0

FY 2015 Result

Analyst Meeting

WHA Corporation Public Company Limited

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

DISCLAIMERS

1

A GREAT SPRING FORWARD • Acquisition of Hemaraj via conditional Voluntary

Tender Offer was completed on Apr 20, 2015 with 92.88% acquisition stake

• Establishment of WHA Venture Holding Co., Ltd. to conduct the VTO transaction

• Prior to Tender Offer, the capital increase was successfully completed via Right Offering with the right ratio of 2.75: 1 shares with free warrants—3 newly subscribed share to 1 warrant—raising up the registered capital to THB 1,431mm and paid-up capital to THB 1,314mm

• Establishment of WHABT, the first office REIT in Thailand, with the fund raising of THB 2,525 mm which divided into the fund size of THB 2,020 mm and debt of THB 505 mm

• Issuance and exercise of WHA-W2 from the existing shareholders with the 10:1 right ratio at the exercise price of THB 2.7. The paid-up capital was increased to THB 1,432.2 mm

GROWING PHASE • Monetization of the assets to

WHAPF with the value of THB 2,046mm (69,529 sqm) in the 1st quarter and injected another lot of THB 4,536mm worth of assets (173,367 sqm) in 4th Quarter which makes total fund size of THB 9,308mm

• This year WHA offered 2 stock dividends to existing shareholders on May, 2013 (5:1) and on September, 2013 (2:1)

• WHA is rated A- with stable outlook by Fitch Ratings (Thailand)

ESTABLISHMENT OF PUBLICLY LISTED FUND (WHAPF)

Establishment of WHAPF (initially known as M-WHA) with the total fund size of THB 1,283mm or USD 42.77mm with total leasable area of 39,808.80 sqm of 2 warehouses and 1 factory

ESTABLISHMENT OF WHA CORPORATION

WHA Corporation was founded on September 25, 2007 with a registered capital of THB 170mm by Mr.Somyos Anantaprayoon, founder, and Mrs.Jareeporn Jarukornsakul, cofounder. WHA Corporation focuses on developing high quality of warehouses, distribution centers, and factories to suitly serve the demand of the clients

WHA’S FIRST & THE BIGGEST DCs IN SEA

Establishment of Warehouse Asia Alliance (partner with GLOMAC, Malaysia) and WHA Alliance (partner with CWT, Singapore) to develop distribution centers for DKSH healthcare and consumer on Bangna-Trad km.19 and km.20 each with the leasable area of 53,000 sqm

KEY MILESTONES AND DEVELOPMENTS

2

PRE-IPO RESTRUCTURING • WHA Corporation restructured

itself by acquiring 99.99% of WHA Alliance from CWT (Singapore) and co-founder, as well as 99.99% of Warehouse Asia Alliance from GLOMAC (Malaysia) and co-founder to become WHA Corporation’s subsidiaries.

• Development of first warehouse farm on Bangna-Trad km.18 with the leasable area of 72,179.48 sqm

2007

20

06

2010

20

11

IPO AND LISTED COMPANY • Monetization of 3 warehouses and 1

factory to WHAPF with the value of THB 1,827mm (107,277 sqm)

• On Nov 8, 2012, WHA Corporation became to be listed Co. and first traded in SET, raising up the capital to THB 1,709mm or USD 56.97mm

• The post-IPO paid-up capital was THB 510mm

2013

20

12

NEW OPPORTUNITIES • Establishment of WHA REM to pave the way to

set up new WHA REIT • Commence of solar energy sale revenue

recognition in May • More value-added services focus i.e. cold

storage, online warehouse, and other comprehensive services

• Tap into built-to-suit office and acquire a new office place on Vibhavadi-Rangsit Rd.

• Executed Share Purchase Agreement with major shareholders of Hemaraj

• Establishment of WHART with the fund raising of THB 4,603mm, divided into the fund size of THB 3,108mm, debt of THB 1,370mm and deposit of THB 125mm

2014

20

15

WHA GROUP AT A GLANCE

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 41.0 billion/1.

3

Remarks.: /1 information as of March 4, 2016

ABOUT WHA CORPORATION PCL.

AGENDA

I. Business Overview

IV. Recent Developments & Key Events

VI. Appendix V. FY2015 Financial Performance

II. Key Business Plan 2016 III. Updated Business Performance

4

iv) Power Business

i) Industrial Estate Business

ii) Utilities Business ii) Logistics & Industrial Properties Business

BUSINESS OVERVIEW

• Gulf JP: Hemaraj holds 25.01% equity in GJP NLL, a 126 MW SPP project located in Hemaraj Rayong Industrial Land

• Dividend: Return from investment in WHART, WHAPF, HPF, and WHABT

• Property Fund Management Fee: Fee from acting as property manager for WHART, WHAPF, HPF, and WHABT

