the company (3) Details of the connected parties and their relationship nature : Director (Mr. Thamarat Chokwatana) is a major shareholder of International Commercial Coordination Co., Ltd., by holding

attend nor were eligible to cast votes at said meeting. Name Position Thai Wacoal Plc. Sahapat Real Estate Co., Ltd. Mr. Thamarat Chokwatana Director Director .../4 - 4 - (9) Opinion by The Board of

Wacoal Plc. Exact Q Co., Ltd. Mr. Thamarat Chokwatana Director and Executive Director President and Vice Executive Chairman of I.C.C. International Plc. (ICC) which ICC is major shareholder in Pan Asia

parties and relationship nature : Close relatives of director (Mr. Boonsithi Chokwatana is Mr. Thamarat Chokwatana’s father) is a major shareholder in I.D.F. Co., Ltd. by holding 30.22% (4) General

., Ltd. as of April 30, 2018 Name No. of shares % 1. Mr. Boonsithi Chokwatana 180,000 30.00 2. Mr. Boonkiet Chokwatana 120,000 20.00 3. Mr. Narong Chokwatana 60,000 10.00 4. Mr. Thamarat Chokwatana 60,000

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...