WHA Corporation PCL Opportunity Day Q32016 Result Your Ultimate - - PowerPoint PPT Presentation

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WHA Corporation PCL Opportunity Day Q32016 Result Your Ultimate - - PowerPoint PPT Presentation

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WHA Corporation PCL Opportunity Day Q32016 Result Your Ultimate Solution Partner 1 WHA Group Disclaimers The information contained in this presentation is for information purposes only and does not constitute an offer or invitation

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SLIDE 1

WHA Corporation PCL Opportunity Day

Q3’2016 Result

1

“Your Ultimate Solution Partner”

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SLIDE 2

Disclaimers

WHA Group

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation

  • f an offer or invitation to purchase or subscribe for share in WHA Corporation Public Company Limited (“WHA” and shares in WHA, “shares”) in

any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. In addition, 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 and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based

  • n the current view of the management of the Company on future events. No assurance can be given that future events will occur, that projections

will be achieved, or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions.

2

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SLIDE 3

Agenda I. WHA Group Overview IV. Recent Developments & Key Events VI. Appendix – Financial Statements V. Q3’ 2016 Financial Performance II. Group Business Platform and Strategy III. Updated Business Performance iv) Digital Business i) Logistics & Industrial Properties Business iii) Utilities & Power Business ii) Industrial Estate Business

3

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SLIDE 4

About WHA Group

WHA Group Overview

  • Largest fully-integrated industrial and logistic facility developer

in Thailand with full range of complement business supported by world-class customers

  • Thailand’s No.1 Industrial Developer with the largest market share

since 2008.

  • Pioneer of the Built-to-Suit concept with the world-class standard

and Industrial Clusters concept to the Thai market.

  • Exclusive Provider of Utilities in all Operating Estates and an

active power investor to capture the growth in power business.

  • Our core competency lies in best-in-class quality, prime logistic

location, and the integrated one-stop service solution.

  • WHA is a SET-50 listed company with a market capitalization of THB

45.8 billion/1.

Remarks:/1 Information as of November 11, 2016

WHA GROUP AT A GLANCE 4

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SLIDE 5

New Branding

5

WHA Group

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SLIDE 6

Our 4 Integrated Business Hubs

6

WHA Group Overview

“#1 Logistics Developer

  • ffering Varieties of Premium

Facilities uniquely serving our Clients Needs”

Logistics

“#1 Industrial Utilities Provider and Active Strategic Power Investor “

Utilities and Power

“Group Spearhead for the Upcoming New Digital Economy”

Digital

“#1 Industrial Estate Developer delivering World-Class Solutions to Industrial Customers”

Industrial Development

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SLIDE 7
  • Existing 8 operating and 4

developing and new expansion IEs in strategic cluster to serve key sectors in Thailand - total of 45,269 rais (18,108 acres; 7,329 Ha)

  • Net sellable area approx. 10,000

rais (3,950 acres; 1,600 Ha) consisting of 3,300 rais of

  • perating IE and 6,700 rais

developing IE

  • Potential geographical expansion

in cross-border provinces and

  • verseas investment
  • Warehouse in IEs and logistics park

Group Structure

WHA Group Overview

  • Built-to-Suit (BTSW): World-class

standard warehouses and factories

  • Built-to-Suit (BTSF): Premium quality

factories for tenants with specific requirements

  • Warehouse Farm: Combination of

Built-to-Suit and Ready-Built Projects at the same site

  • Built-to-Own (BTO):Warehouse or

factory customized to client’s special needs then transfer the asset to the client

  • Built-to-Suit Office: Offices that are

customized to customers’ specific requirements i.e. Multi-purpose

  • ffices
  • Ready-Built factory and warehouse in

IEs and logistics park

  • Exclusive utilities provider in the

industrial estates with high margin products and steady growth

  • Total demand of raw water,

potable/clarified water and waste water treatment over 90 mm cubic meter/year

  • Active power investor with strategic

partnership with reputable partners i.e. Glow Energy, Gulf Energy, B- Grimm

  • 319 Operational Equity MW in 2015.

543 Operational Equity MW by 2019 from recent joint venture arrangements

  • To become one-stop service for Data

Center developer and provider by way of business collaboration with reputable partners

  • To provide comprehensive service

by installation of fiber optic in industrial estates and part of Local Loop business

  • Be part of the Government Initiative

to promote digital economy

Industrial Estate Hub Utilities & Power Hub Logistics Hub Digital Platform

7

More than 2 million sq.m. leasable area under owned and managed asset Existing 8

  • perating

with 4 developing IEs with net sellable area approx. 10,000 rais (3,950 acres; 1,600 Ha) Water: Over 90mm cubic m/year Power: 543 Equity MW with 319 Operational equity MW Upcoming Tier-3 Data Centers in 3 locations

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SLIDE 8

Group Location Map

WHA Group Overview

8

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SLIDE 9

Group Structure – Operating Companies

WHA Group Overview

WHA KPN Alliance Central WHA Alliance WHAPF

NAV per unit –THB 10.07/1 Paid-Up Capital–THB 9,390.6 mm

WHART

NAV per unit –THB 9.811 Paid-Up Capital–THB 6,233.3 mm/2

WHABT

NAV per unit –THB 9.98/1 Paid-Up Capital–THB 1,982.1 mm/2

15.00% 15.00% 15.00%

Remarks: /1 NAV per unit as of November 11, 2016 /2 Including the 3rd capital reduction in 2016

9

WHA Daiwa Logistics Property WHA Infonite Holding

Registered – THB 1 mm Paid-up – THB 1 mm

Hemaraj Land and Development PCL.

Registered – THB 6,000mm paid-up Cap – THB 3,882mm

98.54% 89.99%

Core Business

WHA Corporation PCL

Registered – THB 1,567.8 mm paid-up Cap – THB 1,432.2 mm

WHAUP

Registered – THB 3,825 mm paid-up Cap – THB 3,200 mm

99.99%

Property Funds and REITs

HPF

NAV per unit –THB 10.191 Paid-Up Capital–THB 4,700.0 mm

23.00% HREIT (upcoming)

NAV per unit –N/A Paid-Up Capital–THB 5,693.6 mm

15.00%

JV Collaborations - Logistics

Gheco-One Glow IPP Houy Ho Power GJP NLL Gulf Solar WHA Gunkul Bowin Clean Energy

JV Collaborations – Utilities & Power 65.00% 50.00% 51.00% 35.00% 5.00% 12.75% 25.01% 25.01% 75.00% 25.01%

Chonburi Clean Energy

33.33%

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SLIDE 10

Group Asset Management Platform

WHA Group Overview

Asset Type

Built-to-Suit warehouse/ factory Built-to-Suit warehouse/ factory Ready-Built factory/ warehouse Office building Ready-Built factory/ warehouse

Paid-up Capital

THB 6,233.3 mm /3 +(THB 3,104.7 mm) /7 THB 9,390.6mm THB 4,700.0mm THB 1,982.1 mm /3 THB 5,693.6 mm

Total Fund Raised

THB 9,501.7 mm +(THB 4,459.7 mm) THB 9,932.8mm THB 4,700.0mm THB 2,525mm THB 8,018.6 mm

NAV per unit/2

THB 9.81 THB 10.07 THB 10.19 THB 9.98

  • Market Price per

unit/4

THB 10.10 THB 11.20 THB 8.40 THB 9.90

  • Established Year

2014 2010 2013 2015 [2016]

Ownership

WHA holds 15% WHA holds 15% Hemaraj holds 23% WHA holds 15% Hemaraj will hold 15%

Property Manager

WHA Corporation PCL. WHA Corporation PCL. Hemaraj Land And Development PCL. CBRE/ WHA Corporation PCL. Hemaraj Land And Development PCL.

REIT Manager

WHA Real Estate Management Co., Ltd. /5

  • WHA Real Estate

Management Co., Ltd. /5 Hemaraj REIT Management Co., Ltd. /6

WHART

/1 Information as of November 11, 2016 /2 NAV per unit as of November 11, 2016 /3 Including the 3rd capital reduction in 2016

WHA has currently established 2 property funds and 2 REITs with the total fund raised c. THB 26,659.5 mm/1. H-REIT is in the process, expected to complete by November 2016

H-REIT/1 HPF WHABT WHAPF EXISTING REIT & PROPERTY FUND UPCOMING REIT

/4 Information as of November 11, 2016 /5 WHA holds 99.99% in WHA Real Estate Management Co., Ltd. /6 Hemaraj Land And Development PCL. holds 99.99% in Hemaraj REIT Management Co., Ltd. /7 Expected figures from the second capital injection of WHART

10

Remarks:

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SLIDE 11

Shareholding Information

WHA Group Overview

Shareholding Information Major Shareholder/2

Shareholder

  • No. of Share/3

%

1) WHA Holding Co., Ltd. 2,979,083,491 20.8 2) Ms. Jareeporn Jarukornsakul 1,624,989,569 11.4 3) Mr. Somyos Anantaprayoon 1,090,894,523 7.6 4) UBS AG HONG KONG BRANCH 422,536,360 3.0 5) CREDIT SUISSE AG, SINGAPORE BRANCH 650,337,000 4.5 6) STATE STREET BANK EUROPE LIMITED 1,384,123,015 9.7 5) Mr. Sompong Chonkadeedumrongkul 475,000,000 3.0 8) Thai NVDR Co., Ltd. 349,638,515 2.4 9) SCB Securities 299,305,200 2.1 10) Ms. Jaruwan Jarukornsakul 298,898,100 2.1

  • Major shareholder 47.3 %
  • Other pre-IPO shareholder /1

6.2%

  • Post-IPO Investors 46.5%

Share Overview

Remarks:

/1 Relatives and management directors are included in other pre-IPO shareholder

portion .

