No. KCM63/005 May 15, 2020 Subject Management Discussion and Analysis Quarter 1st Ending March 31, 2020 Attention President The Stock Exchange of Thailand K.C. Metalsheet Public Company Limited (“the

online via Microsoft Team*. Meanwhile, Kiatnakin Phatra has notified the Stock Exchange of Thailand (SET) of the Fund’s lack of financial liquidity because Urbana Estate Co., Ltd., the sub-lessee, failed

as the related parties, e.g. listed companies, the Association of Thai Securities Companies (ASCO), the Association of Investment Management Companies (AIMC), and the Stock Exchange of Thailand (SET

transactions as selling off the said assets will cause ADAM to be considered as a cash company. As a result, ADAM might be posted ?NP? (Notice Pending) by the Stock Exchange of Thailand (SET) prior to being

advance notice, if the outsourcees are: financial institutions, subsidiaries of the business operator, audit firms where the SEC-approved auditors work, the Stock Exchange of Thailand or its subsidiaries

outsourcing, facilitate more flexibility, reduce operating cost and enhance business in the area outside the business operator?s specialization. Business operator will be allowed to outsource activities

business operating results. It could be considered as another important investment alternative for mutual funds, private funds, and provident funds for investment diversification. In addition, as

business operator, (iii) an audit firm where the SEC-approved auditors work, (iv) the Stock Exchange of Thailand or its subsidiary whose shares are held by the SET at least 75%, or (v) a service provider

making direct investment in form of freehold or leasehold as well as rights in revenue sharing agreement, or by making indirect investment in shares of company operating infrastructure projects.  The

amounts of the interests were recorded as income in the GLH’s financial statements, which was considered fabrication of accounting records and exaggeration of GL operating results. Mr. Konoshita’s