3. Description of business

1.  Significant Development

The Company was found as the name of “The Goldhill Securities Company
Limited” on 7^(th) March 1975 with register no. 212/1975 and had three
licenses; securities broker, securities dealer, and investment advisory.
In 1986, Thai Farmers Bank Public Company Limited, Finance One Public
Company Limited, and a group of major shareholders of Finance One Public
Company Limited acquired Goldhill Securities Company Limited and changed
its name to “Securities One Company Limited.” on 15^(th) February 1988.

The Company registered as a public company with registered number
0107536000293 (formerly number Bor Mor Jor 103) and changed its name to
“Securities One Public Company Limited.” on 6^(th) May 1993. In 1998,
KGI Group became the major shareholder of the Company and changed its
name to “KGI Securities One Public Company Limited” on 12^(th) July
1999. Last, the Company changed its name to “KGI Securities (Thailand)
Public Company Limited” on 25^(th) May 2001.

KGI Securities (Thailand) Public Company Limited has significant
developments in its businesses as follows:

+-----+----------+-----------------------------------------------------+
| 1   | December | The Company had three licenses; securities broker,  |
| 986 |          | securities dealer, and investment advisory.         |
+-----+----------+-----------------------------------------------------+
| 1   | May      | The Company became a member of the Stock Exchange   |
| 987 |          | of Thailand.                                        |
+-----+----------+-----------------------------------------------------+
| 1   | December | The Company became a listed company in the Stock    |
| 989 |          | Exchange of Thailand, known as “S-ONE”.             |
+-----+----------+-----------------------------------------------------+
| 1   | June     | The Company obtained Securities Registrar license.  |
| 994 |          |                                                     |
+-----+----------+-----------------------------------------------------+
| 1   | July     | The Company obtained an Underwriting license.       |
| 996 |          |                                                     |
+-----+----------+-----------------------------------------------------+
| 1   | S        | The Company made a tender offer to acquire 100% of  |
| 997 | eptember | First Asia Securities Public Company Limited.       |
+-----+----------+-----------------------------------------------------+
| 1   | April    | KGI Group became the major shareholder of the       |
| 998 |          | Company.                                            |
+-----+----------+-----------------------------------------------------+
| 1   | February | The Company became the first securities company in  |
| 999 |          | Thailand to obtain a Securities Borrowing and       |
|     |          | Lending license as a principal and agent.           |
+-----+----------+-----------------------------------------------------+
| 2   | May      | The Company changed its name to KGI Securities      |
| 001 |          | (Thailand) Public Company Limited and changed       |
|     |          | securities code to “KGI”.                           |
+-----+----------+-----------------------------------------------------+
|     | S        |   SEC granted an approval to the Company to act as  |
|     | eptember |   a Financial Advisor.                              |
+-----+----------+-----------------------------------------------------+
| 2   | January  | SEC authorized the Company to act as selling agent  |
| 002 |          | for mutual funds.                                   |
+-----+----------+-----------------------------------------------------+
| 2   | February |   The Company became the first securities company   |
| 003 |          |   in Thailand to obtain an OTC derivatives          |
|     |          |   business.                                         |
+-----+----------+-----------------------------------------------------+
| 2   | October  |   The Company obtained a license to conduct Futures |
| 005 |          |   Brokerage Business                                |
+-----+----------+-----------------------------------------------------+
| 2   | April    |   The Company started to provide a Futures          |
| 006 |          |   Brokerage Service                                 |
+-----+----------+-----------------------------------------------------+
|     | August   |   The Company launched an online Internet service   |
|     |          |   for futures trading                               |
+-----+----------+-----------------------------------------------------+
|     | S        |   The Company was one of the first three brokers to |
|     | eptember |   be appointed as a market maker of the Thailand    |
|     |          |   Futures Exchange Public Company Limited (TFEX).   |
+-----+----------+-----------------------------------------------------+
| 2   | February |   The Company joined a group led by One Asset       |
| 007 |          |   Management Limited which won the right to launch  |
|     |          |   Thailand’s first equity exchange traded fund      |
|     |          |   (ETF).                                            |
+-----+----------+-----------------------------------------------------+
|     | S        |   The Company was the first and only one broker to  |
|     | eptember |   provide services of Market Maker (MM) and the     |
|     |          |   Company was a Participating Dealer(PD) for        |
|     |          |   ThaiDEX SET50 ETF (TDEX), Thailand’s first equity |
|     |          |   exchange traded fund.                             |
+-----+----------+-----------------------------------------------------+
|     | October  |   The Company started to provide trading SET50      |
|     |          |   Index Option.                                     |
+-----+----------+-----------------------------------------------------+

