Krungthai Card : Minutes of the Annual General Shareholders’ Meeting 2023

(Translation)

Krungthai Card Public Company Limited (the "Company")

Minutes of 2023 Annual General Meeting of Shareholders (the "Meeting")

April 7, 2023, 9.00 hrs.

In the form of electronic meeting (E-meeting) according to the Emergency Decree on Electronic Meeting B.E. 2563 (2020), including other relevant laws and regulations

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Mr. Prasong Poontaneat, the Chairman of the Board of Directors presided the Meeting as the chairman of the meeting (the "Chairman"). Mr. Bucha Sirichumsang was the Secretary of the Meeting. The Chairman assigned the master of ceremonies (the "MC") to conduct the Meeting. The MC informed the Meeting that this E-meeting was in accordance with the Emergency Decree on Electronic Meeting B.E. 2563 (2020) and the Notification of Ministry of Digital Economy and Society on Standards for Maintenance of Security of Meetings Via Electronic Media B.E. 2563 (2020) whereby the Company has arranged for the E-meeting to be organized by a service provider that is specialized and certified by relevant agencies. In addition, representatives from a third-party law firm have also been appointed to moderate the Meeting to be transparent, in compliance with laws and the Company's Articles of Association as well as principles of good corporate governance. The video and audio broadcasts of the Meeting would be done via VDO Conference system from the conference room at the Company's head office. In this regard, the shareholders have confirmed their identity and registered to attend the Meeting in accordance with the procedures as notified by the Company in Enclosure No. 1 that was sent to all shareholders together with the invitation notice.

Subsequently, the MC announced that there were 10 shareholders attending the Meeting in person, representing an aggregate of 403,724,815 shares, representing 15.6584 percent of the Company's total paid-up shares, and 750 shareholders attending the Meeting by proxy, representing an aggregate of 1,505,435,141 shares, representing 58.3879 percent of the Company's total paid-up shares. In total, there were 760 shareholders attending the Meeting, representing an aggregate of 1,909,159,956 shares or 74.0463 percent of the Company's total paid-up shares thereby forming the quorum as required by the Articles of Association of the Company (after the Meeting was convened, more shareholders attended the Meeting, both in person and by proxy, thereby increasing such attendance to 765 shareholders with an aggregate holding of 1,909,165,956 shares or 74.0465 percent of the Company's total paid-up shares).

The Chairman declared the 2023 Annual General Meeting of Shareholders convened and introduced all the attending directors and executives of the Company including the Company's auditor and legal advisors whose names were as specified below and then welcomed shareholders to the Meeting.

1.	Mr. Prasong Poontaneat	Independent Director / Chairman of the Board of
		Directors / Chairman of Nomination and
		Remuneration Committee
2.	Mr. Praphaisith Tankeyura	Independent Director / Chairman of the Audit and
		Environmental, Social and Governance Committee /
		Member of Nomination and Remuneration Committee
3.	Mr. Natapong Vanarat	Independent Director / Member of Audit and
		Environmental, Social and Governance Committee

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4.	Mr. Nathporn Chatusripitak	Independent Director / Member of Audit and
		Environmental, Social and Governance Committee
5.	Lt.Gen. Apichat Chaiyadar	Independent Director

6. Mrs. Praralee Ratanaprasartporn Director

7.	Mr. Rungruang Sukkirdkijpiboon	Director / Member of Nomination and Remuneration
		Committee
8.	Mr. Rathian Srimongkol	Director / Chief Executive Officer
9.	Mr. Bucha Sirichumsang	Head of Office of President & CEO / Secretary of the
		Board of Directors
10.	Mr. Chutidej Chayuti	Chief Financial Officer (CFO) assigned to take the
		highest responsibility for the accounting and financial
		affairs
11.	Ms. Ratana Jala	Auditor from EY Office Limited
12.	Mrs. Kulkanist Khamsirivatchara	Legal Advisor from Siam Premier International Law
		Office Limited
13.	Mr. Atakorn Taramahakoon	Meeting system provider from Inventech Systems
		(Thailand) Co., Ltd. who will also be checking the
		registration of shareholders and counting the votes
14.	Ms. Kaje Tanatpanjaroen	Independent Legal Advisor from Siam Premier
		International Law Office Limited who will be checking
		the votes counting together with Inventech Systems
		(Thailand) Co., Ltd.

In this regard, the Company has a total of 8 directors and 8 directors (representing 100 percent of the total number of directors of the Company) has attended this Meeting.

The Chairman then asked the MC to explain how the Meeting will be conducted and the voting procedure to the Meeting.

