construed or interpreted as having effect in substitution for or supplementary to the Thai version thereof. Please note that the translation has not been subjected to an official review by the SEC Office. The

in substitution for or supplementary to the Thai version thereof. Please note that the translation has not been subjected to an official review by the SEC Office. The SEC Office, accordingly, cannot

high emissions are most affected. • Substitution Risk: Will customers seek lower carbon alternatives? Emission-intensive companies will be most affected • Technology Risk: Will technologies be developed

interpreted as having effect in substitution for or supplementary to the Thai version thereof.   Please note that the translation has not been subjected to an official review by the SEC Office. The SEC Office

Alpha, Beta, and Now…Gamma David Blanchett, CFA, CFP® Head of Retirement Research Morningstar Investment Management Paul Kaplan, Ph.D., CFA Director of Research Morningstar Canada August 28, 2013 Morningstar Investment Management Page 2 of 27©2013 Morningstar. All rights reserved. This document includes proprietary material of Morningstar. Reproduction, transcription or other use, by any means, in whole or in part, without the prior written consent of Morningstar is prohibited. The Morningstar I...

herein. This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the exercise of independent judgment and each person made aware

and regulations and shall not in any event be construed or interpreted as having effect in substitution for or supplementary to the Thai version thereof. Please note that the translation has not been

substitution for or supplementary to the Thai version thereof. Please note that the translation has not been subjected to an official review by the SEC Office. The SEC Office, accordingly, cannot undertake any

facilitating the comprehension of foreign participants in the SEC’s rules and regulations and shall not in any event be construed or interpreted as having effect in substitution for or supplementary to the Thai

substitution by Automation. Substitution. For production costs, it was as value as last year, due to businesses made forward contracts with material source, and imported raw material and goods were lower value