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...

transaction will reduce the financial burden required by the Company to support EP as EP will be able to raise fund itself through the capital market. 2. The business structure will be more solid resulting in

Baht per Kilogram and the year 2021 was in range between 30.75-47.45 Baht per Kilogram (Source: Department of Internal Trade (‘DIT’), Ministry of Commerce). Due to the fluctuation of CPO price in the

Sustainable development in the environmental area has become an important goal both nationally and internationally. The public sector implements policies that support continuing  environmental

sustainability goal, and the promotion of long-term savings to support the aging society, an important goal under the National Strategy.  The key takeaway from this meeting is that the SEC will provide policy

has studied and conducted a regulatory mapping between Thailand and Luxembourg to support Thai companies that are ready for listing overseas. The study shows that Thai debt securities issuers can

importance of being adaptive and flexible to new opportunities arising from the change in behaviours of market players in the capital market. The SEC Thailand firmly believes that this MoU will support the

businesses. Bond issuance could support businesses to have better capital structure and also benefit the economy of the country in term of fund sourcing and allocation. Nonetheless, most of the companies

since September 16 and the Capital Market Supervisory Board, on October 18, approved a revision to the fund size rule in support of different types of project and the current business environment. The

directors and securities holders of the Business to support their consideration on the Tender Offer. Yours Sincerely, - Ms. Veena Lertnimitr - (Ms. Veena Lertnimitr) Head of Investment Banking The Siam