• REIT Manager Fee: Fee from acting as REIT manager for WHART and WHABT

• Current: 4 existing property funds

and REITs which are WHART, WHAPF, HPF, and WHABT with total fund raised of approx. THB 26,659.5 mm

• Future: 1 upcoming REIT i.e. HREIT will be established within Q2’16

• Built-to-Suit Office: Offices that are customized to customers’ specific requirements i.e. Multi-purpose offices

• Office Complex: Offices that serve both anchor clients and other small-scale clients on the same building

• Built-to-Suit (BTSW): World-class standard warehouses and factories for customers’ specific needs

• 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

• Ready-Built Factory (RBF): Factories with size from 500 sq.m. to 9,900 sq.m. are proposed to manufacturers in order to fit their requirements with a quick entry

• Ready-Built Warehouse (RBW): Warehouses for tenants who need a smaller space to serve their immediate need. RBWs are located in both warehouse farm projects and logistic parks

• Other utilities and services

including communication access, mobile phone, security system, road system, flood control system, electricity supply, soil condition, natural and industrial gases

• Water supply business

including raw, potable and clarified, and waste water

• Water Treatment • Waste Water Treatment system

Small Power Producer (SPP)

Solar Roof

Renewable Energy e.g. Waste-to-Energy,

Wind Energy

• Thailand No.1 Industrial Estate

developer with full range of complement business to support world-class customers

• Target high-end infrastructure intensive industrial customers with various clusters i.e. automotive, petrochemical, steel/ metal power and electronics

• Recognition of quality by customers, communities, and authorities

Water/ Waste Water Treatment

Other Utilities and Services

Industrial Estates Management

Industrial/ Logistics Facility

Commercial Office

Growth Platform

Build-Up Recurring Income

• GHECO-ONE: Hemaraj holds

35% of a Glow (GDF Suez Energy International) Hemaraj joint venture IPP (660MW coal) in order to supply power to EGAT

• Houay Ho Hydro Power: Hemaraj holds 12.75% of the Houay Ho hydro power project (152 MW) that operates in Laos under a 30-year concession from the Laos government.

• Glow IPP: Hemaraj holds 5% equity in Glow IPP, a 713 MW IPP power project located in Hemaraj Chonburi Industrial Estate

Independent Power Producer (IPP)

Power Industrial Estate Properties Utilities

Rental Properties REIT/ Property Fund Platform

5

The Group offers a Total Solution Package—comprehensive, customized, and best-in-class

COMPREHENSIVE ONE-STOP SERVICE

6

INDUSTRIAL ESTATE

RENTAL PROPERTIES

POWER

UTILITIES (water)

8 operating and 3 developing industrial estates in Thailand’s most strategic location totaling 45,203 rai (18,081 acres) of land

Quality developed land with supporting infrastructure

3Yr (2012-2014) average land sale of 1,659 rai with 20 to 60 new contracts per annum of which 20% to 40% from existing customer expansions

Supply of raw, potable, and clarified water with total demand over 60 mm cubic meter/year

Industrial services e.g. facility management and waste water treatment with total demand of 30 mm cubic meter/year

Average daily water demand of ~261,000 m3 with increasing growth rate originated from power plants

Total ~538 equity MW with PPA signed 5 existing projects totaling ~318 operational equity MW (COD) Additional 7 new projects totaling ~220 equity MW (non-COD,

Negotiating SPA) Partner with international power experts i.e. Glow, Gulf JP and B-Grimm Total solar rooftop with COD approx. 4.1 MW and equipped with combined

capacity of 2 million sqm. of roof area which can generate up to 200 MW

Built-to-Suit or Ready-Built warehouse and factory both in prime logistic location and in industrial estate

Warehouse Farm Built-to-Suit office and Office

Complex

Clients can choose to buy developed land in the Industrial Estate and build their own factories or let us build the customized high-standard ones and lease them from us.

We provide both Built-to-Suit and Ready-Built warehouses in Industrial Estate and Industrial Park to support full chain of clients’ operation.

We offer Built-to-Suit warehouses and distribution centers in prime logistics location for warehousing and distribution operation.

We provide a wide range of complementary businesses such as water, power, waste management, and other industrial services to support clients’ operation in Industrial Estate.

REIT/ PROPERTY FUND PLATFORM

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 6,502.7mm /3 THB 9,390.6mm THB 4,700.0mm THB 2,020.0mm No more than [THB 6,750 mm]

Total Fund Raised THB 9,501.7 mm THB 9,932.8mm THB 4,700.0mm THB 2,525mm No more than [THB 9,500mm]

NAV per unit/2 THB 9.88 THB 10.32 THB 10.20 THB 10.09 -

Market Price per unit/4 THB 10.00 THB 11.80 THB 9.10 THB 10.10 -

Established Year 2014 2010 2013 2015 [2015]

Ownership WHA holds 18.28% 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

Remarks: /1 Information as of 3 March 2016 /2 NAV per unit as of 31 December 2015 /3 Par value as of 25 December 2015

WHA has currently established 2 property funds and 2 REITs with the total fund raised c. THB 26,659.5 mm/1. It is planned to set up one more industrial REIT within mid Q3’16.

