Dividend Policy of Subsidiaries

1. Dhipaya Insurance Public Company Limited (“TIP”)

   The dividend payment policy is not less than 50 percent of the net profit of TIP. The dividend payment requires approval from the Board of Directors and shareholders of TIP (as the case may be). 

2. Subsidiaries which operate their core businesses 

   The dividend payment policy is not less than 60 percent of the net profit of the separate financial statements of the subsidiaries, provided that the subsidiaries must have accumulated profit; the net profit from the annual operating results is adequate; and the legal reserve has been allocated as required by law and/or in the amount specified in the articles of association. The dividend payment requires approval from the Board of Directors and the shareholders of the Company (as the case may be). 

3. Subsidiaries which operate their businesses by holding shares in other companies and do not operate their core businesses (Flagship Company)

   The dividend payment policy is not less than 80 percent of the net profit of the separate financial statements of the subsidiaries, provided that the subsidiaries must have accumulated profit; the net profit from the annual operating results is adequate; and the legal reserve has been allocated as required by law and/or in the amount specified in the articles of association. The dividend payment requires approval from the Board of Directors and the shareholders of the Company (as the case may be).