TIF1 : Annual Report 2009

TRANSLATION

This Annual Report is executed in a text using the Thai language which shall be the governing language.

AAANNNNNNUUUAAALLL RRREEEPPPOOORRRTTT APRIL 1, 2009 – MARCH 31, 2010

TTHHAAII IINNDDUUSSTTRRIIAALL FFUUNNDD 11

Annual Report

For the Period of 1 April 2009 – 31 March 2010

Thai Industrial Fund 1

Table of Contents Page

Statement from the Asset Management Company 1

Thai Industrial Fund 1 2

Details of Portfolio 5

Details of the Immovable Property 6

Details of Property Investment / Disposal 9

Profit (Loss) on Property Disposal or Leasehold Rights Transfer 9

Industrial Sector Status and Competition 10

Fund Expenses 13

Name List of Fund Manager Property Fund 14

List of Related Persons having transactions with the Funds

managed by ING Funds (Thailand) Company Limited 15

Details of the Return on Investment Receipt 16

Supervisor Report 19

Auditor Report 20

ING Funds (Thailand) Co., Ltd.

Annual Report


2



Abbreviation as “ TIF1”

The Asset Management Company

ING Funds (Thailand) Co., Ltd

Type of the Fund Project

Closed-end Property fund

Fund Maturity

Not Specified

Objectives of the Fund Project

To mobilize funds from general investors, both natural persons and juristic persons in both

domestic and foreign countries. The money mobilized shall be used in purchase and lease of

immovable properties, transfer of immovable properties and/or immovable property lease right,

and utilization of such immovable properties, including improvement, change, development of

potentiality and/or disposal of various properties as invested or possessed by the Fund,

regardless of rental and/or sale or whatsoever operation for the benefit of the properties with

intention to generate incomes or returns to the Fund and the unitholders, including to invest in

other properties and/or other securities and/or to seek other fruits by whatsoever mean as

prescribed by securities law and/or any other relevant laws.

Investment of the Fund

First Investment

The Management Company raised funds by issuing and offering investment units to the public in

the amount of Baht 505,000,000. On 16 June 2005, the Fund made an investment in immovable

properties in the amount of 12 plots of land and structures located in industrial estates, industrial

development zones and industrial parks, totaling five locations as follows:

1. 8 plots of land and structures located at the High Tech Industrial Estate, Asia-Nakhonswan

Km. 59-60 Road, Bangpa-in District, Phra Nakhon Si Ayutthaya Province;

2. 1 plot of land and structures located at the Bangkadi Industrial Park, Tiwanon, Bangkadi

District, Pathum Thani Province;

3. 1 plot of land and structures located at the Navanakorn Industrial Promotion Area,

Phaholyothin Km. 46 Road, Pathum Thani Province;

Annual Report


3


4. 1 plot of land and structures located at the Bangpa-in Industrial Estate, Bangpa-in District,

Phra Nakhon Si Ayutthaya Province;

5. 1 plot of land and structures located at the Latkrabang Industrial Estate, Chalongkrung

Road, Latkrabang District, Bangkok.

The details of plots of land and structures, appraised values, and estimated incomes from rentals

and services rendered shall appear in the “Summary of the Details of Properties Invested by the

Fund”.

The Second Investment (Capital Increase)

On June 5, 2007, the FUND invested in additional assets, in accordance with a resolution of Thai

Industrial Fund 1 UNITHOLDERS’ MEETING No 1/2007, on Mar 12, 2007. The Meeting has passed

a resolution approving the capital increase of the Fund for investment in properties of Thai Factory

Development Plc. consisting of plots of land and factory buildings of 14 factories with total factory

rental area of 18,690 square meters, which are located on 23 Rai 1 Ngan 66.3 Square Wah of land

in 3 industrial estates and industrial parks, with the total purchase price not exceeding Baht

391,000,000. The summary of the details of the properties is as follows:

1. Plots of land and buildings of 8 factories, located in Amatanakorn Industrial Estate (Bang

Pakong), Nong Mai Daeng Sub-district, Muang District, Chonburi Province;

2. Plots of land and buildings of 4 factories, located in Hi-Tech Industrial Estate, Ban Pho Sub-district

and Banlane Sub-district, Bangpa-in District, Phra Nakhon Sri Ayutthaya Province; and

3. Plots of land and buildings of 2 factories, located in Bangkadi Industrial Park, Bangkadi Sub-

disctrict, Pathumthani Province.

