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...

and new joint venture that still not recognize income Please be acknowledged accordingly, Yours truly, (Mr. Sithipon Ratanaporn) Chief Financial Officer

_________________________________ (Ms. Piyaporn Phanachet) Director and Chief Executive Officer

. Sincerely yours, U City Public Company Limited ________________________________ (Miss Piyaporn Phanachet) Chief Executive Officer

accordingly. Sincerely yours, Prasong Adulratananukul Chief Executive Officer Authorized Signatory

shareholders’ equity was thanks to the booking of operating profit. Yours sincerely (Mr. Teerawat Srinakarin) Chief Executive Officer

same period last year by Baht 55.03 million and Baht 50.70 million or 15.30% and 12.53% respectively. Yours sincerely, (Mr. Chuangchai Nawongs) Chief Executive Officer and President

Sincerely, (Mrs. Yupaphan Ekasittikul) Chief Financial Officer

of THB 124.3 Mn. Please be informed accordingly, Yours Sincerely, (Mrs. Yupaphan Ekasittikul) Chief Financial Officer

combination under common control of THB 13.4 Mn which was itself a result of the Group’s previous restructuring. Please be informed accordingly, Yours Sincerely, (Mrs. Yupaphan Ekasittikul) Chief Financial