+-----+----------+-----------------------------------------------------+
| 2   | S        |   The Company started providing OTC Equity          |
| 008 | eptember |   Derivatives on foreign equity underlying covering |
|     |          |   markets; Hong Kong, Japan, Singapore, Australia,  |
|     |          |   USA, and Europe.                                  |
+-----+----------+-----------------------------------------------------+
|     | November |   The Company started to provide trading in Single  |
|     |          |   Stock Futures.                                    |
+-----+----------+-----------------------------------------------------+
| 2   | January  |   The Company moved its Head Office from United     |
| 009 |          |   Center Building on Silom Road to Asia Centre      |
|     |          |   Building on South Sathorn Road.                   |
+-----+----------+-----------------------------------------------------+
|     | February |   The Company started to provide trading in Gold    |
|     |          |   Futures.                                          |
+-----+----------+-----------------------------------------------------+
|     | June     |   The Company became the first securities company   |
|     |          |   in Thailand to launch Derivative Warrants (DW).   |
+-----+----------+-----------------------------------------------------+
|     | August   |   The Company joined a group led by One Asset       |
|     |          |   Management Limited to launch ThaiDEX FTSE Set     |
|     |          |   Large Cap ETF (TFTSE). The Company acts as Market |
|     |          |   Maker (MM), providing liquidity in the secondary  |
|     |          |   market and as Participating Dealer (PD),          |
|     |          |   facilitating the creation and redemption of TFTSE |
|     |          |   in the primary market.                            |
+-----+----------+-----------------------------------------------------+
| 2   | S        | The Company has signed an agreement with Market for |
| 010 | eptember | Alternative Investment (MAI) to produce securities  |
|     |          | analysis. This cooperation will enhance and develop |
|     |          | securities analysis of stocks with potential growth |
|     |          | of small and medium enterprises listed in MAI.      |
|     |          | Furthermore, the cooperation will help conducting   |
|     |          | marketing activities to educate investors about     |
|     |          | investment.                                         |
+-----+----------+-----------------------------------------------------+
|     | November | The Company acts as Participating Dealer (PD) for   |
|     |          | Thailand’s first ETF on foreign ETF in the name of  |
|     |          | W.I.S.E. KTAM-CSI300 China Tracker.                 |
+-----+----------+-----------------------------------------------------+
| 2   | June     | The Company started to provide trading in Silver    |
| 011 |          | Futures.                                            |
+-----+----------+-----------------------------------------------------+
|     | July     | The Company was selected to became part of SET100   |
|     |          | Index since 4 July 2011                             |
+-----+----------+-----------------------------------------------------+
|     | August   | The Company coordinated with One Asset Management   |
|     |          | Limited to launch ThaiDEX SET High Dividend ETF     |
|     |          | (1DIV). The Company acted as Market Maker (MM),     |
|     |          | providing liquidity in the secondary market and as  |
|     |          | Participating Dealer (PD), facilitating the         |
|     |          | creation and redemption of 1DIV in the primary      |
|     |          | market.                                             |
|     |          |                                                     |
|     |          | The Company acted as Participating Dealer (PD) for  |
|     |          | Thailand’s first gold ETF in the name of KTAM Gold  |
|     |          | ETF Tracker (GLD), managed by Krung Thai Asset      |
|     |          | Management Public Company Limited, in which has a   |
|     |          | policy to invest in foreign ETF with a focus only   |
|     |          | in SPDR Gold Trust.                                 |
+-----+----------+-----------------------------------------------------+
|     | October  | The Company started to provide trading in Brent     |
|     |          | Crude Oil Futures.                                  |
+-----+----------+-----------------------------------------------------+
|     | November | The Company acted as Participating Dealer (PD) for  |
|     |          | Bualuang CHAY Gold ETF (BCHAY), managed by BBL      |
|     |          | Asset Management Co.,Ltd, in which has a policy to  |
|     |          | invest in domestic gold bars of 96.5 percent        |
|     |          | purity.                                             |
+-----+----------+-----------------------------------------------------+
|     | December |   The Company acted as Participating Dealer (PD)    |
|     |          |   for ThaiDEX Gold ETF (GOLD99), managed by One     |
|     |          |   Asset Management Limited, in which has a policy   |
|     |          |   to invest in gold bars of 99.5 percent purity.    |
+-----+----------+-----------------------------------------------------+

3.2 Awards and Achievement

Year 2011

-   KGI won the prize "Most Growth Trader Award" for most growth TFEX
    volume in June, August, and October and the prize "TFEX Best Trader
    Award" for most growth TFEX volume over 6 months from TFEX
    Prop-trading Champion 2011.

