Comments on: “Trading costs on the Stock Exchange of Thailand” Authors: Charoenwong C., Ding D.K., Jenwittayaroje N. Comments on: “Risk-taking behaviour during downturn: evidence of loss-chasing and

the Quarter ended March 31, 2018 To : Director and Manager Stock Exchange of Thailand Abico Holdings Public Company Limited would like explanation about the Company’s financial performance and operation

ABICO 009/KV/2017 May 11, 2017 Subject : Explanation on operation result for the Quarter ended March 31, 2017 To : Director and Manager Stock Exchange of Thailand Abico Holdings Public Company

ABICO 011/KV/2017 August 10, 2017 Subject : Explanation on operation result for the Quarter ended June 30, 2017. To : Director and Manager Stock Exchange of Thailand Abico Holdings Public Company

ABICO 01 /KV/2017 November 9, 2017 Subject : Explanation on operation result for the Quarter ended September 30, 2017. To : Director and Manager Stock Exchange of Thailand Abico Holdings Public

ABICO 012/KV/2017 November 10, 2017 Subject : Explanation on operation result for the Quarter ended September 30, 2017,(Edit) To : Director and Manager Stock Exchange of Thailand Abico Holdings

ABICO 002/KV/2018 February 2 , 2018 Subject : Explanation on operation result for the year ended December 31, 2017. To : Director and Manager Stock Exchange of Thailand As Abico Holdings Public Co

8.34 million, or 26.62%, in the year 2021 cause was more commission income in of 2021, which decreased by Baht 12.76 million and gain from changes in fair value of biological assets - dairy cow to Baht

%,. The main cause was more commission income in of Q1’62, which increased by Baht 1.74 million and Gain from change in fair value of dairy cow by Baht 1.60 million. 1.4 Operational profit and net profit

357.05 25% 483.96 36% Property, plant and equipment 712.57 51% 558.59 42% Biological assets – dairy cow 46.27 3% 44.28 3% Others 55.54 4% 61.09 4% Total assets 1,411.82 100% 1,345.45 100% Total assets were