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

analyze and report our segments. To this extent, we have completed a comprehensive assessment of our portfolio, identified areas of synergies and natural alignment, and recalibrated our future capital

PUBLIC COMPANY LIMITED BUILDERSMART PUBLIC COMPANY LIMITED BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIMITED BURIRAM SUGAR PUBLIC COMPANY LIMITED BUSINESS ALIGNMENT PUBLIC COMPANY LIMITED BUSINESS ONLINE PUBLIC

LIM... BUILDERSMART PUBLIC COMPANY LIMITED BUMRUNGRAD HOSPITAL PUBLIC COMPANY LIM... BURAPA PACKING WOOD COMPANY LIMITED BURIRAM SUGAR PUBLIC COMPANY LIMITED BUSINESS ALIGNMENT PUBLIC COMPANY LIMI

LIMITED BUSINESS ALIGNMENT PUBLIC COMPANY LIMITED BUSINESS ONLINE PUBLIC COMPANY LIMITED C PANEL PUBLIC COMPANY LIMITED C PAYMENT SOLUTION COMPANY LIMITED C SMART SOLUTION COMPANY LIMITED C-DISTRIBUTION

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