export sector has expanded well from the economic recovery of trade relevant countries. Beside, company and its subsidiaries recorded the profit sharing to non-controlling interest in a subsidiary by Baht

invitation Attachment : 1. Information Memorandum on Asset Disposition and Connected Transaction Dear Sir, The meeting of The Board of Directors of Thai Wacoal Public Company Limited no. 8/2018, held on March

22.16% Retained earnings Legal reserve 74.90 3.28% 74.90 3.19% Un-appropriated 485.98 21.33% 468.04 19.96% Non-controlling interest of the subsidiary 203.14 8.92% 220.80 9.41% Total shareholders’ equity

Retained Earnings. As at 30 June 2018, the Company’s Debt-to-Equity ratio was 0.78x, increased from 0.70x at the end of 2017, while the Net Interest-bearing Debt-to-Equity ratio was 0.64x at the end of

-22.55 -17.2% Profit Sharing for non- controlling interest of a subsidiary company -14.47 -15.85 1.38 -8.7% -28.05 -28.45 0.40 -1.4% Net profit for the company and its subsidiaries 37.30 56.05 -18.75 -33.5

Baht 514.9 million from Baht 14,049.3 million at the end of 2018, mainly decreased from adopting new accouting standard (TFRS 15) in Retained Earnings. As at 30 September 2019, the Company’s Debt-to

end of 2018, mainly from the increases in retained earnings net of dividend paid in 2Q19. Net Debt to Equity Ratio1 As of 30 September 2019, the interest-bearing debt of the Company stood at THB

capital 383.00 17.99% 383.00 16.33% Premium on stock 519.67 24.41% 519.67 22.16% Retained earnings Legal reserve 75.07 3.53% 74.90 3.19% Un-appropriated 410.37 19.27% 468.04 19.96% Non-controlling interest

Osotspa Public Company Limited Management’s Discussion and Analysis (MD&A) Q1’20 Consolidated Financial Results 12 May 2020 Q1’20 Management Discussion & Analysis Page 1/6 Financial Highlights

of Associates and Joint Ventures according to TFRS 16 accounting starndard despite an increase in Retained Earnings of Baht 102.6 million. 26,583 14,419 12,164 26,419 12,859 13,559 Total Assets Total