Revenue 188 264 40% 620 938 51% Cost of Sales (76) (98) 29% (265) (346) 31% Gross Profit 112 166 48% 355 592 67% Other income 3 6 100% 8 15 88% Selling and Distribution Expenses (57) (82) 44% (213) (289) 36

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 12. Borrowings 13. Securities sold under repurchase agreements 14. Payable to Clearing House 15. Securities business payable and derivatives business payables 16. Debentures and debt instruments 17

Company only (20..) (20..) (20..) (20..) Liabilities 12. Borrowings 13. Securities sold under repurchase agreements 14. Payable to Clearing House 15. Securities business payable and derivatives business

) Consolidated The Company only (20..) (20..) (20..) (20..) Liabilities 12. Borrowings 13. Securities sold under repurchase agreements 14. Payable to Clearing House 15. Securities business payable and derivatives

the issuer to support sufficient distribution to retail investors.The proposed amendments have taken into account stakeholders? opinions received from the hearing on the guiding principles conducted in

Certificate of Deposit 293,786 495,892 (202,106) (40.8) Interbank and money market items, net 16,898,671 17,339,111 (440,440) (2.5) Liabilities payable on demand 426,093 377,326 48,767 12.9 Financial

the MRT Purple Line Project by novating M&E accounts payable to long term loan from financial institutions totaling Baht 13,619 Million which is the same amount that the Company has the obligation. This

novating M&E accounts payable to long term loan from financial institutions totaling of Baht 13,619 Million which is the same amount that the Company has the obligation. This novation has no effect to the

Company and its subsidiaries immediately recorded commission as selling expenses when the transaction occurred. 2) In case of free transfer fee and common area fee (if any) are considered payable to