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Group Structure 1 TICON Developing standard factories for - - PowerPoint PPT Presentation

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Group Structure 1 TICON Developing standard factories for rent/sale 99.99% 99.99% 33.04% 19.35% TPARK EISCO TFUND TLOGIS Developing high quality A listed property fund A listed property fund Developing standard factories for

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Group Structure

Developing standard factories for rent/sale, with BOI privilege A listed property fund which its properties acquired from & managed by TICON & TPARK Developing high quality logistics warehouses for rent/sale A listed property fund which its properties acquired from TPARK & managed by TICON

TFUND

TICON

TPARK EISCO TLOGIS

Developing standard factories for rent/sale 99.99% 99.99% 33.04% 19.35%

1

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Establishment Year 1990 Paid–up Capital Baht 671.79 million (671.79 million shares, @ Baht 1 per share) Unexercised TICON–W3 219.35 million units (expired in Jan 2014) Unexercised TICON–W4 107.89 million units (expired in May 2011) Unexercised TICON–W5 32.88 million units (expired in May 2014) Dividend Policy Not less than 40% of net profit after taxation TRIS Rating A stable SET An ‘SET 100’ Company FTSE SET A ‘FTSE SET Small Cap’ Company

Company Overviews

2

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Shareholding Structure

as of May 12, 2009 Directors & Management 10% City Realty Group 6% Others 49% Rojana Group 22% Thailand Equity Fund 6% Albouys Nominees 7% Foreign 11% Local 89% as of Feb 25, 2010 Free float 56 % as of May 12, 2009

3

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Board of Directors

4

Independent Director Independent Director Independent Director Chairman of the Audit Committee Audit Committe Audit Committee

  • Mr. David Tarrant
  • Mr. Chatchaval Jiaravanon
  • Mr. Threekwan Bunnag

Representing Thailand Equity Fund Director

  • Mr. Pote Videtyontrakich

Executive Director Executive Director President Managing Director

  • Mr. Wei Cheng Kuan
  • Mr. Virapan Pulges

Representing City Realty Group Chairman of the Board

  • Mr. Chali Sophonpanich

Representing Rojana Group Representing Rojana Group Director Director

  • Mr. Direk Vinichbutr
  • Mr. Jirapongs Vinichbutr
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  • International quality
  • Standard, customized and sale & leaseback
  • Prime locations
  • General Industrial Zones, Export Processing Zone or Duty-Free Zones
  • Lease flexibility
  • One-stop services

Products and Services

Factory Warehouse size range : 1,000 - 11,700 Sq.m. average size: 2,000 - 3,000 Sq.m. floor loading : 1 - 3 tons / Sq.m. size range : 1,200 - 15,000 Sq.m average size : 2,500 - 5,000 Sq.m floor loading : 3 - 5 tons / Sq.m special clear height, column spans & floor raise loading bays and dock levelers

5

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Location Map

6

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Tenant Diversification

Factory - By Industry

Auto parts 20% Logistics 7.4% Food 6.2% Others 17.4%

December 2009 December 2008

Electronics / Electrical 54% Auto parts 21% Food 3.5% Others 11%

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Logistics 10.6% Electronics / Electrical 49%

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December 2009

Factory - By Country

Japan 55% Europe 14% USA 5.3% Canada 5.2% Thailand 5.1% Others 15.4%

December 2008

Japan 59% Europe 7% USA 4.2% Canada 6% Singapore 6.8% Others 16.8%

Tenant Diversification (Cont’d)

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December 2009

Warehouse - By Industry

December 2008

General logistics 41% Comsumer product 25% Retailers 23% Others 11% General logistics 42% Comsumer product 23% Retailers 24.5% Others 10.5%

Tenant Diversification (Cont’d)

9

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December 2009

Warehouse - By Country

December 2008

Europe 46% Japan 31% Thailand 21% Others 2% Europe 50% Japan 37% Thailand 4% Korea 9%

Tenant Diversification (Cont’d)

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Factory

Portfolio

TICON & EISCO TICON & EISCO & TFUND

11

Leased Pre-leased Available Occupancy rate 200,000 400,000 600,000 800,000 1,000,000 2004 2005 2006 2007 2008 2009 20% 40% 60% 80% 100%

