operations of the Group The Group has principally engaged in distribution of product and equipment, design, assembly and installation, and maintenance service of pure water treatment system; including operate

control. For Private Banking, the goal is to grow the business by capitalizing on capital market group’s expertise in the wealth management business and through the commercial banking business distribution

100.00% 111.56 3.23% Distribution costs 140.16 4.05% 159.58 4.47% 19.42 13.86% Administrative expenses 88.53 2.56% 105.99 2.97% 17.45 19.72% Profit from operating activities 64.65 1.87% 69.66 1.95% 5.01

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...

3,293.90 -537.46 -16.3% Other income 19.49 25.33 -5.84 -23.1% Total revenue 2,775.93 3,319.23 -543.30 -16.4% Cost of goods sold & service 2,427.69 2,882.47 -454.78 -15.8% Selling & distribution expenses

Discussion and Analysis, Q1/2020 Page 2/ 7 Jaymart Public Company Limited Consolidated FS Quarter 1/2019 Quarter 1/2020 Change MB. % MB. % MB. % Selling and distribution expenses 222.4 8.1% 201.1 7.5% -21.3

than 990 million Baht or 10.9% increase from the year of 2015. This is because the company was able to sell the mobile handset through a distribution channels under group of companies and sale revenue

purposed loan for mobile phones, IT products, electrical appliances and etc. at department stores and over 17,500 dealers nationwide) with the revenue of 4,561 million baht, the same level as last year

%. Domestic sales decreased by 9.24% due to the decrement in sales volume of B2B and local distributors while export sales increased by 11.24% from a successful of distribution expansion in China. The Company

products. The sales promotion activities were also arranged for the consumers to try new products. The local sales team in China was also increased to expand the distribution channels of products both online