increasing their representation. “The key to women’s economic empowerment is threefold. It includes inspiring young women to work in new businesses including the technology industry, investing in social

the Group to expand its media offerings on a massive scale. MANAGEMENT DISCUSSION & ANALYSIS 2019 11 Feb 2020 MASTER AD PUBLIC COMPANY LIMITED 2 INTERNATIONAL MARKET – EXPANDING INTERNATIONALLY ACROSS

opening the first “After You Marketplace” standalone store in Q1/2022 at Pradipat, the Company opened 3 more standalone branches in Q2/2022, in order to meet changing customer demand and behavior including

year. This is result from sale volume was increasing and the world steel price trend increasing from the same period of last year. 2. Cost of goods sold and service of Baht 2,340.92 million or 93.22 % of

has a total of 51 operating branches, including 11 new branches comparing to December 31 2021 which consisting of 6 new dessert cafés and 5 new AU marketplace. In addition, by mid 2023, the Company

volatility is a measure of how much the marketplace expects asset price to move for an option price. • In other words, it is the volatility that the market implies. Realized volatility is the actual volatility

After You Market Place Currently the Company have opened a total of 4 standalone After You Marketplace stores, and the Company plans to open an additional store by the end of this year at Cosmo Bazaar

of last year. This is result from sale volume was increasing and the world steel price trend increasing. 2. Cost of goods sold and service of Baht 9,279.39 million or 95.72 % of sales and service

year. This is result from sale volume was increasing and the world steel price trend increasing from the same period of last year. 2. Cost of goods sold and service of Baht 2,317.11 million or 96.44 % of

increasing of 39.56% compared to the same period of 2019. The main reasons were:  Total revenue from circulation was Baht 17.43 million, increasing of 53.59% from the same period of 2019. The revenue of