– Morning vs Afternoon) Pi,t is the price change for period i on day t. Pt is the daily price change 14 Price Discovery Process Trading Session All Sample 2018 2019 2020 2021 MORNING WPC Call auction 14.80

Microsoft Word - Clarification of Change 20%_Q4'18 Clarification on Percentage of Change More Than 20% The consolidated financial statements of Nation International Edutainment Public Company Limited

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Microsoft Word - Clarification of Change 20%_Q4'19 Clarification on Percentage of Change More Than 20% The consolidated financial statements of Nation International Edutainment Public Company Limited

Microsoft Word - Clarification of Change 20%_Q2'20 Clarification on Percentage of Change More Than 20% The consolidated financial statements of Nation International Edutainment Public Company Limited

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Microsoft Word - Clarification of Change 20%_Q2 '18 Clarification on Percentage of Change More Than 20% The consolidated financial statements of Nation International Edutainment Public Company

Microsoft Word - Clarification of Change 20%_Q3'18 revised Clarification on Percentage of Change More Than 20% The consolidated financial statements of Nation International Edutainment Public Company