V3 12/05/63 0 V3 12/05/63 1 Management Discussion and Analysis Overview of the Economy and Banking Industry Thai Economy in the First Quarter of 2020 The Thai economy in the first quarter of 2020

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

Thai language version is the definitive and official document of the Tender Offeror and shall prevail in all respects in the event of any inconsistency with this English language translation.” Amendment

general meeting of shareholders to be held within four (4) months of the last day of the fiscal year of the Company. Shareholders’ meetings other than the one referred to in the paragraph above shall be

content acquisition to support the growth of the business since 2017 and the fact that the Thai Baht value appreciated against US Dollar, the Company had loss on exchange rate, resulting in a decrease in

-ร่าง- UNOFFICIAL Translation Codified up to No. 4 As of 15 February 2013 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for

-ร่าง- UNOFFICIAL TRANSLATION Codified up to No. 4 As of 15 February 2013 Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for

Translation (Translation) -5- Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake

Translation (Translation) -1- Readers should be aware that only the original Thai text has legal force and that this English translation is strictly for reference. The SEC, Thailand cannot undertake

(Translation) -1- Readers should be aware that only the original Thai text has legal