Property Market Overview 3Q16 & 9M16

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2 Property Market Overview 3Q16 & 9M16

3 9M16 NEWLY LAUNCHED BY UNIT & VALUE 3

4 3Q16 NEWLY LAUNCHED BY UNIT & VALUE 4

5 3Q16 RESIDENTIAL MARKET Source : REIC Housing Transfer by Value (MB) Type 3Q16 QoQ YoY 9M16 YTD Jul-Sep 2Q & 3Q 3Q15 & 3Q16 Jan-Sep 9M15 & 9M16 SDH 22,294-28% -38% 83,394-15% TH 20,002-18% -23% 68,431-2% CONDO 35,751-35% -18% 135,989 25% TOTAL 78,047-29% -26% 287,814 4% 30,982 34,366 29,796 32,757 20,132 Housing Transfer by value (MB) in Bangkok and Vicinities 55,926 43,361 49,614 45,428 35,727 23,405 25,989 32,938 54,809 35,751 29,931 31,169 22,294 24,090 24,339 20,002 Q1/2015 Q2/2015 Q3/2015 Q4/2015 Q1/2016 Q2/2016 Q3/2016 Condominiums Single Detached Houses Townhouses 5

6 3Q16 OFFICE MARKET 3Q16 Office Supply : 8,541,958 Sq.m & Occupancy Rate : 91.8% Source : CBRE Existing and New Supply, F 6

7 3Q16 OFFICE MARKET The average rental rate Bangkok office Space Rental rate (Baht) Future Supply : Total 588,456 sq.m Source : CBRE 7

8 RESULT HIGHLIGHTS 3Q16 & 9M16

9 RESULTS HIGHLIGHTS 3Q16 3Q16 PERFORMANCE First full quarter after government stimulus ended High base set by record high revenue & profit in 2Q16 PRESALES TOTAL REVENUE NET PROFIT 3Q 16 2,245 MB -5% YoY -12% QoQ 3Q 16 3,008 MB -4% YoY -42% QoQ 3Q MB* -16% YoY -61% QoQ * *11.5% of Revenue 9

10 RESULTS HIGHLIGHTS 9M16 9M16 PERFORMANCE PRESALES TOTAL REVENUE NET PROFIT 9M16 7,435 MB -10% YoY 9M16 11,484 MB +27% YoY 9M16 1,705 MB * +60% YoY Low-rise +3% YoY High-rise -38% YoY *14.8% of Revenue 10

11 Financial Performance 3Q16 & 9M16

12 OPERATING REVENUES 3Q16 : 2,999 MB -4% YoY & -42% QoQ Revenue from Sales Revenues from Rental & Services Operating Revenues (Unit : MB) 3,841 3,117 2,072 3,635 1,867 2,911 (93%) 5,020 5,142 3,323 4,949 4,824 3,135 2,999 2,809 (94%) 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 12

13 OPERATING REVENUES 9M16 : 11,463 MB +27% YoY Revenue from Sales Revenues from Rental & Services Operating Revenues (Unit : MB) 9,030 Achieved 76% of FY Target 11,463 8,413 (93%) 9M15 10,893 (95%) 9M16 13

14 Property for Sales 3Q16 & 9M16

15 NEWLY LAUNCHED IN 3Q16 Grand Bangkok Boulevard Ratchaphruek Rama 5 (SDH 3F) 41 Units / 1,500 MB Launch in July 2016 (Start 26.9 MB) 15

16 PRESALES 3Q16 : 2,245 MB -5% YoY & -12% QoQ (Unit : MB) High-rise Low-rise Total Presales Launch 2,721 45% 55% 3,209 32% 2,354 16% 68% 84% Presales 4,233 43% 57% 3Q16 %change YoY %change QoQ Low-rise 1,868-5% -13% SDH 1,817-1% -11% TH 51-60% -58% High-rise 377-1% -6% Total 2,245-5% -12% 2,631 2,558 2,245 33% 16% 17% 67% 84% 83% 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 GD-PP, LBBRP, CB-CH, +3 GBB-SV, PAVE-PU, SLD-1 LBBRT65, GBB-RJ, GBB-PR5 SLD-1 (VIP) PAVE-RS VIP Projects BEATNIQ VN-PR5 Value (MB) 2,300 4,700 4, ,000 1,700 1,500 16

