Future Park Property Fund INTERNATIONAL BOOKRUNNER FUTUREPF FUND - - PowerPoint PPT Presentation

This Fund invests in the leasehold right over immovable property. Their values may decrease along with elapse of the lease term, thus decreasing the value of the investment units accordingly. The unitholders will receive return of initial investment and in form of dividend. Once the lease term expires according to the leasehold right that the Fund has invested in, the value of the investment units may decrease to Baht zero

www.futurepark.co.th

NOVEMBER 2006

SPONSOR FUND MANAGER FINANCIAL ADVISOR

Investor Presentation

Future Park Property Fund “FUTUREPF”

INTERNATIONAL BOOKRUNNER

Strictly private & confidential

Disclaimer

This presentation is prepared solely for the purpose of providing information on Future Park Property Fund (“FUTUREPF”) and does not constitute and is not intended to constitute an invitation or offer for subscription or purchase of securities. This presentation may include information which is forward-looking in

• nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes including

economic conditions in the markets in which FUTUREPF operates and general achievement of FUTUREPF business forecasts, which will cause the actual results, performance or achievements of FUTUREPF to differ from the results, performance or achievements expressed or implied in this presentation. Certain matters referred to in this presentation are subject to approval and/or have not been finalized. These include, but not limited to the approval of the Securities and Exchange Commission (“Thai SEC”) and/or the Stock Exchange of Thailand (“SET”) for the Initial Public Offering of FUTUREPF, and the finalization of the lease agreement for properties and other relevant documents. Additionally, some figures referred to in this presentation are also not final and pending finalization of the financial statements of FUTUREPF. Accordingly, information contained in this presentation may be subject to changes, resulting in such or other matters to differ from what are stated, expressed or implied in this presentation. This presentation is made, furnished and distributed for information purposed only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any

• ther purposes thus no representation, warranty or undertaking, expressed or implied, is made in relation to this presentation.

Strictly private & confidential

Agenda

• Overview of Future Park Rangsit
• Overview of FUTUREPF
• Investment Highlight
• FUTUREPF Financial Forecast
• Offering Summary
• Appendix

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Overview of Future Park Rangsit: Map of Bangkok

• North

Donmoung Airport Suvannaphumi Airport

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Overview of Future Park Rangsit: Catch Area

Within a 20 Km radius:

• There is no large shopping

complex in 20 Km radius

• During 2003 – 2006, there are

approximately 440 property development projects comprising 79,257 residential units That 27% are up to 3 million baht per unit and 45% are single home.

• In aggregate, there are 22

universities, educational institutes, and colleges comprising approximately 170,000 students in total

• Currently, there are 30

government and government related offices totaling approximately 195,000 officers

• There will be another 25

government and government related offices to be completed in 2007, totaling approximately 60,000 officers

Single Detached House University Air Force Base New Government Center Educational institute & College Industrial Park, Museum, & Office building

• North

Changwattana-Bangpa-in Express Way

Bangpa-in Bangna-Chonburi Bangkok North, Northeast Thammasart U. Bangpa-in M

G

Bangna-Bangpa-in Outer Ring

Vibhavadee-Rangsit Road

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Overview of Future Park Rangsit: Location Map

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Overview of Future Park Rangsit: Assets Overview

As of June 30, 2006 Mall1 (sq.m.) Lettable Area 179,157 Common Area

• Promotion Area
• Non Promotion Area

48,191 7,583 40,608 Total Plaza Area 227,348 Total 499,269 Occupancy Rate2 97% Number of Tenants3 (unit) 542 Service Area 56,281 Car Park 215,640 Future Park Rangsit Address: 94 Paholyothin Road, Pathumthani 12130, Thailand Description Future Park Rangsit is one of the leading shopping malls in Thailand, located on 108 rai 1 ngan 67.5 sq.wah (42.87 acres) plot of land and in strategic suburban location in the northern part of Bangkok, which consists of a 5-storey block and 7-storey block car park behind the mall and outdoor car park with parking space of up to 7,000 cars. Future Park Rangsit is a lifestyle entertainment complex and is the only one shopping mall in Thailand that consists of 2 department stores and 1 supercenter. Year of Construction Completion: 1995

Note:

1 Include FUTUREPF 2 Not include promotion area 3 Not include promotion area, but equal to 882 tenants if include number of tenants in promotion area

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Overview of Future Park Rangsit: Highlight of Future Park Rangsit

