together was equal to THB 19.99 million; which was considered as a medium transaction so that the Company is required to get approval from the Board of Directors and disclose information to the Stock

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 domestic economy recovered at a modest pace. Public spending and private consumption remained to be the main growth drivers. Private investment remained at a similar level compared to the same

lower domestic consumption. The forecast of economic slowdown indicates a potential impact on growth of power and steam sales to industrial clients in Map Ta Put, which may weaken. • The outlook of energy

Chinese. Meanwhile, level of domestic economic activities gradually increased. Consumption and investment of private sector steadily expanded consistent with the improving consumer confidence and business

. Domestic demand continued to expand from private consumption and public spending, while private investment contracted especially in real estate sector in line with decline in the supply of new real estate

dishonest business practice, or the law on anti-money laundering, regardless of whether such laws are domestic legislations or foreign legislations. It also shall have no record indicating frauds, dishonesty

or dishonest business practice, or the law on anti-money laundering, regardless of whether such laws are domestic legislations or foreign legislations. It also shall have no record indicating frauds

20.73 19.12 24.88 Year 2018 19.36 21.28 20.37 19.00 - - - - - - - - 20.00 Reference : Department of internal trade, Ministry of Commerce April 2018 The Company has set allowance for devaluation of

bidding system. 1.2 Electricity industry in Asia-Pacific countries EGCO is fully aware of the limited growth prospect in domestic electricity industry. Therefore, EGCO determines business strategies to