20.0 mm or 7.8% from the same period of previous year. The main reason was due to higher occupancy rate of Ready-Built factories and warehouses.  Gross profit from rental and service of warehouses

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...

: The company is engaged in manufacturing operations for ladies’ apparel products, covering the range of ladies’ lingerie, ladies’ outerwear, and childrenwear, with ladies’ lingerie category serving as

% for the warehouse rental and service business which decreased from 57.0% in the same period of previous year, mainly due to change in product mix between Built-to-Suit and Ready- built facilities. 2

WHABT as mentioned above. However, the Company had higher occupancy rate for ready-built facilities as well.  Gross profit from rental and service of warehouses, distribution centers and factories during

gross margin in was 47.9% which decreased from 61.1% in 2017. The decrease in genuine gross margin, compared to the same period of last year, was mainly due to change in product mix between Built-to-Suit

Built-to-Suit and Ready-built facilities. Industrial Development Business Q2 2016 Q2 2017 Increase/(Decrease) THB mm THB mm THB mm % Revenue 460.6 1,789.8 1,329.2 288.6% Gross Profit 116.5 949.2 832.7

and services increased by 5.8%, mainly from continuously increase in occupied area of ready-built factories and warehouses. • Revenue and share of profit from sale of investment properties was THB

genuine gross margin in 2017 was at 57.5% for the warehouse rental and service business which decreased from 69.0% last year, mainly due to change in product mix between Built-to-Suit and Ready-built

variety services built the positive revenue in the near future. Gross margin for the year ended 31 December 2017 from distributor of medical devices and equipment business was THB 624 million decreased by