Company Presentation y October 2013 p Disclaimer The information - - PDF document

SLIDE 1

Company Presentation p y

October 2013

SLIDE 2

Disclaimer

The information contained in this presentation is provided by Ananda Development Public Company Limited (the “Company”) to you solely for your reference The information is The information contained in this presentation is provided by Ananda Development Public Company Limited (the Company ) to you solely for your reference. The information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and does not contain all material information concerning the Company. None of the Company or any of its members, directors, officers, employees or affiliates nor any other person makes any representation or warranty (express or implied) regarding, and assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein. None of the Company or any of its members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. The presentation should not be regarded by recipients as a

• soe e a s g o

a y use o s p ese a o o s co e s o o e se a s g co ec o e e e p ese a o s ou d o be ega ded by ec p e s as a substitute for the exercise of their own judgment. The information contained in this document should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation This presentation is for information purposes only and does not constitute or form part of any offer or invitation for sale or subscription of or solicitation or invitation of any offer to or recommendation to buy or subscribe for any securities or an inducement to enter into an investment activity in any jurisdiction, nor shall it or any part of it form the basis of y y y y j y p

• r be relied on in connection with any contract, commitment or investment decision in relation thereto in any jurisdiction. No reliance may be placed for any purposes

whatsoever on the information set forth in this presentation or on its completeness. This presentation contains projections and forward‐looking statements that reflect the Company's current views with respect to future events and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economic and competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control of the Company. You are cautioned not to place undue reliance on these forward looking statements. No assurance can be given that future events will occur, that projections will be achieved, or that the Company's assumptions are correct. Such forward‐looking statements are not guarantees of future performance and accordingly, the actual results, financial condition, performance or achievements of the Company may differ materially from those forecasted and projected or in the forward‐looking statements.

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SLIDE 3

SECTION 1

Company Overview

B i O i Business Overview Financial Highlights

SLIDE 4

Overview of Ananda Development

 One of Thailand’s leading real estate developers engaged in the development of condominium and landed housing projects in Bangkok and Greater Bangkok(1), with the leading position by market share in condominiums within 300m of mass transit stations(1)  Founded in 1999 and listed on the Stock Exchange of Thailand (“SET”) in December 2012  Provides an “Urban Living Solution” convenience of transportation and easy access to leisure establishments  Provides an Urban Living Solution – convenience of transportation and easy access to leisure establishments  Targets the Gen-C segment – middle income households / professionals (easy access to their place of work and living)  Diversifies its product offering through landed housing as a secondary focus  Awarded "Best High-Rise Architecture Thailand" for Morph 38 and "Best Interior Design Show Home Thailand“ for C-21 (21sqm unit) by Asia Pacific Property Awards in 2013, “Top 10 Developer Award” by the BCI Asia Awards 2012 and “Real Estate Project Award (Moderate Pricing)” by the Agency for Real Estate Affairs for the development of Maldives Beach Project in 2011

Market Leader in Mass Transit Condominiums(2) Comprehensive Coverage of Target Markets

U it # 1 Categories Brands Luxury High-end Units # 1 12,006(3) 7,181

ANAN AP ND Sansiri LH PS Supalai MD

Up-scale Mid-range 4,346 4,171 2,225 1,948 645 602 Low-range

ANAN is a leading real estate developer with a unique product mix and investment proposition

Source: Ananda Development PCL.

Future Supply Existing Supply

4

1. Includes Nonthaburi Province, Samutprakarn Province, Pathumthani Province, Nakornprathom Province and Samutsakorn Province. 2. CBRE Research and Consulting: Existing and Future Supply of Condominium Units within 300m of BTS and MRT Stations as of 2Q 2013. 3. Only ANAN includes future supply of acquired land plots.

SLIDE 5

Key Company Milestones

ANAN’s project developments by launch date Launched and completed Launched and under construction

ent Timeline

Cumulative number of units launched by ANAN 10,350 11,329 12,959 14,155 15,753 16,076

• ject Developm

Id

339 757 1,206 1,555 2,727 3,203 3,601 3,867 4,357 4,804 5,145 5,566 6,501 7,204 7,733 8,049 9,011 ,

ndominium Pro

Ideo Mix Sukhumvit 103 Ideo Mix Phahol- yothin Ideo Sathorn- Taksin Ideo Q Phayathai Ideo Ratchada- Huaykwang Ideo BluCove Sathorn Ideo Verve Sukhumvit Ideo Verve Ratcha- prarop Ideo Morph 38 Ashton Ideo BluCove Sukhumvit Ideo Ladprao 17 Ideo Ladprao 5 Ideo Mobi Phaya- thai Ideo Mobi Sathorn Ideo Mobi Rama 9 Ideo Mobi Sukhumvit Elio Sukhumvit 64 Ideo Sathorn- Tha Phra Ideo Wutthakat Elio Del Ray Ideo Mobi Charan- Interchange Ideo Q Chula- Samyan(1) Ideo Q Ratchatewi

