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...

proportion of high value products than the previous quarter. However, inventory loss, including LCM, was higher than in Q1/2019 from the volatile global crude oil price during the quarter. 3. Other incomes

Company Limited, and decrease the investment proportion in Nation International Edutainment Public Company Limited, causing a subsidiary (to be held 71.04 percent of shares) to become an associated company

their respective shareholding proportion, but the person who will exercise the conversion right may not be a shareholder of the company. In this regard, this Notification shall not apply to an offer for

Jet fuel production proportion during the winter season, while demand was lower than expected leading to higher export volume. Furthermore, the entire Asia was unable to export Jet fuel to Europe

above is referred from revenue structure in 2016. After the completion of asset divestment, the proportion of the revenue from publishing and advertising businesses will increase at 13.4% (from 42.2% to

same period of the previous year, despite the company’s retail marketing margin growth, following its increasing sales proportion. However, industrial marketing and lubricant margin adjusted downward

future, the Company and VGI have a plan to operate such business only through VGM and/or other newly-established companies which the Company and VGI hold shares thereof in the same proportion as in VGM. In

Capital Group through the purchase of capital increment shares of OKEA AS, a company that develops and produces petroleum in Norway, in the proportion not exceeding 90% of its increased registered capital

Exchange of Thailand (SET) or the Market for Alternative Investment (MAI). Commercial banks have continued to place greater emphasis on increasing the proportion of CASA while managing liquidity appropriate