/2 Shareholder information as of October 11, 2016 /3 The Number of share adjusted impact of par split with new par value of THB 0.1 /4 Major shareholder holds 47.24% of the total outstanding shares while parts of

major shareholders shares are hold via UBS AG Hong Kong Branch and Credit Suisse AG Singapore Branch.

/5 Market capitalization are calculated based on market price on October 25, 2016 /6 The price is adjusted according to par split from THB 1 to THB 0.1 per share

Ticker Reuter WHA.BK Ticker Bloomberg WHA TB Par Value THB 0.1 Market Capitalization/5 THB 46,691.12 mm Market Capitalization USD 1,332 mm Average 1-Year Daily Turnover THB 221.10 mm Share Issued (share) 14,322,430,077 12-Month High/Low Price /6 THB 3.70/2.56 Foreign Limit 49% Dividend Policy ≥40% of Net profit

Major Shareholder /4

Paid-up Capital (THB 1,432.2 mm) 11

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SLIDE 12

Agenda I. WHA Group Overview IV. Recent Developments & Key Events V. Q3’ 2016 Financial Performance II. Group Business Platform and Strategy III. Updated Business Performance iv) Digital Business i) Logistics & Industrial Properties Business iii) Utilities & Power Business ii) Industrial Estate Business

12

VI. Appendix – Financial Statements

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SLIDE 13

Group Business Platform

Group Business Platform and Strategy

1 2 3 4

13

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SLIDE 14

Group Business Platform and Strategy

Fully Integrated Industrial & Logistics Facilities Developer ready for inbound and Outbound Investment Opportunities

Upward Integration Complementary Business Industrial Estate Built-to-suit

  • Utilities (Water)
  • Power

Horizontal Integration

  • Warehouses
  • Factories

Ready- built

Factories

Ready- built

warehouses

  • Move up value chain by immediately having land bank located in

strategic locations (Central and Eastern region, all of which are non-flood area)

  • Apart from 538 equity MW under IPP and SPP in our portfolio

which will grow in line with the growth of IEs, we also focus on the high-value product from utilities and power business particularly renewable energy e.g. waste-to-energy and solar rooftop to generate stable income while serving the customers on the industrial estates

  • Increase its product variety of Ready-Built warehouse and factory

to cover full logistic value chain and expand its customer base

WHA Together with Hemaraj Becomes Fully-Integrated Industrial & Logistic Developer

  • WHA together with Hemaraj would be renowned for its excellence

in providing total solutions for industrial and trade inbound investments

  • Increase our readiness to spearhead neighboring countries

expansion i.e. Cambodia and Vietnam by leveraging on current Hemaraj’s effort to create IE platform in those countries

  • Upon the opening of AEC in late 2015 and future infrastructure

development among ASEAN countries, Thailand would be investment hub of increasing importance and thus we would be more than ready to tap these new opportunities

WHA is Well-Equipped for Both Inbound and Outbound Investment Opportunities

Enhance WHA’s built-to-suit warehouse and factory business by increase product variety and move up value chain

14

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SLIDE 15

Realignment of Recurring Income from Industrial, Logistics, Utilities & Power and Digital Hubs

  • To become one-stop service for

Data Center developer together with managed services and provider by way

  • f

business collaboration with reputable partners

  • To

Capitalized

  • n

the fully integrated business model with the group to lay the fiber optic network on local loop business in Industrial Estates

  • Existing

8

  • perating

and 4 developing and new expansion IEs in strategic cluster to serve key sectors in Thailand - total of 45,269 rais (18,108 acres)

  • Net sellable area approx. approx.

10,000 rais (3,950 acres; 1,600 Ha) consisting of 3,300 rais of

  • perating

IE and 6,700 rais developing IE

  • Potential geographical expansion

in cross-border provinces and

  • verseas investment

“Thailand No.1 Industrial Estate Developer with Largest Market Share since 2008” “Proactive in Providing Comprehensive Data Solutions and Platform to Leading MNCs and Thai Companies”

  • Exclusive utilities provider in the

industrial estates with higher margin products and steady growth

  • Active

power investor with strategic partnership with reputable partners i.e. Suez Energy, Gulf- Mitsui, J-Power, and B-Grimm

  • Focus more on renewable energy

e.g. waste-to-energy and solar rooftop with secured feedstock

  • Built-to-Suit distribution center and

warehouse in prime location to help customers optimize long-term logistic cost

  • Built-to-Suit factory with cross referral
  • f customer base for Hemaraj in high

value sectors e.g. automotive

  • More

Built-to-Suit sophisticated products i.e. cold storage, multi-temp DC and E-Commerce DC

  • Ready-Built factory and warehouse in

IEs and logistic park

  • New

geographical expansion e.g. Indonesia and Vietnam “Thailand No.1 Built-to-suit Logistics Facilities Developer Who Pioneered This New Concept to Thai Market since 2006” “Sole Supplier of Water and other Utilities Infrastructures for security to

  • ur

customers in Industrial Estates & Strong Partnership with leading power operators”

Fully Integrated Business Model

15

Group Business Platform and Strategy

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SLIDE 16

Asset-Light Model by Recycling Capital to Enhance Shareholder Value

Highly Stable CF from Investment Utilize Recurring Income Stream Well-balanced Portfolio and Capital Structure All Invested Assets Generate Revenue

 Strong track record in

terms of occupancy rate

 To hold minimal non-

income generating assets Strong Stability of Rental Profit

 Secured LT contract

with growth in rental rate

 Attractive EBITDA

margin

 Low maintenance cost

Capital Structure Optimization

 Asset-Optimization

Model

Optimization of return on equity (ROE) to shareholder through the asset monetization program via Property Fund/ REIT to optimize long-term capital structure and achieve return-enhancing strategy

Rental Business Developing Business

 Expedited growth of investment  Earning from asset monetization  Recurring income from dividend and asset

management fee

Complementary business model of property company with strong CF stability and Property Fund/ REIT leads to accelerated growth, high efficiency, and high margin business model capturing full value chain

Capital Recycling Model Through Property Fund/REIT

16

Group Business Platform and Strategy

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SLIDE 17

New Product Initiatives by way of Partnerships with various strategic Investors

Built-to-Suit Logistics Facilities

  • Warehouse
  • Distribution Center

Built-to-Suit Factory Warehouse Farm Other Recurring Asset

  • Office

Other Potential Utilities Products Utility Business Industrial Estate Power Business Renewable Energy (VSPP)

+ +

Ready-built warehouse & factory

+

Data Center Other Multi- Model Logistic Mode

  • Right of use from

gas and steam pipeline

  • Revenue-sharing

from telecommunication cable

  • Waste-to-

energy

  • Solar Rooftop

New product initiatives Spearheading into new frontiers or entering into new business ventures, WHA will leverage

  • n the business

partnership with local partners and/or strategic investors to succeed in the new initiatives

Strategic Partnership

  • Common

Service

  • Advance

Service

  • Platform as a

service

  • Sea Port
  • Railway

17

Group Business Platform and Strategy

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SLIDE 18

Key Developments in Thailand

18

New Growth Engine: 10 Targeted Industries Eastern Economic Corridor (EEC)

  • The corridor through Chon Buri, Rayong and Chachoengsao has been designated for development as a high-tech industry cluster,

to become Asean's leading economic zone for industrial, infrastructure and urban development

  • The project is aimed to accommodate the 10 targeted industries
  • The EEC will also rely on infrastructure development, including air, land, rai and water links to cut logistic cost
  • The EEC is also set to become a water transport hub, linking the Dawei deep-sea port in Myanmar with Sihanoukville in

Cambodia and Vung Tau port in Vietnam

Source: BOI, NESDB, Fiscal Policy Office, and MOF

1 2

Group Business Platform and Strategy

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SLIDE 19

Key Developments in Thailand (Cont’d)

MOTORWAY

  • Pattaya – Maptaphut
  • Saraburi – Nakorn Rachasima
  • Bang Yai – Kanchanaburi

DOUBLE-TRACK RAIL

  • Chachoengsao – Klong Sib Kao – Kang Koi
  • Hua Mark – Chachoengsao
  • Chachoengsao – Sri Racha – Laem Chabang

