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...

As at March 31, 2018, the liquidity of the Company and its subsidiaries was considerably appropriate for its operations and had strong financial position. As at March 31, 2018, the consolidated current

higher value, that translates into higher revenue per unit sold. This supported the strong 22% revenue increase year on year also helped by a supportive market particularly in our key segments of sugar

April 2018, respectively. AIS' financial position remained strong with a current ratio and an interest coverage ratio of 0.5x and 13x, respectively. At the end of 2017, AIS had interest-bearing debt of

& data center, mobile services for enterprise customers, etc.) accounted for 10% of service revenue. With the growing market demand as well as AIS and CSL strong positioning, the business grew along with

Liquidity ratios As at March 31, 2019, the liquidity of the Company and its subsidiaries was considerably appropriate for its operations and had strong financial position. As at March 31, 2019, the

its subsidiaries was considerably appropriate for its operations and had strong financial position. As at June 30, 2019, the consolidated current ratio was 2.08 times, slightly increased from 1.93 times

subsidiaries was considerably appropriate for its operations and had strong financial position. As at June 30, 2018, the consolidated current ratio was 1.68 times, slightly decreased from 1.81 times as at

Company and its subsidiaries was considerably appropriate for its operations and had strong financial position. As at September 30, 2018, the consolidated current ratio was 1. 86 times, slightly increased

continued to have presence as strong brands in the market. Implemented company-wide cost optimization With low growth market, AIS has been focusing on optimizing and digitizing the core operation including