firms Unlike the other Greeks, implied volatility was unknown. 6 t Implied volatility Realized volatility t + 1 • It was calculated by reverse engineer process from the option price at time t. • Implied

of the achievement of or in connection with any such forward-looking statements or assumptions. Neither Tesco nor any of its officers, employees, agents or affiliates makes any express or implied

]St0 HC = Ct1−[Delta]St1 DeltaBS = f ( St0, K, T, r, σ ) Historical statistic : Standard deviation Implied statistic : Min ∑ (Cmarket – C theoretical) 2 DeltaWM = f ( St0, K, T, r, μ, σ* ) σ* = f (r, μ

CONSTRUCTION ABBREVIATION & OUR PROJECTS Management’s Discussion and Analysis B.GRIMM POWER PUBLIC COMPANY LIMITED12 Disclaimer None of the Company makes any representation or warranty, express or implied, as to

Measurement and Management Framework in Business and Investment Strategies” with an aim to move forward the Thai capital market’s sustainable development and promote the private sector’s compliance with the UN

B.GRIMM POWER PUBLIC COMPANY LIMITED 12 Disclaimer None of the Company makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this

PROJECTS Management’s Discussion and Analysis B.GRIMM POWER PUBLIC COMPANY LIMITED12 Disclaimer None of the Company makes any representation or warranty, express or implied, as to the accuracy or

implied, as to the accuracy or completeness of the information contained in this document or otherwise made available nor as to the reasonableness of any assumption contained herein or therein, and any

None of the Company makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document or otherwise made available nor as to the

, express or implied, as to the accuracy or completeness of the information contained in this document or otherwise made available nor as to the reasonableness of any assumption contained herein or therein