSVTH Page 6

7 Cash Flow Statement (Btm) FY Dec 2014A 2015A 2016A 2017F 2018F Pre-Tax Profit Dep. & Amort Tax Paid (25.2) (27.7) (22.2) (19.4) (19.4) Assoc. & JV Inc/(loss) (3.3) (10.0) Chg in Wkg.Cap. 136 (11.4) (221) Other Operating CF (256) 221 (55.9) (180) (474) Net Operating CF Capital Exp.(net) (832) (870) (510) (618) (559) Other Invts.(net) (52.6) 60.5 (633) Invts in Assoc. & JV Div from Assoc & JV Other Investing CF (81.9) Net Investing CF (659) (740) (1,225) (618) (559) Div Paid (14.5) (7.3) (87.3) (72.9) (144) Chg in Gross Debt (644) 150 Capital Issues Other Financing CF Net Financing CF ,517 (717) 6.08 Currency Adjustments Chg in Cash (475) 33.9 Opg CFPS (Bt) Free CFPS (Bt) (2.0) (0.7) (1.2) Source: Company, DBSVTH Target Price & Ratings History Source: DBSVTH Analyst: Wasu MATTANAPOTCHANART THAI-CAC Corporate Governance CG Rating 2016 Declared THAI-CAC is Companies participating in Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC) under Thai Institute of Directors (as of October 28, 2016) are categorised into: Score Declared Certified Description Companies that have declared their intention to join CAC Companies certified by CAC. Corporate Governance CG Rating is based on Thai Institute of Directors (IOD) s annual assessment of corporate governance practices of listed companies. The assessment covers 235 criteria in five categories including board responsibilities (35% weighting), disclosure and transparency (20%), role of stakeholders (20%), equitable treatment of shareholders (10%) and rights of shareholders (15%). The IOD then assigns numbers of logos to each company based on their scoring as follows: Score Range Number of Logo Description Excellent Very Good Good Satisfactory Pass <50 No logo given N/A Page 7

8 DBSVTH recommendations are based an Absolute Total Return* Rating system, defined as follows: STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame) BUY (>15% total return over the next 12 months for small caps, >10% for large caps) HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps) FULLY VALUED (negative total return i.e. > -10% over the next 12 months) SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame) Share price appreciation + dividends Completed Date: 3 Apr :15:49 (THA) Dissemination Date: 3 Apr :16:38 (THA) GENERAL DISCLOSURE/DISCLAIMER This report is prepared by DBS Vickers Securities (Thailand) Co Ltd (''DBSVTH''). This report is solely intended for the clients of DBS Bank Ltd, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBS Vickers Securities (Thailand) Co Ltd (''DBSVTH''). The research set out in this report is based on information obtained from sources believed to be reliable, but we (which collectively refers to DBS Bank Ltd, its respective connected and associated corporations, affiliates and their respective directors, officers, employees and agents (collectively, the DBS Group ) have not conducted due diligence on any of the companies, verified any information or sources or taken into account any other factors which we may consider to be relevant or appropriate in preparing the research. 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9 DBSVUSA, a US-registered broker-dealer, does not have its own investment banking or research department, has not participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months and does not engage in market-making. ANALYST CERTIFICATION The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is, or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research analyst (s) primarily responsible for the content of this research report, in part or in whole, certifies that he or his associate 1 does not serve as an officer of the issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of the real estate investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for the management of the issuer or the new listing applicant) and the research analyst(s) primarily responsible for the content of this research report or his associate does not have financial interests 2 in relation to an issuer or a new listing applicant that the analyst reviews. DBS Group has procedures in place to eliminate, avoid and manage any potential conflicts of interests that may arise in connection with the production of research reports. The research analyst(s) responsible for this report operates as part of a separate and independent team to the investment banking function of the DBS Group and procedures are in place to ensure that confidential information held by either the research or investment banking function is handled appropriately. There is no direct link of DBS Group's compensation to any specific investment banking function of the DBS Group. COMPANY-SPECIFIC / REGULATORY DISCLOSURES 1. DBS Vickers Securities (Thailand) Co, Ltd and its subsidiaries do not have a proprietary position in the securities recommended in this report as of 29 Mar Neither DBS Bank Ltd, DBS HK nor DBSV HK market makes in equity securities of the issuer(s) or company(ies) mentioned in this Research Report. Compensation for investment banking services: 3. DBSVUSA does not have its own investment banking or research department, nor has it participated in any public offering of securities as a manager or co-manager or in any other investment banking transaction in the past twelve months. Any US persons wishing to obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in any security discussed in this document should contact DBSVUSA exclusively. Disclosure of previous investment recommendation produced: 4. DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates may have published other investment recommendations in respect of the same securities / instruments recommended in this research report during the preceding 12 months. Please contact the primary analyst listed in the first page of this report to view previous investment recommendations published by DBS Bank Ltd, DBS Vickers Securities (Singapore) Pte Ltd (''DBSVS''), their subsidiaries and/or other affiliates in the preceding 12 months. 1 An associate is defined as (i) the spouse, or any minor child (natural or adopted) or minor step-child, of the analyst; (ii) the trustee of a trust of which the analyst, his spouse, minor child (natural or adopted) or minor step-child, is a beneficiary or discretionary object; or (iii) another person accustomed or obliged to act in accordance with the directions or instructions of the analyst. 2 Financial interest is defined as interests that are commonly known financial interest, such as investment in the securities in respect of an issuer or a new listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This term does not include commercial lending conducted at arm's length, or investments in any collective investment scheme other than an issuer or new listing applicant notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant. Page 9

