MIRA INFORM REPORT

Report Date :

13.09.2012

IDENTIFICATION DETAILS

Name :	DELTA ELECTRONICS (THAILAND) PUBLIC CO.
Registered Office :	714 Moo 4, Praeksa, Amphoe Muang, Samut Prakarn, 10280
Country :	Thailand
Financials (as on) :	31.12.2011
Date of Incorporation :	16.06.1988
Com. Reg. No.:	Not Available
Legal Form :	Public Subsidiary Company
Line of Business :	PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.
No. of Employees :	13,500 employees

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Thailand	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

thailand - ECONOMIC OVERVIEW

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2007 - averaging more than 4% per year - as it recovered from the Asian financial crisis of 1997-98. Thai exports - mostly machinery and electronic components, agricultural commodities, and jewelry - continue to drive the economy, accounting for more than half of GDP. The global financial crisis of 2008-09 severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. In 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded from their depressed 2009 level. Steady economic growth at just below 4% during the first three quarters of 2011 was interrupted by historic flooding in October and November in the industrial areas north of Bangkok, crippling the manufacturing sector and leading to a revised growth rate of only 0.1% for the year. The industrial sector is poised to recover from the second quarter of 2012 onward, however, and the government anticipates the economy will probably grow between 5.5 and 6.5% for 2012, while private sector forecasts range between 3.8% and 5.7%.

Source : CIA

Company name & address

Delta Electronics (Thailand) Public Co.

714 Moo 4, Praeksa

Amphoe Muang

Samut Prakarn, 10280

Thailand

Tel: 66-27-093200

Fax: 66-23-240243

Web: www.deltathailand.com

Synthesis

Employees: 13,500

Company Type: Public Subsidiary

Corporate Family: 3319 Companies

Ultimate Parent: Citigroup Inc.

Traded: Stock Exchange of Thailand (Bangkok): DELTA

Incorporation Date: 16-Jun-1988

Auditor: Ernst & Young LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Thai Baht

Annual Sales: 1,260.8 1

Net Income: 94.0

Total Assets: 947.2 2

Market Value: 981.4 (24-Aug-2012)

Business Description

Delta Electronics (Thailand) Public Company Limited is a Thailand-based manufacturer and exporter of power supplies and electronics equipment and parts. It operates two domestic plants in Samutprakan and Chachoengsao and oversea plants in India and Slovakia. The Company offers products in four categories: power supply products, which are classified into consumer electronics power, such as adapter and charger and switching power supply for networking and broadband and printer, information technology (IT) power, including power supplies for storage and server, and direct current to direct current (DC-DC) converter; delta energy systems (DES) power products, which are custom designed power supplies for information technology, telecommunications, industrial application and others; Telecom power products, including telecom power solutions (TPS), and uninterruptible power systems (UPS) and component products, including cooling fan, electromagnetic interference (EMI) filer and solenoid. For the six months ended 30 June 2012, Delta Electronics (Thailand) Public Co. revenues increased less than 1% to BAH19.08B. Net income increased 10% to BAH1.61B. Revenues reflect USA segment increase of 32% to BAH5.77B, also reflect Domestic segment decrease of 7% to BAH8.46B, Asia segment decrease of 25% to BAH1.28B. Net income benefited from Gain on exchange increase from BAH40M to BAH93.5M (income).

Industry

Industry Electronic Instruments and Controls

ANZSIC 2006: 2439 - Other Electrical Equipment Manufacturing

NACE 2002: 3120 - Manufacture of electricity distribution and control apparatus

NAICS 2002: 335313 - Switchgear and Switchboard Apparatus Manufacturing

UK SIC 2003: 3120 - Manufacture of electricity distribution and control apparatus

UK SIC 2007: 2712 - Manufacture of electricity distribution and control apparatus

US SIC 1987: 3613 - Switchgear and Switchboard Apparatus

Key Executives

Name	Title
Heng Hsien Hsieh	Chairman of the Executive Board, President, Director
Po Wen Yu	Chief Financial Officer, Executive Director
Wilailak Fungthanakun	Secretary to the Board of Directors
Chin-Ming Chen	Chief Information Officer
Niramon Tantiphuntham	Manager of Accounting, Director

Significant Developments

Topic	#*	Most Recent Headline	Date
General Reorganization	1	Delta Electronics (Thailand) PCL Closes And Liquidates Subsidiary Companies	14-May-2012
Strategic Combinations	1	Ballard Power Systems Inc. Signs MOU With Delta Electronics (Thailand) PLC's Subsidiary To Expand Focus Of Clean Energy Fuel Cell System Sales In India	11-Nov-2011
Dividends	2	Delta Electronics (Thailand) PCL Updates Payment date of FY 2011 Dividend	14-Feb-2012

* number of significant developments within the last 12 months

Financial Summary

As of 30-Jun-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.44	2.32
Quick Ratio (MRQ)	1.87	1.43
Debt to Equity (MRQ)	0.04	0.56
Sales 5 Year Growth	-2.47	8.07
Net Profit Margin (TTM) %	7.81	6.72
Return on Assets (TTM) %	9.87	5.54
Return on Equity (TTM) %	15.53	13.32

Stock Snapshot

Traded: Stock Exchange of Thailand (Bangkok): DELTA

As of 31-Aug-2012

   Financials in: THB

Recent Price	24.70	EPS	2.30
52 Week High	26.50	Price/Sales	0.80
52 Week Low	17.80	Dividend Rate	1.20
Avg. Volume (mil)	0.89	Price/Earnings	8.87
Market Value (mil)	30,810.33	Price/Book	1.55
		Beta	1.03

	Price % Change	Rel S&P 500%
4 Week	4.66%	2.11%
13 Week	17.62%	6.86%
52 Week	17.62%	2.45%
Year to Date	13.82%	-4.93%

1 - Profit & Loss Item Exchange Rate: USD 1 = THB 30.48471

2 - Balance Sheet Item Exchange Rate: USD 1 = THB 31.55

Corporate Overview

Location

714 Moo 4, Praeksa

Amphoe Muang

Samut Prakarn, 10280

Thailand

Tel: 66-27-093200

Fax: 66-23-240243

Web: www.deltathailand.com

Quote Symbol - Exchange

DELTA - Stock Exchange of Thailand (Bangkok)

Sales THB(mil): 38,433.6

Assets THB(mil): 29,883.6

Employee : 13,500

Fiscal Year End: 31-Dec-2011

Industry: Electronic Instruments and Controls

Incorporation Date: 16-Jun-1988

Company Type: Public Subsidiary

Quoted Status: Quoted

Chairman of the Executive Board, President, Director: Heng Hsien Hsieh

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

News Releases

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

2439 - Other Electrical Equipment Manufacturing

2429 - Other Electronic Equipment Manufacturing

NACE 2002 Codes:

3120 - Manufacture of electricity distribution and control apparatus

3140 - Manufacture of accumulators, primary cells and primary batteries

3230 - Manufacture of television and radio receivers, sound or video recording or reproducing apparatus and associated goods

2465 - Manufacture of prepared unrecorded media

NAICS 2002 Codes:

335313 - Switchgear and Switchboard Apparatus Manufacturing

335911 - Storage Battery Manufacturing

334310 - Audio and Video Equipment Manufacturing

334613 - Magnetic and Optical Recording Media Manufacturing

335912 - Primary Battery Manufacturing

US SIC 1987:

3613 - Switchgear and Switchboard Apparatus

3692 - Primary Batteries, Dry and Wet

3695 - Magnetic and Optical Recording Media

3691 - Storage Batteries

3651 - Household Audio and Video Equipment

UK SIC 2003:

3120 - Manufacture of electricity distribution and control apparatus

2465 - Manufacture of prepared unrecorded media

3230 - Manufacture of television and radio receivers, sound or video recording or reproducing apparatus and associated goods

3140 - Manufacture of accumulators, primary cells and primary batteries

UK SIC 2007:

2712 - Manufacture of electricity distribution and control apparatus

2640 - Manufacture of consumer electronics

2680 - Manufacture of magnetic and optical media

2720 - Manufacture of batteries and accumulators

Business Description

Delta Electronics (Thailand) Public Company Limited is a Thailand-based manufacturer and exporter of power supplies and electronics equipment and parts. It operates two domestic plants in Samutprakan and Chachoengsao and oversea plants in India and Slovakia. The Company offers products in four categories: power supply products, which are classified into consumer electronics power, such as adapter and charger and switching power supply for networking and broadband and printer, information technology (IT) power, including power supplies for storage and server, and direct current to direct current (DC-DC) converter; delta energy systems (DES) power products, which are custom designed power supplies for information technology, telecommunications, industrial application and others; Telecom power products, including telecom power solutions (TPS), and uninterruptible power systems (UPS) and component products, including cooling fan, electromagnetic interference (EMI) filer and solenoid. For the six months ended 30 June 2012, Delta Electronics (Thailand) Public Co. revenues increased less than 1% to BAH19.08B. Net income increased 10% to BAH1.61B. Revenues reflect USA segment increase of 32% to BAH5.77B, also reflect Domestic segment decrease of 7% to BAH8.46B, Asia segment decrease of 25% to BAH1.28B. Net income benefited from Gain on exchange increase from BAH40M to BAH93.5M (income).

More Business Descriptions

Manufacture of electronic components

Switching Power Supply Mfr; Video Displays & Electronic Components Supplier

Establishments primarily engaged in manufacturing miscellaneous fabricated products, including beauty shop and barber shop equipment; hair work; tobacco pipes and cigarette holders; coin-operated amusement machines; matches; candles; lamp shades; feathers; artificial trees and flowers made from all materials, except glass; dressed and dyed furs; umbrellas, parasols, and canes; and other articles, not elsewhere classified.

All Other Electrical Equipment and Component Manufacturing

Financial Data

Financials in:	THB(mil)
Revenue:	38,433.6
Net Income:	2,864.3
Assets:	29,883.6
Long Term Debt:	0.0
Total Liabilities:	10,024.5
Working Capital:	14.4
Date of Financial Data:	31-Dec-2011

1 Year Growth

7.6%

-31.0%

0.9%

Market Data

Quote Symbol:	DELTA
Exchange:	Stock Exchange of Thailand (Bangkok)
Currency:	THB
Stock Price:	24.5
Stock Price Date:	08-24-2012
52 Week Price Change %:	20.1
Market Value (mil):	30,560,850.0
SEDOL:	6418920
ISIN:	TH0528010Z00
Equity and Dept Distribution:
11/1/01, 10-for-1 stock split. FY'03 Q's are reclassified. FY'04 Financials & Qs are reclassified. FY'05 Q's are being reclassified. FY'96-97 are non-consolidated. BWAS&DWAS of FY'98 are calculated. FY'05 Q's are reclassified. FY'06 Q's are reclassified. FY'07 & 08 Q's are being reclassified and restated.

Subsidiaries

Company	Percentage Owned	Country
Delta Green Industrial (Thailand) Co Ltd	100%	THAILAND
Delta Power Solutions India Private Limited	100%	INDIA
Delta Energy Systems (Australia) Pty Ltd	100%	AUSTRALIA
Delta Greentech (USA) Corporation	100%	USA
Delta Electronics (Slovakia), s.r.o.	100%	SLOVAKIA
Delta Renewable Energy Systems (Switzerland) AG	100%	SWITZERLAND
Delta Energy Systems (Poland) Sp zoo	100%	POLAND
Delta Energy Systems (India) Pvt Ltd	100%	INDIA
Delta Energy Systems (Spain) SL	100%	SPAIN
Delta Energy Systems (Slovakia) sro	100%	SLOVAKIA
Delta Energy Systems (Germany) GmbH	100%	GERMANY
Delta Greentech (Curitiba)	100%	BRAZIL
Delta Greentech (Brazil) S/A	100%	BRAZIL
Delta Energy Systems LLC	100%	RUSSIA
Delta Energy Systems (France) SA	100%	FRANCE
Delta Energy Systems (Italy) Srl	100%	ITALY
Delta Energy Systems (Romania) SRL	100%	ROMANIA
Delta Energy Systems (Czech Republic) spol sro	100%	CZECH REPUBLIC
Delta Energy Systems (Sweden) AB	100%	SWEDEN
Delta Electronics Europe Ltd	100%	UK
DET Logistics (USA) Corporation	100%	USA
Delta Greentech Electronics Industry LLC	100%	TURKEY
Delta Energy Systems (Switzerland) AG	100%	SWITZERLAND
DET International Holding Ltd	100%	CAYMAN ISLANDS
Delta Energy Systems (Arizona) Inc	100%	USA
Delta India Electronics Private Limited	100%	INDIA
Delta Energy Systems (Finland) Oy	100%	FINLAND

Shareholders

Major Shareholders

Deltron Electronics Ltd, UK (100%)

Key Corporate Relationships

Auditor:	Ernst & Young LLP
Auditor:	Ernst & Young, Ernst & Young LLP

© 1983-2012 Reute

Corporate Family	Corporate Structure News:
	Citigroup Inc. Delta Electronics (Thailand) Public Co.
Delta Electronics (Thailand) Public Co. Total Corporate Family Members: 3319 Excluded Small Branches and/or Trading Addresses: 2760 (Available via export)