• Strategic location: accessibility and rapid growth in residential surrounding area
• Future Park Rangsit, comprising 2 department stores and 1 supercenter, accounts for around 6.4% of total

retail area in Bangkok and its vicinity

• Future Park Rangsit is a well-structured retail property as it has clear and complete zoning such as fashion,

IT, and lifestyle boutique service, etc

• Future Park Rangsit has 300 branded fashion shops, 60 restaurants to suit customers’ appetite, 12 banks to

facilitate all kind of financial transactions, and 126 mobile shops

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Overview of Future Park Rangsit: Accessibility

Paholyothin Road Paholyothin Paholyothin Road Road Express way (Udonrattaya) Express way Express way ( (Udonrattaya Udonrattaya) ) Outer Ring Road Outer Ring Road Outer Ring Road Tollway (Utrapimook) Tollway Tollway ( (Utrapimook Utrapimook) )

• Connect Paholyothin road with Rangsit-Nakornnayok road to east outer ring
• Rangsit-Patumthani road passes through SRT to connect with Udonrattaya express way
• The construction will be completed in 2008

Rangsit Interchange Bridge Rangsit Rangsit Interchange Interchange Bridge Bridge

• Tollway (Utrapimook) is constructing the Exit next to Future Park Rangsit. That construction is

expected to be completed in 2008

• East outer ring exits at Rangsit-Nakornnayok road and it is approximately 10 kilometers away

from Future Park Rangsit

• Rangsit-Pathumthani road connects to Udonrattaya express way which has an exit on

Bangpoon where it is only 3 kilometers away from Future Park Rangsit

• Located on Paholyothin road, a 10-lane highway links from Bangkok to Ayudthaya, Pathumthani,

Nakornnayok, and Saraburi. The road is gateway to northern part and northeastern part of Thailand, which are approximately 56 provinces in the northern and northeastern parts of Thailand

• Upon completion, SRT (Red Line) sky train will lie adjacent to Future Park Rangsit building

approximately 2 kilometers from the building. Future Park Rangsit may also be used as Park and Ride

• The project is expected to be completed in the foreseeable future

SRT (Red Line) Sky Train SRT (Red Line) SRT (Red Line) Sky Train Sky Train

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Overview of Future Park Rangsit: Potential Customer

Number of population in surrounding area Number of population in surrounding area Number of houses in surrounding area Number of houses in surrounding area

Source: RSP Source: RSP (person : million) (house : million) 1.53 1.55 1.61 1.95 1.95 1.98 0.85 0.87 0.88 0.00 1.00 2.00 3.00 4.00 5.00 6.00 20 k.m. Radius 40 k.m. Radius Saraburi & Nakornnayok

4.34 4.37 4.47

1.61 2.02 0.86

4.49

2003 2004 2005 2006 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 1.80 2.00 20 k.m. Radius 40 k.m. Radius Saraburi & Nakornnayok

1.58 1.64 1.71

2003 2004 2005 2006

1.78

0.00 0.64 0.66 0.69 0.72 0.69 0.72 0.74 0.78 0.25 0.26 0.27 0.28

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48%

Overview of Future Park Rangsit: Customer Profile

Occupation of customers Occupation of customers Age of customers Age of customers

Source: RSP Source: RSP

Occupation 2006 2005 2003 Students 38% 37% 18% 5% 0% 2% Corporate Officers 49% 42% 32% 14% 25% Business Owners 7% Government Officers 8% Factory Workers 7% 4% 1% 9% Housewife 2% 7% 8% 5% 13 – 17 23% 23% 35% 2006 19% 24% 38% 2005 42% 18 – 22 17% 30 – 39 26% 23 – 29 2003 Age

Family Incomes of Customers Family Incomes of Customers

13% 22% 2006 19% 24% 2005 15% 30,000 - 39,999 8% 40,000 – 49,999 2003 THB/month

Source: RSP

40 + 14% 21% 20,000 – 29,999 21% 44% 36% 29% 50,000 + 8% 11%

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200 400 600 800 1,000 1,200 1,400 1,600 1,800 18.3 19.9 86.2 93.4 101.6 118.4 130.0 20 40 60 80 100 120 140 2000 2001 2002 2003 2004 2005 2006 Average cars per day Average customers per day

Overview of Future Park Rangsit: Customer Profile (Cont’d)

Average Spending per visit Average Spending per visit

Source: RSP (THB/visit)

