The document provides a summary of Thai and US stock market performance, bond yields, and foreign exchange rates from January 14th. It also includes brief commentary on recent macroeconomic and market developments. Key points include US stocks ending the week higher supported by positive corporate earnings prospects, China raising bank reserve requirements again to fight inflation, and the Euro rising against the US dollar on hopes of further EU measures to address debt problems.

1. Capital Markets Research
Jan 17, 2011
Thai Stock Market Jan 14 Change US Market Jan 14 Change
SET Index 1032.26 -2.82 Dow Jones 11,787.38 +55.48
Market Turnover (Bt mn) 44,127.10 +5,061.94 Nasdaq 2,662.88 -4.39
Foreign Net Position (Bt mn) -4,322.52 -4,267.21 S&P 500 1,293.24 +9.48
Thai Bond Market Jan 14 Change US 10 yr T-note (%) 3.33 +3 bp
Total Return Index 201.29 +0.10 US 2yr T-note (%) 0.58 -0 bp
Total Market Turnover (Bt mn) NYMEX crude ($/b) 91.54 +0.14
Yield Curve 1m 3m 6m 1yr 2yr 3yr 5yr 7yr 10yr 12yr 14yr 18yr
Jan 14 (%) 1.94 2.03 2.26 2.58 2.86 3.06 3.20 3.52 3.78 3.91 4.02 4.16
Change (bp) 0 0 -1 0 -2 -3 -6 -6 -1 0 1 1
Interbank Rates Jan 17 Jan 13 BIBOR 1w 1m 2m 3m 6m 9m 1yr
Overnight (%) 2.25 1.750-2.210 Jan 14 2.25625 2.27125 2.31625 2.37500 2.46484 2.54750 2.65000
Repurchase Rates 1-day 7-day 14-day 1m SIBOR 1m 3m 6m
Jan 14 2.00000 2.00000 - - Jan 14 0.27110 0.31100 0.46800
THBFIX (Ref.) 1m 2m 3m 6m 9m 1yr LIBOR 1m 3m 6m
Jan 14 0.59483 0.70517 0.99296 1.32750 1.60226 1.86021 Jan 14 0.26125 0.30313 0.45594
SWAP (THB/THB,Onshore) 1yr 2yr 3yr 4yr 5yr 7yr 10yr
Jan 17 Bid/Ask 1.68/1.72 2.34/2.38 2.86/2.90 3.25/3.29 3.51/3.55 3.88/3.92 4.22/4.26
KBank Counter Rates Buying Selling Premium/Discount (stgs/m)
(against THB) Sight Bill T/T T/T Export/Import
USD 30.34 30.44 30.69 0.00/1.71
EUR 40.3875 40.5213 41.0388 -2.57/1.06
GBP 47.9800 48.1388 48.7200 -1.95/0.86
JPY 0.3639 0.3651 0.3719 -0.48/3.75
KBank Technical Analysis Jan 17 Jan 14 Support Resistance Trend Strategy
THB (Onshore) 30.55 30.46 30.50 30.65 Sideway Sell USD near resistance
JPY 82.89 82.94 82.40 82.60 Sideway Sell USD near resistance
EUR/USD 1.3335 1.3375 1.3310 1.3435 Sideway Buy EUR near support
Macro and Market Outlook
• U.S. stocks rose for the week on reduced eurozone’ debt concerns and optimism regarding Q4
corporate earnings while Friday’s data were mixed
• China raised reserve requirement ratio for the 4th time in about two months, affirming
determination to fight inflation
• Market focus on EU minsters’ meeting early week and shift towards the meeting between the Hu
Jintao and Obama on Wednesday
FX Market Wrap
• EUR/USD rose to a high near 1.3458 on Friday before declining to a close of 1.338. Euro was
supported by positive outlook on EU’s future measures to deal with the debt problems
• USD/THB closed slightly higher due to some USD buying from importers and concerns of
monetary tightening in Asia. This week, the baht may range between 30.20-30.60 to a dollar
Economic News Update
• Chinese President rejected U.S. arguments that allowing the yuan to appreciate against the
dollar would help the government in Beijing tame inflation
• European finance chiefs start work today on a revamped debt-crisis-fighting strategy with
Germany easing its opposition to an expanded arsenal
Now you can listen to today’s exchange rate trend (press 711) and our summary of exchange rate movements (press 721)
via K-BIZ Contact Center 0 2888 8822, available 24 Hours
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1
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.

