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Agenda

Agenda. 2. Fund Status of each plan SUT Fund Performance as of September 30, 2009 AIA Equity Fund Performance as of September 30, 2009 Performance of each investment plan Investment Outlook and Strategy Other issue. 01. Fund Status of each plan. 3. Fund Status. As of September 30, 2009.

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Agenda

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  1. Agenda 2 • Fund Status of each plan • SUT Fund Performance as of September 30, 2009 • AIA Equity Fund Performance as of September 30, 2009 • Performance of each investment plan • Investment Outlook and Strategy • Other issue

  2. 01 • Fund Status of each plan 3

  3. Fund Status As of September 30, 2009 (members) (Million Baht)

  4. 02 • SUT Fund Performance • As of September 30, 2009 5

  5. Fund Status : SUT Fund YTD Net Yield as of Oct 31, 09 = 5.57%( from Jan 1, 09 to Oct 31, 09, not annualized)

  6. Asset Allocation As of September 30, 2009 Unit : Baht

  7. Bank Deposits Current Account TISCO 2.71% BAY 0.00% % of NAV Fixed Deposit Account THANACHART 1.81% BAY 0.22% TISCO 1.56% LH Bank 1.76% UOB 4.12% Saving Account CITIBANK 0.60% BAY 0.03% UOB 0.12% Total Bank Deposit 58,580,667 Baht(12.93% of NAV)

  8. Corporate Debenture Investment

  9. Summary of Fixed Income Investment (Classify by issuer) (Classify by duration) Credit Rating by TRIS / FITCH AAA = 35% AA = 41% A = 24% (Modified Duration)= 1.13 (Years)

  10. Equity Investment 1 2 3

  11. Earnings of fund January 1 – September 30, 09

  12. Suranaree University Fund Performance Jan 1 – Sep 30, 09 (Not Annualized) Note : *10% SET Index Return + 30% TBMA 1 –Yr. ZRR Govt. Bond Index +30% TBMA 2 –Yr. ZRR Govt. Bond Index + 30% Avg. 1-yr. Fixed Deposit Rate - Past performance of provident fund is not indicative of future results - In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved - The performance measurement has been made in comply with the standard performance measurement set by AIMC. - We are not soliciting or recommending any action based on this material.

  13. Summary Equity Over Limit Suranaree Investment Policy : Limit equity investment at : 10% of Net Asset Value

  14. 03 • AIA Equity Fund Performance • As of September 30, 2009 15

  15. Fund Status : AIA Equity YTD Net Yield as of Oct 31, 09 = 39.60%( from Jan 1, 09 to Oct 31, 09, not annualized)

  16. Asset Allocation As of September 30, 2009 Unit : Baht

  17. Equity Investment 1 4 2 3 5

  18. Equity Investment (cont)

  19. Equity Fund Performance Jan 1 – Sep 30, 09 (Not Annualized) Note : * Benchmark calculated by 100% SET Index Return - Past performance of provident fund is not indicative of future results - In making an investment decision, prospective investors must rely on their own examination of the merits and risks involved - The performance measurement has been made in comply with the standard performance measurement set by AIMC. - We are not soliciting or recommending any action based on this material.

  20. Past Performance : AIA Equity 2006 2007 2008 Sep 30, 09 Net Return -7.21% 41.00% -38.67% 48.62%* Benchmark (SET Index Return) -8.01% 26.22% -47.56% 59.36%* * Not Annualized

  21. 04 Performance of each investment plan 22

  22. Plan # • Unit Price • (Estimate1) • Net Return • As of Sep 30, 09* • Benchmark** • 1 • 16.0541 Baht • 6.04% • 6.25% • 2 • 15.6413 Baht • 10.30% • 10.86% • 3 • 15.4348 Baht • 12.43% • 13.22% • Plan # • Benchmark** • 1 • 10% SET Index Return + 30% 1-Yr. Fixed Deposit Rate (Avg. 4 Banks) + 30% TBMA 1-Yr. ZRR Index + 30% TBMA 2-Yr. ZRR Index • 2 • 90%(Benchmark of SUT Fund) + 10% (100% SET Index Return) • 3 • 85%(Benchmark of SUT Fund) + 15% (100% SET Index Return) Performance of each Investment Plan 1 Calculated by weighted average from portion of each investment plan * Not Annualized

  23. Compare Return of each Investment Plan (2008 VS 9 month VS 10 month 2009)

  24. 05 Investment Outlook and Strategy 25

  25. 1-Year Fixed Deposit Rate of BBL, KBANK, SCB, KTB 20072008YTD Oct, 09 1-year fixed 2.90% 2.52% 0.74%* * YTD(Not Annualized) 1.71% p.a. 0.625% p.a.

  26. Bond Market – Yield Curve

  27. Thai BMA 1-Year and 2-Year ZRR Government Bond Index 2007 2008YTD Oct, 09 1-Yr. ZRR Govt. Bond Index N/A N/A 1.82%* 2-Yr. ZRR Govt. Bond Index 6.17% 7.97% 1.23%* * YTD(Not Annualized) 131.71 130.12 130.25 127.93

  28. SET Index Return 20072008 Oct, 09 SET Index Return 26.22% -47.56% 52.29%* * YTD(Not Annualized) 624.00 449.96 Source : www.aimc.or.th / Reuter

  29. Thailand economy recover as expected

  30. Global imbalance persist, The faith of USD

  31. Liquidity pour into system with low gauge of inflationary

  32. Risky asset supported by liquidity and USD carry trade

  33. Risky asset return bared with the price from bond investors

  34. Fixed Income Strategy 2009 • Straddle 1-2-3 Years Structure • Duration range 1 - 1.5 Years • Take profit on short-dated credit / Long 5-year term corporate issue to regain on maturity roll down

  35. The investment objective & Strategy : Equity • 09 SET Index already passed its peak at 758.55 • Hold core position: PTT/BANPU/SCC/TOP/KBANK/BBL/SCB • Trading Property/Petrochem: AP/LH/PTTCH • Reduce Value/Defensive play: PTTEP/STANLY/TICON/TPC • Switch DTAC to ADVANC • Risks Concern • Mapthaput overhang issue • Political uncertainty • Down side risk supported by • Extending QE measures and extending low level of global policy rate • LTF/RMF

  36. Forecast Return (2009) * Forecast Return calculate according to expected assumption only, the real net return might be more or less than expectation.