Average Customers & Cars Total per day Average Customers & Cars Total per day

Source: RSP person & cars (thousand) 2003 2005 2006 1,007 1,696 1,787 23.7 28.3 31.9 31.5 30.5 128.9 127.5

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Overview of Future Park Rangsit: Anchor Tenants

Anchor Tenant 1 Type Net Lettable Area2 Occupied (sq.m.) Robinson Department store 41,611 23.2 Central Department store 33,851 18.9 Big C Super center 19,693 11.0 EGV3 Cinema 4,540 2.5 Food Fair Food & Beverage 3,575 2.0 Fitness First3 Fitness center 2,740 1.5 Shell Auto Serve Car care 1,576 0.9 IT City3 IT store 1,360 0.8 Total 108,946 60.8 % of Net Lettable Area2

Note: 1 Anchor tenant is the store with area over 1,000 sq.m.

2 Total lettable = 179,157 sq.m. 3 Include in FUTUREPF

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Overview of Future Park Rangsit: Future Park Rangsit Merchandise Profile

Retailers by Sectors (As of June 30, 2006) Retailers by Sectors (As of June 30, 2006) Customer Behavior (2005) Customer Behavior (2005)

Source: RSP Source: RSP 64% 18% 11% 4% 3% 0% 10% 20% 30% 40% 50% 60% 70% Shopping Dining Out Services Meeting Point Movie Furniture 2% Department stores & supercenter 53% Entertainment 3% Vacant 3% IT & Mobile 4% Services 12% Others 6% Food & Beverage 10% Fashion, Health, & Beauty 7%

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Overview of Future Park Rangsit: Operation Overview

Historical Revenue & EBITDA Margin Historical Revenue & EBITDA Margin Historical Rental and Occupancy Rate Historical Rental and Occupancy Rate

Source: RSP Note: - Exclude promotion area and long term tenants

• Occupancy rate in 1H2006 dropped due to renovation area of 1,074 sq.m.

Source: RSP (THB/sq.m/month) (THB mm) 672 706 746 759 97.4% 97.6% 97.4% 96.9% 100 200 300 400 500 600 700 800 900 1,000 2003 2004 2005 1H2006 50% 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% Average Rental Occupancy Rate 849 917 986 1,040 40.6% 41.4% 43.0% 41.5% 200 400 600 800 1,000 1,200 1,400 2003 2004 2005 2006E 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% sales EBITDA Margin

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Overview of Future Park Rangsit: Competitive Strength

Strategic Locations Strategic Locations High Quality Tenant Base High Quality Tenant Base Long Average Lease Duration of Anchor Tenants Long Average Lease Duration of Anchor Tenants Sustained Growth in Average Rent Sustained Growth in Average Rent High Occupancy Rates High Occupancy Rates Diverse Tenant Trade Sectors Diverse Tenant Trade Sectors

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Agenda

• Overview of Future Park Rangsit
• Overview of FUTUREPF
• Investment Highlight
• FUTUREPF Financial Forecast
• Offering Summary
• Appendix

Strictly private & confidential

Overview of FUTUREPF: Introduction

• FUTUREPF is the first retail property fund to be launched in 2006 and it is expected to be the

second largest property fund in terms of fund size, based on its average appraisal value of THB 4,869 million

• FUTUREPF is an alternative investment opportunity in one of Bangkok's most prominent

shopping complex

• Future Park Rangsit is the largest shopping mall in the north of Bangkok and is the second

largest in Bangkok and its vacinity

• Underlying initial assets of FUTUREPF are 29% and 100% of Future Park Rangsit's lettable

area and common area (promotion area), respectively, totaling salable area of 60,156 square meters

• Anchor tenants of Future Park Rangsit include some of Thailand's leading retail chains such as

Central, Robinson, and Big C. Heavy traffic generated from such strong cluster of well-known brands helps ensure high occupancy rate and attractive rental rate for the remaining lettable areas of Future Park Rangsit

• FUTUREPF offers investors with an attractive forecasted distribution yield of 9.60% in 2007

and 10.00% in 2008

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Overview of FUTUREPF: Initial Assets

Property Details Tenure Shopping Mall, partial areas of Future Park Rangsit with salable area of 60,156 sq.m. Approximately 20 year term, expiring December 31, 2026 Average Appraisal Value1

1.

Leasehold right

2.

