[PPT] - Presentation including 2017 Q3 Results and Business Plan PowerPoint Presentation

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2017 Q3 Results and Business Plan

Presentation including

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The information (“Confidential Information”) contained in this presentation is strictly confidential and is provided by Ananda Development Public Company Limited (the “Company”) to you solely for your reference. Neither this presentation nor any part thereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the

Company. Although care has been taken to ensure that the Confidential Information in this presentation is accurate, and that the opinions expressed are fair and

reasonable, the Confidential Information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company. None of the Company, or any of their respective 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. 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, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in Thailand, United States or any other jurisdiction. Any such purchase should be made solely on the basis of the information contained in the announcements to the Stock Exchange of Thailand relating to such securities. 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.

Disclaimer

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1. 3Q2017 Financial Results

▪ Transfers ▪ Launches ▪ Presales ▪ Backlog ▪ Bonds Issue

2. 3Q2017 Summary
3. 2018 Business Plan
4. Company View
5. Mass Transit Network Updates

Agenda

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3Q/2017 Financial Statements

3Q2017 2Q2017 3Q2016 % Q-o-Q % Y-o-Y

M Baht % M Baht % M Baht % Total revenue

2,759 100% 3,752 100% 2,979 100%

26%
7%

Revenue from sale of real estate

1,692 61% 2,661 71% 2,358 79%

36%
28%

Other incomes

1,066 39% 1,090 29% 621 21%

2%

72%

Gross Profit

927 35% 1,331 37% 972 34%

30%
5%

SG&A

649 24% 674 18% 570 19%

4%

14%

Selling expenses

253 9% 307 8% 248 8%

18%

2%

Administrative expenses

396 14% 366 10% 322 11% 8% 23%

Share of Profit (Loss)

(113)

4%

(300)

8%

(105)

4%

N/A N/A

EBIT

289 10% 519 14% 437 15%

44%
34%

Interest expenses

89 3% 104 3% 98 3%

14%
9%

EBT

200 7% 414 11% 339 11%

52%
41%

Tax

59 19% 135 19% 90 20%

57%
35%

Net Profit (Loss)

141 5% 279 7% 250 8%

50%
44%

Earnings per share (baht)

0.03 0.07 0.06

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9M/2017 Financial Statements

9M2017 9M2016 % Y-o-Y

M Baht % M Baht % Total revenue

8,825 100% 8,463 100% 4%

Revenue from sale of real estate

5,931 67% 7,065 83%

16%

Other incomes

2,894 33% 1,399 17% 107%

Gross Profit

2,980 35% 2,899 35% 3%

SG&A

1,871 21% 1,773 21% 6%

Selling expenses

775 9% 729 9% 6%

Administrative expenses

1,096 12% 1,044 12% 5%

Share of Profit (Loss)

(471)

5%

(304)

4%

N/A

EBIT

1,056 12% 1,072 13%

1%

Interest expenses

281 3% 241 3% 16%

EBT

775 9% 830 10%

7%

Tax

214 17% 222 20%

4%

Net Profit (Loss)

561 6% 608 7%

8%

Earnings per share (baht)

0.13 0.16

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3Q/2017 Financial Highlights

3Q2017 2Q2017 3Q2016 % Q-o-Q % Y-o-Y

M Baht M Baht M Baht

Cash balance and equivalent

1,461 1,842 2,091

21%
30%

Assets

27,019 26,147 23,515 3% 15%

Interest bearing debts

11,480 10,897 10,158 5% 13%

Liabilities

15,041 14,350 13,619 5% 10%

Shareholders' equity

11,979 11,797 9,896 2% 21%

D/E ratio (times)

1.26 1.22 1.38 3%

9%

Net IBDE ratio (times)

0.84 0.77 0.82 9% 3%

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2017 Transfer Target between 22,000 and 24,000 M Baht

Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 3 (Actual) Quarter 4 2017 Condo 1,217 2,326 1,844 1,239 3,816 8,599 Housing 360 335 596 454 800 1,947 Ananda F/S 1,557 2,661 2,440 1,692 4,615 10,546 Ananda Share in JV 337 41 632 783 5,202 6,363 Partner Share in JV

324 39 607 753 4,998 6,114 Total (M Baht) 2,238 2,741 3,679 3,229 14,815

23,023

10 new condo projects

to complete in 2017

2017 Business Plan >>Transfers Growth

45

%

From 2016

Q3/2017 transfers below our latest guidance by

12% and lower full year guidance by 8%

1Q17 (A) 2Q17 (A) 3Q17 (F) 3Q17 (A) 4Q17 (F) 1,217 2,328 1,844 1,239 3,816 360 334 596 454 800 337 41 632 783 5,202 324 39 607 753 4,998 Unit : Mil Baht Condo Housing Ananda Share in JV Partner Share in JV

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Note : (JV, Joint Venture with Mitsui Fudosan and Ananda)

69% Of Q4/2017 Target Will Be Derived From New Projects

Updated: Sept 30, 2017

Q4/2017 Projects To Be Transferred

New Projects Transfer Target Presales Required to achieve

Condo 2,088 Housing 225 50 Own Projects 2,313 50 Condo JV Projects 7,853 80 New Projects 10,166 130

Existing Projects Transfer Target Presales Required to achieve

Condo 1,728 662 Housing 574 183 Own Projects 2,302 845 Condo JV Projects 2,347 110 Existing Projects 4,649 955

Total Projects Transfer Target Presales Required to achieve

Condo 3,816 662 Housing 800 233 Own Projects 4,615 895 Condo JV Projects 10,200 190 Total Projects 14,815 1,085