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Citigroup Inc.	Parent	New York, NY	United States	Commercial Banks	78,353.0	261,000
Citigroup Japan Holdings Corporation	Subsidiary	Tokyo	Japan	Investment Services	2,000.0	12,049
Nikko Citigroup Services Limited	Subsidiary	Tokyo,	Japan	Investment Services	905.6	1,750
Nikko Systems Solutions,Ltd.	Subsidiary	Yokohama, Kanagawa	Japan	Computer Services	198.5	484
Ant Capital Partners Co Ltd	Subsidiary	Tokyo	Japan	Miscellaneous Financial Services		85
Honma Golf Co Ltd	Subsidiary	Tokyo	Japan	Recreational Products	123.1	744
Nikko Global Wrap Limited	Subsidiary	Tokyo	Japan	Investment Services	175.5	50
British Credit Trust Holdings Ltd.	Subsidiary	Oxford	United Kingdom	Business Services	11.8	50
British Credit Trust Ltd.	Subsidiary	Oxford	United Kingdom	Business Services	6.8
British Credit Trust Finance Ltd.	Subsidiary		United Kingdom	Investment Services
British Credit Trust Collections Ltd.	Subsidiary	Oxford	United Kingdom	Nonclassifiable Industries
Swiftarrow Services Ltd.	Subsidiary	Oxford	United Kingdom	Nonclassifiable Industries
British Credit Trust Conduit Ltd	Subsidiary	Oxford	United Kingdom	Nonclassifiable Industries
Nikko Financial Intelligence Inc.	Subsidiary	Chuo-Ku, Tokyo	Japan	Business Services	22.5	37
Nikko Investor Relations Co., Ltd.	Subsidiary	Tokyo	Japan	Business Services	1.0	25
Citigroup Capital Hold Co UK Ltd.	Subsidiary	London	United Kingdom	Business Services
Citigroup Capital UK Ltd.	Subsidiary	London	United Kingdom	Consumer Financial Services		7
Life Bond Lebensversicherungshandelsges. m.b. H	Subsidiary	Hohenschäftlarn, Bayern	Germany	Insurance (Property and Casualty)		20
Seven Mile Capital Ventures Uk Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Seven Mile Capital Property Uk Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Pall Mall Bermuda Ltd.	Subsidiary	Poplar	United Kingdom	Commercial Banks
Tribeca Global Management (Europe) Ltd	Subsidiary	London	United Kingdom	Investment Services
Pall Mall Directories Ltd.	Subsidiary	Poplar	United Kingdom	Commercial Banks
Pall Mall Finance Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Cabot Credit Management Ltd.	Subsidiary	West Malling	United Kingdom	Commercial Banks	137.2	432
Cabot Financial Ltd.	Subsidiary	West Malling	United Kingdom	Commercial Banks
Cabot Financial Holdings Group Ltd.	Subsidiary	West Malling	United Kingdom	Business Services	137.2	432
Cabot Credit Management Group Ltd.	Subsidiary	West Malling	United Kingdom	Miscellaneous Financial Services
Cabot Financial Debt Recovery Services Ltd.	Subsidiary	West Malling	United Kingdom	Commercial Banks
Cabot Financial (Europe) Ltd.	Subsidiary	West Malling	United Kingdom	Miscellaneous Financial Services	30.3	405
Cabot Financial (International) Ltd.	Subsidiary	West Malling	United Kingdom	Nonclassifiable Industries
Kings Hill (No. 1) Ltd.	Subsidiary	West Malling	United Kingdom	Investment Services
Cabot Consumer Services Ltd.	Subsidiary	West Malling	United Kingdom
Apex Credit Management Ltd.	Subsidiary	Stratford Upon Avon	United Kingdom	Commercial Banks	44.7	269
Apex Collections Ltd.	Subsidiary	Stratford Upon Avon	United Kingdom	Miscellaneous Financial Services
Cabot Financial (UK) Ltd.	Subsidiary	West Malling	United Kingdom	Commercial Banks	130.9
Morley Ltd.	Subsidiary	West Malling	United Kingdom	Investment Services
Financial Investigations And Recoveries (Europe) Ltd.	Subsidiary	Stratford Upon Avon	United Kingdom	Commercial Banks	0.8
Kings Hill (No. 3) Ltd.	Subsidiary	West Malling	United Kingdom	Investment Services
The Message Service Ltd.	Subsidiary	West Malling	United Kingdom	Investment Services
Cabot Capital Ltd.	Subsidiary	West Malling	United Kingdom	Investment Services
Kings Hill (No. 2) Ltd.	Subsidiary	West Malling	United Kingdom	Investment Services
Apex Credit Management Holdings Ltd.	Subsidiary	Stratford Upon Avon	United Kingdom	Business Services	44.7	269
Macrocom (948) Ltd.	Subsidiary	Hamilton	United Kingdom	Investment Services
Apex Credit Management Funding Ltd.	Subsidiary	Stratford Upon Avon	United Kingdom	Investment Services
Apex Discovery Solutions Ltd.	Subsidiary	Stratford Upon Avon	United Kingdom	Investment Services
Pall Mall Germany Ltd.	Subsidiary	Poplar	United Kingdom	Commercial Banks
Pall Mall Leasing (Australia) Ltd.	Subsidiary	Poplar	United Kingdom	Commercial Banks
Pall Mall Collections Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Clarity Credit Management Solutions Ltd.	Subsidiary	Northampton	United Kingdom	Commercial Banks	4.6	66
Ausinv 2007 Ltd.	Subsidiary	Poplar	United Kingdom	Commercial Banks
Aus Holdings (2007) Ltd.	Subsidiary	Poplar	United Kingdom	Commercial Banks
The Nikko Trust & Banking Corp.	Subsidiary	Tokyo	Japan	Commercial Banks
Citigroup Services Japan Ltd	Subsidiary	Tokyo	Japan	Business Services
Citibank NA	Subsidiary	Mumbai	India	Commercial Banks		10,000
Banco Citibank S.A.	Subsidiary	São Paulo, SP	Brazil	Commercial Banks		5,960
Banco Citibank S.A.	Branch	Belo Horizonte, Minas Gerais	Brazil	Commercial Banks		5,000
Banco Citibank S.A.	Branch	Sao Paulo, Sao Paulo	Brazil	Commercial Banks		2,500
Banco Citibank S.A.	Branch	Sao Paulo, Sao Paulo	Brazil	Commercial Banks		1,200
Citibank Corretora de Seguros S.A.	Subsidiary	Sao Paulo, Sao Paulo	Brazil	Insurance (Life)	21.6	21
Citibank Distribuidora de Titulos E Valores Mobiliarios S.A.	Subsidiary	Sao Paulo, Sao Paulo	Brazil	Investment Services	19.5	13
CitiFinancial Promotora De Negocios & Cobranca Ltda.	Subsidiary	Santo Andre, SP	Brazil	Investment Services
Bisys Group Inc	Subsidiary	New York, NY	United States	Computer Services		5,200
Open Solutions	Division	Birmingham, AL	United States	Software and Programming		84
BISYS Retirement Services, Inc.	Subsidiary	New York, NY	United States	Software and Programming
Bisys	Subsidiary	New York, NY	United States	Software and Programming
BISYS Insurance Services, Inc.	Subsidiary	New York, NY	United States	Computer Services
BISYS Licensing Solutions, Inc.	Subsidiary	New York, NY	United States	Software and Programming
BISYS Banking Solutions, Inc.	Subsidiary	New York, NY	United States	Software and Programming
Citigroup Investor Services, Inc.	Subsidiary	Roseland, NJ	United States	Miscellaneous Financial Services	842.9	5,000
Citibank Taiwan Ltd	Subsidiary	Taipei	Taiwan	Commercial Banks		5,000
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Citibank Taiwan Limited	Branch	New Taipei City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Lotung Chen, Ilan	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	New Taipei City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	New Taipei City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Mailiao Hsiang, Yunlin	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Peikang Chen, Yunlin	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Touliu City, Yunlin	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	New Taipei City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	New Taipei City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	New Taipei City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Changhwa City, Changhua	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Chungli City, Taoyuan	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Yuanlin Chen, Changhua	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Pingtung City, Pingtung	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	New Taipei City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Chiayi City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Tainan City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taichung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Kaohsiung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Tainan City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Kaohsiung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Keelung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taoyuan City, Taoyuan	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taichung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taichung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Tainan City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Kaohsiung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Hsinchu City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taichung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Kaohsiung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Kaohsiung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Tainan City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Kaohsiung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taichung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Tainan City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taichung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Kaohsiung City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Tainan City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Hsinchu City	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Taiwan Limited	Branch	Taipei City, Taipei	Taiwan	Commercial Banks
Citibank Korea Inc	Subsidiary	Seoul	Korea, Republic of	Commercial Banks		4,490
Koram Bank	Subsidiary	London	United Kingdom
Citigroup Global Markets Limited	Subsidiary	Dublin	Ireland	Commercial Banks	7,813.0	4,167
Citibank Bhd	Subsidiary	Kuala Lumpur	Malaysia	Commercial Banks	678.3	4,000
Citibank Holdings Ireland Limited	Subsidiary	Dublin	Ireland	Commercial Banks	1,746.7	3,965
Citibank Investments Ltd.	Subsidiary	London	United Kingdom	Business Services		3,911
Citibank International PLC	Subsidiary	London	United Kingdom	Commercial Banks		3,993
Citibank International	Subsidiary	Nea Kifissia	Greece	Commercial Banks	333.0	1,500
Diners Club of Greece SA	Subsidiary	Athens	Greece	Commercial Banks
Emso Partners Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Financial Services	20.0
Citicapital Leasing (June) Ltd.	Subsidiary	London	United Kingdom	Consumer Financial Services	0.7
Citicapital Leasing (March) Ltd.	Subsidiary	London	United Kingdom	Consumer Financial Services	0.1
Cip Sli Ukpf Nominee No 2 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Cip Property (Aipt) Ltd.	Subsidiary	Hull	United Kingdom	Business Services
Diners Club Uk Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Cip Property (Aipif) Nominee No 1 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Capital Residential Fund Nominee No. 1 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Capital Residential Fund Nominee No. 2 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Cip Property (Aipif) Nominee No 2 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Vidacos Nominees Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Hawkhurst Capital PLC	Subsidiary	Leatherhead	United Kingdom	Commercial Banks	0.0
AerFinance PLC	Subsidiary	Doncaster	United Kingdom	Miscellaneous Transportation
Baltic Finance PLC	Subsidiary	Leatherhead	United Kingdom	Nonclassifiable Industries
Rockberries Plc	Subsidiary	London	United Kingdom	Jewelry and Silverware
Tornado Air Plc	Subsidiary	London	United Kingdom	Commercial Banks
Ctcl (Bukp) Fund Nominee No. 1 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Ctcl (Bukp) Fund Nominee No. 2 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Ctcl (Boppf) Fund Nominee No. 2 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Ctcl (Boppf) Fund Nominee No. 1 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Citiclient Nominees No 9 Ltd.	Subsidiary	Poplar	United Kingdom	Investment Services
Cip Sli Ukpf Nominee No 1 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Select Brazil Nominee Ltd.	Subsidiary	Manchester	United Kingdom	Business Services
Citigroup Centre 1 Ltd.	Subsidiary	London	United Kingdom	Construction Services	59.7
Citicorp Trustee Co. Ltd.	Subsidiary	London	United Kingdom	Miscellaneous Financial Services	5.7
Citigroup Property Ltd.	Subsidiary	London	United Kingdom	Real Estate Operations	5.0
Citiloans Ltd.	Subsidiary	Ipswich	United Kingdom	Consumer Financial Services
Citi (Uk) Pension Trustee Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
N. C. B. Trust Ltd.	Subsidiary	London	United Kingdom	Nonclassifiable Industries
Jvm Castings Ltd.	Subsidiary	Tamworth	United Kingdom	Business Services	70.1	439
Jvm Castings (Worcester) Ltd.	Subsidiary	Tamworth	United Kingdom	Miscellaneous Fabricated Products	53.9	313
Jvm Castings (Tamworth) Ltd.	Subsidiary	Tamworth	United Kingdom	Miscellaneous Fabricated Products	18.4	112
MSX International, Inc.	Subsidiary	Warren, MI	United States	Business Services	362.2	3,668
MSX International Inc	Branch	Dublin, OH	United States	Engineering Consultants	62.1	300
MSX Intl Human Capital Management	Branch	Warren, MI	United States	Business Services	17.0	100
MSX International Inc	Branch	Flint, MI	United States	Software and Programming	15.7	100
Citibank South Dakota NA	Subsidiary	Sioux Falls, SD	United States	Consumer Financial Services		3,200
Banco Citicard S/A.	Subsidiary	Sao Paulo, Sao Paulo	Brazil	Consumer Financial Services		5,000
Citicorp Credit Services Inc	Branch	Hagerstown, MD	United States	Consumer Financial Services	567.0	2,700
Citi Prepaid Services	Branch	Conshohocken, PA	United States	Business Services	7.4	150
Citi Global Cards	Unit	New York, NY	United States	Consumer Financial Services	22,646.0	3,000
Citibank (South Dakota), N.A.	Subsidiary	Sioux Falls, SD	United States	Consumer Financial Services		1,583
TARGO Dienstleistungs GmbH	Subsidiary	Duisburg, Nordrhein-Westfalen	Germany	Computer Services	116.3	1,877
Citibank Singapore Ltd.	Subsidiary	Singapore	Singapore	Commercial Banks	1,181.3	1,576
Citicorp Securities International, Inc.	Subsidiary	Makati	Philippines	Consumer Financial Services		1,400
Citibank United Arab Emirates	Subsidiary	Dubai	United Arab Emirates	Consumer Financial Services		1,000
Egg Banking PLC	Subsidiary	Derby	United Kingdom	Commercial Banks		831
Canada Square Operations No. 1 Ltd.	Subsidiary	Poplar	United Kingdom	Miscellaneous Financial Services
Canada Square Operations Ltd.	Subsidiary	Poplar	United Kingdom	Miscellaneous Financial Services
East Fourteen Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Canada Square Operations No. 3 Ltd.	Subsidiary	Poplar	United Kingdom	Computer Services
Canada Square Operations No. 2 Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Citibank España, S.A.	Subsidiary	Madrid	Spain	Commercial Banks		800
Citicorp Customer Services Sl	Subsidiary	Barcelona	Spain	Consumer Financial Services	33.0	414
Itinere Infraestructuras, S.A.	Subsidiary	Madrid	Spain	Miscellaneous Transportation	415.2	603
Citibank NA Egypt	Subsidiary	Cairo	Egypt	Commercial Banks	99.0	468
Citigroup Global Markets Finance Corporation & Co. beschränkt haftende KG	Subsidiary	Frankfurt Am Main, Hessen	Germany	Business Services		450
CITICORP LEASING (DEUTSCHLAND) Gesellschaft mit beschränkter Haftung	Subsidiary	Nidderau, Hessen	Germany	Rental and Leasing		1
Fünfundzwanzigste Gamma	Subsidiary	Nidderau	Germany	Rental and Leasing	6.8
Vierundzwanzigste Gamma Trans Leasing Verwaltungs-GmbH & Co. Finanzierungs-Management KG	Subsidiary	Nidderau, Hessen	Germany	Consumer Financial Services		1
GAF Active Life 1 Renditebeteiligungs-GmbH & Co. KG	Subsidiary	Nidderau, Hessen	Germany	Consumer Financial Services
Citigroup Global Markets Deutschland	Subsidiary	Frankfurt am Main	Germany	Investment Services	10,000.0	430
