directly and indirectly controlled % 51.00% 49.00% Nam Ek Company Limited 75.00% 51.00%

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2 Amendments to the Opinion of the Independent Financial Advisor on the Tender Offer of Securities of The Siam Commercial Samaggi Insurance Public Company Limited by Eksupsiri Company Limited dated May 23, 2014 Page 5 add underlined information under clause 5 5) This tender offer is providing an alternative for the minority shareholders to reduce any possible risks or impacts from the potential conflict of interest from operating competitive business between the Company and related company of the Offeror being ACE INA Overseas Insurance Company Limited, Thailand Branch ( ACE Thailand ), the branch of AIIH in Thailand (AIIH is a major shareholder of the Offeror, holding a 49% stakes). Both companies have certain common products offered to similar groups of customers through certain similar distribution channels. According to the Notification of the Board of Governors of the Stock Exchange Of Thailand Re: Maintaining the Status of Listed Companies in the Exchange requires that a listed company shall have no conflict of interest under rules prescribed in the Notification of the Capital Market Supervisory Board. The Notification of the Capital Market Supervisory Board, TorChor. 28/2551 Re: Application for Approval of Offer for Sale of Newly Issued Shares requires listed companies who intend to offer new shares to the public must maintain the rights of and fairness to all of its shareholders. This includes the requirement that the Company s directors, management and the major shareholder must not have any conflict of interest with the Company, unless mechanism could be adopted to ensure that the management of the company will be for the best interest of the company and its shareholders as a whole. Therefore, in case where potential conflict of interest still remains, this might affect the fund raising ability of the Company through public offering in the future. Also, it might affect the qualification of the Company in maintaining its listing status on the SET which requires listed company to have no conflict of interest as prescribed in the Notification of the Capital Market Supervisory Board. However, the Company s Board of Directors has illustrated its plan to reduce the potential conflicts of interest. On May 2, 2014, the Company s Board of Directors considered the preparation of the Code of Conduct for the directors, management, employees and persons related to the conflicted parties of the Company, to comply with any law, including competition law and SEC laws and regulation, and to put in place a preventive measure for any misuses of the Company s internal information by any person related to the conflicted parties, which may cause damage to the Company. In this regard, the Company expects to implement this Code of Conduct within June At present, the Company is under process of preparing the Code of Conduct to be proposed for consideration and approval by the Board of Directors. Page 9 add underlined information in Table no.3 List of major shareholders of ACE Limited as of December 31, 2013 according to the amendment of the tender offer document (Form 247-4) Name Number of shares % of total % of total paid-up shares voting rights 1. BlackRock, Inc. 27,287, Capital World Investors 25,604, Wellington Management Company, LLP 25,294, FMR LLC 19,078, Vanguard Group, Inc. 17,654, Other shareholders 224,873, Total 339,793, Source: Form of the Offeror 1

3 Page 10 add underlined information in picture of Shareholding structure of ACE Group according to the amendment of the tender offer document (Form 247-4) directly and indirectly controlled ACE Limited ACE Group Mr.Suwan Vongsrivong* % ACE INA International Holdings Limited ACE Life Assurance Public Company Limited Life insurance Business 75.00% 51.00% 49.00% Nam Ek Company Limited 51.00% 60.86% 49.00% Eksupsiri Company Limited (The Offeror) : Investment holding company The Siam Commercial Samaggi Insurance Public Company Limited Non-life insurance Business % ACE INA Overseas Insurance Limited Thailand Branch ACE INA Overseas Insurance Limited (Thailand Branch) Non-life insurance Business Remark: * Mr. Suwan Vongsrivong is a director of the Company, Nam Ek and ACE Life. Beside his major shareholding in Nam Ek, he also holds shares in Eksupsiri at 5 shares and ACE Life at 4 shares. Source: Form of the Offeror and Page 10 add underlined information under paragraph 2 of clause Business of ACE Group in Thailand according to the amendment of the tender offer document (Form 247-4) ACE INA Overseas Insurance Limited is a subsidiary of AIIH. It operates a non-life insurance business in Thailand through its branch, ACE Thailand. Page 11 add information under Table no.7 Financial Highlights and Operating Performance of the Offeror for according to the amendment of the tender offer document (Form 247-4) (Unit: THB millions unless stated otherwise) Total assets , Total liabilities Total shareholders equity , Issued and paid-up share capital , Total revenues Total expenses Net profit Earnings per share (THB per share) Diluted Earnings per share (if any) (THB per share) Dividend per share (THB per share) Book value per share (Tuber share) Source: Form of the Offeror Remark: The latest financial statement of the Offeror for the year ended December 31, 2013 did not reflect the capital increase of THB 6, million, part of which will be used to settle the Tender Offer, as this capital increase was effected in April 2014 Page 14 add underlined information under clause Adjusted Book Value Approach, under item value of fixed assets The IFA has considered the value of SCSMG s fixed assets from the asset appraisal reports prepared by Bangkok Property Appraisal Co., Ltd. ( BKKPA or independent asset appraiser ), which is the approved appraiser by the Thai Valuers Association (TVA) and the Valuers Association of Thailand (VAT) as well as the SEC. 2

