The Siam Commercial Bank Public Company Limited (the “Bank”) issued and distributed 2,500,000,000 preferred shares in April 1999. In this connection, the term of such preferred shares is 10 years commencing from 10 May 1999, and the holders thereof may exercise their rights every 3 months to convert such preferred shares into ordinary shares at the ratio of 1 preferred share per 1 ordinary share, i.e., on 31 March, 30 June, 30 September, and 31 December, of each year.

The preferential rights of the Bank’s preferred shares expired on 10 May 2009. In this regard, Article 3(3) of the Bank’s Articles of Association states that, should the preferential rights of the Bank’s preferred shares expire, the preferential rights of such preferred shares will immediately become ended, whereby all rights in respect of such preferred shares will be the same as those of ordinary shares, and such preferred shares must be converted into ordinary shares.

After the expiration of the preferential rights of the preferred shares as aforementioned, holders of preferred shares who have not converted the preferred shares into ordinary shares can still exercise their rights to convert these preferred shares into ordinary shares.