Microsoft Word - letY17EMD&A .doc (Translation) 23rd February 2018 Subject: Management Discussion and Analysis (MD&A) of year 2017 To: Managing Director of the Stock Exchange of Thailand Business

Bulsuk (3) Dr. Sucharit Koontanakulvong 2. Approved the connected transaction with the related companies. (Details as attachment) Please be informed accordingly Yours sincerely, Kiyoyasu Asanuma Managing

management • In managing a mutual fund, the AMC must proceed with honestly and care to preserve the interests of all unitholders, using knowledge and competence as a professional. • The AMC must have a policy

proportion of sale revenue. 4. Administrative expenses For the year end of 2019, the administration expenses was 56.34 million baht or 13.85% from revenue compare to 60.75 million baht or 15.60% last year

9.96 million baht last year, increased by 1.42 million baht or 14.25% increased , which increase by the same direction of sale increase. 4. Administrative expenses For year 2018, the administration

year 2019, the administration expenses was 14.01 million baht or 13.03% from revenue compare to 15.51 million baht or 19.15% last year, Reduced by 1.50 million baht or 9.67% decreased. These higher

Administrative Expenses Selling and Administrative expenses in Q1/2018 was THB 204 million consisting of selling expenses (THB 106 million) and administration expenses (THB 98 million). Selling expenses and

at the previous year. Selling and Administrative Expenses Selling and Administrative expenses in Q2/2018 were THB 160 million consisting of selling expenses (THB 82 million) and administration expenses

reduced expenses are expenses related to staff expenses. Marketing expenses reduced from the administration during the closing of Lock Down. Assets As of 30 June 2020, the Company has total assets 3,101.4

/2019 (3.43%). • The selling expenses of Q1/2020 is much lower due to cutting of unnecessary expenses. However, the administration expenses are almost unchanged because of fixed expenses such as salaries