Con

Jul, 1999 Dec, 2012 Nov, 2010 Feb, 2012 Jul, 2007 Oct, 2007 Nov, 2007 Dec, 2007 Jul, 2008 Sep, 2008 Nov, 2008 Aug, 2009 Feb, 2010 Feb, 2008 Mar, 2013 Jun, 2013 Jun, 2006May, 2007 Jun, 2013 Aug, 2013 Oct, 2013

y Milestones

Jul, 1999 ANAN was established

Engages in the real estate

Jun, 2006 Started ADO(2), JV company with Pramerica

Develop landed

May, 2007 Started AD2(3), JV company with Nov, 2010 Acquired the remaining stake in AD2 from Dec, 2012 IPO Raised THB5.6 bn Dec, 2012 Acquired the remaining stake in ADO from Jun, 2013 Started JV company with Mitsui Fudosan

Company

real estate business of developing landed housing projects Develop landed housing projects around Suvarnabhumi Airport

with Pramerica

Develop condominiums close to mass transit stations

from Pramerica ADO from Pramerica Fudosan

Develop condominiums close to mass transit stations

Source: Ananda Development PCL. Note: Number of units is as of 30 September 2013 except Ideo Mix Sukhumvit 103 which its number of units is as of 30 June 2013.

5

1. A project under Ananda MF Asia Co., Ltd, a joint venture company with SEA Investment Five Pte. Ltd., a subsidiary of Mitsui Fudosan Co. Ltd. ANAN owns a 49.0% interest in the joint venture. 2. Refers to Ananda Development One. 3. Refers to Ananda Development Two.

SLIDE 6

Thailand’s Mass Transit Infrastructure Rollout

Current Line (2013) Under Construction Future Plan (2019) Bangkok’s mass transit network is expected to expand significantly from a present 63 stations to 222 stations in 2019 ( ) ( )

63 stations 119 stations 222 stations

Each new station provides development opportunities for our Ideo brand within a 300 metres radius and Elio brand within a 301 – 600 metres radius

6 6

Source: CBRE Research and Consulting.

SLIDE 7

Thailand’s Mass Transit Infrastructure Rollout (Cont’d)

New stations being developed providing additional development opportunities

16 years Plan (2029)

254 stations

Bangkok’s mass transit network is expected to expand significantly from 63 stations in 2013 to 254 stations in 2029

7 7

Source: CBRE Research and Consulting.

SLIDE 8

Our Product Offering Ideally Placed to Tap Demand Around Mass Transit Stations

On Station Mass Transit(1) Mass Transit Related(2)

Landed Housing Landed Housing

Mass Transit Related(2)

300m 300m

Mass Transit Related

Distance from Mass Transit Station

~600m ~600m g g

Mass Transit Related( )

IDEO brand within 300m of a mass transit station. ELIO brand 301-600m. Landed housing in low density suburbs

8

1. Condominium projects located within 300 meters from a mass transit railway station as defined by CBRE Research and Consulting. 2. Condominium projects located within 301 meters to 600 meters from a mass transit railway station as defined by CBRE Research and Consulting.

SLIDE 9

Condominium Developments Are Strategically Located Along the Mass Transit Network

BTS line MRT line Airport Rail Link

Mo Chit Lad Prao Ratchadaphisek Phahon Yothin Chatuchak Park Bang Sue Kamphaeng Phet

11 12 10

Elio Sukhumvit 64

Launch Date: Mar 13

• No. of units:

962

2 Ideo Sathorn-Tha Phra

Launch Date: Jun 13 No of nits 1 339

22 Ideo Wutthakat

Launch Date: Aug 13

• No. of units:

Distance from BTS/MRT: 979 120m

1 Elio Del Ray

Launch Date: Aug 13

• No. of units:

Distance from BTS/MRT: 1,630 600m

23

MRT line (under construction)

Sutthisan Huai Khwang Thailand Cultural Centre Saphan Khwai Ari Sanam Pao Victory Monument

13 9 10

Ideo BluCove Sathorn

Launch Date: Jul 08

• No. of units:

Distance from BTS/MRT: 266 40m Distance from BTS/MRT: 600m

4 3 20

• No. of units:

