KK’s 2011 results presentationkk.listedcompany.com/misc/PRESN/20120124-KK-analyst... ·...

KK’s 2011 results presentationAnalyst Meeting January 24th, 2012

2

Content

KK Business Group Structure

2011 Performance Highlights

Key Development in 2011

2012 Outlook

Appendix

Kiatnakin Group

RetailBanking

CorporateLending

WealthManagement

Special AssetManagement 1

Hire Purchase

Personal Loan

Housing Loan

Micro-SMELoan

Retail Deposit

Real Estate Development

Apartment Lending

Logistics Lending

Floor PlanLending

Printing & Packaging Lending

Private Banking

Securities

Fund Management

1/ including investment in loan, NPA and restructured loan


3

KK Shareholding Structure

Kiatnakin Securities(99.99%)

KiatnakinFund Management

(60.00%)

Erawan Law Office (99.93%)

Kiatnakin Bank

Asia Recovery 1 Fund (99.95%)



Thai Restructuring Fund (98.91%)

Asia Recovery Property Fund 1 (99.50%)

Asia Recovery Property Fund 3 (98.77%)

Bangkok Capital Fund (95.72%)

Gamma Capital Fund (94.03%)

Outside Financial GroupFinancial Group

4

5

Content




2012 Outlook

Appendix

6

Key achievements in 2011

2010 Actual 2011 Actual

1/ on loans (before any lose)2/ BOT definition

3/ ROE = 16.2% if excluded extraordinary item resulting from the legal issue with the Legal Execution Department4/ including extraordinary item resulting from the legal issue with the Legal Execution Department 5/ excl KK-Fund staff

3

4

1. Robust loan growth of 26.5%yoy mainly from HP loan

2. Fee income increased significantly from bancassurance business

3. Gross NPLs significantly reduced to 3.4% from effective loan underwriting and NPLs management

4. Higher coverage ratio at 108.1% from conservative additional provision for flood affected clients totaling 9-11% of total loan portfolio.

5. Total 72 branches, with 17 branches in Bangkok5

Profitability

ROE 14.5% 12.9%

ROA 2.1% 1.7%

Net interest spread1 5.2% 4.3%

Loans growth

Total loans 23.7% 26.5%

Retail 29.2% 30.2%

Corporate 14.0% 18.5%

Quality and costs

Gross NPLs2 4.4% 3.4%

Reserves / NPLs 85.2% 108.1%

Cost to income 49.1% 51.7%

Capital adequecy ratio 15.2% 15.4%

Branches (incl HQ) 62 72

Staff 3,365 3,664

7 7

Strong loan growth in all segments

Retail bankingAuto Hire Purchase- 31.2% ytd growth vs target 27%- Outstanding of Baht 96,946 mn- 71% of total loan portfolio- New : Used = 54:46- 330,000+ accounts

Corporate Lending RE (Real Estate Development) - 15.4% ytd growth vs target 16% - Further reduced Gross NPL to 11.6% from 17.8% end of 2010SMEs loan- 22.5%ytd growth vs target 20%

70% 73% 73% 72% 74% 75% 76% 76% 76%

26% 24% 24%25%

24%23%

23%23%

22%

87.1 88.9 94.1100.9

107.7115.1

121.9130.2 135.7

0

20

40

60

80

100

120

140

160

180

200

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Baht in billions Gross Loan Composition

Retail Corporate SAM Others

2%6%

7%

6%7%

7%4%

6%

8

Continually improved loan quality

7.1 6.9 6.6 5.9 5.4 5.3 5.1 5.1 5.0 4.7 4.7 4.9 4.7

8.8% 8.6%8.0%

7.0%6.3% 5.9%

5.4% 5.1%4.6%

4.1% 3.8% 3.7% 3.5%

7.1% 7.1% 7.0%6.2%

5.6% 5.4% 5.1% 4.8%4.4%

4.0% 3.7% 3.6% 3.4%

4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Classified loan %Classified loan / gross loan %BOT NPL ratio

Baht in billions

Gross classified loans

9

Better asset quality and higher coverage ratio

% Classified loans / Gross loans

Retail

57.0%

RE

11.6%

SME1.3%

3.6%

1.613.6103.2

Classified loans / Gross loans 3.5%

1.40.9 2.0 0.5

% Reserves / Classified loans

SAM

Retail191%Reserves / Classified loans

108%

75%

SMERE

64%

Total gross loans (Baht in billions)