Year 2010

 KGI won the "Best Bond Securities Firm" award as a bond dealer that
was a securities company active in the bond market. The award is based
on trading value, compliance with ThaiBMA rules, volume of transactions
in the primary market, and frequency and quality of quotation

Year 2009

 The Stock Exchange of Thailand congratulates KGI, as the first broker
to launch Derivative Warrant in Thailand.

 KGI won the "Best Bond Securities Firm" award as a bond dealer that
was a securities company active in the bond market. The award is based
on trading value, compliance with ThaiBMA rules, volume of transactions
in the primary market, and frequency and quality of quotation.

Year 2007

 KGI won the "Best Bond Securities Firm" award as a bond dealer that
was a securities company active in the bond market. The award is based
on trading value, compliance with ThaiBMA rules, volume of transactions
in the primary market, and frequency and quality of quotation.

Year 2006

 KGI won the "Top Star Most Active" award, as the most trading active
broker in SET 50 Index and KGI’s marketing officer, who had the third
most client Futures accounts won the "Top Star Futures Icon" award in
Futures Networking Forum, organized by Thailand Futures Exchange Pcl.
(TFEX).

 KGI won "Best Corporate Bond House (Thailand Baht)" from The Asset
Benchmark Survey. The Asset conducted a survey of customers who are
institutional investors more than 300 institutions based on dealers'
performance, Trade Volume, as well as good relationship with investors.

 KGI won the "Best House of the Year 2006" award, based on its
outstanding performance and best service quality. KGI also won the “Most
Active House 2006” award, as the broker with the most volume in futures
derivatives business.

Year 2005

 KGI won the “MAI Newly Listed STAR (Financial Advisor)" award as a
Financial Advisor of Unique Mining Plc, which was the most successful
IPO on MAI in 2004.

3.  Overview of the Company’s business

KGI Securities (Thailand) Public Company Limited was incorporated as a
public limited company under the Public Limited Companies Act. The
Company operates its business in Thailand with five securities licenses;
securities brokerage, securities dealing, investment advisory,
securities underwriting and securities borrowing and lending services.
In addition, the Office of the Securities and Exchange Commission (SEC)
has granted the Company licenses to operate securities registrar
business and derivatives broker business and approved to operate
financial advisory business, Over-the-Counter (OTC) derivative business
and to act as a sales agent for unit trusts in designed areas as
specified by SEC.

The Company is recognized as one of the leaders in innovation in the
development of financial products, giving more alternatives to clients.
The Company’s developments were as follows:

 The first securities company acting as a principal and agent of SBL
services

 The first securities company providing OTC Derivatives services

 The first and only securities company acting as Market Maker and
Participating Dealer of ThaiDEX SET50 ETF (TDEX), Thailand’s first
Equity ETF

 The first securities company to launch Derivative Warrant in Thailand

 Ranked No.1 in bond outright trading among securities brokers

 The first securities company providing Private Repo

To meet the diverse financial requirements of our customers, the Company
provides professional service through a 98%-held subsidiary, One Asset
Management (ONEAM), which is one of the leader in Thailand’s asset
management market. ONEAM has a full range of products including mutual
fund, private fund and provident fund to help clients achieve optimal
asset allocation in their wealth management.

