No. MVP007/2019 8 August 2019 Subject: Management Discussion and Analysis for the 6-month period ended 30 June 2019 To: President and Manager The Stock Exchange of Thailand M Vision Public Company

accordance with Accounting Standard. Segmental performance 1. Expressway business The Company had revenue from Expressway business of Baht 2,300 Million, representing a decrease from the same quarter of the

period of the first quarter of 2020, amount of 147.5 million baht, or 6.1% from the total revenue, a decrease of 44.5 million baht, or 23.2%. VI Profit attributable to Equity holders of the Company The

Company had gross profit decreasing 28.64 percent that mainly caused by a decrease in sales revenue as aforementioned and the increase of cost of goods sold. The profit (Owners of the parent) amounted to

decrease of THB 127.9 Mn or 10.5%. The main Zen Corporation Group Public Company Limited 782/1 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND. Tel: 02-0195000 factors in the decrease was (1) decreased

Baht which had a Gross Profit Margin of 23.82%, decreasing from the same period of previous year which had a Gross Profit Margin of 25.42%. This decrease in Gross Profit Margin, Although the Company has

) The Company and subsidiaries had got the gross profit margin 24% of the quarter 2/ 2017 and the gross profit margin 40.95% of the quarter 2/ 2016 , 40% decrease of the same last year. Because of the

business of sales electricity and services of the Company. Total expenses for the three-month period ended March 31, 2019 reached Baht 104.58 million, a decrease of 6% from Baht 110.66 million for the same

cost 1,465.39 34.56 1,499.95 1,354.79 145.16 4. Net profit: the 3rd quarter of year 2018, the Company has net profit at Baht 62.91 million representing an decrease of 16.60% when comparing to the net

: Auditor’s Report and Financial Statement for the first quarter period ended March 31, 2020 UAC GLOBAL Public Company Limited ("UAC") would like to report the operating result of UAC according to the financial