Q1, 2017 REIT Manager Sponsor 0 0 Disclaimers Click to edit - - PowerPoint PPT Presentation

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Q1, 2017 REIT Manager Sponsor 0 0 Disclaimers Click to edit - - PowerPoint PPT Presentation

Click to edit Master title style WHA Premium Growth Real Estate Investment Trust (WHART) Quarterly Report Q1, 2017 REIT Manager Sponsor 0 0 Disclaimers Click to edit Master title style This presentation has been prepared by WHA Real Estate


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WHA Premium Growth Real Estate Investment Trust (WHART) Q1, 2017 Quarterly Report

Sponsor REIT Manager

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This presentation has been prepared by WHA Real Estate Management Company Limited (‘WHAREM’) exclusively for the benefit and internal use of prospective clients in order to indicate, on a preliminary basis, the feasibility of possible transactions. Terms contained in this presentation are intended for discussion purposes only and are subject to a definitive agreement. All information contained in this presentation belongs to WHAREM and may not be copied, distributed or otherwise disseminated in whole or in part without the written consent of WHAREM. This presentation has been prepared on the basis of information that is believed to be correct at the time the presentation was prepared, but that may not have been independently verified. WHAREM makes no expression or implied warranty as to the accuracy or completeness of any such information. WHAREM is not acting as an advisor or agent to any person to whom this presentation is directed. Such persons must make their own independent assessment of the content of this presentation, should not treat such content as advice relating to legal, accounting, taxation or investment matters and should consult their own advisers. Neither WHAREM nor any of its directors, employees or representatives are to have any liability (including liability to any person by reason of negligence or negligent misstatement) from any statement, opinion, information or matter (express or implied) arising out of, contained in or derived from or any omission from the presentation, except liability under statute that cannot be excluded. Please study relevant information carefully before making any investment decision. Investors are encouraged to make an investment

  • nly when such decisions correspond with their own objectives and only after they have acknowledged all risks and have been informed

that the returns may be more or less than the initial sum.

Disclaimers

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Unitholders (972,142,000 units)

WHART Others WHA Group (Approximately 15%)

Investment in the REIT Benefit Distribution & Redemption Trustee Fee Monitor the REIT Rents

REIT Manager Property Manager Trustee Lenders

99.99%

REIT Manager Fee Property management fee Debt repayment and interest expense THB 3,970 mm (IPO : THB 1,370 mm 1st Capital Increase : THB 1,350 mm 2nd Capital Increase : THB 1,250 mm ) Manager the REIT Manage operation of all assets Invest in freehold and leasehold assets

WHART’s Structure

Bangna-Trad KM 18 Bangna-Trad KM 23 Ladkrabang Ph 1 & 2 Chonlaharnpichit KM4 Wangnoi 61 Saraburi

* As of Q1, 2017

Chonlaharnpichit KM 5 Ladkrabang

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Sponsor 15% Institution 54% Retail 29% University 2% Sponsor Institution Retail University

WHART Participated by Top-Tier Institutions in Thailand

*Information as of 31 March 2017

* 5% of total unitholders are foreign investors which are categorized in the institution and retail sector

Shareholders

  • No. of Share

Percentage

  • 1. WHA Corporation

145,821,322 15.00%

  • 2. Social Security Office

131,881,380 13.57%

  • 3. Krung Thai-Axa Life Insurance

65,773,386 6.77%

  • 4. Bangkok Life Assurance

50,036,200 5.15%

  • 5. Southeast Life Insurance

42,302,003 4.35%

  • 6. Government Savings Bank

40,000,000 4.11%

  • 7. Muang Thai Life Insurance

28,471,552 2.93%

  • 8. HSBC (Singapore) Nominee PTE LTD

20,730,409 2.13%

  • 9. Southeast Life Insurance (Bond)

16,180,363 1.66%

  • 10. Thanachart Property and Infrastructure

Flexible Fund 14,853,350 1.53%

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Click to edit Master title style WHART Positioning as the Largest Logistics REIT in Thailand