Dividend Payment Policy

The Fund project has a policy to pay dividends to the unitholders at least 2 times per annum

(1) In case that the Fund has net profit in each year, the Asset Management Company shall pay

dividends to the unitholders of not less than 90% of the annual net profit.

(2) In case that the Fund has retained earning, the Asset Management Company may pay

dividends to the unitholders based upon the retained earning.

Provided that the above-mentioned net profit and retained earning is actually gained,

excluding unrealized profit or loss from appraisal of immovable properties, securities, and/or

the properties of the Fund

Annual Report


4


The Asset Management Company shall pay the said dividends to the unitholders within

90 days as from the date of ending accounting period or any other operating period.

In consideration of dividend payment, if the dividends per investment unit to be paid during

the accounting year is lower than or equal to 0.10 Baht, the Asset Management Company

reserves its right not to pay the dividends at that period but to bring forward the dividend

payment to pay in the end of accounting year.

Project Capital : Baht 900 million

Number of Units : 90 million units

Type of Investment units : Holder name specified

Trustee : CITIBANK N.A., Bangkok Branch

Investment Units Registrar : ING Funds (Thailand) Co., Ltd.

Fund Advisor : Primo Asset Management Co., Ltd.

33/10 Soi Langsuan Ploenchit Road

Lumpini Sub District Pathumwan District Bangkok 10330

Tel (02) 684-1500

Property Manager : Thai Factory Development Public Co., Ltd.

26 JC Kevin Building, 10th Floor, Narathivas Rajanakharin

Road, Yannawa Sub-District, Sathorn District, Bangkok 10120

Tel: (02) 676-4031

The Asset Management Company has prepared and gathered information on the Fund, e.g., prospectus, general

information of the funds, properties invested by the Fund, performance results, press releases and dividend payments

record, etc., for dissemination to investors. More information can be viewed at www.ingfunds.co.th. Any expenses for

preparation and dissemination of said information will be collected from the Fund.

Annual Report


5



Details of Portfolio

As at March 31, 2010

ASSETS Market Value (Baht)

% of Total Asset

1. BANK DEPOSIT 45,234,090.55 4.93%

2. P/N, B/E, T-BILL AND BOND

PROMISSORY NOTES AND BILLS OF EXCHANGE - DIRECT ISSUE - 0.00%

PROMISSORY NOTES AND BILLS OF EXCHANGE - AVAL - 0.00%

BOND 9,995,235.15 1.09%

TREASURY BILL - 0.00%

TOTAL 9,995,235.15 1.09%

3. INVESTMENT IN PROPERTY

PROPERTY 888,572,400.00 96.82%

LEASEHOLD RIGHTS - 0.00%

TOTAL 888,572,400.00 96.82%

4. OTHER ASSETS

RECEIVABLES FROM RENTAL 3,419,500.00 0.37%

ACCRUED INTEREST 69,847.94 0.00%

DEFERRED CHARGES 734,094.12 0.08%

OTHER ASSETS 890,187.13 0.10%

TOTAL 5,113,629.19 0.55%

TOTAL ASSETS 948,915,354.89 103.39%

5. LIABILITIES

ACCRUED FEES AND EXPENSES (1,748,059.47) -0.19%

SECURITY DEPOSIT (29,268,488.00) -3.19%

OTHER LIABILITIES (123,616.47) -0.01%

TOTAL LIABILITIES (31,140,163.94) -3.39%

TOTAL NET ASSET VALUE 917,775,190.95 100.00%

NO OF UNITS 90,000,000.0000 UNITS NET ASSET VALUE PER UNIT 10.1975 BAHT

Annual Report


6


Thai Industrial Fund 1 Details of the Immovable Property

As of March 31, 2010

Thai Industrial Fund 1 invested in 26 plots of land and standard factory buildings as following;

No. Industrial Estate/ Industrial Park /

Industrial Promotion Zone

Factory Name Land Title Deed No.