17 PRESALES 9M16 : 7,435 MB -10% YoY (Unit : MB) High-rise Low-rise Total Presales 8,284 32% Achieve 50% of FY Target 7,435 22% 68% 78% Presales %change 9M16 YoY Low-rise 5,793 +3% SDH 5,566 +5% TH % High-rise 1,642-38% * Total 7,435-10% Launch 9M15 GD-PP, SLD-1 LBB-RP, LBB-RT65, PAVE-RS 9M16 GBB-SV, GBB-RJ, BEATNIQ, PAVE-PU, VN-PR5, GBB-PR5 Value (MB) 11,000 13,200 17

18 REVENUE FROM SALES 3Q16 : 2,809 MB -4% YoY & -43% QoQ (Unit : MB) High-rise Low-rise Total Rev. from Sale 1,867 29% 71% 3,635 41% 38% 59% 62% Revenue from Sales 2,911 4,824 42% 58% 3Q16 3,135 59% %change YoY 4,949 58% %change QoQ Low-rise 2, % -3% SDH 1, % +1% TH 50-63% -64% High-rise % -72% Total 2,809-4% -43% 2,809 28% 41% 42% 72% Project Start Transfer 1Q 15 2Q 15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 CR-S34 (Mar15) CT-PAT (Sep15) CT-RH (Dec15) CT-AS (Mar16) 18

19 REVENUE FROM SALES 9M16 : 10,893 MB +29% YoY (Unit : MB) High-rise Low-rise Total Rev. from Sale 8,413 37% 10,893 51% 63% 49% Revenue from %change 9M16 Sales YoY Low-rise 5,390 +2% SDH 5,159 +6% TH % High-rise 5, % Total 10, % 9M15 9M16 Project Start Transfer CR-S34, CT-PAT CT-AS Condo Transferred CR-S34, CTST11, CT-TS, CB-RT, SANTO, CT-PAT CR-S34, CT-TS, SANTO, CT-AS, CT-RH, CT-PAT CT-ST11, CB-RT 19

20 BACKLOG AS OF 30 SEPTEMBER 2016 : 4,632 MB Total 4,632 MB (LR 15% : HR 85%) 60% 20% 20% Backlog as of 30 Sep 2016 SLD-1, BEATNIQ CT-AS, CT-RH, CT-PAT, CB-CH LOWRISE = 673 MB CT-TS, CT-ST11 CB-RT, SANTO CT-PAT, CTRH, CTAS Backlog : Secured Revenue On-going Condos Projects Value (MB) % Unit Sold = 68% of total project values % Value Transferred = 52% of total project values Transfer Period Chambers Ramintra 610 Start Mar 2014 The Crest Santora Hua Hin 1,700 Strart May 2014 Centric Tiwanon Station 2,755 Start Jun 2014 Centric Sathorn St.Louis 1,840 Start Jun 2014 Centric Sea Pattaya 3,000 Start Sep 2015 Centric Huai Khwang Station 2,900 Start Dec 2015 Centric Ari Station 2,770 Start Mar 2016 Chambers Chann 930 Start Q Saladaeng One 4,700 Start Q BEATNIQ 4,000 Start Q ,205 Data as of 30 Sep

21 EXISTING PROJECTS AS OF 30 SEPTEMBER 2016 Existing Projects as of 30 Sep 2016 Product Type No. of Remaining Value (MB) Project SDH 22 19,950 TH CONDO 10 8,160 TOTAL 34 28,480 Existing as of 30 Sep 2016 SDH TH CONDO 1% 29% 70% Breakdown by Location: BMA Area = 91% (31 Projects),ResortTown 9% (3Projects) Unit >15MB Unit >15 MB = 51% (GDP & GBB) Luxury Condo = 72% (SLD-1 & BEATNIQ) 11% 40% GDP GBB BB 13% LBB+VN PAVE 24% Workplace Vista 11% 8% Low-rise Total 24 Projects 20,320 MB 72% 8% 12% Condo Total 10 Projects 8,160 MB Luxury >250k/sqm. Luxury The Crest Centric Chambers 21

22 Income Property 3Q16 & 9M16

23 Office Building for Rent Revenue from Rental and Services REVENUE FROM RENTAL & SERVICES 3Q16 : 189 MB : -8%YoY & -2% QoQ 9M16 : 570 MB : -8% YoY Breakdown Revenue from Rental & Services Land & Technical Buildings for Rent Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 9M15 9M16 (Unit: MB) SC : Shinawatra Tower 1,2,3 & Computer Centre Chaengwattana, Lotus Petchakasem 81, The Junction OA : Office Building Phaholyothin Soi 9 UL : Land & Technical Building total 109 Sites 23

