Notification of the Capital Market Supervisory Board Translated Version as of ………………… Readers should be aware that only the original Thai text has legal force and that this English translation is

THE NOTIFICATION OF THE CAPITAL MARKET SUPERVISORY BOARD (Unofficial Translation) Readers should be aware that only the original Thai text has legal force and that this English translation is

Section 121 Securities and Exchange Act B.E. 2535 Section 121. A mutual fund supervisor shall be a commercial bank or a financial institution which has qualifications as specified in the notification

Exchange Commission concerning Maintenance of Capital of Investment Advisors and Derivatives Advisors . “ financial institution ” means: (1) a commercial bank under the Law on Financial Institutions ; (2) a

is strictly for reference. 5 Notification of the Securities and Exchange Commission No. KorThor. 18/2549 Re: Maintenance of Net Capital ___________________________________ By virtue of Section 14 and

reference. 9 Notification of the Capital Market Supervisory Board No. Tor Thor. 1/2560 Re: Provision of Services to Clients regarding Investment in Capital Market Products Denominated in Foreign Currency

Exchange Commission No. Kor Thor. 4/2561 Re: Maintenance of Capital of Investment Advisors and Derivatives Advisors ________________________ By virtue of Section 14 of the Securities and Exchange Act B.E

Office by the delegation of the Bank of Thailand; “ Notification on Standard of Business Operation ” means the Capital Market Supervisory Board Notification concerning Standard Conduct of Business

capital ” means liquid assets deducted by total liabilities ; “ liquid asset ” mean the total sum of the following assets: (1) cash and bank deposit; (2) securities purchased under reverse repurchase

“ derivatives broker ” means a person licensed to undertake derivative business in the category of derivatives brokerage, excluding a commercial bank under the law on financial institution business; (2) “ net