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

electronics and screens was steady. The automotive and oil related segments saw severe drops in off-take and for the first time we saw the shutdown of the retail segment which impacted our apparel demand. • Our

both pricing environment and handset campaigns despite lessen from previous year. Market was driven by postpaid acquisition via handset bundling package causing steady rise in blended ARPU throughout the

Bt574 from Bt635 in 4Q17 but stabilized from 3Q18. Regulatory fee was Bt1,420mn and accounted for 4.2% of core service revenue, steady from last quarter. Network OPEX was Bt7,366mn, increasing 47% YoY and

per ton (YoY) in an otherwise strong season. Figure 1: IVL Quarterly Core EBITDA (LTM) The steady improvement seen in IVL’s core earn- ings follows on from IVL’s consistent strategy of prudent

, diversified and steady cash flows, growing with a combined EBITDA of 18% YoY and 44% LTM 2Q19. The Integrated Oxides & Derivatives segment was negatively impacted by the extended shutdown into 2Q19 following

rates have remained steady.  Core EPS of THB 4.49, up 65% YoY, post 11.1% dilution from warrants exercise.  Operating Cash Flow of $1,037 million, despite higher working capital deployment due to start

and steady. Additionally, ThaiBMA offers discount on bond registration fee.? Vorapol said. All businesses either listed or non-listed firms are welcome to join the project launching event, free of

higher margins with production remaining steady  Strong improvement in the North American business with Core EBITDA per ton of $145 vs $121 in 1Q LTM 2017 and the EMEA business with 1Q 2018 LTM Core