Distance from BTS/MRT: 1,339 320m

21 Ideo Mix Sukhumvit 103 Ideo BluCove Sukhumvit

Launch Date: Feb 10

• No. of units:

Distance from BTS/MRT: 421 30m

Phra Ram 9 Phetchaburi Sukhumvit Phrom Phong Ramkhamhaeng Hua Mark Ratchaprarop Makkasan Phaya Thai Rajchathewi Siam Chit Lom Phloen Chit Nana National Stadium Ratchadamri Asok Lumphini Silom Sam Yan Hua Lamphong

15 16 8 9

Ideo Mobi Sathorn

Launch Date: Feb 12

• No. of units:

Distance from BTS/MRT: 529 Next to

Ideo Sathorn -Taksin

Launch Date: Oct 07

• No. of units:

Distance from BTS/MRT: 349 Next to

4 20 5 19 Ideo Mobi Sukhumvit

Launch Date: Feb 12

• No. of units:

Distance from BTS/MRT: 935 32m

Ideo Mix Sukhumvit 103

Launch Date: Nov 07

• No. of units:

Distance from BTS/MRT: 1,172 Next to 7 14 6

Thong Lo Ekkamai Phra Khanong On Nut B Ch k Khlong Toei Lumphini Wongwian Yai Krung Thon Buri Saphan Taksin Surasak Chong Nonsi Sala Daeng Queen Sinkit National Convention Centre

19 3 4 5 17 18

Bangkok CBD

2

Pho Nimit Talat Phlu

Distance from BTS/MRT: Next to

17 18 Ideo Morph 38

Distance from BTS/MRT: 32m

Ideo Verve Sukhumvit

Launch Date: Sep 08

• No. of units:

Distance from BTS/MRT: 490 Next to 1

Ideo Q Chula Samyan(1) 7 Ideo Mobi Charan-Interchange

Launch Date: Oct 13

• No. of units:

Distance from BTS/MRT: 1,196 80m

6

Wutthakat Bang Chak Punnawithi Udom Suk Bang Na

21 20 22

Ideo Mobi Phayathai

Launch Date: Feb 12

• No. of units:

Di t f BTS/MRT 316 190

8 16 Ideo Verve Ratchaprarop

Launch Date: Nov 08

• No. of units:

Distance from BTS/MRT: 447 10m

p

Launch Date: Aug 09

• No. of units:

Distance from BTS/MRT: 341 300m 23

Ideo Q Chula-Samyan(1)

Launch Date: Oct 13

• No. of units:

Distance from BTS/MRT: 1,598 270m

7

Bearing

Ideo Ladprao 5

Launch Date: Oct 07

• No. of units:

Distance from BTS/MRT: 418 500m

Ideo Q Phayathai

Launch Date: Dec 07

• No. of units:

Distance from BTS/MRT: 476 30m

Ideo Mix Phaholyothin

Launch Date: Oct 07

• No. of units:

Distance from BTS/MRT: 449 Next to Distance from BTS/MRT: 190m

10 9 15 12 Ideo Ladprao 17

Launch Date: Jul 07

• No. of units:

Distance from BTS/MRT: 339 Next to

Ideo Ratchada-Huaykwang

Launch Date: Feb 08

• No. of units:

Distance from BTS/MRT: 398 Next to

Ideo Mobi Rama 9

Launch Date: Feb 12

• No. of units:

Distance from BTS/MRT: 703 80m

13 11 Ideo Q Ratchatewi

Launch Date: Oct 13

• No. of units:

Distance from BTS/MRT: 323 300m

14 Source: Ananda Development PCL. Note: Number of units is as of 30 September 2013 except Ideo Mix Sukhumvit 103 which its number of units is as of 30 June 2013. 1. A project under Ananda MF Asia Co., Ltd, a joint venture company with SEA Investment Five Pte. Ltd., a subsidiary of Mitsui Fudosan Co. Ltd. ANAN owns a 49.0% interest in the joint venture.

