Phatra Capital Public Company Limited (“Phatra Capital”) is a holding company, established in April 1, 2010 under the business restructuring plan of Phatra Securities Public Company Limited (“Phatra Securities”). Under this plan, Phatra Capital will engage in principal investment business as well as hold shares of Phatra Securities. Phatra Capital will tender for all shares of Phatra Securities in exchange for its shares with a swap ratio of 1:1. After completion of the tender offer, Phatra Capital will seek listing of its shares on the Stock Exchange of Thailand (the “SET”) in place of Phatra Securities’ shares, which will be delisted from the SET. The entire restructuring process is expected to be completed by January 2011, pending approval from regulators. Note that if less than 75% of Phatra Securities’ shares are tendered to Phatra Capital, the restructuring plan will be cancelled