HIGH-SPEED TRAIN

  • Bangkok – Rayong
  • Bangkok – Nakhon Ratchasima
  • Bangkok – Chiang Mai

AIRPORT

  • U-Tapao
  • Aerospace Cluster
  • MRO
  • OEM
  • Air Cargo & Logistics Hub

SEAPORT

  • Laem Chabang Ph.3
  • Maptaphut Ph.3

1 2 3 4 5

Development & Linkage of Multi-Model Transportation Network

in Chonburi & Rayong and Other Strategic Locations Promoted by Government Initiatives

3

Group Business Platform and Strategy

19

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SLIDE 20

Key Developments in Thailand (Cont’d)

  • Activity classified under eligible BOI categories
  • Located in the designated provinces for each relevant clusters
  • 13-year* corporate tax exemption and additional 5-year reduction of 50%
  • Import duty exemption on machinery
  • Double deduction on utility costs
  • Deduction for qualified infrastructure costs
  • Leasehold max 99 years
  • Personal income tax exemption for renowned specialists who work in the specified areas both Thai

and Foreign

  • Have cooperation with academic institutions / research institutions
  • Relaxation on foreign currency

1 2 3 4 5 6 7 8 9 10

Newly Proposed BOI Scheme

4

Group Business Platform and Strategy

20

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SLIDE 21

21

Group Strategy

Logistics Hub

  • Expand to ASEAN Countries and new area including

Indonesia, Vietnam, Myanmar, Malaysia and Cambodia

  • Capitalize on government policy focusing on high-

value industry clusters

  • Diversify and focus on high-value rental properties

Industrial Estate Hub

  • Extend our Leadership as Thailand’s No 1 Industrial

Estate in Thailand

  • Establish our premium brand in strategic regional

countries to expand our international footstep

  • Expand towards high-value integrated property

projects (“Specialized Estates”)

Utilities & Power Hub

  • Integrate solutions in utilities and power

businesses, expand to other market segments with world-class operation and services

  • Expand to strategic regional countries by leveraging
  • n our WHA Group brand , expertise and customer

base

Digital Hub

  • Be leader in Data centers with linkage in the region
  • Be leader in Managed services with Platform and

Data Centers as Cloud Service provider

Group Business Platform and Strategy

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SLIDE 22

Agenda

22

I. WHA Group Overview IV. Recent Developments & Key Events V. Q3’ 2016 Financial Performance II. Group Business Platform and Strategy III. Updated Business Performance iv) Digital Business i) Logistics & Industrial Properties Business iii) Utilities & Power Business ii) Industrial Estate Business VI. Appendix – Financial Statements

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SLIDE 23

Summary of Business Performance 2015

Updated Business Performance

Industrial Hub

  • No. 1 by Land Sale with more

than 30% consistent market share over the past decade In 2015, the group

  • f

companies sold industrial estate land total of 1,043 rais

  • r around 49% of the market

share In 2015, industrial estate land sale generated revenue

  • approx. THB 3,930 mm1

Utilities & Power Hub

Utilities Business – Driven by the demand in raw, potable water and waste water management, which grew at 8% and 10% respectively Power Business

  • The

company group currently holds stakes in 6 power projects with approx. 321

  • perating equity MW. The

company group also has signed PPA for 7 power projects with additional 220

  • perating equity MW

Total income3 generated from the Utilities & Power Hub is THB 2,540 mm4

Digital Hub

On process

  • f

studying and developing the project Expect to complete the initial project and generate revenue within 2016

Remarks: 1/ Full-year performance for industrial estate business is THB 4,679 mm 2/ THB 675 mm portion of rental income is contributed from Hemaraj, but its full year performance for industrial properties is THB 869 mm 3/ This income is the combination of revenue from utilities service and share of profit from investment in power business 4/ Full-year performance for power and utilities businesses are THB 1,232 mm and THB 1,923 mm respectively

Logistics Hub

During 2015, the group

  • f

companies secured additional new contracts of approx. 223,028 sqm. which consists of:

  • Built-to-Suit and warehouse

farm (WHA): approx. 203,028 sqm.

  • Ready-Built (Hemaraj):
  • approx. 20,000 sqm.

Revenue contribution from rental properties in 2015 worth around THB 1,409 mm2 increased from THB 551 mm in 2014 In 2015, the company group has completed 2 asset monetization

  • Asset monetization to

WHART: Total net proceeds THB 3,724 mm

  • Office buildings monetization

to WHABT: Total net proceeds THB 2,075 mm

23

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SLIDE 24

Key Business Plan 2016

Industrial Hub Utilities & Power Hub Digital Hub Logistics Hub

Balancing growth of auto and non-auto segments Automotive – gradually reap the benefit of AEC, as the CLMV home turf for auto makers. The ripple effect is magnified by supply chain of auto parts Non-Auto – Diversification

  • f

export processing industry, Consumer Product and Petrochemical Maintain No.1 Built-to-Suit logistics facilities developer Enhance recurring income from the best utilization of industrial estate to serve customer requirement Utilities

  • Gradually

change the product mix to potable water (replacing raw water)

  • To develop natural gas

distribution and local loop fiber optic Power

  • SPPs development is on

plan with new SPP targeted to COD in 2016-2019 of 7 SPPs To become one-stop service for Data Center developer To differentiate the data center with the flexible locations in prime area and Tier-3 like technology as well as the comprehensive common facilities solution to capture wide range of customers Continue to capitalize on the early stage of the modernized warehouse and distribution center Synergy with Hemaraj regarding the BTS factory customer base in high value sectors e.g. automotive Large scale of BTS factories are expected to finalized in strategic locations

Financial Perspective

  • Pre-sale 1,100 rais
  • 50-50 Auto vs Non-

Auto by number of contract

  • Pre-leased/ new

contract area 250,000 sqm

  • 5%-10% growth in

utilities revenue

  • 5%- 10% growth in

share of profit in power

  • Realization of Revenue

within 2016 To optimize the capital structure and minimize the interest cost by way of loan refinance 1 2 3

  • Year-end Gearing Ratio 1.5-

1.7x

  • CAPEX approx. THB 6000mm-

6,500mm Unlock value under Hemaraj assets at the right time

  • Monetization of RBF/RBW to H-REIT: THB

6,000mm (net proceed) during Q4 2016

  • Listing of utility & power within Q1 2017

Free to mobilize the cash flow within the group after delisting To issue the Bond and B/E to mainly refinance the high cost

  • f loan and support business

expansion

24

Updated Business Performance

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SLIDE 25

Recap – Overall Funding Structure

Total Consideration

THB 43,258 mm /1

Equity

THB 11,367 mm

Bank Loan (WHA)/2

THB 31,891 mm THB 8,000 mm

Remark: 1/ The amount already includes the up-front fees that are subjected to the loan arrangement. 2/ The amount of bank loan also covers all the up-front fees—arranger fee and commitment fee—under the bridging loan part with the total amount of THB 275 mm

THB 23,891 mm

Bridging Loan (2 Yr) LT Loan (7 Yr)

25

Updated Business Performance

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SLIDE 26

Completed

Net Proceed

(THB mm)

Entity Net Repayment Amount

(THB mm)

Due date

1. Net Proceeds for Repayment from Hemaraj Non-core Asset 3,003 Hemaraj 2,789 Jul 2015 2. Dividend from Hemaraj’s Normal Operation (2H14 – 1Q15) 1,296 Hemaraj 1,204 Jul 2015 3. Net Proceeds for Repayment from WHA Office Buildings 2,075/1 WHA 2,075 Nov 2015 4. Net Proceeds for Repayment from WHA-W2 Exercise 3,181 WHA 3,181 Dec 2015 5. Net Proceeds for Repayment from WHA’s WH #1 3,729/1 WHA 1,206 Dec 2015 6. Additional Loan for Tender Offer to Delist Hemaraj (2,419) WHA (2,419) Mar 2016 7. Internal Cash (On-Lend Transaction) 1,000 Hemaraj 1,000 Mar 2016 8. Refinance by Other Financial Instruments/2 7,560 WHA 7,560 Jun 2016 9. Long-term Loan Recapitalization/3 13,000 Hemaraj, WHAUP 13,000 Jul 2016 Total Interest Payment (Mar’15 – Feb’16) (1,350) Net Loan Repayment 28,246

Actual Payment of the Acquisition Loan

Remarks: 1/ This amount is net off the set up cost, transaction cost, and reinvestment. THB 1,206 mm is used to repay acquisition loan and THB 2,454 mm is used to repay normal

  • perating loan

2/ WHA issued 2 tranches of bonds worth THB 3.5 billion on 29 April 2016. 3/ Long-term loam recapitalization will be repaid by the IPO proceeds of Utilities & Power Spin Off of THB 5,000 mm.

