existing shareholders pro rata to their shareholdings (Rights Offering) will be utilized as additional cash flow, working capital, and operating reserves, as well as for future expansion of the Company’s

future expansion of the Company’s business. 2.3 Opportunity to Generate Revenue for the Company, Expected Effects in the Case of Project Failure, and Risks from the Project Implementation 2.3.1 Opportunity

operating reserves, as well as for future expansion of the Company’s business. Enclosure 4 15 2.3 Opportunity to Generate Revenue for the Company, Expected Effects in the Case of Project Failure, and Risks

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...

MW Equity Capacity COD of projects4,776 MW Equity Capacity COD of projects Selective Growth COD of projects ERU +250MW Rayong WTE +10MW Expansion+18MW +2,771MW COD of projects CUP 4 +45MW NL1PC +26MW

refused derived fuel technology, and being a consultant for various engineering projects which will support the Company’s business expansion. Moreover, having a well- known business partner, as a major

which will support the Company’s business expansion. Moreover, having a well- known business partner, as a major shareholder will promote the Company’s image, and attract investor attention considerably

shows the commitment of GPSC as PTT Group’s Power Flagship and progress of business expansion in both Thailand and abroad which includes research and develop on the Energy Storage System (ESS) in creating

statements and after the legal reserves reduction, subject to the Company’s performance, financial status, liquidity, investment plan, the need of working capital for use in business operation and expansion

working capital for use in business operation and expansion, and other factors in relation to the business operation of the Company as the Board of Directors and/or the shareholders deem it appropriate