H-REIT/1 HPF WHABT WHAPF

EXISTING REIT & PROPERTY FUND UPCOMING REIT

7

/4 Information as of 3 March 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.

(Registered Capital THB 1,567.8 mm and Paid-up Capital THB 1,432.2 mm)

8

Group Structure

Remarks: /1 The company is 99.96% held by WHA Corporation (Hong Kong), which is 100% held by WHA Corporation PCL /2 NAV per unit as of 31 December 2015

Warehouse Asia Alliance

Registered and Paid-up Capital – THB 310 mm

WHA Alliance

Registered and Paid-up Capital – THB 260 mm

WHA Infonite Holding

Registered – THB 10 mm

Paid-up – THB 2.5 mm

WHA KPN Alliance

Registered and Paid-up Capital – THB 768mm

Central WHA Alliance

Registered – THB 10 mm

Paid-up – THB 2.5 mm

WHA Real Estate Management

Registered and Paid-up Capital – THB 10 mm

PT WHA International Indonesia/1

Registered and Paid-up

Capital – US 2.0 mm

Hemaraj Land and Development PCL.

Registered – THB 6,000mm

paid-up Cap – THB 3,882mm

WHAPF

NAV per unit –THB 10.32/2 Paid-Up Capital–THB

9,391 mm

WHART

NAV per unit –THB 9.88/2 Paid-Up Capital–THB 6,502.7

mm

WHABT

NAV per unit –THB 10.09/2 Paid-Up Capital–THB 2,020 mm

76%

24%

Acquisition ValueFreehold Leasehold

29%

71%

Acquisition valueFactory Warehouse & DC

67%

33%

Area (Sqm.)Freehold Leasehold

23%

77%

Area (Sqm.)Factory Warehouse & DC

70%

30%

Acquisition ValueFreehold Leasehold

100%

Acquisition valueFactory Warehouse & DC

61%

39%

Area (Sqm.)Freehold Leasehold

100%

Area (Sqm.)Factory Warehouse & DC

88%

12%

Acquisition Value Freehold Leasehold

72% 28%

Area (Sqm.) Freehold Leasehold

100%

Acquisition Value Office

100%

Area (Sqm.) Office

99.9% 99.9% 99.9% 99.9% 65% 50%

18.28%

98.54%

15.0% 15.0%

WHA Gunkul GSR

5 newly setup JVs with

Gunkul for solar roof proj.

75% 89.9%

Non-Listed Companies

Listed Companies

Shareholding Information

Major Shareholder/2

Shareholder No. of Share/3 %

1) WHA Holding Co., Ltd. 3,299,166,810 25.10

2) Ms. Jareeporn Jarukornsakul 1,696,764,930 12.91

3) Mr. Somyos Anantaprayoon 1,594,031,670 12.13

4) UBS AG Hong Kong Branch 1,002,272,720 7.63

5) STATE STREET BANK EUROPE LIMITED 918,276,440 6.99

6) Mr. Sompong Chonkadeedumrongkul 475,800,000 3.62

7) Mr. Sompong Chonkadeedumrongkul by Asset Plus 427,000,000 3.25

8) Mr. Wutt Jarukornsakul 193,820,000 1.47

9) Thai NVDR 132,375,092 1.01

10) Ms. Nalinrat Sae aeung 129,190,980 0.98

• Major shareholder 57.77 %

• Other pre-IPO shareholder /1 6.23%

• Post-IPO Investors 36.00%

Share Overview

Remarks: /1 Relatives and management directors are included in other pre-IPO shareholder portion . /2 Shareholder information as of September 14, 2015 /3 The Number of share adjusted impact of par split with new par value of THB 0.1 /4 Major shareholder holds 57.77% of the total outstanding shares. /5 Market capitalization are calculated based on market price on March 4, 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 40,962.15 mm

Market Capitalization USD 1,107.44 mm

Average 1-Year Daily Turnover THB 135.37 mm

Share Issued (share) 13,143,978,660

12-Month High/Low Price /6 THB 4.20/2.56

Foreign Limit 49%

Dividend Policy ≥40% of Net profit

Major Shareholder /4

SHAREHOLDING INFORMATION

9

Paid-up Capital (THB 1,432.2 mm)

WHA GROUP’S BUSINESS PLATFORM AND STRATEGIES

10

Fully Integrated Industrial & Logistics Facility Developer to Provide Total Solution for Both Inbound And Outbound Investment Opportunities

Realignment of Recurring Income Base from Industrial, Logistic, Utility & Power, And Digital Hub