Citibank Canada	Subsidiary	Toronto, ON	Canada	Commercial Banks		400
Citi Hedge Fund Services	Branch	Roseland, NJ	United States	Iron and Steel	76.2	387
Primerica Life Ins Co-Canada	Subsidiary	Mississauga, ON	Canada	Insurance (Accident and Health)		250
Banamex USA	Subsidiary	Los Angeles, CA	United States	Commercial Banks		250
Lava Trading, Inc.	Subsidiary	New York, NY	United States	Software and Programming		165
Elavon Merchant Services	Subsidiary	Frankfurt	Germany	Consumer Financial Services		152
Citicorp Management AG	Subsidiary	Düsseldorf	Germany	Miscellaneous Financial Services	7.2	6
Citi Hedge Fund Services	Branch	Boston, MA	United States	Investment Services	60.3	150
Automated Trading Desk, LLC	Subsidiary	Mt Pleasant, SC	United States	Investment Services		120
Citi Institutional Clients Group	Unit	New York, NY	United States	Investment Services	12,625.0	100
Citigroup Alternative Investments LLC	Division	New York, NY	United States	Miscellaneous Financial Services	10,500.0	1,300
Ness Technologies, Inc.	Subsidiary	Tel Aviv-Yafo	Israel	Software and Programming	571.8	6,970
Ness S.A.	Subsidiary	Geneva	Switzerland	Computer Services		8,000
Ness India-Hyderabad	Subsidiary	Hyderabad	India	Business Services		800
NESS Czech s.r.o.	Subsidiary	Praha	Czech Republic	Computer Networks	74.2	648
Ness KDC s.r.o.	Subsidiary	Kosice	Slovakia	Business Services		260
Nesspro (Thailand) Company Limited	Subsidiary	Din Daeng, Bangkok	Thailand	Software and Programming		150
Ness Hungary Ltd.	Subsidiary	Budapest	Hungary	Business Services		100
NessPRO Italy S.p.A.	Subsidiary	Rome	Italy	Business Services		98
S.C. Ness Romania S.r.l	Subsidiary	Iasi	Romania	Computer Networks		80
Ness Romania	Subsidiary	Bucharest	Romania	Business Services		73
Ness Technologies, Inc.	Branch	Teaneck, NJ	United States	Computer Services	474.3	50
Apar Infotech	Subsidiary	Canonsburg, PA	United States	Computer Services	5.6	30
Ness Innovative Business Services	Subsidiary	Santa Clara, CA	United States	Computer Services		30
Ness Global Services Ltd.	Subsidiary	Maidenhead	United Kingdom	Computer Services	5.8	15
Ness Benelux B.V.	Subsidiary	Baarn	Netherlands	Computer Hardware		50
Ness USA, Inc.	Subsidiary	Hackensack, NJ	United States	Computer Networks		50
NessPRO Italy S.p.A.	Subsidiary	Milan	Italy	Computer Services	15.5	44
Nesspro Spain Sa	Subsidiary	Las Rozas De Madrid, Madrid	Spain	Computer Services	10.6	38
Ness Global Services Pte. Ltd	Subsidiary	Singapore	Singapore	Software and Programming		30
Ness A.T. Ltd	Subsidiary	Tel Aviv-Jaffa	Israel	Software and Programming	75.0
Ness Malaysia Sdn. Bhd.	Subsidiary	Cyberjaya, Selangor	Malaysia	Computer Networks	1.7
NESS Logos a.s.	Subsidiary	Prague	Czech Republic	Business Services
Ness Deutschland GmbH	Subsidiary	Hof, Rehau	Germany	Business Services
Ness Technologies India Ltd	Subsidiary	Karnakata	India	Software and Programming
S.C. Ness Romania s.r.l.	Subsidiary	Bucharest	Romania	Software and Programming
Ness Slovensko a.s..	Subsidiary	Bratislava	Slovakia	Computer Services
Ness Technologies-Mumbai	Subsidiary	Mumbai	India	Business Services
NessPRO Portugal	Subsidiary	Lisbon	Portugal	Business Services
Ness Technologies	Subsidiary	Bucharest	Romania	Business Services
Ness Czech s.r.o.	Subsidiary	Ostrava, Moravska	Czech Republic	Business Services
Ness Czech s.r.o.	Subsidiary	Brno	Czech Republic	Business Services
Ness Canada Inc	Subsidiary	Mississauga, ON	Canada	Computer Services
Ness India	Subsidiary	Bengaluru, Koramangala	India	Printing and Publishing
Ness Thailand	Subsidiary	Bangkok	Thailand	Business Services
Strategic Industries, LLC	Affiliates	Chatham, NJ	United States	Aerospace and Defense		2,500
DP World Australia Limited	Subsidiary	Sydney, NSW	Australia	Miscellaneous Transportation	100.4	100
Jefferson National Financial Corp.	Holding	Louisville, KY	United States	Miscellaneous Financial Services		85
American Life Insurance Company of New York	Subsidiary	New York, NY	United States	Insurance (Life)		30
Jefferson National Life Insurance Company	Subsidiary	New York, NY	United States	Insurance (Life)
Metalmark Capital LLC	Subsidiary	New York, NY	United States	Investment Services		35
Maxum Petroleum Holdings, Inc.	Joint Venture	Greenwich, CT	United States	Miscellaneous Financial Services		1,200
Canyon State Oil Co	Subsidiary	Phoenix, AZ	United States	Oil and Gas Operations	1,947.6	400
Pecos Inc.	Subsidiary	Rancho Dominguez, CA	United States	Oil and Gas Operations		202
Simons Petroleum Inc.	Subsidiary	Oklahoma City, OK	United States	Oil and Gas Operations		200
Simons Petroleum Inc. Oklahoma Corporation	Subsidiary	Oklahoma City, OK	United States	Oil and Gas Operations		100
Canyon State Oil Company Inc.	Subsidiary	Phoenix, AZ	United States	Oil and Gas Operations	292.1	70
Canyon State Oil Co Inc	Branch	North Las Vegas, NV	United States	Oil and Gas Operations	170.4	35
Canyon State Oil Co Inc	Branch	El Paso, TX	United States	Oil and Gas Operations	146.1	30
Canyon State Oil Co	Branch	Henderson, CO	United States	Oil and Gas Operations	121.7	25
Canyon State Oil Co Inc	Branch	Albuquerque, NM	United States	Oil and Gas Operations	73.0	15
Canyon State Oil Co	Branch	Flagstaff, AZ	United States	Oil and Gas Operations	24.3	5
Paulson Oil Company Inc.	Subsidiary	Chesterton, IN	United States	Oil and Gas Operations		45
Maxum Petroleum Inc.	Subsidiary	Greenwich, CT	United States	Oil and Gas Operations		25
General Petroleum	Subsidiary	Compton, CA	United States	Oil and Gas Operations	350.0	150
General Petroleum	Branch	Modesto, CA	United States	Oil and Gas Operations	365.2	75
Rainer Petroleum	Branch	Seattle, WA	United States	Oil and Gas Operations	170.4	35
General Petroleum	Branch	Richmond, CA	United States	Oil and Gas Operations	47.1	15
General Petroleum	Branch	Bloomington, CA	United States	Oil and Gas Operations	30.6	15
General Petroleum	Branch	San Pedro, CA	United States	Oil and Gas Operations	37.6	12
General Petroleum	Branch	Fresno, CA	United States	Oil and Gas Operations	39.0	8
General Petroleum	Branch	Long Beach, CA	United States	Oil and Gas Operations	39.0	8
General Petroleum	Branch	Modesto, CA	United States	Oil and Gas Operations	39.0	8
General Petroleum	Branch	Modesto, CA	United States	Oil and Gas Operations	39.0	8
General Petroleum	Branch	Bakersfield, CA	United States	Oil and Gas Operations	32.9	7
General Petroleum	Branch	Corcoran, CA	United States	Oil and Gas Operations	12.2	6
General Petroleum	Branch	Simi Valley, CA	United States	Retail (Specialty)	2.8	6
Bostwick Laboratories, Inc.	Holding	Glen Allen, VA	United States	Healthcare Facilities	102.8	753
AI Bio Technology	Subsidiary	N Chesterfield, VA	United States	Biotechnology and Drugs	3.3
Q C Sciences LLC	Subsidiary	Glen Allen, VA	United States	Healthcare Facilities
AIP Laboratories	Subsidiary	Silver Spring, MD	United States	Healthcare Facilities
Gynecor	Subsidiary	Glen Allen, VA	United States	Healthcare Facilities
Bostwick Scientific	Subsidiary	Glen Allen, VA	United States	Healthcare Facilities
Dermatocor	Subsidiary	Glen Allen, VA	United States	Healthcare Facilities
Dermatocor	Branch	Uniondale, NY	United States	Biotechnology and Drugs		10
Gastrocor	Subsidiary	Glen Allen, VA	United States	Healthcare Facilities
Gastrocor	Branch	Uniondale, NY	United States	Biotechnology and Drugs		10
Hematocor	Subsidiary	Glen Allen, VA	United States	Healthcare Facilities
Nephrocor	Subsidiary	Glen Allen, VA	United States	Healthcare Facilities
Hoffmaster Group, Inc.	Holding	Oshkosh, WI	United States	Containers and Packaging		550
Creative Converting	Division	Clintonville, WI	United States	Containers and Packaging	109.9	1,300
Creative Converting	Branch	Indianapolis, IN	United States	Paper and Paper Products	50.1	175
InnoWare Paper, Inc.	Subsidiary	Menomonee Falls, WI	United States	Personal and Household Products	42.9	150
Hoffmaster	Branch	Glens Falls, NY	United States	Paper and Paper Products	33.5	50
Hoffmaster-Solo Cup Co	Branch	Indianapolis, IN	United States	Paper and Paper Products	4.9	17
Schafer Corporation	Holding	Chelmsford, MA	United States	Business Services	55.0	350
3D Research Corporation	Subsidiary	Huntsville, AL	United States	Engineering Consultants		151
Asynchrony Solutions, Inc.	Subsidiary	Saint Louis, MO	United States	Business Services	14.1	94
Schafer Corp	Branch	Huntsville, AL	United States	Engineering Consultants	12.4	60
Schafer Corp	Branch	Colorado Springs, CO	United States	Aerospace and Defense	10.5	32
Schafer Corp	Division	Albuquerque, NM	United States	Scientific and Technical Instruments	8.2	30
Schafer Corp./ Schafer Livermore Laboratory Corp.	Division	Livermore, CA	United States	Electronic Instruments and Controls	2.5	10
Schafer Corp	Branch	Beavercreek, OH	United States	Scientific and Technical Instruments	2.2	8
Schafer Corp./ Technology Management Division	Division	Arlington, VA	United States	Business Services
Schafer Corp./ Vallecitos Laboratory Corp.	Division	Sunol, CA	United States	Business Services
Hunter Defense Technologies, Inc.	Holding	Solon, OH	United States	Engineering Consultants
Hunter Manufacturing Company	Subsidiary	Solon, OH	United States	Electronic Instruments and Controls	0.6	200
HDT Expeditionary Systems, Inc.	Subsidiary	Fairfield, VA	United States	Personal Services	2.1	100
HDT Tactical Systems Inc	Branch	Ontario, OH	United States	Engineering Consultants	12.4	60
Nordic Air, Inc.	Subsidiary	Geneva, OH	United States	Miscellaneous Capital Goods	6.3	52
HDT Expeditionary Systems Inc	Subsidiary	Lake Elsinore, CA	United States	Aerospace and Defense	21.2	43
HDT Expeditionary Systems Inc	Branch	Natural Brdg Sta, VA	United States	Engineering Consultants	8.3	40
HDT Engineering Services Inc	Branch	Fredericksburg, VA	United States	Engineering Consultants	7.2	35
Hdt Ep Inc	Branch	Geneva, OH	United States	Engineering Consultants	6.2	30
HDT Global	Subsidiary	Solon, OH	United States	Engineering Consultants
Airborne Systems Group	Subsidiary	Pennsauken, NJ	United States	Aerospace and Defense		130
Airborne Systems	Branch	Santa Ana, CA	United States	Textiles - Non Apparel	39.8	225
Airborne Systems Canada	Subsidiary	Belleville, ON	Canada	Aerospace and Defense	4.5	40
Citicorp Operations Consulting GmbH	Subsidiary	Nidderau, Hessen	Germany	Computer Services	82.7	100
Citigroup Development Center	Unit	Los Angeles, CA	United States	Consumer Financial Services		100
JSC Citibank Kazakhstan	Subsidiary	Almaty	Kazakhstan	Commercial Banks		100
TARGO Deutschland GmbH	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Commercial Banks	10.0	94
TARGO Finanzberatung GmbH	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Business Services	32.8	260
Citibank Costa Rica S.A.	Subsidiary	GuachipelÃn de Escazú	Costa Rica	Commercial Banks		85
Banco CMB (Costa Rica) S.A.	Subsidiary	San José	Costa Rica	Commercial Banks		72
Citigroup	Branch	Armonk, NY	United States	Business Services	9.9	64
Citishare Corporation	Subsidiary	New York, NY	United States	Consumer Financial Services		60
Citigroup	Subsidiary	Casablanca	Morocco	Commercial Banks		60
Banco de Honduras SA	Subsidiary	Tegucigalpa	Honduras	Commercial Banks	9.2	47
Citi Australia	Subsidiary	Sydney, NSW	Australia	Miscellaneous Financial Services	1.0	40
Citigroup Corporate Aviation	Unit	White Plains, NY	United States	Miscellaneous Transportation	5.0	35
Citigroup Global Markets Ltd.	Subsidiary	Zuerich	Switzerland	Miscellaneous Financial Services	1.0	30
Nikko Principal Investments Japan Ltd.	Subsidiary	Tokyo	Japan	Commercial Banks	22.8	22
Citibank Japan Ltd	Subsidiary	Tokyo	Japan	Commercial Banks		1,790
SMBC Nikko Bank (Luxembourg) SA	Subsidiary	Luxembourg	Luxembourg	Commercial Banks		78
Nikko Principal Finance Co., Ltd	Subsidiary	Tokyo	Japan	Investment Services	11.4	17
Citigroup Global Markets Japan Inc.	Subsidiary	Tokyo	Japan	Investment Services	1,166.4
The Nikko Merchant Bank (Singapore) Ltd.	Subsidiary	Singapore	Singapore	Investment Services	2.5
Citigroup Capital Partners Japan	Subsidiary	Tokyo	Japan	Investment Services
Smile Staff Corporation	Holding	Utsunomiya	Japan	Business Services
Citi Capital Advisors	Branch	New York, NY	United States	Investment Services	7.1	22
Citibank International plc, Denmark Branch	Subsidiary	København V	Denmark	Commercial Banks		20
Citi Islamic Investment Bank EC	Subsidiary	Manama	Bahrain	Investment Services		20
Citibank International plc	Subsidiary	Wien	Austria	Commercial Banks		10
Citigroup Global Markets Management	Subsidiary	Frankfurt	Germany	Miscellaneous Financial Services	19.1	9
Citibank Bruxelles	Subsidiary	Brussels	Belgium	Commercial Banks		8
CitiFinancial Canada East Corp.	Subsidiary	Gander, NL	Canada	Consumer Financial Services		4
Citi Global Wealth Management	Unit	New York, NY	United States	Investment Services	12,986.0
Citigroup Private Bank	Unit	New York, NY	United States	Investment Services
Citicorp Capital Philippines Inc	Subsidiary	Metro Manila	Philippines	Investment Services	16.8
Citigroup International Luxembourg Ltd.	Subsidiary	London	United Kingdom	Business Services	0.0
Citigroup Participation Luxembourg Ltd.	Subsidiary	London	United Kingdom	Business Services	0.0	2
Citi Pensions & Trustees Ltd	Affiliates	London	United Kingdom	Nonclassifiable Industries
Citigroup Funding Inc.	Subsidiary	New York, NY	United States	Consumer Financial Services
Citigroup Alternative Invstmnt	Subsidiary	New York, NY	United States	Miscellaneous Financial Services
Citi Consumer Banking	Unit	New York, NY	United States	Commercial Banks
CitiMortgage, Inc.	Subsidiary	O Fallon, MO	United States	Consumer Financial Services		2,000
CitiFinancial Credit Company	Subsidiary	Baltimore, MD	United States	Consumer Financial Services		900
Citi Assurance Services, Inc.	Subsidiary	Fort Worth, TX	United States	Investment Services	109.5	300
American Health & Life Insurance Company	Subsidiary	Fort Worth, TX	United States	Insurance (Accident and Health)		500
Sears Life Insurance Company	Subsidiary	Fort Worth, TX	United States	Insurance (Life)		500
Triton Insurance Co.	Subsidiary	Fort Worth, TX	United States	Insurance (Property and Casualty)		300
Citibank, N.A.	Division	New York, NY	United States	Commercial Banks		80
TARGOBANK AG & Co. KGaA.	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Commercial Banks		6,500
Bank Handlowy w Warszawie SA	Subsidiary	Warszawa	Poland	Commercial Banks	834.3	5,295
Handlowy Leasing Sp Z O O	Subsidiary	Warszawa	Poland	Consumer Financial Services	0.0	70
Bank Handlowy Capital Markets Centre	Subsidiary	Warsaw	Poland	Investment Services
Citibank (Hong Kong) Ltd	Subsidiary	Central	Hong Kong	Commercial Banks		4,000
Samba Financial Group	Subsidiary	Riyadh	Saudi Arabia	Commercial Banks	1,749.8	3,057
Samba Financial Group	Subsidiary	Jeddah	Saudi Arabia	Commercial Banks		2,300
Samba Bank Limited	Subsidiary	Karachi	Pakistan	Commercial Banks	18.1	439
Saudi Electric Supply Co	Subsidiary	Al Khobar	Saudi Arabia	Electronic Instruments and Controls	33.7	155
Zamil Group Holding Company	Subsidiary	Al Khobar	Saudi Arabia	Rental and Leasing
Citibank AS	Subsidiary	Levent	Turkey	Commercial Banks	569.7	2,349
Citigroup Pty Ltd	Subsidiary	Sydney, NSW	Australia	Commercial Banks		1,855
Citibank NA	Subsidiary	Metro Manila	Philippines	Commercial Banks		1,800
Citibank Europe Public Limited Company	Subsidiary	Dublin	Ireland	Commercial Banks		1,795
Laguna Life Limited	Division	Dublin	Ireland	Insurance (Life)	4.9	4
Saudi American Bank	Subsidiary	Jeddah, Makkah	Saudi Arabia	Commercial Banks		1,600
