2.2 Business Characteristics

  (1) Significant Changes & Development

In the years 2010 and early 2011, the Company had the following
significant changes:

01/05/10 Mr. Porntep Thavornvisuthikul had resigned from the position of
Executive Director- Administration Dept.

17/06/10 Mr. Sirawat Wanglee had resigned from the positions of
Independent Director and Audit Committee due to having private business
and limited time to make efficient contribution to the Company. Mr.
Saravut Busayarat had been appointed to take up the positions in
replacement effective 23/07/10.

27/10/10 The Company’s subsidiary, United Asset Management Co., Ltd.
which undertakes Private Fund business, was sold to Land & Houses Retail
Bank Public Company Limited for the whole proportion of ordinary shares
held total 61.69% at the book value price as at 30/09/10 or the total
amount of about 10.6 Million Baht in order to change business direction
to focus on agency business only as well as to recover its investment in
order to increase the working capital.

15/11/10 The Wireless Road Branch was closed in order to save rental
expense as its customers start trading through DMA system (Direct Market
Access)

01/01/11 Ms. Suwanna Sungkamekha had resigned from the positions of
Senior Executive Vice President – Marketing team 2/2 and Executive
Director.

12/01/11 Mr. Jeremy Kim San Liau had resigned from the positions of
Managing Director (highest Management), Executive Director and Managing
Director – Investment Banking. However, he still remained as the
Director until the end of his employment contract on 23/02/11. In
replacement, Mr. Deepong Sahachartsiri was appointed a Director (without
power of management) on 2/03/11.

17/01/11 Mr. Tatsuya Konoshita was approved by the Securities & Exchange
Commission to be the Managing Director (highest management) in
replacement of Mr. Jeremy. Consequently, the Company’s organization
chart was changed appropriately and accordingly. (Please see
organization chart on page 28.)

(2) The Company’s Business

The Company is licensed to perform 4 types of securities businesses,
i.e. Securities Brokerage, Securities Dealing, Investment Advisory and
Securities Underwriting business. As at the end of 2010, the Company has
3 branches, namely, Rangsit, Nakornpathom and Nakornsawan and has Cantor
Fitzgerald as an Exclusive Partner. Moreover, the Company also provides
Internet Trading services and its Investment Banking Department provides
the financial advisory service which was licensed by the SEC. Such
services comprise of financial advisory services including advising on
merges & acquisitions, fund raising by issuing various kinds of
financial instrument such as common and preferred stocks, bonds,
debenture with warrant, etc. and listing them in the Stock Exchange of
Thailand as well as the Market for Alternative Investment (MAI)
according to the license provided.

Moreover, the Company also has securities dealing business in debt
instrument trading in which it also contributed to the Company’s income
in addition to the securities brokerage income which is the principal
income of the Company. In addition, the Company also acts as a selling
agent of unit trusts representing altogether 15 asset management
companies so that the customers will have a wide variety to choose to
invest and it also provides more investment channel for them. In
addition, the Company has started its Derivatives Agent business
services since 2008.

(3) Income Structure of the Company

+-------------------------+------+-----+--------+-----+------+------+
| Income                  | 31   |     | 31     |     | 31   |      |
|                         | Dece |     | De     |     | Dece |      |
|                         | mber |     | cember |     | mber |      |
|                         |      |     |        |     |      |      |
|                         | 2008 |     | 2009   |     | 2010 |      |
+-------------------------+------+-----+--------+-----+------+------+
|                         | Mil  | %   | M      | %   | Mil  | %    |
|                         | lion |     | illion |     | lion |      |
|                         |      |     |        |     |      |      |
|                         | (B   |     | (Baht) |     | (B   |      |
|                         | aht) |     |        |     | aht) |      |
+-------------------------+------+-----+--------+-----+------+------+
| 1. Securities Business  |      |     |        |     |      |      |
| Income                  |      |     |        |     |      |      |
+-------------------------+------+-----+--------+-----+------+------+
| Brokerage Fees          | 14   | 55  | 148.63 | 60  | 21   | 7    |
|                         | 5.70 | .26 |        | .18 | 3.36 | 0.32 |
+-------------------------+------+-----+--------+-----+------+------+
| Fee and Service         | 1    | 7   | 4.34   | 1   | 4.47 | 1.47 |
|                         | 9.45 | .38 |        | .76 |      |      |
+-------------------------+------+-----+--------+-----+------+------+
| Gain(loss) on Trading   | 1.17 | 0   | 20.28  | 8   | 1    | 4.25 |
| in Securities           |      | .44 |        | .21 | 2.90 |      |
+-------------------------+------+-----+--------+-----+------+------+
| Interest & dividend on  | 4    | 16  | 35.93  | 14  | 3    | 1    |
| securities investment   | 4.26 | .79 |        | .55 | 3.61 | 1.08 |
+-------------------------+------+-----+--------+-----+------+------+
| Interest on loan        | 4    | 17  | 32.30  | 13  | 3    | 1    |
|                         | 7.05 | .84 |        | .08 | 5.61 | 1.74 |
+-------------------------+------+-----+--------+-----+------+------+
| Total Securities        | 25   | 97  | 241.48 | 97  | 29   | 9    |
| Business Income         | 7.63 | .71 |        | .78 | 9.95 | 8.86 |
+-------------------------+------+-----+--------+-----+------+------+
| 2. Other Income         | 6.05 | 2   | 5.47   | 2   | 3.45 | 1.14 |
|                         |      | .29 |        | .22 |      |      |
+-------------------------+------+-----+--------+-----+------+------+
| Total Income            | 26   | 100 | 246.95 | 100 | 30   | 10   |
|                         | 3.68 | .00 |        | .00 | 3.40 | 0.00 |
+-------------------------+------+-----+--------+-----+------+------+