Bangkok--30 May--Fitch Ratings Fitch Ratings (Thailand) Limited has today affirmed National fund ratings of ‘AAA(tha)’/‘V1+(tha)’ to TMB Money Fund (TMBMF). The ratings reflect the fund’s highest standards for credit quality, its conservative investment policies and the safety of its principal relative to other bond funds in Thailand. In rating the fund, Fitch has given consideration to the fund’s investment policies, management capability and commitment, risk management procedures and supporting controls in ensuring consistency with management’s stated objectives. Portfolio monitoring reports are submitted to Fitch on a weekly basis. The investment objectives of the fund are to provide investments with a stable return, preservation of capital and the maintenance of a high level of liquidity. Under the investment guidelines of the fund that have been adopted since early 2007, the fund has to invest at least 20% of its net asset value (NAV) in government or central bank securities, or those guaranteed by the government; also, at least 55% of the fund’s NAV has to be invested in banks, while limiting investment in securities issued by corporate entities to 15% of the fund’s NAV. The maximum maturity of tradable securities held by the fund is 92 days, with the exception being that up to 5% of the fund’s NAV can be held in time deposits maturing within 365 days. The fund has to manage its weighted average maturity (WAM) within 60 days, while at least 5% cash is required as liquidity reserve of the fund. The fund may also invest in foreign papers up to 60% of its NAV but these foreign papers must be fully hedged against foreign currency exchange rate risk by counterparties who have ratings of at least ‘F1(tha)’, and each of their maturities must not exceed 30 days. The fund may invest in foreign papers with Fitch Short-term international rating of at least ‘F1’ or its equivalent, and investment in ‘F1’-rated foreign papers is capped at 30% of the fund’s NAV. To maintain the highest level of credit quality, the fund has to invest exclusively in securities with Fitch’s Short-term rating of ‘F1(tha)’, or its equivalent, and above. In addition, at least 50% of the fund’s NAV must be invested in securities with Fitch’s Short-term rating of ‘F1+(tha)’ or equivalent, and investments in time deposits of ‘F1(tha)’-rated banks must not exceed 5% of the fund’s NAV. The average WAM of the portfolio during the past 12 months is 36.6 days, with a maximum of 49.7 days. The fund has invested more than 70% of its NAV in securities which are rated ‘F1+(tha)’. Fitch notes that investment in foreign paper continuously increased in the second half of 2007, but has since declined to the minimal level in Q108. The top 10 largest unit holders have not exceeded 15% of the fund’s NAV. As of 23 May 2008, the fund invested 74% of its NAV in securities with a Short-term rating of ‘F1+(tha)’, and the remaining in securities with a Short-term rating of ‘F1(tha)’. The WAM of the portfolio was 46.5 days, and securities maturing within 7 days including cash accounted for 19% of the fund’s NAV. Fitch also notes that adequate compliance, monitoring and investment decision-making processes are in place to ensure consistent performance in required investment practices. The asset manager, TMB Asset Management (TMBAM), was founded in October 1996 to operate a mutual fund business in Thailand. The major shareholder is TMB Bank, Thailand’s sixth-largest bank, with a 56% stake. As of May 2008, TMBAM’s asset under management (AUM) was more than THB130 billion, and ranked fifth in the mutual fund business as measured in AUM. Fitch’s benchmark guidelines for ‘AAA(tha)’ and ‘AA(tha)’ rated money market funds require that the portfolios cannot hold any securities below “Tier 1”. Tier 1 securities consist of those rated ‘A(tha)’ or ‘F1(tha)’ and above by Fitch, or its equivalent. The ‘V1+(tha)’ rating is assigned only to money market funds that should not experience a loss of principal value even in adverse interest rate environments. Contacts: Napachak Phasukavanich, Lertchai Kocharoenrattanakul, Vincent Milton +662 655 4755.