Management discussion and analysis /Page 11 to further develops complete Omnichannel services that deliver new and superior retail shopping experiences that fit changing lifestyles of consumers in the era of

mutual funds are able to successfully time the market and that their performance is negatively related to their expenses. • Carhart (1997) documents that persistence in superior fund performance is very

of stocks in promise of superior performance. Studies on fund managers’ stock selection skills and fund performance yield mixed results, partly because there are various ways one could measure them.9

. Power Plant Business Group recorded a superior electricity sales (+3% QoQ and 4% YoY), from the commercial operation commencement of Nagi and Gotemba solar power plant in Japan. For Solar power plant

to Energy 2016, World Energy Council. 25 João Aleluia, Paulo Ferrão, Assessing the costs of municipal solid waste treatment technologies in developing Asian countries, Instituto Superior Técnico

The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 0 The opinions of the Independent Financial Advisor on the connected transaction by Thai Wacoal Public Company Limited Presented to Shareholders of Thai Wacoal Public Company Limited Prepared by 8 March 2019 This English report of the Independent Financial Advisor’s Opinions has been prepared solely for the convenience of foreign shareholders of Thai Wacoal Public Company Limited...

523,768,667 4.95 523,768,667 3.76 6. GS Security Holding Company Limited 520,000,000 4.91 520,000,000 3.73 7. Superior Overseas (Thailand) Co., Ltd. 412,500,000 3.90 412,500,000 2.96 8. Thai NVDR Co., Ltd

523,768,667 3.76 6. GS Security Holding Company Limited 520,000,000 4.91 520,000,000 3.73 7. Superior Overseas (Thailand) Co., Ltd. 412,500,000 3.90 412,500,000 2.96 8. Thai NVDR Co., Ltd. 187,951,907 1.78

re- place purchased PTA appears well timed.  In Asia, firstly the formation of a 50:50 JV in India in September 2016 led to subsequent de- consolidation of superior margin India PET business and

approximately 25% which should lead to the higher earnings for the Company on a per-tonne basis with scale and product mix impact. This is superior to existing portfolio which based on 2H17 run-rate provides a