Analysts Day 1 Disclaimer The information (Confidential - PowerPoint PPT Presentation

Analysts Day 1

Disclaimer 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 t o 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 condi tion, performance or achievements of the Company may differ materially from those forecasted and projected or in the forward‐looking statements . 2

Profit & Loss Statements Profit & Loss ADC Conso 1Q12A 1Q13A Currency: THB Million Total Revenues 387 1,050 Total Costs (256) (627) SG&A (272) (306) Share of Profit/(Loss) (1) 0 • PPA written off in 1Q13 is 57 mil Baht; 10 mil EBITDA (141) 118 Baht to cost, 61 mil Baht to SG&A and 14 mil Depreciation (18) (22) Baht add back to CIT. EBIT B4 FV Adjustment (159) 96 Negative Goodwill - Amoritized Fair Value (43) (57) There is 54 mil Baht outstanding of PPA at end • EBIT (202) 39 of 1Q13. Interest Expenses (Buyout) (98) - Interest Expenses (2) (8) • SG&A increased due to the launch of Elio Deferred Tax 53 10 Sukhumvit 64. CIT (9) (36) Net Profit/(Loss) (258) 5 • Gross margin improved QoQ due to transfer of Morph and ADO Basic earning per share (0.13) 0.001 (Mil. hares) 2,000 3,333 Key Ratios Gross Profit (%) 33.8% 40.4% EBITDA (%) -36.5% 11.2% NPAT (%) -66.7% 0.5% SG&A to Revenues 70.1% 29.1% 3

Balance Sheet Balance Sheet 4Q12A 1Q13A Currency: THB Million Cash & Cash Equivalent 2,246 1,895 Inventory - Development Costs 6,015 7,072 Fixed Assets 530 551 Intangible Assets 155 92 Other Assets 552 674 Total Assets 9,498 10,284 Trade Accounts Payable 349 512 Advances Received from M-Fee Revenue - - Advances Received from Customers 793 834 Interest Bearing Debts 2,149 2,803 Other Liabilities 1,137 1,063 Total Liabilities 4,428 5,212 Equities 5,544 5,544 Surplus on Business Combination 8 5 Retained Earnings (482) (477) Total Shareholders' Equity 5,070 5,072 Total Liabilities and Shareholders' Equity 9,498 10,284 Key Ratios DE ratio (total debts) 0.87 1.03 DE ratio (interest baring debts) 0.42 0.55 DE ratio (net debts) Net Cash 0.18 BV per share (Baht) 1.52 1.52 4

2013 Business Plan All figures in millions Thai Baht Forcast Year End Backlog to be Recognized in Available for Project Value Backlog Launch Presales Revenue Sale % GDV % GDV 2014 2015 Existing AD2 2,800 1,000 1,800 100% 2,800 100% - - AD3 9,600 6,800 2,200 95% 6,700 70% 600 2,300 Subtotal 12,400 7,800 4,000 95% 9,500 600 2,300 Already Acquired ADO 7,300 7,300 2,800 38% 2,500 34% 4,500 300 AD14.1 4,600 4,600 2,300 50% 2,300 2,300 AD14.2 2,100 2,100 1,500 70% 600 1,500 AD14.3 3,400 3,400 1,700 50% 1,700 1,700 Subtotal 17,400 17,400 8,300 48% 2,500 9,100 5,800 To be Acquired AD15 (3 projects) 6,600 6,600 2,600 40% 4,000 2,600 AD15 (2 projects) 3,000 Subtotal 9,600 6,600 2,600 39% 4,000 2,600 Grand Total 39,400 7,800 24,000 14,900 62% 12,000 13,700 8,100 2,600 • Planned acquisition 15 projects total value 27,000. Already secured 17,400 and to be secured 5 projects 9,600 • Planned launch of 13 projects with a total value of 24,000 Planned presales are 14,900; AD2 – sold out, Mobi – 95% sold, ADO – 38% sold, Elio SKV64 50% sold, New IDEO 70% • sold, AD14 50% sold and AD15 40% sold • Planned revenue 12,000 with 65% secured backlog • 13,700 remaining for sale at end of 2013 with 10,700 backlog; of which 8,100 will transfer in 2014 and 2,600 in 2015 5

2013 Quarterly Sales & Transfers All figures in millions Thai Baht AD15 Presales Presales Guidance Actual Difference 2Q13 3Q13 4Q13 Total AD14 15,361 1Q13 AD3 AD2 AD2 400 1004 251% 350 250 196 1,800 ADO 9,545 Total AD3 500 680 136% 500 600 420 2,200 5,816 ADO 300 387 129% 800 900 800 2,887 5,495 4,050 AD14 500 874 175% 900 2,300 1,800 5,874 2,945 2,550 AD15 2,600 2,600 Total 1,700 2,945 173% 2,550 4,050 5,816 15,361 1Q13 2Q13 3Q13 4Q13 AD3 Revenue 12,113 AD2 Revenue 1Q13 Actual 2Q13 3Q13 4Q13 Total ADO Total 9,195 748 600 600 AD2 1,000 965 2,913 6,700 6,700 AD3 6,700 2,918 1,848 98 470 1,895 ADO 37 2,500 600 1,002 1,070 846 600 1,895 965 748 470 37 98 Total 1,000 1,002 846 1,070 9,195 12,113 1Q13 2Q13 3Q13 4Q13 6

Mobi Progress 7

Track Progress 8

Acquisition Hundreds of land plot details • are kept as Google pins along the current and upcoming mass transit lines. Information on each plot has • been developed to a level that can calculate the maximum purchase price. • Plots are prioritized on the tradable value based on the current market situation. • Land plots with inheritance or tenant issues are worked on by our experienced legal team to remove all legal risk.

Skytrain Progress Under Construction • Dark Green Line (Wongweinyai – Bangwa) Completed in 2014 • Light Green Line (Bangna – Samutprakarn) Completed 2015 • Purple Line (Bangsue – Bangyai) Completed in 2016 • Blue Line (Haulampong – Bangkae) and (Bangsue Thapra) Completed in 2017 • Light Red Line (Bangsue – Talingchan) Completed in 2016 • Red Line (Bangsue – Rangsit) Construction started, Completed in 2017 Approved and Bidding in 2013 • Light Green Line (Morchit – Sapanmai-Lumluka) • Pink Line (Kaelai-Minburi) • Orange Line (Cultural Center-Minburi) • Red Line (Rangsit - Thammasat) Approved and Bidding in 2014 • Purple Line (Bangsue – Rachburana) • Orange Line (Cultural Center-Talingchan) Yellow Line (Samrong-Lumsali) • Source : MRTA 10

Bubbles Condo Price Appreciation Condo prices in the CBD have appreciated at a • modest 3-5% CAGR while they have jumped 10% CAGR around mass transit stations over the last few years. New condo launches have risen from 36% of the • total supply of residential units in 2005 to 55-60% over the last few years and grown at 24.1% CAGR from 2005-12 with impressive take-up rates of 35- 60% in the first month from launch. Demand is driven by expansion of the mass transit • New Condo Supply system, oil price increases, and affordability (3 mil Baht and below makes up 74% of total supply). • End user demand makes up 70% of buyers while 30% are investors BOT has so far not issued any measures to disrupt • the property industry. Comments given to the press are to prevent any bubbles forming. Source : AREA