Financial ratio March 31st, 2020 December 31st, 2019 Change Percentage Current ratio (times) 1.87 2.10 (0.23) (11) Debt to equity ratio (times) 0.18 0.13 0.05 38 Net debt to equity ratio (times) 0.06 (0.10

refinance existing bank loan to reduce finance cost in the amount of Baht 4,000 Million on August 18,2017  As of the end of 2017, we had Baht 7,338.8 million of Net Interest-Bearing Debt. Our Net Interest

are necessary for the business of non-performing debt management and debt collection services, including car parking service, security and general building cleaning, etc. 3. Period 6 months from

shareholders' e Equity Ratio (D/E) and Interest Bearing Debt to Equity Ratio represented at 1.38 and 1.20, respectively. 17, the subsidiary’s ethanol business has amalgamated with Bio-fuel business of subsidiary

and debt securities 5,549 5,078 6,533 9.3% (15.1)% 10,627 13,854 (23.3)% Operating profit before tax 11,512 11,348 11,331 1.4% 1.6% 22,859 22,953 (0.4)% Income tax expenses 2,065 2,225 2,041 (7.2)% 1.2

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...

Nakorn Electricity Generating Company Limited (NNEG) Expansion Phase (92.3% construction progress) 2. Rayong Waste to Energy (WTE) (57.5% construction progress) 3. Energy Recovery Unit: ERU Project (29.0

% construction progress) • Energy Recovery Unit (ERU) project: the company jointly operate the project with Thaioil Company Limited by investing in Energy Recovery Unit (ERU) electricity plant, which is a part of

%) - Energy Recovery Unit project: ERU (progress at 23%) Company investment project and the progress of construction project Company investment project PAGE 6 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q4 2019 and

reference. PAGE 2 Notification of the Capital Market Supervisory Board No. Tor Dor. 67/2552 Re: Rules, Conditions, and Procedures for Dealing of Debt Securities _________________ By virtue of Section 16/6 of