-7.09% Administrative expenses (7.84) (9.11) (1.26) 16.11% Other expenses 0.07 (1.15) (1.22) -1695.70% Profit from operating activities 25.01 2.62 (22.39) -89.52% Share of gain (loss) on investments in

placed greater emphasis on adjusting their deposit portfolio structure to increase the proportion of CASA while managing liquidity appropriate to the changing environment and in compliance with BOT

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...

) (36.5) 13.2% (75.8) (44.9) 68.7% Finance Costs (84.1) (104.9) -19.8% (161.0) (198.5) -18.9% Share of Profit from Investments in Associates and Joint Ventures 752.7 246.8 204.9% 1,091.9 906.1 20.5% Income

profit from investments in associates and JVs /2 Gross profit including share of profit from investments in associates and JVs /3 Excluding FX impact and one-time gain/(loss) items In the first 9 months of

HOLDINGS PUBLIC COMPANY LIMITED BBIK: BLUEBIK GROUP PUBLIC COMPANY LIMITED BLESS: BLESS ASSET GROUP PUBLIC COMPANY LIMITED BTC: THE BROOKER GROUP PUBLIC COMPANY LIMITED BTS: BTS GROUP HOLDINGS PUBLIC COMPANY

GROUP HOLDINGS PUBLIC COMPANY LIMITED BBIK: BLUEBIK GROUP PUBLIC COMPANY LIMITED BLESS: BLESS ASSET GROUP PUBLIC COMPANY LIMITED BTC: THE BROOKER GROUP PUBLIC COMPANY LIMITED BTS: BTS GROUP HOLDINGS

and gains on investments. The increase in net fees and service income V3 10/05/61 16:26 น. 3 was mainly attributed to a rise in fee income from mutual funds and loan-related services. The Bank’s

1,912.9% when compared the first quarter of 2019 which reported net profit at Baht 25.6 million. The decrease was mainly from mark to market loss from investments s according to the new Thai Financial

Havens” (since 2018) proving luxury villa management services and Epicure “Catering” (ECC) (new investment in 2019), providing catering services to international schools; 2) Sales of assets or investments