Verifier (as defined in Condition 6.2 (Interpretation)) will assess whether the sustainability targets have been met. Such sustainability targets will be based on sustainability improvements of the Guarantor

20T H ANNIVERSARY 1 Securities and Exchange Commission, Thailand Annual Report 2012 SEC ANNUAL REPORT 20122 THE YEAR OF CHANGE The year 2012 was the time for change to become the visionary partner whose balance between proactive and preventive approaches has led to stakeholders’ confidence in the Thai capital market. THE YEAR OF CHANGE 20T H ANNIVERSARY 1 02 MESSAGE FROM THE CHAiRMAN 04 MESSAGE FROM THE SECRETARY-GENERAl 06 SEC BOARd 09 CApiTAl MARkET SupERviSORY BOARd 12 ExECuTivE OFFiCERS 13 O...

and improvements in liquidity risk management processes at KBank and K Companies, these actions are consistent with economic circumstances and rapid changes in financial asset prices. We continue to

suitability for ever-changing market environment. 4.2 Implementation In 2010, the SEC made several improvements in following areas: • Code of governance Reviewed on a yearly basis, the Code of Governance