Right to use and seek benefit on common areas THB 4,869 million Occupancy Rate (as of June 30, 2006) 95.2%2

Note:

1 CB Richard Ellis: THB 5,111 million

American Appraisal: THB 4,626 million

2 Not include promotion area

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Overview of FUTUREPF: Initial Assets (Cont’d)

As of June 30, 2006 FUTUREPF (Sq.m.) % of Net Lettable Area Anchor Tenants1 Retail Tenants Vacant2 8,641 41,398 2,534 16.4 78.7 4.8 Net Lettable Area3 52,573 100.0 Common Area

• Promotion Area
• Non Promotion Area

48,191 7,583 40,608 Number of Tenants5 (unit) 419 Salable Area 60,156 Occupancy Rate4 (%)

• 95.2

Average Rental4 (THB/sq.m./month) 759

Note:

1 Anchor tenant is the store with area over 1,000 sq.m. (Currently, there are EGV, Fitness First, and IT City in FUTUREPF) 2 Include renovation area of 1,074 sq.m. or equal to 2.0% of net lettable area 3 Total lettable area of Future Park Rangsit is 179,157 sq.m. 4 Not include promotion area 5 Not include promotion area, but equal to 756 tenants if include number of tenants in promotion area

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Overview of FUTUREPF: Tenants Profile

Diverse Tenant Trade Sectors (As of Dec 31, 2006) Diverse Tenant Trade Sectors (As of Dec 31, 2006) Details of Tenancy Expiry (As of June 30, 2006) Details of Tenancy Expiry (As of June 30, 2006) Expiration (year) Net Lettable Area (sq.m.) Renovation 1,074 2.0 Vacant 1,460 2.8 FY 2006 9,916 18.9 FY 2007 12,580 23.9 FY 2008 12,250 23.3 FY 2010+ 7,281 13.9 Total 52,573 100.00 FY 2009 8,012 15.2 %

Source: RSP Source: RSP

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Overview of FUTUREPF: Parties Involved in FUTUREPF

Fund Manager (ING Funds) Fund Manager (ING Funds)

FUTUREPF FUTUREPF FUTUREPF

Property Manager (RSP) Property Manager (RSP) Trustee (TMB Bank) Trustee (TMB Bank)

Property Management service Structure & Advise

Registrar (ING Funds) Registrar (ING Funds) Investors (including RSP) Investors (including RSP) Auditor (PWC) Auditor (PWC) Financial Advisor (BLS) Financial Advisor (BLS)

Manage Monitor Holding of units Audit Registrar Services

Thai SEC Thai SEC

Supervise & Regulate

SET SET

Listing

Property: Future Park Rangsit*

• Lettable area 52,573 sq.m.
• Common area 48,191 sq.m.

– Promotion area 7,583 sq.m. – Non-promotion area 40,608 sq.m. Property: Future Park Rangsit*

• Lettable area 52,573 sq.m.
• Common area 48,191 sq.m.

– Promotion area 7,583 sq.m. – Non-promotion area 40,608 sq.m.

Property income Manage property

Appraisers (CBRE & AA) Appraisers (CBRE & AA)

Appraise

* Leasehold right and right to use and seek benefit on common areas

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Overview of FUTUREPF: Parties Involved in FUTUREPF (Cont’d)

Entity Duties Fees

Property Manager: Rangsit Plaza Co.,Ltd

• Management and administration
• f rental
• Marketing and marketing

coordination service

• Management and administration
• f Property Fund
• Registrar services of Unitholders
• Safeguards the rights and interest
• f Unitholders
• Exercise all power as Trustee

Appraisers1: CB Richard Ellis (Thailand) Co., Ltd American Appraisal (Thailand) Limited

• Appraise FUTUREPF every two

years

• Review FUTUREPF every year
• Appraisal fee is subject to negotiation

Auditor: PricewaterhouseCoopers ABAS Ltd.

• Review and audit financial

statement of FUTUREPF

• Audit fee is subject to negotiation
• Annual rental collection fee at no more than 3% of net rental
• Annual performance fee at no more than 2.35% of net property

income

• Annual management fee at no more than 0.3% of NAV
• Commission fee at no more than 1.5 months of rental or no more

than 4% of revenue from daily rental Fund Manager & Registrar ING Funds (Thailand) Co.,Ltd

• Annual management fee at no more than 1% of NAV
• Annual registrar fee at no more than 0.10% of NAV

Trustee: TMB Bank PLC

• Annual trustee fee at no more than 0.50% of NAV2

Note:

