SIAM FUTURE DEVELOPMENT PUBLIC CO., LTD.

Corporate Presentation 2016

Overview

Financial Summary

Project Update

2

Overview

Founded: 1994

Staff: 78

Centers: 22

Vision “Unlike other developers,

we create a place for peoplefirst then for business. “

3

32%, 131,901 sq.m.

Business Model

Shopping Center Development

• Neighborhood Center• Lifestyle Center• Power Center• Entertainment Center• Convenience Center• Stand-Alone Retail Center• Super Regional Center

60%242,713 sq.m.

15 centers 4 centers:-Petchkasem-Ekkamai-Ratchayothin-Mega Bangna

8%, 33,949 sq.m.3 centers:-La Villa-Piyarom Place-The Avenue Changwattana

Total Rental Space 408,563 sq.m. with 22 Centers

4

1994 Established “Siam Future Development”

1995 Opened first open-air shopping center“Bangbon”

1996Opened “Prachautid” and “Sukaphiban 3”

1998Opened “Sukhumvit 71”

2000Opened 2 Convenient centers

and 8 B-quik centers

2002Listed in MAI and opened “Thonglo”

2003Listed in SET PP to Major Cineplex Group and opened “Thungmahamek”

2004Opened “Changwattana”,

“Ladprao120”, ”Chachoengsao”,“Piyarom Place” and “J Avenue”

2005Opened “Wanghin 2”, “Petchkasem” and “Ekkamai”

2006Completed Changwattana”,“La-villa” and “Esplanade”

2007Opened “Pattaya” and“Kao-yai”

2008Opened “Nawamin”and “Ratchayothin”

2009Opened “NawaminCity Avenue”

2011 Open “Nawamin Festival Walk”

2012Open “1st IKEA Store in Mega Bangna”

Development Timeline

5

Leasable Area and Occupancy

Format2014 2015 2016

Average size (sq.m.)No. of

centersGLA

(sq.m.)No. of

centersGLA

(sq.m.)No. of

centersGLA

(sq.m.)

Lifestyle Center 8 81,515 6 77,709 6 77,709 10,000

Power Center 3 67,217 3 67,217 3 67,217 22,500

Entertainment Center

1 43,241 1 43,241 1 43,241 43,000

Neighborhood Center

7 38,389 7 38,389 7 38,389 5,500

Convenience Center

2 1,178 2 1,178 2 1,178 600

Automotive Service center

3 1,172 2 829 2 829 400

Super Regional 1 180,000 1 180,000 1 180,000 180,000

Total 25 412,712 22 408,563 22 408,563 16,400

Occupancy Rate 93% 98% 93%

6*Gross Leasable Area

Shareholding Structure

24%

51%

25%

10%

3%

7%

4%

17%

31%

4%

Major Cineplex Group PLC. Management

Freefloat

Witoonchartgroup

PojkasemsinGroup

SuttapongGroup

JantaraprapaGroup

Foreigners

Retails

Number of shares: 1,776.61 Million

Source: Shareholder list as of 31 Dec 16 7

Local Institutions

Overview

Financial Summary

Project Update

8

Balance Sheet

12,002 12,460

14,42214,920

5,5725,314

5,516 5,2896,430

7,146

8,9069,632

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

Y2013 Y2014 Y2015 Y2016

Million Baht

Assets Liabiilites Equity

9

Income Statement (Management Account)

2013 2014 2015 2016

A C D E F

1 Recurring Revenue 1,396 1,372 1,429 1,431

2 Cost of rental & service (1,002) (936) (909) (911)

3 Gross profit 394 436 520 520

4 SG&A (198) (229) (233) (238)

5 EBIT 197 207 287 282

6 Interest expenses (99) (95) (96) (75)

7 Income tax (27) (32) (38) (46)

8 Minority (18) (18) (21) (18)

9 Recurring profit (excl. MEGA BANGNA) 53 62 131 143

10 Profit from joint venture 118 191 201 281

11 Total recurring profit 170 253 332 424

12 Add: Profit from Fin Lease (after tax) 3 2 - -

13 Fair value adjustment on IP*– SF (after tax) 165 161 679 246

14 Fair value adjustment on IP– Mega Bangna (49%) 174 284 397 294

15 Net profit 512 700 1,408 964

16 Earnings per share (EPS) 0.39 0.47 0.79 0.54

17 Average Occupancy Rate (%) 94% 93% 98% 93%

(Million Baht)

Remarks: * Fair value adjustment on Investment Property= Depreciation & Amortization + Gain (Loss) from revaluation 10

Rental Structure

10%

Fixed Rent90%

by Revenue

31%

Fixed Rent69%

by GLA

As of 31 Dec 2016

Revenue Share

Revenue Share

11

Costs Breakdown

Land Rent16%

19%

Utilities36%

26%

Depreciation & Amortization

Operating

17%

55%

6%

21%

Depreciation

SG&A Breakdown

As of 31 Dec 2016

Personnel

MarketingAdmin

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Debt Structure (MB)

