granted an exemption from the Office with an approval of the Capital Market Supervisory Board: (1) shares issued or offered for sale by a parent company or a subsidiary company of the securities underwriter

the Office with an approval of the Capital Market Supervisory Board: (1) shares issued or offered for sale by a parent company or a subsidiary company of the securities underwriter; (2) certificates

in order to stimulate or reward the client to immediately [i] use offered services or [ii] invest in capital market products presented by the intermediary . “ institutional investor ” means an

the Ministry of Finance of Thailand, the Securities and Exchange Commission or the Office of the Securities and Exchange Commission have suggested investment in the offered securities; nor contain any

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

have been prepared and presented in accordance with TFRS, which differs in certain respects from IFRS. Certain principal differences between the requirements of TFRS and IFRS, as they relate to us, are

“gain on loans purchased” are presented as two separate line items in the audited financial statements for the years ended December 31, 2016, 2017 and 2018. However, these items are presented as a

the revenue of the Q4-2018 decreased form the Q4-2017. Financial Analysis of the Company As at December 31, 2018, the Company financial position change from that of December 31, 2017, is presented and

Equity Method and separately presented under share of profit from investment in a joint venture. Hotel business recorded a revenue growth of 19% YoY in 3Q17 and 10% YoY in 9M17. During 2016, Phi Phi

Q4-2016 decreased. Financial Analysis of the Company As at December 31, 2017, the Company financial position change from that of December 31, 2016, is presented and explained the changes in the below