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

(collectively as the “Tender Offer Preparers”). In this regard, the Tender Offeror would like to disclose additional information on the Tender Offer for the Securities of the Business hereto. Yours Sincerely

. The outcome of the lawsuit involving Saraburi and the exercise of this right have impact neither on the Company’s proportionate interest in NWR-SBCC Joint Venture nor the operation of this project with

, which helped support investors’ confidence. This is despite the fact that this factor, coupled with the stable policy rate, resulted in increased volatility in money and capital markets as well as foreign

. Compared with the Q3–2017, the total revenue decreased significantly by 579.8 MB or representing a decreased of 35.5%, this is because the Company received quite a few projects from the governmental sector

year 2018. This enable the company to recognize the sales revenue. However, income from the sale of townhome amounts 50.68 Million Bath, back up 42.11 Million Bath, or up by 491.37% especially The Rich

previous year amounting to Baht 553 million. It was due to the projects that occurred in the previous year were 2 large projects while the projects that occurred in this year were many small to medium

Bath 2.50 per share and total amount of Baht 2,750,000 (Two million seven hundred fifty thousand). This acquisition of Associate Company’s additional ordinary shares will be maintain shareholding

100 24,500 shares controlling po rolling power ders’ Agreeme y pursuant to t In this regard, hat such ente y whereby Aro nvestment an s. The Board o pany and adv will create s business amon ompany to op

the Com invest in the which operates price of Baht s of which are ed ordinary sh ase price of Ba NV will invest rld. In this reg Around the Wo in the Shareh Company pur Afte 5,000,000 50,000 ord 1. Mr