As of Dec 15

Total Debt = 1,950 MB

100% Debenture

Average interest rate = 4.83%

As of Dec 16

13

Total Debt = 1,550 MB

77% Debenture

Average interest rate = 4.43%

Repayment schedule (MB)

2015 2016 2017 2018 2019 2020

Bond - 750 700 - - 500

Repayment schedule (MB)

2015 2016 2017 2018 2019 2020

Bond - - 700 - - 500

P/N,B/E

--

--

200150

--

--

--D:E Ratio

Y10 = 0.53Y11 = 0.47Y12 = 0.33

Y13 = 0.33Y14 = 0.27Y15 = 0.22Y16 = 0.16

Stock Information and Dividend

INDEX 2010 2011 2012 2013 2014 2015 2016

SET Index 1,033 1,025 1,392 1,299 1,498 1,288 1,543

SF (stock price) 5.70 6.30 7.05 5.65 6.25 6.25 6.15

Market Cap (MB) 5,873 6,528 8,249 7,435 9,256 11,104 10,926

Dividend Summary

Par Value (Baht) 1.00 1.00 1.00 1.00 1.00 1.00 1.00

Dividend Paid (MB) 155 Stock Dividend 8:1 Stock Dividend 5:1

266 -

Dividend/share 0.15 0.13889* 0.22223 0.15 -

Dividend Payout Ratio 66% N.A. N.A. N.A. N.A. 80% -

Statistics as of 9 Mar 17

Stock Price 6.45 Par Value (Baht) 1.00

Share Capital (M shares) 1,776.61 P/E (times) 11.89

Market Cap (MB) 11,459 P/BV (times) 1.30

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Overview

Financial Summary

Project Update

15

Expansion Plan *

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Type of Center Location Existing GLA(sq.m.)

Future GLA (sq.m.)

CAPEX Target Opening Date

Lifestyle Center Nanglinchee(expansion)

3,000 11,500 608 MB Q3,2018

Lifestyle Center Thonglor 4(redevelopment)

3,000 14,000 100 MB(Land lease renewal)

2018

TOTAL 6,000 25,500 708 MB

* Subject to change upon future situation

63,344 96,837

188,514 219,641

237,308 235,229 224,120 231,795 229,600

229,600 228,906 228,563

228,563

140,000 140,000 140,000 140,000 140,000

97%95% 95% 95%

98%95%

98% 97% 97%94% 93%

98%

93%

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

2,004 2,005 2,006 2,007 2,008 2,009 2,010 2,011 2,012 2,013 2,014 2,015 2,016

GLA (sq.m.)

Mega Bangna

Existing

Occupancy Rate

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Marketplace NANGLINCHEE

Shopping centre format Lifestyle center

GLA 11,500 sq.m. (+8,500) Anchor Tops MarketTarget Opening Q3 2018

(expansion)

18

Marketplace NANGLINCHEE (expansion)

19

Marketplace THONGLOR 4

Shopping centre format Lifestyle center

GLA 14,000 sq.m. (+11,000) Anchor Tops MarketTarget Opening 2018

(redevelopment)

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MEGA BANGNA, Fact Sheet

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Land Area 254 Rais (406,400 sq.m.)

Building Area 400,000 sq.m.

Leasable Area 180,000 sq.m.

Tenants 440 shops

Parking Space 8,000 cars &

2,200 motorcycles

Opening 5 May 2012

Tenants 55,500 sq.m.

MEGA BANGNA, Tenants Mix

Mini-anchors 33,000 sq.m.

Anchors 91,500 sq.m.

34%

24%

43%

22

31%18%

51%

NEW COMERS

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Visitor Numbers Car Numbers

Occupancy Rate (Dec 16)

In line units 100%

Common Area 99 %

(Mil. People) (Mil. cars)

7%

7% 10%

11%

2325

28 29

0

5

10

15

20

25

30

35

2013 2014 2015 2016

8.39.4

10.1

0

2

4

6

8

10

12

2013 2014 2015 2016

7.6

7%4%

MEGA Mixed Use Project

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Plot A

Plot H

WWTP

Million Baht

1. Plot H (Retail Expansion & Garage)

1,050

2. Accessibility improvement

104

3. New waste water treatment plant

134

4. Plot A (Land preparation)

66

Total 1,430

10. MEGA Mixed Use Project

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1. Plot H

10. MEGA Mixed Use Project

2. Accessibility Improvement: - Parking guidance system - Add ticket booths - Improve and extend ring road - Add signage - Widen, connect EXAT slip road -Transportation hubInvestment: 104 MBTimeline: Q3-16 to Q3-17

3. Waste Water Treatment PlantInvestment: Move and enhance efficiency of the

PlantCAPEX: 134 MBTimeline: Q4-16 to Q1-17

4. Plot ALand size: 40 raisInvestment: land preparation for future developmentCAPEX: 66 MBTimeline: Q4-16 to Q3-17

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Land Area: 10 Rais (16,000 sq.m.)Investment: Construct lifestyle community mall and garageCAPEX: 1,050 MBBuilding Area: 57,119 sq.m.Leasable Area: 10,614 sq.m.Parking Space: 1,154 cars Timeline: Q3-16 to Q4-17

Opening: Q4-2017