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Clarification of the Company’s Operating Result for the year ended, December 31, 2013

Date : February 2014

Maybank Kim Eng Securities (Thailand) Public Company Limited (“the Company”)’s net 
profit for the year ended December 31, 2013 was Baht 1,420.54 million, an increase of 
93% or Baht 684.52 million from net profit of Baht 736.02 million for the same period of 
last year. As the change of operating results was more than 20%, the Company would 
like to clarify that the main variances comparing to last year were: 
 
1. Brokerage fees from Securities Business increased by 48.47% or Baht 1,093.49 
million, from Baht 2,256.10 million to Baht 3,349.58 million. This was due to an increase 
in average daily trading volume of the Company from Baht 6,637 million to Baht 10,149 
million, which was in accordance with the increase in average daily trading volume of 
SET from Baht 27,992 million to Baht 43,982 million. 
 
2. Brokerage fees from Derivatives Business increased by 1.52% or Baht 4.02 million, 
from Baht 264.97 million to Baht 268.99 million. This was due to an increase in the 
Company’s average daily trading volume from 5,805 contracts to 8,959 contracts, which 
was in accordance with the increase in average daily trading volume of the whole 
derivatives market from 42,512 contracts to 68,017 contracts. 
 
3. Income from interests on margin loans increased by Baht 292.81 million or 85.27%, 
from Baht 343.41 million to Baht 636.22 million due to an improving of capital market 
which resulted in an increase of an average margin loan for the year ended December 
31, 2013 comparing to the same period last year, from Baht 6,141 million to Baht 11,543 
million. 
 
4. Total expenses increased by 31.48% or Baht 711.20 million, from Baht 2,259.03 
million to Baht 2,970.23 million. The higher expenses were mainly due to the increase in 
financial costs, fee and service expenses and personnel expenses of Baht 249.92 million, 
Baht 67.60 million and Baht 451.80 million, or 119.25%, 32.76% and 36.70%, 
respectively. Financial costs increased as a result of an increase in interest paid on 
clients’ deposits and short-term loans. Fee and service expenses and personnel expenses 
increased due to the increase in securities trading fees and marketing incentive as a 
result of higher brokerage fee income. 
 
5. During the year ended December 31, 2013, according to the new accounting 
standard the Company has changed its accounting policy relating to income tax by 
adopting TAS 12 Income Taxes. Such adoption required the retrospective adjustment of 
the financial statements for the year ended December 31, 2012, resulted to the decrease 
in income tax expenses and the increase in net profit of Baht 15.36 million. 
 
Due to the above reasons, the operating result of the Company for the year ended 
December 31, 2013 increased from the same period of last year by 93%.