Citibank Europe plc Magyarországi Fióktelepe	Subsidiary	Budapest	Hungary	Commercial Banks		1,500
Citi Indonesia	Subsidiary	Jakarta Pusat	Indonesia	Commercial Banks	285.0	1,224
Citigroup	Subsidiary	Central, Hong Kong Island	Hong Kong	Commercial Banks	1,000.0	1,000
Citigroup Global Market Asia Ltd	Subsidiary	Central, Hong Kong Island	Hong Kong	Commercial Banks		500
Citi Fund Services	Branch	Columbus, OH	United States	Investment Services	402.0	1,000
Citibank NA	Subsidiary	Singapore	Singapore	Commercial Banks	333.0	1,000
Citibank Nominees Singapore Pte Ltd	Subsidiary
Delta Electronics (Thailand) Public Co.	Subsidiary	Samut Prakarn	Thailand	Electronic Instruments and Controls	1,260.8	13,500
Delta Electronics (Thailand) Public Company Limited -Plant 6	Subsidiary	Bang Pakong, Chachoengsao	Thailand	Appliance and Tool		2,500
Delta Green (Tianjin) Industries Co., Ltd.	Subsidiary	Tianjin	China	Communications Equipment		1,500
Delta Electronics (Slovakia), s.r.o.	Subsidiary	Dubnica nad Váhom	Slovakia	Semiconductors	109.9	650
Delta Energy Systems (India) Private Ltd.	Subsidiary	Gurgaon, Haryana	India	Electronic Instruments and Controls	1.0	400
Delta Energy Systems (Germany) GmbH	Subsidiary	Teningen	Germany	Miscellaneous Capital Goods	175.0	119
Delta Renewable Energy Systems (Switzerland) AG	Subsidiary	Uznach	Switzerland	Electronic Instruments and Controls		14
Delta Energy Systems (Switzerland) AG	Subsidiary	Bern	Switzerland	Electronic Instruments and Controls	29,774.5	80
Delta Energy Systems (Brasil) S/A	Subsidiary	Parana	Brazil	Electronic Instruments and Controls		150
Delta Energy Systems (Sweden) AB	Subsidiary	Vaxjo	Sweden	Electronic Instruments and Controls		12
Delta Electronics Europe Ltd.	Subsidiary	Glasgow	United Kingdom	Engineering Consultants	3.5	40
Delta Energy Systems -Spain- Sl	Subsidiary	Madrid	Spain	Electronic Instruments and Controls	7.3	9
Delta Energy Systems (Arizona), Inc.	Subsidiary	Tucson, AZ	United States	Electric Utilities	2.0	8
Delta Energy Systems (Poland) Sp. Z.o.o.	Subsidiary	Warsaw	Poland	Electronic Instruments and Controls
Delta Energy Systems LLC	Subsidiary	Moscow	Russian Federation	Electronic Instruments and Controls
Citibank NA	Subsidiary	Silom, Bangkrak, Bangkok	Thailand	Commercial Banks	30.0	1,000
Citibank Europe plc, organizacni slozka	Subsidiary	Prague	Czech Republic	Commercial Banks		900
Citibank del Peru SA	Subsidiary	San Isidro	Peru	Commercial Banks	147.3	869
Citibank Colombia S.A.	Subsidiary	Bogotá DC	Colombia	Commercial Banks		860
Colfondos S.A. Pensiones Y Cesantias	Subsidiary	Bogota, Cundinamarca	Colombia	S&Ls/Savings Banks		1,290
Citibank (Switzerland) AG	Subsidiary	Zürich	Switzerland	Commercial Banks		800
Citibank Belgium SA/NV	Subsidiary	Bruxelles	Belgium	Commercial Banks		785
ING Bank Rt	Subsidiary	Budapest	Hungary	Commercial Banks	750.0	750
Citibank N. A	Subsidiary	London	United Kingdom	Commercial Banks		657
Citibank Moscow	Subsidiary	Moscow	Russian Federation	Commercial Banks		600
Citibank NA South Africa	Subsidiary	Saxonwold	South Africa	Commercial Banks		370
Citibank NA	Subsidiary	Sabana Grande, Caracas	Venezuela	Commercial Banks	150.0	350
Citibank Bahrain	Subsidiary	Manama	Bahrain	Commercial Banks	60.0	350
Citigroup Global Markets Deutschland AG & Co KGaA	Subsidiary	Frankfurt Am Main, Hessen	Germany	Commercial Banks		345
Citibank International plc (Luxembourg Branch)	Subsidiary	Bertrange	Luxembourg	Commercial Banks		300
Citibank Nigeria Limited	Subsidiary	Victoria Island, Lagos	Nigeria	Commercial Banks		275
Citibank, N.A.	Subsidiary	Panama	Panama	Consumer Financial Services		255
Diners Club (Thailand) Ltd	Subsidiary	Bangrak, Bangkok	Thailand	Commercial Banks	150.0	200
Citibank NA	Subsidiary	Dubai	United Arab Emirates	Commercial Banks	67.0	200
Citibank (China) Co Ltd	Subsidiary	Shanghai	China	Commercial Banks	57.0	200
Citibank Budapest Zrt	Subsidiary	Budapest	Hungary	Commercial Banks	57.0	200
Citibank Europe plc, pobocka zahranicnej banky	Subsidiary	Bratislava	Slovakia	Commercial Banks		170
Citibank (Trinidad & Tobago) Limited	Subsidiary	Port-of-Spain	Trinidad and Tobago	Commercial Banks		155
Citibank International	Subsidiary	Paris	France	Consumer Financial Services	72.3	138
Citibank N.A.	Subsidiary	Santo Domingo	Dominican Republic	Commercial Banks		125
Citibank NA Côte d'Ivoire	Subsidiary	Abidjan	Cote d'Ivoire	Commercial Banks		121
Citibank NA	Subsidiary	Hanoi	Viet Nam	Commercial Banks	40.0	120
Citibank N.A. Sucursal Guatemala	Subsidiary	Ciudad de Guatemala	Guatemala	Commercial Banks		110
Citibank NA - Sofia Branch	Subsidiary	Sofia	Bulgaria	Commercial Banks	350.0	100
Cititrust Bahamas Ltd	Subsidiary	Nassau	Bahamas	Commercial Banks	33.0	100
Citibank Tanzania Limited	Subsidiary	Dar es Salaam	Tanzania	Commercial Banks		100
Citibank NA - Dubai	Subsidiary	Dubai	United Arab Emirates	Commercial Banks		100
Citibank N.A. Sucursal El Salvador	Subsidiary	San Salvador	El Salvador	Commercial Banks		100
Citibank N.A.	Subsidiary	AsuncÃon	Paraguay	Commercial Banks		95
Citibank Tunisia	Subsidiary	Tunis	Tunisia	Commercial Banks		86
JSCB Citibank-Ukraine	Subsidiary	Kyiv	Ukraine	Commercial Banks	27.0	80
Citibank, N.A.	Subsidiary	Guatemala	Guatemala	Commercial Banks		80
Citibank, N.A. Puerto Rico	Branch	San Juan, PR	United States	Investment Services		75
Citibank NA Jordan	Subsidiary	Amman	Jordan	Commercial Banks		70
Citibank Zambia Ltd	Subsidiary	Lusaka	Zambia	Commercial Banks		60
Citibank Maghreb SA	Subsidiary	Casablanca	Morocco	Commercial Banks		60
Citibank NA	Subsidiary	Bandar Seri Begawan	Brunei Darussalam	Commercial Banks		60
Citibank International PLC	Subsidiary	Luchthaven Schiphol, Noord-Holland	Netherlands	Commercial Banks		54
Citibank NA Cameroon	Subsidiary	Douala	Cameroon	Commercial Banks		47
Citibank Uganda Limited	Subsidiary	Kampala	Uganda	Commercial Banks		40
Citibank NA Gabon Branch	Subsidiary	Libreville	Gabon	Commercial Banks		36
Citi Personal Wealth Management	Branch	Aventura, FL	United States	Investment Services	8.1	25
Citibank International plc, sivuliike Suomessa	Subsidiary	Helsinki	Finland	Commercial Banks		20
Citi Personal Wealth Management	Branch	Palm Beach Gdns, FL	United States	Investment Services	5.8	18
Citibank	Branch	Brooklyn, NY	United States	Commercial Banks		13
Citi Personal Wealth Management	Branch	Miami Beach, FL	United States	Investment Services	3.9	12
Citi Personal Wealth Management	Branch	West Palm Beach, FL	United States	Investment Services	3.9	12
Citibank	Branch	Las Vegas, NV	United States	Commercial Banks		12
Citibank	Branch	Chicago, IL	United States	Commercial Banks		11
Citibank	Branch	Burkburnett, TX	United States	Commercial Banks		11
Citibank	Branch	Washington, DC	United States	Commercial Banks		10
Citibank	Branch	Arlington, VA	United States	Commercial Banks		9
Citibank N.A.	Subsidiary	São Paulo, SP	Brazil	Commercial Banks		5
Citibank	Branch	Caddo Mills, TX	United States	Commercial Banks		5
Citibank NA Kenya	Subsidiary	Nairobi	Kenya	Commercial Banks
Citibank Senegal SA	Subsidiary	Dakar	Senegal	Commercial Banks
Citibank NA - Abu Dhabi	Subsidiary	Abu Dhabi	United Arab Emirates	Commercial Banks
Citibank NA - Sharjah	Subsidiary	Sharjah	United Arab Emirates	Commercial Banks
Citibank NA New Zealand	Subsidiary	Auckland	New Zealand	Commercial Banks
Citibank N.A.	Subsidiary	Buenos Aires	Argentina	Commercial Banks
Citibank NA	Subsidiary	Karachi	Pakistan	Commercial Banks
Citibank London Nominees Ltd.	Subsidiary	Poplar	United Kingdom	Nonclassifiable Industries
Citibank (Luxembourg) S.A.	Subsidiary	Luxembourg Ville	Luxembourg	Commercial Banks
Citibank NA	Subsidiary	Hato Rey	Puerto Rico	Commercial Banks
Citi Group	Subsidiary	Maharashtra	India	Commercial Banks
Citibank	Subsidiary	Almaty	Kazakhstan	Commercial Banks
Citibank Romania	Subsidiary	Bucharest	Romania	Commercial Banks
Citicorp Merchant Bank Ltd	Subsidiary	Port of Spain	Trinidad and Tobago	Commercial Banks
Citibank	Subsidiary	Taipei	Taiwan	Commercial Banks
Citibank Lusaka	Branch	Lusaka	Zambia	Commercial Banks
Citi Private Equity Services, Inc.	Subsidiary	New York, NY	United States	Investment Services
Diners Club Pty Limited	Subsidiary	Sydney, NSW	Australia	Consumer Financial Services
CitiFinancial, Inc.-South Carolina	Subsidiary	Aiken, SC	United States	Consumer Financial Services		5
CitiFinancial, Inc.-Texas	Subsidiary	Friendswood, TX	United States	Investment Services		4
CitiFinancial, Inc.-Hawaii	Subsidiary	Lihue, HI	United States	Consumer Financial Services
CitiFinancial Auto Credit, Inc.	Subsidiary	Fort Worth, TX	United States	Commercial Banks
Citicorp Finanziaria S.p.A. Citifin	Subsidiary	Milano	Italy	Consumer Financial Services
Citicorp Insurance Agency Co., Ltd.	Subsidiary	Taipei, Taipei	Taiwan	Investment Services
Egg Banking plc	Subsidiary	London	United Kingdom	Commercial Banks
Court Square Capital Limited	Subsidiary	New York, NY	United States	Investment Services
Citigroup Derivatives Markets Inc.	Subsidiary	Minnetonka, MN	United States	Real Estate Operations
Citigroup Overseas Holdings GK	Subsidiary	Tokyo	Japan	Consumer Financial Services
Jhsw Ltd.	Subsidiary	London	United Kingdom	Business Services
Citifinancial Corporation Ltd.	Subsidiary	Reading	United Kingdom	Commercial Banks
Afs (Pension Trustees) Ltd.	Subsidiary		United Kingdom	Investment Services
Citifinancial Holdings Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Citifinancial Europe PLC	Subsidiary	London	United Kingdom	Miscellaneous Financial Services		42
Citicapital Fleet Ltd.	Subsidiary	London	United Kingdom	Business Services
Future Mortgages 1 Ltd.	Subsidiary	Reading	United Kingdom	Commercial Banks
Future Mortgages Ltd.	Subsidiary	London	United Kingdom	Commercial Banks
Citigroup Finance Canada Inc	Subsidiary	Toronto, ON	Canada	Commercial Banks
Citifinancial Mortgage Corporation	Subsidiary	Poplar	United Kingdom	Miscellaneous Financial Services
Citicorp	Subsidiary	London	United Kingdom
Grupo Financiero Banamex, S. A. de C. V.	Subsidiary	México, D.F.	Mexico	Commercial Banks
AeroMexico Airlines	Subsidiary	Mexico, DF	Mexico	Airlines		10,000
Aerolitoral	Subsidiary	Nuevo Leon	Mexico	Airlines	0.5	258
Aeromexico Airlines	Subsidiary	Phoenix, AZ	United States	Airlines	1.3	3
Afore Banamex, S. A. de C. V. Administradora de Fondos por el Retiro	Subsidiary	México, D.F.	Mexico	Investment Services		700
Afore Banamex, S.A. De C.V., Grupo Financiero Banamex	Branch	Cancun, Quintana Roo	Mexico	Business Services	2.2	22
Siefore Banamex Básica 3, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Investment Services	3,889.6
Acciones y Valores Banamex, S.A. de C.V. Casa de Bolsa	Subsidiary	México DF	Mexico	Investment Services	192.0	400
Banco Nacional De México, S.A.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Commercial Banks	6,197.7
Banco Nacional De México, S.A.	Branch	Ciudad Juarez, Chihuahua	Mexico	Commercial Banks	2.2	25
Grupo Proagro, S. De R.L. De C.V.	Subsidiary
Interalta, S.A. De C.V.	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Miscellaneous Transportation	0.0	1
Proyectos Agricolas, S.A. De C.V.	Subsidiary	Naucalpan, Estado De Mexico	Mexico	Nonclassifiable Industries	7.9
Acciones Y Valores Banamex, S.A. De C.V. Casa De Bolsa Integrante Del Grupo Financiero Ban	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Investment Services	172.7
Acción Banamex, S.A. De C.V. Sofom, E.R., Integrante Del Grupo Financiero Banamex	Subsidiary	Ciudad De Mexico, Distrito Federal	Mexico	Consumer Financial Services	0.1
Banco Nacional de México, S. A., Integrante del Grupo Financiero Banamex	Subsidiary	México, D.F.	Mexico	Commercial Banks
Grupo AeromexiCo SA de CV	Subsidiary	Cuauhtemoc	Mexico	Airlines	2,880.3	13,079
Seguros Banamex, S.A. de C.V., Integrante del Grupo Financiero Banamex	Subsidiary	México, D.F.	Mexico	Insurance (Life)
Consorcio Aeroméxico, S.A. de C.V.	Subsidiary	México, D.F.	Mexico	Airlines	10,238.8	8,000
Aerovias de México, S.A. de C.V.	Subsidiary	México DF	Mexico	Airlines	2,179.4	6,000
Turboreactores, S.A. de C.V.	Subsidiary	Querétaro, Querétaro	Mexico	Business Services		500
CompañÃa Mexicana de Aviación	Subsidiary	México	Mexico	Airlines	875.0
Aeromexpress Cargo, S.A. de C.V.	Subsidiary	México DF	Mexico	Miscellaneous Transportation
Crédito Familiar, S. A. de C. V., Sociedad Financiera de Objeto Múltiple, Entidad Regulada	Subsidiary	México, D.F.	Mexico	Consumer Financial Services
Pensiones Banamex, S.A. de C.V.	Subsidiary	México, D.F.	Mexico	Investment Services
Citigroup Global Markets Korea Securities Ltd	Subsidiary	Seoul	Korea, Republic of	Commercial Banks
Women & Co	Subsidiary	New York, NY	United States	Consumer Financial Services
Citigroup Inc./ Citigroup Global Corporate and Investment Banking Inc.	Division	New York, NY	United States	Retail (Catalog and Mail Order)
Emi Recorded Music North American	Subsidiary	New York, NY	United States	Retail (Specialty)
Citigroup Corporate & Investment Banking	Division	New York, NY	United States	Investment Services
Citigroup Global Markets Holdings, Inc.	Subsidiary	New York, NY	United States	Investment Services
Red Roof Inns, Inc.	Holding	Columbus, OH	United States	Hotels and Motels	345.6	6,500
Citigroup Global Markets Inc.	Subsidiary	New York, NY	United States	Investment Services	6.4	28
Morgan Stanley Smith Barney LLC	Joint Venture	New York, NY	United States	Investment Services	1.0	12,400
Smith Barney Stock Plan Services	Unit	New York, NY	United States	Printing and Publishing		80
Citigroup Capital Strategies Inc.	Division	Laguna Hills, CA	United States	Investment Services		50
Morgan Stanley Smith Barney	Subsidiary	Bryn Mawr, PA	United States	Investment Services	11.3	35
Citigroup Global Markets Mauritius Private Limited	Subsidiary	Port Louis	Mauritius	Investment Services
Citigroup Global Markets Canada Inc.	Subsidiary	Toronto, ON	Canada	Investment Services		24
Citibank Savings, Inc	Subsidiary	Metro Manila	Philippines	S&Ls/Savings Banks
Citifinancial Services Inc	Subsidiary
CitiFinancial, Inc.-Maryland	Subsidiary	Baltimore, MD	United States	Consumer Financial Services		600
Citi Financial Canada Inc	Subsidiary	Markham, ON	Canada	Miscellaneous Financial Services		40
Citi Financiere	Branch	Saint-Jerome, QC	Canada	Investment Services	3.8	9
Citi Financiere	Branch	Montreal-Nord, QC	Canada	Investment Services	3.4	8
Citi Financiere	Branch	Salaberry-De-Valleyfield, QC	Canada	Investment Services	2.1	5
Citi Financiere	Branch	Blainville, QC	Canada	Investment Services	2.1	5
Citi Financiere	Branch	Saint-Eustache, QC	Canada	Investment Services	2.1	5
Citi Financiere	Branch	Mascouche, QC	Canada	Investment Services	2.1	5
Citi Financiere	Branch	Thetford Mines, QC	Canada	Investment Services	2.1	5
Citi Financiere	Branch	Saint-Hyacinthe, QC	Canada	Investment Services	2.1	5
Citi Financiere	Branch	Levis, QC	Canada	Investment Services	2.1	5
Citi Financiere	Branch	Granby, QC	Canada	Investment Services	2.1	5
Citi Financiere	Branch	Quebec, QC	Canada	Investment Services	2.1	5
Citi Financiere	Branch	Saint-Leonard, QC	Canada	Investment Services	2.1	5
Onemain Financial	Branch	Pikeville, KY	United States	Consumer Financial Services		5
Citi Financial	Subsidiary	Hermitage, PA	United States	Consumer Financial Services		5
Citi Financial	Subsidiary	El Paso, TX	United States	Consumer Financial Services		5
Onemain Financial	Subsidiary	Hermitage, TN	United States	Consumer Financial Services		4
Onemain Financial	Subsidiary	Santa Ana, CA	United States	Consumer Financial Services		3

