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...

FKRMM’s consolidated financial statement for the 12 month ended January 31, 2017 (reviewed by KPMG)). In addition, FKRMM have 4 distribution warehouses in Malaysia, therefore, NDR has the potential to

services consists of cost of sales from electricity generation and distribution and costs of services and rental from provision of services and development of renewable energy projects. For the year 2018

. This was considered an obstacle for distribution channels of the Company’s customers as they had to postpone their purchase orders of the Company’s products. Moreover, During the year, Thailand tourism

engaged in the manufacture and distribution of High Density Polyethylene (HDPE) pipe and related certain fittings, Low Density Polyethylene (LDPE) pipe, Polypropylene (PP) pipe, Polybutylene (PB) pipe

277.8 (138.9) (33.3%) Gross Profit 281.9 166.0 (115.9) (41.1%) Gross Profit Margin 67.7% 59.8% GPM before adjustment with PPA 68.8% 60.6% Rental and service income from warehouses, distribution centers

increasing distribution nergy throug sale perform uarter of 2017 collection an percent. Whi 853.4 million subsidiaries the subsidi financial insti 016 Ch MB 4.2 67.6 7.2 33.4 3.8 448.3 9.1 39.7 4.7 13.4 6.4

power generation and distribution. Mr. Khomwit Boomthamrongkit is also an executive and a shareholder in many companies such as SBP Timber Group Co., Ltd. having its main business of importing and

than 990 million Baht or 10.9% increase from the year of 2015. This is because the company was able to sell the mobile handset through a distribution channels under group of companies and sale revenue

cross-border ___________________________________ Total ___________________________________ As at (date) __________________________ Part C: Distribution of ARFP Passport Fund and CIS Operator’s Local