1 Fund Manager shall not appoint any Appraisal Firm to conduct an appraisal of the same immovable property or leasehold right no more than two consecutive occasions 2 Exclude legal fees and other expenses of not exceeding Baht 300,000 per time and site visit expenses of not exceeding Baht 30,000 per time

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Overview of FUTUREPF: Sponsor

• Rangsit Plaza Company Limited (“RSP”) is one of Thailand’s leading retail property operators

through brand “FUTURE PARK”

• Major shareholder of RSP is the Wanglee family (holding 84% in RSP) which is a well known

and established family in Thailand. Wanglee family is in conglomerates business

• RSP was established on December 23, 1991 with a registered and fully paid-up capital of THB

400 million

• RSP has leased a piece of land from the Wanglee family with an area of 108 rai 1 ngan 67.5

sq.wah (42.87 acres) for a 35 year term with the remaining life of approximately 20 years, expiring on December 31, 2026

• RSP constructed shopping complex called Future Park Rangsit and operates a business of

leasing-out and renting-out retail spaces

• RSP, as a sponsor, has agreed to invest in 33% of property fund size, which is the maximum

percentage that the sponsor is allowed to invest under the Thai SEC regulations

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Agenda

• Overview of Future Park Rangsit
• Overview of FUTUREPF
• Investment Highlight
• FUTUREPF Financial Forecast
• Offering Summary
• Appendix

Strictly private & confidential

Investment Highlight: Investment Merits

Attractive Yield and Stable Distributions Attractive Yield and Attractive Yield and Stable Distributions Stable Distributions

• FUTUREPF will offer relatively high yield which is expected to be

higher than average yield of Thai Property Fund

• Dividend payout of 90% of distributable income is the minimum

percentage required by the Thai SEC regulations Ability to Demonstrate Growth Ability to Demonstrate Ability to Demonstrate Growth Growth

• Part of retail spaces in FUTUREPF are under the renovation. This

renovation will be gradually completed

• This presents a potential opportunity for FUTUREPF to increase rental

space and rental rate Asset Enhancement Plans Asset Enhancement Plans Asset Enhancement Plans

• Several asset enhancement plans to improve the property income and

profit in the future Experienced Management Experienced Management Experienced Management

• Highly qualified of professionals with experience in retail property and

financial markets

• Property Manager : Rangsit Plaza Co., Ltd
• Fund Manager: ING Funds (Thailand) Co., Ltd

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Investment Highlight: Investment Merits (Cont’d)

Strong Sponsorship and Support Strong Sponsorship Strong Sponsorship and Support and Support

• Sponsor has agreed to invest in 33% of property fund size, which is the

maximum percentage that the sponsor is allowed to invest under the Thai SEC regulation

• The Sponsor has granted FUTUREPF a right of first refusal of

–

Lease extension if the Sponsor is able to get land-lease extension

–

Acquisition of properties developed by the Sponsor

–

Acquisition of expired leaseable areas Exceptional Investment Vehicle Exceptional Investment Exceptional Investment Vehicle Vehicle

• Listed on the SET with sizable fund size offering trading liquidity on the

secondary market

• Enhanced corporate governance and transparency through the Thai

SEC and the SET regulation

• Attractive tax benefit; FUTUREPF is not subject to corporate income

tax

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Curriculum Vitae of Board of Directors and Management

Title Title Title Name Name Name Experience Experience Experience

Chairman Chairman

• Chairman, The Navakij Insurance Plc.
• Chairman, Thai Reinsurance Plc.
• Director, Board of Trade of Thailand
• Chairman, The Navakij Insurance Plc.
• Chairman, Thai Reinsurance Plc.
• Director, Board of Trade of Thailand

Director Director

• Chairman, Poonphol Co.,Ltd.
• Chairman, Rojana Industrial Park Plc.
• Vice Chairman, Loxley Plc.
• Chairman, Poonphol Co.,Ltd.
• Chairman, Rojana Industrial Park Plc.
• Vice Chairman, Loxley Plc.

Director Director

• Chief Executive Officer, Home Product Center Plc.
• Chief Executive Officer, Robinson Plc.
• Director, Phuket Resort Club Co.,Ltd.
• Chief Executive Officer, Home Product Center Plc.
• Chief Executive Officer, Robinson Plc.
• Director, Phuket Resort Club Co.,Ltd.

Director and Chief Executive Officer Director and Chief Executive Officer

• Join RSP since 1992
• Investment Banking, Finance One Plc.
• Join RSP since 1992
• Investment Banking, Finance One Plc.