Executive report

Board of Directors

Name	Title	Function
Heng Hsien Hsieh	Chairman of the Executive Board, President, Director	Chairman
Biography: Mr. Hsieh Heng Hsien (Henry) serves as President, Chairman of the Executive Board and Director of Delta Electronics (Thailand) PCL since 2009. He is also Chairman of the Risk Management Committee in the Company. He previously served as Executive Director from 2004 to 2009 and Managing Director of Marketing from 1999 to 2006. He holds a Master of Business Administration from Pacific Western University, the United States. Age: 48 Education: Pacific Western University, MBA
James Kong Meng Ng	Chairman	Chairman
Kong Meng Ng	Chairman of the Board	Chairman
Biography: Mr. Ng Kong Meng (James) serves as Chairman of the Board for Delta Electronics (Thailand) PCL since 1990. He holds a Bachelor's degree in Electrical Engineering from National Taiwan University, Taiwan, and a Master of Science in Electronics Engineering from University of Southampton, the United Kingdom. Age: 65 Education: University of Southampton, MS (Electronics Engineering) National Taiwan University, B (Electrical Engineering)
Stronger Ming-Cheng Wang	Vice Chairman & VP	Vice-Chairman
Ming Cheng Wang	Vice Chairman of the Board, Vice Chairman of the Management Board, Executive Director	Vice-Chairman
Biography: Mr. Wang Ming Cheng (Stronger) serves as Vice Chairman of the Board, Vice Chairman of the Executive Board and Executive Director of Delta Electronics (Thailand) PCL since 1990. He is also Vice Chairman of the Risk Management Committee in the Company. He holds a Diploma in Industrial Engineering from National Taipei Institute of Technology, Taiwan. Age: 66
Chi Yuan Chu	Director	Director/Board Member
Biography: Mr. Chu Chi Yuan (Roger) serves as a Director of Delta Electronics (Thailand) PCL since 1988. He has also served as Senior Vice President and Corporate CFO for Delta Electronics Inc. (Taiwan) since 1986, and as Director of Delta Electronics International Ltd. since 2004 and Delta Power Sharp Ltd. since 1995. He also serves as Supervisor in several companies, including Neo Energy Microelectronics Inc., Delta Electronics (Korea), Inc., Delta Greentech (China) Co., Ltd., Addtron Technology (Japan) Co., Ltd. and Delta Electronics (Japan), Inc. He holds a Bachelor of Arts in Economics from Chinese Culture University, Taiwan. Age: 65 Education: Chinese Culture University, BA (Economics)
Roger Chih-Yuan Chu	Board Member	Director/Board Member
Henry Heng-Hsien Hsieh	President	Director/Board Member
Ji-Ren Lee	Independent Director	Director/Board Member
Biography: Mr. Lee Ji-Ren was originally an Independent Director of Delta Electronics (Thailand) PCL until February 2009 and then returned in April 2011. He is a member of the Audit Committee Remuneration Committee in the Company. He holds a Bachelor of Engineering from National Tsing Hua University, Taiwan, and a Master of Business Administration from National Taiwan University, as well as a Ph.D. from University of Illinois at Urbana-Champaign, the United States. Age: 54 Education: University of Illinois at Urbana-Champaign, PHD National Taiwan University, MBA National Tsing Hua University, BE
Suphat Limpaphorn	Independent Director	Director/Board Member
Biography: Mr. Suphat Limpaphorn serves as Independent Director of Delta Electronics (Thailand) PCL since 2007. He is also Chairman of the Remuneration Committee and a member of the Audit Committee in the Company. He has a Bachelor and a Master of Engineering in Mechanical Engineering from Technical University, Germany. Age: 67 Education: Technical University, ME (Mechanical Engineering) Technical University, BE (Mechanical Engineering)
Heng-Yih Liu	Director	Director/Board Member
Anusorn Muthra-it	Managing Director of Human Resources and Management, Executive Director, Director	Director/Board Member
Biography: Mr. Anusorn Muthra-it serves as Managing Director of Human Resources and Management, Executive Director and Director of Delta Electronics (Thailand) PCL since 1999. He is also Member of the Remuneration and Risk Management Committees in the Company. He holds a Bachelor of Science from Kasetsart University, Thailand. Age: 58 Education: Kasetsart University, BS
Anusorn Muttaraid	Director-HR, Admin & Public Rel	Director/Board Member
James Kong Meng Ng	Board Member	Director/Board Member
Suphaphan Ratanaphorn	Independent Director	Director/Board Member
Biography: Prof. Suphaphan Ratanaphorn serves as Independent Director of Delta Electronics (Thailand) PCL since 2004. She is also Chairman of the Audit Committee in the Company since October 9, 2008. She was member of the Audit Committee of the Company. She has also serves in the Audit Committee of Charoen Pokphand Foods PCL and Glow Energy PCL. She holds a Bachelor's degree in Accounting from Chulalongkorn University, Thailand, and a Master of Business Administration in Accounting from Michigan State University, the United States. Age: 68 Education: Michigan State University, MBA (Accounting) Chulalongkorn University, B (Accounting)
Supapun Ruttanaporn	Board Member	Director/Board Member
Niramon Tantiphuntham	Manager of Accounting, Director	Director/Board Member
Biography: Ms. Niramon Tantiphuntham serves as Manager of Accounting and Director of Delta Electronics (Thailand) PCL since 1994. She had been Executive Director in the Company from 1999 to 2008. She holds a Bachelor's degree in Accounting from Ramkhamhaeng University, Thailand, and a Master of Business Administration from National Institute of Development Administration, Thailand. Age: 55 Education: National Institute of Development Administration, MBA Ramkhamhaeng University, B (Accounting)
Po Wen Yu	Chief Financial Officer, Executive Director	Director/Board Member
Biography: Mr. Yu Po Wen serves as Chief Financial Officer and Executive Director of Delta Electronics (Thailand) PCL since 2000. He has been Chief Financial Officer since 1991. He is also Member of the Risk Management Committee in the Company. He holds a Bachelor of Arts in Accounting from Chinese Culture University, Taiwan, and a Master of Business Administration from the University of South Australia, Australia. Age: 51 Education: University of South Australia, MBA Chinese Culture University, BA (Accounting)

