Offeror : (1) CEDAR HOLDINGS LIMITED (2) ASPEN HOLDINGS LIMITED | Date of submission of the Statement of Intention : 01/02/2006

Offeror : GULF ENERGY DEVELOPMENT PUBLIC COMPANY LIMITED | Date of submission of the Statement of Intention : 28/06/2021

Offeror : GULF ENERGY DEVELOPMENT PUBLIC COMPANY LIMITED | Date of submission of the Statement of Intention : 21/07/2021

Offeror : GULF ENERGY DEVELOPMENT PUBLIC COMPANY LIMITED | Date of submission of the Statement of Intention : 11/08/2021

risk free rate SD is standard deviation 3.1.2 Minimum Variance 3.rd or min 2 2 2 2 2 1 1 2 2 1 2 1 2 12... 2 ...p Minw w w w     = + + + + is weight of asset is volatility is correlation

and management services provided to other companies. Proportion of the Main Income of the Company and Subsidiary Companies Unit: Million THB Type of Income Q3/2019 Q3/2018 %Variance 9 Months 2019 9

service and other services. 3 Table 1: Proportion of Main Income of the Company and Subsidiary Companies in Q1/2021 and 2020 Unit: Million THB Type of Income Q1/2021 Q1/2020 % Variance Note 1. Income from

., Graduate School of Development Economics, NIDA How to measure spillovers? 9  The VDs (𝜃𝑖,𝑗(𝐻)) represent the contribution of a one-standard deviation shock of Xj to the variance of the H-step ahead

be advanced in isolation (e.g., Hosseini and Kaneko, 2012; Jitmaneeroj, 2016a). The 10 effective solutions to CSR problems should make these three activities sustainable. Since CSR is a

Baht compared to net profit of 133.26 million Baht in the 1st quarter of 2020. The Company’s net profit has decreased by 18.87 million Baht or 14.09 %. However, the Company aware of the price fluctuation