To break or not to break: Evidence from price discovery process of Thai stocks during the pre-opening of each trading session To break or not to break Evidence from price discovery process of Thai

2018 Page 17/21 Overview of the Stock Exchange of Thailand In line with global equities, Thai stocks saw another year of unusual volatility in 2018 of which investor confidence was affected considerably

2018 Page 17/21 Overview of the Stock Exchange of Thailand In line with global equities, Thai stocks saw another year of unusual volatility in 2018 of which investor confidence was affected considerably

10 baht, with 50% paid-up capital or 5 baht / share paid. The Shareholding Structure Before restructuring After restructuring No. Name Shares % Shares Shares % Shares 1 T.K.S. Technologies PCL. 999,997

restructuring No. Name Shares % Shares Shares % Shares 1 T.K.S. Technologies PCL. 999,997 100% 600,000 60.0% 2 Mr.Jutiphan Mongkolsuthree 1 0.0% 400,000 40.0% 3 Mr.Somkid Wekinvattanased 1 0.0% - - 4 Miss

Shares % Shares Shares % Shares 1 T.K.S. Technologies PCL. 999,997 100% 600,000 60.0% 2 Mr.Jutiphan Mongkolsuthree 1 0.0% 400,000 40.0% 3 Mr.Somkid Wekinvattanased 1 0.0% - - 4 Miss Lalitpat Vanitchsermkul

. Amnaj Eur-areemitr or Mr. Suthipong Tangsajjapoj two of the three people signed up with the company seal. Shareholders : name – Surname Shares % shares Relations 1. Ekachai Medical Care PCL. 11,999,996

or markets  Trackers: low-cost investment  Strategic Beta: beyond cap-weighting 20 Outlines 21 Global equity mutual fund flows from active to passive Share of passively-managed equities Source: EPFR

shares + preferred shares - shares repurchased by the business (Treasury shares) and are outstanding at the end of a month prior to the month in which the announcement of the intention to make a tender

construction and not listed in the Stock Exchange of Thailand, amount of 4,000,000 (“Four Million shares”) shares or 17.39% of paid up capital which is 23,000,000 shares (“Twenty-Three Million shares”) at par