The Remaining Acquisition Loan THB 3,645 mm

26

Updated Business Performance

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SLIDE 27

Expected Repayment Plan for Acquisition Loan

Remaining Acquisition Loan

THB 3,645 mm Net proceeds monetization as part of joint venture with Daiwa House Industry THB 1,500 mm

(Q4’ 2016) Remaining Acquisition Loan THB 2,145 mm

Net proceeds monetization from HREIT THB 6,800 mm

(Q4’ 2016) Remaining Acquisition Loan THB 0 mm Remaining Cash THB 4,655 mm

To repay the existing Corporate Loan to avoid negative carry. Remarks:

  • Excluding the proceeds from WHA’s assets monetization to WHART.

27

Updated Business Performance

Long-term Loan Recapitalization

THB 13,000 mm Net proceeds from Utilities & Power Spin Off THB 5,000 mm

(Within Q1’ 2017) Remaining Long-term Loan Recapitalization THB 8,000 mm

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SLIDE 28

Overall Interest-bearing debt

28

Updated Business Performance

Consolidated Interest Bearing Debt

WHA HEMRAJ WHAUP Acquisition Loan Long-term Loan Recapitalization

  • HEMRAJ = THB 2,500 mm
  • WHAUP = THB 10,499 mm

47,627 48,993 49,935

THB mm

HEMRAJ REIT Proceed from Assets Monetization from Joint Venture with Daiwa House Industry WHART Capital Increase #2

Projected Interest-Bearing Debt

41,993*

Remarks: * Utilities & Power spin-off within Q1 2017

52,143 14,145 14,900 19,152 19,723 15,006 14,947 14,139 14,139 18,277 16,777

  • 10,499

10,499 18,536 19,955 16,645 3,645

  • 10,000

20,000 30,000 40,000 50,000 60,000 2015A 1Q 2016A 2Q 2016A 3Q 2016A 4Q 2016F

slide-29
SLIDE 29

2.99x 3.42x 3.33x 2.20x 2.51x 2.53x 2.63x 1.90x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x 3.50x 4.00x 1Q 2015A 2Q 2015A 3Q 2015A 4Q 2015A 1Q 2016A 2Q 2016A 3Q 2016A 4Q 2016F

Gearing Ratio

Consolidated Gearing Ratio

Projected Gearing Ratio

WHA Office REIT Proceed from Warrant Exercise WHART Capital Increase Covenant 2.5x Long-term Loan Recapitalization

  • HEMRAJ = THB 2,500 mm
  • WHAUP = THB 10,499 mm

Remarks: * Utilities & Power spin-off within Q1 2017, afterwards the expected consolidated gearing ratio will be 1.3 times

HEMRAJ REIT Proceed from Assets Monetization from Joint Venture with Daiwa House Industry WHART Capital Increase #2

29

Updated Business Performance

*

slide-30
SLIDE 30

Agenda

30

I. WHA Group Overview IV. Recent Developments & Key Events V. Q3’ 2016 Financial Performance II. Group Business Platform and Strategy III. Updated Business Performance iv) Digital Business i) Logistics & Industrial Properties Business iii) Utilities & Power Business ii) Industrial Estate Business VI. Appendix – Financial Statements

slide-31
SLIDE 31

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q3 2016

294,261

Overview

Logistics & Industrial Properties Business

Unit: Sqm.

88,913 141,619 141,619 169,433 192,341 298,139 505,051 1,108,740 891,286

  • Built-to-Suit distribution center and warehouse in prime location to

help customers optimize long-term logistics cost

  • Built-to-Suit factory with cross referral of customers from HEMRAJ
  • esp. those in high value sectors e.g. automotive
  • Sophisticated Built-to-Suit product e.g. cold storage, multi-temp DC,

and E-Commerce DC

  • Ready-Built factory and warehouse in IEs and logistic parks
  • Geographical expansion e.g. Indonesia and Vietnam
  • WHA Group Target for 2016 is 250,000 sqm.

Total

2,107,485

1,975,792

31

Asset Under Management Group-Owned assets and preleased

slide-32
SLIDE 32

32

Logistics Location Map

Ice

U-Tapao Airport Bangkok Port Laem Chabang Port Map Ta phut Port

Bangna-Trad K.M.19 Bangna-Trad Km.18 Bangna-Trad Km.19 Lardkrabang Chonburi Bangna-Trad Km.20 Saraburi Amata City Bang pa-in Wang-Noi K.M.61 Outer East Bangkok Zone (Bangna-Trad Rd, K.M.18-23) (Chonburi) (Lardkrabang)

  • Convenient access to the City Center of Bangkok,

Suvannabhumi Airport, and Laemchabang Seaport Industrial Estate Zone (Hemaraj, Saraburi) (Amata City, Rayong)

  • Tax privileges from BOI
  • Comfortable access to Suvannabhumi Airport

and Laemchabang Seaport

2

Outer North Bangkok Zone (Bang Pa-in, Ayuthaya) (Wangnoi, Ayuthaya)

  • A logistic hub to North and Northeast region
  • f Thailand

Remark: Portfolio as of 31 March 2016

Built-to-Suit project Warehouse Farm project WHAPF/WHART Port Airport

Bangna-Trad Km.23

3 1

Prachinburi Bangna-Trad Km.18 Chonlaharnpichitl Laemchabang

4

Rama II

140 rais 99 rais 11 rais 217 rais 155 rais 137 rais 79 rais 190 rais 200 rais 49 rais 30 rais 14 rais 35 rais 55 rais 69 rais

Total = 1,363 rais Total = 211 rais Total = 176 rais Outer South Bangkok Zone (Samut Sakorn)

  • A logistic hub for cold storages

Total Land 2,144 Rais WHA Group 1,236 Rais WHAPF/WHART 908 Rais

135 rais

Up-Country (Khonkaen, Surathani, Lumpoon)

  • To serve client’s business expansion

5

Total = 254 rais Total = 140 rais

Lardkrabang

35 rais

Bangna-Trad Km.23

65 rais 48 rais

Saraburi Amata City

13 rais

Bangna-Trad Km.7

6 rais

Chonburi

120 rais

Lam Luk Ka

79 rais

Amata City

25 rais

Bang Bua Thong 19 rais

Logistics & Industrial Properties Business

slide-33
SLIDE 33

33

Logistics Properties - Performance

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q3 2016

294,261 389,982 147,086 256,434 258,330 152,532

88,913 141,619 141,619 169,433 192,341 298,139 505,051 1,108,740 891,286

63,159 207,043 101,531 18,565 266,829 233,030 255,462 762,254 557,089 220,763

1,268,411

242,619 56,756 314,596 762,254

1,376,224

Area Completed– Area that currently generates revenue Area Available for Lease – Area that is available to serve immediate demand Area Pre-Leased – Area that is leased before the construction is finished Area Sold to WHAPF/WHART/WHABT – Area that is sold to the property fund or REIT

Developed/ Developing & Occupied area for 2006- Q3’16

OR

100% 100% 100% 100% 100% 100% 100% 100% 80% 92% 85%

 During Q3 2016, WHA secured pre-lease area/ new contracts for Built-to-Suit, warehouse farm and RBF/RBW totals 29,100 sqm.  During 9M 2016, WHA secured pre-leased area/ new contracts for Built-to-Suit, warehouse farm and RBF/RBW totals 96,028 sqm.  During 2015, WHA sold assets to WHART with total leasable area of 174,913.55 sqm. And sold office buildings to WHABT with total leasable area of 30,251 sqm.  The company has land bank for logistic properties approx. 696,855 sqm.1

Unit: Sqm.

Remarks: 1) This area is calculated from the estimated ratio of 1-rai of land = 1,000-sqm leasable area; the actual constructed area is subject to change depending on actual design to suit with clients’ requirement

Logistics & Industrial Properties Business

slide-34
SLIDE 34

34

Industrial Properties - Performance

Our industrial properties performance remains of high stability despite slowdown of Thai economy and poor investment sentiment

  • At the end of 9M 2016, total RBF and RBW rented area under HRD is 209,360 sqm and 93,871 sqm respectively.
  • At the end of 9M 2016, there were 103,476 sqm under HPF.
  • During 9M 2016, we obtained the pre-leased/new contract area of RBF/RBW totals 21,943 sqm.

