targets, while we also gained wide acceptance and recognition at home and abroad, as reflected in the numerous awards we received in 2019. C Contents Page Executive Summary A 1. Overview of Operating

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...

recorded at THB 326 million, which can mostly be attributed to the company’s subsidiary, BCPG Plc. transitioning its Functional Currency from the Thai Baht to the US Dollar and led to the recognition of gain

7.5 Share Premium 703.2 603.0 100.2 16.6 Share subscription received in advance form exercise warrants 66.6 - 66.6 100.0 Unappropriated Retained earnings 1,530.2 1,651.1 (120.9) (7.3) Total shareholders

of electricity - FiT, Base tariff and Ft 851.2 788.3 (62.9) (7.4%) FiT Premium 14.6 10.1 (4.5) (30.8%) Sales of electricity to Industrial Users (IU) 9.3 8.2 (1.1) (11.8%) Sales from Biomass Power

พื้นฐาน และค่า Ft 816.7 821.3 774.5 (5.7%) (5.2%) 2,314.6 2,402.5 3.8% ค่า FiT Premium 20.7 19.1 15.0 (21.5%) (27.5%) 68.6 53.7 (21.7%) รายได้จากการขายไฟฟ้าให้เอกชน (IU) 6.2 6.8 8.3 22.1% 33.9% 19.1 21.9

ค่าไฟฟ้าพืนฐาน และค่า Ft 774.5 793.1 895.9 13.0% 15.7% 2,402.5 2,540.2 5.7% ค่า FiT Premium 15.0 13.9 12.9 (7.2%) (14.0%) 53.7 41.4 (22.9%) รายไดจ้ากการขายไฟฟ้าให้เอกชน (IU) 8.3 7.4 7.0 (5.4%) (15.7

of LED screens installation of THB 109mn, the recognition of billboard structure of THB 143mn as well as the recognition of COMASS’s assets after consolidated of THB 48mn and 2) the increase in the

mainly from the recognition of billboard structure of THB 147mn, an increase in work in process of LED screens installation of THB 127mn and the recognition of COMASS’s assets after consolidation of THB

’ Equity As at 30 September 2017, the total shareholder’s Equity of the Company were 5,902 Million Baht, mainly due to the recognition value of joint venture of the Apollo’s deal and realized gain from the