Land Location (Subdistrict - District -

Province)

Land Area (Rai - Ngarn - Square wah)

Building Area

(Square Meters)

Details of the Building Latest Appraisal Value (Baht)

Thai Property Appraisal Lynn Phillips Co., Ltd.

during December 22 - 28, 2010

1 Hi-Tech G8/11 44944 Baan Pho - Bangpa-In -

Phra Nakhon Sri Ayutthaya

2 - 1 - 10 1,650 A one-storey, reinforced-

concrete building with a

mezzanine

36,120,000.00

2 Hi-Tech E5/1-1 4753 Baan Lane - Bangpa-In -




mezzanine

34,992,000.00

3 Hi-Tech E5/1-2 47918 Baan Lane - Bangpa-In -




mezzanine

36,000,000.00



2 - 1 - 28 999 A one-storey, reinforced-


mezzanine

24,624,000.00





mezzanine

26,400,000.00





mezzanine

27,600,000.00



0 - 2 - 10 1,620

5823 Baan Pho - Bangpa-In -


0 - 3 - 80



0 - 1 - 35

A one-storey, reinforced-


mezzanine

34,992,000.00



2 - 1 - 29 1,200



0 - 0 - 17



mezzanine

27,960,000.00

9 Hi-Tech F7/6-2 20384 Baan Lane - Bangpa-in -

Phra Nakorn Sri Ayutthaya



mezzanine

37,620,000.00

10 Hi-Tech F7/6-1 20385 Baan Lane - Bangpa-in -

Phra Nakorn Sri Ayutthaya



mezzanine

36,240,000.00

Annual Report


7






Province)


Building Area

(Square Meters)




11 Hi-Tech G8/12 47880 and

52704

Baan Pho - Bangpa-in -




mezzanine

37,200,000.00

12 Hi-Tech G8/20 47893 Baan Pho - Bangpa-in -




mezzanine

33,048,000.00

13 Latkrabang

(Export Zone)

E3131 48275 Lamplathiew (Klong See

Ork) - Latgrabang

(Saensaeb) - Bangkok



mezzanine

23,328,000.00

14 Bangkadi Industrial Flat 38729 Bangkadi - Muang -

Pathumthani

6 - 0 -52 8,811 A 4 - storey, reinforced-

concrete building

128,800,000.00

15 Bangkadi BIP MB3 39141 Bangkadi - Muang -

Pathumthani

0 - 1 - 78 900 A 3 - storey reinforced

concrete building

11,654,000.00

16 Bangkadi BIP MB1 39139 Bangkadi - Muang -

Pathumthani

0- 2 - 47 900 A 3 - storey reinforced

concrete building

13,608,000.00

17 Bangpa-In 79 33686 Khlongjik - Bangpa-In

(Phra Rachawang) - Phra

Nakhon Sri Ayutthaya

4 - 0 -27 1,980 A one-storey, reinforced-


mezzanine

54,000,000.00

18 Navanakorn* A039 13249 Khlong Nueng (Khlong 1

Tok) - Khlong Luang -

Pathumthani

3 - 0 - 41 2,310

13247 Khlong Nueng (Khlong 1

Tok) - Khlong Luang -

Pathumthani

0 - 1 - 99



mezzanine

28,080,000.00

19 Amatanakorn G11/9 125499 Nong Mai Daeng - Muang

- Cholburi



mezzanine

31,752,000.00


- Cholburi

1 - 1 - 71.3 1,050 A one-storey, reinforced-


mezzanine

30,391,200.00


- Cholburi



mezzanine

26,092,800.00


- Cholburi



mezzanine

26,092,800.00


- Cholburi



mezzanine

34,992,000.00


- Cholburi



mezzanine

26,092,800.00

Annual Report


8






Province)


