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...

). Cash flows statement The items in the cash flow statement of the company shall be use the prescribed definition, as follow: Cash flow from operating activities means money arising from the main

extraordinary items. 10.2.2 Extraordinary items. 10.2.3 Net income (loss). Cash flows statement The items in the cash flow statement of the company shall be use the prescribed definition, as follow: Cash flow

company shall be use the prescribed definition, as follow: Cash flow from operating activities means money arising from the main activities which cause the incomes of business or other activities as non

according to increased revenue The financial status of the Company as at December 31, 2018 is as follow Unit : million baht Statement of financial 31 DEC 2018 31 DEC 2017 Increase (Decrease) Percentage Asset

ratio was of 1. 21:1 time and the Interest bearing debts to total equity ratio was of 0. 98:1 time. The liabilities comprised of major items which follow;- 2.2.1 Account payable and others account payable

including but not limited to e-commerce, VOIP business and 3rd party payment service provider and other related business, and details are as follow: Joint ventured affiliate company PChome (Thailand) Co., Ltd

from 31 December 2016. Major increase/decrease were as follow: - Payable for investment decreased by 25 MB due to the payment of investment in NPP Food Service Company Limited (Formerly “Nippon Food

Company Limited (“Solaris”). The allowance is based on a conservative accounting approach. This amount can be reversed in the future if debt is repaid. Other reasons are as follow:- 1. Total revenue

million b ss of 4.1 m the Compan selling expe ed as follow 7 totaling w h period in ch increase es from the J usiness to h wn Co., Ltd equal to 144 od of 2017 Page1/3 er 2017 No.7/2017 ments and examined