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...

debt collection from its investment in bill of exchange that had been fully impaired since 2017, resulted in the reversal of the allowance for impairment that offset the total expense for the year. While

@Triple Station 627.05 1,904.45 627.05 1,904.45 (1,277.40) (67.07) -The 8 Collection 56.47 0.00 56.47 0.00 56.47 100.00 -RICH PARK Terminal@Phaholyothin59 212.80 0.00 0.00 0.00 212.80 100.00 Townhomes

(Thailand) Company Limited (“AIS”) Non-life and Life Insurance Broker 100% 3). ACS Servicing (Thailand) Company Limited(“ACSS”) Collection Service 100% 4.) AEON Microfinance (Myanmar) Company Limited (“AMF

5.23 Average collection period days 76 77 69 Inventory turnover times 4.90 5.13 5.96 Average inventory turnover period days 73 70 60 Account payable turnover times 5.22 5.00 5.70 Average payment period

2019 of Company’s subsidiaries in Thailand, the Company had commission income of 531 million baht from AEON Insurance Service (Thailand) Co., Ltd. and collection service income of 268 million baht from

decreased from recorded trade and other receivables of amount Baht 511.50 million, Unbilled installments on completed works Baht 209.25 million due to accelerating debt collection from owner, decreasing of

31 Mar 17 Return on Equity (%) 16.5% 18.9% Return on Assets (%) 12.7% 14.4% Collection period (days) 78 79 Inventory Days 46 44 Account Payable Days 91 101 Cash Cycle (days) 33 22 Leverage & Financial

total amount of 12,000,000 baht or 0.09% of NTA of the Company and approved engage service agreement with SIGMAXYZ Inc. (which is not related person of the company) in the New Collection system

Capital and receives support fee for the amount of totally not more than 1.2 million baht and ACS Servicing (Thailand) Co., Ltd provides the support on debt collection and litigation operations to ACS