End of March 2017 Number of Properties 8 Properties Asset size THB 13,846.60 million Built-to-suit : General Warehouse 52:48 Occupancy Rate before undertake (Q1, 2017) 88.8% Occupancy Rate after undertake (Q1, 2017) 93.5% Total Interest-bearing debt (Q1, 2017) THB 3,968.65 million Loan-to-Value 28.66% NAV per unit THB 9.8484

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Click to edit Master title style The Assets are located in Prime Strategic Locations

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WHA Distribution Center Project Ladkrabang Phase 1&2 WHA Mega Logistics Center Project (Bangna-Trad Km. 18) WHA Mega Logistics Center Project (Bangna-Trad Km.23) WHA Mega Logistics Center Chonlaharnpichit KM 4 WHA Mega Logistics Center Wangnoi KM 61 Location Ladkrabang, Bangkok Bangna-Trad Km.18 Samuitprakarn Bangna-Trad Km.23 Samuitprakarn Chonlaharnpichit Road, Samutprakarn Wangnoi, Ayudhaya Right Freehold Leasehold (ended 3 August 2041; 24 years 5 mths. Remaining*) Freehold Freehold Leasehold (ended 30 April 2042; 25 years 2 mths. Remaining*) Type Built-to-Suit Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Warehouse Leasable Area 35,093 sq.m. 72,179 sq.m. 59,835 sq.m. 80,746 sq.m. 61,182 sq.m Roof Leasable Area

  • 23,976 sq.m.

50,641 sq.m. 68,384 sq.m. 26,472 sq.m. Key tenants LF Logistics, MC Group DKSH, Hitachi, Kerry, Yusen Nissan Motor, XPO Logistics, Starbucks Coffee Thai Post, Central Group, Bata ThaiBev, LF Logistic, DHL

WHART invests in 8 assets, consists of ;

Overview of Existing Assets

2 3 1 5 4

* As of Q1, 2017

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WHA Mega Logistics Center Saraburi WHA Mega Logistics Center Ladkrabang WHA Mega Logistics Center Chonlaharnpichit KM 5 Total 8 Assets Location Hemaraj Saraburi Industrial Land, Saraburi Ladkrabang, Bangkok Chonlaharnpichit Road, Samutprakarn

  • Right

Freehold Freehold Leasehold (ended 31 March 2043; 26 years 1 mths. Remaining*) Freehold:Leasehold 68:32 Type Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Warehouse Leasable Area 32,986 sq.m. 95,110 sq.m. 62,105 sq.m.* 499,236 sq.m. Roof Leasable Area

  • 59,986 sq.m.

50,144 sq.m. 279,603 sq.m. Key tenants Hitachi Honda, Osotspa, Neo Corporation Sino-Pacific, LF Logitics

WHART invests in 8 assets, consists of ;

Overview of Existing Assets

8 7 6

* As of Q1, 2017

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Click to edit Master title style Overview of Leasable Area

8 Assets Warehouse : 499,236.25 sq.m. Roof : 279,603.49 sq.m. 1)WHA Distribution Center Project Ladkrabang Ph. 1 & 2 2)WHA Mega Logistics Center Project Bangna-Trad Km. 18 3)WHA Mega Logistics Center Project Bangna-Trad Km. 23 4)WHA Mega Logistics Center Chonlaharnpichit KM 4 5)WHA Mega Logistics Center Wangnoi KM 61 6)WHA Mega Logistics Center Saraburi 7)WHA Mega Logistics Center Chonlaharnpichit KM 5 8)WHA Mega Logistics Center Ladkrabang

Unit : Square meter

WHART have 499,236.25 sq.m. of warehouse leasable area, and 279,603.49 sq.m. of roof leasable area 499,236.25 279,603.49

After 2nd Capital Increase

Warehouse Roof

* As of 31 March 2017

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Click to edit Master title style Well Known Tenants Profile

