Document of right Certificate of machinery registration no. 420331 Legal rights Absolute ownership Liability Kudun and Partners PS Limited as the mortgagee on the behalf of debenture creditor, and attorney

Liability Kudun and Partners PS Limited as the mortgagee on the behalf of debenture creditor, and attorney of other debenture creditor 501 persons The use prior to the disposal Manufacture and trade for steel

1.0 0.9 Trade receivable 16,579 4.7% 15,219 4.3% Net debt to EBITDA (times) 0.9 0.9 0.8 Inventories 2,372 0.7% 2,104 0.6% Net debt & lease liability & Spectrum license payable to EBITDA 2.1 2.3 2.2

Agreement with conditions precedent with APAC Real Estate Holdings LLC, a Nevada limited liability company and Outrigger Hotels Hawaii, a Hawaii limited partnership ("Equity Purchase Agreement") for the

4,882.3 Earnings per Share (EPS) Baht 1.79 1.65 1.90 1.79 Total liability-to-equity ratio (D/E ratio) Times 1.31 1.43 1.57 1.79 Return on Equity (ROE) Percentage 12.10 11.03 12.55 15.247 Bangkok Commercial

5,529 2.9% 34.3% Guarantees of loans 20,192 17,767 18,001 13.6% 12.2% Liability under unmatured import bills 14,597 19,180 17,921 (23.9)% (18.5)% Letters of credit 33,009 31,374 35,623 5.2% (7.3)% Other

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...

developed countries, together with tensions from trade war between the United States and China. As a result, Thailand’s export is foreseen to decline this year. However, household consumption will gradually

liquidity, capital structure, potential for generating income in the future and the better financial status as the Company does not create an additional liability from loan and can reduce the financial cost

support the Company’s financial liquidity, capital structure, potential for generating income in the future and the better financial status as the Company does not create an additional liability from loan