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 Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 Successful commercial

last year. Meanwhile, imports of Hot Rolled Steel decreased by 14% and Domestic Production increased on 11.5% compared to same period last year. The trade war between USA-China, high imports due to

18.90% increased, while sale revenue only increase by 11.06% results in less profit margin compare to the year 2017 at 24.25 million baht, due to the unstable of production cost of new production line

and nearly to the end of the project. 2. The consolidated gross profit margin was 17.4%, increased from the previous year at 13.1% since the company has control of production costs that make the

Discussion and Analysis EXECUTIVE SUMMARY SIGNIFICANT EVENTS ABBREVIATION & OUR PROJECTSFINANCIAL PERFORMANCE FINANCIAL POSITION PROGRESS OF PROJECTS UNDER CONSTRUCTION EXECUTIVE SUMMARY 1 MOU signing with

.) Export sector was impacted from country lock down of the partner countries due to the discontinuance of production chain 3) Government spending and investment shrinkage due to the delay of government

pressuring net profit margin 2) higher depreciation resulted from additional investments in plant, machinery, and office renovations to improve production efficiency and reduce production cost, in order to

(AI) to ensure real time performance controlling and tracking and to optimize energy production decision-making by using collected data; for example, meteorological and solar irradiance data can be used

Contract manufacturing business of ready-to-drink milk and pasteurized fruit juices saw its income increase by Baht 193.26 million, or 38%, due to more production orders from the customers, the Company had