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...

shareholding in ICUK, which is indirectly held by CVHLUX, increased from 51.0% to approximately 84.3% 2/ The Company’s management prepared consolidated financial statements of CVHLUX (unreviewed and unaudited

by CVHLUX, increased from 51.0% to approximately 84.3% 2/ CVHLUX is exempted from preparing an audited financial statement for the period ending 31 December 2016 within its jurisdiction. The Company’s

with low demand in small packaging formats due to lockdown).  Thermoforming (where demand increased on account of increased home deliveries and food packaging for take away) .  Personal care , hygiene

company increased by Baht 1,154 million or 118% from Q4/2018 and increased by Baht 646 million or 43% from Q1/2018. The increase was mainly due to improved operating results of the Sriracha Power Plant and

of the end of Q3/2017 market value of LAC shares increased, resulting in a profit from the mark to market value increment of asset available for sale of THB 1,632 million, which was recorded in other

increased by Baht 16.47 million or an increase of 14.25 percent and for the 6-month period, the net profit increased by Baht 88.41 million or an increase of 34.59 percent. However, if the extraordinary item

which are fully paid.  1,593,748 ordinary shares in UWC Ampan Biomass Co., Ltd. (UAB) with total generating capacity of 9 .5 MWs; where UAB power plant located in Buriram province; accounting for 99.99

amount in FY2018. 2. The cost of sales and services increased by 76.98 million baht or 1.61% YoY, mainly due to the conversion cost increased by 6 9 .1 6 million baht from the new Labor Protection Act; the

analysis for the year ending 31 December 2019, as follows: Business Overview In 2019, the Group's total revenue growth (TSSG) increased by 6.1% compared to the previous year driven mainly by new branch