8 September 2004

Capital Intelligence, the international emerging markets rating agency, today announced that the foreign currency and financial strength ratings for Kasikornbank had been raised to BBB / A2 and BBB respectively. Other ratings remain unchanged and the outlook reverts to stable.

The new ratings are as follows:

Although Kasikorn Bank continues to have a significant level of non-performing loans on its balance sheet, steady progress has been made in their resolution. CI expects this progress on improving asset quality to continue during the remainder of 2004 and into 2005. Liquidity is good by Thai banking system standards and profitability is much improved. Capital ratios are satisfactory, and capital structure much improved following the replacement of hybrid capital by new equity. Beyond the purely financial aspects, Kasikorn also benefits from a good management team, a modern and well-arranged organisational structure and good IT. With economic conditions in Thailand continuing to be fairly buoyant despite higher oil prices, and with loan demand recovering, the Bank appears well placed to continue to make positive progress over the coming year.