, particularly in the export sector, the tourism sector, slowdown of private consumption and investment as well as the Baht’s ongoing appreciation. In 2020, Thailand economic growth will likely slowdown. There are

pandemic situation in Thailand is under well-controlled and businesses somewhat resume normal operation, economic recovery remains vulnerable from high unemployment rate, slowdown export, absence of foreign

The opinions of the Independent Financial Advisor on the connected transaction (For the purpose of translation only) 0 The opinions of the Independent Financial Advisor on the connected transaction by Thai Wacoal Public Company Limited Presented to Shareholders of Thai Wacoal Public Company Limited Prepared by 8 March 2019 This English report of the Independent Financial Advisor’s Opinions has been prepared solely for the convenience of foreign shareholders of Thai Wacoal Public Company Limited...

(from the sale of unused land) of Baht 5.43 - 3 - million, increase in processing expenses for export products of Baht 2.04 million, increase in service expenses of Baht 2 million but there was a decrease

% 2. ECONOMIC SITUATION Thai economy in Q2/2019 moderated from previous quarter. The global demand weaker from protectionist trade policies between the US and China, which effected to export sector

2017. Due to most of the sales were ex-work and decreased in export. Administration Expenses The Company and subsidiaries’ administration expenses for the 2nd quarter of 2018, was THB 20.96 million which

service expenses of Baht 0.72 million, increase in product packaging expenses of Baht 0.57 million, increase in fuel expenses of Baht 0.37 million, increase in processing expenses for export products of

, which decreased by THB 2.58 million or 61.54% from THB 4.26 million in the 3rd quarter of 2017. Due to most of the sales were ex-work and no export. Administration Expenses The Company and subsidiaries

the previous year, which decreased by 19.9 percent. The sales volume has decreased following the economic and export slowdown and the selling price has decreased in accordance with the intensive

supplies from Chinese exports, in which the various refineries rushing to export in accordance to the 2019 quota they had received within the year. As well as Indian export numbers growing significantly from