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SLIDE 10

Company Overview Company Overview

SECTION 2

Business Overview

Financial Highlights Financial Highlights

SLIDE 11

Business Overview

Growing Bangkok Condominium Market Supported by the Mass Transit System 1 Affluent Customer Base 2 Quick Asset Turnover Business Model and Unique Land Acquisition Model 3 Cash Flow Visibility Through Pre-sales and Recently Launched Projects To Support Growth 4 Reputable and Experienced Joint Venture Partners 5 Highly Experienced Management Team 6

11

SLIDE 12

Growing Bangkok Condominium Market

1

Millions of Houses and Condominiums Persons / Family

A Growing Population Providing Consistent Growing Demand Increasing Number of Houses and Condominiums

Bangkok Population Residential Housing and Family Size in Bangkok and Greater Bangkok

Million 3.9 4.2 4.3 4.5 4.6 4.7 2.5 2.4 2.4 2.3 2.3 2.2 2 3 4 3.0 4.0 5.0 y 6 3 6.6 7.0 7.4 7.9 8.5 6.0 7.0 8.0 9.0 Million 1 2.0 2007 2008 2009 2010 2011 2012 Number of Houses and Condominiums Family Size

Source: UN Habitat – State of the World’s Cities 2012 / 2013. Source: Department of Provincial Administration, Thailand.

6.3 5.0 2000 2005 2010 2015E 2020E 2025E Bangkok Population 200

Increasing Trend in Condominium Demand

Residential Units Transferred in Bangkok and Greater Bangkok

Greatest Residential Demand Lies in Condominiums

Residential Demand in the Bangkok and Greater Bangkok in Q1 2013

‘000 Units Sh h Semi-detached Houses 3% 105 105 84 91 23 56 73 60 67 15 40 80 120 160 Condominiums 40% Single-detached Houses 18% Shophouses 8% 3% 23 2009 2010 2011 2012 1Q 2013 Housing Condominium

Condominium is the fastest growing residential segment (2009-2012 CAGR of 6.2%) Condominium purchases accounted for approximately 40% of the property demand in Bangkok in Q1 2013

(1)

Townhouses 31%

12 (2009 2012 CAGR of 6.2%) 40% of the property demand in Bangkok in Q1 2013

Source: CBRE Research and Consulting. 1. Housing includes single-detached houses, semi-detached houses, townhouses and shophouses. Source: CBRE Research and Consulting.

SLIDE 13

Condominium Market Supported by the Mass Transit System

1

Rapidly Increasing Ridership on the Mass Transit System Demonstrates Demand for Ease-of-Access to Stations Daily Weekday Mass Transit Passenger Volume

Passenger Volume 513,041 575,377 617,222 601,900 623,930 643,249 693,739 772,829 886,866 319 902 361 208 397,460 437,972 413,400 429,847 440,999 446,507 515,898 592,894 600,000 800,000 1,000,000 g 162,178 227,044 290,147 319,902 361,208 151,833 177,917 179,250 188,500 194,083 202,250 210,250 219,667 251,500 36,982 37,264 42,472 200,000 400,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Condominiums within 300m of Mass Transit Stations Have The Highest Take-up Rate in Bangkok Average Take-up Rate of Completed and Under Construction Condominiums near Mass Transit Stations(1)

Total Mass Transit System Passenger Volume BTS Passenger Volume MRT Passenger Volume ARL Passenger Volume

Average Take up Rate of Completed and Under Construction Condominiums near Mass Transit Stations

87% 84% 81% 80% 90% 100% 50% 60% 70% 0-300 301-600 601-900 Distance to mass

13

Sources: CBRE Research and Consulting. 1. Based on completed condominiums, since 2009, and those under construction by ANAN and other listed developers; sourced from publicly available information from annual registration forms as of Dec 2012.

transit station (m)

SLIDE 14

Affluent Customer Base

2

Targets Middle Class Population in Bangkok and Greater Bangkok(1)…

…Who Are Educated and In The Early Stage of Their Career Age(1) Education(1) Employment(2)

(%)

g p y

>20 1% 20-29 9% 30-39 21% 40-49 25% No Education 3% Pre-Primary and Primary 43% Secondary Bachelor Other Education 0.1%

23% 55% 14% 43% 42%

20 30 40 50 60

Employed 99% Unemployed 1%

( )

50-59 21% >60 23% y 25% Polytechnic / Diploma 11% Bachelor Degree 15% Postgraduate / Doctoral Degree 3%

2% 7% 8% 6% 2%

10 <5k 5k-15k 15k-50k 50k-100k >100k Bangkok and Greater Bangkok Thailand THB / Month

Target Market

Results in High Quality Occupants Who Are(3)…

Unemployed Others

THB300k

…Relatively Well-Educated, … …Employed, and … Affluent Middle Class

Target Market

Student 21% Private Company Employee 43% Government 7% State-owned Enterprise 5% Entrepreneur 21% Unemployed 1% 1%

16% 18% 54% 5% 2% 4% THB30 - 50k THB50 - 70k THB70 - 150k THB150 - 200k THB200 - 300k > THB300k Key occupants have monthly income of THB70-150k

