Exchange Commission No. SorNor. 29/2549 Re: Acts that may Create Conflict of Interest on Fund Management and Protective Rules By virtue of Section 98(7)(b) and Section 126(1) of the Securities and Exchange

, some brokers issue margin loans at a high proportion compared to their financial position, while many other brokers concentrate their margin loans in a limited number of clients and collateral

ใบอนุญาตกองทุนรวมและกองทุนส่วนบุคคล ให้ส่งแฟ้มข้อความ AMC03.TXT ผ่านระบบ Investment Management Reporting System (IMRS) ส่วนบริษัทหลักทรัพย์จัดการกองทุนที่ได้รับใบอนุญาตกองทุนส่วนบุคคลเท่านั้น ให้ส่ง

67.53%, the increasing came from issue debenture and loans from financial institutionsthe to invest in water management business.                         WIIK & HOEGLUND PUBLIC COMPANY LIMITED  90 CW

. Huaykwang, Bangkok  10310  F + 66 (2) 6452828,  + 66 (2) 6452829  VAT ID  0107538000151     Thailand W www.wiik‐hoeglund.com    No. LWH/ACC 19/08/LT095 August 9, 2019 Subject: Management discussion and

following regulations: Clause 1. In this Notification: “securities company” means a securities company licensed to undertake securities business in the category of mutual fund management. Clause 2 . This

following regulations: Clause 1. In this Notification: “securities company” means a securities company licensed to undertake securities business in the category of mutual fund management. Clause 2. This

following regulations: Clause 1. In this Notification: “securities company” means a securities company licensed to undertake securities business in the category of mutual fund management. Clause 2. This

1 | MANAGEMENT DISCUSSION AND ANALYSIS 2019 Management Discussion and Analysis 2019 2 March 2020 KEY EVENT IN 2019 In 2019, UWC announced a corporate restructuring, which featured in changing in many

1 | MANAGEMENT DISCUSSION AND ANALYSIS 2019 Management Discussion and Analysis 2019 < Translation> 2 March 2020 KEY EVENT IN 2019 In 2019, UWC announced a corporate restructuring, which featured in