6 new condo

projects and

3 new housing

projects to complete in 4Q2017

7 existing condo

projects and

4 existing housing

projects to continue to be transferred in 4Q2017

93% of the

4Q2017 transfers secured by backlog

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18.6% 1.0% 11.0% 21.0% 31.0% 41.0% 2 4 6 8 10 12 3.2% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 2 4 6 8 10 12

9

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16

Cancellation Rate

Updated: Sept 30, 2017

1Q17

Note: % Cancellation Rates are calculated by cancelled value divided by beginning backlog + presales

2Q17 3Q17 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

3.6% 1.0% 3.0% 5.0% 7.0% 2 4 6 8 10 12

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

3Q17 without Ready to move Campaign should be 2.2% 3Q17 without Ready to move Campaign should be 2.6%

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14.4% 1.0% 6.0% 11.0% 16.0% 21.0% 2 4 6 8 10 12 13.0% 0.0% 5.0% 10.0% 15.0% 20.0% 2 4 6 8 10 12

10

Mortgage Rejection Rate

Note: % Mortgage Rejection Rates are shown by units Updated: Sept 30, 2017

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

24.7% 10.0% 20.0% 30.0% 40.0% 2 4 6 8 10 12

2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

3Q17 without Ready to move Campaign should be 8%

3Q17 without Ready to move Campaign should be 5%

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2017 Launch Target between 41,000 and 43,000 M Baht

Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 3 (Actual) Quarter 4 2017 Condo 1,875 21,880

4,435

7,761 35,951 Housing 1,637 949 2,852 3,252

5,838

Total (M Baht) 3,512 22,829 2,852 7,687 7,761

41,789

No. of Condo Project

2 5 (JVs)

2 (1 JV)

2 (1 JV)

11 (7 JVs)

No. of Housing Project

1 1 3 3

5

JV 7 Sites accounting for 66% of launch value)

2017 Business Plan >>Launches

Q3/2017 launch target beat our latest guidance by 170%

16 Projects 42 Bn Baht

Growth

102

%

From 2016

1Q17 (A) 2Q17 (A) 3Q17 (F) 3Q17 (A) 4Q17 (F) 1,875 21,880 4,435 7,761 1,637 949 2,852 3,252 Unit : Mil Baht Condo Housing

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New Launch In Q3 >> Ideo Mobi Sukhumvit 40

Ideo Mobi Sukhumvit 40 Project value (M Baht) 2,057

No. of unit

272 Soft Launched date September 2017 Expected transfer date 2019 Location 660 m. from BTS Ekamai

New

AMC Sales Only

558 MB

as of Sept 30th, 2017

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New Launch In Q3 >> Ideo Mobi Rangnam

Ideo Mobi Rangnam Project value (M Baht) 2,377

No. of unit

366 Soft Launched date September 2017 Expected transfer date 2019 Location 630 m. from BTS Victory Monument

New

AMC Sales Only

259 MB

as of Sept 30th, 2017

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New Launch In Q3 >> Airi Rama 5 - Ratchaphruek

Airi Rama 5 - Ratchaphruek Project value (M Baht) 792

No. of unit

63 Soft Launched date July 2017 Sales to Date (M Baht) 65 Location Rama 5 Road, Nonthaburi

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New Launch In Q3 >> Artale Kaset - Nawamin

Artale Kaset - Nawamin Project value (M Baht) 1,658

No. of unit

59 Soft Launched date August 2017 Sales to Date (M Baht) 81 Location 13 km. to Thonglor

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New Launch In Q3 >> Atoll Wongwaen - LumLukka

Atoll Wongwaen - Lumlukka Project value (M Baht) 802

No. of unit

138 Soft Launched date September 2017 Sales to Date (M Baht) 48 Location Lumlukka Near BTS Green Line

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New Launch In Q4 >> Ideo Mobi Rama 4

Ideo Mobi Rama 4 Project value (M Baht) 4,398

No. of unit

486 Soft Launched date November 2017 Expected transfer date 2020 Location 0 m. from MRT Khlong Toei

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New Launch In Q4 >> Elio Del Moss

Elio Del Moss Phaholyothin 34 Project value (M Baht) 3,363

No. of unit

1,552 Soft Launched date November 2017 Expected transfer date 2019 Location 1,200 m. from BTS Sena Nikhom

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2017 Presales Target between 32,000 and 33,000 M Baht

2017 Business Plan >>Presales

Q3/2017 presales beat our latest guidance by 52% and raise full year guidance by 5% Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 3 (Actual) Quarter 4 2017 Condo 3,836 10,322 5,576 8,739 6,857 29,754 Housing 600 728 774 906 600 2,834 Total (M Baht) 4,436 11,051 6,350 9,645 7,457

32,588

Growth

29

%

From 2016

1Q17 (A) 2Q17 (A) 3Q17 (F) 3Q17 (A) 4Q17 (F) 3,836 10,322 5,576 8,739 6,857 600 728 774 906 600 Unit : Mil Baht Condo Housing

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2017 2018 2019 2020 3,154 1,062 558 5,105 11,457 5,390 1,874 4,905 13,169 5,179 1,800 567 153 Unit: Mil Baht Ananda's Backlog - Condo Ananda's Backlog in JV - Condo Partner's Share Ananda's Backlog - Housing

20

Backlog 54.4 Bn Baht 93% of the 4Q17

transfers secured by backlog

Record Backlog

Updated: Sept 30, 2017

13,730 25,841 3,674 11,128

64% of the 2018

transfers secured by backlog

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5,000

10,000 15,000 20,000 25,000 30,000 35,000 40,000 1 year 2 years 3 years more than 3 years 20,663 16,350 7,611 9,026 18,795 10,245 3,348 2,123 Unit:M Baht Backlog Unsold Inventories

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Condo Unsold Inventories Aging Condo Unsold Inventories are Cleared by End of Construction

