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

policies. As a result, part of returns on investment was spent on corporate social responsibility activities. Quality Assessment of the Annual General Meeting of Shareholders Thai Investors Association has

Ventures Public Company Limited for the first quarter of 2018 We are pleased to submit: 1. Consolidated and Company only Annual Audited Financial Statements for the first quarter of 2018 (a copy in Thai and

of 2020 (a copy in Thai and English) 2. Management Discussion and Analysis (MD&A) for the second quarter of 2020 (a copy in Thai and English) 3. Company's performance report, Form 45 for the second

Phatra Securities Plc. for 1Q21 was at 10.84%, continuing to rank 1st from total of 38 brokers. Overall market environment The Thai economy started out at a slow pace in January 2021 due to the resurgence

of 2020 (a copy in Thai and English) 2. Management Discussion and Analysis (MD&A) for the first quarter of 2020 (a copy in Thai and English) 3. Company's performance report, Form 45 for the first

(a copy in Thai and English) 2. Management Discussion and Analysis (MD&A) for the year ended December 31, 2018 (a copy in Thai and English) 3. Company's performance report, Form F45-3 for the year

DEVELOPMENT AND MANAGEMENT PUBLIC COMPANY LIMITED MANAGEMENT DISCUSSION AND ANALYSIS FOR Q2/2018 2 2. ECONOMIC SITUATION Thai economy for the 5 months ended May 2018 continually expanded, supported by

record high depreciation cost in full which did not correspond to such low utilization of production and machinery. The Company engaged independent engineering expert to inspect and appraise the assets and

with non-controlling capability in subsidiary companies 21.75 - 6.40 439.84% 59.99 - 14.30 519.51% The Thai economy in Q3 / 2 0 2 0 improved from the previous quarter. In accordance with the relaxation