RBF Rented Area RBW Rented Area

Logistics & Industrial Properties Business

16,820 72,145 82,435 100,082 93,871 20,000 40,000 60,000 80,000 100,000 120,000 2012 2013 2014 2015 9M'16 Sqm HLP under HRD Commulative Rent 159,038 235,809 175,274 192,252 193,608 209,360 122,094 109,818 105,978 103,476 159,038 235,809 297,368 302,070 299,586 312,836 50,000 100,000 150,000 200,000 250,000 300,000 350,000 2011 2012 2013 2014 2015 9M'16 Sqm RBF under HRD Commulative Rent Under HPF Rent

slide-35
SLIDE 35

Well-Known Tenant Profile

35

Logistics & Industrial Properties Business

slide-36
SLIDE 36

Well-Known Tenant Profile

WHA WHAPF WHART WHA

16% 20% 26% 29% 9%

Asia Europe Japan Thai America

44% 26% 23% 7%

FMCG*&Healthcare 3PL** Manufacturing Other

37% 26% 22% 15%

FMCG*&Healthcare 3PL** Manufacturing Other

12% 26% 50% 12%

Asia Japan Thai America

36

Logistics & Industrial Properties Business

Remarks: Information as of Q3’2016

slide-37
SLIDE 37

Agenda

37

I. WHA Group Overview IV. Recent Developments & Key Events V. Q3’ 2016 Financial Performance II. Group Business Platform and Strategy III. Updated Business Performance iv) Digital Business i) Logistics & Industrial Properties Business iii) Utilities & Power Business ii) Industrial Estate Business VI. Appendix – Financial Statements

slide-38
SLIDE 38

38

Industrial Estate Business

Industrial Estate Business - Performance

  • No. 1 by Land Sale with more than 32% market share over the past decade

Year Market (rai) Hemaraj (rai) % Market

1H16 629 351 56% 2015 2,121 1,043 49% 2014 1,576 665 42% 2013 4,746 2,200 46% 2012 10,872 2,317 21% 2011 5,457 1,670 31% 2010 3,622 930 26% 2009 901 144 16% 2008 4,170 1,621 39% Total 34,094 10,941 32%

32% Market

Share with

  • ver 10,000 rai
  • f Total Land

Sales from year 2008 until now Source: CBRE Bangkok property report as of 2Q’16

2,200 665 1,043 156 302 511 653 500 1,000 1,500 2,000 2,500 2013 2014 2015 3Q'15 3Q'16 9M'15 9M'16

Our Land Sales Record and Market Share

Unit: rai

slide-39
SLIDE 39

39

Industrial Estate Business – Customer Profile

Customer Profile by Country Customer Profile by Industry

The total number of customers through 3Q’ 2016 consists of 683 customers with total 1,029 Contracts

Industrial Estate Business

Auto 34% Consumer 14% Petrochemical 9% Steel/Metal, 9% Electronics 8% Building Material 7% Logistics, 5% Others 14% Japan 38% Thailand 19% Europe 11% USA 9% Australia 5% Taiwan 3% India 2% China 3% Korea 2% Other Asia, 7%

slide-40
SLIDE 40

40

Industrial Estate Business – Customer Profile

Industrial Estate Business

11 19 23 25 9 9 1 5 5 3 8 11 4 2 3 2 1 3 7 3 5 1 1

4 6 6 1 1 4

2 5 15 13 8 7 3 3 5 8 4 4 1 2 5 2 2 2 19 49

80 60 31 22 15

10 20 30 40 50 60 70 80 90 2010 2011 2012 2013 2014 2015 9M'16

Number of New Customers by Industry

Auto Building Material Consumer Electronics Logistics Others 26 29 33 42 13 10 4 6 5 6 3 9 14 6 3 6 4 2 11 5 6 2 2 1 18 14 2 4 2 11 20 15 10 8 4 5 9 9 8 5 1 3 2 5 3 1 5 41 74 115 101 42 28 26 20 40 60 80 100 120 140 2010 2011 2012 2013 2014 2015 9M'16

Number of Contract by Industry

Auto Building Material Consumer Electronics Logistics Others Steel/Metal Chemical/Petrochem

slide-41
SLIDE 41

Consumer Petrochemical Steel/Metal 41

Well-Known Customer Profile

Industrial Estate Business

Automotive

slide-42
SLIDE 42

42

Investment in Vietnam – Why Vietnam?

Industrial Estate Business

slide-43
SLIDE 43

43

Investment in Vietnam – Why Vietnam? (Cont’d)

Industrial Estate Business

slide-44
SLIDE 44

44

Investment in Vietnam – Why Vietnam? (Cont’d)

Industrial Estate Business

Rank Country Score Trend 1 China 100.0 2 USA 99.5 3 Germany 93.9 4 Japan 80.4 5 South Korea 76.7 6 United Kingdom 75.8 7 Taiwan 72.9 8 Mexico 69.5 9 Canada 68.7 10 Singapore 68.4 11 India 67.2 12 Switzerland 63.6 13 Sweden 62.1 14 Thailand 60.4 15 Poland 59.1 16 Turkey 59.0 17 Malaysia 59.0 18 Vietnam 56.5 19 Indonesia 55.8 20 Netherlands 55.7 Rank Country Score 1 USA 100.0 2 China 93.5 3 Germany 90.8 4 Japan 78.0 5 India 77.5 6 South Korea 77.0 7 Mexico 75.9 8 United Kingdom 73.8 9 Taiwan 72.1 10 Canada 68.1 11 Singapore 67.6 12 Vietnam 65.5 13 Malaysia 62.1 14 Thailand 62.0 15 Indonesia 61.9 16 Poland 61.9 17 Turkey 60.8 18 Sweden 59.7 19 Switzerland 59.1 20 Czech Republic 57.4

In 2016…

Vietnam to

  • vertake

Thailand in the

next 5 years

in the next 5 years…

Source: Deloitte

Transcending Manufacturing Competitiveness

2

“Manufacturing Competitiveness Index reflecting potential improvements in cost competitiveness, workforce productivity and infrastructures“

slide-45
SLIDE 45

45

Investment in Vietnam – Why Vietnam? (Cont’d)

Industrial Estate Business

slide-46
SLIDE 46

46

Investment in Vietnam – Why Vietnam? (Cont’d)

Industrial Estate Business

Strategic Location

4

Japan

China

Hong Kong Taiwan

South Korea

Indonesia Brunei Malaysia Singapore

Vietnam

Cambodia Laos Myanmar North Korea Thailand

Gateway to Major Markets Well-Developed Transportation Infrastructure

Proximity to China, South Korea and Japan

Rail: 2,600 km

  • Mostly single track

Air: 22 airports

  • 10 International, 12 Domestic

Road: 195,468 km

  • Paved –148,338 km
  • Unpaved – 47,130 km

Sea: 69 seaports

  • Major Ports: Saigon Port and Hai

Phong Port

Source: CIA World Factbook, Wikipedia, World Bank, ICAO, VPA

slide-47
SLIDE 47

47

Investment in Vietnam – Why Vietnam? (Cont’d)

Industrial Estate Business

slide-48
SLIDE 48

48

Investment in Vietnam – Nghe An Project Overview

Industrial Estate Business

slide-49
SLIDE 49

49

Investment in Vietnam – Nghe An Project Overview (Cont’d)

Industrial Estate Business

  • Approx. area: 2,040 ha
  • Approx. area: 1,160 ha
slide-50
SLIDE 50

50

Investment in Vietnam – Nghe An Project Overview (Cont’d)

Industrial Estate Business

  • Approx. area: 2,040 ha
  • Approx. area: 1,160 ha
slide-51
SLIDE 51

Agenda

51

I. WHA Group Overview IV. Recent Developments & Key Events V. Q3’ 2016 Financial Performance II. Group Business Platform and Strategy III. Updated Business Performance iv) Digital Business i) Logistics & Industrial Properties Business iii) Utilities & Power Business ii) Industrial Estate Business VI. Appendix – Financial Statements

slide-52
SLIDE 52

Utilities & Power Business

Utilities Performance

A slight decrease in utility demand due to lower raw water consumption mainly as a result

  • f Glow IPP Plant shut down

Unit: Million cubic meter

52

24.8 23.4 22.0 21.2 18.7 14.9 12.4 28.4 34.6 38.5 41.4 42.8 32.4 33.8 23.8 28.4 29.5 31.3 32.4 24.8 23.8 53.3 58.0 60.5 62.6 61.6 47.3 46.2 2011 2012 2013 2014 2015 9M'15 9M'16

Raw Water Potable & Clarified Water Waste Water

slide-53
SLIDE 53

Utilities & Power Business

Power Performance

53

Project Type Fuel Location Owner ship Total MW Equity MW COD (Yr) Operating Phase Glow IPP IPP Gas Co-gen HCIE 5.00% 713 35.7 2003 Houay Ho IPP Hydro Laos 12.75% 152 19.4 1999 Gheco-One IPP Coal Map Ta Phut IE 35.00% 660 231.0 2012 GJP NLL SPP Gas Co-gen HRIL 25.01% 122.5 30.6 2013 Gulf Solar VSPP Rooftop Solar HLP1, HCIE, HESIE, ESIE 25.01% 0.6 0.1 2014 WHA Gunkul VSPP Rooftop Solar Bangna-trad, Wongnoi 75.00% 3.3 2.5 2014 Operating Phase total 19.34% 1,651.4 319.3

We continue expanding our quality portfolio of power investment, with 543 MW of equity capacity in operation by 2019