4 Page 21 add and amend information under clause 7) Other assumptions as shown in details below 7) Other assumptions The IAC assumes a capital adequacy ratio of 300% throughout the projected period and that all profits can be paid out as dividends, subject to meeting the solvency target of 300% CAR. This is based on the Company s target CAR and the opinion of the IAC regarding the best practice benchmark. Terminal value is based on the assumption of dividend growth of distributable profits after meeting solvency target in perpetuity (Terminal Growth) of 1.00% per annum. This is based on the assumption of the IAC. Page 22 add underlined information under Table 23: Summary of the forecasted operating performance of the Company during FY Table 23: Summary of the forecasted operating performance of the Company during FY (THB Million) 2014F 2015F 2016F 2017F 2018F Gross written premium 5,372 6,092 6,887 7,729 8,513 Reinsured premium 971 1,094 1,212 1,342 1,470 Net earned premium 4,270 4,716 5,355 6,050 6,731 Net claims incurred 1,860 2,008 2,312 2,641 2,964 Operating expenses ,107 1,221 Direct commission* 1,289 1,464 1,654 1,846 2,029 Reinsurance commission** Underwriting profit Investment income Other income Operating profit before tax ,028 1,137 (THB Million) 2019F 2020F 2021F 2022F 2023F Gross written premium 9,194 9,930 10,625 11,368 12,164 Reinsured premium 1,588 1,715 1,835 1,963 2,101 Net earned premium 7,337 7,924 8,515 9,111 9,748 Net claims incurred 3,259 3,540 3,796 4,059 4,344 Operating expenses 1,318 1,424 1,524 1,630 1,744 Direct commission* 2,625 2,835 3,034 3,246 3,473 Reinsurance commission** Underwriting profit Investment income Other income Operating profit before tax ,015 Remark: *assumptions applied are shown under item direct commission and information as appeared in Table 20. **assumptions applied are shown under item reinsurance commission and information as appeared in Table 20. Page 26 add underlined information under clause e) Mitigation of risks from the potential conflict of interests between the Company and related company of the Offeror from operating competitive businesses At present, the related company of the Offeror being ACE Thailand, a branch of AIIH in Thailand (AIIH is a major shareholder of the Offeror; the shareholding structure of ACE Group is shown in section of this report), currently operates similar non-life insurance business to the Company and offers similar types of products such as health and accident insurance, property insurance, marine and transportation insurance, etc. In 2013, the Company had direct premiums of THB 4, million, representing a market share of 2.46%. While ACE Thailand had direct premiums of THB 3, million, representing a market share of 1.86% (source: the OIC). It can be considered that the Offeror is a competitor of the Company in this business and that the Company might be impacted from this potential conflict of interest from having similar business nature to the Offeror. According to the Notification of the Board of Governors of the Stock Exchange Of Thailand Re: Maintaining the Status of Listed Companies in the Exchange requires that a listed company shall have no conflict of interest under rules prescribed in the Notification of the Capital Market Supervisory Board. The Notification of the Capital Market Supervisory Board, TorChor. 28/2551 Re: Application for Approval of Offer for Sale of Newly Issued Shares requires listed companies who intend to offer new shares to the public must maintain the rights of and fairness to all of its shareholders. This includes the requirement that the Company s directors, management and the major 3