Asset-Light Model by Recycling Capital to Enhance Shareholder Value

New Product Initiatives by way of Partnership with Various Strategic Investors

1

2

3

4

Upward Integration Complementary Business

Industrial Estate

Built-to-suit

• Utilities (Water) • Power

Horizontal Integration

• Warehouses • Factories

Ready-built Factories

11

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

1) FULLY INTEGRATED INDUSTRIAL & LOGISTIC FACILITY DEVELOPER READY FOR INBOUND AND OUTBOUND INVESTMENT OPPORTUNITIES

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

2) REALIGNMENT OF RECURRING INCOME BASE FROM INDUSTRIAL, LOGISTICS, UTILITY & POWER, AND DIGITAL HUB

• To become one-stop service for Data Center developer and provider by way of business collaboration with reputable partners

• Be part of the Government Initiative to promote digital economy

• Existing 8 operating and 3 developing IEs in strategic cluster to serve key sectors in Thailand - total of 45,198 rais (18,079 acres)

• Net sellable area approx. 10,000 rais (3,950 acres) consisting of 3,300 rais of operating IE and 6,700 rais developing IE

• Potential geographical expansion in cross-border provinces and overseas 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 of 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 our customers in Industrial Estates & Strong Partnership with leading power operators”

Fully Integrated Business

Model

12

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

13

3) ASSET-LIGHT MODEL BY RECYCLING CAPITAL TO ENHANCE SHAREHOLDER VALUE

4) NEW PRODUCT INITIATIVES BY WAY OF PARTNERSHIP WITH VARIOUS STRATEGIC INVESTORS

14

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-

Modal 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 on 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

AGENDA

I. Business Overview

IV. Recent Developments & Key Events

VI. Appendix V. FY2015 Financial Performance

II. Key Business Plan 2016 III. Updated Business Performance

15

iv) Power Business

i) Industrial Estate Business

ii) Utilities Business ii) Logistics & Industrial Properties Business

KEY BUSINESS PLAN 2016

Industrial Hub Logistics Hub Utilities & Power Hub Digital 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 of 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 portable 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 1,000 rais • 50-50 Auto vs Non-Auto by

number of contract

• Pre-leased/ new contract area 250,000 sqm

• 10% growth in utilities revenue

• 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 6,500mm

Unlock value under Hemaraj assets at the right time • Monetization of RBF/RBW to H-REIT: THB

6,500mm (net proceed) during Q2 2016 • Listing of utility & power during Q4 2016

Free to mobilize the cash flow within the group after delisting

To issue the Bond and B/E to mainly refinance the high cost of loan and support business expansion

16

KEY EARNING OUTLOOK

17

Leader in Industrial & Logistics in the Region

with Comprehensive Utilities and Power

Business

Post-Merger Integration

Completion of Debt Take-Out

Plan

Solid Platform for Multi-Modal Expansions

• Substantial debt take-out to lower interest cost every year without significant impact on recurring earning/ cash flow

• Potential group restructuring to fully integrate the business platform e.g. share swap

• Expand to selected new frontiers • Recurring gain from monetization

program

Post-Merger Transition

• New business ventures to fulfill group policy

• Full realization of utility and power business

• Full business collaboration and synergy with in the group

• Full enhancement of productivity of human capital

Solid Geographical Expansion & Multi-Modal Effect

2015

onwards

2017

Total Consideration THB 43,258 mm /1

Equity THB 11,367 mm

Bank Loan (WHA)/2

THB 31,891 mm

LT Loan (7 Yr)

THB 6,037 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

RECAP - OVERALL ACQUISITION FUNDING STRUCTURE

18

THB 25,854 mm

THB 23,891 mm

Bridging Loan (2 Yr)

19 Strictly Private & Confidential Remark: 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 operating loan 19

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. Refinance by Other Financial Instruments 4,250 WHA 4,250 Dec 2015

5. Net proceeds for Repayment from WHA-W2 exercise 3,181 WHA 3,181 Dec 2015

6. Net proceeds for Repayment from WHA’s WH #1 3,729/1 WHA 1,206 Dec 2015

7. Additional Loan for Tender Offer to delist Hemaraj (2,419) WHA (2,419) Mar 2016

Total Interest Payment (Mar’15 – Feb’16) (1,350)

Net Loan Repayment 10,936

Completed

The Remaining Acquisition Loan THB 20,955 mm

ACTUAL REPAYMENT OF THE ACQUISITION LOAN

Remark: Excluding the proceeds from WHA’s asset monetization

EXPECTED REPAYMENT PLAN FOR ACQUISITION LOAN

20

Remaining Acquisition Loan

THB 20,955 mm

Internal Cash

THB 1,000 mm

(Q1’ 2016)

Net proceeds monetization from

HREIT

THB 6,500 mm (Q3’ 2016)

Sale of Existing Shares

Long-Term Loan Push Down

Hemaraj’s Utilities & Power Spin off

THB 13,000 mm (Q4’ 2016)