Total classified loans(Baht in billions)

48%

99% (exc. general provision Baht 0.4 billion)

Coverage ratio reached 108% from prudent provisioning for flooding impact totaled Baht 1.4

billion. The general provision was Baht 423 million, down from Baht 1.4 billion in 3Q11

SAM

16.9

NPL ratio continued declining from 4.6% in 2010 to 3.5% in 2011 as a result of change of credit

policy and internal operating process

40.1%45.2% 45.1% 45.7%

54.1%50.1%

46.2%

57.2%

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

10

Spread squeezed further from higher COFNet interest spread

Loan spread

Interest yield on loans

COF increased from rising interest rate environment, intensifying funding competition, and

higher volume of deposits & BE for liquidity reserve for DPA in August 2011

Cost to income1

Cost to income increased in 4Q11 from lower net interest income due to flooding impact, higher operating expense from additional staff and

branches, and promotion expenses1/ (Fee expense + operating expense excl. loss from fair value adjustment)/(NII + non int income + loss from impairment)

2/ excluding extraordinary item resulting from the legal issue with the Legal Execution Department3/ NIM = (net interest income)/ average earning assets including Interbank, investment in securities, investment in loans, loans net deferred revenue

2

Cost of funds

8.3%8.0% 7.8% 7.8%

8.1%7.8% 7.7% 7.8%

7.7%

3.1%2.7% 2.6%

2.8% 2.9% 2.9% 3.1%

3.7%

3.9%

5.2%5.3% 5.2%

5.1% 5.2%4.9%

4.6%

4.2%

3.8%

6.0%

4.6% 4.8%4.6%

4.9%4.5%

4.3%3.9%

3.4%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

NIM3

11

Funding mix shifting toward BE

1. Shifting toward more BE on the

back of the reduction of Deposit

Protection in August 2011

2. CASA mix improved to 7.4%

due to continually attractive

deposit campaigns and more

branches

66% 59% 62% 55% 62% 52% 42% 38% 36%

9% 8% 20% 22%

8% 27% 35%40% 42%6% 9% 9% 2%

2% 3%

3%

% %

105.8 106.0 104.7 108.4114.4

125.7

144.1156.6 160.3

0

25

50

75

100

125

150

175

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Baht in billions Interest Bearing Debt

CASA Fixed deposits B/E Debentures Interbank

12

Content




2012 Outlook

Appendix

13

KK Fund Management (KK-Fund)

Details of Transaction• The share purchase of 60% shares of Siam City

Asset Management Co., Ltd, from the Government Pension Fund (GPF), with total purchasing price of Baht 234 million for total 18 million shares, paid on 12 July 2011

• The objective is to enhance KK’s wealth management business as well as to support KK financial services, and also enhance business relationship with GPF for future business

• KK-Fund financial performance was consolidated to KK’s financial statement 3Q11

60.00% 40.00%

About KK-Fund • Total paid-up capital is Baht 300 million• Types of fund under management including

mutual funds, provident funds, private funds, and property funds

• AUM is currently around Baht 20,000 million • Managing Director is Dr. Supakorn Suntornkit• Website: http://www.kk-fund.com

14

KK & Phatra : Transaction Structure

KKF

1. Tender Offer for Phatra Capital

Bank

KKS

PhatraCapital

PhatraSecurities

KK S/H

ErawanLaw Office

60% 100%100% 99.7%

Phatra S/H

KKF KKS

PhatraCapital

PhatraSecurities

KK S/H

ErawanLaw Office

60% 100%100%99.7%

Phatra S/H

Features of the Tender Offer • Share swap transaction: with newly issued shares in KK• Swap ratio is determined at 0.9135 KK’s shares for 1

Phatra’s shares• Delisting of Phatra Capital• At least 75% tender offer condition

KK to transfer KKF and KKS to Phatra Capital • To centralize management of all capital market related

activities and future synergies for securities / AM• Transaction price:

• KKF – at KK’s acquisition cost• KKS – at Book Value

• Transfer is conditional upon • Delisting approval• 90% tender offer result

Newshares

PhatraS/H sells shares

through T/O

Transfer

2. Transfer of KKS and KKF

Bank

1

2

15

KK & Phatra : Synergies new & enlarged business

Corporate

LendingPlatform

Corporate

ClientAccess

Depositors /

Private

Bank / Asset

Management

Private

Wealth

Management

• Leverage Bank’s platform to complete product and service, such as credit balance, fixed income, savings, and alternative investments such as derivatives

• Expand high net worth client base through Bank’s current client base and deposit franchise

• Combined AUA / AUM of over Bt180 bn• Lending platform extended by Phatra’s corporate clients

and IBK business• Develop credit products to complement advisory

services, such as M&A financing, leveraged buyout, mezzanine financing, etc.

• Develop comprehensive Debt Capital Market business

• Determine new fund size for equity and derivatives investment business to reflect enlarged capital base

• Implement new investment strategies to capture market opportunities

CapitalInvestment

Business

Retail

Brokerage

Platform

Institutional

Equity

Franchise

• Immediate secondary market stock trading market share increase to 6.14%(1) (ranked #2)

• Complete distribution platform across all client base• Resource sharing for business expansion• Rationalized cost base across larger troops

Source: SETSMART(1) Market share in 2011, YTD as of December 7, 2011

Private Wealth

Management

Business

Credit Products

for Medium and

Large Size

Corporate

Investment

Business

Brokerage

Business

16

KK & Phatra : Next Steps – Indicative Timeline

Confirmatory DD

Preliminary DD

BOT Approval

SEC / SET Approvals

Tender Offer

Signing of SPA

IFA sends report withnotice

BOD#1Transaction Announced

BOD#2Approves Transaction /

Calls Shareholders Meeting

Shareholders Meeting to Approve Transaction

Tender Offer Begins After Regulatory Approval

Granted

Closing3Q12

Signing of MOU

Dec 9 1Q12 2Q12 Late 2Q12 3Q12

17

Content




2012 Outlook

Appendix

18 18

Macro assumptions for 2012

2010 Actual 2011 Expected

1/ PTT Gasohol 95 2/ Agricultural Price = Agri Price Index

2012 Forecast

GDP 2.2% 1.0% 2.5%-3.5%

Policy Rate (Yr-end) 1.25% 3.25% 2.50%

Inflation rate 3.30% 3.50% 3.70%

Gasoline Price1 -8.4% 7.1% Max +10%

Agricultural Price2 21.4% 16.6% Min -10%

Agricultural Output 2.2% 1.8% Min +0%

Auto Sales (units) 800,357 794,081 900K- 1Mil

Housing Sales 10.9% 20.4% Min +0%

MLR (Top 4; Yr-end) 6.1% 7.3% 6.50%-6.75%

19

2012 Targets

2010 Actual 2011 Actual

1/ on loans (before any losses) 2/ BOT definition 3/ including head office 4/ before the cabinet’s resolution to transfer the FIDF debt to the BoT5/ including expected additional NPL of 1.0-1.4% from flood affected clients

2012 Target

4

5

ROE 14.5% 12.9% 13%-15%

Loans growth 23.7% 26.5% 21.0%

Loan spread1 5.2% 4.3% 4.3%

Gross NPLs2 4.4% 3.4% 3.5%-3.7%

Reserves / NPLs 85.2% 108.1% >100%

NPA sales 4.0 bn 3.2 bn 3.5 bn

Branches3 62 72 80-85

CASA/interest-bearing liab. 4.2% 7.4% 20.0%

20

Challenges in 2012

Sensitivity Analysis of possible additional fees on deposit and BEand impact on EBT

*

Current

0.40% 0.40% 0.50% 0.60% 1.00%

276 276 345 414 690

0.25% 0.40% 0.50% 0.60% 1.00%

169 271 338 406 677

Additional fee expense +101 +238 +375 +922

% of EBT

EBT 3,421 3% 7% 11% 27%

*BE rate was 25bps higher than deposit rate and not subject to DPA fee

BE 67,652

Possible case

%Fee charge & Fee expense(Baht in millions)