Executives

Name	Title	Function
Heng Hsien Hsieh	Chairman of the Executive Board, President, Director	President
Biography: Mr. Hsieh Heng Hsien (Henry) serves as President, Chairman of the Executive Board and Director of Delta Electronics (Thailand) PCL since 2009. He is also Chairman of the Risk Management Committee in the Company. He previously served as Executive Director from 2004 to 2009 and Managing Director of Marketing from 1999 to 2006. He holds a Master of Business Administration from Pacific Western University, the United States. Age: 48 Education: Pacific Western University, MBA
Henry Heng-Hsien Hsieh	President	President
Kathaleeya Pungudom	Head of Stock Management	Division Head Executive
Anusorn Muthra-it	Managing Director of Human Resources and Management, Executive Director, Director	Managing Director
Biography: Mr. Anusorn Muthra-it serves as Managing Director of Human Resources and Management, Executive Director and Director of Delta Electronics (Thailand) PCL since 1999. He is also Member of the Remuneration and Risk Management Committees in the Company. He holds a Bachelor of Science from Kasetsart University, Thailand. Age: 58 Education: Kasetsart University, BS
Anusorn Muttaraid	Director-HR, Admin & Public Rel	Administration Executive
Wilailak Fungthanakun	Secretary to the Board of Directors	Company Secretary
Duangrat Leotworasirikun	Company Secretary	Company Secretary
Po Wen Yu	Chief Financial Officer, Executive Director	Finance Executive
Biography: Mr. Yu Po Wen serves as Chief Financial Officer and Executive Director of Delta Electronics (Thailand) PCL since 2000. He has been Chief Financial Officer since 1991. He is also Member of the Risk Management Committee in the Company. He holds a Bachelor of Arts in Accounting from Chinese Culture University, Taiwan, and a Master of Business Administration from the University of South Australia, Australia. Age: 51 Education: University of South Australia, MBA Chinese Culture University, BA (Accounting)
Beau Po-Wen Yu	Chief Financial Officer	Finance Executive
Boonsin Surawatsatain	Senior Manager-Internal Audit	Accounting Executive
Niramon Tantiphuntham	Manager of Accounting, Director	Accounting Executive
Biography: Ms. Niramon Tantiphuntham serves as Manager of Accounting and Director of Delta Electronics (Thailand) PCL since 1994. She had been Executive Director in the Company from 1999 to 2008. She holds a Bachelor's degree in Accounting from Ramkhamhaeng University, Thailand, and a Master of Business Administration from National Institute of Development Administration, Thailand. Age: 55 Education: National Institute of Development Administration, MBA Ramkhamhaeng University, B (Accounting)
Chin-Ming Chen	Chief Information Officer	Information Executive
Age: 43
Saowanee Kosutarak	CIO	Information Executive

Significant Developments

Delta Electronics (Thailand) PCL Closes And Liquidates Subsidiary Companies May 14, 2012

Delta Electronics (Thailand) PCL announced that it has been approved in the Board Of Directors Meeting held on May 11, 2012 to close Delta Greentech (Hong Kong) Ltd. Delta Greentech (Hong Kong) Ltd has been registered and set up in Hong Kong in 2007 with the purpose to be a trading company. Due to the change in business plan, the entity is no longer needed. So far, the entity has not started any operation and no paid up capital has been injected. The board of directors therefore approved to close and deregister this entity. In addition, it was also approved to close and liquidate Delta Energy Systems (Slovakia) s.r.o. Delta Energy Systems (Slovakia) s.r.o (DES SK), a wholly owned subsidiary with current registered and paid up capital of EUR 6,639, was registered and set up in Slovakia to provide marketing and sales services. DES SK will be soon inactive and no longer needed, so the board of directors approved to close and liquidate this entity.

Delta Electronics (Thailand) PCL Updates Payment date of FY 2011 Dividend Feb 14, 2012

Delta Electronics (Thailand) PCL announced it has updated the payment date for the fiscal year 2011 dividend to be April 10, 2012 from April 9, 2012.

Delta Electronics (Thailand) PCL Announces FY 2011 Dividend Feb 13, 2012

Delta Electronics (Thailand) PCL announced it is to pay a fiscal year 2011 dividend of THB 1.20 per share on April 9, 2012 to shareholders of record on March 1, 2012. It paid a dividend of THB 1.70 per share the year previous.

Ballard Power Systems Inc. Signs MOU With Delta Electronics (Thailand) PLC's Subsidiary To Expand Focus Of Clean Energy Fuel Cell System Sales In India Nov 11, 2011

Ballard Power Systems Inc. announced that it has signed a Memorandum of Understanding (MOU) with Delta Power Solutions (India) Pvt. Ltd., a subsidiary of Delta Electronics (Thailand) PLC, expanding the range of clean energy applications they will focus on under an existing fuel cell system collaboration agreement.

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate (Period Average)	30.484713	31.724617	34.331774	33.367913	34.251325
Auditor	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young Office Ltd	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Sales	1,260.8	1,126.3	786.3	984.5	985.8
Revenue	1,260.8	1,126.3	786.3	984.5	985.8
Total Revenue	1,260.8	1,126.3	786.3	984.5	985.8
Cost of Revenue	964.2	826.4	579.9	744.1	766.3
Cost of Revenue, Total	964.2	826.4	579.9	744.1	766.3
Gross Profit	296.6	299.9	206.4	240.4	219.5
Selling/General/Administrative Expense	142.9	119.0	82.8	92.5	86.2
Labor & Related Expense	-	-	7.2	6.9	-
Total Selling/General/Administrative Expenses	142.9	119.0	90.0	99.4	86.2
Research & Development	68.7	56.3	45.0	48.9	46.0
Amortization of Intangibles	-	-	-	-	1.7
Amortization of Acquisition Costs	-	-	-	-	0.7
Depreciation/Amortization	-	-	-	-	2.4
Investment Income - Operating	-11.6	-7.1	-1.9	-1.3	-11.7
Interest/Investment Income - Operating	-11.6	-7.1	-1.9	-1.3	-11.7
Interest Expense (Income) - Net Operating Total	-11.6	-7.1	-1.9	-1.3	-11.7
Restructuring Charge	-	-	-	-	2.9
Impairment-Assets Held for Use	-	-	-	-	1.3
Loss (Gain) on Sale of Assets - Operating	-	-	-	-	1.8
Unusual Expense (Income)	-	-	-	-	6.0
Other Operating Expense	10.1	8.3	12.5	13.8	6.5
Other, Net	-8.4	-6.3	-4.7	-5.7	-10.8
Other Operating Expenses, Total	1.8	1.9	7.9	8.1	-4.3
Total Operating Expense	1,165.9	996.5	720.9	899.3	891.0
Operating Income	94.9	129.7	65.3	85.2	94.9
Interest Expense - Non-Operating	-3.2	-1.9	-1.7	-4.0	-5.1
Interest Expense, Net Non-Operating	-3.2	-1.9	-1.7	-4.0	-5.1
Interest Income - Non-Operating	4.1	1.9	2.1	6.3	7.5
Interest/Investment Income - Non-Operating	4.1	1.9	2.1	6.3	7.5
Interest Income (Expense) - Net Non-Operating Total	0.9	-0.1	0.3	2.3	2.4
Income Before Tax	95.8	129.7	65.7	87.6	97.3
Total Income Tax	1.8	-2.1	1.9	0.8	5.1
Income After Tax	94.0	131.8	63.8	86.8	92.1
Minority Interest	0.0	-0.9	0.0	0.0	0.0
Net Income Before Extraord Items	94.0	130.9	63.8	86.8	92.1
Net Income	94.0	130.9	63.8	86.8	92.1
Income Available to Common Excl Extraord Items	94.0	130.9	63.8	86.8	92.1
Income Available to Common Incl Extraord Items	94.0	130.9	63.8	86.8	92.1
Basic/Primary Weighted Average Shares	1,247.4	1,247.4	1,247.4	1,247.4	1,247.2
Basic EPS Excl Extraord Items	0.08	0.10	0.05	0.07	0.07
Basic/Primary EPS Incl Extraord Items	0.08	0.10	0.05	0.07	0.07
Diluted Net Income	94.0	130.9	63.8	86.8	92.1
Diluted Weighted Average Shares	1,247.4	1,247.4	1,247.4	1,247.4	1,247.4
Diluted EPS Excl Extraord Items	0.08	0.10	0.05	0.07	0.07
Diluted EPS Incl Extraord Items	0.08	0.10	0.05	0.07	0.07
Dividends per Share - Common Stock Primary Issue	0.06	0.05	0.03	0.05	0.04
Gross Dividends - Common Stock	69.6	59.0	40.0	59.8	47.3
Interest Expense, Supplemental	3.2	1.9	1.7	4.0	5.1
Depreciation, Supplemental	24.5	20.4	19.9	22.7	24.9
Total Special Items	-	-	-	-	6.8
Normalized Income Before Tax	95.8	129.7	65.7	87.6	104.0
Effect of Special Items on Income Taxes	-	-	-	-	0.3
Inc Tax Ex Impact of Sp Items	1.8	-2.1	1.9	0.8	5.5
Normalized Income After Tax	94.0	131.8	63.8	86.8	98.6
Normalized Inc. Avail to Com.	94.0	130.9	63.8	86.8	98.6
Basic Normalized EPS	0.08	0.10	0.05	0.07	0.08
Diluted Normalized EPS	0.08	0.10	0.05	0.07	0.08
Amort of Acquisition Costs, Supplemental	-	-	-	-	0.7
Amort of Intangibles, Supplemental	2.5	1.9	1.7	1.7	1.7
Research & Development Exp, Supplemental	68.7	56.3	45.0	48.9	46.0
Normalized EBIT	83.3	122.7	63.5	84.0	89.3
Normalized EBITDA	110.2	145.0	85.0	108.4	116.6
Current Tax - Domestic	2.5	2.4	-	-	-
Current Tax - Other	0.1	0.0	-	-	-
Current Tax - Total	2.6	2.4	-	-	-
Deferred Tax - Domestic	-0.7	-4.1	-	-	-
Deferred Tax - Other	0.0	-0.4	-	-	-
Deferred Tax - Total	-0.7	-4.5	-	-	-
Income Tax - Total	1.8	-2.1	-	-	-
Interest Cost - Domestic	2.3	2.2	-	-	-
Service Cost - Domestic	1.6	1.3	-	-	-
Expected Return on Assets - Domestic	-1.0	-0.8	-	-	-
Actuarial Gains and Losses - Domestic	0.5	0.1	-	-	-
Domestic Pension Plan Expense	3.4	2.7	-	-	-
Defined Contribution Expense - Domestic	0.7	0.4	0.5	0.6	0.6
Total Pension Expense	4.2	3.1	0.5	0.6	0.6
Discount Rate - Domestic	2.60%	2.60%	-	-	-
Expected Rate of Return - Domestic	4.00%	4.00%	-	-	-
Compensation Rate - Domestic	8.50%	8.50%	-	-	-
Total Plan Interest Cost	2.3	2.2	-	-	-
Total Plan Service Cost	1.6	1.3	-	-	-
Total Plan Expected Return	-1.0	-0.8	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Restated Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate	31.55	30.145	33.34	34.78	33.685
Auditor	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young Office Ltd	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	301.5	305.4	316.5	262.5	272.6
Short Term Investments	0.0	0.0	5.4	1.5	2.4
Cash and Short Term Investments	301.5	305.4	321.9	264.1	274.9
Accounts Receivable - Trade, Gross	220.0	207.0	166.2	174.3	206.7
Provision for Doubtful Accounts	-3.4	-2.6	-1.7	-2.2	-1.4
Trade Accounts Receivable - Net	216.6	204.4	164.5	172.1	205.3
Other Receivables	11.7	13.6	10.1	9.8	8.9
Total Receivables, Net	228.3	218.1	174.6	181.9	214.2
Inventories - Finished Goods	96.1	92.7	43.5	48.5	33.1
Inventories - Work In Progress	17.8	15.9	11.2	11.9	12.5
Inventories - Raw Materials	113.3	132.5	81.4	83.2	76.0
Inventories - Other	-38.6	-26.6	-21.3	-19.0	-16.1
Total Inventory	188.7	214.6	114.9	124.5	105.5
Prepaid Expenses	13.1	11.6	10.3	9.3	7.4
Other Current Assets	5.5	7.2	2.1	1.7	1.8
Other Current Assets, Total	5.5	7.2	2.1	1.7	1.8
Total Current Assets	737.0	756.8	623.7	581.4	603.8
Buildings	75.0	78.1	65.6	62.4	55.1
Land/Improvements	16.3	14.3	13.4	11.1	13.7
Machinery/Equipment	220.4	212.1	186.5	176.8	172.8
Construction in Progress	5.8	1.1	0.6	0.8	0.5
Other Property/Plant/Equipment	80.8	78.1	67.6	64.3	60.9
Property/Plant/Equipment - Gross	398.2	383.7	333.8	315.3	302.9
Accumulated Depreciation	-248.4	-243.5	-224.5	-204.1	-194.8
Property/Plant/Equipment - Net	149.8	140.1	109.3	111.3	108.2
Goodwill, Net	9.7	10.2	9.2	8.8	9.1
Intangibles - Gross	40.7	39.5	32.9	-	-
Accumulated Intangible Amortization	-16.9	-15.3	-8.3	-	-
Intangibles, Net	23.8	24.1	24.6	26.3	28.0
LT Investment - Affiliate Companies	0.0	18.1	17.7	16.9	15.0
LT Investments - Other	13.5	13.5	14.9	18.5	5.5
Long Term Investments	13.5	31.6	32.6	35.4	20.5
Deferred Income Tax - Long Term Asset	8.3	7.6	2.5	1.9	-
Restricted Cash - Long Term	3.7	10.3	9.6	6.8	7.9
Other Long Term Assets	1.4	1.5	0.9	1.0	2.0
Other Long Term Assets, Total	13.3	19.4	12.9	9.7	9.9
Total Assets	947.2	982.3	812.4	772.9	779.4
Accounts Payable	161.2	180.3	143.6	127.2	148.6
Accrued Expenses	48.0	52.3	35.2	34.3	40.8
Notes Payable/Short Term Debt	32.4	38.0	39.6	67.2	58.4
Customer Advances	5.9	4.2	5.4	3.7	4.8
Income Taxes Payable	6.1	6.6	5.8	5.3	6.1
Other Payables	18.1	15.4	8.0	5.4	4.5
Other Current Liabilities	10.1	7.9	8.9	9.2	9.4
Other Current liabilities, Total	40.1	34.2	28.1	23.6	24.8
Total Current Liabilities	281.7	304.7	246.5	252.3	272.6
Total Long Term Debt	0.0	0.0	0.0	0.0	0.0
Total Debt	32.4	38.0	39.6	67.2	58.4
Deferred Income Tax - LT Liability	1.0	0.8	-	-	-
Deferred Income Tax	1.0	0.8	-	-	-
Minority Interest	0.0	2.9	1.8	1.8	1.6
Reserves	7.1	7.5	35.9	35.9	35.3
Pension Benefits - Underfunded	27.0	28.6	-	-	-
Other Long Term Liabilities	0.8	0.5	0.7	0.3	0.2
Other Liabilities, Total	35.0	36.6	36.5	36.2	35.5
Total Liabilities	317.7	345.0	284.8	290.3	309.8
Common Stock	39.5	41.4	37.4	35.9	37.0
Common Stock	39.5	41.4	37.4	35.9	37.0
Additional Paid-In Capital	47.3	49.5	44.7	42.9	44.3
Retained Earnings (Accumulated Deficit)	600.7	604.0	477.7	434.4	421.8
Unrealized Gain (Loss)	-	-	3.2	-0.6	-0.1
Translation Adjustment	-58.1	-57.6	-35.5	-30.0	-33.3
Other Equity, Total	-58.1	-57.6	-35.5	-30.0	-33.3
Total Equity	629.4	637.3	527.5	482.6	469.7
Total Liabilities & Shareholders’ Equity	947.2	982.3	812.4	772.9	779.4
Shares Outstanding - Common Stock Primary Issue	1,247.0	1,247.0	1,247.4	1,247.4	1,247.4
Total Common Shares Outstanding	1,247.0	1,247.0	1,247.4	1,247.4	1,247.4
Employees	13,500	12,817	-	-	11,677
Accumulated Intangible Amort, Suppl.	16.9	15.3	8.3	-	-
Deferred Revenue - Current	5.9	4.2	5.4	3.7	4.8
Discount Rate - Domestic	2.60%	2.60%	-	-	-
Expected Rate of Return - Domestic	4.00%	4.00%	-	-	-
Compensation Rate - Domestic	8.50%	8.50%	-	-	-
Accrued Liabilities - Domestic	-27.0	-28.6	-	-	-
Net Assets Recognized on Balance Sheet	-27.0	-28.6	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate (Period Average)	30.484713	31.724617	34.331774	33.367913	34.251325
Auditor	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young Office Ltd	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income/Starting Line	95.8	129.7	65.7	87.6	97.3
Depreciation	24.5	20.4	19.9	22.7	24.9
Depreciation/Depletion	24.5	20.4	19.9	22.7	24.9
Amortization of Intangibles	2.5	1.9	1.7	1.7	1.7
Amortization of Acquisition Costs	-	-	-	0.0	0.7
Amortization	2.5	1.9	1.7	1.7	2.4
Unusual Items	-0.3	-2.9	2.9	0.8	3.2
Equity in Net Earnings (Loss)	-0.6	-0.3	-1.0	-1.8	-2.3
Other Non-Cash Items	8.6	-2.7	-0.5	4.0	-4.3
Non-Cash Items	7.8	-5.9	1.5	3.0	-3.4
Accounts Receivable	-17.0	-22.5	15.5	29.3	42.6
Inventories	3.3	-86.1	13.2	-26.9	37.2
Other Assets	-1.4	-5.9	-1.7	0.9	-4.3
Accounts Payable	-12.2	35.8	11.1	-18.4	-36.2
Other Liabilities	-5.3	-4.8	1.2	-10.2	-12.1
Other Operating Cash Flow	-1.4	-3.3	-3.4	-1.5	-2.9
Changes in Working Capital	-33.9	-86.7	36.0	-26.9	24.4
Cash from Operating Activities	96.6	59.3	124.6	88.1	145.6
Purchase of Fixed Assets	-41.8	-45.5	-15.0	-28.0	-31.7
Purchase/Acquisition of Intangibles	-2.1	-0.7	0.0	0.0	0.0
Capital Expenditures	-43.9	-46.2	-15.0	-28.0	-31.7
Sale of Fixed Assets	0.3	0.2	0.4	0.7	3.2
Sale/Maturity of Investment	1.4	6.9	0.5	0.5	0.0
Investment, Net	15.4	0.0	0.8	1.4	-0.1
Purchase of Investments	-	-	-	-1.0	-
Sale of Intangible Assets	-	-	-	-	0.0
Other Investing Cash Flow	8.3	0.9	-	-13.7	0.3
Other Investing Cash Flow Items, Total	25.3	8.0	1.7	-12.1	3.4
Cash from Investing Activities	-18.6	-38.2	-13.4	-40.1	-28.4
Other Financing Cash Flow	-	-	-	0.0	0.0
Financing Cash Flow Items	-	-	-	0.0	0.0
Cash Dividends Paid - Common	-69.6	-59.0	-40.0	-59.8	-47.3
Total Cash Dividends Paid	-69.6	-59.0	-40.0	-59.8	-47.3
Sale/Issuance of Common	0.0	0.0	0.0	0.0	0.0
Common Stock, Net	0.0	0.0	0.0	0.0	0.0
Issuance (Retirement) of Stock, Net	0.0	0.0	0.0	0.0	0.0
Short Term Debt Issued	-	-	-	11.1	3.7
Short Term Debt Reduction	-4.1	-5.5	-29.3	0.0	-
Short Term Debt, Net	-4.1	-5.5	-29.3	11.1	3.7
Long Term Debt Reduction	-	-	-	-	0.0
Long Term Debt, Net	-	-	-	-	0.0
Issuance (Retirement) of Debt, Net	-4.1	-5.5	-29.3	11.1	3.7
Cash from Financing Activities	-73.6	-64.5	-69.3	-48.7	-43.6
Foreign Exchange Effects	5.7	0.9	-1.2	-0.9	-4.1
Net Change in Cash	10.0	-42.4	40.8	-1.5	69.6
Net Cash - Beginning Balance	302.0	332.6	266.0	275.2	198.5
Net Cash - Ending Balance	312.0	290.2	307.4	273.7	268.1
Cash Interest Paid	3.0	1.8	2.4	3.7	5.4
Cash Taxes Paid	3.0	3.0	3.0	4.3	4.7