Net proceeds monetization from

HREIT (Cap 1) THB 2,000 mm

21 Strictly Private & Confidential

Consolidated Gearing Ratio 2.99x

3.42x 3.33x

2.22x 2.28x 2.23x 1.72x

1.33x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

1Q'2015 2Q'2015F 3Q'2015F 4Q'2015F 1Q'2016F 2Q'2016F 3Q'2016F 4Q'2016F

GEARING RATIO

21

Projected Gearing Ratio - Excluding the impact of normal debt arising from normal CAPEX

WHA Office REIT

Proceed from Warrant Exercise

WHART Capital Increase

Utilities & Power Spin-Off

WHART Capital Increase Hemaraj REIT

Covenant 2.5x

AGENDA

I. Business Overview

IV. Recent Developments & Key Events

VI. Appendix V. FY2015 Financial Performance

II. Key Business Plan 2016 III. Updated Business Performance

22

iv) Power Business

i) Logistics & Industrial Properties Business

ii) Utilities Business ii) Industrial Estate Business

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

294,261

Remarks: These areas include leased area, pre-lease area, and area available for lease

Unit: Sqm.

88,913 141,619 141,619 169,433 192,341

298,139

505,051

1,108,740

891,286

Area of Group-Own Assets Area of Assets Under Management

LOGISTICS & INDUSTRIAL PROPERTIES BUSINESS - OVERVIEW

23

• 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.

OVERVIEW

Total

1,975,792 Sqm.

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 of Thailand

Remark: Portfolio as of 30 September 2015

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

297 rais

75 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 1,420 Rais WHAPF/WHART 724 Rais

135 rais

Up-Country (Khonkaen, Surathani, Lumpoon)

- To serve client’s business expansion 5

Total = 254 rais

Total = 140 rais

Conversion function: 1 rai = 0.4 acre = 0.16 hectare

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

24

LOGISTICS PROPERTIES - LOCATIONS

Lam Luk Ka 79 rais

Amata City 25 rais

Bang Bua Thong 19 rais

Logistics & Industrial Properties Business

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

Key Takeaways

During 2015, WHA secured pre-lease area/ new contracts for 203,028 sqm. beat the target of 200,000 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 31,328 sqm. Net completed The company has land bank for logistic properties approx. 742,000 sqm.

Developed/ Developing & Occupied area for 2006-2015

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

OR 100% 100% 100% 100% 100% 100% 100% 100% 80% 92%

IMPRESSIVE TRACK RECORD OF GROWTH

25

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

294,261

389,982

147,086

256,434

258,330 152,532

Unit: Sqm.

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

Logistics & Industrial Properties Business

WHA Group’s tenants are mainly the reputable MNCs

WELL – KNOWN TENANT PROFILE

26

Logistics & Industrial Properties Business

Remark: Portfolio as of 31 December 2015

WHA Group’s tenants are mainly the reputable MNCs

USA Europe Thai Japan Asia

WELL – KNOWN TENANT PROFILE

27 Remark: Portfolio as of 31 December 2015

Logistics & Industrial Properties Business

WHA Group’s tenants are mainly the reputable MNCs

Remark: The information, shown in charts above, are calculated from leasable area (sqm.) *FMCG means Fast Moving Consumer Goods **3PLs means Third Party Logistics

