total revenue for the year ended 31 December 2018 increased 23.11% from the last year, the Company increased its content acquisition to support the growth of the business and the fact that in 2018 the

June 2018: Four additional Projects for Sansiri JV. The Company acquired 50% of the total ordinary shares in 4 subsidiaries of Sansiri Public Company Limited (Sansiri) at a total price of THB 75.5mn. As

Ordinary Shares (Million Shares) * 947.96 - 1,046.86 - (98.90) (9.45) - 5 - Year 2017 Year 2016 Increase / (Decrease) Description Million Baht % of Sales Million Baht % of Sales Million Baht % 6-Month Period

the total of 90% of NU shares) NU owns the university license and operates Nation University. Relationshi p (1) ordinary buyer who does not have any relationship with NMG or (2) buyer who is considered

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...

issuing 200,000,000 newly-issued ordinary shares with a par value of Baht 1.00 per share in order to accommodate the allocation of the newly- issued ordinary shares which are 1.) to allocate 100,000,000

12.47 9.71 1.89 NP 411.61 9.87 392.03 9.52 19.58 4.99 EPS (Baht per Share) * 0.43 0.39 0.04 10.26 Weighted Average Number of Ordinary Shares (Million Shares) * 947.96 997.41 (49.45) (4.96) Return on

) EBIT 145.81 12.74 149.40 13.67 (3.59) (2.40) NP 115.58 10.09 116.50 10.66 (0.92) (0.79) EPS (Baht per Share) * 0.12 - 0.12 - - - Weighted Average Number of Ordinary Shares (Million Shares) * 947.96

- - Weighted Average Number of Ordinary Shares (Million Shares) * 947.96 947.96 - - - 5 - Description Year 2018 Year 2017 Increase / (Decrease) Million Baht % of Sales Million Baht % of Sales Million Baht % 9

due to the Company increased its content acquisition to support the growth of the business and the fact that in 2018 the Company organized its annual event in the third quarter (during August) while in