Updated: Sept 30, 2017

Backlog (condo) 53.7 Bn Baht Unsold Inventories (condo) 34.5 Bn Baht

2.4% of Total Development Unsold After 3 Years

+

2.4% of condo projects

under development

88.2 Bn Baht

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Fact sheet Detail

1. Debentures’ name

Debentures of Ananda Development Public Company Limited No. 5/2017

2. Type of Debentures

Unsubordinated and Unsecured Debentures without a Debenture holders’ Representative in the Name-Registered Debenture Certificate

3. Offering Method

Institutional investors or/and high net worth investors

4. Offering Amount

2,000,000 Units

5. Face Value

1,000 Baht/Unit

6. Offering Price

1,000 Baht/Unit

7. Total Amount

2,000,000,000 Baht

8. Issuing Date

6 October 2017

9. Tenor

3 Years 10. Interest Rate 3.50%

11. Credit Rating

“BBB” (stable) by Tris Rating

Bond Issuance (3 Years)

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Securitization

Summary of Accounting Treatment ✓ Preference Shares in JV SPV are treated as “Equity”. Classified after deducting securities discount under “Non- controlling interests of the subsidiary” ✓ Preference Shares in JV SPV are better than capital increase as no share dilution ✓ D/E and Net IBDE Ratio will be decreased. ✓ ROE is diluted in the short term (higher equity base). ✓ New capital will support ANAN’s strategy and earnings growth sustainability in the medium and long term.

Fact sheet Detail

1. Type of Securities

Preference Shares in JV SPV with rights at 1 vote for every 20 shares

2. Offering Method

High net worth investors

3. Offering Amount

3,000,000 preferred shares in JV SPV

4. Par Value

100 Baht/Unit

5. Total Amount

300,000,000 Baht

6. Issuing Date

2 August 2017 7. Dividend Yield 8.0% per annum, dependent on the subsidiary’s performance

8. Tenor

1 year and 6 months after August 2017

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❖ Record Backlog – 54.4 Bn Baht ❖ Net IBDE – below Target at 0.84 times ❖ Successful Launches ❖ Successful Bond Issue ❖ Record Low Cost of Bond

Ananda – The Harvest Continues!

❖ Transfers below guidance by 12% ❖ Lower annual transfers target by 8% ❖ Presales beat guidance by 52% ❖ Raise annual presales target by 5% ❖ Launches beat guidance by 170%

Summary 3Q 2017

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Item 2013 Actual 2014 Actual 2015 Actual 2016 Actual 2017 Guidance

Launches (M Baht) 34,213 14,954 34,828 20,693 41,000-43,000 Transfers1 (M Baht) 8,808 9,678 9,598 15,866 22,000-24,000 Presales (M Baht) 21,083 20,898 26,235 25,175 32,000-33,000 Gross Profit Margin 37% 38% 39% 35% 32% Total Debt / Equity, Year End 1.1 1.5 1.4 1.4 1.1 Net Interest Bearing D / E, Year End 0.3 0.7 0.7 0.8 0.8 Effective Tax Rate 21% 18% 17% 18% 20% Land Purchases (M Baht) 4,343 10,284 5,258 7,252 13,000-14,000

2017 Summary

Note : 1 including Joint Venture with Mitsui Fudosan)

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9,598

2015 TRANSFERS

9,598

65% YoY

TRANSFERS

15,866

45% YoY

TRANSFERS

23,023

76% YoY

TRANSFERS

40,524

13% YoY

TRANSFERS

45,806

24% YoY

TRANSFERS

56,589

2015-2019: 5 Times Growth

BACKLOG

13,730

BACKLOG

25,841

BACKLOG

11,128

Backlog 54.4 Bn Baht 93% of the 4Q17

transfers secured by Backlog

64% 24%

Note: The 5-year plan has assumption of no new capital and keeping net IDE ratio at 1:1

BACKLOG

3,674

6%

9,780 3,104 2,982 10,546 6,363 6,114 9,710 14,613 16,201 15,294 15,711 14,801 18,733 19,919 17,936 3,721 5,105 4,905

93% of 4Q17

1,215 11,457 13,169 558 5,390 5,179 1,874 1,800

64% of the 2018

transfers secured by Backlog

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2018 Transfer target between 35,000 and 45,000 M Baht

Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2018 Condo 1,620 1,019 1,460 2,537 6,637 Housing 546 832 802 893 3,073 Ananda F/S 2,166 1,851 2,262 3,430 9,710 Ananda Share in JV 2,967 2,909 2,300 6,437 14,613 Partner Share in JV

2,850 2,795 2,210 8,346 16,201 Total (M Baht) 7,983 7,555 6,772 18,213

40,524

11 new condo projects

to complete in 2018

2018 Business Plan >>Transfers Growth

76

%

From 2017

1Q18 (F) 2Q18 (F) 3Q18 (F) 4Q18 (F) 1,620 1,019 1,460 2,537 546 832 802 893 2,967 2,909 2,300 6,437 2,850 2,795 2,210 8,346 Unit : Mil Baht Condo Housing Ananda Share in JV Partner Share in JV

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2018 Launch Target between 46,000 and 49,000 M Baht

Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2018 Condo 11,061 9,482 9,389 9,684 39,616 Housing 1,840

4,437

2,130 8,406 Total (M Baht) 12,901 9,482 13,826 11,814

48,022

No. of Condo Project

3 (2 JVs) 2 (JVs) 5 (1 JV) 3 (2 JVs)

13 (7 JVs)

No. of Housing Project

3

4

2

9 JV 7 Sites accounting for 60% of launch value)

2018 Business Plan >>Launches

22 Projects 48 Bn Baht

Growth

15

%

From 2017

1Q18 (F) 2Q18 (F) 3Q18 (F) 4Q18 (F) 11,061 9,482 9,389 9,684 1,840 4,437 2,130 Unit : Mil Baht Condo Housing

