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...

this customer group’s share of wallet devoted to KBank. We prioritized expansion of new potential customers who reside in strategic provinces across the country through the introduction of products and

2019. The company has been successful in increasing the efficiency of operation and services, together with increasing the reliability in the electricity distribution system and utilities to the

the first quarter of 2018 equal to 37.0 million Baht, an increasing from the first quarter in 2017 1.6%. Major components of an increasing in employee remuneration and selling expenses from the business

reduction in the Company and its subsidiaries’ ownership interest from 28.49% to 20.56% following the increasing of the share capital to its major shareholder. 4. In November 2018, the Company and its

for 2018 equal to 565.9 million baht more than 2017 at 0.9%. This was due to an increasing of cost of food and beverage and property and land which higher than last year of 114.6 million Baht. The

services income increasing. The Company acquired non-performing loan by using the budget amount of 2,351 million bath in 9-month period of 2019. Management Discussion and Analysis, Q3/2019 Page3/4 JMT

realized in following quarters. The decline of Wholesale/Retail Sale Activities to 169 million Baht was a result of the weakening purchasing power and the increasing market competition. The Export Sale

the same period of the last year. The increasing revenue came from export sales which the growth rate was 4.74 percent and the export sales from furniture was equivalent to 60 percent of total revenue

debt management amount of THB 0.84 million and increasing Collection Service amount of THB 3.10 million , the company has gross profit of THB 2.36 million, decrease by THB 1.0 million or 29.70% compared