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-Translation- The Independent Financial Advisor s Opinion Report on the Connected transaction in providing financial assistance to Mermaid. | March 24, 2023

Prasert bunsumpunChalermchai mahagitsiriPrayudh mahagitsiriAusana mahagitsiriPrayuth mahagitsiriJean paul theveninKamolsut dabbaransiSuvimol mahagitsiriStock exchange of thailandMermaid maritime public companyThoresen thai agencies public companyAvantgarde capital co ltdSingapore stock exchangeMermaid maritime public company limitedMeeting of shareholders the companyThoresen thai agencies public company limited