92% 92% 90% 81% 78% 77%

Sq.M. End of 200,000 400,000 600,000 800,000 1,000,000 2004 2005 2006 2007 2008 2009 20% 40% 60% 80% 100% Sq.M. End of

92% 93% 92% 87% 87% 82%

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Portfolio (Cont’d)

12

Warehouse

TPARK TPARK & TFUND & TLOGIS

2004 2005 2006 2007 2008 2009 End of 20% 40% 60% 80% 100% 50,000 100,000 150,000 200,000 250,000

90% 88% 82% 60%

Sq.M. End of 50,000 100,000 150,000 200,000 250,000 Sq.M. 2004 2005 2006 2007 2008 2009 20% 40% 60% 80% 100%

90% 88% 84% 73%

Leased Pre-leased Available Occupancy rate

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Portfolio (Cont’d)

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Factory & Warehouse

TICON & EISCO & TPARK TICON & EISCO & TPARK & TFUND & TLOGIS

2004 2005 2006 2007 2008 2009 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2004 2005 2006 2007 2008 2009 200,000 400,000 600,000 800,000 1,000,000 1,200,000 20% 40% 60% 80% 100% 20% 40% 60% 80% 100% Leased Pre-leased Available Occupancy rate

92% 92% 90% 82% 79% 73% 93% 89% 87% 87% 81% 92%

Sq.M. Sq.M. End of End of

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Lease Expiry

14

10% 20% 30% 40% 2009 2010 2011 2012 2013 2014 1.1% 26.2% 28.6% 37.5% 4.8% 1.8%

Factory Warehouse

As of December 2009 As of December 2009

10% 20% 30% 40% 2010 2011 2012 2015 2019 7.0% 38.5% 19.2% 16.0% 19.3%

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Revenue Structure

Sale of properties 58% Rental income 31% Share of profit from PF 6% Management fee 3% Others 2%

Year 2009 Year 2008

Sale of properties 66% Rental income 24% Share of profit from PF 3% Management fee 2% Others 5%

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Rental Income Combination

Rental income from factory 74% Rental income from warehouse 26%

Year 2009 Year 2008

Rental income from factory 86% Rental income from warehouse 14%

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75.5 76.7 79.1 76.7 79.4 80.7 78.2 77.7 80.3 78.8 50.4 55.8 53.8 55.0 69.3 75.5 68.6 77.7 80.7 27.9 30.2 21.2 25.0 27.0 37.6 31.2 28.7 33.2 33.9

20 40 60 80 100 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Gross margin - Without sales Gross margin - With sales Net Margin

%

46.5

Performance

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2000 2001 2002 2003 2004 2005 2006 2007 2008

Million Bt.

3,422 227 330 390 625 854 2,524 3,110 3,521 2,618 2009

314,408 329,325 302,640 324,550 353,705 344,943 382,886 386,130 800,601 522,375 419,225 304,388 218,988 188,238 152,550 132,450 629,462 765,111

100000 200000 300000 400000 500000 600000 700000 800000 900000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TICON TICON & TPARK Total under management

Gross & Net Margin Total Revenue 17

0% 20% 40% 60% 80% 100% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

TICON TPARK

Occupancy Rate Space under Rent

Sq.m.

End of End of 78% 81% 82% 88% 90% 92% 92% 94% 93% 87% 96% 77% 60%

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14.9 17.1 17.4 13.0 18.3 19.7 36.4 26.5 22.5 13.3

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 End of End of

10.8 10.3 10.2 9.2 11.4 11.0 16.3 15.5 16.0 10.2

Return on Equity Return on Fixed Assets

40% 30% 20% 10% 20% 15% 10% 5%

Net Profit Earnings per Share

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 1,000 800 600 400 200 Million Bt. 2.0 1.6 1.2 0.8 0.4 Baht 0.99 0.28 0.34 0.33 0.52 0.57 1.29 1.59 1.64 1.11 725 1,063 869 680 290 208 112 103 85 653 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Performance (Cont’d)

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Financial Status

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Equity Liabilities

Debt to Equity Ratio

Million Bt Time 2.5 2.0 1.5 1.0 0.5 12,000 10,000 8,000 6,000 4,000 2,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

1.22 1.57 1.51 1.03 1.55 1.48 2.25 1.08 1.00 1.42

Total Assets

11,109 1,396 1,621 2,181 3,059 4,342 6,446 9,538 9,683 11,734 4,994 6,115 853 543 974 647 1,109 1,072 1,857 1,202 2,590 1,752 4,461 1,985 4,960 4,57 8 4,831 4,852 6,885 4,849

