-1- AIT (VP-SEC) 017E/2022 May 12, 2022 Subject: Management's Discussion and Analysis of Operating Results for Q1-2022 To: The President of the Stock Exchange of Thailand Summary of Operations Q1

overseas customer and management’s effort to diversify into more higher value product range led to higher revenues. Thailand operations were very strong; recording 22.4% growth year-on-year. Portugal

7 3. Business Directions and Operations of Core Businesses 9 3.1 Sustainable Development and Corporate Governance 9 3.2 Business Directions of KASIKORNBANK and the Wholly-owned Subsidiaries of

Environment 1 1.1 Global and Thai Economy in 2019 and Outlook for 2020 1 1.2 Banking Industry, Competition and Emerging Risks 2 1.3 Significant Regulations and Rules related to Business Operations 5 2. Risk

for the three months as of February 28, 2018, from continuing operations amounts to Baht 139. 43 million an increase of Baht 146. 8 5 million or 1,979.11% from the same period of last year due to this

in Q1 2017 to 31.71 THB/USD in Q1 2018. As a result of the ceasing of the zinc operations, the sales volumes of imported metals reached 96% of total sales in Q1 2018. Unit : Baht million 2017 Sales and

operations. 1.1 Factors that affect business operations. In the year 2018, the Company affected from; prices of raw materials, cotton and polyester, risen since the second quarter; uncertainty of crude oil

, from continuous cost control. Over the past years, the Company has continuously adjusted its business operations to meet customers’ demands and to compete with competitors and technologies that is

%. Costs of hospital operations incurred with total revenues from medical treatment for the Year 2018, equaled to 68.8% comparing to the Year 2017, equaled to 71.7%. Causing from the increasing of overtime

consolidated costs of Baht 1,224.26 million, a 6.78% growth over same period of year 2018 whereas the cost of hospital operations, representing 91.82% of the total, increased by 6.03%. This was mainly caused by