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...

0.42 0.45 0.43 Interest coverage times 227.59 95.03 249.18 Dividend payout (%) 55.68%* 67.84% 57.60% * Pending for approval from the 2018 annual shareholders’ meeting Operating results for the year 2017

wide-coverage distribution that reaches almost all regions of Vietnam will help expand the Company’s business in Vietnam. 1,533 1,741 1,760 1,507 1,515 1,370 1,500 1,531 110 143 161 117 118 61 78 28 0 20

markdown of about 1.8% of sales. Cost of Sales and Gross Profit The gross profit margin in 1Q19 of 21.1% declined Q-o-Q and Y-o-Y due to the effect of an annual selling price adjustment, a change in foreign

Company increased the project cost estimation because of the problem of delay in handover of work area by the employer, overlapping tasks of the employer and changes and adjustment of the construction

to SPP Intelligence Co., Ltd. (the “Purchaser”) at an approximate price of Baht 1.80 per share, amounting to the total of Baht 9,000,000 or the price after adjustment according to the statement of

) (129) (217) 68% 86% (393) (485) 23% Administrative expenses (228) (281) (367) 31% 61% (727) (935) 28% Gain (losses) on exchange rate (60) (349) 312 (189%) (622%) (121) 216 (279%) Fair values adjustment

decline in the price of copper used in the production process helped reduce the cost of goods sold, despite an annual adjustment in selling price. Administrative and Selling Expenses Selling, general, and

increased due to the Company’s price adjustment with respect to OEM sales during the 1st quarter of 2020 and the Bath depreciation during the 2nd quarter of 2020. For the first 6-month period of 2019 – 2020

and changes and adjustment of the construction design, work suspension or delay due to change in construction design. Many projects are gradually completed. Concurrently, many new projects have been