% Total Investor Types Occupation Definitions of 3 Groups • Cash Holders = Bank Deposits is the only investment choice • Old-Fashion = Traditional investment channels long known to investors • Modern

นุนใหส้มำชิก PVD (“สมำชิก”) เลือกแผนกำรลงทุนไดด้ว้ยตนเอง (employee’s choice) รวมถึงเปิดให้ PVD สำมำรถลงทุนในทรัพยสิ์น ท่ีจะสำมำรถสร้ำงผลตอบแทนโดยยงัคงจ ำกดัควำมเส่ียงใหอ้ยูใ่นระดบัท่ีเหมำะสม อยำ่งไรก็ดี

1 MD&A 3Q 2018 (ended 30 September 2018) MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 3Q 2018 6 NOV 2018 MEDIA INDUSTRY Outdoor media has presently become the go-to choice for advertising. It’s

changes over the past few years. Traditional media such as television, newspaper, magazine and radio has been in steady decline, while Out-of-Home (“OOH”) and online/digital media have become the go-to

หัวข้อ “Policy choice for regulating cryptoasset industry” โดย ศาสตราจารย์ Douglas Arner อาจารย์คณะนิติศาสตร์ มหาวิทยาลัยฮ่องกง” วิวัฒนาการของเทคโนโลยีทางการเงินมีการพัฒนามามากว่า 10,000 ปี เริ ่มตั ้งแต่

seem outperforming the traditional cap-weighted. Source: Bloomberg, complied by Research Department of Thai SEC - 5 10 15 20 25 Fundamentals Equal Multi Factor Dividend Market Cap Price U.S. equity ETFs

equivalent alpha), which represents a significant improvement in portfolio efficiency for a retiree. Unlike traditional alpha, which can be hard to predict and is a zero-sum game, we find that Gamma (and Gamma

changes over the past few years. Traditional media such as television, newspaper, magazine and radio has been in steady decline, while Out-of-Home (“OOH”) and online/digital media have become the go-to

Centre (SBPAC). This is to encourage Thai people of Chinese descent in such provinces to celebrate Chinese New Year similar to Thai Buddhist and Muslims in case of traditional and religious holiday

to extend our aspiration to become “Customers’ Life Platform of Choice”, meaning the most-preferred platform that can meet customers’ needs in every aspect of their lives. To this end, we work to