management company’s staff; (2) Supervision and inspection management company’s staffs comply with standard under (1) and; (3) Prescription of disciplinary to punish staffs who violate or fail to perform to

primary consideration the interest of other investors. Clause 12 An intermediary in the category of mutual fund management or private fund management shall disclose, prepare, deliver and maintain

Custodian dated 30 March 2001. Clause 2. In this Notification “Management company” means securities company licensed to undertake securities business in the category of private fund management. “Manager

, Management Arrangement, Operating Systems, and Providing Services to Clients of Securities Companies and Derivatives Intermediaries , as well as other notifications or guidelines issued under such Notification

; “ Notification on Standard of Business Operation ” means the Notification of the Capital Market Supervisory Board concerning Standard Conduct of Business, Management Arrangement, Operating Systems, and Providing

following matters: (1) the selection and supervision of the personnel involved in the operation of the fund to ensure that they have suitable knowledge and capability for the administration and management of

supervision of securities business in the category of management of other persons’ funds, whether it be the mutual fund or private fund management, has the common objective to protect and maintain the best

reference. PAGE 10 Notification of the Office of the Securities and Exchange Commission No. Sor Thor. 14/2558 Re: Rules in Detail on the Prevention and Management of Conflicts of Interest __________________

by the SEC Office to have important rules related to supervision of investment management equivalent to the rules governing securities companies licensed to undertake securities business in the

management company who manages the mutual fund under its supervision more than five percent of the outstanding shares, including shares held by connected persons of such fund supervisor; (3) Do not have the