translation is strictly for reference. Notification of the Office of the Securities and Exchange Commission No. Sor Lor Thor. 8/2557 Re: Approval of Personnel in the Capital Market Business ___________________

SECURITIES AND EXCHANGE COMMISSION TRANSLATED VERSION codified up to No.5 as of June 5, 2014 Readers should be aware that only the original Thai text has legal force and that this English translation

SECURITIES AND EXCHANGE COMMISSION TRANSLATED VERSION codified up to No.15 as of April 8, 2015 Readers should be aware that only the original Thai text has legal force and that this English

246 shall be in accordance with law of foreign jurisdiction where home exchange is located. Clause 6 The provisions relating to criteria, conditions and procedure for business takeover shall not be

mutual fund established under the Securities and Exchange Act B.E. 2535 and to passively manage investment; (4) ETF operator is not subject to limitation or suspension of business or revocation of license

The Securities and Exchange Commission UNOFFICIAL TRANSLATION Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The

in the agreement; “Office” means the Office of the Securities and Exchange Commission. Clause 2. In order to ensure that each management company shall conduct its business as professional to conform to

Securities and Exchange Commission hereby issues the following regulations: Clause 1. The securities companies licensed to undertake securities business in the category of mutual fund management shall have the

Securities Business in the Category of Mutual Fund Management _____________ By virtue of Section 14 of the Securities and Exchange Act B.E. 2535 (1992) and Section 96 of the Securities and Exchange Act B.E

” means fee for the operation of a licensed business. “Income” means income derived from the operation of a licensed business. “Office” means the Office of the Securities and Exchange Commission. Clause 3