Cu.M. Raw Water Distribution by Customer Group (Internal usage for tap water production is included) Industrial Estate 64.18% Industrial Estate 69.78% Household Customer 22.55% Household Customer 16.16

1,516.80 (29.24) (1.89%) Gross Profit Margin 53.12% 60.64% 57.34% 61.86% Raw Water Distribution by Customer Group (Internal usage for tap water production is included) Raw Water Distribution by Area

of THB 793 million from the divestment of the Nikaho and Nagi project to the Infrastructure Fund in Japan. Bio-Based Product Business Group, by the Biodiesel Business reported production and sales

Production of The Nation newspaper, operated by Nation News Network Company limited (NNN) and website www.nationmultimedia.com as well as distribution of news reports via Facebook and Twitter 2. Broadcasting

) (77,940,959.01) Gross Profit 27,971,923.64 24,011,106.28 Other revenues from credit note 17,288,109.88 - Other revenues 3,079,124.78 3,398,163.50 Cost of distribution (699,610.32) (1,942,141.25) Administration

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...

concession and design projects relating to water, which includes water storage, water treatment, and water distribution. This includes establishing an agreement, attain construction license, production and

branches, including 1 new branch opened in Nov 2019. Revenues Classified by Distribution Channels 2019 2018 Increase/(Decrease) Amount % Amount % % Domestic Restaurant and Bakery Business 6,056 82.8 6,184

products. -2- Revenues Classified by Distribution Channels 12 Months 2018 12 Months 2017 Variation THB % Domestic Restaurant and Bakery Business 6,184 6,098 86 1.4 Food and Bakery Wholesales Business 773 762

threat to distribution channels of the Company’s customers and they had to postpone their purchase orders of the Company’s products. Moreover, there were a number of incidents that adversely affected