Building Area

(Square Meters)





- Cholburi



mezzanine

26,092,800.00


- Cholburi



mezzanine

34,800,000.00

58 -0 - 48.3 43,578 888,572,400.00

Purpose of use : Land and standard factory building for rent in industrial estates, industrial parks and industrial promotion zone

Rental income (Baht) : Start from April 1, 2009 - March 31, 2010 at 67,788,845.93 Baht

* Obligation : To allow for appropriate use of land by the owners of each land plot, Navanakorn Public Company Limited, the project manager for

the Navanakorn Industrial Promotion Zone, registered the servitude for the buyers of all land plots in the Navanakorn Industrial

Promotion Zone. As such, the land of such location was registered for servitude for the development and others to the land of

Navanakorn Public Company Limited.

Annual Report


9



Details of Property Investment / Disposal For Period from 1 April 2009 - 31 March 2010

- None -

Thai Industrial Fund 1 Profit (Loss) on Property Disposal or Leasehold Rights Transfer

For Period from 1 April 2009 to 31 March 2010

Transaction (Thousand Baht)

Property Disposal or Leasehold Rights Transfer None

Less Acquisition of Property Disposal or Leasehold Rights Transfer None

Transfer Fee and Selling Expenses None

Net Profit (Loss) from Property Disposal or Leasehold Rights Transfer None

Annual Report


10



Industrial Sector Status and Competition

Industrial Estate in Thailand

At present, the Industrial Estate Authority of Thailand (IEAT) has established 421 industrial estates in 15

provinces, comprising of:

- 12 Industrial Estates, operated by IEAT

- 30 Industrial Estates jointly operated by IEAT and private counterparts

These industrial estates were located in all 3 BOI promotional zones, which were

Zone 1 Factories located in industrial estates in 6 provinces; Bangkok, Nakhon

Pathom, Nonthaburi, Pathum Thani, Samut Prakan and Samut Sakhon

Zone 2 Factories located in industrial estates in 12 provinces; Kanchanaburi,

Chachoengsao, Chol Buri, Nakhon Nayok, Phra Nakhon Si Ayutthaya,

Phuket, Rayong2, Ratchaburi, Samut Songkhram, Saraburi, Suphan Buri and

Ang Thong

Zone 3 Factories located in industrial estates in the remaining 58 provinces, which

had low income and less developed infrastructure.

Industrial Property Market

As a result of the global economic crisis, the investment from local and overseas was slow down in 2009.

Hence, the overall demand for serviced industrial land plots and ready-built factories, especially in the first half of

the year 2009, were rather weak. Nevertheless, such demand seemed to recover thereafter along with the global

economic turnaround. In addition, the policies to support the industrial sector including benefit received from the

government helps boosting the demand further.

Serviced Industrial Land Plots (SILPs)

Although most developers had long-term expansion plans, it seemed that their plans were altered and

delayed in the first half of the year 2009 due to the concerns on the economic slow down. However, there were

sharp increases in SILPs along with the global recovery in the second half of the year.

1 As of 21 December, 2009 2 Industry estates in Rayong registered with the BOI before August 2000 are still entitled to Zone 3 privileges.

