% Revenue from social security 197.53 164.68 20% Revenue from Hospital Operations 445.88 382.92 16% Cost of hospital operations 285.42 257.36 11% Gross margin 160.45 125.57 28% % Gross margin 36% 33% 3

sale the idle assets, don’t take on loan from financial institution that reducing the cost of interest. 3 8) The condition with effect to right of shareholder None 9) Opinion of the Board of Directors In

. Pichet Neerapitak is Mr. Peera Neerapitak’s son, who has related with the parties as follows: Name Winning Grand (Thailand) Co.,Ltd J.S.P. Property Public Company Limited Relationship Ratio of shareholder

FAMILY-FIRMS • Primary agency problem: Majority shareholder versus minority shareholder - Primary concern here is protection of minority shareholder interests. • Balancing positive weights of family

company of AFS* AEON Systems System Development -AEON System is 90% owned by AFS -AEON System is 3.3% owned by AEONTS *AEON Financial Service Co., Ltd. (“AFS”) - Major shareholder of AEONTS, holding 35.12

that unable to sell at market price and UWC’s subsidiaries have recognition the cost of closing project with residual income from delivery. (3) Expenses Quarter 1-2019 company and its subsidiaries has

%) 100.00% 100.00% Cost of sales (127.43 ) (290.46 ) 163.03 (56.13%) (72.54%) (98.16%) Gross Profit 48.23 5.43 42.80 788.21% 27.46% 1.84% Other income 8.49 10.19 (1.70 ) (16.68%) 4.83% 3.44% Gain on disposal

- Translation - Ref J61/007 18 July 2018 Subject: Board of Director Resolution for Receipt Financial Assistance from Major Shareholder Attention: President The Stock Exchange of Thailand Regarding to

Revenues 165.23 275.79 -110.56 -40.09 Cost of constuction 143.34 266.63 -123.29 -46.24 Cost of services 7.75 13.82 -6.07 -43.92 Cost of sold 0.36 0.36 Administrative expenses 27.01 26.18 0.83 3.17 Finance

Does free float affect shareholder wealth? New evidence from the Stock Exchange of Thailand* Associate Professor Dr. Pattaragit NETINIYOM* Abstract This research aims on the investigation on