and Exchange Commission No. Kor Jor. 4/2560 Re: Determination of the Definitions of Institutional Investor, Ultra-high Net Worth Investor and High Net Worth Investor ___________________________ By

undertake the business as approved. Clause 8. Any changes in the operation system from the system approved by the Office, the custodian shall notify the Office in advance in writing. If the Office has no

intermediary . “institutional investor” 6 means an institutional investor under the Notification of the Securities and Exchange Commission Re: Determination of Definitions of Institutional Investor, Ultra High

: ............................ Remark : The applicant is required to notify the SEC Office in advance at least five business days before the opening of the representative office abroad.

High Net Worth Investor and High Net Worth Investor . Clause 3 A securities business license applicant and licensee shall have paid-up registered capital of no less than the following amounts: (1) one

institutional investor under the Notification of Securities and Exchange Commission concerning the Determination regarding Definition of Institutional Investor and High Net Worth Investor . “ high net worth

investment management of mutual fund for institutional investors or ultra- ultra-high net worth investors (Ultra Accredited Investor Mutual Fund) which implements an investment strategy similar to that of a

form and procedures provided in the electronic system of the Office or by any other means notified in advance by the Office. Clause 3. This Notification shall come into force as from 14 March 2008

involves capital inflow or outflow, as per the forms and procedures provided by the Office in electronic systems or as per any other forms which the Office shall notify the derivatives broker in advance

investors under the Notification of the Securities and Exchange Commission No. Kor Jor. 4/2560 Re: Determination of the Definitions of Institutional Investor, Ultra-high Net Worth Investor and High Net Worth