production line of flexible packaging and the machine setup process is not complete and new employee lack of expert skill and the use of raw material is inefficient, cause a high production cost. 3. Selling

the paid up ordinary shares of WPS. The purchase price Baht 9.645 per share, totaling Baht 407.50 million. The Company has the right to inspect and accept a production related inventory, such as raw

 Trade and other receivables 0.52 18.92 Total current assets 0.56 19.97 Non-current assets  Pending expenses of directors 35.00 -  Net equipment 0.06 243.66  Insurance 0.46 0.46 Total non-current assets

increased to an all-time high from the past 3 years, as well as market sentiment fearing for the prospect of trade war after the US increased import tax of various raw materials, which would inadvertently

% 691.7 867.7 176.1 25.5% Revenues from Insurance 32.6 45.1 12.5 38.5% 32.6 82.4 49.8 152.9% Total Revenues 449.0 586.1 137.1 30.5% 849.1 1,132.9 283.8 33.4% Cost of services (155.9) (229.2) (73.3) 47.0

collection of purchased accounts receivables 322.7 350.7 8.7% 532.0 691.7 30.0% Revenues from Insurance - 32.6 - 32.6 Total Revenues 379.3 449.0 18.4% 651.2 849.1 30.4% Cost of services (144.4) (155.9) 8.0

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

represent the Company's acquisition of assets 01/04/2021 19:15 Rabbit Cash Company Limited as a subsidiary of the Company 04/03/2021 17:31 Subsidiary acquired the entire shares of Asia Direct Insurance Broker

of unit-linked insurance policies. He did not deliver the money to the company and spent the money for his own interest instead. As a result, the clients’ insurance policies and the protection

Million for Last Year Quarter mainly due to increase in loss on devaluation of Finished Goods and Raw Material by THB 158 Million and lower Foreign Exchange Gain by THB 95 Million compared to Last Year