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

898 (24%) 28% 2,081 3,150 51% Other non-operating income and expenses 342 75 199 n/a (42%) 674 338 (50%) Shares of profit of associates and joint ventures 144 155 131 (15%) (9%) 365 438 20% Net profit

consideration of the acquired assets Equity shares issued for the payment of assets X 100 Paid-up shares of the company N/A since the Company does not issue any securities as the consideration 6. Detail of Assets

893 (17%) (1%) 2,873 2,916 1% Re-Add: Amortization of assets acquired from the acquisition of GLOW 0 360 372 3% n/a 0 732 n/a Re-Add: Accounting impact 57 136 277 103% 386% 141 524 272% - TFRIC 4 and

5 150% 25% 6 7 17% Total Revenue from selling electricity (GPSC) 1,139 665 1,222 84% 7% 1,762 1,887 7% Revenue from Selling Electricity (GLOW1) - Availability Payment: AP n/a 409 2,169 430% n/a n/a

% 83 2% 70% 451 6% 327 3% -27% Fair value adjustments on investment property 0 0% 406 12% n/a 794 11% 406 3% -49% Selling expense -496 -14% -483 -14% 3% -981 -13% -1,526 -12% 56% Administrative expense

Beach Resort No. of room n/a n/a 253 Occupancy rate (%) n/a n/a 91% Rev Par (THB equivalent) n/a n/a 5,078 Castaway Island, Fiji No. of room n/a n/a 65 Occupancy rate (%) n/a n/a 92% Rev Par (THB

-20% -513 -15% 40% -935 -24% -1,523 -17% 63% Finance costs -172 -9% -205 -6% 19% -424 -11% -577 -6% 36% Fair value adjusments on investment property 0 0% 0 0% n/a 794 20% - 0% n/a Net gains on exchange

b e r 2 0 2 2 ) B a se lin e V e rsio n 11.0 0 P ro je c t M a n a g e m e n t O ffic e P le a se sc a n a tta c h e d Q R C o d e to a c c e ss th e c u rre n t D IF x P a rtic ip a n ts – B iz L in

% Selling and administrative expenses (1,433) (1,441) (1,648) 15% 14% (2,645) (3,089) 17% Gain (loss) from crude and product oil price hedging contract (0) 1 233 N/A N/A 163 234 44% Gain (loss) from foreign