Page 1 Date 13 May 2020 Re: Management Discussion & Analysis for the 3-months period Ended 31 March 2020 To The President of the Stock Exchange of Thailand (SET) CHAOPRAYAMAHANAKORN PUBLIC COMPANY

Page 1 Date 11 November 2020 Re: Management Discussion & Analysis for the 9-months period Ended 30 September 2020 To The President of the Stock Exchange of Thailand (SET) CHAOPRAYAMAHANAKORN PUBLIC

: (1) the trust manager shall undertake or ensure that the operation is undertaken in accordance with the mechanism set up by the trust manager to regulate investment and verify whether the returns are

debt instruments (surveillance report – on a monthly basis)) ✓ ✓ 1. Database of SET Smart (the summary of trading and important statistics on debt instruments and bonds from the Stock Exchange) 3

business from listed securities in the SET. In addition, the Investor does not have the policy to significantly change the management plan, organizational structure and financial structure, save for the

to the Notification of the Capital Market Supervision Board No. Tor Jor. 20/2551 Re: Rules for Significant Transactions Constituting an Acquisition or Disposal of Assets and the Notification of the SET

operational staff. Additionally, in July, the Ministry of Finance approved the establishment of GPSC Treasury Center Company Limited (GPSC TC), a 100% owned subsidiary of GPSC set up to increase efficiency and

around 923,000 units, a growth of 6.0%. In the equity market, the average daily turnover (SET and mai) for the first quarter of 2018 increased from Baht 50,114 million in 2017 to Baht 71,182 million, a

be around 923,000 units, a growth of 6.0%. In the equity market, the average daily turnover (SET and mai) for the first quarter of 2018 increased from Baht 50,114 million in 2017 to Baht 71,182 million

, the average daily turnover (SET and mai) declined by 20.7% from Baht 57,674 million in 2018 to Baht 45,739 million during the first quarter of 2019. The SET index at the end of the first quarter of 2019