End of End of

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Sample of Tenants

Factory Warehouse

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Thank you

Email: ian.hamilton@ticon.co.th lalitphant.p@ticon.co.th

www.ticon.co.th

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Appendix

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Portfolio - Factory

22 TICON & EISCO TICON & EISCO & TFUND

82% 87% 87% 92% 93% 92% Occupancy Rate 993,650 987,025 968,125 841,685 670,115 527,170 Total 141,875 127,925 144,075 63,325 150,015 149,225 Site Preparation 27,700 65,250 87,175 125,875

  • Under Construction

144,425 102,110 97,685 52,885 35,150 31,700 Available 23,350 26,475 51,675 77,225 65,725 41,857 Pre-leased 656,300 665,265 587,515 522,375 419,225 304,388 Leased 2009 2008 2007 2006 2005 2004 77% 78% 81% 90% 92% 92% Occupancy Rate 616,200 611,525 681,643 657,678 580,215 527,170 Total 141,875 127,925 144,075 63,325 150,015 149,225 Site Preparation 27,700 65,250 87,175 125,875

  • Under Construction

104,425 91,035 84,310 46,310 35,150 31,700 Available 17,650 24,675 51,675 77,225 65,725 41,857 Pre-leased 324,550 302,640 314,408 344,943 329,325 304,388 Leased 2009 2008 2007 2006 2005 2004 Unit in Sq.M. Unit in Sq.M.

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Portfolio - Warehouse

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60% 82% 88% 90%

  • Occupancy Rate

314,476 367,874 372,836 58,888

  • Total

137,058 135,183 254,079 10,548

  • Site Preparation

50,118 79,895 52,800 27,100

  • Under Construction

50,540 27,580 7,760 21,240

  • Available

15,180 44,970 18,900

  • Pre-leased

61,580 80,246 39,297

  • Leased

2009 2008 2007 2006 2005 2004

TPARK TPARK & TFUND & TLOGIS

73% 84% 88% 90%

  • Occupancy Rate

404,547 387,474 372,836 58,888

  • Total

137,058 135,183 254,079 10,548

  • Site Preparation

50,118 79,895 52,800 27,100

  • Under Construction

57,890 27,580 7,760 21,240

  • Available

15,180 44,970 18,900

  • Pre-leased

144,301 99,846 39,297

  • Leased

2009 2008 2007 2006 2005 2004 Unit in Sq.M. Unit in Sq.M.

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73% 79% 82% 86% 92% 92% Occupancy Rate 930,676 979,399 1,054,479 716,566 580,215 527,170 Total 278,933 263,108 398,154 73,873 150,015 149,225 Site Preparation 77,818 145,145 139,975 152,975

  • Under Construction

154,965 118,615 92,070 67,550 35,150 31,700 Available 32,830 69,645 70,575 77,225 65,725 41,857 Pre-leased 386,130 382,886 353,705 344,943 329,325 304,388 Leased 2009 2008 2007 2006 2005 2004 81% 87% 87% 89% 93% 92% Occupancy Rate 1,398,197 1,374,499 1,340,961 900,573 670,115 527,170 Total 278,933 263,108 398,154 73,873 150,015 149,225 Site Preparation 77,818 145,145 139,975 152,975

  • Under Construction

202,315 129,690 105,445 74,125 35,150 31,700 Available 38,530 71,445 70,575 77,225 65,725 41,857 Pre-leased 800,601 765,111 626,812 522,375 419,225 304,388 Leased 2009 2008 2007 2006 2005 2004

Portfolio - Combined

24 TICON & EISCO & TPARK TICON & EISCO & TPARK & TFUND & TLOGIS

Unit in Sq.M. Unit in Sq.M.