2. KBank Daily Update Jan 17, 2011
shifted to the meeting between China’s Premier and the
Macro and Market Outlook U.S. president. Issues, political and economic, would be on
U.S. stocks ended Friday and last week higher, mainly due the table and the market is watching out for directions of
to the positive prospects of corporate earnings for the the yuan.
fourth quarter of last year. JP Morgan reported a record
high profit. Meanwhile, investors are also optimistic that
they will hear positive news regarding Eurozone’s debt US Treasuries and Thai rates
problems as finance ministers meet on Monday and
Tuesday to discuss further solutions.
The difference between 2- and 30- year Treasury yields
However, caution was also exercised as China announced widened to a record as investors demanded higher
on Friday a higher reserve requirement ratio for commercial compensation when buying longer-term securities on
banks. The RRR was raised from 18.5% to 19.0%. This concern a strengthening U.S. economy will spur inflation.
was the 4th increase in a short span of about two months
th
and recorded the 7 increase since 2010. Commodities The so-called yield curve steepened to 3.96 percentage
including gold and industrial metals declined sharply, with points yesterday, compared with an average of 2.07
gold ending near $1,359/ounce on Friday. percentage points the past 10 years. Treasuries fell
yesterday as reports showed retail sales and industrial
This reinforces China’s stance against fighting inflation and production both rose in December. The Federal Reserve
restoring stability to its economy. The market is expecting will buy up to $21.5 billion in Treasuries next week,
further interest rate hikes this year, coupled with a stronger including inflation-indexed securities.
Chinese yuan and a slower rate of growth. This morning, “Rates are headed generally higher from here as we see a
the economy reported the eight month of deceleration in its slow recovery, trending higher,” said Jay Mueller, who
property price index (6.4% yoy in Dec vs. 7.7% in Nov, the manages about $3 billion of bonds at Wells Fargo Capital
slowest pace since November 2009). Management in Milwaukee.
7000 14 The yield on the 30-year bond rose five basis points, or
12 0.05 percentage point, to 4.53 percent, from 4.485 percent
6000
10
on Jan. 7, according to BGCantor Market Data
5000 8
6
(Source: Bloomberg)
4000
4
3000 2
0 S&P Index (% )
2000 1400 350
-2
1000 -4 1300
300
Nov-06 May-07 Nov-07 May-08 Nov-08 May-09 Nov-09 May-10 Nov-10 1200
1100 250
Shanghai Composite (month end, left axis) China Property Price index % yoy (right axis)
1000
900 200
U.S. – Today, the financial markets are closed for a public 800
150
holiday. Last Friday, data were mixed but still offered 700
600 100
positive signs of continued recovery. Advance retail sales
Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10
figure in Dec was lower than market’s forecast but gained
0.6% mom nevertheless. For the whole of 2010, retails S&P Index 2-10 Spread (bps, RHS)
sales rose by 7.0% from 2009, signaling an improvement in
consumer spending. Business inventories rose less than
forecast by 0.2% in Nov as sales accelerated faster than
stocks. Meanwhile, capacity utilization continued to rise as Thai interest rate: IRS yields opened lower on Friday,
production activities continued to pick up (76.0% in Dec). A led by the declines in front-end swap points as banks
less optimistic data was the consumer sentiment index reduce long positions in the THB in the FX swap market.
which fell from 74.5 at end-Dec to 72.7 in mid-Jan, due to Meanwhile, bond yields also closed 2-5bp lower on Friday.
the concerns of rising energy prices and the jobless Local mutual funds continued to sell mid curve bonds and
recovery. the sales were supported by continued offshore demand
120 and liquidity from local cooperatives
110
100 % Interest rate swaps
90
4.0
80
70 3.5
60 3.0
50
40 2.5
30 2.0
20
1.5
05 06 07 08 09 10 11
Conference Board Consumer Confidence index Consumer sentiment index (U Mich) 1.0
1-Nov 11-Nov 21-Nov 1-Dec 11-Dec 21-Dec 31-Dec 10-Jan
1Y 2Y 3Y 5Y
This week, large firms such as IBM, GE, BofA, Citigroup
and so forth are announcing their Q4 earnings. The results
are likely to help underpin market views for the medium
term. Meanwhile, mid-week the attention is likely to be
2
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.