5 shareholder must not have any conflict of interest with the Company, unless mechanism could be adopted to ensure that the management of the company will be for the best interest of the company and its shareholders as a whole. Therefore, in case where potential conflict of interest still remains, this might affect the fund raising ability of the Company through public offering in the future. Also, it might affect the qualification of the Company in maintaining its listing status on the SET which requires listed company to have no conflict of interest as prescribed in the Notification of the Capital Market Supervisory Board. However, the Company s Board of Directors has illustrated its plan to reduce the potential conflicts of interest. On May 2, 2014, the Company s Board of Directors considered the preparation of the Code of Conduct for the directors, management, employees and persons related to the conflicted parties of the Company, to comply with any law, including competition law and SEC laws and regulation, and to put in place a preventive measure for any misuses of the Company s internal information by any person related to the conflicted parties, which may cause damage to the Company. In this regard, the Company expects to implement this Code of Conduct within June This would be one of the measures that will help protecting the benefit of the Company and the shareholders. At present, the Company is under process of preparing the Code of Conduct to be proposed for consideration and approval by the Board of Directors. Page 27 amend underlined information under clause Plans and policies of business operations according to the amendment of the tender offer document (Form 247-4) In addition, the IFA has a further opinion that as the Offeror is part of ACE Group, which is one of the world s largest operator of insurance business, having its market capitalization of USD 35.2 billion (as of December 31, 2013) and was ranked no.7 in the world. Furthermore, ACE Limited, the parent company of ACE Group, is a listed company on the New York Stock Exchange (NYSE) and is a component of the S&P 500 index. ACE's core operating insurance companies are rated AA- for financial strength by Standard & Poor s and A+ by A.M. Best. In addition, ACE Group has its business network across 54 countries worldwide. Therefore, the IFA views that the Company might benefit from becoming a company under ACE Group, through becoming a subsidiary company of the Offeror. As a result, ACE Group might provide supports to the Company such as product development, sharing of highly experienced personnel, development of high technology software to support the launch of new products. This could possibly enhance the competitiveness of the Company under a highly competitive market environment. On May 2, 2014, the board of directors of SCSMG has passed the resolution to approve the entering into the Co-operation Agreement with ACE Asia Pacific Services PTE Limited which is one of company under ACE Group, in which the Agreement was signed on that same date. ACE Asia Pacific Services PTE Limited will provide for the Company advice and support, for the operation and management of non-life insurance business in accordance with international best practice, such as finance, taxation, accounting, reinsurance, product development, distribution and marketing, information technology, and human resources, etc. Page 28 amend information under clause Share sale plan according to the amendment of the tender offer document (Form 247-4) According to the tender offer document (Form 247-4), the Offeror has no intention to sell or transfer shares of the Company obtained under this tender offer to other persons in a material amount during the period of 12 months from the last day of the offer period, except where: (i) the Offeror restructures its business or organization structure, or sells or transfers the Company s shares to any related party of the Offeror under section 258 of the Securities and Exchange Act, B.E. 2535; or (ii) shares of the Company are sold or transferred in order to comply with applicable laws and regulations effective at that time, to extent required by applicable laws and regulations effective at that time. Page 28 amend information under clause Related party transactions according to the amendment of the tender offer document (Form 247-4) Currently, the Company does not have any related party transaction with the Offeror. Nonetheless, on May 2, 2014, the Board of Directors of SCSMG passed the resolution to approve the entering into the Co-operation Agreement with ACE Asia Pacific Services PTE Limited which is one of the company under ACE Group, in which the Agreement was signed on that same date. ACE Asia Pacific Services PTE Limited will provide for the Company advice and support, for the operation and management of non-life insurance business in accordance with international best practice, such as finance, taxation, accounting, reinsurance, product development, distribution and marketing, information technology, and human resources, etc. Such transaction will be conducted on general commercial terms and conditions. In return for those services, the Company will, in each quarter, pay to ACE Asia Pacific Services PTE Limited, an agreed amount of service fees. The term of Co-operation Agreement is one year starting from its execution date, and either party has the right to renew the agreement, on one or more occasions, 4

6 for an additional one-year period by submitting a written notice to the other party not less than three months before the expiration date of the agreement. In this regard, the Offeror stated in the tender offer document that if in the future, the Offeror will enter into any related transactions with the Company, the Offeror will arrange to ensure that the Company proceeds in compliance with the rules and regulations of the SEC, the Capital Market Supervisory Board and the SET as well as any laws, rules and regulations imposed by the relevant agencies and authorities. 5