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2018 Presales Target between 40,000 and 41,000 M Baht

2018 Business Plan >>Presales

Quarter Quarter 1 Quarter 2 Quarter 3 Quarter 4 2018 Condo 7,160 7,912 10,149 10,692 35,912 Housing 992 933 1,108 1,562 4,595

Total (M Baht) 8,151 8,845 11,257 12,254

40,507

Growth

24

%

From 2017

1Q18 (F) 2Q18 (F) 3Q18 (F) 4Q18 (F) 7,160 7,912 10,149 10,692 992 933 1,108 1,562 Unit : Mil Baht Condo Housing

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Item 2013 Actual 2014 Actual 2015 Actual 2016 Actual 2017 Guidance 2018 Guidance

Launches (M Baht) 34,213 14,954 34,828 20,693 41,000-43,000 46,000-49,000 Transfers1 (M Baht) 8,808 9,678 9,598 15,866 22,000-24,000 35,000-45,000 Presales (M Baht) 21,083 20,898 26,235 25,175 32,000-33,000 40,000-41,000 Gross Profit Margin 37% 38% 39% 35% 32% 32% Total Debt / Equity, Year End 1.1 1.5 1.4 1.4 1.1 1.1-1.2 Net Interest Bearing D / E, Year End 0.3 0.7 0.7 0.8 0.8 0.7-0.9 Effective Tax Rate 21% 18% 17% 18% 20% 20% Land Purchases (M Baht) 4,343 10,284 5,258 7,252 13,000-14,000 9,000-11,000

2018 Summary

Note : 1 including Joint Venture with Mitsui Fudosan)

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❖ Economic situation stable ❖ GDP growth projections revisions stable ❖ Increased government disbursement ❖ Land price increases slowing ❖ Construction costs constrained ❖ Consumer confidence moving up ❖ Banks remain strongly supportive – Bond ❖ Our customer group remains “cashed up” and with good credit ❖ Mass Transit Supply/Demand varies by station ❖ Mass Transit market more robust than general market

Source : University of Thai Chamber

Initial Sales Rate

Sources: AREA

59% 47% 58% 36% 64% 22% 53% 37% 0% 10% 20% 30% 40% 50% 60% 70% 0-300 m. > 1,000 m. 2013 2014 2015 2016

Company View

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Updated : 6 November 2017 Under Construction

Blue Line: Bangsue – Bangkae – Hua

Lampong (2019)

Dark Green Line: Bearing Samutprakarn

(2018)

Red Line: Bangsue - Rangsit (2020)
Dark Green Line: Mor Chit - Kukod (2020)
Orange Line: Thai Cultural Center -

Minburi (2023)

Awarded in 2016 and 2017

Pink Line: Kalai - Minburi (2020)
Yellow Line: Ladprao – Samrong (2020)
Light Red Line: Bangsue – Phayathai –

Makasan – Huamark (2019)

Red Line: Bangsue – Hualamphong (2019)

*Approved by cabinet within 2016

Gold Line: Krungthonburi – Klongsan

(2019) *Approved by cabinet in March 2017

Purple Line: Taopoon – Ratburana (2024)

*Approved by cabinet in July 2017

Blue Line: Bangkae – Bhuthamonthon Sai

4 (2023) *Will be approved by cabinet within 2017

Current Line Under Construction Awarding in 2016 & 2017

Mass Transit Network Expansion

❖ In 2017 34 kms of new lines will be approved by cabinet representing 25 new stations additional from 112kms of new lines approved in 2016 for 82 new stations ❖ Future growth opportunities for Ananda for many years to come

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5-Star Corporate Governance

Corporate Governance

❖ Upgrade to one of companies with excellent CG Scoring (5-star) from a company with very good CG scoring (4-star) ❖ Upgrade in the rights of shareholders and board responsibilities category

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IR Awards

Investor Relations

❖ Achieved excellence in Investor Relations from IR Magazine South East Asia Awards 2017 for real estate sector ❖ Outstanding achievement in SET Awards 2017 for Investor Relations ❖ Best in class in Investor Relations also recognized by South East Asia including The Stock Exchange of Thailand

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Contact:

Dr. John Millar

Chief Strategic Development Officer Ananda Development Public Company Limited john@ananda.co.th +662 056 2222 Mobile: +66 877 99 1946

Mr. Komsan Atthaphonphithak

Senior Investor Relations Manager Ananda Development Public Company Limited komsan@ananda.co.th +662 056 2222 Mobile: +66 819 16 3755

Thank You

Scan QR Code to talk to Ananda IR Chatbot

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Appendix

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Project Launched Type Value (M Baht) %Net Sold Backlog (M Baht) Unsold Inventory (M Baht) %Transfer

ADO: Atoll (Housing) Feb-13 Housing 6,229 64.3% 38 2,226 63.3% AD14: Ideo Sathorn – Tha Phra Jul-13 Condo 3,548 100.0%

100.0%

AD15: Ideo Mobi Charan-Interchange Oct-13 Condo 3,735 100.0%

100.0%

AD17: Ashton Asoke (JV) Sep-14 Condo 6,705 97.9% 6,564 142

AD17: Ideo Q Siam-Ratchathewi (JV)

Sep-14 Condo 3,822 83.2% 3,181 641 24.9% AD16: Ideo Mobi Wongsawang- Interchange Sep-14 Condo 1,775 37.9% 50 1,102 35.1% AD16: Ideo Mobi Sukhumvit Eastgate Sep-14 Condo 2,522 88.0% 112 302 83.6% AD18: Ashton Chula-Silom (JV) Mar-15 Condo 8,709 78.5% 6,835 1,874