WHA WHAPF WHART

WHA

WELL – KNOWN TENANT PROFILE

28

Contract Term Nationality Industry

Contract Term Nationality Industry

Remark: Portfolio as of 31 December 2015

Logistics & Industrial Properties Business

19%

14%

24%

43% <3 Y

3-4 Y

5-8 Y

≥ 9 Y

12%

27%

25%

25%

11% Asia

EU

JP

TH

USA

27%

53%

20% 3PLS**

FMCG*&Healthcare

Manufacturing

35%

53%

12%

3PLS**

FMCG*&HealthcareManufacturing

23%

12%

11%

54%

<3 Y

3-4 Y

5-8 Y

≥ 9 Y

4% 4%

25%

61%

6% Asia

EU

JP

TH

USA

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

159,038 235,809 175,274

192,252 193,608

- 122,094 109,818 105,978

152,144 155,132 161,117 164,937 164,937

159,038

235,809

297,368 302,070 299,586

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

2011 2012 2013 2014 2015

RBF Rented Area

Cumulative Rent of RBF under HRD Cumulative Rent of RBF under HPF

Sold under HRD

sqm

16,820

72,145

82,435

100,082

0

20,000

40,000

60,000

80,000

100,000

120,000

2012 2013 2014 2015

sqm RBW Rented Area

RBW Cumulative Rent

INDUSTRIAL PROPERTIES - PERFORMANCE

29

Logistics & Industrial Properties Business

AGENDA

I. Business Overview

IV. Recent Developments & Key Events

VI. Appendix V. FY2015 Financial Performance

II. Key Business Plan 2016 III. Updated Business Performance

30

iv) Power Business

i) Logistics & Industrial Properties Business

ii) Utilities Business ii) Industrial Estate Business

No. 1 by Land Sale with more than 31% market share over the past decade

31

Industrial Estate Business INDUSTRIAL ESTATE BUSINESS - PERFORMANCE

1,670

2,317 2,200

665

1,043

-

500

1,000

1,500

2,000

2,500

2011 2012 2013 2014 2015

Year Market (rai) Hemaraj (rai) % Market

9M15 1,478 512 35%

2014 1,730 665 38%

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 32,976 10,059 31%

Our Land Sales Record and Market Share

31% Market Share with 10,059 rai of Total Land Sales

from year 2008 until now

AGENDA

I. Business Overview

IV. Recent Developments & Key Events

VI. Appendix V. FY2015 Financial Performance

II. Key Business Plan 2016 III. Updated Business Performance

32

iv) Power Business

i) Logistics & Industrial Properties Business

ii) Utilities Business ii) Industrial Estate Business

A slight decrease in utility demand due to lower raw water consumption mainly as a result of Glow IPP Plant shut down

24.8 23.4 22.0 21.2 18.7

28.4 34.6 38.5

41.4 42.8

23.8 28.4 29.5

31.3 32.4

53.3 58.0

60.5 62.6 61.6

2011 2012 2013 2014 2015

Raw Water Potable & Clarified Water Waste Water

Water Type

5-Y CAGR (Latest)

Raw Water, Potable Water, Clarified Water

+3.7%

Waste Water +8.0%

(Million cubic meter/year)

Utilities Business UTILITIES BUSINESS - PERFORMANCE

33

AGENDA

I. Business Overview

IV. Recent Developments & Key Events

VI. Appendix V. FY2015 Financial Performance

II. Key Business Plan 2016 III. Updated Business Performance

34

iv) Power Business

i) Logistics & Industrial Properties Business

ii) Utilities Business ii) Industrial Estate Business

Project Type Fuel Location Ownership Total MW

Equity MW COD (Yr)

Operating Phase Glow IPP IPP Gas H-CIE 5.00% 713 35.7 2001 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 Cogen Gas H-RIL 25.01% 126 31.5 2013

Gulf Solar VSPP Solar Rooftop RBF/HLP 25.01% 0.6 0.15 2014

Operating total 19.24% 1,652 317.8

We continue expanding our quality portfolio of power investment, with 538 MW of equity capacity in operation by 2019

Current Portfolio Committed Portfolio

Project Type Fuel Location Ownership Total MW

Equity MW COD (Yr)

Under Development Bowin Clean Energy w/B Grimm SPP Cogen

Gas H-CIE 25.01% 132 33.0 2016

GVTP w/Gulf Mitsui SPP Cogen Gas ESIE 25.01% 130 32.5 2017

GTS1 w/Gulf Mitsui SPP Cogen Gas ESIE 25.01% 130 32.5 2017

GTS2 w/Gulf Mitsui SPP Cogen Gas ESIE 25.01% 130 32.5 2017

GTS3 w/Gulf Mitsui SPP Cogen Gas H-ESIE 25.01% 120 30.0 2017

GTS4 w/Gulf Mitsui SPP Cogen Gas H-ESIE 25.01% 120 30.0 2018

GNLL2 w/Gulf Mitsui SPP Cogen Gas H-RIL 25.01% 120 30.0 2019

Development total 25.01% 882 220.5

318 Operating Equity MW in 2015 538 Operating Equity MW in 2019

Power Business

POWER BUSINESS - PERFORMANCE

35

AGENDA

I. Business Overview

IV. Recent Developments & Key Events

VI. Appendix V. FY2015 Financial Performance

II. Key Business Plan 2016 III. Updated Business Performance

36

iv) Power Business

i) Industrial Estate Business

ii) Utilities Business ii) Logistics & Industrial Properties Business

1

2

3

2 Projects to be injected in WHART with the total

leasable area of 161,000 sqm. Assets to be monetized to WHART (Second

capital increase) in 4Q2016

WHABT has been successfully set up on 4 Nov 2015 Asset transfer to WHABT was completed on 6 Nov 2015 Total net proceeds of THB 2,075 mm has been used to

repay acquisition loan

Three batches of debenture totaling

THB 2,750 mm were issued in 3Q2015 Another two batches of THB 450 mm have been

issued after 3Q2015 4

Completion of Office

Monetization

New Bond Issuance

Upcoming Asset

Monetization to WHART

Tender Offer result: additional shares acquisition of 5.66% of outstanding shares resulting in 98.54% stake in Hemaraj

Effective delisting: 2 March 2016

RECENT DEVELOPMENTS/KEY EVENTS

37

Completion of Delisting of HEMRAJ

Completion of Asset

Monetization

5 WHA-W2 Exercise

Joint Venture with CRC

6

7

WHART has an average asset age of 2 years Total net proceeds of THB 3,724 mm THB 2,454 mm was used to repay project financing

loan while THB 600 mm of the net proceeds was used to repay acquisition loan. The remaining amount is kept as working capital

Last exercise of warrants pursuant to WHA-W2 was

completed on December 14, 2015 Net proceed from WHA-W2 exercise of total THB 3,181

mm has been used to repay acquisition loan The newly issue shares are traded on January 14, 2016

JV agreement signed on 15 Dec 2015 To conduct rental business on land area of approx. 316 rai

located in Wangnoi Total leasable area of approx. 250,000 sq.m.

