-1- AIT (VP-SEC) 012E/2021 May 6, 2021 Subject: Management's Discussion and Analysis of Operating Results for Q1-2021 To: The President of the Stock Exchange of Thailand Summary of Operations Q1–2021

however. With respect to our overseas operations, China has had a very strong year. In fact, this year has been the best performing year of our Chinese Subsidiary. Portugal, however, reported a volume

-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

IPO proceeds and the official economic and investment developing plan for the Country. It has been, however, decided to cease the study of one project on Ram Indra area due to the unsatisfied

Exploration and Production Business recorded impairment losses of the exploration and evaluation expenditure from the cease Executive Summary 4 | Management Discussion and Analysis of Business Operation for the

securities company shall, as per the direction of the Office, perform one or more of the following acts: (1) cease the advertising; (2) rectify the information in the advertisement; (3) provide additional

) cease the advertising; (2) rectify the information in the advertisement; (3) provide additional information so that complete and accurate information is provided to investors; (4) act or refrain from