High School 9% Polytechnic / Diploma 1% Bachelor Degree 75% Doctoral Degree 2% 43% Private Company Management 1% 7%

1. Source: National Statistical Office, Ministry of Information and Communication Technology, Thailand. As of 2011. Age and education demographic represent demographic of population in Bangkok and Greater Bangkok. 6% 0% 10% 20% 30% 40% 50% 60% < THB30k

Master Degree 13%

40% of buyers pay the purchase price in cash

14

1. Source: National Statistical Office, Ministry of Information and Communication Technology, Thailand. As of 2011. Age and education demographic represent demographic of population in Bangkok and Greater Bangkok. 2. Source: National Statistical Office, Ministry of Information and Communication Technology, Thailand. Labour force survey in Thailand as of May 2013. 3. Source: Ananda Development PCL survey on 149 residents living in Ideo Condominiums. Data as of May 2011.

SLIDE 15

Affluent Customer Base (Cont’d)

2

Home Loan Lending Has Been Relatively Stable Change in Commercial Bank Lending(1) Change in Commercial Bank Lending(1)

35% 40% % Change Year-over-Year 20% 25% 30% 35% 5% 10% 15% 0% 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 Home Loans Car Loans Other Loans

With Strong Debt Servicing Capability and Relatively Stable Lending, Less Than 1% of ANAN’s Buyers Were Unable to Settle Payment When Due(2)

15

1. Source: Bank of Thailand. 2. Source: Ananda Development PCL internal data for the first five months of 2013.

SLIDE 16

Quick Cash Conversion Cycle …

3

The cash conversion cycle of the condominium and landed housing business allows ANAN to recycle capital into new projects Condominium Cash Conversion Cycle (Sell and Build Model) Typical Condominium Funding Sources

• Pre-sales generally starts 3 – 6 months after land acquisition
• Construction, which takes 8 – 24 months(1), typically starts within 6 – 7 months upon land

acquisition

Equity

• 30% of land and construction

cost from ANAN’s internal funding / generated cash flows

Cash Outflow Cash Inflow

K

Debt

• Bank loans are available up to

70% of land cost and construction cost

Cash conversion cycle: 1.5 to within 3 years

Key Condominium Funding Milestones

B k

Key Milestone Develop-

Land Acquisition

Key Condominium Funding Milestones Pre-Sales Proceeds

• 5% initial payment and

instalment payments from 0%

• 10% of the purchase price

are paid during the construction phase

Book Revenue Buy Land Pre-Sale Launch and Construction

ment Phase F di

Acquisition Construction Transfer Planning, Architecture Design and Marketing Equity Debt

Proceeds

construction phase

• Outstanding balance is paid

upon transfer

• At 40% pre-sold, construction

loan drawndown

Funding Sources

Pre-Sale Proceeds q y Balance

Project Milestones

loan drawndown

• At 55% - 60% pre-sold,

project debt breakeven

• At ~75% pre-sold, equity

breakeven

16

Source: Ananda Development PCL. 1. Average time required from property development to transfer units in low rise to high rise condominiums.

SLIDE 17

Quick Cash Conversion Cycle (Cont’d)…

3

The cash conversion cycle of the condominium and landed housing business allows ANAN to recycle capital into new projects Landed Housing Cash Conversion Cycle (Build and Sell Model) Typical Landed Housing Funding Sources

• Construction typically takes 5 – 7 months, followed by 1 – 2 months of transfer
• Units are sold after 80% of the construction for each development phase is complete

Equity

• 30% of land and construction

cost from ANAN’s internal funding / generated cash flows

Debt

• Bank loans are available for

up to 70% of land cost and construction cost

Key Landed Housing Funding Milestones

Cash conversion cycle: 6 – 9 months Book Construction

Cash Outflow Cash Inflow

K

Existing Landed Housing

Key Landed Housing Funding Milestones Down Payment

• 5% initial payment is paid

upon purchase as a down payment

• Outstanding balance is paid

Book Revenue Construction and Sale

Key Milestone Develop-

g Construction Transfer Equity Bank Loans

Payment

• Outstanding balance is paid

upon transfer

• At 55% - 60% sale, project

ment Phase F di

Down payment Balance

Project Milestones

At 55% 60% sale, project debt breakeven

• At ~75% sale, equity

breakeven

Funding Sources

17

Source: Ananda Development PCL.

