firms Unlike the other Greeks, implied volatility was unknown. 6 t Implied volatility Realized volatility t + 1 • It was calculated by reverse engineer process from the option price at time t. • Implied

]St0 HC = Ct1−[Delta]St1 DeltaBS = f ( St0, K, T, r, σ ) Historical statistic : Standard deviation Implied statistic : Min ∑ (Cmarket – C theoretical) 2 DeltaWM = f ( St0, K, T, r, μ, σ* ) σ* = f (r, μ

real estate, in the period for 6 months ended June 30, 2016 and 2017, accumulated amount of 991.3 million baht and 2,024.2 million baht respectively, or 97.14% and 98.53% from the total revenue, an

first quarter of 2019, accumulated amount of 3,000.4 million baht, or 86.9% from the total revenues, an increase of 1,013.7 million baht, or 51.0% compared on the same period from last year. As a result

, 2018, accumulated amount of 5,612.6 million baht, or 84.3% from the total revenues, an increase of 3,588.4 million baht, or 177.3% compared on the same period from last year. As a result of that The

respectively. An increase of 788.5 million baht, or 89.93%, compared on the same period from last year. In the period of 9 months ended September 30, 2016 and 2017, accumulated amount of 1,868.1 million baht and

period of the prior year as detailed hereunder, 1. Revenues from disposals of real estate, in the period of the first quarter of 2018, accumulated amount of 1,986.7 million baht, or 80.3% from the total

period for year ended December 31, 2018, accumulated amount of 14,523.1 million baht, or 87.3% from the total revenues, an increase of 5,758.2 million baht, or 65.7% compared on the same period from last

from sales of real estate, in the period of the six-month period ended June 30th, 2019, accumulated amount of 5,826.2 million baht, or 85.8% from the total revenues, an increase of 213.6 million baht, or

period of the prior year as detailed hereunder, 1. Revenues from sales of real estate, in the period for nine-month ended September 30, 2018, accumulated amount of 8,837.2 million baht, or 82.6% from the