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...

, household purchasing power saw limited recovery. Under these circumstances, the Thai economy in this quarter may grow at a slower pace of 3.2 percent over-year, which is also less than the 3.7 percent growth

of 2019. Exports, tourism and private investment – among major economic activities – were hampered by the worse-than-expected global economic slowdown. Meanwhile, consumers’ purchasing power weakened

. Most of company’s assets were cash and cash equivalent, lending, and buying non-performing loans. Liabilities and Shareholders' Equity As of 31 March 2018, the Company’s total liabilities was in the

million baht or 14.2% compared to at the end of year 2017. Most of company’s assets were cash and cash equivalent, lending, and buying non-performing loans. Liabilities and Shareholders' Equity As of 31

100 – 500 MB. In this regard, the large projects in which the Company has recognized revenue in 2020 such as The New Parliament Project in Information and Communication Technology, The Purchasing and

were 43.2% and 15.7% of the total assets in which the increase by land and equipment net THB 315.5 MB is from buying and transferring assets THB 338.8 MB and depreciation on useful life of asset in which

50.7 MB is from buying and transferring assets THB 56.4 MB and depreciation on useful life of asset in which increase for THB 5.7 MB. Liabilities The Company’s total liabilities as of 31 December 2018

-term loans from packing credit, letter of credit and trade payable of buying raw material for manufacturing, and accrued income tax. Shareholders’ Equity As at 31 December 2019, shareholders’ equity was

buying and transferring assets THB 38.0 MB and depreciation on useful life of asset in which increase for THB 3.2 MB. Liabilities The Company’s total liabilities as of 31 December 2018 and 31 March 2019