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11 United Kingdom This report is produced by DBS Vickers Securities (Thailand) Co Ltd which is regulated by the Securities and Exchange Commission, Thailand. This report is disseminated in the United Kingdom by DBS Vickers Securities (UK) Ltd, ("DBSVUK"). DBSVUK is authorised and regulated by the Financial Conduct Authority in the United Kingdom. In respect of the United Kingdom, this report is solely intended for the clients of DBSVUK, its respective connected and associated corporations and affiliates only and no part of this document may be (i) copied, photocopied or duplicated in any form or by any means or (ii) redistributed without the prior written consent of DBSVUK. This communication is directed at persons having professional experience in matters relating to investments. Any investment activity following from this communication will only be engaged in with such persons. Persons who do not have professional experience in matters relating to investments should not rely on this communication. Dubai United States Other jurisdictions This research report is being distributed by DBS Bank Ltd., (DIFC Branch) having its office at PO Box , 3rd Floor, Building 3, East Wing, Gate Precinct, Dubai International Financial Centre (DIFC), Dubai, United Arab Emirates. DBS Bank Ltd., (DIFC Branch) is regulated by The Dubai Financial Services Authority. This research report is intended only for professional clients (as defined in the DFSA rulebook) and no other person may act upon it. This report was prepared by DBS Vickers Securities (Thailand) Co Ltd. DBSVUSA did not participate in its preparation. The research analyst(s) named on this report are not registered as research analysts with FINRA and are not associated persons of DBSVUSA. The research analyst(s) are not subject to FINRA Rule 2241 restrictions on analyst compensation, communications with a subject company, public appearances and trading securities held by a research analyst. This report is being distributed in the United States by DBSVUSA, which accepts responsibility for its contents. This report may only be distributed to Major U.S. Institutional Investors (as defined in SEC Rule 15a-6) and to such other institutional investors and qualified persons as DBSVUSA may authorize. Any U.S. person receiving this report who wishes to effect transactions in any securities referred to herein should contact DBSVUSA directly and not its affiliate. In any other jurisdictions, except if otherwise restricted by laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such jurisdictions. DBS Vickers Securities (Thailand) Co Ltd 989 Siam Piwat Tower Building, 9th, 14th-15th Floor Rama 1 Road, Pathumwan, Bangkok Thailand Tel , Fax: Company Regn. No Securities and Exchange Commission, Thailand Page 11