problem – an exclusion of fixed effects – clustering standard errors 6/29/2015 18 Empirical Results – Q1 6/29/2015 19 Empirical Results – Q1 6/29/2015 20 Empirical Results – Q1 6/29/2015 21 Empirical Test

shareholders attending the meeting and entitled to vote to the exclusion of the votes of interested shareholders and to appoint an independent financial adviser to give an opinion on the entering into the

into the connected transaction by a resolution of not less than three-fourths of the total number of votes of shareholders attending the meeting and entitled to vote to the exclusion of the votes of

exclusion of the international football sponsorships under CBD for domestic business were THB 1,390 million, increased by THB 31 million or 2.3% mainly varied in according to promotional activities in the

baht, respectively, largely caused by the exclusion of the allowance for doubtful receivable of the disposed subsidiaries. At end of 2017, net trade receivables and other receivables represented 23% of

resolution of not less than three-fourths of the total number of votes of shareholders attending the meeting and entitled to vote to the exclusion of the votes of interested shareholders and to appoint an

areas operated under Carabao Tawandang Co., Ltd. (“CBD”) for domestic businesses and in the areas operated under ICUK for the UK market: a. Marketing and selling expenses in exclusion of the international

re-selling those shares, thereby allowing the issuer to raise equity capital in return for an ownership position. ESG criteria: Environmental, social and governance factors. Exclusion policy: A

million, and (3) leases liabilities of THB 275 million, according to the adoption of IFRS 16 Leases standard. The Company’s interest-bearing debt, in exclusion of leases liabilities, were THB 3,372 million

Company’s interest-bearing debt, in exclusion of leases liabilities, were THB 6,050 million, up by THB 1,921 million, representing the interest-bearing debt to equity ratio at 0.7 time, up from 0.5 time as of