overseas procurement. (In case of financial institution, specify the sources of capital and loans); (4) Assets used in business undertaking Describe the key characteristics of the core permanent assets and

a tangible approach to the debt repayments.  The SEC viewed that EARTH ' s core business is coal trading for which liquidity management is crucial. And in the past EARTH used loans from financial

which the Company holding shares in each core business, there was the business net profit in the previous year. The Company realized that although the turnover has been improved, it still has various

-19 outbreak and to alleviate economic downturn. Although, many countries have gradually relaxed the lockdown measures, and businesses resumed their operations, consumer spending is still not yet fully

Center to provide diagnostic and fertility treatment to infertile patients. And, the Diabetic Foot Center was fully opened for both outpatients and inpatients, providing comprehensive care and

Page 2 Management Discussion and Analysis 1. Power Industry and Competition 1.1 Electricity industry and Economic situation in Thailand Thailand’s economy expanded by 2.4 percent in 2019, lower than 2018

= NTA of investment in the Company x The disposition proportion x 100 NTA of the Company = (14.96 X 99.99996%) X 100 191.61 = 7.81% (2) Net Profit from Core Business after tax Transaction size = Net

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...

borderless marketplace of the ASEAN Economic Community (AEC). Given the increased degree of uncertainty in global economies, especially pressure from a looming trade war among core economies and their

considered that doing this transaction is appropriate and useful to the Company and the shareholders. Because it is expanded to business related to core business of the Company, which is expected to generate