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...

decreased from Private sector’s customer of insurance since the market trend of Insurance Outbound Telesales services was slowdown which because of the and also the various ways of ap 2.3 Revenue from

maturity as well as the common trend of partnership alliance among business entities in seeking for better business potential, the Company has foreseen the business risk of CPPH having sole customer

% from selling expenses the amount of THB 59.93 million in the year 2013. The major contributions were the cost of transportation and products insurances. Administration Expenses The company’s

expenses the amount of THB 55.49 million in the year 2014. The major contributions were the cost of transportation and products insurances. Administration Expenses The company’s administration expenses for

million or by 22.29% from selling expenses the amount of THB 55.49 million in the year 2014. The major contributions were the cost of transportation and products insurances. Administration Expenses The

organizing activities involving large gatherings of people which may pose the risk of spreading the disease. In addition, the Bangkok Metropolitan Administration has issued an announcement dated March 21, 2020

thus significantly reduced the cost of sales and administrative expenses . Overall gross profit margin improved to 42.3% from 30.7% in 2018 Selling and Administration expenses The Company recorded

% from the same period of last year. This is result from sale volume was increasing and the world steel price trend increasing from the same period of last year. 2. Cost of goods sold and service of Baht

from greater sales volume across all products because of major plant turnaround in Q2 2018. The overall selling price decreased, especially for Caustic Soda due to the fall of its market price trend and