24 OCCUPANCY RATE / VACANCY RATE : ST1, ST2, ST3 ST1, ST2, ST3 and 2 Office Building comprised the total rentable area of 107,300 sq.m with overall occupancy 90% Occupancy rate for ST1 = 100% Occupancy rate for ST2 = 100% Occupancy rate for ST3 as of 30 Sep 2016 = 82% Occupancy Rate of ST3 95% 94% 86% 84% 84% 84% 82% Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Data as of 30 September 2016 : Total Rentable area ST3 = 53,965 sq.m : Vacancy area = 9,789 sq.m.* ( * Dec16 : Move in 650 Sq.m ; Occupancy ~83% and Feb 2017 move in 2,588 sqm., then total Occupancy in 1Q17 = ~88%) 24

25 3Q16 : GROSS PROFIT MARGIN BREAKDOWN BY BUSINESS Gross Profit Margin : 35.7% GP- Property for Sales : 33.8% GP-Property for Rent & Services : 64.4% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 37.7% 65.8% 35.6% 63.8% 38.0% 36.1% 38.0% 65.5% 64.5% 66.2% 36.4% 35.7% 62.5% 34.6% 34.0% 36.0% 35.0% 36.3% 35.4% 33.8% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 GP-Property for Sale GP-Property for Rent & Services Gross Profit Margin Lower revenue from Condos 64.4% 40% 35% 30% 25% 20% 15% 10% 25

26 9M16 : GROSS PROFIT MARGIN BREAKDOWN BY BUSINESS Gross Profit Margin : 36.7% GP- Property for Sales : 35.3% GP-Property for Rent & Services : 64.3% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 36.9% 36.7% 65.0% 64.3% 34.8% 35.3% 9M15 9M16 GP-Property for Sale GP-Property for Rent & Services Gross Profit Margin 40% 35% 30% 25% 20% 15% 10% 26

27 3Q16 SG&A : 632 MB -14% QoQ, -1% YoY 25.5% 19.4% Unit : % to Operating Revenues SG&A (% of Operating Rev.) SG&A (% of Presales) 28.8% 28.2% 21.7% 27.1% 20.1% 24.3% 18.1% 20.5% 16.9% 19.3% 14.3% 21.1% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Marketing Expenses Specific Business Tax & Transfer Fee Admin Expenses 15.4% 8.8% 10.8% 8.3% 10.0% 10.5% 6.7% 3.5% 3.6% 3.6% 3.3% 3.1% 3.6% 3.4% 6.6% 5.7% 6.0% 5.4% 6.2% 4.2% 6.9% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 SG&A(MB) Operating Rev. 2,072 3,841 3,117 5,020 3,323 5,142 2,999 Staff

28 9M16 SG&A : 2,009 MB +8% YoY Unit : % to Operating Revenues SG&A (% of Operating Rev.) 22.5% 27.0% 20.6% 17.5% 9M15 SG&A (% of Presales) 9M16 Marketing Expenses Specific Business Tax & Transfer Fee Admin Expenses 11.0% 8.6% 3.6% 3.4% 6.0% 5.5% 9M15 9M16 SG&A(MB) 1,862 2,009 Operating Rev. 9,030 11,463 Staff

29 NET PROFIT (MB) AND NET PROFIT MARGIN 3Q16 = 346 MB (-16% YoY, -61% QoQ) 9M16 = 1,705 MB (+60% YoY) , ,068 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Net Profit Margin (%Total Revenue) 3Q16 = 11.5% 12.9% 13.1% 16.1% 14.1% 17.3% 7.7% 11.5% 9M15 9M % 9M16 = 14.8% 14.8% 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 9M15 9M16 29

30 FINANCIAL POSITION AS OF 30 SEPTEMBER Sep Dec-2015 Change (MB) (MB) (MB) % YoY Total Asset 31,952 30, % Total Liabilities 17,774 17, % Total Equity 14,178 13, % ROA (%) 7.96% 6.33% ROE (%) 19.05% 15.25% D/E (Time) EPS Book Value Net Profit /Avg.Total Asset Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Interest Bearing Debt / Total Equity (Time) Debt / Equity Ratio (Time) 30

31 4Q16 OUTLOOK In the mourning period Percent (%) 2015 F 2016 F 2017 GDP Growth Headline Inflation Core Inflation GDP Growth supported by Government stimulus measures to stimulate private consumption Gradual improvement in farm income, as the impact of drought subsidies Well-maintained disbursement of public spending The Thai Economy is projected to grow in 2017 at about the same rate as in 2016 Source : BOT Monetary Policy Report September

32 Concern Factors Political uncertainty from Europe The new US president s policy Fed s signal to hike rates in Dec / BOT s signal to hold rates Slowdown in Tourism Sector 4Q16 OUTLOOK In the mourning period 32

