UKEM010/2019 May 13, 2019 Subject : Management Discussion and Analysis of Business Operation results for

in Q2/2017. (Unit: Thousand Baht) Revenues Gross Profit Selling Admin Net(loss) profit Q2/17 222,225 80,232 19,957 22,698 (293,091)*** Q2/18 221,202 78,238 21,637 19,916 35,335 Change -1,023 -1,994

business (Net written premium). A fall in Loss Ratio, together with a rise in earned premium and sales, resulted in an overall underwriting profit (before income tax expense) of THB 30.41 million, an

Company Limited and its subsidiaries (hereafter referred to as the “Company”) would like to clarify the Company’s operating results of the quarter 1/2020 ended March 31, 2020. The Company had the net profit

THB million % THB million % Sales THB million % Sales THB million % Revenue from Sales 4,544.26 100.00 4,492.38 100.00 51.88 1.15 12,856.87 100.00 12,205.06 100.00 651.81 5.34 Gross Profit 713.64 15.70

Baht 81.76 million, whereas net profit of Baht 161.84 million in the same period of prior year, mainly results from; 1. Revenue from sales increased by Baht 103.76 million because the Company has Revenue

%) (40.5%) (38.7%) Net profit 104 18.8% 144 18.7% 145 18.4% 0.6% 39.0% Total revenue FSMART’s total revenues from core business was Bt788mn, an increase of 42.1% YoY, mainly from the increasing of usage

%) Net profit 104 18.8% 144 18.7% 145 18.4% 0.6% 39.0% Total revenue FSMART’s total revenues from core business was Bt788mn, an increase of 42.1% YoY, mainly from the increasing of usage amount and the

gross profit from event organizer equivalent to 86.1% and 92.5% of total gross profit, respectively. Revenue from event organizer decreased by 9.4 million Baht or decreased by 12.7% when compared to the

% lower than 2016 6.8% due to revenues from lending business, which has a high margin in Gross Profit level, was decline. Selling and Administrative Expenses The Company incurred selling and administrative