personnel expenses including additional employment in a newly established subsidiary, gradual improvement of employee benefits as well as higher R&D expenses. All above activities have been prepared for the

Infrastructure RMF 22,779,700 1.26 7. Ms.Natawan Piyamahachot 14,641,500 0.81 8. Provident Fund EGAT’s employee registered by BBL 12,701,900 0.70 9. Ms.Ornyaporn Kanjanajaree 11,800,000 0.65 10. Thai NVDR Co., Ltd

% 624.35 27.49% Non-current liabilities Provision for employee benefit 34.00 1.59% 31.07 1.36% Total non-current liabilities 34.00 1.59% 31.07 1.36% TOTAL LIABILITIES 530.47 24.72% 655.42 28.85% SHAREHOLDERS

17.09 million, finance lease payable has net increase Baht 2.07 million, from purchase 2 new motor vehicles for executives, provision for long-term employee benefits has increase Baht 1.88 million and

% - Other current liabilities 510 732 808 (30.3%) (36.9%) Provision for long-term employee benefit 1,337 1,459 1,449 (8.3%) (7.7%) Other non-current liabilities 507 567 485 (10.6%) 4.5% Total liabilities

long- term employee benefits and the provision for decommissioning. Cash and Cash equivalent 62 74 403 355 57 62 505 596 70 50 1,097 1,137 Dec-18 Sep30 Sep 1931 Dec 18 6% 37% 5% 6% 46%Land, Property and

unearned franchise revenue will be recognized as revenue over the 5-year period) and the increase in the provision for long- term employee benefits and the provision for decommissioning. (Note: Unearned

which operate in February 10, 2018 (last year has expense from registering the company only), In addition, the Group have adjusted employee and management remuneration as usual every year. As a result

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...

Liabilities 2,883.74 15.62 2,988.18 16.48 (104.44) (3.50) Long-Term Loans 1,960.00 10.62 1,760.00 9.71 200.00 11.36 Provision for Employee Benefit 530.06 2.87 520.12 2.87 9.94 1.91 Deferred Rental Income 113.64