ESSAY 2: AN EXAMINATION INTO BUY-SELL ASYMMETRY OF PRICE BEHAVIOR AROUND TRADES AND TRADING COSTS OF TRADES: EVIDENCES FROM TH 1 THE ASYMMETRY OF PRICE BEHAVIOR AROUND BUY AND SELL TRADES: NEW

Page 1 of 2 No. ACC6101/003 January 22, 2018 Subject: Approval to enter into Contract to buy and sell of Land To: President The Stock Exchange of Thailand According to the Board of Director’s Meeting

shareholding of 33.37 percent of total shares by ECF-P. At present, ECF-P is on the process of negotiation by entering into the contract to buy and to sell the shares that ECF-P holds 33.37 percent. At present

contract to buy and to sell the shares that ECF-P holds 33.37 percent. At present, the Company is waiting for the conclusion of the source of funds for share purchase from the buyer that has not yet finished

contract to buy and to sell such shares that ECF-P holds 33.37 percent. However, after the Company concludes evidently the source of funding to purchase shares from the buyer, the Company will comply with to

shall not form the basis of, nor may it accompany nor form part of, any right or contract to buy or sell any security or to adopt any investment strategy. Nothing in this material constitutes investment

Company has not yet acknowledged that the transferee (the purchaser) would dispose the land in near future, and this disposal does not have an agreement or contract for the right to buy back. For the

transfer does not have an agreement or contract for the right to buy back. For the subsidiary's production capacity is estimated at 5% per month (maximum production capacity of 40,000 tons per month). The

transferee (the purchaser) would transfer the ownership of machines in near future, and this transfer does not have an agreement or contract for the right to buy back. For the subsidiary's production capacity

an agreement or contract for the right to buy back. For the subsidiary's minimum production capacity is 5% per month (maximum production capacity of 40,000 tons per month). The production is around