Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 031/2560 August 10, 2017 Subject : Management Discussion and Analysis for quarter 2-2017 To

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 1 Translation UWC 023/2562 August 16, 2019 Subject : Management Discussion and Analysis for quarter 2-2019

Discussion and Analysis of Financial Condition and Results of Operations for the year 2556 Translation UWC 028/2018 August 10, 2018 Subject : Management Discussion and Analysis for quarter 2-2018 To

/ customer due diligence process cannot be materially performed by the securities company. (3) know-your-client/ customer due diligence process (or KYC/CDD) (4) reporting of suspicious transactions under anti

legislations, or where the know-your-client / customer due diligence process cannot be materially performed by the securities company. (3) know-your-client/ customer due diligence process (or KYC/CDD) (4

revenue recognition from other business, which was in the investigation process. In addition, the Company has increased administrative expenses as a result of the various expenses related to the new

assets value will depend on the final offering price of the Trust’s units, which will be determined by book building process and other factors such as, the general capital market condition and other

Hero Experience on October 9, 2017 as such change is a condition of the entry into the Share Acquisition Transaction by the Company which is currently under the process of capital increase in Hero

process Condition The afor maximum Share A Company 1/003 Acquisitio : Presiden The Stoc ng to the Bo y”) convened nix Insurance of total paid- isition of shar Name f Business ered Capital p Capital ction

still depends on Condition Precedent including conditions derived from due diligence process and agreement in Share Purchase Agreement, for instance, the approval relating to transaction by the Office of