(approx. 85,000 sq.m. will be leased to CRC group)

COMPLETION OF OFFICE MONETIZATION

Office Monetization 1

RECENT DEVELOPMENTS/KEY EVENTS (CONT’D)

38

1

Asset SJ I Infinite Business Complex

Ownership Land: Freehold ownership

Building: Freehold ownership

Leasable Area

GFA: 42,905 sqm.

NLA: 21,993 sqm.

Completion Date 2014

Asset Bangna Business Complex

Ownership Land: Leasehold right (30 years)

Building: Freehold ownership

Leasable Area

GFA: 9,860 sqm.

NLA: 9,335 sqm.

Year Operate 2014

WHABT was set up on 4 Nov 2015 Transfer of assets to WHABT was

completed on 6 Nov 2015 Total net proceeds of THB 2,075 mm has

already been used to repay acquisition loan

COMPLETION OF ASSET MONETIZATION

Completion of Asset Monetization

2

RECENT DEVELOPMENTS/KEY EVENTS (CONT’D)

39

2

WHART has an average asset age of 2 years

Total net proceeds of THB 3,724 mm

THB 2,454 mm was used to repay project financing loan while THB 600 mm of the net proceeds was used to repay acquisition loan. The remaining amount is kept as working capital

Asset WHA Mega

Logistics Center Wangnoi 61

Ownership Leasehold right (30 years)

Leasable Area

Warehouse: 61,182 sqm

Roof: 26,472 sqm

Completion Date 2014

Asset

WHA Mega Logistics Center Chonlaharnpichit km 4

Ownership Freehold

Leasable Area

Warehouse: 80,746 sqm

Roof: 68,384 sqm

Completion Date 2014

Asset WHA Mega

Logistics Center Saraburi

Ownership Freehold

Leasable Area

Warehouse: 32,986 sqm

Roof: n/a

Completion Date 2014

NEW BOND ISSUANCE

New Bond Issuance 3

RECENT DEVELOPMENTS/KEY EVENTS (CONT’D)

40

3

8 Sep 2014 THB 2,000 mm

10 Oct 2015 THB 250 mm

12 Nov 2015 THB 200 mm

23 Jul 2015 THB 400 mm

2 yrs 3.95%

Type THB, unsecured and unsubordinated debentures

Placement PP to institutional and/or high-net-worth investors (except for the THB 2,000 mm issue, which is PO)

3 yrs 4.15%

2 yrs 3.70%

11 Sep 2014 THB 350 mm

2 yrs 3.70% 2 yrs 3.70%

PO

Delisting of HEMRAJ 4

4 COMPLETION OF DELISTING OF HEMRAJ

RECENT DEVELOPMENTS/KEY EVENTS (CONT’D)

41

Delisting Process Date

HEMRAJ submitted Delisting Application (Form 10-7) 4 Nov 2015

SET informs HEMRAJ the delisting result 13 Nov 2015

Tender Offer period (45 business days) 3 Dec 2015 – 9 Feb 2016

SET announces the delisting of HEMRAJ 24 Feb 2016

Effective delisting of HEMRAJ 2 March 2016

EXECUTED TIMELINE

Asset Approx. NLA Snapshot

WHA Mega Logistics Center Lardkrabang Lardkrabang, Bangkok

96,000

sqm

WHA Mega Logistics Center Chonlaharnpichit km 5 Chonlaharnpichit Rd, Samutprakarn

65,000

sqm

• Total net leasable area to monetize in this round of divestment is 161,000 sqm. • Expected total sale value to WHART of approx. THB 4,200 – 4,400 mm

* All the remaining buildings have already been monetized into WHAPF

Upcoming Asset Monetization 7

UPCOMING ASSET MONETIZATION TO WHART 7

RECENT DEVELOPMENTS/KEY EVENTS (CONT’D)

42

AGENDA

I. Business Overview

IV. Recent Developments & Key Events

VI. Appendix V. FY2015 Financial Performance

II. Key Business Plan 2016 III. Updated Business Performance

43

iv) Power Business

i) Industrial Estate Business

ii) Utilities Business ii) Logistics & Industrial Properties Business

PERFORMANCE AND LONG-TERM OUTLOOK BY BUSINESS

44

RENTAL PROPERTY BUSINESS SALE OF PROPERTY BUSINESS

1,300

380

1,680

2019

OUTLOOK

4,660

6,980

11,640

2019

OUTLOOK

Consist of monetization of assets and sale of industrial estate

Consist of monetization of assets

UTILITIES BUSINESS

OUTLOOK

60

1,750

1,810

2019

OUTLOOK

Consist of share of profit from power business WHA 2019 – based on the assumption that

solar rooftop business will be conducted under WHA itself rather than under JV, hence revenue instead of share of profit will be realized by then