Current Portfolio Committed Portfolio

Project Type Fuel Location Owner ship Total MW Equity MW COD (Yr) Construction Phase Bowin Clean Energy w/B Grimm SPP Gas Co-gen HCIE 25.01% 135 33.8 Nov-16 GVTP w/Gulf MP SPP Gas Co-gen ESIE 25.01% 130 32.5 May-17 GTS1 w/Gulf MP SPP Gas Co-gen ESIE 25.01% 130 32.5 Jul-17 GTS2 w/Gulf MP SPP Gas Co-gen ESIE 25.01% 130 32.5 Sep-17 GTS3 w/Gulf MP SPP Gas Co-gen HESIE 25.01% 125 31.3 Nov-17 GTS4 w/Gulf MP SPP Gas Co-gen HESIE 25.01% 125 31.3 Jan-18 Construction Phase total 25.01% 775 193.8 Pre-Investment Phase GNLL2 w/Gulf MP SPP Gas Co-gen HRIL 25.01% 120 30.0 Jan-19 Pre-Investment Phase Total 25.01% 120 30.0

319 Operating Equity MW in 2015 543 Operating Equity MW in 2019

slide-54
SLIDE 54

Agenda I. WHA Group Overview IV. Recent Developments & Key Events V. Q3’ 2016 Financial Performance II. Group Business Platform and Strategy III. Updated Business Performance iv) Digital Business i) Logistics & Industrial Properties Business iii) Utilities & Power Business ii) Industrial Estate Business VI. Appendix – Financial Statements

54

slide-55
SLIDE 55

Recent Development and Location

Digital Business

55

Data Center Upper Tier Lower Tier Number of Data Centers 3 1 Location Zone Vibhavadi-Rangsit Bangna-Trad Eastern Seaboard (Rayong) Bangna-Trad Shareholdering Structure Owned 100% by WHA Joint Ventures Local Loop

  • Implementing Local Loop as a Managed Service inside
  • ur Industrial Estates
  • Establishing 3 Data Center Zones

Recent Development

slide-56
SLIDE 56

Agenda I. WHA Group Overview IV. Recent Developments & Key Events V. Q3’ 2016 Financial Performance II. Group Business Platform and Strategy III. Updated Business Performance iv) Digital Business i) Logistics & Industrial Properties Business iii) Utilities & Power Business ii) Industrial Estate Business VI. Appendix – Financial Statements

56

slide-57
SLIDE 57

Recent Developments & Key Events

Recent Developments/Key Events

3

  • 2 Projects to be injected in WHART with the total leasable

area of 159,141 sqm.

  • Sale value: approx. THB 4,190 mm
  • WHART’s max fund raised: THB 4,467.9 mm
  • Filling effective: Nov 1, 2016
  • RO Notification Period: Nov 22 - 28, 2016
  • PO Subscription Period: Nov 29 - Dec 1, 2016
  • Asset Transfer: Dec 2016
  • Approval of Bond Issuance of THB 7,000 mm in

2016 from AGM 1/2016 on Apr 25, 2016

  • In 3Q2016, WHA completed total bond issuance of

THB 1,800 mm 28 Jul 2016 – THB 300 mm (3 yrs 2 days, 3.75%) 16 Sep 2016 – THB 1,500 mm (3 yrs, 4.00%)

  • By the end of 3Q2016, WHA has issued bond totaling

THB 6,260 mm

4

New Bond Issuance Upcoming Asset Monetization to WHART

5

Upcoming Asset Monetization to HREIT WHAUP IPO

  • JV agreement signed on July 26, 2016
  • 2 Seeding Projects (Laemchabang and Bang-na Trad)

to be sold JV Co. with total amount of approx. THB 2,351.5 million

  • Shareholder Structure: 51% held by WHA and 49%

held by Daiwa

  • Expected asset transfer: within end of Nov
  • Filling effective: Oct 31, 2016
  • Hemaraj’s asset approx. 261,314 sq.m. to be monetized to

HREIT

  • HREIT’s estimated fund raised: approx. THB 8,019 mm
  • Subscription (WHART Unitholders): Nov 9 – 11 & 14
  • Subscription (remaining portion): Nov 15 - 18
  • Asset Transfer: Nov 2016

57

Joint Venture with DAIWA

  • Filing submission: Sept 6, 2016
  • Offering: 30% of total shares (post IPO)

1 2

slide-58
SLIDE 58

Recent Developments/Key Events (Cont’d)

NEW BOND ISSUANCE

1

17 Mar 2016 THB 200 mm

3 yrs 3.70%

29 Apr 2016 THB 3,500 mm

3 yrs 3.85% PO + PP 4 yrs 4.10%

19 May 2016 THB 150 mm

3 yrs 3.75%

9 Jun 2016 THB 230 mm

3 yrs 3.85%

21 Jun 2016 THB 280 mm

3 yrs 3.85%

28 Jul 2016 THB 300 mm

3 yrs 3.75%

16 Jun 2016 THB 100 mm

3 yrs 3.85% Type THB, unsecured and unsubordinated debentures Placement PO = THB 2,500 mm PP to institutional and/or high-net-worth investors = THB 1,000 mm

58

Recent Developments & Key Events

16 Sep 2016 THB 1,500 mm

3 yrs 4.00%

slide-59
SLIDE 59

Recent Developments/Key Events (Cont’d)

Location Asset Type and Approx. NLA

Eastern Seaboard Industrial Estate (Rayong) (ESIE) Hemaraj Eastern Seaboard Industrial Estate (HESIE) Hemaraj Chonburi Industrial Estate (HCIE) Hemaraj Logistics Park 1 Hemaraj Logistics Park 2 Hemaraj Logistics Park 4 Asset Type and NLA Factory 167,372 sq.m. Warehouse 93,942 sq.m. Total Leasable Area 261,314 sq.m.

  • Total net leasable area to monetize is approx. 261,314 sq.m.
  • HREIT’s expected fund raised: approx. THB 8,019 mm

UPCOMING ASSET MONETIZATION TO HREIT

2

59

Recent Developments & Key Events

31 Oct Filing Effective Date 9 – 11 & 14 Nov Subscription: WHART Unitholders (Pre-emptive Right) 15 - 18 Nov Subscription: Hemaraj and/or its affiliates, sponsor’s patronage, institutional investors, underwriter’s patronage, selling agent’s patronage

slide-60
SLIDE 60

Recent Developments/Key Events (Cont’d)

Asset Building (sqm) Rooftop (sqm) Snapshot

WHA Mega Logistics Center Lardkrabang

Lardkrabang, Bangkok

95,110.00 59,986.30 WHA Mega Logistics Center Chonlaharnpichit km 5

Chonlaharnpichit Rd, Samutprakarn

64,031.00 50,143.60

Total

159,141.00 110,129.90

  • Total sale value to WHART of approx. THB 4,190 mm
  • WHART’s max fund raised: THB 4,467.9 mm

UPCOMING ASSET MONETIZATION TO WHART

3

60

Recent Developments & Key Events

  • WHART Unitholders Approval on June 2, 2016
  • Filing submission to SEC on June 27, 2016
  • Filling effective: Nov 1, 2016
  • RO Notification Period: Nov 22 - 28, 2016
  • PO Subscription Period: Nov 29 - Dec 1, 2016
  • Asset Transfer: Dec 2016
slide-61
SLIDE 61

Recent Developments/Key Events (Cont’d)

JOINT VENTURE WITH DAIWA HOUSE INDUSTRY

4

Asset

  • Approx. NLA

Snapshot

WHA Mega Logistics Center Cholaharnpichit KM3 PH II 74,000 sqm WHA Mega Logistics Center Laemchabang 45,000 sqm

  • JV agreement signed on July 26, 2016
  • WHA will sell 2 Seed Projects (Laemchabang and Bang-Trad area) amounting to THB 2,351.5 mm to JV
  • WHA will hold 51% and Daiwa House Industry will hold 49% in JV Co.

61

Recent Developments & Key Events

slide-62
SLIDE 62

WHA Group

Agenda I. WHA Group Overview IV. Recent Developments & Key Events V. Q3’ 2016 Financial Performance II. Group Business Platform and Strategy III. Updated Business Performance iv) Digital Business i) Logistics & Industrial Properties Business iii) Utilities & Power Business ii) Industrial Estate Business VI. Appendix – Financial Statements

62

slide-63
SLIDE 63

Q3’ 2016 Financial Performance

Long-Term Outlook

63

Unit: THB

12,475 mm

2015A 2020F Revenue and Share of Profits

Revenue by Geography Target 5% of revenue from international business by 2020

95% 5%

Thailand International

2020F 100% 2015A

Revenue by Hub Equal contribution from 4 business hubs going forward

23% 41% 18% 18%

Logistics Industrial Estates Utilities and Power Digital

2020F 47% 31% 22% 2015A 51% 49%

Sale Recurring

74% 26%

Sales vs. Recurring Income Target Recurring Revenue 9,500 mm

2020F 2015A

21,000 mm

Unit: THB

CAGR 11.5% Better earning visibility Strengthen business platform Well-diversified sources of revenue

slide-64
SLIDE 64

7,169 5,058 12,064 1,161 1,408 3,254 4,175 1,895 1,497 4,538 676 721 1,934 2,435 1,463 979 1,954 (53) 43 169 497

(1,000) 1,000 3,000 5,000 7,000 9,000 11,000 13,000

13 1 1 3Q2015 3Q2016 9M2015 9M2016

Total revenue EBIT Net income

Overall Performance

64

Q3’ 2016 Financial Performance

3Q2016 & 9M2016 PERFORMANCE

Unit: THB mm

  • Total revenue increased 21% from 3Q2015 to THB 1,408 mm in 3Q2016. EBIT stood at THB 721 mm, slightly increased by 7% from 3Q2015.
  • Net income of THB 43 mm for 3Q2016 changed significantly from a loss in 3Q2015, reflecting normal business operation of the company. The

loss incurred in 3Q2015 resulted mainly from a decrease in the contribution from share of profit from power business to HEMRAJ. This was due to the depreciation of Baht, resulting in the foreign exchange loss.

