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 cost of goods sold so cause gross loss. Total revenue decreased due to the decrease of sale volume and selling price. Sale volume decrease cause by production volume decrease. Both company and

year 2022, cause some time the realized cost CPO used in production was higher than the Company’s product selling price approximately 8.00-10.00 Baht per Kilogram and the Company had to recognized loss

to B5 to mitigate the impact of rising diesel prices, as the aforementioned measures, the demand for biodiesel and the production capacity was decreased. For the price in 1st quarter of 2022, the

increased emphasis on leadership development are the key strategic priorities for the group. 4Q19 IVL Performance Summary IVL reported 2.9 MT of production volume in 4Q19 (-8ppt. organic and +10ppt. inorganic

products instead. In this regard, the Company foresees that should the manufacturing business continue, the Company would be required to bear such fixed costs as depreciation costs, salaries for production

Public Company Limited; Compensation for business design and the hiring of Cherdchaiwon Company Limited for production and installment of hydraulic platform for Carnival Magic Project, developing under

related party transaction of Safari World Public Company Limited; Compensation for business design and the hiring of Cherdchaiwon Company Limited for production and installment of hydraulic platform for

industrial customers. In general, the customers' demand for electricity and steam remains similar to the previous period thus the company can continue production as planned. Regarding the measures to support

production and distribution of biodiesel from CPO industry, which is the inherent risk that significantly impact on the Company's performance that is the risk of fluctuation in CPO price; mostly caused by the