Set Aside

Assets to be

calculated for

the NAV = 100%

Assets to be

calculated for

the NAV = 95%

Set Aside

assets = 5%

The NAV after the Set Aside, the new investors who invest from 18 May 2020 onwards will not be affected by the Thai Airways debentures and the fund will still generate returns as usual.

Set Aside

Investors who invest

As shown in the sample case above, if a fund invests 5% in Thai Airways debentures, which at the moment it is uncertain whether or not Thai Airways will be able to repay its debts according to schedule or in what form will the payment be, therefore, for fairness to all unitholders the fund will set aside the investment in Thai Airways debentures. This portion of investment will not be included in the calculation of the NAV of the Fund. At the same time, the fund will establish the Set Aside register book for the list of Unitholders as of 18 May 2020 meaning that investors with outstanding units and/or who bought the investment units of the fund on Friday, 15 May 2020 will be listed in this Set Aside register book. Therefore, after setting aside the investment in Thai Airways debentures, the fund will calculate its NAV based only on the securities that have not be set aside. As shown in the sample case above, prior to the Set Aside, the calculation of the NAV is based on 100% of the fund’s assets with the NAV at 10 Baht per investment unit. However, after the Set Aside, the calculation will be based on 95% of the fund’s assets (excluding the 5% investment in Thai Airways Debentures). In this case, the NAV after the Set Aside will be reduced to 9.5 Baht per investment unit and this will be the NAV for every new investor who wishes to invest in the Fund. As for the investors whose names appear on the Set Aside register book, when the funds receives debt repayment from Thai Airways, it will prorate the amount received and distribute to all unitholders whose names appear on the Set Aside register

- Investors who had outstanding balance of investment units and/or who bought investment units on Friday, 15 May 2020 will be listed on the Set Aside Register Book.- Investors still can buy/redeem all their investment unit as usual. However, for the part of investment which had been set aside, when the funds have been paid by Thai Airways, it will prorate the amount paid and distribute to the Unitholders whose names appear in the Set Aside register book.

Examples of Setting Aside of Investments in Thai Airways International PCL debentures from the calculation of assets of funds.

Up Until 15 May 2020 From 18 May onwards

from 18 May 2020 onwards

Before 18 May 2020

The separation of investments in the debentures of Thai Airways International PCL (“Thai Airways”) from

the investments in other securities and assets of the mutual fund (Set Aside).

assets to be calculated are separated into 2 parts

Government Bonds 35%ABC Debentures 20%DEF Debentures 20%GHI Debentures 10%JKL Debentures 10%

THAI Debentures 5%

Government Bonds 35%ABC Debentures 20%DEF Debentures 20%GHI Debentures 10%JKL Debentures 10%

THAI Debentures 5%

Prior to Set Aside the NAV is 10 Baht per unit After Set Aside the NAV is 9.5 Baht per unit