3. KBank Daily Update Jan 17, 2011
FX Wrap Currency Movement
Thu 13-Jan-11 Wed 12-Jan-11 % Change
1.44
1.42 USD/THB 30.48 30.41 +0.23
1.40
1.38 USD/JPY 82.81 82.80 +0.01
1.36
EUR/USD 1.338 1.335 +0.19
1.34
1.32 GBP/USD 1.5869 1.5835 +0.21
1.30
1.28 USD/CHF 0.9630 0.9640 -0.10
1.26
USD/SGD 1.2873 1.2853 +0.16
1.24
1.22 USD/TWD 29.16 28.98 +0.62
Sep-10 Oct-10 Nov-10 Dec-10 Jan-11
USD/KRW 1,114.6 1,112.0 +0.23
EUR/USD
USD/PHP 44.27 44.08 +0.43
EUR/USD rose to a high near 1.3458 on Friday before USD/IDR 9,054 9,068 -0.15
declining to a close of 1.338, little changed compared to USD/MYR 3.058 3.053 +0.16
Thursday’s close. The euro had been buoyed by investors’
positive outlook on EU’s future measures to deal with the USD/CNY 6.591 6.604 -0.21
Source: Reuters
debt problems and ECB’s Trichet’s comments on rising
.FX Consensus Forecast
inflation in the Eurozone (which in turn, bolstered possibility
of interest rate pick up relative to the U.S. fed fund rate) Spot Jun 2011 Dec 2011
USD/THB 30.58 28.30 28.00
37.50 80
USD/JPY 82.94 86.00 89.00
37.00 81
EUR/USD 1.33 1.30 1.30
36.50 82 GBP/USD 1.58 1.55 1.55
36.00 83
USD/CNY 6.59 6.46 6.30
35.50 84 USD/SGD 1.29 1.27 1.25
35.00 85 USD/IDR 9,073 8,860 8,800
1-Nov 16-Nov 1-Dec 16-Dec 31-Dec 15-Jan
USD/MYR 3.06 3.03 2.97
JPY/THB (LHS) USD/JPY (RHS, inverted axis)
USD/PHP 44.42 42.80 42.00
USD/JPY continued in range trade, closing little changed USD/KRW 1,114 1,090 1,050
at 82.80. This morning, BOJ’s governor reaffirmed view of USD/TWD 29.02 29.30 28.60
the central bank that the global markets are more stable
AUD/USD 0.99 0.99 0.96
currently and that the local economy is improving slowly.
Remaining concerns lie with the European debt problems, NZD/USD 0.77 0.76 0.75
Source: Bloomberg, KBank for USD/THB
30.90
Currency Pair Targets
30.70
Spot Jun 2011 Dec 2011
30.50
USD/THB 30.58 28.30 28.0
30.30
30.10 EUR/THB 40.78 40.0 37.0
29.90 JPY/THB 36.87 34.70 29.5
29.70 GBP/THB 48.45 47.40 43.7
29.50 CNY/THB 4.64 4.78 4.2
Oct-10 Nov-10 Dec-10 Jan-11
AUD/THB 30.19 27.4 26.0
USD/THB
CHF/THB 31.68 29.6 27.7
USD/THB closed slightly higher on Friday due to some Source: KBank, Bloomberg
USD buying from importers and concerns of monetary
tightening in Asia. This week, we expect the baht to range
KBank NEER Index
between 30.20-30.60 to a dollar. Current 99.37
YTD + 6.71%
The Singapore real estate stocks fell 2-4% on Friday after
authorities imposed stricter rules for the property sector, vs 52 weeks ago + 6.39%
including higher tax penalty for homes sold within a year of vs 1mth ago - 2.44%
purchase and raising down payment to 40% for second vs 1 week ago - 0.21%
mortgages.
vs 1 day ago + 0.00%
Meanwhile, China raised banks’ reserve requirement ratio vs long term average + 11.76%
for the fourth time in two months’ period, from 18.5% to Note: NEER is constructed from the weighted average of bilateral exchange
19.0%, in a further attempt to reduce liquidity and make rates of the baht via Thailand’s 21 major trading partners and trade
competitors. An increase in NEER refers to an appreciation
borrowing more costly in the economy. USD/CNY
reference rate is set little changed at 6.5897 today vs.