AD17: Ashton Residence 41

Mar-15 Condo 2,119 44.8% 693 1,170 12.1% AD16: Unio Charan 3 Jun-15 Condo 2,120 85.7% 83 304 81.8% AD16: Arden 3 projects Jun-15 Housing 2,877 71.4% 93 823 68.1% AD17: Ideo Sukhumvit 115 Aug-15 Condo 2,777 73.5% 222 735 65.5% AD17: Q Chidlom (JV) Aug-15 Condo 3,030 64.9% 1,966 1,064

AD18: Ideo O2 (JV)

Aug-15 Condo 5,096 61.0% 3,108 1,987

AD17: Ideo Mobi Bangsue Grand

Interchange (JV) Nov-15 Condo 2,536 43.2% 516 1,440 22.9% AD18: Ashton Silom (JV) Nov-15 Condo 6,116 66.4% 4,061 2,055

Sub total

(2013-2015 Launched) 63,729 26,642 15,803

AD17: Ideo Tha Phra Interchange (JV) Feb-16 Condo 2,791 44.7% 1,248 1,543

AD17: Unio Sukhumvit 72

Jul-16 Condo 1,517 80.8% 1,225 292

AD17: Unio Rama2-Thakham

Jul-16 Condo 983 67.9% 667 316

Current Projects As Of September 2017

Updated: Sept 30, 2017

Note: JV = Joint Venture with Mitsui Fudosan

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Current Projects As Of September 2017 (Cont.)

Updated: Sept 30, 2017

Project Launched Type Value (M Baht) % Net Sold Backlog (M Baht) Unsold Inventory (M Baht) %Transfer

AD17: Venio Sukhumvit 10 Sep-16 Condo 862 90.3% 779 84

AD18: Ideo Mobi Asoke (JV)

Sep-16 Condo 3,288 77.8% 2,558 729

AD18: Ideo Sukhumvit 93 (JV)

Oct-16 Condo 6,224 87.3% 5,435 789

AD18: Ideo Phaholyothin-Chatuchak (JV)

Oct-16 Condo 2,553 67.8% 1,732 821

AD18: Ideo Sukhumvit 66 (JV)

Oct-16 Condo 2,423 42.3% 1,026 1,398

Sub total (2016 Launched)

20,641 14,669 5,972

AD18: Unio Ramkhamhaeng-Serithai Mar-17 Condo 939 21.4% 201 738

AD18: Unio H Tiwanon

Mar-17 Condo 941 19.4% 183 758

AD17: Artale Phattanakarn-Thonglor

Mar-17 Housing 1,643 22.5% 282 1,273 5.4% AD19: Ideo Q Victory (JV) Jun-17 Condo 3,208 98.2% 3,150 59

AD20: Ashton Asoke-Rama 9 (JV)

Jun-17 Condo 6,428 57.2% 3,674 2,754

AD19: Ideo Q Sukhumvit 36 (JV)

Jun-17 Condo 4,289 41.6% 1,784 2,505

AD19: Ideo New Rama 9 (JV)

Jun-17 Condo 2,967 57.8% 1,714 1,253

AD19: Elio Del Nest (JV)

Jun-17 Condo 5,050 18.8% 949 4,102

AD17: Unio Town Lumlukka Klong 4

Jun-17 Housing 952 14.2% 113 817 2.3% AD17: Airi Rama 5-Ratchaphruek1 Jul-17 Housing 792 8.2% 65 728

AD17: Artale Kaset-Nawamin2

Aug-17 Housing 1,658 4.9% 81 1,577

AD17: Atoll Wongwaen-Lumlukka3

Sep-17 Housing 802 6.0% 48 754

AD19: Ideo Mobi Sukhumvit 404

Sep-17 Condo 2,057 27.1% 558 1,499

AD19: Ideo Mobi Rangnam5 (JV)

Sep-17 Condo 2,377 10.9% 259 2,118

Sub total (2017 Launched)

34,105 13,060 20,935

Grand total

118,475 54,371 42,709

Note: JV = Joint Venture with Mitsui Fudosan

1 = Released 14% of total units 2 = Released 10% of total units 3 = Released 10% of total units 4 = Released 50% of total units 5 = Released 20% of total units

SLIDE 39

Company Background

SLIDE 40

40

✓ Stock Exchange of Thailand listed SET 100 Index company. ✓ Aims to be the highest condo launches in Thailand for 2017. ✓ Multiple award winner including Mipimasia, Think of Living ✓ Awarded Outstanding Achievement in Investor Relations at 2014 & 2016 and IR of the Year 2016 at SET Awards

Strong Portfolio of Brands

Categories Brands Luxury High-end Premium value Up-scale Mid-range Low-range Super value-range

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

Overview Of Ananda Development

No.1 Condo Launches Target in Thailand for 2017

Note: Anan and BLS Research

5,000

10,000 15,000 20,000 25,000 30,000 35,000 40,000 ANAN SIRI AP SPALI PS LPN LH SC QH Unit:M Baht

SLIDE 41

41

Key Company Milestones

Launched and completed Launched and under construction

Condominium Project Development Timeline

Company Milestones

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 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 Mar, 2013 Elio Sukhumvit 64 Jun, 2013 Ideo Sathorn- Tha Phra Jun, 2006 May, 2007 Jun, 2013 Ideo Wutthakat Elio Del Ray Aug, 2013 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 10,35011,32912,95914,155 15,75316,07616,85917,409 18,25318,809 19,990 20,069 22,005 23,005 23,357 24,921 25,345 26,00626,85027,57628,56028,72229,22929,52729,91831,25032,328 32,67633,27133,72034,714 36,173 36,445 36,811 Ideo Mobi Charan- Interchange Ideo Q Chula- Samyan(1) Ideo Q Ratchatewi Oct, 2013 Oct, 2014 Ideo Mobi Wongsawang Interchange Ideo Mobi Sukhumvit Eastgate Ideo Q Siam- Rachathewi(1) Ashton Asoke(1) Source: Ananda Development PCL. Note: 1. Projects under JV company with Mitsui Fudosan 2. Refers to Ananda Development One. 3. Refers to Ananda Development Two. Mar, 2015 Ashton Chula Silom(1) Ashton Residence 41