Annual Report


11


According to CB Richard Ellis, at the end of 2009, the total supply of SILPs equaled to 100,284 rai, growing

by 4,380 rai or by 2.4% from the year before (4,360 rai of which increased within the second half of the year). 2,000

rai of them, almost half of the new supply, were from the first expansion phase of Hemaraj Eastern Seaboard

Industrial Estate while the rest were from other developers, i.e., Hi-Tech Industrial Estate, Rojana Industrial Park,

Kabinburi Industrial, and Wellgrow Industrial Estate

In the foreseeable future, the SILPs supply was expected to locate largely in the Eastern Seaboard area

(Chonburi and Rayong). First, Hemaraj Land & Development Public Company Limited, with remarkably proportion,

planned to develop its three-phase developments separately. The first phase as mentioned earlier has been

already completed. The second phase consisted of 1,500 rai was scheduled to complete in 2010 while the third

phase of another 1,500 rai was expected to complete in the next two year. Other developments in this area were

Pinthong Industrail Estate, who planned to expand the second phase of 160 rai by the end of 2010, and Amata

Corporation Public Company Limited with the expansion plan of the Amata Nakorn’s second phase adding 1,000

rai to their SILPs. Developments in other areas included Navanakorn (Korat) Phase II with the SILPs of 1,232 rai

expected to complete by the end of 2010 and the TFD industrial Estate with the SILPs of 500 rai lacated in

Chachoengsao province and expected to complete in 2010 as well.

From the total SILPs supply of 100,284 rai, the total take-up land in 2009 was recorded at 88,932 rai, equal

to an occupancy rate of 86.9%, which was down from 89.9% in the previous year. This was mostly contributed to 4

main factors. The first three factors directly affected the demand side (especially the foreign direct investment)

were the global economic down turn, the political unrest and the halting of 76 industrial projects at the Thailand’s

main petrochemical complex Map Ta Phut. The last factor was that the new supply (of 4,380 rai, mostly in the

second half of the year 2009) outweighed the concurrent increase in demand (901 rai).

Though the market for SILPs in 2009 was slow down, the asking prices mutually remained unchanged

compared to those in 2008. The Eastern Seaboard was still the most popular location due to the proximity to the

port and better logistics, while Ayutthaya was favored because it was closer to Bangkok.

Ready-Built Factories (RBFs)

Most ready-built factories were built to a high standard for rent or sale. Sizes range from 600 sq.m. for the

SME industries to 2,500 sq.m. for medium-sized industries and approximately 6,000 sq.m. for large industries with

floor loading capacities ranging from 1 – 3 tons. Many industrial operators considered renting better than building

to avoid the problems of the building quality, cost of construction and land acquisition. These factories were

traditionally located on SILPs within zoned industrial estates that were owned or regulated by the Industrial Estates

Authority of Thailand.

Annual Report


12


The total supply of RBFs available for rent was 612 factories with the total area of 1,253,292 square meters,

increased by 9.2% from the previous year. New 38 RBFs with approximated rentable area of 110,000 sq.m. were

under construction in the fourth quarter of 2009 (normally 6 – 8 months were required to complete new factory for

rent). The occupancy rate at the end of the year 2009 fell to 71.5% from 72.2% in the previous year. Rental rates

remained largely unchanged; nonetheless, some certain tenants were given reductions on renewal or temporary

discounts. The asking rental rates were ranging from Baht 120 – 200 per sq.m. per month

Apart from TIF1, at the end of the year 2009, the main RBFs operators and factory-based property fund in

the market were comprised of:

• Thai Factory Development Public Company Limited had 33 ready-built factories which factory sizes

range from approximately 1,000 to 1,600 sq.m.. Their occupancy rates were around 60.3%.

• TICON Industrial Connection Factory Public Company Limited had 194 ready-built factories which sizes

range from approximately 1,200 to 4,200 sq.m.. Their occupancy rates were around 67.3%.

• Hemaraj Land & Development Public Company Limited had 81 ready-built factories of which

occupancy rates were around 72.3%

• Pinthong Industrial Park Company Limited had 78 factories with occupancy rates around 54.7%

• Amata Corporation Public Company Limited had 64 factories of which occupancy rates were around

75.1%

• Ticon Property Fund (TFUND) had 174 factories with occupancy rates around 87.4%

Ready Built Factory

Operators No. of Factories3

Total Area (Sq.m.)