  • Total revenue for 9M2016 increased 28% to THB 4,175 mm from growth of rental and service revenue as well as sale of Built-to-Own

warehouse project in 2Q2016 of THB 355 mm.

  • Net income for 9M2016 totaled THB 497 mm, increased by 194% due to consolidation of HEMRAJ’s performance to WHA for only 15 days in

1Q2015, foreign exchange loss in 3Q2015, and decrease in tax expenses in 9M2016.

slide-65
SLIDE 65
  • 1,561

482 527 1,132 1,454

  • 1,561

482 527 1,132 1,454

41% 44% 44% 48% 39% 0% 13 1 1 3Q2015 3Q2016 9M2015 9M2016

WHA HEMRAJ Margin

500 551 735 186 237 529 597 675 202 219 470 650

500 551 1,409 388 456 999 1,246

64% 60% 69% 80% 68% 71% 68%

  • 80%

120% 320% 520% 720%

  • 200

400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 13 1 1 3Q2015 3Q2016 9M2015 9M2016

WHA HEMRAJ Margin 82 160 239 38 45 155 130 447 75 73 280 234

82 160 686 113 118 435 364

  • 100

200 300 400 500 600 700 13 1 1 3Q2015 3Q2016 9M2015 9M2016

WHA HEMRAJ

2 6 2

  • 5

3 974 155 211 605 1,129

2 979 156 211 610 1,132

13 1 1 3Q2015 3Q2016 9M2015 9M2016

WHA HEMRAJ

6,585 4,337 4,502

  • 17

355 3,964 198 317 714 785

6,585 4,337 8,466 198 317 731 1,139

25% 30% 28% 39% 42% 33% 30%

  • 100%

100% (800) 200 1,200 2,200 3,200 4,200 5,200 6,200 7,200 8,200 9,200 13 1 1 3Q2015 3Q2016 9M2015 9M2016

WHA HEMRAJ Margin

Profitability by Business

65

RENTAL PROPERTY BUSINESS UTILITIES BUSINESS POWER BUSINESS OTHER REVENUES SALE OF PROPERTIES BUSINESS

  • Consist of share of profit from power business
  • Consist of property and REIT management fee, dividend income, share of

profit from property fund, and other income

Unit: THB mm

Gross profit margin on consolidated FS is different from that on HEMRAJ stand-alone FS due to the effect of PPA adjustment after acquisition

HEMRAJ’s GPM before PPA: 90% (3m), 90% (9m) HEMRAJ’s GPM before PPA: 54% (3m), 45% (9m)

Q3’ 2016 Financial Performance

HEMRAJ’s GPM before PPA: 40% (3m), 47% (9m)

slide-66
SLIDE 66

Rental property 310 31% Sale of Industrial Estates 134 13% Utilities 234 23% Power 211 21% Others 118 12% Rental property 456 28% Sale of Industrial Estates 317 20% Utilities 527 32% Power 211 13% Others 118 7%

Revenue and Gross Profit Breakdown

66

3Q2016 GROSS PROFIT BREAKDOWN (3 mths) 3Q2016 REVENUE BREAKDOWN (3 mths)

Unit: THB mm Unit: THB mm

TOTAL THB 1,628 mm TOTAL THB 1,007 mm

Remark: Includes share of profit from JV’s and Associates Remark: Includes share of profit from JV’s and Associates Gross profits are based on consolidated financial statements, thus they are affected by PPA adjustment

Recurring vs Non-Recurring = 81:19 Recurring vs Non-Recurring = 87:13

Q3’ 2016 Financial Performance

slide-67
SLIDE 67

Rental property 848 26% Sale of Industrial Estates 271 8% Sale of IP's 76 2% Utilities 571 18% Power 1,132 35% Others 364 11% Rental property 1,246 23% Sale of Industrial Estates 785 15% Sale of IP's 355 7% Utilities 1,454 27% Power 1,132 21% Others 364 7%

Revenue and Gross Profit Breakdown

67

9M2016 GROSS PROFIT BREAKDOWN (9 mths) 9M2016 REVENUE BREAKDOWN (9 mths)

Unit: THB mm Unit: THB mm

TOTAL THB 5,336 mm TOTAL THB 3,263 mm

Remark: Includes share of profit from JV’s and Associates Remark: Includes share of profit from JV’s and Associates Gross profits are based on consolidated financial statements, thus they are affected by PPA adjustment

Recurring vs Non-Recurring = 79:21 Recurring vs Non-Recurring = 89:11

Q3’ 2016 Financial Performance

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SLIDE 68

983 2,186 4,070 2,756

  • 15,425

15,413 2,225 3,305 3,987 7,238

  • 9,352

10,153 6,167 7,959 14,639 12,347

  • 21,520

21,748 1,673 2,502 10,102 10,865

11,049 15,952 79,095 80,519

44% 396% 0% 50% 100% 150% 200% 250% 300% 350% 400% 450% 10000 20000 30000 40000 50000 60000 70000 80000

13 1 1 3Q2016

Cash & ST investments Cost of real estate developments Non-current assets held for sale Investment in associates Investment properties Intangible assets & goodwill Others

Balance Sheet

68

Unit: THB mm

CAPITAL STRUCTURE ASSETS

Unit: THB mm

RETURN ON INVESTMENT

Remark: ROIC = NOPAT ÷ Average Invested Capital (IBD and Equity)

  • IP’s stood at THB 12,347 mm at the end of 3Q2016.
  • Intangible assets & goodwill of THB 21,748 mm resulted from the PPA after

the acquisition.

  • Hemaraj contributed Cost of Real Estate Developments of THB 15,413 mm

and Investment in Associates of THB 10,153 mm to the consolidated balance sheet in 3Q2016.

A drop in return on investment is due to a significant increase in asset and equity base after acquisition of Hemaraj and a change in the nature of business

Q3’ 2016 Financial Performance

6,895 11,472 57,436 60,687 4,154 4,480 21,659 19,833 1.66 2.56 2.65 3.06 1.25 2.34 2.20 2.63 1.01 1.86 2.01 2.49

  • 1

2 3 4 0% 20% 40% 60% 80% 100%

2 0 1 3 2 0 1 4 2 0 1 5 3Q2016 Liabilities Equity D/E IBD/E Net IBD/E 41.6% 22.7% 16.9% 11.9% 15.1% 7.2% 4.1% 2.9% 20.0% 10.5% 10.6% 7.1% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

2 0 1 3 2 0 1 4 2 0 1 5 3Q2016

ROE ROA ROIC

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SLIDE 69

2.64% B/E & P/N 1,650 4.00% Term Loan 500 5.65% Bond 13,938 Acquisition Loan 12,999

2.49% B/E & P/N 4,185 4.77% Term Loan 1,964 4.85% Bond 28,968 4.49% Acquisition Loan 16,645

2.40% B/E 2,535 5.03% Term Loan 1,464 4.11% Bond 15,030 5.53% Acquisition Loan 3,646

Debt Profile

69

END OF 2Q2016

Unit: THB mm

END OF 3Q2016

Unit: THB mm

Weighted Average Interest Rate 4.54%

WHA HEMRAJ

Weighted Average Interest Rate 4.21% Weighted Average Interest Rate 4.80%

Q3’ 2016 Financial Performance

2.70% B/E 350 5.15% Term Loan 160 5.65% Bond 13,938

2.49% B/E 2,000 4.71% Term Loan 1,494 4.14% Bond 14,860 5.53% Acquisition Loan 16,646

2.52% B/E 2,350 4.75% Term Loan 1,654 4.88% Bond 28,798 5.53% Acquisition Loan 16,646 Weighted Average Interest Rate 4.98%

WHA HEMRAJ

Weighted Average Interest Rate 4.73% Weighted Average Interest Rate 5.58%

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SLIDE 70

Debt Maturity & Finance Cost

Unit: THB mm As of 30 Sep 2016

DEBT MATURITY PROFILE

Unit: THB mm

FINANCE COST 70

Q3’ 2016 Financial Performance

183 295 2,284 651 628

295 1,823 547 477

295 1,292

426

123

  • 500

1,000 1,500 2,000 2,500 13 1 1 3Q2015 3Q2016 Consolidated WHA's Acquisition loan

  • 3,535

3,060 3,555 2,500 2,100

  • 280

1,186 40 40 48 41 24 28 28 29 1,500 2,300

  • 638
  • 2,000

1,000 2,500 2,500 500

  • 2,000

1,500 1,500 1,500 1,499 3,646 5,000

6,832 10,875 5,100 5,741 4,041 5,624 2,527 2,528 2,809

4Q2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F WHA : Bond WHA : Term Loan HEMRAJ : Bond HEMRAJ : Term Loan WHAUP: Term Loan Acquisition Loan

