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...

loadings are market, size and momentum factors. The majority of Thai mutual funds investment policies specifically spell out large cap stocks as their objective, so the size loading is not surprising. The

worth noting that, in the regression analysis that we have reported so far, the effect of firm size on corporate culture is not significant. This is particularly surprising as large firms are probably

and assessing the progress of a construction project so audit deficiencies found in this area were not surprising. To address this problem, the SEC invited a construction planning specialist to share

surprising, therefore, that companies feel enormous pressure to deliver in the short term. Yet many of the factors that foster business resilience and sustainability play out over years and, in some industries