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...

EIPET and entered into a 50% Joint Venture partnership with Dhunseri. EIPET with a manufacturing capacity of 540,000 tonnes per annum is one of the largest PET producers in Middle East and Africa. It is

largest manufacturers of PET preforms in West Africa and is located in Ibadan, Nigeria, with a production capacity of 18,000 Mts. per annum. The value of the above acquisition, calculated in accordance with

positioned as a manufacturer in this level. (3) Small size manufacturers have sales of less than Baht 300 million per year, most of them are small producers with production capacity and quality production is

driven by glycerine supply glut from increasing biodiesel blending rate of leading biodiesel producers in global market significantly affected to the company’ s methyl ester business. However, fatty

capacity of 57,000 tonnes per annum. Both Kordarna sites are strategically located in the European Tire Industry Hub, where major tire and car manufacturers are located with approximately 3.7 million cars

PET recycling Facility is strategically in line with the Company’s commitment to long-term sustainability and also meeting the circular economy objectives of packaging and consumer product manufacturers

investment in associated company (BBF) of Baht 19.93 million since there were new biodiesel producers and the existing biodiesel producers expanded their production capacity, resulting in high competition and

purchase of products and expand the market in the Asian region, which will enable the Company to compete with other manufacturers. The Company therefore has to order additional machinery. Opinion of Board of

to compete with other manufacturers. The Company therefore has to order additional machinery. Opinion of Board of Directors including Audit Committee The Board of Director’s meeting. Where there was no