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

General Meeting of Shareholders Thai Investors Association had assessed the Annual General Meeting of Shareholders of LH Financial Group Public Company Limited and rated the company in "Excellent" level

of Shareholders Thai Investors Association had assessed the Annual General Meeting of Shareholders of LH Financial Group Public Company Limited and rated the company in "Excellent" level with the full

Airways Public Company Limited and its Subsidiaries Management’s Discussion and Analysis for the year ended 31 December 2019 Executive Summary The Thai economy in the last quarter in 2019 continued to grow

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

UNOFFICIAL TRANSLATION Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. Notification of the Capital Market

Unit” with Thai Oil Public Company Limited following “Growth along with PTT Group” strategy The company conducted studies with Thai Oil Public Company Limited (Thai Oil) to seek for business expansion

MANAGEMENT DISCUSSION AND ANALYSIS FOR 2017 2 2. ECONOMIC SITUATION Thai economy continually expanded supported by every economic engine especially merchandise exports that were uplifted from global trade

2 (UNOFFICIAL TRANSLATION) Codified up to No.4 As of 14 December 2012 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for

(UNOFFICIAL TRANSLATION) Codified up to No.4 As of 14 December 2012 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for