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate (Period Average)	30.484713	31.724617	34.331774	33.367913	34.251325
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Sales and service income	1,260.8	1,126.3	786.3	984.5	985.8
Total Revenue	1,260.8	1,126.3	786.3	984.5	985.8
Dividend Income	-3.7	-0.9	-1.1	-1.3	-1.4
Gain on sales of investments in associat	-2.8	0.0	-	-	-
Gain on exchange	-4.5	-2.7	-	-	-
AFS securities	0.0	-3.1	-	-	-
Other Income	-8.4	-6.3	-4.7	-5.7	-5.4
Cost of Sales	964.2	826.4	579.9	744.1	766.3
Selling Expenses	91.6	73.8	55.9	62.5	53.2
Administrative Expenses	51.3	45.2	26.9	30.0	32.9
Research and development expenses	68.7	56.3	45.0	48.9	46.0
Management Benefit Expense	-	-	7.2	6.9	-
Loss on Exchange Rate	-	-	0.2	1.9	0.0
Other Expenses	10.1	8.3	12.5	13.8	6.5
Share of Gains-Inv. under Equity Method	-0.6	-0.3	-1.0	-1.8	-2.3
Compensation Income fr Cancel Order	-	-	-	-	-5.4
Gain on Exchange Rate	-	-	-	-	-8.0
Loss on Disposal of Assets	-	-	-	-	1.8
Amortisation of Goodwill	-	-	-	-	0.7
Amortisation of Intangible Assets	-	-	-	-	1.7
Restructuring Expenses	-	-	-	-	2.9
Loss on Impairment of Assets	-	-	-	-	1.3
Total Operating Expense	1,165.9	996.5	720.9	899.3	891.0
Interest Income	4.1	1.9	2.1	6.3	7.5
Interest Expenses	-3.2	-1.9	-1.7	-4.0	-5.1
Net Income Before Taxes	95.8	129.7	65.7	87.6	97.3
Provision for Income Taxes	1.8	-2.1	1.9	0.8	5.1
Net Income After Taxes	94.0	131.8	63.8	86.8	92.1
Minority Interest	0.0	-0.9	0.0	0.0	0.0
Net Income Before Extra. Items	94.0	130.9	63.8	86.8	92.1
Net Income	94.0	130.9	63.8	86.8	92.1
Income Available to Com Excl ExtraOrd	94.0	130.9	63.8	86.8	92.1
Income Available to Com Incl ExtraOrd	94.0	130.9	63.8	86.8	92.1
Basic Weighted Average Shares	1,247.4	1,247.4	1,247.4	1,247.4	1,247.2
Basic EPS Excluding ExtraOrdinary Items	0.08	0.10	0.05	0.07	0.07
Basic EPS Including ExtraOrdinary Item	0.08	0.10	0.05	0.07	0.07
Diluted Net Income	94.0	130.9	63.8	86.8	92.1
Diluted Weighted Average Shares	1,247.4	1,247.4	1,247.4	1,247.4	1,247.4
Diluted EPS Excluding ExtraOrd Items	0.08	0.10	0.05	0.07	0.07
Diluted EPS Including ExtraOrd Items	0.08	0.10	0.05	0.07	0.07
DPS-Common Stock	0.06	0.05	0.03	0.05	0.04
Gross Dividends - Common Stock	69.6	59.0	40.0	59.8	47.3
Normalized Income Before Taxes	95.8	129.7	65.7	87.6	104.0
Inc Tax Ex Impact of Sp Items	1.8	-2.1	1.9	0.8	5.5
Normalized Income After Taxes	94.0	131.8	63.8	86.8	98.6
Normalized Inc. Avail to Com.	94.0	130.9	63.8	86.8	98.6
Basic Normalized EPS	0.08	0.10	0.05	0.07	0.08
Diluted Normalized EPS	0.08	0.10	0.05	0.07	0.08
Interest Expense	3.2	1.9	1.7	4.0	5.1
Amort of Acquisition Costs	-	-	-	-	0.7
Amort of Intangibles	2.5	1.9	1.7	1.7	1.7
Depreciation	24.5	20.4	19.9	22.7	24.9
Research and Development Expenses	68.7	56.3	45.0	48.9	46.0
Current Income Tax	2.5	2.4	-	-	-
Adjustment	0.1	0.0	-	-	-
Current Tax - Total	2.6	2.4	-	-	-
Deferred Tax Assets	-1.0	-4.7	-	-	-
Deferred Tax Liab.	0.3	0.5	-	-	-
Translation Adjustment	0.0	-0.4	-	-	-
Deferred Tax - Total	-0.7	-4.5	-	-	-
Income Tax - Total	1.8	-2.1	-	-	-
Service Cost - Domestic	1.6	1.3	-	-	-
Interest Cost - Domestic	2.3	2.2	-	-	-
Expected Return on Assets - Domestic	-1.0	-0.8	-	-	-
Actuarial Gains and Losses - Domestic	0.5	0.1	-	-	-
Domestic Pension Plan Expense	3.4	2.7	-	-	-
Provident Fund	0.7	0.4	0.5	0.6	0.6
Total Pension Expense	4.2	3.1	0.5	0.6	0.6
Discount Rate - Domestic	2.60%	2.60%	-	-	-
Expected Rate of Return - Domestic	4.00%	4.00%	-	-	-
Compensation Rate - Domestic	8.50%	8.50%	-	-	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Restated Normal 31-Dec-2010	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate	31.55	30.145	33.34	34.78	33.685
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Cash/Equivalents	301.5	305.4	316.5	262.5	272.6
Invest.-Secs.	-	-	5.4	1.5	2.4
Accounts Receivable - Related	8.3	8.3	8.0	8.1	9.0
Accounts Receivable - Unrelated	211.7	198.7	158.2	166.1	196.5
Doubtful Account	-3.4	-2.6	-1.7	-2.2	-1.4
Finished Goods	96.1	92.7	43.5	48.5	33.1
Work in Process	17.8	15.9	11.2	11.9	12.5
Raw Materials	96.0	108.3	64.9	66.4	63.7
Raw Materials in Transit	17.2	24.2	16.5	16.8	12.4
Allowance for inventories	-38.6	-26.6	-21.3	-18.0	-20.0
Forward Contract Receivables	0.0	0.3	0.4	1.7	0.9
Input Tax Refund	10.8	11.3	8.3	5.8	6.6
Prepaid Expenses	3.2	1.1	1.5	1.9	1.7
Prepaid Tax	9.8	10.5	8.8	7.4	5.7
Other Accounts Receivable	0.8	2.0	1.4	2.3	1.4
Other current assets	5.5	7.2	2.1	1.7	1.8
Advance Payment	-	-	-	2.1	3.9
Reduction Cost to NRV	-	-	-	-3.1	-
Amounts due from Related/ST Loans	-	-	-	0.1	1.3
Short Term Investment	0.0	0.0	-	-	-
Total Current Assets	737.0	756.8	623.7	581.4	603.8
Dep. at Banks with Restrictions	3.7	7.0	6.3	6.8	7.9
Investment inAssociated Company	0.0	18.1	17.7	16.9	15.0
Invest-Other	13.5	13.5	14.9	18.5	5.5
Land	16.3	14.3	13.4	11.1	13.7
Building	75.0	78.1	65.6	62.4	55.1
Mach./Equip.	203.6	195.1	161.7	153.4	150.2
Mold	33.8	32.3	26.8	24.9	23.8
Installation	31.5	30.6	27.2	25.7	26.8
Constr. in Progr	5.8	1.1	0.6	0.8	0.5
Computers	16.8	17.0	24.8	23.4	22.6
Others	15.5	15.2	13.5	13.7	10.4
Accumulated Depreciation	-247.0	-242.0	-223.1	-202.7	-193.4
Allowance for Impairment Loss	-1.5	-1.5	-1.4	-1.3	-1.4
Intangibles - Patent Rights	33.0	32.8	32.9	-	-
Computer Software, Gross	7.6	6.5	-	-	-
Intangiles - Others	0.1	0.1	0.1	-	-
Accumulated amortisation	-16.9	-15.3	-8.3	-	-
Consol. Goodwill	9.7	10.2	9.2	8.8	9.1
Deferred Tax Asset	8.3	7.6	2.5	1.9	-
Deposit for Pur. of Land& Adv. Construct	0.0	3.3	3.3	-	-
Others	1.4	1.5	0.9	1.0	2.0
Intangibles - Patent Rights	-	-	-	26.3	27.9
Other Intangible Assets	-	-	-	0.0	0.1
Total Assets	947.2	982.3	812.4	772.9	779.4
ST Loan-Fin Inst	32.4	38.0	39.6	67.2	58.4
Acct. Pay-Relate	18.7	31.0	12.6	12.7	12.5
Acct Pay-Unrelat	138.5	146.9	126.7	112.8	134.5
Am. Due to Relat	4.0	2.3	4.3	1.7	1.7
Provisions	8.1	5.0	3.4	3.8	5.9
Accrd. Expenses	43.2	47.5	32.1	33.4	39.5
Advance Rcvd.	5.9	4.2	5.4	3.7	4.8
Other Acct. Pay.	17.0	15.4	8.0	5.4	4.5
Tax Payable	6.1	6.6	5.8	5.3	6.1
Fwd. Contr. Pay.	1.1	0.1	-	-	-
Withholding Tax Payable	2.7	2.4	-	-	-
VAT Payable	2.0	2.4	3.1	0.9	1.3
Other current liabilities	2.0	2.9	5.5	5.4	3.5
Rounding Adjustment	0.0	0.0	-	-	-
Total Current Liabilities	281.7	304.7	246.5	252.3	272.6
Provision for long-term employee benefit	27.0	28.6	-	-	-
Deferred tax liabilities	1.0	0.8	-	-	-
Provision	7.1	7.5	35.9	35.9	35.3
Other Liabilities	0.8	0.5	0.7	0.3	0.2
Minor. Interest	0.0	2.9	1.8	1.8	1.6
Total Liabilities	317.7	345.0	284.8	290.3	309.8
Share Capital	39.5	41.4	37.4	35.9	37.0
Paid-in Capital	47.3	49.5	44.7	42.9	44.3
Unreal. Gain-Sec	-	-	3.2	-0.6	-0.1
Translation Adj.	-58.1	-57.6	-35.5	-30.0	-33.3
Statutory Reserv	4.0	4.2	3.8	3.6	3.7
Retained Earning	596.7	599.8	473.9	430.8	418.0
Total Equity	629.4	637.3	527.5	482.6	469.7
Total Liabilities & Shareholders' Equity	947.2	982.3	812.4	772.9	779.4
S/O-Common Stock	1,247.0	1,247.0	1,247.4	1,247.4	1,247.4
Total Common Shares Outstanding	1,247.0	1,247.0	1,247.4	1,247.4	1,247.4
Accumulated Intangible Amort, Suppl.	16.9	15.3	8.3	-	-
Deferred Revenue - Current	5.9	4.2	5.4	3.7	4.8
Full-Time Employees	13,500	12,817	-	-	11,677
Discount Rate - Domestic	2.60%	2.60%	-	-	-
Expected Rate of Return - Domestic	4.00%	4.00%	-	-	-
Compensation Rate - Domestic	8.50%	8.50%	-	-	-
Accrued Liabilities - Domestic	-27.0	-28.6	-	-	-
Net Assets Recognized on Balance Sheet	-27.0	-28.6	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Restated Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Restated Normal 31-Dec-2008
Filed Currency	THB	THB	THB	THB	THB
Exchange Rate (Period Average)	30.484713	31.724617	34.331774	33.367913	34.251325
Auditor	Ernst & Young LLP	Ernst & Young LLP	Ernst & Young Office Ltd	Ernst & Young LLP	Ernst & Young LLP
Auditor Opinion	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation	Unqualified with Explanation
Net Income	95.8	129.7	65.7	87.6	97.3
Depreciation	24.5	20.4	19.9	22.7	24.9
Amort.-Fwd. Contract	-0.2	-0.1	0.1	-0.2	0.2
Amotisation of Other Intangible	2.5	1.9	1.7	1.7	1.7
Doubtful Accounts	0.9	0.7	-0.2	0.9	-1.6
Dim. Val Investment in Other LT Inv.	-0.4	0.0	3.0	0.0	0.2
Provision for LT Employee Benefit	3.4	2.7	-	-	-
Prov.-Obsolete Inven	13.6	2.9	-0.7	1.9	-3.0
Recorded the increase in provisions	3.2	4.4	2.3	4.3	5.8
Disposal of investment in assoc.	-2.8	0.0	-	-	0.0
Gain on sales of investments in AFS	0.0	-3.1	0.0	-	-
Dividend Received fr. Inv. in AFS Secur	-	-	-0.1	-0.1	-0.2
Dividend income from other long-term inv	-3.7	-0.9	-	-	-
Loss from dissolution of the subsidiary	0.2	0.0	-	-	-
Share of Loss- Investment	-0.6	-0.3	-1.0	-1.8	-2.3
Gain/Loss-Disp Asset	0.0	0.3	0.0	-0.1	1.8
Unrealised gain on exchange	-5.5	-0.8	-1.7	-5.0	-4.9
Interest Income	-4.1	-1.9	-2.1	-6.3	-7.5
Interest Expenses	3.2	1.9	1.7	4.0	5.1
Trade and other receivable	-17.0	-22.5	15.1	28.1	43.8
Am. Due fr Related	-	-	0.4	1.2	-1.3
Inventories	3.3	-86.1	13.2	-26.9	37.2
Other Current Assets	-1.4	-5.8	1.4	-0.2	-3.6
Other non-current assets	0.0	-0.2	-3.1	1.0	-0.7
Trade and other payables	-12.2	35.8	8.4	-18.5	-36.0
Am. Due to Related	-	-	2.7	0.1	-0.2
Provision for long-term employee benefit	-4.5	-2.3	-	-	-
Other Current Liabs.	-1.2	-1.6	4.3	-4.8	-1.1
Provisions	0.0	-0.9	-3.2	-5.4	-10.2
Other Non-Current Liabs.	0.4	0.0	0.2	0.1	-0.7
Cash Received from Interest Income	4.6	1.5	2.0	6.5	7.3
Cash paid for interest expenses	-3.0	-1.8	-2.4	-3.7	-5.4
Cash paid for corporate income tax	-3.0	-3.0	-3.0	-4.3	-4.7
Translation Adj.	0.5	-11.7	-	-	-
Amortisation-Goodwil	-	-	-	0.0	0.7
Loss fr. Disposal of Invest. - AFS Secur	-	-	-	1.0	-
Allowancefor Impairment Loss of Assets	-	-	-	0.0	1.3
Gain-Sale Secs.	-	-	-	-	0.0
Loss fr. Disposal of Investment in Sub.	-	-	-	-	0.0
Unrealized Gain on Exchange Rate	-	-	-	4.6	1.6
Cash from Operating Activities	96.6	59.3	124.6	88.1	145.6
Proceed from disposal in investments in	0.0	5.6	0.0	0.5	0.0
Fixed Deposits	-0.7	0.0	-	-	-1.2
Investment in Associate	16.1	0.0	-	-	-
Receipt from dissolution of the sub.	0.9	0.0	-	-	-
Decrease in Long Term Investment	0.6	1.3	0.5	0.0	-
Capital Expenditures	-41.8	-45.5	-15.0	-28.0	-31.7
Sales of Fixed Asset	0.3	0.2	0.4	0.7	3.2
Increase in Other Intangible Assets	-2.1	-0.7	0.0	0.0	0.0
Decr. Fixed Deposits	-	-	0.8	0.9	-
Incr. Invest Secs.	-	-	-	-1.0	-
Incr. Loan to Relate	-	-	-	0.0	0.7
Incr. Invest Others	-	-	-	0.5	0.4
Sale Avail-for-Sale	-	-	-	-	0.0
Proc.-Liquidation	-	-	-	-	0.0
Other Investments	-	-	-	-13.7	-
Decrease in Consolidation Goodwill	-	-	-	-	0.0
Dividend received fr. other LT Invest.	3.7	0.9	-	-	-
Dividend Received - Return Fund Invest.	4.6	0.0	-	0.0	0.3
Cash from Investing Activities	-18.6	-38.2	-13.4	-40.1	-28.4
Decrease in Bank OD/Loan-Fin. Inst.	-4.1	-5.5	-29.3	0.0	-
Dividend Paid	-69.6	-59.0	-40.0	-59.8	-47.3
Incr. Shr. Capital	0.0	0.0	0.0	0.0	0.0
Bank OD/Loan-Fin. Inst.	-	-	-	11.1	3.7
Decr. LT Loan from Fin. Inst.	-	-	-	-	0.0
Decr. LT Loan from Other Party	-	-	-	-	0.0
Returned Dividend	-	-	-	0.0	0.0
Cash from Financing Activities	-73.6	-64.5	-69.3	-48.7	-43.6
Foreign Exchange Effects	5.7	0.9	-1.2	-0.9	-4.1
Net Change in Cash	10.0	-42.4	40.8	-1.5	69.6
Net Cash - Beginning Balance	302.0	332.6	266.0	275.2	198.5
Net Cash - Ending Balance	312.0	290.2	307.4	273.7	268.1
Cash Interest Paid	3.0	1.8	2.4	3.7	5.4
Cash Taxes Paid	3.0	3.0	3.0	4.3	4.7