Dec 2011

Deposit 69,040

21

Content




2012 Outlook

Appendix : Corporate Performance

22

Baht in millions

Consolidated resultsQoQ3Q11 YoY4Q104Q11 YoY20102011

* CAR ratio = 16.07% and Tier 1 ratio = 15.38% if including 2H11 net profit

Interest income 3,091 3,061 1% 2,391 29% 11,296 8,767 29%

Interest expense 1,532 1,384 11% 812 89% 4,821 2,942 64%

NII 1,559 1,676 (7%) 1,579 (1%) 6,476 5,826 11%

Fees income 437 438 0% 378 16% 1,573 1,256 25%

Fees expense 45 49 (8%) 29 52% 154 104 49%

Net fees income 393 389 1% 349 13% 1,419 1,152 23%

Other operating income 395 470 (16%) 707 (44%) 1,635 2,097 (22%)

Total operating income 2,346 2,536 (7%) 2,635 (11%) 9,530 9,075 5%

Operating expense 1,387 1,059 31% 1,847 (25%) 4,831 4,525 7%

Impairment loss (466) (372) 25% 183 (355%) (1,278) (470) 172%

Income before income tax 493 1,104 (55%) 971 (49%) 3,421 4,080 (16%)

Net income 683 874 (22%) 491 39% 2,859 2,840 1%

Diluted EPS 1.07 1.37 (22%) 0.86 24% 4.50 4.97 (9%)

ROA (%) 1.5 2.0 1.4 1.7 2.1

ROE (%) 12.0 15.6 9.5 12.9 14.5

CAR ratio (%) 15.42 15.50 15.18

Tier I capital (%) 14.73 14.83 14.55

*

0.8%0.7%

0.8% 0.9% 0.9% 0.9% 0.8% 0.8% 0.8%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

23

Spread declined from continually rising cost of fund

Total income ratio

Total Income yield on average earning assets*

Cost of fundSpread on earning assets

Income yield declined from high liquidity reserve since 3Q11 for DPA, lower gain from NPA sale.

*Earning assets includes net loan, NPA, Interbank & money markets and Investment in loans & properties**Excluding extraordinary item resulting from the legal issue with the Legal Execution Department

Cost to earning assets

Operating cost to earnings assets remained the same below 1%

**10.0%

8.8% 8.9%9.7%

10.3%

8.5% 8.8% 9.0%8.5%

3.1% 2.7% 2.6% 2.8% 2.9% 2.9% 3.1%3.7% 3.9%

6.9%6.1% 6.4%

6.9%7.4%

5.6% 5.7% 5.3%4.6%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

24

Liquidity

Loan to Deposit Ratio

As KK’s funding structure rely on both deposit and borrowing, loan to deposit & borrowing is a better

measure of KK’s liquidity

Loan to deposit & borrowingLoan to deposit

114.5%

130.2%132.3%

149.9%141.9%

159.3%

186.8%190.5%196.6%

85.3% 88.8% 92.6% 96.8% 96.8% 93.6% 91.2% 87.2% 87.6%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

CAR Ratio

25

Capital Adequacy Ratio

Baht in millions

14.616.9 16.9 17.9 18.6 18.8

20.221.9 22.3 22.3

15.42%

16.29%

15.70%16.01% 15.97%

15.18%15.36%

15.76%15.50% 15.42%

14.93%

15.69%

15.10%15.37% 15.32%

14.55%14.72%

15.09%14.83% 14.73%

2008 2009 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Total Capital CAR Ratio Tier I Capital Ratio

26

Content




2012 Outlook

Appendix : Retail Banking

Assets (Loans + NPA)

73.980.4 86.4 92.3 96.9

4Q10 1Q11 2Q11 3Q11 4Q11

Income*

1.59 1.70 1.751.99 2.06

8.9 8.8

8.4

8.98.7

4Q10 1Q11 2Q11 3Q11 4Q11

27

Portfolio quality

HP: strong growth with good asset quality

% Income yieldBaht in billions

*Income includes interest income and non-interest income (fee income and gain or loss on assets)

Baht in billions

Highlights

Outlook

HP loans grew by 31.2% ytd, with 6.2% penetration rate for 11M11 supported by industry car sale growth of 4.6% for 11M11

Continued strong loan growth target in 2012 Expect to increase fee income attached to HP loans

