physical count of inventories of company and subsidiary as at December 31, 2016 by DIA International Audit. The Company net profit of 332.37 million baht which increase 253.44 million bath or 321% by

No. SN.LK. 62/08.0003 August 9, 2019 Subject : Management Discussion and Analysis Quarter 2 ending 30 June 2019 To The President The Stock Exchange of Thailand Indara Insurance Public Company Limited

shareholders’ equity of the Company and its subsidiaries were Bath 3,652.78 million, decreased by Baht 155.57 million or 4.08% from 31 December 2019 due to a decrease in market price of investment in available

the year ended December 31, 2016 was 575.33 million Baht). The company recorded export sales of 330.07 million Baht which decrease from the same quarter last year totaling 23.00 million Baht or 6.51

to support hire purchase loan expansion and maintained the company interest spread. For the provision expenses for the fourth quarter of 2018 was 92.00 million baht, a decrease from the same period of

of borrowing to support hire purchase loan expansion and maintained the company interest spread. For the provision expenses for the fourth quarter of 2017 was 116.67 million baht, a decrease from the

support hire purchase loan expansion and maintained the company interest spread. For the provision expenses for the fourth quarter of 2017 was 116.67 million baht, a decrease from the same period of the

cost of borrowing to support hire purchase loan expansion and maintained the company interest spread. For the provision expenses for the fourth quarter of 2018 was 92.00 million baht, a decrease from the

2.92 per cent, due to the decrease of sales. 2. Selling expenses In Q1/2019, the Company incurred selling expenses of Baht 4.97 million, going down year-on-year by Baht 4.23 million or 45.96 per cent

, finance expenses decreased from THB 12.8 Mn to THB 3.6 Mn respectively, a decrease of THB 9.2 Mn or 71.9%. 5 Zen Corporation Group Public Company Limited 662 Soi Onnuch 17, Suanluang, Bangkok 10250 THAILAND