) 199 190 Debentures (Current portion) 135 83 Long term debt (Non-current portion) 1,009 1,304 Debentures (Non-current portion) 1,609 1,166 Cash & Cash under management 683 209 Cash and cash equivalents

portion) 164 83 Long term debt (Non-current portion) 823 1,304 Debentures (Non-current portion) 1,835 1,166 Cash & Cash under management 348 209 Cash and cash equivalents 343 210 Current investments and

Financial Position (Unit: Million Baht) 2017 2016 2015 Cash and cash equivalents 2.14 2.02 5.85 Trade and other receivables 16.37 19.59 18.62 Inventories 14.04 12.92 10.87 Other current assets 2.18 18.82 6.75

equivalents 2.14 2.02 5.85 Trade and other receivables 16.37 19.59 18.62 Inventories 14.04 12.92 10.87 Other current assets 2.18 18.82 6.75 Total current assets 34.74 53.37 42.11 Long-term investments 0.60 0.60

be prohibited from soliciting money, gifts, or favors from anyone with whom the CRA does business and should be prohibited from accepting gifts offered in the form of cash or cash equivalents or any

equivalents from IPO proceeds  Increased inventories due to merchandises at new stores including Index Living Mall Chanthaburi and WINNER Ratchaburi as well as waiting-for-delivery products of domestic project

equivalents 648 631 Current investments and loans given 22 24 Net Debt 6,253 6,401 Non-operating Debt (Project Debt) 811 824 Net Operating Debt1 5,442 5,578 Net debt to equity (times) 1.34 1.42 Net operating

Minorities 193,733,996 49.7 Total 389,976,870 100.00 11/18 16.5 Financial Overview Balance Sheet 2014 2015 2016 2017 6M THB mn % THB mn % THB mn % THB mn % Current Assets Cash and cash equivalents 89.58 13.40

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...

activities are controlled, the currencies in which cash and cash equivalents are held, the extent to which borrowings are at fixed rates, and the use of financial instruments for hedging purposes. 5