SLIDE 18

… Supported by a Unique Land Acquisition Model

3

Dedicated Land Acquisition Team Increasing Number of Mass Transit Stations

In line with our strategy of quick asset turnover, ANAN landbanks with a 3 – 4 year (acquisition to completion) horizon

• Each new and existing station provides potential development
• pportunities
• Majority of land is owned by private individuals (mom-and-pop)

q g

Land Sourcing Team

• Evaluate project feasibility and return on investment
• Maintain proprietary database on numerous

potential sites

• Establish a wide network and connections for market

intelligence

as opposed to corporations or the government

• Majority of transactions are bilateral negotiations / limited

auctions

• Majority of the land occupied by “low-value” buildings (30-50

g

Legal Team

• Understand and evaluate land regulations and city

planning / zoning

• Mitigate legal risk prior to land acquisition
• Majority of the land occupied by low value buildings (30 50

years old) such as shophouses

Finance Team

• Conduct financial feasibility analysis on potential

sites

• Procure financing with financial institutions
• Combination of our experience and dedicated team allows us to:
• Acquire sites at a target cost (as % of development cost) which meets investment return hurdles
• Allows us to acquire sufficient sites close to mass transit stations to meet our internal launch projections

18

Source: Ananda Development PCL.

SLIDE 19

3

… Supported by a Unique Land Acquisition Model (Cont’d)

Land Cost Targeted GDV Land Cost / Estimated

ANAN has launched 2 projects in 3Q 2013 and 3 projects in 4Q 2013 with a combined targeted gross development value(1) (“Targeted GDV”) of ~THB17.3bn(2)

Project Land Cost (THB mn) Targeted GDV (THB mn) Land Cost / Targeted GDV Location Launch Date Completion Period Projects Launched in 3Q-2013 Eli D l R 563 3 186 17 7% 600m from Ud k BTS A 2013 Q4 2014 Elio Del Ray 563 3,186 17.7% Udomsuk BTS Station Aug-2013 Q4-2014 Ideo Wutthakat 249 2,105 11.8% 120m from Wutthakat BTS Station Aug-2013 Q4-2014 Projects Launched in 4Q-2013 Ideo Mobi Charan-Interchange 739 3,634 20.3% 80m from Bang Khun Non MRT Station Oct-2013 Q4-2015 300m from Ideo Q Ratchathewi 482 1,935 24.9% 300m from Ratchathewi BTS Station Oct-2013 Q4-2015 Ideo Q Chula-Samyan(2) 1,418 6,456 22.0% 270m from Sam Yan MRT S Oct-2013 Q2-2016 Station Total 17,316 19.9%(3)

Source: Ananda Development PCL. Note: Targeted GDV as of 30 September 2013. 1. Targeted Gross Development Value is the internal targeted aggregate sales price for each development after taking into account the land cost, cost of construction and financing cost and our desired profit margin. This figure does not reflect actual historical prices that we have achieved nor does it necessarily reflect a comprehensive analysis of achievable prices based on market conditions, and is not supported by any independent third party valuation. This is also not a forecast of our revenue and we cannot assure you that we will be able to achieve the sales prices underlying our assumptions or make any sales at all

19

not a forecast of our revenue and we cannot assure you that we will be able to achieve the sales prices underlying our assumptions or make any sales at all. 2. Includes or is a project under Ananda MF Asia Co., Ltd, a joint venture company with SEA Investment Five Pte. Ltd., a subsidiary of Mitsui Fudosan Co. Ltd. ANAN owns a 49.0% interest in the joint venture. 3. Weighted average land cost to Targeted GDV.

SLIDE 20

Cash Flow Visibility Through Pre-sales and Recently Launched Projects To Support Growth

4

ANAN has highly visible cash flows

Strong Cash Flows From Existing Project and Recently Launched Projects

Amount (THB mn) Existing Projects Sold But Not Transferred(1) 12,044 So d u

• a s e ed

,0 Targeted GDV of Unsold Inventory of Launched Projects(2) 11,510 Total 23,554 Recently Launched Projects Targeted GDV of Recently Launched Projects(3) 17,316

• Cash flows dependent on timing of completion and transfer
• Risk mitigation via own construction / prefabrication technology (since labour shortage is a key risk)
• Helix Company Limited - ANAN’s wholly-owned subsidiary specializes in residential construction
• Provides ANAN long-term construction support with better quality, cost and time control

Source: Ananda Development PCL. 1. Refers to cumulative value of sold but not transferred units of Ideo Verve Ratchaprarop, Ideo Morph 38, Ideo Mobi Sathorn, Ideo Mobi Sukhumvit, Ideo Mobi Rama 9, Ideo Mobi Phayathai, Atoll projects, Ideo Sathorn-Tha Phra and Elio Sukhumvit 64. As of 31 July 2013. 2. Includes Target GDV of units available for sale for Ideo Verve Ratchaprarop, Ideo Morph 38, Ideo Mobi Sathorn, Ideo Mobi Sukhumvit, Ideo Mobi Rama 9, Ideo Mobi Phayathai, Atoll projects, Ideo Sathorn-Tha Phra and Elio