33 4Q16 OUTLOOK : Property Market In the mourning period Market Sentiment is unfavorable Developers are delaying the launch of new projects Bank continue to tightly restrict the approval of mortgages Intense competition while limited marketing activities 33

34 4 Q 1 6 OUTLOOK Continuing to launch new project in luxury segment Official launch 1 project Exclusive preview for VVIP 2 projects Postpone 4 official projects launched to Q SC Tower Construction Completion On deal with potential tenants Limited marketing activities special promotional campaigns to boost sales 34

35 NEW LAUNCHED 4Q16

36 G R A N D BANGKOK BOULEVARD RAMA 9 Project area : 28-1 Rais Units : 52 Units (SDH 2F & 3F) Project Value : 1,450 MB Function Area : Sq.m. Land Plot : ~ Sq.wa Launch : Nov 2016 Start : 25 MB 36

37 FY O F F I C I A L L A U N C H E D + 2 E x c l u s i v e Preview VVIP T O T A L VALUES ~ 2 4, M B ( 7 L o w - r i s e + 2 C o n d o ) 5 0 % : 5 0 % 1H Projects 2H Projects + 2 VVIP* *Exclusive Preview for VVIP - 28 Chidlom - The Gentry Sukhumvit 37

38 P R O P E R T Y D E V E L O P M E N T F O R SALE IN

39 Exclusive Preview for VVIP 4Q16

40 T H E G E N T R Y S U K H U M V I T Grand Double Volume Smart Technology Underground Cable System Accessible Location Project area Total Unit Project Value Function Area Land Plot Launch Start : 16-0 Rais : 57 Units (3F) (SDH : 49 Units & Semi 8 Units) : 1,300 MB : Sq.m. : ~46 78 Sq.wa : 4 Dec 2016 (Exclusive Preview) : 20 MB Location : Sukhumvit 101 closed to BTS Punnawithi Station ( ~1.5 km.) 40

41 2 8 C H I D L O M Project Name Land Area Project Details Tenure Tower Villa Parking Lot Amenities 28 Chidlom 3-0 Rai 2 Buildings (The Tower & The Villa) 436 Freehold Residences 47 stories, 252 units 20 stories, 184 units 358 Lots Lobby Reading Lounge Heated Spa Pool Lap Pool Kid s Pool 2-storey Fitness 41

42 SC TOWER : Progress of overall construction 72% (as of 31 October 2016) Grade A Non CBD Office Building 24 Floors Phaholyothin Road Rentable Area ~12,250 Sq.m. Q : On deal with potential tenants : Plan Construction Completion 100% Q Grand Opening & Start Operation 42

43 TARGET 2016

44 REVISE TARGET 2016 Postpone 4 Official Projects Launched to Q Total Project Values ~11,000 MB 44

45 REVISE TARGET 2016 PRESALES TARGET 2016 : 12,000 MB REVENUES TARGET 2016 : > 2015 FY REVENUES <15,000 MB 45

46 PRESALE PRESALE UPDATE 12,000 MB PRESALES 10M : 9,287 MB PRESALES 9M : 7,435 MB PRESALES 1H16 : 5,189 MB 62% 77% YTD 15 Nov ~9,820MB 1H New projects launched 3Q New project launched OCT 1,862 MB NOV DEC VVIP LAUNCH VVIP 1,320 MB* 12 OCT 2016 * Presales Oct 2016 : 72U NOV DEC

47 MARKETING EVENT 47

48 UPDATE 2016 : 7 NEW PROJECT LAUNCHED + 2 Exclusive Preview VVIP NEW 2016 Project Product Type Launch Project Area Project Value Unit (Rai) (MB) Price Start (MB) Grand Bangkok Boulevard Ratchaphruek-Charan SDH Feb ,200 Start 30 MB 1Q16 Grand Bangkok Boulevard Sukhumvit SDH Feb ,800 Start 35 MB BEATNIQ Sukhumvit 32 CONDO Feb ,000 Start 12 MB (~280,000/Sq.m) 2Q16 PAVE PRACHA UTHIT 90 SDH Jun ,260 Start 3.99 MB Venue Rama 5 SDH Jun Start 5-12 MB 3Q16 Grand Bangkok Boulevard Ratchaphruek-Rama 5 SDH Jul ,500 Start MB Grand Bangkok Boulevard Rama 9-2 SDH Nov ,450 Start 25 MB 4Q16 THE GENTRY Sukhumvit (Exclusive Preview for VVIP) SDH Dec ,300 Start 20 MB 28 Chidlom (Exclusive Preview for VVIP) CONDO Oct ,000 TOTAL 1,285 23,950 Start 12 MB (~330,000/Sq.m) 48

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