Friday’s 6.5896.
3
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.

4. KBank Daily Update Jan 17, 2011
Total Return Analysis – 3 month horizon, annualized Auction results of BOT Bonds Jan 14
Yield shift (bps) -40 -30 -20 -10 0 +10 +20 +30 +40 Bid-
Tenor Amt. Accepted
LB113A 2.06 2.06 2.06 2.06 2.06 2.07 2.07 2.07 1.82 Symbol Avg. Yield (%) coverage
(yrs) (Bt mn) Range (%)
ratio
LB116A 2.70 2.59 2.48 2.37 2.26 2.15 2.04 1.92 1.56
CB11201A 0.04 85,000 1.990/2.048 2.029420 1.36
LB11NA 3.62 3.33 3.05 2.76 2.48 2.20 1.91 1.63 1.09
Source: ThaiBMA
LB123A 4.22 3.83 3.45 3.06 2.67 2.28 1.90 1.51 0.87
Auction Calendar of Government Bonds
LB12NA 5.35 4.72 4.09 3.46 2.83 2.21 1.58 0.95 0.07
LB133A 6.00 5.24 4.48 3.73 2.97 2.22 1.46 0.70 -0.30 Tenor Amt.
Symbol Auction Date Maturity Date Remark
(yrs) (Bt mn)
LB137A 6.56 5.68 4.80 3.92 3.04 2.16 1.28 0.40 -0.73
LB13OA 6.99 6.01 5.04 4.06 3.09 2.11 1.14 0.17 -1.06 LB17OA 7.09 10,000 19-Jan-11 10-Oct-17 -
LB143A 7.29 6.25 5.21 4.17 3.13 2.09 1.05 0.01 -1.28 LB14NA 4.00 8,000 19-Jan-11 26-Nov-14 -
LB145A 7.80 6.64 5.47 4.31 3.14 1.98 0.81 -0.35 -1.76 LB21DA 11.08 7,000 26-Jan-11 17-Dec-21 -
LB145B 7.80 6.63 5.47 4.31 3.14 1.98 0.81 -0.35 -1.76 Source: ThaiBMA
LB14DA 8.63 7.28 5.93 4.58 3.23 1.88 0.52 -0.83 -2.42 Auction Calendar of BoT Bonds
LB155A 9.37 7.83 6.29 4.75 3.22 1.68 0.14 -1.40 -3.18
Tenor Amt.
LB157A 9.23 7.73 6.23 4.73 3.23 1.73 0.23 -1.27 -3.02 Symbol Auction Date Maturity Date Remark
(yrs) (Bt mn)
LB15DA 10.21 8.46 6.72 4.97 3.23 1.48 -0.26 -2.01 -4.00 -
CB11217C 0.08 25,000 18-Jan-11 17-Feb-11
LB167A 10.90 9.02 7.15 5.27 3.40 1.52 -0.35 -2.23 -4.35
CB11421B 0.25 22,000 18-Jan-11 21-Apr-11 -
LB16NA 11.45 9.45 7.44 5.44 3.44 1.44 -0.57 -2.57 -4.82
CB11721A 0.50 15,000 18-Jan-11 21-Jul-11 -
LB171A 11.52 9.52 7.51 5.50 3.49 1.48 -0.53 -2.53 -4.79
LB175A 12.07 9.93 7.80 5.66 3.52 1.39 -0.75 -2.89 -5.27 BOT13NA 3.00 40,000 25-Jan-11 18-Nov-13 -
LB183A 13.17 10.77 8.37 5.98 3.58 1.19 -1.21 -3.60 -6.24 CB11224C 0.08 25,000 25-Jan-11 24-Feb-11 -
LB183B 12.87 10.55 8.23 5.90 3.58 1.26 -1.06 -3.38 -5.95 CB11428B 0.25 22,000 25-Jan-11 28-Apr-11 -
LB191A 13.88 11.32 8.76 6.20 3.64 1.08 -1.47 -4.03 -6.83 CB11728A 0.50 15,000 25-Jan-11 28-Jul-11 -
LB196A 14.81 12.01 9.22 6.42 3.63 0.84 -1.96 -4.75 -7.79 Source: ThaiBMA
LB198A 14.37 11.70 9.03 6.36 3.69 1.02 -1.65 -4.31 -7.23
LB19DA 14.95 12.16 9.36 6.57 3.77 0.98 -1.81 -4.60 -7.64
LB213A 16.08 13.02 9.96 6.90 3.84 0.79 -2.27 -5.32 -8.62 * Note that the MOF suspends auction of Treasury bills for two months
during January – February 2011. This is due to the large amount of Treasury
LB214A 15.95 12.93 9.91 6.89 3.87 0.85 -2.16 -5.18 -8.44 cash balance.
