measures, particularly those involving consumer protection and control of credit card and personal loans, together with a drop in credit card interest rates – all of these issues are likely to influence

timing of exit from quantitative easing policy by many central banks, such as the European Central Bank’s plan to cut its monthly bond-buying program. These developments may influence movements of

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...

, attributed to a decline in share of profit from operations, mainly due to seasonal influence. Q2/2019 is off-monsoon season, reducing wind speed, whereas in Q1/2019 would encounter monsoons and depressions

, coupled with loan extension in the Thai banking system, may influence the setting of the deposit rates, going forward. We are therefore keeping a close watch on the situation, while analyzing the course of