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...

2019. o The Group has initially adopted TFRS 16 on contracts previously identified as leases according to TAS 17 Leases and TFRIC 4 Determining whether an arrangement contains a lease using the modified

effects of accounting standards about the “Determining whether an arrangement contains a lease” (TFRIC 4) and the “Revenue from contracts with customers” (TFRS 15), foreign exchange and deferred tax asset

adjustments to remove the effects of accounting standards about the “Revenue from contracts with cust omers” (TFRS 15) and “Determining whether an arrangement contains a lease” (TFRIC 4), foreign exchange and

1 25 May 2020 Subject: Notification on Resolution of the Board of Directors’ Meeting No. 5/2020, Change of Directors and Directors’ Power, Entering into Connected Transaction, Entering into Transaction on Acquisition of Assets and Determination of the 2020 Annual General Meeting of Shareholders To: Director and Manager The Stock Exchange of Thailand Enclosure 1. Information Memorandum on the Acquisition of Assets (Schedule 1) and the Entry into Connected Transaction of Nation Broadcasting Corpor...

enhance the quality of life as well as strengthening the stability of the financial system. 4. Financial Sector Master Plan Phase III – This is a five-year development plan from 2016 - 2020 with the aim of

and control dilution, but the decrease in losses per share (EPS dilution) as aforementioned, however, such capital increase will enhance the appropriateness of the Company’s capital structure, the

economies of scale between the Company and the Target, would enhance its earnings performance and extend its international reach in South East Asia region. 9. Source of Fund The Company will fund the

economies of scale between the Company and the Target, would enhance its earnings performance and extend its international reach in South East Asia region. 9. Source of Fund The Company will fund the

of scale between the Company and the Target, would enhance its earnings performance and extend its international reach in South East Asia region. 9. Source of Fund The Company will fund the conditional