FIDF confirmed its policy to support BAM as a major shareholder post-IPO

          Following the planned initial public offering (“IPO”) of Bangkok Commercial Asset Management Pcl ("BAM") on the Stock Exchange of Thailand (the “SET”), during which the Financial Institution Development Fund's ("FIDF") will sell some of its shares in BAM, FIDF’s shareholding in BAM is expected to decrease to between 45.6% and 49.1%, depending on the exercise of the over-allotment shares option. Following the IPO, FIDF's remaining shares in BAM will be subjected to a lock-up period of 1 year and 6 months, during which FIDF will continue to remain as the largest shareholder of BAM. FIDF currently has no intention to further sell-down their shareholding in BAM.

          After the IPO, FIDF will continue support BAM as its largest shareholder and will be entitled to receive dividends like other shareholders. Given the size of BAM's asset, operational efficiency, and business potential, BAM will continue to play an instrumental role in Thailand's economy through both up and down economic cycle. According to BAM’s past performance, FIDF believes in BAM's strong financial position and its potential to compete and operate its business in the future.

          BAM has been operating by utilizing its own competitive advantages to compete, similar to other privately-owned asset management companies. This IPO is in accordance with the government's policy to reduce the FIDF’s indebtedness and to promote BAM's operational effectiveness to match that of a privately owned company with higher operational flexibility, greater transparency and even better corporate governance.

          As the biggest asset management company in Thailand, BAM would like to reiterate that on top of its operational strength, BAM has a strong financial position supported by sound business fundamentals and a diversified source of funds, including cash flow from operations, bank loans, debentures, etc. Currently, BAM has credit lines at 11 financial institutions, all of which maintain well-established relationships with BAM. Also, BAM has flexibility in its business structure which enhances its opportunities during both economic upturns and downturns and its instrumental role in absorbing NPL and NPA from the Thai Financial System.

          Moreover, FIDF and BAM believe that as a listed company on the SET, BAM will benefit from an increase in operational efficiency and access to a variety of financial instruments which can be selected to match BAM's business needs, further benefiting BAM in the long-run.

          The pricing of BAM's IPO is being conducted in a transparent and fair manner, taking into account various factors including the fact that BAM will fully become a private company and will be subject to applicable taxes in accordance with relevant laws and regulations.