Director and Chief Financial Officer Director and Chief Financial Officer

• Join RSP since 1992
• Assistance Manager, Krung Thai Bank Plc.
• Join RSP since 1992
• Assistance Manager, Krung Thai Bank Plc.

Vice President Marketing Vice President Marketing

• Over 10 years experience of retail business
• Marketing Director, Lion Art Co., Ltd.
• Senior Marketing Manager, The Mall Group Co., Ltd.
• Over 10 years experience of retail business
• Marketing Director, Lion Art Co., Ltd.
• Senior Marketing Manager, The Mall Group Co., Ltd.
• Mr. Suchin Wanglee
• Mr. Suchin Wanglee
• Mr. Sukit Wanglee
• Mr. Sukit Wanglee
• Mr. Manit Udomkunnatum
• Mr. Manit Udomkunnatum
• Ms. Pimpaka Wanglee
• Ms. Pimpaka Wanglee
• Mr. Ronnayuth Sirichotikul
• Mr. Ronnayuth Sirichotikul
• Mrs. Ratana Ananthanuphong
• Mrs. Ratana Ananthanuphong

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Investment Highlight: Attractive Yield - Thai Property Fund

Thai Property Fund Highlights Thai Property Fund Highlights

• Currently, there are 8 property funds in

Thailand divided into four types that are retails,

• ffice, factory/warehouse, and residential
• The average yield of Thai property fund is

7.05%. The average yield of retails, office, factory/warehouse, and residential are 7.58%, 8.74%, 8.48%, and 9.01% respectively

• Only 2 out of 8 property funds in Thailand that

have fund size over THB 4,000 million

Comparative Yield of Retails Property Fund Comparative Yield of Retails Property Fund

1

Remark: 1 expected minimum yield of FUTUREPF Source: SET (as of October 30, 2006)

FUTUREPF FUTUREPF (exclude anchor tenants) Cental Rama II Cental Rama II (exclude anchor tenants) Cental Rama III Net Lettable Area (sq.m.) 52,573 43,932 92,582 43,266 38,402 Promotion Area (sq.m.) 7,583 7,583 1,180 1,180 1,533 Salable Area (sq.m.) 60,156 51,515 93,762 44,446 39,935 Average (CBRE&AA) (THB mm) 4,869 4,625 5,847 4,385 4,591 Average (CBRE & AA) (THB per sq.m.) 80,931 89,781 62,360 98,665 114,962

Note:

1 Exclude anchor tenants of 8,641 sq.m. (14% of salable area) which contribute 5% of revenue 2 95% of total appraisal value 3 Exclude anchor tenants of 49,316 sq.m. (53% of salable area) which contribute 25% of revenue 4 75% of total appraisal value

1 2 3 4

9.60% 7.58% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% FUTUREPF CPNRF

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Investment Highlight: Attractive Yield - Compared to Foreign Property Fund

Comparative Yield Comparative Yield

Source: Bloomberg Remark:

1 2006E average distribution yield of Singapore REITs (Ascendas, Capitacommercial Trust, Capitamall Trust, Suntec, Mapletree Logistics, Macquarie MEAG Prime, Fortune, Allco,

Cambridge and CDL Hospitality)

2 2006E average distribution yield of Hong Kong REITs (Link, Prosperity, Champion and GZI) 3 2006E average distribution yield of Malaysia REITs (Axis, Starhill, UOA, Tower and Al-Aqar KPJ) 4 2006E average distribution yield of Thailand REITs

Premium of 180 bps

1 2

Premium of 198 bps Premium of 336 bps

10 year Government Bond REIT

3

Premium of 189 bps

4

5.02% 5.98% 7.39% 7.05% 3.22% 4.00% 4.03% 5.16% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% Singapore Hong Kong Malaysia Thailand

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Investment Highlight: Asset Enhancement Plans

• Improvement in Infrastructure
• Rangsit Interchange Bridge
• SRT (Red Line): From Bangsue to Rangsit
• New potential customer
• Government Officer Center in Changwattana
• Increase in higher income residence
• Maximized return from salable area
• Renovation and improvement on shopping mall image
• Modify and increase salable area
• Zoning

External Factors External Factors External Factors Internal Factors Internal Factors Internal Factors

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Investment Highlight: Tax Benefit Applied to Unitholders

