use “shortcuts” in their investment decisions. • Brown and Yang (2016) analyze horse race betting data and find greater propensity to quote odds at round numbers, which they suggest is reflective of

EBITDA per ton of $141 vs $87 in 1Q LTM 2017  The Asian business is on the path to recovery with 1Q 2018 LTM Core EBITDA per ton of $75 vs $71 in 1Q LTM 2017, current earnings not yet reflective of the

quarter production and sale volume should not be a reflective to volume for the remaining period in 2019. The Company has already embarked on a maintenance programme last year, which includes, improved

created by on-going restructuring as customers looked for higher con- tracted volumes due to risk that the restructuring would result in planned capacity not coming on line. This is reflective of the

created by on-going restructuring as customers looked for higher con- tracted volumes due to risk that the restructuring would result in planned capacity not coming on line. This is reflective of the

regions on LTM basis; EMEA 3Q18 EBITDA per ton decreased YoY, negatively impacted due to startup/ramp-up of Egypt PET and Portugal PTA.  Core ROCE 14%, up from 12.4% in 3Q17 LTM is not fully reflective of

value of the asset and not the current price of the asset, thereby rendering the asset’s book value possibly not being reflective of a fair price of the asset. The Adjusted Book Value Approach, on the