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

. Nevertheless, during the project area development, it was found that the neighboring communities around project materially retrieve less waste water from the project. Based on the inspection, it was found that

. Nevertheless, during the project area development, it was found that the neighboring communities around project materially retrieve less waste water from the project. Based on the inspection, it was found that

changing from within July 31, 2017 to complete within November 30, 2017. Nevertheless, during the project area development, it was found that the neighboring communities around project materially retrieve

November 30, 2017. Nevertheless, during the project area development, it was found that the neighboring communities around project materially retrieve less waste water from the project. Based on the

within November 30, 2017. Nevertheless, during the project area development, it was found that the neighboring communities around project materially retrieve less waste water from the project. Based on the