Tax on Dividend Tax on Dividend Tax on Dividend Type of Holder Type of Holder Type of Holder Tax on Capital Gains Tax on Capital Gains Tax on Capital Gains Listed Company Listed Company No * No * Non – Listed Company Non – Listed Company Half of dividend will be included to revenue * Half of dividend will be included to revenue * Individual Individual 10% withholding tax 10% withholding tax Foreign Company Foreign Company No withholding tax No withholding tax Include to revenue Include to revenue Include to revenue Include to revenue No No No withholding tax No withholding tax

* If hold at least 3 months before and after the dividend payment date

Strictly private & confidential

Agenda

• Overview of Future Park Rangsit
• Overview of FUTUREPF
• Investment Highlight
• FUTUREPF Financial Forecast
• Offering Summary
• Appendix

Strictly private & confidential

FUTUREPF Financial Forecast: Financial Forecast

• Projected Profit and Loss statements are prepared under historical basis and in compliance

with Thai generally accepted accounting principles under the Accounting Act B.E. 2543, being those Thai Accounting standards issued under the Accounting Profession Act B.E. 2547, and examined by PWC

• Invested properties

– Leasehold of Future Park Rangsit Building totaled 52,573 sq.m. – Right to use and seek benefit on common areas of Future Park Rangsit Building, totaled

48,191 sq.m.comprising 7,583 sq.m. of promotion areas and 40,608 sq.m. of non-promotion

• areas. (as of June 30, 2006)
• Tenants profile of leasehold areas of 52,573 sq.m. (“Lettable Areas”)

Tenant Profile Tenant Profile

• Anchor tenants are stores with area of more

than 1,000 sq.m. Currently, there are 3 anchor tenants in FUTUREPF, which are EGV, Fitness First, and IT City, with 8,641 sq.m. or 16% of total lettable areas

• There are 416 retail shops occupying the

41,398 sq.m. areas, or accounting for 79% of total lettable areas

Renovation areas 2% Retails 79% Anchor tenants 16% Vacant 3%

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FUTUREPF Financial Forecast: Financial Forecast (Cont’d)

Property Revenue Projection Property Revenue Projection

(THB mm)

* Annualized based on projected Dec 2006 performance

Key Assumption Key Assumption

Revenue from Lettable Areas

• Rental Rate: based on historical data
• Renewal Rate: 80%
• Occupancy Rate: 95% in Dec 2006 and 96% in

2007 and 2008 for Retails, 100% for anchor tenants

• Growth: 5% in 2007 and 4% in 2008 onward

Revenue from Common Areas

• Comprise revenues from Kiosk and promotion

areas, etc

• Growth: 3% in 2007 and 4% in 2008 onward

633.68 662.53 688.39

CAGR = 4.23%

422.48 463.56 446.13 211.20 224.83 216.40 100 200 300 400 500 600 700 800 2006* 2007 2008

Revenue from Lettable Areas Revenue from Common Areas

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FUTUREPF Financial Forecast: Financial Forecast (Cont’d)

Property Expenses Projection Property Expenses Projection

(THB mm)

* Annualized based on projected Dec 2006 performance

202.22 206.16 211.20

C A G R = 2 . 2 %

Key Assumption Key Assumption

Property Expenses

• Approximately 15% of property revenue
• Major composition of property expenses are

marketing expenses, property management expenses, property tax, and insurance expenses

• Growth: 4% in 2007 and 3% in 2008 onward

Property Fund Expenses

• Approximately 16% of property revenue
• Property Fund expenses are property fund

management fees, property management fees, trustee fee , registrar fee, auditor fees, appraiser fees, property management fees, issuance costs.

100.94 104.09 97.04 105.18 107.11 105.18 50 100 150 200 250 2006* 2007 2008

Property Expenses Property Fund Expenses

Strictly private & confidential

FUTUREPF Financial Forecast: Financial Forecast Summary

Dec 2006 2006* 2007 633.68 662.53 (100.94) 561.59 (105.18) 580.02 48.47 Add Unrealized (gain) or loss on reappraised value (112.15) (112.15) (123.62) (120.12) Distributable Income 39.93 479.22 504.87 525.67 Expected Dividend – 90% 35.94 431.29 454.39 473.10 (97.04) 536.64 Property Fund Expenses (8.83) (105.18) (107.11) Net Income 148.04 542.90 597.33 Add amortization of Issuance costs 4.04 48.47 48.47 2008 Revenue 52.81 688.39 Property Expenses (8.09) (104.09) Net Property Income 44.72 584.30

