Management Discussion and Analysis For the Annual Operating Results 2017 Ended December 31, 2017 Note: This Management Discussion and Analysis (MD&A) was made to disclose information and the vision
categorized as connected persons with the Company as follows details:- This amendment of investment value does not cause the Company to fall within the disclosure requirement under the Notification of the
transaction’s total value. 4.1 Transaction value: The discount to the water tariff given to the PWA is considered a connected transaction categorized as a normal business transaction without general trading
total assets as at June 30, 2017 and when included transaction occurring during the 6 months, size of transaction is equivalent to 29.51% which categorized as acquisition or disposal of assets of listed
investment in the past 6 months, it is not categorized as the transaction which falls under the disclosure requirement of the Notification of the Capital Market Supervisory Board No. ThoChor. 20/2551. Please
categorized as securities brokerage, securities dealing, securities underwriting and mutual fund management, and allow such businesses to participate in the regulatory sandbox program, which has already
capabilities fully and cautiously with sufficient information and referable evidence; (c) members shall disclose to clients any case where the members have an interest, whether directly or indirectly, in any
SEC as well as publicly disclose the information within 14 days. PACE’s auditor issued a disclaimer of conclusion on the consolidated statement of comprehensive income for Q2 and Q3/2017 on the basis
use the SRI Fund symbol when marketing such funds in Thailand under the HK-TH MRF project, which requires that asset management companies disclose fund information according to the destination