The Office of the Securities and Exchange Commission (Unofficial Translation) PAGE The Office of the Securities and Exchange Commission 12 June 2007 To: Managers All securities companies Circular No

units of the new mutual fund or the mutual fund which accepts the transfer of assets. Clause 3. All notifications of the Office of the Securities and Exchange Commission, orders and circular letters

respective local market could apply for an expedited review process if it intends to invest in a master fund that meets the requirements set out in the SFC and SEC Circular (“MRF-eligible master fund

Covered Fund in Hong Kong satisfied those stipulated in Appendix B-II-SEC Circular of the Memorandum of Understanding between the Securities and Futures Commission of Hong Kong and the Securities and

Office. (4) giving advice through any media or at any seminars where the media owners, program owners, columnists, website hosts or seminar organizers arrange for derivatives advisers, being natural

prescribed in the Derivatives Act B.E. 2546 (2003) including the Notifications and circular notices issued or laid down the guideline of implementation to such Act. (3) not being under restriction or

.. PAGE (UNOFFICIAL TRANSLATION) The Office of the Securities and Exchange Commission 12 June 2007 To Managers All securities companies Circular No. SEC.Khor.(Wor) 25/2550 Re: Guidelines for Renewal

with this Notification. Clause 14. All the Notifications, orders and circular letters, under Clause 1, issued under or providing guidelines for compliance with the Notification of the Securities and

Office of the Securities and Exchange Commission, orders and circular letters issued under or prescribing guidelines for compliance with the Notification of the Securities and Exchange Commission No

person qualified to be property fund manager has previously been granted by the Office shall be the approval date granted by the Office under this Notification. Clause 16. All orders and circular letters