As of 31 December 2011, the Company and its subsidiaries employed around
644 professionals in its 13 business locations throughout the country;
as follows:

  ----------------------- ----------------------- -----------------------
  Bangkok                 Provincial              

  1) Pin klao             1) Chiang Rai           5) Samut Sakhon

  2) Changwattana         2) Nakhon Sawan         6) Suphan Buri

  3) Thapra               3) Nakhon Ratchasima    7) Nakhon Pathom

  4) Silom Center         4) Udon Thani           8) Phetchaburi

                                                  9) Hat Yai
  ----------------------- ----------------------- -----------------------

In 2011, the Company ranked No. 9^(th) in terms of brokerage market
share with an overall share of 4.53% and ranked No. 5 with market share
of 5.42% of TFEX market. The Company’s consolidated net profit
attributable to equity holders of the parent were of Baht 535 million
(equivalent to earnings per share of Baht 0.27) and as of 31^(st)
December 2011, the Company’s total assets was Baht 7,357 million, total
liabilities was Baht 2,521 million, shareholders’ equity attributable to
holders of the parent was Baht 4,833 million and the Company’s net
capital adequacy ratio (NCR) was 328%, which is in full compliance with
the requirement stipulated by the Securities and Exchange Commission
(SEC) of not less than 7%.

The Company’s Shareholding Structure

RICHPOINT COMPANY LIMITED (100% owned by KGI Securities Company Limited,
Taiwan), is the Company’s major shareholder, owning approximately 35% of
the Company’s shares as of 12^(th) March 2012 (the last registration
close book date) and the Company has 3 subsidiaries: as follows:

+---------------------------+-------------------+-------------+-------+
| Subsidiaries              | Country           | Bu          | %     |
|                           |  of Incorporation | siness Type | ho    |
| As of 31^(st) December    |                   |             | lding |
| 2011                      |                   |             |       |
+---------------------------+-------------------+-------------+-------+
| One Asset Management      | Thailand          | Fund        | 98    |
| Limited                   |                   | Management  |       |
+---------------------------+-------------------+-------------+-------+
| KGI Securities (Thailand) | Hong Kong         | Investment  | 100   |
| International             |                   |             |       |
|                           |                   |             |       |
| Holdings Limited          |                   |             |       |
+---------------------------+-------------------+-------------+-------+
| KGI (Thailand) Holdings   | British Virgin    | Investment  | 100   |
| Limited                   | Islands           |             |       |
+---------------------------+-------------------+-------------+-------+

(See details of investments in subsidiary companies in section 14 of the notes to financial statements)

The Company’s Shareholding Structure

[]Subsidiary companies included in consolidated financial statements

One Asset Management Limited (ONEAM)

ONEAM was established on March 19^(th), 1992 with registered capital of
Baht 100 million (fully paid-up). At the beginning, the company has been
granted a license from the Ministry of Finance for mutual fund
management only. Later, the company has acquired additional licenses for
private fund management and provident fund management.

As of 31^(st) December 2011, ONEAM has its registered capital of Baht
105 million (fully paid-up) with KGI Securities (Thailand) holding 98%,
ONEAM’s directors and employees holding 2% of outstanding shares.

ONEAM offers many types of funds to provide its clients with investment
alternatives to suit their diversified investment requirements. The
mutual funds under ONEAM are as follows:

1.  Equity Fund 6. Foreign Investment Fund

2.  Fixed Income Fund 7. Country Fund

3.  Mixed Fund 8. Property Fund

4.  Retirement Mutual Fund

5.  Long Term Equity Fund

In 2011, ONEAM’s net profit were of Baht 30 million (equivalent to
earnings per share of Baht 2.84) and as of 31^(th) December 2011,
ONEAM’s total assets were Baht 203 million, total liabilities were 35
million, shareholders’ equity were Baht 168 million, total asset size
under management of Baht 64 billion. Investment performance has been
good, stable and suitable to each investor under acceptable risk level.

ONEAM’s accolade

+------+---------------------------------------------------------------+
|      |   Ranked first by The Post/Lipper Thailand Fund Awards 2010   |
| 2010 |                                                               |
|      |   for Best Fund over 10 years Bond Thai Baht                  |
+------+---------------------------------------------------------------+
|      |   Ranked first by The Post/Lipper Thailand Fund Awards 2008   |
| 2008 |                                                               |
|      |   for Best Fund over 10 years Bond Thai Baht                  |
+------+---------------------------------------------------------------+
|      |   Ranked first by The Post/Lipper Thailand Fund Awards 2007   |
| 2007 |                                                               |
|      |   for Best Fund Group over 3 years -Overall Group             |
+------+---------------------------------------------------------------+
|      |   Ranked first by The Post/Lipper Thailand Fund Awards 2006   |
| 2006 |                                                               |
|      |   for Best Fund Group over 3 years -Bond Group                |
+------+---------------------------------------------------------------+
|      |   Ranked First by The Post/Lipper Thailand Fund Awards 2004   |
| 2004 |   in 2 categories                                             |
|      |                                                               |
|      |   of mutual funds, i.e., the 1-year money market fund         |
|      |   category and                                                |
|      |                                                               |
|      |   the 3-year fixed income fund category                       |
+------+---------------------------------------------------------------+
|      |   Ranked First by The Post/Lipper Thailand Fund Awards 2003   |
| 2003 |   in 2 categories                                             |
|      |                                                               |
|      |   of fixed income funds, i.e., the 5-year category and the    |
|      |   3-year category                                             |
+------+---------------------------------------------------------------+

