31 กรกฎคม 2545 HPIR016/2017 November 13, 2017 Subject : Management Discussion and Analysis for the period ended September 30, 2017 To : The President The Stock Exchange of Thailand Duplicate : The

are reliably and trustworthy, the Securities and Exchange Commission hereby issues the principles for undertaking business as follows: (1) honesty, fairness and integrity An intermediary shall conduct

and trustworthy, the Securities and Exchange Commission hereby issues the principles for undertaking business as follows: (1) honesty, fairness and integrity An intermediary shall conduct its business

intermediary obligates to operate its businesses properly, fairly and in compliance with codes of conduct and professional standards and in order that an intermediary’s services are reliably and trustworthy, the

confidence in the capital market.”     Protecting investors and building a trustworthy capital market is one of the priorities laid out in the SEC Strategic Plan for 2025 - 2027. This includes enhancing

more trustworthy.”ThaiBMA Director Mr. Tada Phutthitada said “the DLT will help increase the efficiency of  securities issuing , clearing and settlement , and other systems. Furthermore, the DLT will

from being capital market personnel and considered lacking trustworthy characteristics of directors and executives of issuing companies. Thus, the SEC revoked the approval as securities investment

businesses were assisted in transition to become more transparent in order to meet with good corporate governance practices while commit to create value for shareholders and to be trustworthy for investors

-entities. To utilize the benefit of crowdfunding, the business-entities should be legally established, efficiency managed, and highly transparent. These key factors will enhance the trustworthy of the

1/2 (Translation) Ref. HPIR 004/2018 February 28, 2018 Subject : Management Discussion and Analysis for the year ended December 31, 2017 To : The President The Stock Exchange of Thailand Duplicate