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...

- Translation - Tender Offer for Securities (Form 247-4) Of Glow Energy Public Company Limited By Global Power Synergy Public Company Limited (The Tender Offeror) The Siam Commercial Bank Public Company Limited And Phatra Securities Public Company Limited (Tender Offer Preparers) Phatra Securities Public Company Limited (Tender Offer Agent) “This English language translation of the Tender Offer has been prepared solely for the convenience of the foreign shareholders of Glow Energy Public Company...

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

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

expenditures will be at a reasonable level and the Company will be prepared for driving its core business to strengthen its position for future business expansion. After the Company disposes of the investments