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Jun-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	331.2	4.06%	1,260.8	7.57%	5.37%	-2.47%
Research & Development1	16.0	-11.60%	68.7	17.29%	8.63%	-
Operating Income1	28.8	4.13%	94.9	-29.72%	0.56%	8.65%
Income Available to Common Excl Extraord Items1	28.8	-1.37%	94.0	-31.02%	-0.38%	7.86%
Basic EPS Excl Extraord Items1	0.02	-1.38%	0.08	-31.02%	-0.38%	7.71%
Capital Expenditures2	22.7	11.55%	43.9	-8.61%	12.80%	6.92%
Cash from Operating Activities2	88.9	486.64%	96.6	56.50%	0.05%	-0.34%
Free Cash Flow	64.7	-	50.9	286.26%	-7.18%	-4.65%
Total Assets3	967.7	2.68%	947.2	0.92%	3.59%	2.67%
Total Liabilities3	345.5	-1.38%	317.7	-3.61%	-0.24%	-2.99%
Total Long Term Debt3	0.0	-	0.0	-	-	-
Employees3	-	-	13500	5.33%	-	1.41%
Total Common Shares Outstanding3	1,247.0	0.00%	1,247.0	0.00%	-0.01%	0.01%
1-ExchangeRate: THB to USD Average for Period	31.268341	Â	30.484713	Â	Â	Â
2-ExchangeRate: THB to USD Average for Period	31.141583	Â	30.484713	Â	Â	Â
3-ExchangeRate: THB to USD Period End Date	31.913802	Â	31.550000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	23.52%	26.63%	26.24%	24.42%	22.27%
Operating Margin	7.53%	11.52%	8.31%	8.66%	9.62%
Pretax Margin	7.60%	11.51%	8.35%	8.90%	9.87%
Net Profit Margin	7.45%	11.62%	8.11%	8.82%	9.35%
Financial Strength
Current Ratio	2.62	2.48	2.53	2.30	2.21
Long Term Debt/Equity	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity	0.05	0.06	0.08	0.14	0.12
Management Effectiveness
Return on Assets	9.63%	14.75%	8.12%	10.91%	12.03%
Return on Equity	14.66%	22.57%	12.74%	17.77%	20.79%
Efficiency
Receivables Turnover	5.58	5.77	4.44	4.85	4.30
Inventory Turnover	4.73	5.09	4.88	6.30	6.40
Asset Turnover	1.29	1.26	1.00	1.24	1.29

Market Valuation USD (mil)
P/E (TTM)	10.24	.	Enterprise Value2	678.6
Price/Sales (TTM)	0.80	.	Enterprise Value/Revenue (TTM)	0.56
Price/Book (MRQ)	1.55	.	Enterprise Value/EBITDA (TTM)	6.12
Market Cap as of 31-Aug-20121	981.7	.
1-ExchangeRate: THB to USD on 31-Aug-2012	31.385720
2-ExchangeRate: THB to USD on 30-Jun-2012	31.913802

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	2.62	2.48	2.53	2.30	2.21
Quick/Acid Test Ratio	1.88	1.72	2.01	1.77	1.79
Working Capital1	455.3	452.1	377.2	329.1	331.2
Long Term Debt/Equity	0.00	0.00	0.00	0.00	0.00
Total Debt/Equity	0.05	0.06	0.08	0.14	0.12
Long Term Debt/Total Capital	0.00	0.00	0.00	0.00	0.00
Total Debt/Total Capital	0.05	0.06	0.07	0.12	0.11
Payout Ratio	74.03%	45.06%	62.67%	68.88%	51.39%
Effective Tax Rate	1.89%	-1.62%	2.89%	0.86%	5.29%
Total Capital1	661.8	675.2	567.1	549.8	528.0
Efficiency
Asset Turnover	1.29	1.26	1.00	1.24	1.29
Inventory Turnover	4.73	5.09	4.88	6.30	6.40
Days In Inventory	77.12	71.68	74.79	57.94	57.01
Receivables Turnover	5.58	5.77	4.44	4.85	4.30
Days Receivables Outstanding	65.41	63.31	82.12	75.22	84.92
Revenue/Employee2	90,236	92,476	-	-	85,844
Operating Income/Employee2	6,791	10,651	-	-	8,260
EBITDA/Employee2	8,719	12,483	-	-	10,576
Profitability
Gross Margin	23.52%	26.63%	26.24%	24.42%	22.27%
Operating Margin	7.53%	11.52%	8.31%	8.66%	9.62%
EBITDA Margin	9.66%	13.50%	11.05%	11.14%	12.32%
EBIT Margin	7.53%	11.52%	8.31%	8.66%	9.62%
Pretax Margin	7.60%	11.51%	8.35%	8.90%	9.87%
Net Profit Margin	7.45%	11.62%	8.11%	8.82%	9.35%
R&D Expense/Revenue	5.45%	4.99%	5.73%	4.97%	4.67%
COGS/Revenue	76.48%	73.37%	73.76%	75.58%	77.73%
SG&A Expense/Revenue	11.33%	10.57%	11.44%	10.10%	8.74%
Management Effectiveness
Return on Assets	9.63%	14.75%	8.12%	10.91%	12.03%
Return on Equity	14.66%	22.57%	12.74%	17.77%	20.79%
Valuation
Free Cash Flow/Share2	0.04	0.01	0.09	0.05	0.09
Operating Cash Flow/Share 2	0.07	0.05	0.10	0.07	0.12
1-ExchangeRate: THB to USD Period End Date	31.55	30.145	33.34	34.78	33.685
2-ExchangeRate: THB to USD Average for Period	31.55	30.145	33.34	34.78	33.685

Current Market Multiples
Market Cap/Earnings (TTM)	10.24
Market Cap/Equity (MRQ)	1.55
Market Cap/Revenue (TTM)	0.80
Market Cap/EBIT (TTM)	11.57
Market Cap/EBITDA (TTM)	8.71
Enterprise Value/Earnings (TTM)	7.20
Enterprise Value/Equity (MRQ)	1.09
Enterprise Value/Revenue (TTM)	0.56
Enterprise Value/EBIT (TTM)	8.13
Enterprise Value/EBITDA (TTM)	6.12

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.26
UK Pound	1	Rs.88.85
Euro	1	Rs.71.13

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)