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...

whether their interests will be recorded via a book-entry system. 4. Indicate the total nominal amount, the individual face value, and the interest to be paid during the life of the debt securities, and the

ASSET MANAGEMENT PUBLIC COMPANY LIMITED 03/04/2023 31/12/2025 91 MR. CHALERMRAT PANJAWATANAKUL /   08/01/2016 FWD LIFE INSURANCE PUBLIC COMPANY LIMITED 01/06/2022 31/12/2024 92 MR. CHAMRAS KUANHA /   17

Variance Paid up capital 2,100.0 2,100.0 - Premium on ordinary shares and capital reserve for share-based payment transactions 9,319.5 9,319.5 - Treasury stocks (491.6) (366.8) (124.8) Other components of

business as explained earlier as well as the planned turnaround at the PET location in China.  Strength in secondary feed- stocks like IPA which benefitted IVL in the EMEA region impacted the PET business

2,100.0 2,100.0 - Premium on ordinary shares and capital reserve for share-based payment transactions 9,319.5 9,319.5 - Treasury stocks (491.6) (366.8) (124.8) Other components of shareholders' equity

- Treasury stocks (58.3) - n.a. Other components of shareholders' equity 20,180.7 16,445.4 3,735.4 Retained earnings 482.0 448.2 33.8 Total shareholders’ equity 32,090.9 28,385.6 3,705.3 As of 30 September

2,100.0 - Premium on ordinary shares and capital reserve for share-based payment transactions 9,319.5 9,319.5 - Treasury stocks (491.6) (491.6) - Other components of shareholders' equity 15,557.6 18,934.9

8.265 Land and Houses Securities Public Company Limited Overview of the Stock Exchange of Thailand After SETI had posed a sustained rise to retest its recent high at 1,454.95 in early June, Thai stocks

companies on the Stock Exchange of Thailand, they are panic and sell their stocks so irrationally that the market price has drastically plunged (Irrationality of Selling). As a result, market price dropped