in the future. For Elastic Segment for Clothing and Textiles; There is still intense price competition in foreign markets. Moreover, many garment manufacturers have moved their factories to Vietnam

Overview In the year 2017, the overall picture of the apparel industry remained stable in line with the Thai and global economy. The sale of goods to foreign countries has been affected by the appreciation

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...

(loss) THB THB Garment Business (20,216,391.48) (90,540,939.22) Real Estate Development (1,120,997.37) 3,489,990.37 Other businesses (9,966.90) 315.17 Total (21,347,355.75) (87,050,633.68) Garment

Gain (loss) THB THB Garment Business 9,009,526.08 23,340,946.58 Real Estate Development (1,416,107.45) (218,223.21) Other businesses (10,800.00) (10,400.00) Total 7,582,618.63 23,112,323.37 Garment

follows: Year 2018 Year 2017 Net Gain (loss) / THB Net Gain (loss) THB Garment Business 9,741,633.94 (92,962,678.28) Real Estate Development (14,403,001.55) (4,305,171.15) Other businesses (2,069,049.43

subsidiaries in Q2/2019 compared to the results for Q2/2018 are classified by business as follows: Q2/2019 Q2/2018 Net Gain (loss) /THB Net Gain (loss) /THB Garment Business (7,461,122.01) 12,949,093.54 Real

: Q1/ 2018 Q1/2017 Net Gain (loss) Net Gain (loss) THB THB Garment Business (37,838,702.24) (28,558,991.63) Real Estate Development (2,836,460.81) (2,979,998.04) Other businesses (16,000.00) (11,000.00

follows: Q2/ 2018 Q2/2017 Net Gain (loss) Net Gain (loss) THB THB Garment Business 12,949,093.54 (20,216,391.48) Real Estate Development (4,795,646.18) (1,120,997.37) Other businesses (227,405.36) (9,966.90

subsidiaries in Q3/2018 compared to the results for Q3/2017 are classified by business as follows: Q3/2018 Q3/2017 Net Gain (loss) Net Gain (loss) THB THB Garment Business 44,957,532.26 9,009,526.08 Real Estate