%

TICON 194 573,925 41.0%

TFUND 174 397,050 28.4%

Hemaraj 81 159,210 11.4%

Pinthong 78 115,555 8.3%

Amata 64 68,950 4.9%

TFD 33 46,197 3.3%

TIF1 26 38,490 2.8%

Total 650 1,399,377 100.0%

Source : CBRE Research

3 Total factories include the factories not in opening stock.

Annual Report


13



Fund Expenses

For the period from 1 April 2009 to 31 March 2010

Fund's Direct Expense Amount

(Thousand Baht) % of

Net Assets Value

Management Fee* 3,918.66 0.43

Trustee Fee* 349.99 0.04

Registrar Fee* 587.80 0.06

Property Management Fee* 4,638.71 0.51

Auditing Fee* 487.71 0.05

Legal Fee* 516.26 0.06

Fund's Setting Up Expenses -Written Off* 2,214.59 0.24

Listing Fee -Written Off* 107.00 0.01

Property Operating & Maintenance Expenses* 3,295.33 0.36

Appraisal Fee* 176.55 0.02

Property Tax* 508.43 0.05

Advertising Expense 144.46 0.02

Other Expenses* 89.05 0.01

Total Expenses** 17,034.54 1.86

Remark * Included VAT

** Not included brokerage fee

Annual Report


14


Thai Industrial Fund 1 Name List of Fund Manager

For Period From 1 April 2009 to 31 March 2010

No. Name List of Fund Manager

Property Fund Manager 1 Mr. Maris Tarab * 2 Ms. Chavinda Hanratanakool ** 3 Ms. Siriphen Wangdumrongves 4 Mr. Burim Chombhubol *** 5 Mr. Pairaj Migasena **** 6 Mr. Khematat Saradatta ***** 7 Ms. Wannapat Nomklom

Mutual Fund Manager (Liquidity Portion) 1 Mr. Maris Tarab* 2 Mr. Jaruwat Preepreamkul 3 Ms. Monchaya Rachatakul 4 Ms. Linda Ubolriabroy 5 Ms. Ruedee Patiarayakul ****** 6 Ms. Siripun Sutharoj 7 Ms. Patcharapa Mahattanakul 8 Mr. Tara Vanalabpattana 9 Mr. Verayuth Halilamien

Termination Date

* 15 December 2009

** 11 January 2010

*** 1 December 2009

**** 1 February 2010

***** 22 March 2010

****** 1 March 2010

Annual Report


15


List of Related Persons having transactions with the Funds managed by ING Funds (Thailand) Company Limited

For Period From 1 April 2009 to 31 March 2010

No. List of Related Persons having transactions with Mutual Funds

1 Other management companies where there are shareholders of ING Funds exceeding 5 % of total

sold shares

“The investor can inspect the transactions entered into with the related persons of the mutual fund at the management company

directly or at the website of the management company (www.ingfunds.co.th) and

the Office of SEC (www.sec.or.th)”

Annual Report


16


Details of the Return on Investment Receipt

Research paper including in-depth report of listed company, industry analysis, trend and outlook, economic and

political situation both in domestic and foreign those influence the investment decision.

Specific inquiry including the information further than the released research paper that support the investment

decision

Conference call direct to analyst

Pay a visit to present the remarkable issue

Report issue or concern of the market and securities during trade hour

Organize seminar, related to the remarkable company. In addition, issue and concern situation at that moment,

hosted by direct officers including lawyer, government representatives, or management. They all would provide

in-depth information in order to make further investment decision.

Arrange company visit as request in order to follow the progress of operation or any change that alter the

fundamental. The company management would provide the latest information of business and the development of

industry.

