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Other risks
1.) Risk from the Company’s failure to procure and acquire NPLs and NPAs in the sufficient volume and at
reasonable prices, which may materially affect its growth, competitiveness, financial position, and operational
performance
The Company’s ability to generate revenues and cash flows and business expansion on a sustainable basis
Bangkok Commercial Asset Management Public Co., Ltd.
depends on its ability to procure and acquire NPLs and NPAs in an adequate volume and at reasonable prices. However,
the success in the procurement and acquisition of NPLs and NPAs depends on multiple uncontrollable factors, such as
changes in Thailand’s economic and real estate market conditions, competition in bidding for NPLs and NPAs among financial
institutions, value, quality and type of NPLs and NPAs to be offered for disposal by financial institutions, and the Company’s
ability to access funding sources. At the same time, the Company’s business also relies on (a) changes in the laws, regulations
or public sector policies applicable to the Company, and (b) policy, financial position and business operation plan of each
financial institution with respect to their management of credits, NPLs and NPAs. Due to the complexity and correlation of
such factors, most of which are beyond control, the Company may be unable to procure NPLs and NPAs in a sufficient
volume and at reasonable prices, which may pose significant adverse impacts on its growth, competitiveness, financial
position, and operational performance.

2.) Risk from the Company’s failure to collect debt payments from debtors and generate revenues and
cash flows from NPL management as targeted, whereas the Company’s operational performance depends mainly
on its ability in collection of debt payments from debtors and effective NPL management and also on debtors’
debt servicing capability, whether in whole or in part
The Company’s generation of revenues and cash flows from NPLs depends on numerous factors, including its
ability to effectively manage NPLs within an appropriate period of time and other factors, which are mostly beyond
the Company’s control, such as debtors’ debt servicing capability, whether in whole or in part. It is because its customers
that are NPLs normally have instable financial standing and poor operational performance, and substantially need
financial assistance or have negative net worth, while some are in the bankruptcy or debt restructuring process. If the
Company is unable to restructure such debts and enforce debt payment, it may have to resort to other methods to
generate revenues from its NPLs, such as litigation, transfer and disposal of assets through auction sale and enforcement
of collaterals. These methods are time-consuming, costly and less effective or may require compliance with the applicable
laws, regulations or public sector policies at the moment, whereas the outcome thereof might not be as expected. In
some cases, moreover, the Company may not have first-rank preferential right of enforcement over the collaterals,
while other creditors may have a preferential right over such collaterals at a higher rank.

In addition, the Company may be unable to collect a sufficient amount of proceeds from the enforcement of
collaterals to cover its investment cost or may even fail to collect any payment at all. In the business reorganization process
by a court order under the bankruptcy law, if the court issues an order approving the business reorganization plan, which
is approved by a majority of the creditors who have the rights of claims against the debtors, the Company may have to
agree to such plan that may not be beneficial to it. Furthermore, the court may rule that the collaterals be void or reject
the petition for collateral enforcement whereby the Company may receive a limited amount of returns or suffer a loss