Contents Page Executive Summary A 1. Overview of Operating Environment 1 1.1 Global and Thai Economy in the Second Quarter of 2017 1 1.2 Banking Industry and Competition 2 1.3 Regulatory Changes 3 2. Risk

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...

customer experience. We have collaborated with our partners, cross-industry and cross-border, to create ecosystem partnerships under the “KASIKORNBANK and Beyond” concept, taking into account changing

to compete with other entrepreneurs in the industry and having positive effects to grow and increase capability to generate profit of the Company in the future which shall result in benefits to the

Magic Project is under construction. It is estimated to be completed and open for business at the end of the year 2019. (2) Business Tendency Tourism Situations of Thailand in 2018 The tourism industry in

the steel industry, as part of the debt restructuring plan of the Company and the conditions of the Credit Agreement. Moreover, one of the Synergy team members, i.e. Sudhir Maheshwari, has successfully

managing the world’s leading companies in the steel industry, as part of the debt restructuring plan of the Company and the conditions of the Credit Agreement. Moreover, one of the Synergy team members, i.e

confidence that our major segments of Intergrated PET and Fibers are unique and have limited impact from the heightening trade wars. The continuing attention on plastic waste is helping the industry move

V3 22/08/62 0 V3 22/08/62 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the Second Quarter of 2019 The Thai economy in the second quarter of 2019

(Source: Bank of Thailand). The overall global aviation industry in first half of 2018, a growth in passenger traffic was supported by 7.0 percent increase in revenue passenger kilometers (RPK) where Asia