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TPARK Bangna - Location Map

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TPARK Bangna - Site Layout

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TPARK Wangnoi - Location Map

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TPARK Wangnoi - Site Layout

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TPARK Laemchabang - Location Map

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TPARK Laemchabang - Site Layout

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Warrants Information

Type Warrants Outstanding (Units) Exercise Ratio (Share:Warrant) Exercise Price (Baht/Share) Exercise Period TICON-W3 Right Warrants 219,353,636 1.00415 : 1 19.917 Quarterly, Starting 31 Mar 10 expiring 31 Jan 14 TICON-W4 Right Warrants 107,886,941 1 : 1 8 Quarterly, Starting 30 Jun 09 expiring 20 May 11 TICON-W5 ESOP Warrants 32,883,000 1 : 1 8 Quarterly, Starting 29 Jun 12, expiring 13 May 14

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Debentures Information

32

Trading name Amount Tenor Maturity Coupon (Million Baht) (Year) Date Rate TICON 109 A 500 3 10 Sep 10 4.39% TICON 115 A 500 3 14 May 11 4.66% TICON 118 A 500 3 5 Aug 11 5.40% TICON 128 A 650 3 19 Aug 12 4.55% TICON 120 A 200 3 2 Oct 12 4.30% TICON 135 A 1,000 3.5 19 May 13 4.30% TICON 132 A 550 3 12 Feb 13 3.40% TICON 152 A 250 5 12 Feb 15 4.28%

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presented by

2 March 2010

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  • The value of units in TFUND (“Units”) and the income from them may fall as well as rise. Units are not obligations
  • f, deposit in, or guaranteed by, BBLAM or any of its affiliates. An investment in Units is subject to investment

risks, including the possible loss or the principal amount invested.

  • Investors have no right to request BBLAM to redeem the Units. It is intended that Unitholders may only deal in their

Units through trading on the Stock Exchange of Thailand (SET).

  • BBLAM reserves the right to amend, enhance, or modify information provided on this presentation without prior

notice.

  • Listing of the Units on the SET does not guarantee a liquid market for the Units.
  • BBLAM, its management and staff are not responsible for any damages which may arise from information or

technical problems affecting presentation viewers and investors using this presentation.

  • The past performance of TFUND is not necessarily indicative of the future performance of TFUND.
  • This document is not a fund prospects and investment contains risks. Please carefully study the fund’s prospectus

before making investment decisions. The presentation may contain forward-looking statements that involve risks and uncertainties. Actual future performance,

  • utcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks,

uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, completion from similar developments, shifts in expected levels of property rental income and occupancy, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance

  • n these forward-looking statements, which are based on the Manager’s current view of future events.

Disclaimers

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  • 1. RBFs Market Overview
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Supply & Rentals

2008Q3 - 2009Q1

1,029,127 1,060,001 1,108,082 1,138,517 1,162,914 1,188,063 1,214,087 1,251,342 976,429

900,000 1,000,000 1,100,000 1,200,000 1,300,000 07-Q3 07-Q4 08-Q1 08-Q2 08-Q3 08-Q4 09-Q1 09-Q2 09-Q3 Quarter Cumulative Supply .

Supply

  • Annual supply growth rate was so strong since 2007 even

during World Financial Crisis

(+16.6% during 07Q3-08Q3, +9.0% during 08Q3-09Q3)

  • Steady quarterly supply growth rate of 2% was recorded

since 2008Q3 and even stronger at 3% in 2009Q3

  • Market supply’s direction was determined by TFund and

Ticon as both together held almost two thirds of total market supply (34.2%, 31.6%, respectively).

Rentals

  • Rentals have been quoted in between 160-220 THB/sq.m./mth.

not much changed during the past 2 years but rentals are likely to decline within the last 2 quarters. Source: CBRE (Thailand)

16.6% 9.0%

2009Q2 - 2009Q3

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Occupancy Rates & Market Share

72.1% 74.7% 76.5% 81.7% 83.2% 81.5% 81.5% 87.3% 88.0% 90.4% 95.1% 96.6% 96.2% 97.7% 96.2% 15.8% 15.7% 18.6% 14.8% 12.9% 16.2% 14.6%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 08-Q1 08-Q2 08-Q3 08-Q4 09-Q1 09-Q2 09-Q3 09-Q4 0.0% 10.0% 20.0% 30.0% 40.0%

Occupancy Rate - Market Occupancy Rate - TFUND Gap

Occupancy Rate & Market Share

  • TFund’s strong demand has shown in the highest rate in

the industry since 2008 (88.0% in 2009Q3)

  • Market occupancy has gradually declined from its peak at

83.2% in 2008Q3 similar to TFund at 96.6% in 2008Q4.

  • Occupancy gap premium (TFund over market average)

was recorded the highest at 18.0% in 2009Q1 before slightly declined to 15.8% in 2009Q3.