ANAN’s project developments by launch date Cumulative number of units launched by ANAN

Jul, 1999 ANAN was established Engages in the real estate business of developing landed housing projects Jun, 2006 Started ADO(2), JV company with Pramerica Develop landed housing projects around Suvarnabhumi Airport May, 2007 Started AD2(3), JV company with Pramerica Develop condominiums close to mass transit stations Nov, 2010 Acquired the remaining stake in AD2 from Pramerica Dec, 2012 IPO Raised THB5.6 bn Dec, 2012 Acquired the remaining stake in ADO from Pramerica Jun, 2013 Started JV company with Mitsui Fudosan Develop condominiums close to mass transit stations

Jun, 2015 UNIO Charan 3 Aug, 2015 Ideo Sukhumvit 115 Q Chidlom Petchaburi(1) Ideo O2(1) Ashton Silom(1) Nov, 2015 Ideo Mobi Bamgsue Grand Interchange (1) Feb, 2016 Ideo Thaphra Interchange (1) UNIO Rama 2- Thakham Jul, 2016 UNIO Sukhumvit 72 VENIO Sukhumvit 10 Ideo Mobi Asoke (1) Sep, 2016 Oct, 2016 Ideo Mobi Sukhumvit 66 (1) Ideo Phaholyothin- Chatuchak (1) Ideo Sukhumvit 93 (1) Mar, 2017 Unio Ramkhamhaeng- Serithai Unio H Tiwanon Jun, 2017 Elio Del Nest (1) Ideo New Rama 9 (1) Ideo Q Sukhumvit 36 (1) Ashton Asoke-Rama 9 (1) Ideo Q Victory (1)

Units

~36,800

Condo Launched

M Baht

~148,400

Value

Sep, 2017 Ideo Mobi Rangnam (1) Ideo Mobi Sukhumvit 40

Units

~8,000

Condo Launched 6 Years Before IPO in Dec 12 Units

~28,800

Condo Launched 5 Years After IPO

SLIDE 42

42

9,598

2015 TRANSFERS

9,598

65% YoY

TRANSFERS

15,866

45% YoY

TRANSFERS

23,023

76% YoY

TRANSFERS

40,524

13% YoY

TRANSFERS

45,806

24% YoY

TRANSFERS

56,589

2015-2019: 5 Times Growth

BACKLOG

13,730

BACKLOG

25,841

BACKLOG

11,128

Backlog 54.4 Bn Baht 93% of the 4Q17

transfers secured by Backlog

64% 24%

Note: The 5-year plan has assumption of no new capital and keeping net IDE ratio at 1:1

BACKLOG

3,674

6%

9,780 3,104 2,982 10,546 6,363 6,114 9,710 14,613 16,201 15,294 15,711 14,801 18,733 19,919 17,936 3,721 5,105 4,905

93% of 4Q17

1,215 11,457 13,169 558 5,390 5,179 1,874 1,800

64% of the 2018

transfers secured by Backlog

SLIDE 43

43

First to market Remminbi Perpetual Security
First Thai Baht Perpetual Security by Real Estate
Introduction of Securitization in JV SPV

Financial Innovation

Smaller unit size
First 35 sqm
First 21 sqm (Innovate wide units)
Several design firsts (270 degree glass, smart furniture etc.)

✓ Better common facilities for price range ✓ Double volume space all unit - Morph38 ✓ Starbucks / True Coffee in every building - Q Phayathai ✓ Max Valu in every building ✓ First TCDCS ✓ Indoor outdoor space ✓ Smart Furniture - Mix103 ✓ Unique facade design - All Ideo

Mass Transit Location
Target Gen C
Marketing including distance
Switch marketing to social media
Target bloggers

Design Innovation Marketing Innovation

Partnership with large Japanese developer
Introduction of Keiretsu supply chain management
Introduction of TQPMS
Introduction of BIM
Introduction of Samsung Smart Things

Strategic Innovation

Ananda Innovation Company

SLIDE 44

44

Thailand’s Mass Transit Infrastructure Rollout

Current Line (2017) Under Construction Approved by Cabinet (2024)

83 stations 138 stations 240 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 Bangkok’s mass transit network is expected to expand significantly from a present 83 stations to 240 stations in 2024

Source: MRTA and Market Intelligence

SLIDE 45

45

New stations being developed providing additional development opportunities

12 years Plan (2029)

316 stations

Bangkok’s mass transit network is expected to expand significantly from 83 stations in 2017 to 316 stations in 2029

Source: MRTA and Market Intelligence

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

SLIDE 46

46

300m 300m

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

Distance from Mass Transit Station

~600m ~600m Landed Housing Landed Housing

Mass Transit Related(2)

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

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.

