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...

encouraged to use technologies and a reliable database for optimum benefits in reviewing and assessing collateral value of performing loans wherein credit risk has not significantly increased. Permission has

listed securities in the SET. In addition, the Investor does not have the policy to significantly change the management plan, organizational structure and financial structure, save for the implementation

business from listed securities in the SET. In addition, the Investor does not have the policy to significantly change the management plan, organizational structure and financial structure, save for the

have the policy to significantly change the management plan, organizational structure and financial structure, save for the implementation of the Company’s plan. However, in order to increase the

with severe and significantly complex digital risk and cybersecurity challenges, we have established a Digital-Oriented Risk and Cyber Security Risk Management Framework in alignment with the strategy of

for clean energy, as the economy is still expanding. • The trend of natural gas prices has increased significantly during the first half of the year 2019 however is expected to fall during the second

revenue from selling electricity has increased significantly. Comparing Q4/2019 vs Q3/2019 Comparing Q4/2019 vs Q4/2018YoYQoQ Comparing 2019 vs 201812M Adjusted Net Income was Baht 5,177 million in 2019

increased significantly during the first half of the year 2019 however is expected to fall during the second half of 2019. PAGE 7PAGE 7 MANAGEMENT DISCUSSION & ANALYSIS (MD&A) Q3 2019 Operating Results

significantly during such period, the issuer shall make a re-valuation of the collateral. Clause 34 In the case of secured bonds where the collateral is immovable property or movable property which shall be