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...

of LED screens installation of THB 109mn, the recognition of billboard structure of THB 143mn as well as the recognition of COMASS’s assets after consolidated of THB 48mn and 2) the increase in the

mainly from the recognition of billboard structure of THB 147mn, an increase in work in process of LED screens installation of THB 127mn and the recognition of COMASS’s assets after consolidation of THB

current assets increased by 19.7 MB or representing an increase of 10.5%, mainly due to the gradual recognition of advance maintenance expenses that those covers the service periods within 1 year, which

to obtain a customer contract shall be recorded as an asset and amortized to expenses on a basis that is consistent with the pattern of revenue recognition. Under the previous accounting policy, the

has commenced commercial operations and recognition of benefit as per the Power Purchase Agreement. 70 percent of the generated electricity is sold to Alinta Energy, the power purchaser under the PPA

period of last year. These increasing revenue resulted from revenue recognition by percentage of completion of projects on hand (Backlog) which were hired on 2017 until 30 June 2019. As at 30 June 2019

was why the company had to have an extra expense. 2.3 The company had a big project which had a revenue recognition in the nine months of year 2018 lower than those in the nine months of year 2017

Financial Reporting Standards (TFRS) no. 15 (TFRS 15), “Revenue from contracts with customers”, the Group has applied the first time on 1 January 2019 (initial application date). Revenue recognition of the

% from previous year as the revenue recognition on progress measurement method towards complete satisfaction of the performance obligation on construction service contract that has continuously awarded