July and August. Despite the continued improvement in the economy particularly in terms of private consumption, there are still challenges ahead namely 1) Structural changes in Thai economy, particularly

returning value to our shareholders”. 2. Outlook In 2018 as a whole, the Thai economy expanded 4.1%, +4.0% year-on-year and looking ahead, the economy is expected to continue growing at a robust pace in 2019

172 buildings), achieving the year-end target to acquire 10 additional office buildings ahead of schedule. The Group also benefited from the ongoing momentum in the Outdoor media segment, which saw

Furniture under on columns under BTS stations. This is well-ahead of our initial target of 3Q 2019. Going forward, we expect to see additional revenue from the above-mentioned product with its ability to

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...

-lending activities, in ways which reflect the guidelines in the ICGN’s Securities Lending Code of Best Practice, including a willingness to recall lent stock ahead of relevant shareholder meetings. 16 4.5

business is on the recovery path and it is expected to perform better in the quarters ahead. Figure 1: Core EBITDA Evolution Figure 2: Regional Performance 278 356 197 218 373 535 859 1,112 LTM1Q17 LTM1Q18

also increased its chicken processing capacity from 130,000 to 150,000 birds per day In the few years ahead, the Company has planned for its future organic growth by investing in Greenfield project. The

various segments, the Bank in-house research has revised the Thai economic expansion for the year 2018 to be 4.2% from earlier projection of 3.8%. Despite the improving economy, there are challenges ahead

expansion for the year 2018 to be 4.5% from earlier projection of 4.2%. Despite the improving economy, there are challenges ahead namely 1) Structural changes in Thai economy, particularly high level of