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...

1 (-Translation-) Ref. No. IRS.025/2019 October 31, 2019 Subject Acquisition of Shares in Hello Bangkok LED Co, Ltd., which is an Assets Acquisition Transaction of the Company, Issuance and Offering of the Newly Issued Ordinary Shares of the Company through a Private Placement which is a Connected Transaction, Capital Reduction, Capital Increase, Entering into the Right to Sell Advertising Media Agreement which is a Connected Transaction, Appointment of the Independent Financial Advisor and Call...

. Miss Nilrat Jarumanopas 1 0.00 4. Mr. Chatchaphol Prasopchoke 1 0.00 Total 1,800,000 100.00 Summary of financial position and operating results  Table summarizing operational performance and financial

financial institutions. A summary of the key operational matters and events for the 1st Quarter 2018 GFPT Group had total revenue from sales of THB 3,958.50 million in 1Q2018, representing a decrease of THB

operational performance whereas less loss from the overseas subsidiaries. 6 Net profits and net profits margin Net profits were THB 2,468 million, an increase of THB 1,508 million or 157.0%, representing a

growth in comparison to admin expense growth. • In 2019, net profit was THB 237 million which increased by THB 90 million or 61% from 2018, due to operational efficiency and economies of scale of operating

investment in its subsidiary company approximately 14 million Baht. The Group’s management is currently implementing financial and operational measures to improve the subsidiary’s future performance.  Profit

its eye on new store development, Consumer Brands product launch and new international franchise opportunities. Financial and Operational controls have been reassessed and repositioned to allow the

ratio, however, decreased from 41.1% to 39.6% primarily as a result of improved operational efficiency and cost management especially in Outdoor media business. Consequently, the gross profit was up 26.7

nationwide, with over 1 million sales points. Both joint ventures are expected to become operational by mid-2018. The two joint ventures will enhance both companies’ competitiveness, while expanding business