private fund assets; □ (3) Operation system that allows the custodian to operate efficiently shall include at least the following: □ (3.1) System to separate client’s assets from custodian’s assets, safe

practices which can prevent the misuse of client’s assets: 1. Operation manual on the payment made from the client’s private fund account. The custodian shall not make any payment from the client’s private

. ---------------------- The Securities and Exchange Commission Notification of the Securities and Exchange Commission No. KorThor/Nor/Yor. 47/2546 Re: Determination of Fees for the Operation of Licensed Businesses

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

on Private Fund Management dated 31 July 2000; (4) Notification of the Office of the Securities and Exchange Commission No. SorNor. 49/2543 Re: Rules on Protection of Conflict of Interest on Investment

private fund; “Management company” means any mutual fund management company and private fund management company; “Mutual fund management company” means any securities company licensed to undertake

any person holding an equivalent position but called otherwise, who are responsible for a line of work relating to the offering of securities services, the securities operation or research on securities

Redemption and Marketing Representatives of Private Funds ___________________ By virtue of Section 16/6 of the Securities and Exchange Act B.E. 2535 (1992) as amended by the Securities and Exchange Act (No. 4

Marketing Representatives of Private Funds ___________________ By virtue of Section 16/6 of the Securities and Exchange Act B.E. 2535 (1992) as amended by the Securities and Exchange Act (No. 4) B.E. 2551

Supervisory Board No. Tor Thor. 60/2561 Re: Rules, Conditions and Procedures for Outsourcing Function related to Business Operation to Third Party _____________________ By virtue of Section 16/6 and Section 113