  • TFund was the only supplier holding occupancy rate higher

than market average.

  • Similarly, TFund held the highest market share among players.

87.3% 88.0% 96.2% 96.6% 95.1% 90.4%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 08-Q3 08-Q4 09-Q1 09-Q2 09-Q3 09-Q4

Ticon TFund Hemaraj Pinthong Amata TFD TIF1

Market Share (%)

Ticon, 34.2% TFUND, 31.6% Hemaraj, 12.7% Pinthong, 9.2% Amata, 5.5% TFD, 3.7% TIF1, 3.1%

Source: CBRE (Thailand)

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  • 2. Fund Overview
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Top 20 Unitholders This Quarter Last Quarter Top 20 Unitholders 79.4% 78.0% Others 20.6% 22.0% Nationality This Quarter Last Quarter Thai 91.4% 92.7% Foreign 8.6% 7.3%

(as of December 31, 2009)

Corporate/Person This Quarter Last Quarter Corporate/Fund 81.7% 80.5% Others 18.3% 19.5%

Top 20 Unithloders, 79.4% Others, 20.6% Person, 18.3% Corporate / Fund, 81.7% Foreign N ationality, 8.6% Thai N ationality, 91.4%

Unitholder Structure

  • Percentage increase of top 20 unitholders by 1.4% from Q2 to Q3 in FY09

were likely to come from additional demand from new open-ended funds and provident funds e.g. MFC Property Wealth Fund, One Property Plus Fund, etc.

  • Similarly, this confirmed from percentage increase of units held Corporate/Fund

by 1.2% during the same period.

(as of December 31, 2009)

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Lettable Area/Acquisition Price/Appraisal Value

Number of Properties (Factories & Warehouses) 174 Land Area (Rai-Ngan-sq.w) 595-2-56.5 Construction Area (sq.m) 397,050 Number of Leased Properties 152 Occupied Area (sq.m) 345,325 Occupancy Rate 87.3% Number of Properties with rental Discount 57 Area with Rental Discount (sq.m) 120,962 % Discount to Occupied 35.0%

(as of December 31, 2009)

Acquisition Price (THB Million) 7,712.2 Acquisition Price psm. (THB/sq.m.) 19,423.7 Latest Appraisal Value (THB Million) 8,058.5 Latest Appraisal Value psm. (THB/sq.m.) 20,295.9 % Unrealized Gains (Losses) 4.5%

Lettable Area & Occupancy Acquisition Price & Appraisal Value

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Lease Expiry & Age of Properties

Lease Expiry

  • 2010 lease expiry was recorded the highest at 42.4%,

followed by 2011expiry (37.9%), 2012 expiry (17.0%), respectively.

  • As evidenced from lease renewal for the first two

months of 2010, over 80% of lease expiry has been

  • renewed. It is expected that renewal rate is likely to be

up to close its renewal rate before world financial crisis.

  • For 2010, around 27.5% of total lease expiry will be

ended in Q1, followed by 13.1% in Q2, 21.7% in Q3, and 37.7% in Q4.

42.4% 37.9% 17.0% 2.7% 0.0% 20.0% 40.0% 60.0% 2010 2011 2012 < 2012

Lease Expiry

Year Expiry 24.7% 51.1% 24.2% 0.0% 20.0% 40.0% 60.0% <4 Years 4-8 Years >8-12 Years

Age of Properties

Age of Properties

Age of Properties

  • Average age of properties was 6.1 years by which 4-5
  • yrs. old was the largest portion (23.2%), followed by

5-6 yrs. old (14.4%), 2-4 yrs. old (11.1% each), respectively.

(as of December 31, 2009)

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Nationality & Trade Sector

Nationality of Tenants

Germany, 1.4% Others, 14.0% Taiwan, 1.4% Singapore, 14.1% USA, 7.0% Japan, 53.8% Thailand, 8.3%

Trade Sector

Auto Parts, 15.2% Electronic Parts, 49.8% Logistic & warehouse, 6.8% Others, 28.1%

Nationality of Tenants

  • Japanese was still the major tenant (53.8%) of TFund

since its inception, followed by Singaporean (14.1%), Thai (8.3%), respectively.

Trade Sector

  • Almost half of total tenants are in electronic component

sector (49.8%), followed by Auto parts sector (15.2%), logistics and warehouse (6.8%), respectively.

