. When done right, they can improve the welfare of market participants. In permissionless DeFi where identity is not required and financial history less informative, regulation is more challenging. Kanis

Group’s ROE increased from 18.58 percent as at end of 2016 to 25.84 percent as at June 30, 2017 or an increase of 7.26 percent, due to the increase in annualized projected annual net profit of 28.59 percent

percent as at September 30, 2017 or an increase of 4.45 percent, due to the increase in annualized projected annual net profit of 11.82 percent and there was a decrease in the shareholders' equity of 9.77

contraction was -3% vs Q1 2019. This will be much worse in Q2 with a double-digit contraction, and on annualized basis, the IMF forecast for Thailand is now -6.5% in FY 2020 with a bounce back expected in 2021

1.24 (0.01) 1.28 (0.05) Return on Equity (ROE)1) 9.99 10.08 (0.09) 10.65 (0.66) Net Interest Margin (NIM)1) 3.34 3.34 - 3.43 (0.09) Cost to Income Ratio 42.52 45.02 (2.50) 42.58 (0.06) 1) Annualized

Annualized return (%) Sources: Morningstar, Fund fact sheet, SEC database complied by Research Department of Thai SEC There were various policy actions taken by regulators. Making public awareness is one of an

Quarter 2020 Real estate transfer activities 3,000.4 1,952.5 1,441.3 3,393.9 393.5 13.1 The first quarter of 2020 is a challenging quarter for the COVID-19 situation. However, the company is still able to

holding of 51%). However, The Group still focused on managing and controlling cost to be continuously achieve maximum efficiency. Even through, the first half year of 2020 is a challenging half year for the

annualized. 61 funds 7 significant at 5% 94 funds, Fee for return? Some evidence that funds with high expense ratio deliver higher net returns, but not on a risk-adjusted basis. Equity Mutual Funds

Translation (Unofficial Translation) PAGE (Unofficial Translation) Page 32 of 32 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake any responsibility for its accuracy, nor be held liable for any loss or damages arising from or related to its use. ---------------------- Notification of the Office of the Securities and Exchange Commission No. OrKhor./Nor. 5/2549 Re: Guidelines Rel...