or a group of persons who authorized a management company to manage a private fund; “Liquid asset” means assets as follow: (a) Cash or deposit money; (b) Certificate of deposit or promissory notes

Operating Results 1. Organizational structure and operation of the group of companies 3 2. Risk management 12 3. Business sustainability development 13 4. Management discussion and analysis (MD&A) 17 5

of funds ; (3) the investment and income generating activities of funds ; (4) the administration and management of funds in any matter other than (3). Clause 3 In addition to this Notification, a

Securities and Exchange Commission hereby issues the following regulations: Clause 1 The management of funds of juristic entities under the same business group shall not be regarded as the undertaking of

Exchange Commission No. SorNor. 29/2549 Re: Acts that may Create Conflict of Interest on Fund Management and Protective Rules By virtue of Section 98(7)(b) and Section 126(1) of the Securities and Exchange

management of the private fund, using knowledge and competence as a professional. The securities company shall enter into a written agreement with a person or a group of persons who has authorized the

: (1) a person who has a relationship or association with a mutual fund management company or property fund management company according to the appendix attached hereto; (2) persons in the same group as

management, designation, control, and supervision of policies of an applicant ; (b) duties concerning control, supervision, and administration of business units: investment consultation, investment planning

Securities and Exchange Commission Notification of the Securities and Exchange Commission No. KorNor. 30/2547 Re: Rules, Conditions and Procedures for Establishment and Management of Funds _____________ The

Exchange Commission No. SorNor. 21/2551 Re: Acts that may Create Conflicts of Interest on Fund Management and Protective Rules (No. 2) -------------------------------- By virtue of the Section 126(1) of the