Daily Research paper of economic and latest situation of the countries that fund invests in Organize the seminar related to economic situation, currency, and interest rate of the countries that fund invests in

Arrange the conference with the regional strategist to enhance the investment view on the region

List of brokers who create the yield in favour of the Fund

Securities Companies

Country Group Securities Public Company Ltd.

Asia Plus Securities Public Company Ltd.

Ayudhya Securities Public Company Ltd.

Bualuang Securities Public Company Ltd.

CLSA Securities (Thailand) Ltd.

Capital Nomura Securities Public Company Ltd.

DBS Vickers Securities (Thailand) Company Ltd.

TMB Macquarie Securities (Thailand) Ltd.

KGI Securities (Thailand) Public Company Ltd.

Credit Suisse Securities (Thailand) Ltd.

Annual Report


17


Kim Eng Securities (Thailand) Public Company Ltd.

Thanachart Securities Public Company Ltd.

TISCO Securities Company Ltd.

Trinity Securities Company Ltd.

Phatra Securities Public Company Ltd.

SCB Securities Company Ltd.

Finansia Syrus Securities Public Company Ltd.

UBS Securities (Thailand) Ltd.

KT ZMICO Securities Public Company Ltd.

Siam City Securities Company Ltd.

Citicorp Securities Thailand Ltd.

TSFC Securities Ltd.

Finansa Securities Ltd.

BT Securities Company Ltd.

United Securities Public Company Ltd.

Barclays Capital Securities (Thailand) Ltd.

Commercial Banks - Domestic

Bank of Ayudhya Public Company Ltd.

Bangkok Bank Public Company Ltd.

CIMB Public Company Ltd.

Kasikorn Bank Public Company Ltd.

Kiatnakin Bank Public Company Ltd.

Krung Thai Bank Public Company Ltd.

Thanachart Bank Public Company Ltd.

Land and Houses Retail Bank Public Company Ltd.

Siam Commercial Bank Public Company Ltd.

Standard Chartered Bank (Thai) Public Company Ltd.

Tisco Bank Public Company Ltd.

TMB Bank Public Company Ltd.

United Overseas Bank (Thai) Public Company Ltd.

Annual Report


18


Commercial Banks – Foreign Branches

ABN-AMRO Bank N.V.

JPMORGAN Chase Bank, N.A.

Oversea-Chinese Banking Corp., Ltd.

The Bank of Tokyo-Mitsubishi Ufj, Ltd.

Citibank, N.A - Bangkok

Credit Agricole Corporate and Investment Bank - Bangkok

The Hongkong and Shanghai Banking Corp., Ltd.

Deutsche Bank AG.

Mizuho Corporate Bank, Ltd.

Sumitomo Mitsui Banking Corporation

BNP Paribas

The Bank of Nova Scotia

Others Companies

Thanachart Capital Public Company Limited

Annual Report



ING FUNDS (THAILAND) COMPANY LIMITED

Background

The Asset Management Company was registered on November 4, 1996 with a fully paid-

up registered capital of Baht 100 million. It was granted a license to operate asset

management business from the Ministry of Finance under the license number 011/2539

dated January 2,1997. After ING group, a financial services conglomerate with Dutch

origin, became the major shareholder; the name of the Asset Management Company was

changed to “ING Mutual Funds Management (Thailand) Co., Ltd.” in April 1999 and to

“ING Funds (Thailand) Co., Ltd.” in May 2003.

At present, ING Funds (Thailand) Co., Ltd. is a member of the ING Group of Netherlands

Network - a global banking, insurance, and investment management business operator.

Location of the Office

ING Funds (Thailand) Co., Ltd.

is located at 130-132 Sindhorn Building Tower 1, G Floor and

Sindhorn Building Tower 3,15th and 17th Floor,

Wireless Road, Lumpini, Patumwan, Bangkok 10330.

Tel: (02) 688-7777 Fax: (02) 688-7707-8

www. ingfunds.co.th

Documents

TIF1 : Annual Report 2009