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

SLIDE 47

47

Condominium Developments Are Strategically Located Along The Mass Transit Network

BTS line MRT line Airport Rail Link Mo Chit Lad Prao Ratchadaphisek Sutthisan Huai Khwang Phra Ram 9 Phetchaburi Sukhumvit Phrom Phong Thong Lo Ekkamai Phra Khanong On Nut Bang Chak Punnawithi Udom Suk Bang Na Bearing Ramkhamhaeng Hua Mark Thailand Cultural Centre Phahon Y

thin

Chatuchak Park Bang Sue Kamphaeng Phet Saphan Khwai Ari Sanam Pao V ictory Monument Ratchaprarop Makkasan Phaya Thai Rajchathewi Siam Chit Lom Phloen Chit Nana National Stadium Ratchadamri Asok Khlong Toei Lumphini Silom Sam Yan Hua Lamphong W

ngwian

Yai Krung Thon Buri Saphan Taksin Surasak Chong Nonsi Sala Daeng Queen Sinkit National Convention Centre 11 12 13 15 19 16 8 9 3 4 5 17 21 18 20 10

Bangkok CBD

22 2 Pho Nimit Talat Phlu 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 Ideo Mobi Phayathai Launch Date: Feb 12

No. of units:

Distance from BTS/MRT: 316 190m 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 Ideo BluCove Sathorn Launch Date: Jul 08

No. of units:

Distance from BTS/MRT: 266 40m Elio Sukhumvit 64 Launch Date: Mar 13

No. of units:

Distance from BTS/MRT: 962 600m Source: Ananda Development PCL. Note: Number of units is as of 31 October 2016.

1. A project under a joint venture company with SEA Investment Five Pte. Ltd., a subsidiary of Mitsui Fudosan Co. Ltd. ANAN owns a 51.0% interest in the joint venture.

10 9 4 8 2 15 3 17 20 16 18 Ideo Sathorn-Tha Phra Launch Date: Jun 13

No. of units:

Distance from BTS/MRT: 1,339 320m 5 19 21 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 Ideo Verve Ratchaprarop Launch Date: Nov 08

No. of units:

Distance from BTS/MRT: 447 10m Ideo Morph 38 Launch Date: Aug 09

No. of units:

Distance from BTS/MRT: 341 300m Ideo Mobi Sukhumvit Launch Date: Feb 12

No. of units:

Distance from BTS/MRT: 935 32m Ideo Verve Sukhumvit Launch Date: Sep 08

No. of units:

Distance from BTS/MRT: 490 Next to Ideo Mix Sukhumvit 103 Launch Date: Nov 07

No. of units:

Distance from BTS/MRT: 1,172 Next to Ideo BluCove Sukhumvit Launch Date: Feb 10

No. of units:

Distance from BTS/MRT: 421 30m 22 13 11 7 1 14 23 6 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 Ideo Q Ratchatewi Launch Date: Oct 13

No. of units:

Distance from BTS/MRT: 323 300m 14 Ideo Q Chula-Samyan(1) Launch Date: Oct 13

No. of units:

Distance from BTS/MRT: 1,598 270m 7 Ideo Mobi Charan-Interchange Launch Date: Oct 13

No. of units:

Distance from BTS/MRT: 1,196 80m 6 Wutthakat MRT line (under construction) Ideo Mobi Sukhumvit Eastgate Launch Date: Sep 14

No. of units:

Distance from BTS/MRT: 844 150m Ideo Mobi Wongsawang Interchange Launch Date: Sep 14

No. of units:

Distance from BTS/MRT: 559 20m 25 Ideo Q Siam Ratchathewi Launch Date: Sep 14

No. of units:

Distance from BTS/MRT: 550 390m 26 Ashton Asoke Launch Date: Sep 14

No. of units:

Distance from BTS/MRT: 783 20m 27 25 24 26 27 24 Ashton Chula-Silom Launch Date: Mar 15

No. of units:

Distance from BTS/MRT: 1,181 180m 28 Ashton Residence 41 Launch Date: Mar 15

No. of units:

Distance from BTS/MRT: 79 580m 29 UNIO Charan 3 Launch Date: Jun 15

No. of units:

Distance from BTS/MRT: 1,932 900m 30 28 29 30 Ideo Sukhumvit 115 Launch Date: Aug 15

No. of units:

Distance from BTS/MRT: 1,000 0m 31 Q Chidlom Petchaburi Launch Date: Aug 15

No. of units:

Distance from BTS/MRT: 352 650m 32 Ideo O2 Launch Date: Aug 15

No. of units:

Distance from BTS/MRT: 1,564 300m 33 31 32 33 Ashton Silom Launch Date: Nov 15

No. of units:

Distance from BTS/MRT: 424 350m 34 Ideo Mobi Bangsue Grand Interchange Launch Date: Nov 15

No. of units:

Distance from BTS/MRT: 661 300m 35 35 34 Ideo Thaphra Interchange Launch Date: Feb 16

No. of units:

Distance from BTS/MRT: 844 100m 36 36 UNIO Sukhumvit 72 Launch Date: Jul 16

No. of units:

Distance from BTS/MRT: 984 600m 38 UNIO Rama 2- Thakham Launch Date: Jul 16

No. of units:

Distance from BTS/MRT: 724 N/A 37 37 38 Venio Sukhumvit 10 Launch Date: Sep 16

No. of units:

Distance from BTS/MRT: 162 650m 39 Ideo Mobi Sukhumvit 66 Launch Date: Oct 16

No. of units:

Distance from BTS/MRT: 298 50m 41 Ideo Mobi Asoke Launch Date: Sep 16

No. of units:

Distance from BTS/MRT: 507 290 40 Ideo Phaholyothin- Chatuchak Launch Date: Oct 16

No. of units:

Distance from BTS/MRT: 298 150m 42 Ideo Sukhumvit 93 Launch Date: Oct 16

No. of units:

Distance from BTS/MRT: 1,332 15m 43 43 42 41 40 39 Unio Ramkhamhaeng- Serithai Launch Date: Mar 17

No. of units:

Distance from BTS/MRT: 700 1.5 km 44 Unio H Tiwanon Launch Date: Mar 17

No. of units:

