rendering of related services to the group customer, with 17 operating solar power projects in Thailand, and (2) revenue from the sale of electricity from its own solar power project operated by its direct

or services Revenue item - Business consultancy fees - Warehouse management fees - Movable property rental fees - Information technology system services fees - Training fees Baht 25 million Expense

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...

procurement of project site location and rendering of related services to clients who operate 17 solar power projects in Thailand, and (2) revenues from the sale of electricity from its own solar power project

) Total Revenues from sales and services 1,361.68 1,252.51 8.71 Total Expenses 1,327.87 1,234.85 7.53 Finance Costs 18.24 21.13 (13.67) Profit before Income Tax Expenses 26.85 22.45 19.59 Income Tax

) Total Revenues from sales and services 1,471.69 1,387.47 6.07 Total Expenses 1,375.31 1,305.77 5.33 Finance Costs 23.78 26.51 (10.30) Profit before Income Tax Expenses 84.23 70.81 18.95 Income Tax

. Revenue from sale of goods declined by 4.9% from THB 262.0 million to THB 249.1 million. Whilst revenue from rental and rendering of services increased 15.0% from THB 26.7 million to THB 30.7 million due to

Human Resources and Payroll Outsourcing-services 60.16 45.77 56.21 47.26 1.2 Income from software and Human Resources System 45.58 34.67 34.40 28.92 Revenues from HR Solutions 105.74 80.44 90.61 76.18 2

performance Revenues Type of Revenue Jan-June 2018 Jan-June 2017 THB (m) % THB (m) % 1. HR Solutions 1.1 Human Resources and Payroll Outsourcing-services 119.48 46.98 109.78 46.89 1.2 Income from software and

revenue from rental and rendering of services increased 38.7% from THB 27.5 million to THB 38.1 million due to an increase in the rate of car parking services and utility fees, and new tenants for Bangna