LB22NA 18.02 14.50 10.98 7.46 3.95 0.43 -3.08 -6.59 -10.35
LB233A 18.08 14.56 11.03 7.50 3.98 0.46 -3.06 -6.58 -10.34
LB236A 19.53 15.65 11.76 7.88 3.99 0.11 -3.76 -7.64 -11.76
LB244A 19.67 15.76 11.85 7.95 4.05 0.15 -3.75 -7.65 -11.79
LB24DA 20.28 16.22 12.17 8.12 4.07 0.02 -4.02 -8.07 -12.36
LB267A 20.82 16.65 12.48 8.32 4.16 0.00 -4.16 -8.32 -12.72
LB283A 22.08 17.60 13.13 8.66 4.19 -0.27 -4.73 -9.19 -13.90
LB296A 23.79 18.90 14.00 9.10 4.21 -0.67 -5.56 -10.44 -15.57
LB383A 28.07 22.11 16.17 10.22 4.28 -1.65 -7.58 -13.50 -19.67
LB396A 29.40 23.12 16.84 10.58 4.31 -1.94 -8.19 -14.44 -20.93
Average 12.96 10.59 8.21 5.84 3.47 1.10 -1.27 -3.64 -6.26
Source: KBank, Bloomberg
KBank Rich – Cheap Model
30.00
20.00
10.00
0.00
-10.00
-20.00
-30.00 3 mth avg
Now
-40.00
LB296A
LB113A
LB116A
LB11NA
LB123A
LB133A
LB137A
LB145B
LB14DA
LB155A
LB15DA
LB167A
LB16NA
LB175A
LB183B
LB191A
LB196A
LB198A
LB19DA
LB213A
LB24DA
LB267A
LB283A
LB396A
Source: Bloomberg, KBank The 3-month average indicates the average differences between observed and derived yields
4
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.

5. KBank Daily Update Jan 17, 2011
Economic News Update EU Begins Talks on Rescue Revamp as
Germany Signals Flexibility: European finance
Inflation Won’t Drive Yuan Appreciation, chiefs start work today on a revamped debt-crisis-fighting
strategy with Germany easing its opposition to an
China’s Hu Tells Papers: Chinese President Hu expanded arsenal and Portugal insisting it will get by
Jintao rejected U.S. arguments that allowing the yuan to without an aid package.
appreciate against the dollar would help the government in
Beijing tame inflation. Germany, the leading power in the 17-nation euro region,
is eyeing a March deadline for bolstering the 440 billion-
Hu, who will meet President Barack Obama in Washington euro ($589 billion) rescue fund, drawing up a permanent
this week, made the comments in responses to written aid facility and rewriting the bloc’s budget-deficit rules.
questions from the Wall Street Journal and the Washington
Post, the newspapers reported on their websites. A rising euro and successful bond auctions in Portugal,
Spain and Italy offered a respite last week from market
The Chinese president said his government is fighting pressure for steps that go beyond the emergency aid
inflation with a package of policies, including interest rate program and the European Central Bank’s unprecedented
increases, and that rising prices can “hardly be the main bond purchases.
factor in determining the exchange rate policy,” according
to a transcript of the answers. He said the increase in the “European leaders need their backs to the wall in order to
cost of living is “on the whole moderate and controllable,” complete their monetary union,” Barry Eichengreen, an
according to the transcript. economics professor at the University of California at
Berkeley, said on Bloomberg Television’s “Surveillance
Prices are climbing faster in China than in the U.S., making Midday” with Tom Keene. “I’m still convinced that’s what
Chinese goods less competitive, Treasury Secretary they’re about to do.”