KGI Securities (Thailand) International Holdings Limited (HOLDCO)

Formerly known as “KGI Securities One International Holdings Limited”, a
wholly owned offshore subsidiary established in Hong Kong. Its name was
changed to “KGI Securities (Thailand) International Holdings Limited” on
December 7^(th), 2001. The purpose of the subsidiary is to explore the
opportunity to invest overseas in future.

KGI (Thailand) Holdings Limited (KTHL)

KGI (Thailand) Holdings Limited (KTHL), a wholly owned offshore
subsidiary established in British Virgin Islands. The purpose of the
subsidiary is to explore the opportunity to invest overseas in future.

Policy for group operations

The Company and its subsidiaries have hired professional managers and
the Company also appointed persons to be directors for setting policies
of its subsidiaries.

3.5 Credit Rating

TRIS Rating Co.,Ltd affirmed the company rating of the Company as of
16^(th) June 2011 at BBB+. The rating reflects KGI’s capable management
team with a proven track record, a continual improvement of its market
position in stock brokerage businesses, sufficient liquidity, and a
stable source of revenue from fund management (from One Asset Management
Limited -98% owned by the Company). See Rating report at
www.kgieworld.co.th.

  --------------------- ------------------- -------------- --------------
  Rating Agency         Date                Rating         Outlook

  TRIS                  16^(th) June 2011   BBB+           Stable

  TRIS                  23^(rd) June 2010   BBB+           Stable

  TRIS                  29^(th) June 2009   BBB+           Stable

  TRIS                  18^(th) June 2008   BBB+           Stable

  TRIS                  6^(th) July 2007    BBB            Stable

  TRIS                  5^(th) July 2006    BBB            Stable

  TRIS                  3^(rd) February     BBB            Stable
                        2005                               
  --------------------- ------------------- -------------- --------------

3.6 Revenue Structure

The majority of the operations of the Company and its subsidiaries
involve the single business segment of securities related business,
including mutual fund management, and are carried on in Thailand, Hong
Kong and the British Virgin Islands. As a result, all revenues,
operating profits and assets as reflected in these financial statements
pertain to the aforementioned industry and geographic areas. (See note
of financial statements No. 38: Financial information by segment)

In 2011, the Company reported total income of Baht 2,333 million. The
elements of the Company’s securities income structure were 41% from
brokerage fees, 34% from gain on securities and derivatives, 11% from
interest and dividends, 10% from fee and service income, 3% from
interest on margin loans and 1% from other income.