The MC informed the Meeting that, in order to comply with the good corporate governance principles, the Company had given an opportunity for the shareholders to nominate persons to enter the director nomination process to replace those who will retire by rotation as well as matters for the Board of Directors to include as an agenda in the Meeting from 1 October 2022 to 31 January 2023 as announced on the electronic channel of the Stock Exchange of Thailand and the Company's website. However, no shareholders had proposed any agenda or nominated any names to be appointed as directors under the Company's rules and regulations. In addition, the Company had provided the opportunity for the shareholders to submit questions in relation to the meeting agenda in advance via email or letter to the Company within 31 March 2023 but no shareholders had sent any questions. Moreover, the MC also informed to the Meeting that in this Meeting, the Company would collect, use and disclose personal data including photos, audio and video of all the attendees for recording and preparation of minutes, meeting management, etc. in accordance with the Personal Data Protection Act B.E. 2562 (2019).

The MC explained the voting procedure which could be summarized, as follows:

1. In casting of votes, 1 share shall equal to 1 vote. Thus, each shareholder would be entitled to cast a vote in accordance with the number of shares she/he holds either in person or by proxy.
2. A shareholder with a special interest on any agenda may not vote on such particular agenda.

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1. The attendees entitled to attend the Meeting shall verify their identity to receive username and password in accordance with the methods specified by the Company; the details of which were as appeared in the invitation notice. The attendees shall consent to comply with the E-meeting terms and conditions, and register for the
   Meeting by clicking on "Register for Meeting". Once this step was done, it will be deemed that the shareholders have completed the registration and the shares held by such shareholders will be counted towards the quorum.
2. In casting of votes, the shareholders shall select the agenda to vote for and click
   "vote". The system will show a total of 3 options for voting: approve, disapprove, and abstain. For proxies who were appointed by more than 1 shareholder, the system will show all the names and the voting shall be done separately for each user account. In this regard, for a proxy whose grantor had stated his/her approval, disapproval or abstention on any agenda in the proxy, no vote would be required and the Company shall count the votes from the proxy. To cancel the voting, click on "Cancel vote".
   For shareholders who did not cast votes within the specified timeframe or cancelled the votes without casting any new vote before the voting was closed, the Company shall deem that such shareholders have approved such agenda. The voting can be changed until the voting for the relevant agenda was closed. The time for voting in each agenda was 2 minutes and once the voting for each agenda was closed, the results would be announced accordingly.
3. In case the shareholders would like to leave the meeting or log out before the voting is closed in any agenda, the votes of such shareholders shall not be counted as quorum in such agenda or the remaining agenda. Nevertheless, such action would not prejudice the rights of the shareholders or proxies to re-enter the meeting and vote in the next agenda in the system.
4. With respect to questions or comments before voting in each agenda, the Company will provide the opportunity for the shareholders to ask questions or provide comments in relation to the agenda as appropriate. In such case, the related agenda shall be selected and "Question" shall be clicked on. The questions may be made via
   2 channels:
5. • Via texts by typing the questions and clicking on "Send Question"; the Company will answer the questions in the agenda related to such questions. However, in case there are number of questions, the Company reserves the right to select the questions as appropriate; or
   • Via vdo conference by clicking "Ask question via vdo conference" and then
     "Agree" to enter into queue; once permission is granted by the staff, the attendee shall open camera and microphone, and state his/her full name and status as shareholder or proxy before asking any question in order for the Company's further recording in the minutes.

The Company reserves the right not to answer questions or cut off camera and audio of the shareholders whose questions or comments are disrespectful, defamatory or violating any laws including infringing rights of another person, interrupting the meeting or causing trouble for other attendees.

7. In case of any problems accessing the meeting system or voting system, please study and follow the instructions given along with the invitation notice or select the

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menu "Help" in the system. Inventech Call Center staff can be contacted through phone number 02-931-9139 and Line Official.

1. In case of any system error during the meeting, the shareholders will receive an email to re-enter into the meeting through a reserved system.
2. Resolutions of this Annual General Meeting of Shareholders shall consist of the following votes: for Agenda 2, 3, 4 and 6, they must be approved by majority votes of the total votes of the shareholders attending and casting their votes at the Meeting while Agenda 5 must be approved by votes of not less than two-thirds of the total votes of the shareholders attending the Meeting and Agenda 7 must be approved by votes of not less than three-fourths of the total votes of the shareholders attending the Meeting and entitled to vote; and Agenda 1 was merely an agenda for acknowledgement, which did not require any vote.
3. Vote results on each agenda would be announced by the MC which would be inclusive of votes casted in person by attending shareholders and by proxy. The number of shares would be counted based on the last-updated number of attendees for that agenda.

After the explanation on the vote-counting process was completed, the MC asked the Chairman to proceed with the agenda.

