Currency and Interest Rate Outlook

K KASIKORNTHAI Total Economic Value ธนาคารกสิกรไทย 开泰银行 KASIKORNBANK ■ KBank still effectively owns 38.25% of MTL's equity. Bilateral negotiation is a balancing act Sales Channel Value 1 Company Value* Commission Non-contingent Performance Bonus Bancassurance Exclusivity Value KBank's Share in MTL Equity (38.25%) ■ Potential destruction to our economic value caused by MTL having to find other sales channel replacement is high. Better value accretion can be achieved through this business alignment We considered the overall economic value to KBank from both sales channel value and company value i.e. if sales channel value increases, company value will decline. *Non-listed company บริการทุกระดับประทับใจ K KASIKORNTHAI Impacts on Income Statement ธนาคารกสิกรไทย 开泰银行 KASIKORNBANK Bancassurance Agreement has impacts on following components in the income statement: KBank (Bank only): Non-interest income: + Bt 1,270 mn (average payment per year) + performance bonus MTL: Non-interest expense: + annual payment Consolidated KBank: Non-controlling interest: 61.75% x annual payment after tax Consolidated net profit: 61.75% x annual payment after tax 103 If NPE improves from this arrangement, KBank's consolidated income and MTL's NPE will rise. Note: Annual payment = Bt 1,270 mn (average payment per year) + performance bonus; NPE = Net Premium Earned บริการทุกระดับประทับใจ 104

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