personnel expenses including additional employment in a newly established subsidiary, gradual improvement of employee benefits as well as higher R&D expenses. All above activities have been prepared for the

impact of the one-month moratorium on digital advertising as the Company still needed to bear associated costs. VGI is now successfully established in the market as an integrated and increasingly digital

December 31, 2017 Page 3 On June 12, 2017, the Company, BTS, and STEC jointly established companies namely Northern Bangkok Monorail Company Limited (“NBM”) and Eastern Bangkok Monorail Company Limited (“EBM

the total assets with 81.71 percent not yet due for payment. The Corporate Group has established policy for setting provision or allowance for doubtful debts which is based on the analysis of accounts

subsidiaries’ hotel assets have aged after a certain period of time, which potentially causing an adverse impact on operational performance and profitability. Consequently, the Company has established a plan to

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...

Republic of China, established to support the Company’s future overseas investment. - 24M Technologies Inc., a company which conducts research and development of batteries for power storage for the

Chinese companies. On the other hand, to monetize our largest mobile customer access, AIS has established an insurance broker company to be a point of online insurance sale and utilized Rabbit LINE Pay as a

implementation. Since then, the Company has started to gradually re acquire the old customers who had established alternative supply sources through competitors or resorted to cheaper imports. Overall Domestic HRC

19.56 percent of the total assets with 87.38 percent not yet due for payment. The Corporate Group has established policy for setting provision or allowance for doubtful debts which is based on the