Timothy F. Geithner said last week. Speaking in
Washington on Jan. 12, he said that, while the yuan was Germany endorsed the need for a “comprehensive”
still “substantially undervalued,” the “fundamental forces approach to stemming the debt contagion amid concern
that are pushing Chinese productivity growth and are that Greece and Ireland, recipients of 178 billion euros in
pushing inflation higher will bring about the necessary European and International Monetary Fund loans last year,
adjustment in exchange rates.” will struggle to nurse their economies back to health.
U.S. lawmakers argue that an undervalued yuan hurts U.S. Still, German Finance Minister Wolfgang Schaeuble
manufacturers and widens the U.S. trade deficit by resisted an appeal by the European Commission, the bloc’s
artificially holding down the price of exported Chinese central regulator, for an upgraded anti-crisis toolbox to be
goods. unveiled as soon as a Feb. 4 summit of national leaders.
While “there are some differences and sensitive issues” “We’re working on a comprehensive package so that we
between the two countries, Hu said, “we both stand to gain don’t find ourselves in a situation every few months in
from a sound China-U.S. relationship, and lose from which we have to start discussions all over again,”
confrontation.” Schaeuble said on Jan. 13. “A fundamental decision is to
be taken in March.”
The current international currency system, with the dollar’s
primacy in as a reserve currency and in trade is “the Euro-area finance ministers meet at 5 p.m. today in
product of the past,” Hu also told the newspapers. Brussels. Luxembourg Prime Minister Jean-Claude
Juncker, the chairman, and European Union Economic and
He pointed to China’s effort to expand the role of the yuan Monetary Commissioner Olli Rehn will brief the press in
in cross-border trading and investment, while late evening.
acknowledging it “will be a fairly long process” to make it a
fully fledged international currency. Europe’s political sands are shifting even as Portuguese
Prime Minister Jose Socrates says the country is beating
In an allusion to the Federal Reserve’s policy of buying deficit-cutting targets and doesn’t need a rescue. The ECB
$600 billion of Treasuries to stimulate the economy, Hu told indicated that its focus may move from maintaining interest
the newspapers that U.S. monetary policy has a “major” rates at a record-low 1 percent to combating inflation,
impact on global liquidity and on capital flows. which reached a two-year high of 2.2 percent in December.
(Source: Bloomberg)
Hu pledged to “continue to improve laws and regulations
concerning foreign investment,” and offer “a stable and
transparent legal and policy environment.” He said U.S.
companies have a level playing field in his country and their
“innovation, production and business operations in China
enjoy the same treatment as Chinese enterprises.” Market Strategists:
(Source: Bloomberg) Nalin Chutchotitham
Email: nalin.c@kasikornbank.com
Tel: 02-470-3235
5
For private circulation only. The foregoing is for informational purposes only and not to be considered as an offer to buy or sell, or a solicitation of an offer to buy or sell any security. Although the information herein was
obtained from sources we believe to be reliable, we do not guarantee its accuracy nor do we assume responsibility for any error or mistake contained herein.
Further information on the securities referred to herein may be obtained upon request.

