No. 256111002 14 November 2018 Subject: Management Discussion and Analysis for the third quarter ended 30 September 2018 To: President The Stock Exchange of Thailand M Vision Public Company Limited

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

of 22.13% which is the maximum transaction value based on the first calculation basis i.e. Net tangible assets criterion comparing with Net tangible assets of the Company and its affiliates, details as

Thailand Enclosure: The Information Memorandum regarding the Disposition of Assets By virtue of the resolution of the Board of Directors’ meeting of Pace Development Corporation Public Company Limited (the

lower risk from 2017 as follow: DuPont Analysis 2016 2017 2018 Return on Equity or ROE 15 (%) 16.26 14.55 8.37 Operating Profit Margin 12 (%) 11.74 12.12 8.29 Total Assets Turnover 18 (times) 1.09 1.03

2018 as follow: DuPont Analysis 2017 2018 2019 Return on Equity or ROE 15 (%) 14.55 8.37 9.08 Operating Profit Margin 12 (%) 12.12 8.29 9.13 Total Assets Turnover 18 (times) 1.03 0.96 0.93 Equity

6.85 932.66 5.77 1,013.27 5.83 Inventories 3,173.50 21.19 3,653.33 22.61 3,608.19 20.78 Other Current Assets 16.27 0.11 18.15 0.11 14.10 0.08 Total Current Assets 4,808.89 32.11 4,915.01 30.41 5,371.82

investment in assets relating to infrastructure (infrastructure fund), whether in the form of a company, trust, or any other form; 1 Amended by the Notification of the Office of the Securities and Exchange

from operation only accounted for 70.73 million. 2. Discussion of Financial Position 2.1 Assets As of September 30, 2019, total assets on consolidated basis amounted to THB 2,409.99 million dropped from

. 20/2551 Re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets, and the Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of