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Fund Performance Presentation as of December 2009 Suranaree University of Technology

Fund Performance Presentation as of December 2009 Suranaree University of Technology AIA Equity Registered Provident Fund. 1. Agenda. 2. Fund Status of each plan SUT Fund Performance as of December 31, 2009 AIA Equity Fund Performance as of December 31, 2009

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Fund Performance Presentation as of December 2009 Suranaree University of Technology

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  1. Fund Performance Presentation as of December 2009 Suranaree University of Technology AIA Equity Registered Provident Fund 1

  2. Agenda 2 • Fund Status of each plan • SUT Fund Performance as of December 31, 2009 • AIA Equity Fund Performance as of December 31, 2009 • Performance of each investment plan • Investment Outlook and Strategy

  3. 01 Fund Status of each plan 3

  4. Fund Status As of December 31, 2009 (members) (Million Baht)

  5. 02 SUT Fund Performance As of December 31, 2009 5

  6. Fund Status : SUT Fund YTD Net Yield as of Jan 22, 10 = -0.17%( from Jan 1, 10 to Jan 22, 10 : not annualized)

  7. Asset Allocation As of December 31, 2009 Unit : Baht

  8. Bank Deposits Current Account (กระแสรายวัน)TISCO 0.99% CITI 0.95% BAY 0.00% % of NAV Fixed Deposit Account (ประจำ) UOB 4.16% LH Bank 1.63% TISCO 1.04% BAY 0.22% Saving Account (ออมทรัพย์) CITIBANK 0.24% UOB 0.12% BAY 0.03% Total Bank Deposit 42,738,611.58 Baht(9.39% of NAV)

  9. Corporate Debenture Investment

  10. Summary of Fixed Income Investment (Classify by issuer) (Classify by duration) Credit Rating by TRIS / FITCH AAA = 42% AA = 32% A = 26% (Modified Duration)= 1.02(Years)

  11. Equity Investment 1 2 3

  12. Equity Investment

  13. Earnings of fund January 1 – December 31, 09

  14. Suranaree University Fund Performance Jan 1 – Dec 31, 09 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.

  15. Fund Status : AIA Equity YTD Net Yield as of Jan 22, 10 = -4.08%( from Jan 1, 10 to Jan 22, 10 : not annualized)

  16. Asset Allocation As of December 31, 2009 Unit : Baht

  17. Equity Investment 1 2 3

  18. Equity Investment (cont)

  19. Equity Fund Performance Jan 1 – Dec 31 09 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 2009 Net Return -7.21% 41.00% -38.67% 49.70% Benchmark (SET Index Return) -8.01% 26.22% -47.56% 63.25% Accumulated Net Return (Since Inception Date) = 20.13%

  21. 04 Performance of each investment plan 21

  22. Plan # Unit Price (Estimate1) 2009 Net Return Benchmark** 1 16.0541 Baht 2 15.6413 Baht 3 15.4348 Baht 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

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

  24. 05 Investment Outlook and Strategy 24

  25. Average 1 YR Fixed Deposit Rate of BBL, KBANK, SCB, KTB 200720082009 1-year fixed 2.90% 2.52% 0.84% 1.71% p.a. 0.56% p.a.

  26. Yield Curve Steep yield curve due to low level of policy rate mean time long dated higher due to economic recover expectation.

  27. Inflation Rate and Interest Rate • Inflation Expectation in Thailand tends to increase in the next 1-2 years as well as other countries such as US, EU and Australia

  28. Fixed Income Strategy

  29. SET Index 25502551 2552 SET Index Return 26.22% -47.56% 63.25% 734.54 449.96 Source : www.aimc.or.th / Reuter

  30. Valuation: Regional vs Thailand Regional valuations* *Based on closing prices as of 20 November 2009 Source: UBS estimates We expect Thailand to deliver 16% EPS growth, 13.5% ROE, and 3.8% dividend yield in 2010E

  31. Equity Strategy • Focus on growth and value Stock • Overweight on • Banking • Energy • PTT / PTTEP / TOP / BANPU Regional banks valuation comparison Data priced as at 20 November 2009; Source: UBS estimates

  32. 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. 32

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