following; JV Company Name Beans and Brown Co., Ltd (“Beans and Brown”) Nature of Business The Joint Venture Company engages in Food and Beverage Business under the brand “Casa Lapin” and Trademark “Casa

- Translation - Ref: IR62/012 13 November 2019 Subject: Notification of Board Resolution on Investment in Beans and Brown Co., Ltd and Set up new subsidiary of J Venture Co., Ltd To: The President

and administrative expenses In Q3/2017, Mana Patanakarn Co., Ltd., the real estate development company, had sales & promotion expenses to boost sales of condominium projects “Aspen Condo” Phase A. As a

incentivize the PWA to purchase water beyond the minimum purchase requirement. This would help boost the potential revenue for the Company, maintain a good relationship with the PWA and ensure a sufficient

., 2018; CALISKAN et al., 2020) •Naive Portfolio •Minimizes risk without sacrificing expected returns(Tang, 2003) •Optimal strategy(Bock, 2018;Brown et al., 2013;li, 2018) 6 Background(Cont.) •Mean variance

• A related strand of research focuses on price clusters. • Many studies have found that the stock prices tend to cluster around particular numbers (e.g. Harris (1991), Aitken et al. (1996), Brown et al

Goetzman&Ibbotson (1994) Nonparametric contingency table Yes Brown&Goetzman (1995) Nonparametric contingency table Yes Carhart (1997) 4-factor model momentum Yes Bollen&Busse (2005) 4-factor model momentum

revenue, profit and profit margin. Thus, the company planned to boost domestic sales and to enhance measures of waste reduction from the manufacturing process, expecting to help increase in net profit

net profit margin of 10.13%. This decrease resulted from cost of sale, cost of distributions and administrative expenses have increased. Thus, the company planned to boost domestic sales, develop new

with installed capacity of 10.5MW in Japan is under construction and expected to COD in Q1 2018, which will boost the total capacity to 50MW. PDI remains actively looking for projects with acceptable