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...

engineering, sanitary engineering, environmental engineering, and also economical and financial engineering; and also to operate a business in improving projects that are relating or affecting natural resources

, Suwinthawong Project, Land for Campus City Rangsit Project, 4 Construction Project (K.C. Natural Park Rom Klao, K.C. Garden Home 18 Project, K.C. Green Ville and K.C. Park Ville 3 Project) were Baht 431.10

, Suwinthawong Project, Land for Campus City Rangsit Project, 4 Construction Project (K.C. Natural Park Rom Klao, K.C. Garden Home Project, K.C. Green Ville and K.C. Park Ville 3 Project) were 19 Baht 431.10

, its riches in natural resources, and geographical advantage to India/Middle East/Europe markets, Company deems Myanmar a potential market for Company’s products (pressure vessels including LPG storage

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