Agenda 1: To acknowledge the results of operations of the Company for the Year 2022

The Chairman asked the Meeting to acknowledge the results of operations of the Company for the year 2022 as appeared in the Management Discussion and Analysis on pages 131 - 155 as well as the Report of the Audit and Environmental, Social and Governance Committee on pages 307-312 of its Form 56-1 ONE REPORT for the year 2022; and reported the summary of the results of operations of the Company to the Meeting as presented on the Slide Multivision, which can be summarized as followed:

In 2022, the global economy was pressured by the Russia-Ukraine disputes, oil prices and inflation. However, the easing COVID-19 spread, and the gradually recovering economic activity and tourism from reopening of countries caused the amount of spending via credit cards to increase steadily. As a result, in 2022, the Company's net profit was still able reach new height of Baht 7,079 million, an increase of 20.4 percent from last year and the Company's portfolio of receivables expanded from last year by 12.5 percent while a total non-performing loan (NPL) was only at 1.8 percent.

With respect to the performance of the credit card and personal loans businesses, the Company's receivables portfolio grew from the previous year by 15.4 percent and 10.4 percent, respectively, while the portfolio of KTC P Berm Car for Cash, which was a new receivable, was worth Baht 1,055 million. With the important financial ratios being better in every dimension, this reflected efficient business management, i.e. the Company had a net profit margin of 30.5 percent, a return on equity of 24.3 percent and a return on assets of 7.4 percent, which were higher than last year. The financial cost was 2.4 percent and the D/E ratio was 2.2 times which was lower than the previous year. The Company's Credit Rating remained at AA- level.

In terms of marketing activities, the Company aimed to increase spending among customers earning Baht 50,000 per month or more by issuing the KTC JCB ULTIMATE credit card, JCB's highest-level credit card and the first to be launched in Thailand. With the privilege of

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X2 points for every spending in foreign currency and special lounge services, Royal Orchid Lounge, as well as special privileges for spending via credit card - benefits at Fine Dining restaurants, restaurants in hotels and various luxury stores, the credit card was to meet the needs of the premium lifestyle of the member group even more. Marketing was also conducted to support spending on tourism and the Next Normal lifestyle, the Company's credit card thus highlighted the concept "Swipe to shop around the world at a lower rate" with a risk rate from foreign currency conversion of not exceeding 2 percent, along with promotions and special privileges with airlines and car rental to cover all travel matters, including events that began to return again in the past year. Marketing activities with leading partners in various businesses to offer special privileges, be it a discount, 0% installment payment and the use of points to redeem cash back were still a focus and leadership in payment products was reinforced by partnering with Google VISA and MasterCard as one of the first credit cards in Thailand that supports payment via Google Pay, adding more options for members who were technology enthusiast to be able to use KTC VISA and MASTERCARD credit cards via Smart Phone with Android system conveniently and securely with entirely contactless payment, a credit card experience which was worthwhile in every occasion of member's life.

For credit businesses, to increase the ease of use, KTC PROUD MASTERCARD cash card was launched to meet the demand for more flexible use of credit limit, whether it is swiping, transferring, cashing, paying installments, and online shopping - all can be done with one card. In addition, a channel to apply via Krungthai NEXT has also been opened in response to the behavior of consumers who prefer convenience in applying and faster results. The Company also continued to launch projects to relieve members' burdens - newly registered KTC PROUD cash card members in 2022 would receive an especially low interest rate of only 0.92 percent per month when receiving the first transfer of Baht 50,000 and monthly installments for up to 36 months. For current members, the Company has launched the project granting a chance for debt settlement in 2022 whereby more than 600 rewards were given out every month throughout the year to encourage withdrawals via the card.

For KTC P Berm Car for Cash, the Company has cooperated with Krungthai Bank to increase application channels and create awareness of the car for cash products through Krungthai Bank's media, i.e. community activities, media at branches, and various bank applications such as Krungthai Connext, money bag applications and wallet applications. The highlight was on "large credit amount of Baht 1 million, within reach, immediate receipt of money and shortened approval time from 2 hours to 1 hour" to meet the urgent needs of applicants. The application channels have also been expanded to business partners with promotions to lighten the burden during inflation in order to help non-discouraged people to go on living.

The Company has integrated the concept of sustainability in 3 dimensions, economic, social and environmental dimensions, coupled with responsible business practices according to the principles of good corporate governance, having risk management and reasonable costs, as well as respect for human rights to respond to stakeholders and the Sustainable Development Goals of the United Nations. These were done by utilizing digital technology and innovation that were important flagship to develop products and services in order to increase opportunities for equal financial access and contribute to reducing the impact on the environment.

Last year, the Company was selected to be in the Thailand Sustainability Investment list for the fourth year in a row, was a member of SETTHSI index for the third year in a row, was a member of FTSE4Good Index series for the second year in a row, and ranked A in the MSCI ESG Rating ranking. This year, the Company would be driven under the concept of "A Transition to the New Foundation", focusing on laying strong organizational foundation to