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...

% of the 1H/2017 consolidated net income, which will be paid from the unappropriated retained earnings that derived from tax exemption profit portion according to Board of Investment (BOI) privilege

674,235,360 or approximately 34% of the net profit of consolidated financial statements, which will be paid from the unappropriated retained earnings with 30% corporate income tax, wherein individual

Controlling Power To prepare the consolidated financial statements Per the investment proportion The Company hereby informs you that the consideration and approval of the investment in S-TREK ordinary shares in

Listed Companies Concerning the Acquisition and Disposition of Assets, 2004 (collectively, the “Notifications on Acquisition or Disposal”) The maximum transaction value calculated based on consolidated

. The investment objectives for the Gangdong are to fulfil a portion of the Renewable Portfolio Standard (RPS) obligations of Paju ES on a long-term basis and to generate incremental economic earnings to

when calculated from 12-month period net profit criteria consideration, based on the latest reviewed consolidated financial statement ended March 31, 2017, which equals to 10.28%. In addition, when

order to consolidate the consolidated financial statements. Shareholding Structure of SUTGH Prior to The Investment Disposal Transaction Enclosure 1 Page 6 Shareholding Structure of SUTGH Prior to The

Bank and its Subsidiaries Million Baht Item Quarter Change (%) 1/2019 4/2018 1/2018 4/2018 1/2018 Net profit * 9,028 8,101 9,005 11.4% 0.3% Earnings per share (Baht) 4.73 4.24 4.72 11.4% 0.3% Net

/ Independent Director and Audit Committee 11. Mr. Devarajen Moorooven / Director 12. Mr. Benoît René Mignard / Director 4.3 Summary of the financial information of GLOW for 2015-2018 Consolidated Profit and Loss