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

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

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

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

adoption of new financial reporting standards, the acquisition of a new subsidiary and the depreciation of the Thai Baht that affected the value of Company’s overseas assets • Net debt to equity ratio at the