• Expected to handle one-third of ANAN’s total construction

20

g p p, p , , , , y , p j , Sukhumvit 64. As of 31 July 2013. 3. Includes Targeted GDV of Ideo Wutthakat, Ideo Mobi Charan-Interchange, Ideo Q Ratchatewi and Ideo Q Chula-Samyan and Elio Del Ray. As of 30 September 2013.

SLIDE 21

Reputable and Experienced Joint Venture Partners

5

Joint Venture Overview Recently Launched Project Joint Venture Overview

• In June 2013, ANAN entered into a joint venture

agreement with SEA Investment Five Pte. Ltd., a subsidiary of Mitsui Fudosan, one of the largest real estate developers in Japan

(1)

Joint Venture Overview Recently Launched Project

Project Name Land Cost (THB mn) Targeted GDV(2) (THB mn) Launch Transfer

Id Q Ch l S 1 418 6 456 O t 2013 Q2 2016

Joint Venture Overview

• In June 2006, ANAN established ADO, a JV with

Pramerica, to develop a landed housing project around Suvarnabhumi Airport

• In May 2007, ANAN established AD2, a JV with Pramerica,
• Market capitalization of ~USD25.9 bn(1)
• Last Twelve Months (“LTM”) revenue of USD14.6

bn

• ANAN is expected to benefit from the best practices of

Mitsui Fudosan in the areas of risk management,

Ideo Q Chula-Samyan 1,418 6,456 Oct-2013 Q2-2016

to develop mass transit condominiums

• Pramerica is the real estate investment management

business of Prudential Financial which manages ~US$53.0 bn of assets globally with ~US$8.1 bn in Asia as at 31 March 2013 Joint Venture Projects with Pramerica Targeted GDV(2) construction, property management, and sales and marketing (targeting Japanese buyers)

• JV recently launched the Ideo Q Chula-Samyan

project, located 270m from Sam Yan MRT station, next to Chulalongkorn University

• ANAN acquired the remaining stake in ADO and AD2 from

Pramerica in December 2012 and November 2010, respectively Type Projects Targeted GDV (THB bn) ADO

Landed Housing 7 ~11.7

AD2

Condominium 12 ~20.1

Source: Ananda Development PCL

21

Source: Ananda Development PCL. 1. Market data as of June 2013. 2. As of 30 September 2013.

SLIDE 22

Highly Experienced Management Team

6

• Average relevant experience of over

10 years in real estate development

• f condominiums and landed houses
• Execution and project development

Board of Directors Risk Management C itt Corporate Governance C itt Execution and project development experience with 20 projects launched in the past 6 years, an average of 3 project launches a year

• Strong corporate governance and

internal controls with independent Committee Nomination and Remuneration Committee Committee Audit Committee internal controls with independent committees and clear guidelines on roles and responsibilities of the board and management team

• Total headcount of over 750

employees in the property business Office of Internal Audit

• Over 12 years experience in Thai real estate
• BA in Economics from University of California

Berkeley, USA and MA in International Accounting and Finance from London School of Economics and

CEO

Chanond Ruangkritya

employees in the property business

CCO I Tanyalak Nunthanavorasiri CPO Santhad Natthakul CCO II Kawee Siribhadra CIO Sermsak Khwanpuang CFO Muntana Aue-Kitkarjorn CSO Rawee Chaimongkol CHRO Lloyd Vatanakovarun CBDO Ted P.Thirapatana

and Finance from London School of Economics and Political Science, UK

• Over 12 years experience

in Thai real estate

• Bachelor of Finance from

Bangkok University, Thailand and MA in Management from Ramkhamhaeng University Thailand

• Previously, Project

Director and Construction and Cost Control Department Manager at Lumpini Development PCL

• BSc in Civil Engineering

from King Mongkut's

• Previously, Senior Vice

President – Special Projects, Head of Residential Division at Golden Land Property Development PCL

• BA in Asian Studies,

University of California

• 2007 – 2011: CFO of

ANAN

• Previously, CFO of Major

Cineplex Group PCL and Supalai PCL

• BA in Economics from

Chiangmai University,

• Previously, the group

director of the accounting division at Minor Global Solution Limited, Thailand

• BA in Accounting from

Thammasat University, Thailand and MA in Accounting from

• Previously, Logistics

Operations Department Manager, Supply Chain Planning Department Manager at Siam City Cement PCL