Under HEMRAJ and WHAUP

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SLIDE 71

WHA Group

Agenda I. WHA Group Overview IV. Recent Developments & Key Events VI. Appendix – Financial Statements V. Q3’ 2016 Financial Performance II. Group Business Platform and Strategy III. Updated Business Performance iv) Digital Business i) Logistics & Industrial Properties Business iii) Utilities & Power Business ii) Industrial Estate Business

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SLIDE 72

Income Statement

Consolidated Income Statement (Unit: THB, mm) 2013 2014 2015 3Q2015 2Q2016 3Q2016 %YoY %QoQ 9M2015 9M2016 %YoY

Revenue Rental, service, and utilities income

500.5 551.1 2,970.7 869.2 908.7 983.0 13.1% 8.2% 2,130.8 2,700.5 26.7%

Income from sales of real estate

6,585.0 4,336.8 8,466.3 197.6 460.6 317.2 60.5% (31.1%) 731.1 1,139.3 55.8%

Other income

83.5 169.8 627.1 94.1 123.5 107.9 14.6% (12.7%) 392.5 335.0 (14.7%)

Total revenues

7,169.0 5,057.7 12,064.1 1,161.0 1,492.8 1,408.0 21.3% (5.7%) 3,254.4 4,174.7 28.3%

Share of profit (loss) from JVs & associates

(1.3) (7.7) 1,038.0 174.7 491.3 220.5 26.2% (55.1%) 652.5 1,161.3 78.0%

Expenses Cost of rental and service

179.0 219.0 1,356.9 345.5 429.5 438.1 26.8% 2.0% 878.1 1,281.1 45.9%

Cost of real estate

4,961.8 3,050.1 6,073.7 120.3 344.1 183.6 52.7% (46.6%) 492.8 792.1 60.7%

Selling expense

  • 230.5

28.3 26.5 40.2 42.1% 51.8% 69.3 107.4 55.1%

Administrative expenses

131.8 283.3 902.8 165.4 235.3 245.5 48.4% 4.4% 532.7 720.3 35.2%

Total costs

5,272.5 3,552.5 8,563.9 659.5 1,035.5 907.5 37.6% (12.4%) 1,972.9 2,901.0 47.0%

EBIT

1,895.2 1,497.5 4,538.2 676.2 948.6 721.0 6.6% (24.0%) 1,934.1 2,435.0 25.9%

Finance costs

182.9 294.8 2,284.3 650.8 616.9 628.2 (3.5%) 1.8% 1,585.6 1,855.6 17.0%

EBT

1,712.3 1,202.7 2,253.9 25.3 331.7 92.8 266.3% (72.0%) 348.5 579.4 66.3%

Income tax

248.9 224.1 87.0 35.2 (17.3) 12.3 (65.1%) (170.7%) 54.6 (13.1) (124.0%)

Net income

1,463.5 978.6 2,166.9 (9.8) 349.1 80.6 (918.0%) (76.9%) 293.9 592.5 101.6%

Attributable to owners of the parent

1,463.5 978.6 1,953.7 (52.7) 334.5 42.6 (180.7%) (87.3%) 168.8 497.0 194.4%

Attributable to non-controlling interest

  • 213.2

42.9 14.6 38.0 (11.4%) 160.4% 125.1 95.6 (23.6%)

72

Appendix – Financial Statements

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SLIDE 73

Balance Sheet

Consolidated Balance Sheet (Unit: THB, mm) 2013 2014 2015 2Q2016 3Q2016 Increase (Decrease)

Current assets Cash and cash equivalents

319.8 370.9 2,554.7 1,489.3

2,557.3 1,068.0

71.7%

ST investment

663.5 1,815.0 1,515.2 457.5

198.4 (259.1)

(56.6%)

Non-current assets held-for-sale

2,225.1 3,305.0 3,986.7 6,817.5

7,237.7 420.2

6.2%

Cost of real estate developments (net)

  • 15,425.3

15,488.0

15,413.2 (74.8)

(0.5%)

Other current assets

123.4 191.2 2,750.7 2,479.1

2,358.7 (120.4)

(4.9%)

Total current assets

3,331.8 5,682.2 26,232.6 26,731.4

27,765 1,034

3.9%

Non-current assets Investment in available-for-sale

1,387.5 1,851.3 2,286.3 2,890.4

2,858.0 (32.4)

(1.1%)

Investment in associates

  • 9,352.2

9,420.1

10,153.2 733.1

7.8%

Investment properties (net)

6,167.2 7,958.6 14,638.6 12,957.2

12,346.7 (610.5)

(4.7%)

Leasehold rights (net)

64.0 52.9 51.0 45.0

43.6 (1.4)

(3.1%)

Property, plant, and equipment (net)

43.4 66.8 3,842.1 3,857.9

3,850.9 (7.0)

(0.2%)

Intangible assets (net)

  • 4,184.8

4,172.8

4,172.8

  • Goodwills
  • 17,335.6

17,575.0

17,575.0 (0.0)

(0.0%)

Other non-current assets

55.0 340.1 1,171.8 1,251.8

1,753.7 501.9

40.1%

Total non-current assets

7,717.0 10,269.9 52,862.5 52,170.3

52,753.9 583.6

1.1%

Total assets

11,048.9 15,952.0 79,095.1 78,901.8

80,519.1 1,617.4

2.0%

Liabilities Bank overdrafts and ST borrowings

198.7 250.0 1,693.2 2,339.2

6,654.6 4,315.4

184.5%

Trade and other payables

1,123.1 597.4 3,381.1 2,798.8

2,046.0 (752.8)

(26.9%)

Current portion of LT borrowings – FN institutions

87.0 391.2 11,714.1 15,413.2

4,990.7 (10,422.5)

(67.6%)

Current portion of LT borrowings – Debenture

  • 3,175.0

4,372.0

6,884.3 2,512.4

57.5%

Other current liabilities

1,120.9 1,692.4 938.7 2,222.3

2,349.4 127.1

5.7%

LT borrowings – FN institutions (net)

1,501.9 1,175.7 9,227.9 1,614.4

9,825.7 8,211.2

508.6%

Debenture (net)

2,695.3 7,190.8 21,777.2 24,956.1

22,571.2 (2,384.9)

(9.6%)

Other non-current liabilities

168.1 174.4 5,529.2 5,415.0

5,364.6 (50.4)

(0.9%)

Total liabilities

6,895.1 11,472.0 57,436.4 59,131.0

60,686.6 1,555.6

2.6%

Equity attributable to owners of the parent

4,153.8 4,480.0 18,655.8 19,132.6

19,156.4 23.7

0.1%

Non-controlling interest

  • 3,003.0

638.2

676.2 38.0

6.0%

Total shareholders’ equity

4,153.8 4,480.0 21,658.7 19,770.8

19,832.5 61.7

0.3%

Total liabilities and Shareholders’ equity

11,048.9 15,952.0 79,095.1 78,901.8

80,519.1 1,617.4

2.0%

73

Appendix – Financial Statements

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SLIDE 74

Board of Directors

WHA Group

Director Director and Management

  • Ms. Jareeporn Jarukornsakul

Vice Chairman of Board of Directors Vice Chairman of Executive Committee Group Chief Executive Officer

  • Dr. Somyos Anantaprayoon

Chairman of Board of Directors Chairman of Executive Committee

  • Dr. Pichit Akrathit

Independent Director Chairman of the Audit Committee

  • Dr. Somsak

Pratomsrimek Independent Director Member of the Audit Committee

  • Dr. Apichai

Boontherawara Independent Director Member of the Audit Committee

  • Dr. Kritsana

Sukboonyasatit Independent Director Member of the Audit Committee

Independent Director /1

  • Mr. Narong Kritchanchai

Director Member of Executive Committee Chief Legal Officer

  • Mr. David Richard Nardone

Vice Chairman of Board of Directors Member of Executive Committee Chief Executive Officer – Industrial Business

  • Mr. Arttavit Chalermsaphayakorn

Director Member of Executive Committee Chief Financial Officer

  • Mr. Vivat Jiratikarnsakul

Director Member of Executive Committee Chief Operating Officer-Industrial business

  • Mr. Krailuck Asawachatroj

Director Member of Executive Committee Chief Strategic Officer

  • Mr. Jakrit Chaisanit

Director Member of Executive Committee Chief Operating Officer-Logistics business Director of CM

74

  • Mr. Somsak Boonchoyreungchai

Director Member of Executive Committee Director of Accounting Department

  • Mr. Chanvit

Amatamatucharti Independent Director

Remarks:/1Information as of November 11, 2016

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SLIDE 75

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SLIDE 76

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SLIDE 77

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