Distance from BTS/MRT: 378 100m 45 45 44 Ideo Q Victory Launch Date: Jun 17

No. of units:

Distance from BTS/MRT: 348 46 Ashton Asoke- Rama 9 Launch Date: Jun 17

No. of units:

Distance from BTS/MRT: 595 230 47 Ideo Q Sukhumvit 36 Launch Date: Jun 17

No. of units:

Distance from BTS/MRT: 449 450 48 Ideo New Rama 9 Launch Date: Jun 17

No. of units:

Distance from BTS/MRT: 994 380 49 Elio Del Nest Launch Date: Jun 17

No. of units:

Distance from BTS/MRT: 1,459 750 50 50 49 48 47 46 Ideo Mobi Sukhumvit 40 Launch Date: Sep 17

No. of units:

Distance from BTS/MRT: 272 660 51 Ideo Mobi Rangnam Launch Date: Sep 17

No. of units:

Distance from BTS/MRT: 366 630 52 51 52

SLIDE 48

48

▪

The new form of housing is steel and glass high rises in close proximity to mass transit stations.

▪

So now Bangkok has transformed from wooden houses lining canals, to concrete houses lining roads to steel high rises around mass transit stations.

▪

The Third Great Transformation can be expected to happen faster than the first two.

Third Great Transformation

▪

In 1860 Bangkok built its first paved road, Charoen Krung Road.

▪

The dominant form of housing changed to reflect the new transportation infrastructure and switched from wooden houses on the banks of canals to become concrete houses on the edges of roads.

▪

Townhouses in the city and detached houses in the suburbs, all connected to roads.

▪

When Ayutthaya fell the Capital was moved to Bangkok in 1768.

▪

The government began building more extensive irrigation canals, which also served, along with the Chao Phraya River as the main transportation infrastructure

▪

The main form of housing was wooden houses on the banks of the canals

Second Great Transformation First Great Transformation

2 1 3

Third Great Transformation

SLIDE 49

49

3.9 4.2 4.3 4.5 4.6 4.7 2.5 2.4 2.4 2.3 2.3 2.2 1 2 3 4 2.0 3.0 4.0 5.0 2007 2008 2009 2010 2011 2012 Number of Houses and Condominiums Family Size 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

Source: UN Habitat – State of the World’s Cities 2016. Source: Department of Provincial Administration, Thailand.

6.3 6.6 7.0 8.3 11.5 5.0 6.0 7.0 8.0 9.0 2000 2005 2010 2016E 2030E Bangkok Population Million

Rapidly Increasing Ridership on the Mass Transit System Demonstrates Demand for Ease-of-Access to Stations Daily Weekday Mass Transit Passenger Volume Mass Transit Market More Robust Than General Market Initial Sales Rate

Growing Bangkok Condominium Market

Sources: AREA 59% 47% 58% 36% 64% 22% 53% 37% 0% 10% 20% 30% 40% 50% 60% 70% 0-300 m. > 1,000 m. 2013 2014 2015 2016

36,982 37,264 42,472 42,775 46,751 52,900 68,000 151,833 177,917 179,250 188,500 194,083 202,250 210,250 219,667 251,500 272,009 291,092 299,811 315,750 162,178 227,044 290,147 319,902 361,208 397,460 437,972 413,400 429,847 440,999 446,507 515,898 592,894 640,414 675,343 710,502 732,829

513,041 575,377 617,222 601,900 623,930 643,249 693,739 772,829 886,866 955,198 1,013,186 1,063,213 1,116,579

200000 400000 600000 800000 1000000 1200000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 ARL Passenger Volume MRT Passenger Volume BTS Passenger Volume Total Mass Transit System Passenger Volume Passenger Volume

SLIDE 50

50

Source: Ananda Development PCL.

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 Existing Landed Housing Construction Transfer

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

Down payment Equity Bank Loans Balance

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 Down Payment

5% initial payment is paid

upon purchase as a down payment

Outstanding balance is paid

upon transfer

Project Milestones

At 55% - 60% sale, project

debt breakeven

At ~75% sale, equity

breakeven

Cash conversion cycle: 6 – 9 months Book Revenue Construction and Sale

Cash Outflow Cash Inflow

Key Milestone Develop- ment Phase Funding Sources

Quick Cash Conversion Cycle

SLIDE 51

51

▪

Each new and existing station provides potential development opportunities

▪

Majority of land is owned by private individuals (mom- and-pop) 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 years old) such as shophouses

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 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

Finance Team

Conduct financial feasibility analysis on potential

sites

Procure financing with financial institutions

Legal Team

Understand and evaluate land regulations and city

planning / zoning

Mitigate legal risk prior to land acquisition
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

Source: Ananda Development PCL.

Supported By A Unique Land Acquisition Model

SLIDE 52

52

❖ Over 400 potential acquisitions under due diligence ❖ Regulations and massing studies done to build basic financial model for each ❖ Proprietary database of every condo sold in the previous 5 years within 4 kms of each station ❖ Most experienced team in the market at solving inheritance and legal issues.

Proprietary Database Of Potential Land Plot Acquisitions

SLIDE 53

53

2013 2014 2015 2016

5

Project

5 2 1

Year

7

2017

Joint Venture Continuing Joint Venture Since 2013

Q3/17: JV

20

Projects

87,600 M Baht

Value

SLIDE 54

54

Contact:

Dr. John Millar

Chief Strategic Development Officer Ananda Development Public Company Limited john@ananda.co.th +662 056 2222 Mobile: +66 877 99 1946

Mr. Komsan Atthaphonphithak

Senior Investor Relations Manager Ananda Development Public Company Limited komsan@ananda.co.th +662 056 2222 Mobile: +66 819 16 3755

Thank You

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