No. MVP038/2020 May 15, 2020 Subject: Management Discussion and Analysis for the three - month period ended 31 March 2020 To: President and Manager The Stock Exchange of Thailand M Vision Public

2018 (“Q2 2018”). The details are as follows: Executive Summary The operating results of the second quarter of the year 2018, for the three-month period ended 30 June 2018 (Q2 2018), the Company

three-month period ended June 30, 2018. The Group's sales and net profit totaled Bt3,643.3 million and Bt558.0 million, respectively, compared to Bt3,663.5 million and Bt672.3 million in the second

auditor . The results of operations are as follows . The Company's performance For six months As of June 30, 2018, the Company had a net loss of Baht 30.80 million, compared with the same period of the

September 2018 (“Q3 2018”). The details are as follows: Executive Summary The operating results of the third quarter of the year 2018, for the three-month period ended 30 September 2018 (Q3 2018), the Company

Comprehensive Income – Consolidated (Million Baht) For -month period ended June , Increase (Decrease) % For 6-month period ended June , Increase (Decrease) % 2020 2019 2020 2019 Revenues from sales and services

the government. This is a period starting from the end of March 2020 until the beginning of May 2020. However, during that period The Company has prepared a plan for dealing with the situation. This has

period ended June 30, 2017. The Group's sales and net profit totaled Bt3,663.5 million and Bt672.3 million, respectively, compared to Bt3,578.6 million and Bt811.8 million in the second quarter of 2016. A

period ended September 30, 2017. The Group's sales and net profit totaled Bt3,602.0 million and Bt612.4 million, respectively, compared to Bt3,515.2 million and Bt786.0 million in the third quarter of 2016

decreased by 578.68 million baht or 43.91% from the same period last year. This is a result of the decrease in production of cars and motorcycles following the consumer demand. 2. The cost of sales and