  37. 06 Other Issue 38

  38. Transforming AIA Munkhong to Master Pooled Fund • Convert from a single investment policy fund to a multiple investment policies fund whereas the existing investment policy of AIA Munkhong [Fixed Income Investment Policy] will be one of the total six investment policies under the master pooled fund • Change the fund name from “AIA Munkhong Registered Provident Fund” to “AIA Master Pool Registered Provident Fund” • Continually calculated the unit price of “Fixed Income Investment Policy” from AIAMK’s unit price • Add 5 more sub-investment policies in this fund • Amend the fund regulation

  39. Master Pooled Fund(Investment Policies) 1.(Money Market) [AIA SATHIENSUP] 2.(Fixed Income) [AIA MUNKHONG] 3. (Mixed Fund with Equity < 5%) [AIA PATTANA] 4. (Mixed Fund with Equity < 25%) [AIA PERMPOON] 5. (Equity Fund - Equity > 65%) [AIA EQUITY] 6. (Feeder Fund) (>80% of NAV. will be invested in Aberdeen Asia Pacific Equity Fund (Mutual Fund) (Investment in Asia Pacific stocks market except Japan stocks market) Unit Price will be continually calculated from the old fund.

  40. Employee’s Choice (Before transform to Master Fund) Member C. Member D. Member E. Member B. Member A. AIA Sathiensup (Money market Policy) AIA Equity (Mixed Fund Equity > 65%) AIA Permpoon (Mixed Fund Equity < 25%) AIA Munkhong (Fixed Income Policy) AIA Pattana (Mixed Fund Equity <5%) Levels of Risk High Low

  41. Employee’s Choice (After transformation: Master Fund/ Sub-Funds) AIA Master Pooled Fund (Original AIA Munkhong) Member A. Member C. Member B. AIA Munkhong (Fixed Income Policy) AIA Pattana (Mixed Fund Equity <5%) AIA Equity (Mixed Fund Equity > 65%) AIA Sathiensup (Money market Policy) Sub-Fund 6 (100%EquityForeign Market*) AIA Permpoon (Mixed Fund Equity < 25%) *Invest by Pooled Fund Aberdeen Asia Pacific Equity) Levels of Risk High Low

  42. Benefits of transformation to “Master Pooled Fund” • To reduce registration process and fund regulation amendment. • To facilitate for easier contribution remittance, contribution can be remitted into one master fund account and AIA will allocate to each sub-fund account • To reduce number of cheques paid out to terminated members who are members of various funds. He/she will receive only one cheque under new Master Pooled Fund. • To reduce the expenses such as audit fee, cheque fee, etc. • To minimize number of fund committee members, only one fund committee can represent various investment policies (sub-funds) • To facilitate the unvest allocation, if the fund regulation stated that unvest benefit of terminated member will allocate to existing members of the same employer, it will be allocated to all members under the same employer regardless of the investment policy selected The transformation into “Master Pooled Fund” is to facilitate for Employee’s Choice arrangement, however, it’s not a mandatory for all employers to apply the employee’s choice. One employer can select only one investment policy for all members like previously.

  43. Disadvantage • The Fund needs to get approval in writing from all employers (Fund committee needs to sign the consent letter to transfer the existing fund (AIA Sathiensup, Pattana, Permpoon, Equity) to be Sub-Funds under Master Pooled Fund.) • At the beginning of the change, it might cause any inconvenience in making contribution remittance because of changing the name of the fund. The transformation into “Master Pooled Fund” is to facilitate for Employee’s Choice arrangement, however, it’s not a mandatory for all employers to apply the employee’s choice. One employer can select only one investment policy for all members like previously.

  44. Master Pooled Fund transformation process Tentative Date 1 April 2010/ 1 May 2010 Process: • Setting up AIA Munkhong’ extraordinary meeting to seek approval to transform to Master Pooled Fund, and also request the meeting to consider adding Sub-Funds with various investment policies. Also to seek approval on the amendment of the fund regulation and addendum to agreement to align with the Master Pooled Fund implementation. • Setting up the meeting for other pooled fund (AIA Sathiensup, Pattana, Permpoon, Equity), to inform about AIA Munkhong transformation, and merging other pooled fund with Master Pooled Fund) and the merging process. • Filing the amendment of AIA Munkhong’s regulation and changing fund name with SEC for approval. • Deliver Minute of Meeting and other changed documents to all employers. • Sending letter to all employers in other pooled fund, to request for approval to transfer the fund (AIA Sathiensup, Pattana, Permpoon, Equity) to be Sub-Funds under Master Pooled Fund. • Transferring asset and members of other funds to join under Master Pooled Fund.

  45. Thank you. Disclaimer: • Investment involves risk. Investors should study investment details before making investment. • Past performance of provident fund is not a guarantee of future result. 46

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