6. KBank Daily Update Jan 17, 2011
Economic Calendar
Date / Time Country Event Period Consensus Actual Prior Revised
01/14/2011 12:00 SI Retail Sales Ex Auto NOV 5.80% 5.40% 5.30% 5.60%
01/14/2011 12:00 SI Retail Sales (YoY) NOV -2.40% -2.40% -2.80% -2.60%
01/14/2011 12:00 SI Retail Sales (MoM) sa NOV 0.90% 0.60% 0.90% 1.30%
01/14/2011 12:40 PH M3 Money Supply (YoY) NOV -- 7.50% 7.70% --
01/14/2011 12:45 PH Bank Lending Net of RRPs (YoY) NOV -- 9.00% 8.40% --
01/14/2011 12:45 PH Bank Lending (YoY) NOV -- 10.30% 9.10% --
01/14/2011 13:30 IN Monthly Wholesale Prices YoY% DEC 8.40% 8.43% 7.48% --
01/14/2011 14:00 GE CPI - EU Harmonised (MoM) DEC F 1.20% 1.20% 1.20% --
01/14/2011 14:00 GE CPI - EU Harmonised (YoY) DEC F 1.90% 1.90% 1.90% --
01/14/2011 14:00 EC EU 25 New Car Registrations DEC -- -3.20% -7.10% --
01/14/2011 14:30 TH Forward Contracts Jan-07 -- $17.7B $19.6B --
01/14/2011 14:30 TH Foreign Reserves Jan-07 -- $172.4B $172.1B --
01/14/2011 16:00 IT Trade Balance (Total) (Euros) NOV -- -3382M -2007M -2009M
01/14/2011 16:00 IT Trade Balance Eu (Euros) NOV -- -1438M -1004M -1006M
01/14/2011 16:45 EC Euro-Zone CPI - Core (YoY) DEC 1.10% 1.10% 1.10% --
01/14/2011 16:45 EC Euro-Zone CPI (MoM) DEC 0.60% 0.60% 0.10% --
01/14/2011 16:45 EC Euro-Zone CPI (YoY) DEC 2.20% 2.20% 2.20% 1.90%
01/14/2011 17:00 EC Euro-Zone Trade Balance sa NOV 1.7B -1.9B 3.6B 3.5B
01/14/2011 17:00 EC Euro-Zone Trade Balance NOV 3.3B -0.4B 5.2B 4.7B
01/14/2011 17:00 IT CPI (NIC incl. tobacco) (MoM) DEC F 0.40% 0.40% 0.40% --
01/14/2011 17:00 IT CPI (NIC incl. tobacco) (YoY) DEC F 1.90% 1.90% 1.90% --
01/14/2011 17:00 IT CPI - EU Harmonized (MoM) DEC F 0.30% 0.40% 0.30% --
01/14/2011 17:00 IT CPI - EU Harmonized (YoY) DEC F 2.00% 2.10% 2.00% --
01/14/2011 20:30 US Consumer Price Index (MoM) DEC 0.40% 0.50% 0.10% --
01/14/2011 20:30 US CPI Ex Food & Energy (MoM) DEC 0.10% 0.10% 0.10% --
01/14/2011 20:30 US Consumer Price Index (YoY) DEC 1.30% 1.50% 1.10% --
01/14/2011 20:30 US CPI Ex Food & Energy (YoY) DEC 0.70% 0.80% 0.80% --
01/14/2011 20:30 US CPI Core Index SA DEC 222.2 222.187 221.982 --
01/14/2011 20:30 US Consumer Price Index NSA DEC 219.1 219.179 218.803 --
01/14/2011 20:30 US Advance Retail Sales DEC 0.80% 0.60% 0.80% --
01/14/2011 20:30 US Retail Sales Less Autos DEC 0.70% 0.50% 1.20% 1.00%
01/14/2011 20:30 US Retail Sales Ex Auto & Gas DEC 0.30% 0.40% 0.80% 0.60%
01/14/2011 21:15 US Industrial Production DEC 0.50% 0.80% 0.40% 0.30%
01/14/2011 21:15 US Capacity Utilization DEC 75.60% 76.00% 75.20% 75.40%
01/14/2011 21:55 US U. of Michigan Confidence JAN P 75.5 72.7 74.5 --
01/14/2011 22:00 US Business Inventories NOV 0.70% 0.20% 0.70% 0.80%
01/17/2011 06:30 AU TD Securities Inflation YoY% DEC -- 3.80% 3.90% --
01/17/2011 06:30 AU TD Securities Inflation MoM% DEC -- 0.20% 0.40% --
01/17/2011 07:00 CH China Property Prices DEC 7 6.4 7.7 --
01/17/2011 07:01 UK Rightmove House Prices (MoM) JAN -- 0.30% -3.00% --
01/14/2011 12:00 SI Retail Sales Ex Auto NOV 5.80% 5.40% 5.30% 5.60%
Source: Bloomberg
6
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