With reference to the acquisition by Siam Commercial Bank (SCB) of Siam Commercial New York Life PCL (the "Company") from New York Life Insurance Co., Ltd. and its Thai joint-venture company to increase the Bank's stakeholding in the Company to 94.66% of issued and outstanding shares of the Company, SCB is mandatorily required to do a tender offer to purchase all the remaining shares from other shareholders. The tender offer period lasted 25 business days, beginning from March 23, 2011 until May