Reform Priorities in Asia: Taking Corporate Governance to a Higher Level Taking Corporate Governance to a Higher Level reform priorities in Asia 2011 REFORM PRIORITIES IN ASIA: TAKING CORPORATE

Discussion and Analysis of Business Operation for 3Q/2018 Bangchak Corporation Plc. I 4 Marketing Business Group sales volume slightly increased YoY, while was at the similar level QoQ. Retail sales declined

market Management Discussion and Analysis of Business Operation for 2Q/2018 Bangchak Corporation Plc. I 4 which is the main channel. Retail sales market share was at the 2nd rank, and is continuously

exposure in non-investment grade/unrated securities not exceeding 15% of NAV, the risk level should be at level 4. Medium-high risk 5 ▪ has net exposure in non- investment grade/unrated fixed securities in

.  Rights and duties of employers and employees have been revised to improve the level of protection for employees to be in accordance with international standards. In essence: (1) Prior consent must be given

fund has net exposure in non-investment grade/unrated securities not exceeding 20% of NAV, the risk level should be at level 4. Medium-high risk 5 ▪ has a net exposure in equities, fixed income, or

income securities at any time not less than 80% of the NAV. ▪ In case the CIS has net exposure in non-investment grade/unrated securities not exceeding 20% of NAV, the risk level should be at level 4

All 4 past returns.5 With data on each fund’s holdings of individual stocks, we can compute the value- weighted, fund-level systematic risk loading, which we refer to as the holding-based fund beta

Bonds (94%) Asia-Pacific Markets European Markets Currency Sector Ratings Maturity Seniority Tenor Investment Grade 92%97% Currency Sector Ratings Maturity Seniority Tenor Investment Grade 79% 92% Local

significantly effects on the level of debt usage. Thus, the non-debt tax shield level (NDT variable) could effect on the valuation of the firm. Variable and Model Development (Cont’) Page 18/40 Variable and Model