Success in asset quality control, classified loan remained at 1.0% with significant increase in coverage ratio

Keep conscious in screening & monitoring portfolio to control NPL level

Lower loan yield of new loan booking and flooding impact on yield while fee income remained strong

Trend and Outlook

% Coverage ratio% Classified loans

%

8%9%

7%5%

3%7%14% 3% 203% 212% 204% 206%

233%

1.1% 1.0% 1.0% 1.0% 1.0%

4Q10 1Q11 2Q11 3Q11 4Q11

28

HP portfolio breakdown

Assets by location Assets by class Assets by car type

Portfolio characteristic

Non-BKK80%

BKK20%

Used cars46%

New cars54%

Sedans37%

1 ton pick-up vans49%

*Others14%

*Others includes vans and trucks.

Income*Loans (Loans & NPA)

29

Portfolio quality

Other Retail : potential growing business

% Income yieldBaht in billions

*Income includes interest income and non-interest income (fee income and gain or loss on assets)

Baht in billions % Coverage ratio% Classified loans

%Personal LoansHousing LoansMicro SMEs Loans

5%2%7%

11%10%

9% 4%

2%

56% 58%53% 51%

84%

4.1% 4.5% 5.3% 5.5% 6.2%

4Q10 1Q11 2Q11 3Q11 4Q11

64% 62% 62% 63% 59%

36% 38% 38% 36% 30%11% 20% 23% 26% 27%5.4 5.5 5.7 6.1 6.3

4Q10 1Q11 2Q11 3Q11 4Q11

0.15 0.16 0.18 0.20 0.20

11.8 12.012.8 13.2 13.1

4Q10 1Q11 2Q11 3Q11 4Q11

30

Content




2012 Outlook

Appendix : Corporate Lending

15.9 16.4 17.2 18.0 18.3

4Q10 1Q11 2Q11 3Q11 4Q11

0.330.28

0.37 0.36 0.37

8.4

7.1

8.88.3 8.3

4Q10 1Q11 2Q11 3Q11 4Q11

3% 5% 5%2%

Portfolio qualityIncome*

RE: gradually improved with better asset quality

% Income yieldBaht in billions Baht in billions %

Highlights

Outlook

RE assets (loans & NPA) was continually growing throughout the year till the flood in 4Q11

Income yield was volatile subject to success of residential project sales

Significant improvement of coverage ratio and asset quality from additional provision and success in debt restructuring Policy to manage and control credit quality and reduce classified loan

*Income includes interest income and non-interest income (fee income and gain or loss on assets).

Expect yield to improve coupled with better loan quality, and special focus on helping customers to success

Trend and Outlook


-13% 30% 3%

Thailand flooding 2011 has slowdown demand in real estate sector.

Assets (Loans & NPA)

-2%

31

27% 26% 30% 28%

64%

18% 16% 15% 14% 12%

4Q10 1Q11 2Q11 3Q11 4Q11

32

RE portfolio breakdown

Assets by location Assets by class


SDH/TH77%

ResidentialCondo.23%

Greater BKK65%

East11%

South22%

Central0%

Northeast1%

North1%

50% 50% 47% 46% 45%

27% 27% 29% 31% 30%17% 16% 18% 17% 18%7% 7% 6% 6% 7%11.1 11.3 11.9 13.0 13.6

4Q10 1Q11 2Q11 3Q11 4Q11

Income*

0.22 0.23 0.25 0.28 0.29

8.1 8.2 8.7 9.0 8.7

4Q10 1Q11 2Q11 3Q11 4Q11

Portfolio quality

33

SME: constantly growing business

Assets

% Income yieldBaht in billions Baht in billions % Coverage ratio% Classified loans

%

Highlight

Outlook

Portfolio continued to grow in all segments

Expect yield to stay high

Floating rate loan yield linked with MLR rate following interest rate environment

Change in NPL classification in 3Q11 for Apartment lending. Additional provision provided so coverage ratio rose dramatically

cautious credit screening across portfolio

*Income includes interest income and non-interest income (fee income and gain/loss on assets)

