shareholders structure as follows: LH Financial Group Public Company Limited Management Discussion and Analysis for the Second Quarter ended 30 June 2019 Page 3/21 Thailand's Private Sector Collective Action

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

strong across-the-board growth. The business sector remained challenged by new modes of competition amid the advancing digital age and the rapid pace of technological advancement, together with the

public investment and underpin private sector sentiment. Moreover, some production may be relocated to Thailand in response to US-China tariffs, particularly in sectors such as electronic and automotive

percent, driven mainly by a favorable growth of the global economy which positively impacts on export sector, an acceleration of public investment along with the progress of key investment projects and

environment of both the public and private sector remained weak, and private consumption, albeit growing steadily, slowed during the second half of the year. Meanwhile, the Thai economy in 2020 is expected to

during the COVID-19 pandemic dealt a severe blow to businesses and private sector employment. Only public spending continued to sustain the Thai economy. Regarding the Bank of Thailand’s monetary policy

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