Mr. Jesada Daokaew During 2016-2017, Mr. Katsuyuki Mizumachi, the former Chief Executive committee, colluded with other person acted dishonestly through 5 suspicious transactions, estimated total

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...

17,286 million. Debt to Equity Ratio (D/E) and Interest Bearing Debt to Equity Ratio (IBD/E) represented at 1.59 and 1.42, respectively. Yours faithfully, Mr.Chamroon Chinthammit Chief Executive Officer

shareholder of New Decade Co.,Ltd.. Both are the younger sisters of Mr.Polpat Karnasuta who holds the position of Chief Executive Officer of the Company. 91.57 91.70 (90.20) The transactions between New Decade

authorized director and shareholder of New Decade Co.,Ltd.. Both are the younger sisters of Mr.Polpat Karnasuta who holds the position of Chief Executive Officer of the Company. 91.70 91.71 (90.20) The

authorized director and shareholder of New Decade Co.,Ltd.. Both are the younger sisters of Mr.Polpat Karnasuta who holds the position of Chief Executive Officer of the Company. 90.84 91.57 (89.78) The

, (Dr. Ungoon Chantanavich) Chief Executive Officer

) and Interest Bearing Debt to Equity Ratio represented at 1.57 and 1.23, respectively. Yours faithfully, Mr.Chamroon Chinthammit Chief Executive Officer and President Khon Kaen Sugar Industry Public

transaction: - Signature………………………………………………….Authorized director (Mr.Surin Tohtubtiang) Position Chief Executive Officer

transaction. Signature…………........……………………….Authorized director (Mr.Surin Tohtubtiang) Position Chief Executive Officer