Engagements) (1) (1) 4 (Human Resources) ( ) ( ) 5 (Engagement Performance) (2) ( ) 6 (Monitoring) (1) (2) 100 .20 65 2 KPMG KPMG AQIs 2 KPMG KPMG 2 KPMG KPMG KPMG KPMG KPMG KPMG KPMG KPMG 108 31 2564 5.60

) 4 (Human Resources) ( ) ( ) 5 (Engagement Performance) (2) ( ) 6 (Monitoring) (1) (2) 100 .20 85 2 EY data analytic tools EY EY EY EY EY EY EY EY EY 211 30 2564 6.41 35 EY 3 3 1 (Leadership

Responsibilities for Quality within the Firm) ( ) (1) 2 (Relevant Ethical Requirements) ( ) (2) 3 (Acceptance and Continuance of Client Relationships and Specific Engagements) (1) (1) 4 (Human Resources) ( ) ( ) 5

use the spandex instead of natural rubber, and the competition is quite high. As a result, the sales of the company of this group is likely to decline in the future. For elastic segment for adult

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...

Human Resources and Payroll Outsourcing-services 60.16 45.77 56.21 47.26 1.2 Income from software and Human Resources System 45.58 34.67 34.40 28.92 Revenues from HR Solutions 105.74 80.44 90.61 76.18 2

performance Revenues Type of Revenue Jan-June 2018 Jan-June 2017 THB (m) % THB (m) % 1. HR Solutions 1.1 Human Resources and Payroll Outsourcing-services 119.48 46.98 109.78 46.89 1.2 Income from software and

, 2018 Operating performance Revenues Type of Revenue Jan-Sep 2018 Jan-Sep 2017 THB (m) % THB (m) % 1. HR Solutions 1.1 Human Resources and Payroll Outsourcing-services 177.54 46.66 163.66 46.87 1.2 Income

the gross profit margin mainly results from the increase in cost of sales and services of the human resources expenses and the reallocation of expenses type in Q3 which used to be categorized in SG&A

. Anukool Tuntimas) Director and Executive Vice President, Human Resource and General Administration