Top 10 Tenants

  • TFund has been less reliance to incomes from top 10

tenants from time to time except in 2009.

48.2% 29.4% 25.0% 24.4% 27.2% 0.0% 20.0% 40.0% 60.0% 39 properties in 2005 84 properties in 2006 130 properties in 2007 174 properties in 2008 174 properties in 2009

Incomes from Top 10 tenants

(as of December 31, 2009)

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  • 3. Financial Review
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Operating Results – Incomes & Expenses

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Operating Results – Profits & Dividend

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Balance Sheet Review

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Quarterly Asset Performance

Occupancy Rates Incomes & Profits

0.0 50.0 100.0 150.0 200.0 07-Q1 07-Q2 07-Q3 07-Q4 08-Q1 08-Q2 08-Q3 08-Q4 09-Q1 09-Q2 09-Q3 09-Q4

  • Mil. Baht

Total Incomes Net Operating Income (NOI) Net Investment Income (NII)

Distributable Profit & Dividend Realized Gains from Property Selling

8.1% 16.9% 16.0% 14.2% 22.1% 0.0% 10.0% 20.0% 30.0% 2005 2006 2007 2008 2009 2010 Average Range - Lowest Range - Highest 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09

Occupancy Rate 87.3% 88.0% 90.4% 96.6%

103.9% 101.9% 97.2% 95.2% 96.8% 97.3% 97.7% 90.9% 89.1% 93.3% 93.7% 93.6% 0.150 0.200 0.250 07-Q1 07-Q2 07-Q3 07-Q4 08-Q1 08-Q2 08-Q3 08-Q4 09-Q1 09-Q2 09-Q3 09-Q4 80.0% 90.0% 100.0% 110.0% Distributable Profit/Unit Dividend/Unit Dividend Payout Ratio

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Thank You

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  • 4. Yields & Market Capitalizations in Asia
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SLIDE 52
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Net Market Yields

Ticon Property Fund

Sources: Asia Market Review

HK TAIPEI INDO MALAY PHIL SING THAI Office 2.9% 2.9-3.6% 9.5-11.0% 6.3-6.8% 6.5-9.5% 4.5% 3.5-4.5% Luxury Residential 2.7% n.a. 10.8-12.0% 4.8%-6.2% 7.0-10.0% 2.5% 4.0-4.5% Retail 3.8% 3.0-3.8% 10.0-13.5% 7.0-7.5% n.a. 6.2% 6.5-7.5% Industrial 5.9% 3.4-3.8% 8.5-10.3% n.a. n.a. 5.3% 8.0-9.0%

Net Yields – defined as the ratio of net incomes (i.e. income after allowing for non-recoverable costs of ownerships) over purchase price.

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Yields & Market Capitalizations (Thai Property Fund / S-REIT)

Ticon Property Fund

Sources: CBRE (Thailand)

10 yr Gov Bond Yield vs. Property Fund Yield

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. 10 yr Gov Bond Yield

  • Avg. PF Yield

Gap

10 yr Gov Bond Yield vs. S-REIT Yield

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. 10 yr Gov Bond Yield

  • Avg. S-REIT Yield

Gap

Market Capitalization (Straits Times Index vs. S-REIT)

(60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. Straits Times S-REIT

Market Capitalization (SET Index vs. Property Fund)

(60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. SET Property Fund

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SLIDE 55

Yields & Market Capitalizations (H-REIT / J-REIT)

Ticon Property Fund

Sources: CBRE (Thailand)

Market Capitalization (Hang Seng vs. H-REIT)

(60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. Hang Seng H-REIT

10 yr Gov Bond Yield vs. H-REIT Yield

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. 10 yr Gov Bond Yield

  • Avg. H-REIT Yield

Gap

10 yr Gov Bond Yield vs. J-REIT Yield

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. 10 yr Gov Bond Yield

  • Avg. J-REIT Yield

Gap

Market Capitalization (Nikkei 225 vs. J-REIT)

(60.0%) (40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. Nikkei 225 J-REIT

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SLIDE 56

RBFs: Market Trend

Ticon Property Fund

Sources: CBRE (Thailand)

07-Q4 08-Q1 08-Q2 08-Q3 08-Q4 09-Q1 09-Q2 Demand Supply Rent Occupancy