Well-diversified nationality Well-diversified business

  • peration

* Excluded Thailand and Japan

Top 10 Tenants by Area

Lease Area by Type of Building

* As of Q1, 2017

43% 28% 11% 7% 11% Thailand Japan Asia* EU USA 40% 40% 20%

Third-Party Logistics Provider Fast Moving Consumer Goods Manufacturer

52% 48% Built-to-Suit Ready-Built No. Tenants Area (sqm.) (%) 1 Nissan Motor (Thailand) Company Limited 44,813.00 8.98% 2 LF Logistics (Thailand) Limited 40,009.97 8.01% 3 Sino-Pacific Trading (Thailand) Co., Ltd. 39,188.25 7.85% 4 Thai Beverage Logistics Co., Ltd. 33,450.00 6.70% 5 DKSH (Thailand) Limited 25,853.35 5.18% 6 Osotspa Co., Ltd. 21,820.00 4.37% 7 Central Department Store Limited 21,580.00 4.32% 8 XPO Logistics Worldwide (Thailand) Limited 21,537.69 4.31% 9 Yusen Logistics (Thailand) Co., Ltd. 20,821.38 4.17% 10 Neo Corporate Co., Ltd. 20,025.00 4.01% 11 Other Tenants 210,137.61 42.09%

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1 IPO: Acquired assets on 8 December 2014 2 1st capital raising: Acquired assets on 29 December 2015 3 2nd capital raising: Acquired assets on 7 December 2016 4 Excluding Net unrealized loss from investment valuation

2 1

Million Baht

3

14.38 80.71 82.84 83.26 85.66 169.02 171.91 171.69 197.13 246.37 4.70 12.54 13.27 12.98 14.72 25.00 26.95 25.82 35.99 38.41 6.70 52.40 54.13 54.90 55.21 113.79 115.79 116.88 128.73 167.35 50 100 150 200 250 300 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Financial Summary

Total Revenue Total Expense Profit before Net Gain (Loss) from Investment 4

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1 IPO: Acquired assets on 8 December 2014 2 1st capital raising: Acquired assets on 29 December 2015 3 2nd capital raising: Acquired assets on 7 December 2016

Million Baht

2 1 3

4,613.30 4,664.78 4,556.92 4,613.30 9,595.35 9,430.68 9,426.83 9,421.34 13,922.55 13,846.60

  • 2,000

4,000 6,000 8,000 10,000 12,000 14,000 16,000 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Total Assets

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Click to edit Master title style Mainly medium-to-long term lease contracts

Remaining lease period of WHART’s assets

As of 31 March 2017

6% 55% 17% 22% 0% 10% 20% 30% 40% 50% 60% Less than 1 year 1-3 years 3-5 years More than 5 years

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0.1812 0.0670 0.0565 0.0292 0.1733 0.1696 0.1671 0.1205 0.1860 0.1807 0.0052 0.1610 0.0217 0.0249 0.0124 0.0740

0.00 0.05 0.10 0.15 0.20 0.25 0.30

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017

Dividend Decreasing paid-up capital

Dividend Payment

* Performance from July – October 2015 ** Performance from November – December 2015, in consequence of 1st capital increase with an additional amount of 350.88 million shares on 29 December 2015 (IPO: 310.79 million shares), the additional revenue included since 29 December 2015 (Transferring asset date) ***Interim dividend from 1 October – 15 November 2016, in consequence of 2nd capital increase with an additional amount of 310.472 million shares on 8 December 2016 , the additional revenue from new assets will be included from 7 December 2016 (Transferring asset date). 2nd dividend payment for Q4 2016 will be announced around late February 2017.

Distribution Per Unit

0.2477 0.0617 0.1902 0.1950 0.1860 0.1812 0.1945 0.1795 ** * *** 0.1945

Distribution payment Payment Date

1/2015 29 May 2015 2/2015 25 Aug 2015 3/2015* 18 Dec 2015 4/2015** 15 Mar 2016 1/2016 27 May 2016 2/2016 25 Aug 2016 3/2016 25 Nov 2016 4/2016*** 20 Dec 2016 4/2016 22 Mar 2017 1/2017 20 May 2017

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Click to edit Master title style Occupancy Rate

Occupancy Rate Before and After WHA Undertaking

97.4% 97.4% 97.4% 97.4% 91.8% 92.5% 92.6% 95.3% 88.8% 100.0% 100.0% 100.0% 98.7% 98.7% 99.3% 100.0% 100.0% 93.5% 70% 75% 80% 85% 90% 95% 100% Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Occupancy Rate Before WHA Undertaking Occupancy Rate After WHA Undertaking