+------------------+---------+-------+---------+-------+-------+------+
| 2011 Revenue     | O       | %     | Income  | C     | Total | % of |
| Structure        | perated | Share | of 2011 | ontra | I     | t    |
|                  | By      | Ho    |         |       | ncome | otal |
| Unit : Baht      |         | lding | (before |       | of    | in   |
|                  |         |       | contra) |       | 2011  | come |
|                  |         | By    |         |       |       |      |
|                  |         | Co    |         |       | (     |      |
|                  |         | mpany |         |       | after |      |
|                  |         |       |         |       | co    |      |
|                  |         |       |         |       | ntra) |      |
+------------------+---------+-------+---------+-------+-------+------+
| 1. Brokerage fee | the     | -     | 950,    | (     | 9     | 40   |
|                  | Company |       | 743,148 | 2,122 | 48,62 | .66% |
|                  |         |       |         | ,000) | 1,148 |      |
+------------------+---------+-------+---------+-------+-------+------+
| 2. Fees and      | the     | -     | 37,     | -     | 37,61 | 1    |
| services         | Company |       | 616,083 |       | 6,083 | .61% |
| income^(/1)      |         |       |         |       |       |      |
+------------------+---------+-------+---------+-------+-------+------+
| Fees and         | ONEAM   | 98%   | 202,    | (     | 2     | 8    |
| services         | ^(/2)   |       | 979,918 | 2,425 | 00,55 | .60% |
| income^(/1)      |         |       |         | ,444) | 4,474 |      |
+------------------+---------+-------+---------+-------+-------+------+
| 3. Gain (loss)   | the     | -     | (849,4  | -     | (84   | (36. |
| on securities    | Company |       | 41,844) |       | 9,441 | 41)% |
|                  |         |       |         |       | ,844) |      |
+------------------+---------+-------+---------+-------+-------+------+
|   Gain (loss) on | KT      | 100%  | 54,     |       | 54,50 | 2    |
|   securities     | HL^(/4) |       | 501,129 |       | 1,129 | .34% |
+------------------+---------+-------+---------+-------+-------+------+
| 4. Gain (loss)   | the     | -     | 1,592,  | -     | 1,5   | 68   |
| on derivatives   | Company |       | 751,449 |       | 92,75 | .27% |
|                  |         |       |         |       | 1,449 |      |
+------------------+---------+-------+---------+-------+-------+------+
| 5. Interest and  | the     | -     | 277,    | (3    | 2     | 10   |
| dividends        | Company |       | 649,290 | 0,925 | 46,72 | .58% |
|                  |         |       |         | ,218) | 4,072 |      |
+------------------+---------+-------+---------+-------+-------+------+
| Interest and     | ONEAM   | 98%   | 4,      | -     | 4,09  | 0    |
| dividends        | ^(/2)   |       | 095,175 |       | 5,175 | .18% |
+------------------+---------+-------+---------+-------+-------+------+
| Interest and     | HOLD    | 100%  | 6,117   | -     | 6,117 | 0    |
| dividends        | CO^(/3) |       |         |       |       | .00% |
+------------------+---------+-------+---------+-------+-------+------+
| 6. Interest on   | the     | -     | 80,     | -     | 80,07 | 3    |
| margin loans     | Company |       | 076,613 |       | 6,613 | .43% |
+------------------+---------+-------+---------+-------+-------+------+
| 7. Share of      | the     | -     | 11,     | (1    | -     | 0    |
| profit from      | Company |       | 354,044 | 1,354 |       | .00% |
| subsidiary       |         |       |         | ,044) |       |      |
|                  |         |       |         |       |       |      |
| Companies        |         |       |         |       |       |      |
| accounted for    |         |       |         |       |       |      |
|                  |         |       |         |       |       |      |
| Under equity     |         |       |         |       |       |      |
| method           |         |       |         |       |       |      |
+------------------+---------+-------+---------+-------+-------+------+
| 8. Other income  | the     | -     | 16,     | -     | 16,17 | 0    |
|                  | Company |       | 177,560 |       | 7,560 | .69% |
+------------------+---------+-------+---------+-------+-------+------+
| Other income     | ONEAM   | 98%   | 1,      | -     | 1,24  | 0    |
|                  | ^(/2)   |       | 243,578 |       | 3,578 | .05% |
+------------------+---------+-------+---------+-------+-------+------+
| Other income     | HOLD    | 100%  | 1,264   | -     | 1,264 | 0    |
|                  | CO^(/3) |       |         |       |       | .00% |
+------------------+---------+-------+---------+-------+-------+------+
| Other income     | KT      | 100%  | (1,830) | -     | (1    | (0.  |
|                  | HL^(/4) |       |         |       | ,830) | 00)% |
+------------------+---------+-------+---------+-------+-------+------+
| TOTAL INCOME     |         |       | 2,379,  | (4    | 2,3   | 100  |
|                  |         |       | 751,694 | 6,826 | 32,92 | .00% |
|                  |         |       |         | ,706) | 4,988 |      |
+------------------+---------+-------+---------+-------+-------+------+

Note /1 See note of financial statements No. 28: Fees and Services
Income.

/2 ONEAM: One Asset Management Limited, 98% owned by the Company.

/3 HOLDCO : KGI Securities (Thailand) International Holdings Limited ,
100% owned by the Company

/4 KTHL : KGI (Thailand) Holdings Limited, 100% owned by the Company