Remark: Final number maybe change subject to bookbuilding yield * Annualized based on projected Dec 2006 performance

Unit : (THB mm)

Strictly private & confidential

Agenda

• Overview of FUTUREPF
• Overview of Future Park Rangsit
• Investment Highlight
• FUTUREPF Financial Forecast
• Offering Summary
• Appendix

Strictly private & confidential

Offering Summary: Offering Structure

Sponsor Sponsor

FUTUREPF FUTUREPF FUTUREPF

Public Offering Public Offering

33% 67%

Domestic Domestic International International

Small lot first

Strictly private & confidential

Offering Summary: The Offering

Name Future Park Property Fund (“FUTUREPF”) Assets 20-year leasehold right and right touse and seek benefit on partial areas of Future Park Rangsit Type Property Fund Type I Sponsor / Property Manager Rangsit Plaza Company Limited Financial Advisor Bualuang Securities Public Company Limited Fund Manager / Registrar ING Funds (Thailand) Company Limited Trustee TMB Bank Public Company Limited Auditor PricewaterhouseCoopers ABAS Limited Appraisers CB Richard Ellis (Thailand) Company Limited American Appraisal (Thailand) Limited Fund Size Baht 4,733.161 million Secondary Market Stock Exchange of Thailand (“SET”) IPO Size Baht 3,171.218 million Issue Price Baht 10 per unit Lead Underwriter Bualuang Securities Public Company Limited Allocation Mechanism Small Lot First (Minimum 5,000 units and multiples of 500 units)

Strictly private & confidential

Offering Summary: Indicative Timetable

Key dates

SEC Approve 18 Oct 06 Local Roadshow 2 – 20 Oct 06 Int’l Roadshow 23 Oct - 1 Nov 06 Subscription 9 – 17 Nov 06 Settlement 20 – 24 Nov 06 Listing 7 Dec 06

Holiday Process Start Finish 1 SEC Approval Process

• SEC approves the application

20-Oct

• Submit final pricing and underwriting agreement to the SEC

6-Nov

• Filing effective

6-Nov 2 Marketing Process

• Local Roadshow

2-Oct 20-Oct

• International Roadshow

25-Oct 1-Nov

• Public Roadshow

7-Nov 3 IPO Process

• Pricing and allocation

2-Nov 6-Nov

• Sign underwriting agreement

7-Nov

• Subscription period

9-Nov 17-Nov

• Fund Settlement and Registration

23-Nov 24-Nov 4 SET Approval Process

• SET announcement of new security listed

Dec 5 Trading commences Dec W5 October November W4 W1 W2 W1 W2 W3 W3 W4 December W1 W4 W2 W3

Strictly private & confidential

Agenda

• Overview of Future Park Rangsit
• Overview of FUTUREPF
• Investment Highlight
• FUTUREPF Financial Forecast
• Offering Summary
• Appendix

Strictly private & confidential

Overview of Retail Property Market: Retail Property Market

Retail Supply Retail Supply

(thousand sq.m.)

Source: CB Richard Ellis

Retail Market Highlights Retail Market Highlights

• Retail property is divided into three locations: 1)

Downtown 2) Midtown 3) Suburbs, The stock in suburbs , midtown, and downtown areas accounted for 39.5%, 39%, and 21.5% of the total stock, respectively

• The total retail spaces in Bangkok increased to

4.41 million sq.m., Department stores, malls, and superstores accounted for 28.92%, 48.26%, and 22.8% of the total stock, respectively (in the first quarter of 2006)

• The average retail center vacancy rate in

Bangkok remained unchanged at 5.7% in the first quarter of 2006

• The retail stock of department stores has been

declining since the financial crisis, with the closure of many second tier operations and the conversion of space into superstores and specialty stores

500 1,000 1,500 2,000 2,500 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 1Q2006 Department store Mall Superstore

Strictly private & confidential

Overview of Retail Property Market: Rental Rate

Source: CBRE Research and Consulting Services (As of Q1 2006)

Area Ground Floor (THB/sq.m./month) Downtown Shophouses 1,200-2,500 400-600 Shopping Malls 1,800-3,000 1,500-2,800 Superstores 1,000-1,200 800-1,000 Suburbs 1,200-1,500 800-1,200 Midtown 1,500-2,700 1,000-2,200 Upper Floor (THB/sq.m./month)

• The rental rate varies, subject to the type of business, the area occupied, location of the outlet within the

center, customer traffic, etc