Trend and Outlook

ApartmentLogistics

Floor PlanPrinting & Packaging

SME clients have been affected by the flood both direct and indirect

4% 8%19% 4%

1% 5% 9% 5%

52%46%

71%

43%

75%

4.7% 4.4% 2.1% 4.0% 3.6%

4Q10 1Q11 2Q11 3Q11 4Q11

34

Content




2012 Outlook

Appendix : SAM Business

341169 275 377

403

4Q 1Q 2Q 3Q 4Q

35

SAM: KK’s cash cow business

Assets

Income

Total assets Investment in loans Financial claim loans Foreclosed assets

Total incomeInterest from loans and investment in loans Gain from restructuring Gain from NPA sale

Baht in billions

Baht in millions

Highlight Outlook

Asset declined from every part of business

Target to manage down portfolio within the next 3-4 years by loan restructuring and sales of foreclosed asset

Interest income swings depending on negotiation and success of litigation process

Expect slow income flow from both interest income and gain on NPA sales

Trend and Outlook

-25.4%

NPA sale target of Baht 3.0-3.5 billion in 2012

1.7%

-21% -21% Loan restructuring was on progress

NPA sold totaled Baht 3,174 million in 2011

-18%

-16%

-83.3%

6.4 6.2 6.0 5.3 5.1

4Q 1Q 2Q 3Q 4Q

44%

13%

43%

59%

8%

32%

217 169 213290

220

4Q 1Q 2Q 3Q 4Q

332

35

-7

-83

55

4Q 1Q 2Q 3Q 4Q

18.2%

15.212.1

4Q10 4Q11

2,518

2,118

20 0 20

6.7 6.6 6.2 6.05.3

4Q 1Q 2Q 3Q 4Q

1.9 1.9 1.9 1.8 1.6

4Q 1Q 2Q 3Q 4Q

36

SAM: foreclosed asset with significant value buffer

Highlight and outlook

Financial claim loans

Appraised valueBook valueAssets

Book valueAppraised valueSales (YTD)

Portfolio quality

Sold value

Appraised value of foreclosed assets significantly higher than book value; this is reconfirmed by the sales value being consistently higher than book value of assets sold

NPL remains high as restructuring loans has to be regulatory classified as loans

Baht in billions

Baht in billions

Trend and Outlook (Cont’d)

*

*includes the value of NPA under Bangkok Capital Fund and Gamma Capital fund, in which KK purchased investment units of these two funds in 1Q10

Foreclosed assets (including RE)

1.8 1.92.5 2.3

2.7 3.0

4.03.03.0 3.0

4.03.2

2008 2009 20 0 20

7.6 7.2 7.7 6.5

13.6 12.6 13.8 12.3

2008 2009 2010 2011

47%

68%64% 63%

50% 48% 48%

40%

48%

26% 27% 25% 25%

43% 41%

46%45%

57%

4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11


37

Foreclosed assets* sold and appraised value

Year Assets sold Appraised value Sold/appraised

2000 192 212 91%2001 458 405 113%2002 1521 1340 114%2003 2,819 2,839 99%2004 878 913 96%2005 593 617 96%2006 738 685 108%2007 1,960 1,850 106%2008 2,973 2,686 111%2009 2,959 2,970 100%2010 3,958 3,957 100%2011 3,174 2,955 107%Total 22,223 21,429 104%

Trend and Outlook (Cont’d)Baht in millions

*Includes foreclosed assets from RE business

38

Foreclosed assets breakdown

Assets by location Assets by class


Greater Bangkok

54%

Central15%

East6%

South6%

North13%

Northeast6%

Lands65%

Housing31%

Residential Condo.

4%

39

Investor Relations

KIATNAKIN BANK PUBLIC COMPANY LIMITED209/1, K Tower B, 31st Floor.,

Sukhumvit 21 (Asoke)

Klongtoey-nua, Wattana

Bangkok 10110

Tel. (662) 841-5925

Fax: (662) 841-5529

E-mail : [email protected]

http://www.kiatnakin.co.th

Disclaimer: This presentation contains some information from other sources, KK cannot confirm, in all cases, the accuracy and completeness of such data, particularly where the data sourced from outside the Bank. In addition, any forward looking statements are subject to change as a result of market conditions and the final result may be different to that indicated. The Bank makes no representation or warranty of any type whatsoever on the accuracy or completion of the information contained herein.

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