No. SN.LK.63.05.0006 May 14,2020 Subject Management Discussion and Analysis Quarter 1 Ending 31 March 2020 To The President The Stock Exchange of Thailand Indara Insurance Public Company Limited

. Engineering service (“EN”) had an increase in gross profit for Baht 20 million because of no revision of estimated project cost of construction and electrical engineering. 2. Management Service (“MS”) had a

ที่ กบร No. Lor Gor. 016/2020 May 13, 2020 President The Stock Exchange of Thailand Re : Clarification on the company’s over 20% change in its operating results for 2nd quarter, 2020 Dear Sir, Thai

Acquisition/ Disposition Transaction Date % Group of Held Before Acquisition/ Disposition 2 % Group of Held Acquisition/ Disposition 2 % Group of Held After Acquisition/ Disposition 2 Remark 3 File No T นาง ปณิ

2. Mr. ANOND LEKASTHAPON VICE CHAIRMAN OF THE BOARD OF DIRECTORS NO. 1 3. Mr. UTHAI KLANGPIMAI VICE CHAIRMAN OF THE BOARD OF DIRECTORS NO. 3 4. Mr. CHAIWIWAT LEENABANCHONG MANAGING DIRECTOR / DIRECTOR

Before Acquisition/ Disposition 2 % Group of Held Acquisition/ Disposition 2 % Group of Held After Acquisition/ Disposition 2 Remark 3 File No TIP กองทุนบำเหน็จบำนาญข้าราชการ Disposition Stock 7.3727

Before Acquisition/ Disposition 2 % Group of Held Acquisition/ Disposition 2 % Group of Held After Acquisition/ Disposition 2 Remark 3 File No PRG THANACHART CAPITAL PUBLIC COMPANY LIMITED Acquisition

Before Acquisition/ Disposition 2 % Group of Held Acquisition/ Disposition 2 % Group of Held After Acquisition/ Disposition 2 Remark 3 File No STOWER CAPITAL ENGINEERING NETWORK PUBLIC COMPANY LIMITED

Before Acquisition/ Disposition 2 % Group of Held Acquisition/ Disposition 2 % Group of Held After Acquisition/ Disposition 2 Remark 3 File No LHK Miss Voravaran Akarapongpisak Disposition Stock 5.3422

the past 300 days by The Labor Protection Act (No.7), B.E. 2019. - Cost of finance decreased from 24.38 Million Baht from 2018 to 22.27 Million Baht in 2019 decreased 2.11 Million Baht due to decreased