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...

% because of intense competition in domestic market resulted the selling price increased slower than increasing in cost of goods sold. 4. Selling expenses were Baht 180.62 million, increased Baht 23.57

deliveries postponement to some Government projects to 2020. Furthermore, the significant flooding of Chinese goods amid the ongoing US-CHINA trade disputes has sent the market into high competition and

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

in world oil prices, resulting in a sharp drop in commodity prices this causes a lot of price competition. Yours Sincerely, Ms. Piyanan Suwannaphasri Assistant Managing Director Authorized to sign

competition in the plastic injection contractor market is still high, affecting the price and quantity of the new products. We have thus informed you for your acknowledgement. Respectfully, Mr. Thitivat

, due to intensified market competition on restaurant business. 2. The Company’s cost of goods sold in the 2nd quarter of 2019 was Baht 157.76 million, decreased by Baht 27.31 million, or 14.75% from the

Million in the second quarter of 2018. The lower rate of 1.08 %, is the result of the higher competition. 2. In the second quarter of 2018, the company bore the cost of sales and services amounting to Baht

, Thailand’s pastry and bakery industry face fierce competition from both direct and indirect competitors as result from (1) Pastry and bakery industry face a threat from a price war; hence competitors often use

, increasing competition, change of behavioural patterns, and changing demands of fundraisers, business operators and investors. As the capital market regulator, the SEC must adjust to these changes without