between the unitholders and the management company shall not contain: (a) any term indicating that the infrastructure mutual fund has the right to recall the returning capital or benefits rightfully

2016 2017 DW Trading Value (Mil. THB) Index DW Trading Value (Mil. THB) Recall: Option price consists of 2 components. Intrinsic value + Time (betting) value 5 Factor Calls Puts Note Asset price (S

investment in last year. The Company maintained healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.56 times. 2019 Outlook Company maintains 2019 outlook

backlog was THB 16,745mn, decreasing by 6.9% as compared to the end of 2018 of THB 17,981mn. Although the JVs had sturdy sales in The Line Wongsawang, The Line Ratchathewi and The Line Phahonyothin Park

healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.10 times. 2018 Outlook Maintain 2018 forecast, yet adjust down new hotels opening • Despite Boat

liquidity ratio was 1.35 times. The Company maintained healthy financial position and sturdy debt service capacity with interest-bearing debt-to-equity ratio of 0.09 times. 2019 Outlook 2018 was the final

and small business loan. Although, the non-performing loans affected profitability, but the Thai commercial banking system still remained sturdy. Credit Rating Land and Houses Bank Public Company

loan. Although, the non-performing loans affected profitability, but the Thai commercial banking system still remained sturdy. Credit Rating Land and Houses Bank Public Company Limited is assigned the

เพิ่มขึ้น อยางไรก็ดี ผูลงทุนสถาบันสวนใหญยังคํานึงถึงการทําหนาที่ของการเปนผูบริหารจดัการ ทรัพยสิน ซ่ึงควรพิจารณาใชสิทธิในการออกเสียง จึงทําใหมีการเรยีกคืนหลักทรัพยที่ใหยืมดวย (recall for

-lending activities, in ways which reflect the guidelines in the ICGN’s Securities Lending Code of Best Practice, including a willingness to recall lent stock ahead of relevant shareholder meetings. 16 4.5