UOB ASSET MANAGEMENT (THAILAND) COMPANY LIMITED|Foreign Investment Fund : FIF,Specific Fund | Offering Date : 21/08/2009 - 28/08/2009

Reform Priorities in Asia: Taking Corporate Governance to a Higher Level Taking Corporate Governance to a Higher Level reform priorities in Asia 2011 REFORM PRIORITIES IN ASIA: TAKING CORPORATE

KASIKORN ASSET MANAGEMENT COMPANY LIMITED|Feeder Fund | Offering Date : 04/06/2008 - 12/06/2008

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...

funds Insurance Low Middle High 0 1 2 3 4 5 6 7 25 -2 7 28 -3 0 31 -3 3 34 -3 6 37 -3 9 40 -4 2 43 -4 5 46 -4 8 49 -5 1 52 -5 4 55 -5 7 58 -6 0 2.7 3.5 4.1 4.4 4.6 4.7 4.7 4.5 4.3 3.9 3.4 2.8 0 1 2 3 4 5

Discussion and Analysis of Business Operation for 3Q/2018 Bangchak Corporation Plc. I 4 Marketing Business Group sales volume slightly increased YoY, while was at the similar level QoQ. Retail sales declined

renovation. Liquidity was maintained at healthy level with current ratio over 1, while capital structure was at optimal level with excellent ability to repay debt. 31-Dec-17 31-Dec-16 Chg Profitability ratio

caused the company’s gross profit to improve from the previous quarter. However, within this year the company is still affected by the situation of the crude palm oil price which was still at a low level

’ impact on the business operation of the business operator according to the RLA (“Risk Level Assessment”) form, and submit the first results of such assessment to the SEC Office within 31 July 2023 However

affected by Libya’s main export depot sustaining damage from the war between its government and rebel faction, thus crude production in Libya is lowered to 150 KBD from their 850 KBD normal level, remaining