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...

operate as plan i.e. accessibility of the raw material, high competition and reliance on the government policy. However, the Company will be benefit from the good business relationship with the palm

businesses related to its core business. Silom Road Limited, Mr. Viroj Tangjettanaporn and Mrs. Tuenjai Purintaraphiban do not carry out a business in any manner similar to, or in competition with the business

to adjust downward. Especially, sales through the industrial channel which has severely affected, as such the industrial market has high degrees of competition. 2. The Marketing Business Group recorded

-Diesel B20S, which surpasses in quality from the normal B20 in the market. Whereas industrial market sales volume lowered slightly from the intense market competition. 2. Net marketing margin declined

Extraordinary General Meeting of Shareholders No. 1/2017 if the Company faces any problem in preparing the documents and information which results in any delay in preparing those documents and information and

and better respond to customer needs. However, there is also more intense competition after fees were waived for transactions via banks’ digital banking channels. Banks therefore need to acquire more

, tightening domestic market supply. However, within this quarter, market supplies went back to their normal levels, increasing market competition. Nevertheless, retail sales volume (service stations) increased

, including high interest costs, high leverage, regulation costs, economic slowdown, surplus capacity, increased competition, lack of fuel availability and energy conversation policies. The Fund invests in

investment decision; (2) does not involve a competition for a prize or drawing a winner of a prize or any kind of benefit; (3) contains the conditions on which the investors may receive a reward or any kind of