• Bachelor of Industrial

Instrumentation

• Previously, Senior

Manager – Corporate Strategy and HR at TIPCO Foods PCL

• BSc in Electrical

Engineering from California State University, USA and MBA from

• Previously, an

international BD and M&A consultant (VP) at Central Pattana PCL and MD / advisor of quintessentially

• f Sansiri Land Co., Ltd.
• BSc in Mechanical

Engineering from North University, Thailand from King Mongkut s Institute of Technology, Thailand and MBA from Thammasat University, Bangkok University of California, Santa Barbara, USA and MA in International Management – Finance, from the American Graduate School of International Management, USA Thailand and MA in Economics from the National Institute of Development Administration, Thailand Accounting from Thammasat University, Thailand Instrumentation Engineering from King Mongkut’s Institute of Ladkrabang, Thailand and MA in Engineering Management from Portland State University, USA USA and MBA from University of Southern California, USA Engineering from North Carolina State University, USA and MBA from Boston College, USA

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Source: Ananda Development PCL. Note: CBDO – Chief Business Development Officer, CIO – Chief Investment Officer, CCO I: Chief Commercial Officer I, CCO II – Chief Commercial Officer II, CPO – Chief Production Officer, CFO – Chief Financial Officer, CSO – Chief System Officer, CHRO – Chief Human Resources Officer.

SLIDE 23

Company Overview Company Overview Business Overview

SECTION 3

Financial Highlights Financial Highlights

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SLIDE 24

Robust Financial Profile

5,660.8 5 102 8 6,000 THB mn 32.4% 39.0% 40% 2,000

THB mn

Gross Profit and Margin(2) Total Revenue(1)

2,212.9 5,102.8 1,972.2 2,000 4,000 1 208 6 1,654.2 18.5% 21.4% 20% 30% 1,000 1,500 , 2010 2011 2012 1H-2013 408.4 1,208.6 768.5 0% 10% 500 2010 2011 2012 1H-2013

Net Income Consolidated EBITDA(3)

128.9 0.0 150.0 THB mn 635.2 575.7 600 800 THB mn

Net Income Consolidated EBITDA(3)

(287 5) (91.3) (300.0) (150.0) 121.9 103.3 200 400 (317.3) (287.5) (450.0) ( ) 2010 2011 2012 1H-2013 103.3 2010 2011 2012 1H-2013

Source: Ananda Development PCL 1. Total Revenue excludes Interest Income, Excess of interest in the net fair value of subsidiary that over purchase cost and Other income.

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1. Total Revenue excludes Interest Income, Excess of interest in the net fair value of subsidiary that over purchase cost and Other income. 2. Gross Profit is calculated as Total Revenue (as defined above) - Cost of real estate sold - Cost of project management services - Cost of services - Cost of food and beverages. 3. Consolidated EBITDA calculated as Consolidated Net Income + Consolidated Interest Expense + Depreciation and Amortization Expense - Excess of interest in the net fair value of subsidiary.

SLIDE 25

Capitalization and Indebtedness

(THB mn) 1H 2013

(1)

% of Debt (THB mn) 1H 2013(1)

Debt breakdown by collateral type Secured

3,427.3 56.8%

Unsecured

2,605.0 43.2%

Cash balance 3,874.5 Total debt(2) 6,032.3 Total

6,032.3

Debt breakdown by maturity date Within 1 year

5 146 3 85 3%

Total equity 4,975.0 Debt to equity 121.3% Within 1 year

5,146.3 85.3%

After 1 year

886.0 14.7%

Total

6,032.3

D bt b kd b Net gearing(2) 43.4% Debt to capitalization 54.8% Debt breakdown by currency Denominated in THB

6,032.3 100.0%

Debt / Assets 43.8%

ANAN i t i t i d t l t t f 1 1 (D bt E it ) t th t t

Source: Ananda Development PCL. Note: Debt includes only interest-bearing debt. 1. Pro-Forma for THB2,605 mn bond issued in July 2013.

ANAN aims to maintain our moderate leverage target of 1:1 (Debt : Equity) as we execute on our growth strategy

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2. Net gearing is defined as: Net Debt (Short-term loans from financial institutions + Promissory Notes + Current Portion of Long-term Loans + Loan-term loans, Net of Current Portion – Cash and Cash Equivalents – Current Investments) / Equity (Including Non-controlling Interests).

SLIDE 26

Ananda Development PLC 2013 2013

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