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...

(EDC) catered to businesses with a high volume of daily cash transactions such as hospitals, beauty salons, hotels, restaurants, convenience stores, department stores, gold shops, car dealers, airlines

keeping with the overall economic activity improvement. Furthermore, exports and tourism will continue to play pivotal roles in the economy even though their growth may subside over-year due to a high 2017

high value and in order to give opportunity to shareholders to consider an appropriateness and take part in making the decision on the Transaction, it was deemed appropriate to propose to the upcoming

Shares Acquisition Transaction is a large transaction with high value and the Company wishes to enter into other transactions which are needed an approval from the upcoming shareholders’ meeting of the

transaction with high value and the Company wishes to enter into other transactions which are needed an approval from the upcoming shareholders’ meeting of the Company. In addition, in order to give opportunity

investment decelerated after showing high growth in the fourth quarter of 2018. Even though private consumption continued to expand, growth was concentrated in only certain product categories. Likewise

domestic automotive industry while also maintaining healthy asset quality. Meanwhile, KASIKORN FACTORY & EQUIPMENT CO., LTD. enjoyed continually high loan growth. In addition, Muang Thai Life Assurance PCL

. Issuers with primary responsibility for management of water infrastructure assets such as increasing the sustainability of high-quality water supply (e.g. community water systems, aquifers, forested

culture, showcasing hi-tech awe-inspiring LED lights and grand theatrical show, never before seen elsewhere in the world. It also provides guests with dinner, choices of souvenirs and various activities to