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

US Dollar during the second quarter of 2018. As a result, the Company has increased distribution channels to export content, resulting in gain on exchange rate arising. While the Thai Baht appreciation

the Company’s Performance for the nine-month period ended September 30, 2019 distribution channels to export content, resulting in gain on exchange rate arising. While the Thai Baht appreciation has

against US Dollar during the second quarter of 2018. As a result, the Company has increased distribution channels to export content, resulting in gain on exchange rate arising. While the Thai Baht

the Company recognized lower sales revenue from overseas sales resulting from Thai Baht appreciation against 3 major currencies (USD, EUR, and AUD) as main revenue structure. Cost of sales, Selling and

from overseas sales resulting from Thai Baht appreciation against 3 major currencies (USD, EUR, and AUD) as main revenue structure. Cost of sales, cost of distributions and Administrative Expenses: For

increasing was attributed to higher domestic sales. Moreover, the Company generated higher export volume, but the Company recognized increased slightly sales revenue from overseas sales resulting from Thai

, but the Company recognized increased slightly sales revenue from overseas sales resulting from Thai Baht appreciation against 3 major currencies (USD, EUR, and AUD) as main revenue structure. Cost of

due to the auction of fans Page 2 of 3 and LED lamps. The company allows the bidder to deposit the goods without compensation. According to Thai Financial Reporting Standards No. 15, companies must use

Intercarabao Limited (“ICUK”), of which the business engages in marketing, sales and distribution of energy drinks under Carabao trademark in the UK market and other countries outside Asia (the “Change of