470

280

750

2019

OUTLOOK

POWER BUSINESS PM RM DIVIDEND & OTHERS

Unit: THB mm

Growth

WHA HEMRAJ

Consist of property and REIT management fee, dividend from property fund and REIT, share of profit from property fund, and other income

TOTAL REVENUE & SHARE OF PROFIT

Rental property Sale of propertiesUtilities PowerPM RM Dividend & Others

OUTLOOK

Remark: The graphs shown include share of profit from JV’s and Associates in relation to each business

-

2,840

2,840

2019

1,562

1,562

2015

2 6

974

2

979

54,588%

2014 2015

500 551 1,409 1,680

6,585

4,337

8,466

11,640 -

-

1,562

2,840

-

2

979

1,810

82

160

686

750

7,168

5,050

13,102

18,720

2013 2014 2015 2019

7,169 5,058 12,064 Revenue

(1) (8) 1,038 Share of profit

Unit: THB mm

Unit: THB mm

360 500 551 735

675

360 500 551

1,409

2 0 1 2 A 2 0 1 3 A 2 0 1 4 A 2 0 1 5 A

1,809

6,585 4,337 4,502

3,964

1,809

6,585

4,337

8,466

2 0 1 2 A 2 0 1 3 A 2 0 1 4 A 2 0 1 5 A

45 82 160

239

447

45 82 160

686

2 0 1 2 A 2 0 1 3 A 2 0 1 4 A 2 0 1 5 A

2 0 1 4 A 2 0 1 5 A

2 0 1 5 A

OVERALL PERFORMANCE

45

HISTORICAL PERFORMANCE Unit: THB mm

Despite the increase in the interest expenses after the acquisition of HEMRAJ, the post-acquisition acquisition has proved to outperform, growing significantly from the previous year. Net income rose by THB 975 mm or 100% from 2014.

EBIT stood at THB 4,538 mm in 2015, increased by 203% from 2014. Remark: Net income attributable to the parent company

2,213

7,169

5,058

12,064

402

1,895 1,497

4,538

212

1,463 979 1,954

2012 2013 2014 2015

Toal revenue EBIT Net income

45 82 160

239

447

45 82 160

686

2012 2013 2014 2015

WHA HEMRAJ

2 6

974

2

979

2013 2014 2015

-

1,561

1,561

41%

2015

1,809

6,585 4,337 4,502

3,964

1,809

6,585 4,337

8,466

11%25% 30% 28%

2012 2013 2014 2015

WHA HEMRAJ Margin

REVENUE STRUCTURE

46

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

360 500 551 735

675

360 500 551

1,409

65% 64% 60% 69%

2012 2013 2014 2015

WHA HEMRAJ Margin

Revenue figures referred to contribution of HEMRAJ’s performance to consolidated FS from the period of 17 Mar 2015 to 31 Dec 2015 (not full-year performance) Gross profit margin on consolidated FS is different from that on HEMRAJ stand-alone FS from the effect of PPA adjustment after the acquisition

2013 2014

HEMRAJ’s full-year performance: THB 869 mm Actual GPM of HEMRAJ’s contribution before PPA: 87%

HEMRAJ’s full-year performance: THB 1,923 mm Actual GPM of HEMRAJ’s contribution before PPA: 45%

HEMRAJ’s full-year performance: THB 1,232 mm

HEMRAJ’s full-year performance: THB 4,679 mm Actual GPM of HEMRAJ’s contribution before PPA: 38%

HEMRAJ’s full-year performance: THB 505 mm

2015 GROSS PROFIT BREAKDOWN 2015 REVENUE BREAKDOWN

REVENUE AND GROSS PROFIT BREAKDOWN

47

Unit: THB mm Unit: THB mm

TOTAL THB 13,102 mm

TOTAL THB 5,672 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

Rental property1,409 11%

Sale of Industrial Estates

3,930 30%

Sale of IP's4,536 35%

Utilities1,561 12%Power

979 7%

Others686 5%

Rental property969 17%

Sale of Industrial Estates

1,275 23%

Sale of IP's1,118 20%

Utilities645 11%

Power979 17%

Others686 12%

Recurring vs Non-Recurring = 35:65 Recurring vs Non-Recurring = 57:43

1,095 983 2,186 4,070 - - -

15,425

1,862 2,225 3,305

3,987

- --

9,352

3,937 6,167

7,959

14,639

--

-

21,520

1,404 1,673

2,502

10,102

8,298

11,049

15,952

79,095

33%

44%

396%

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

0

10000

20000

30000

40000

50000

60000

70000

80000

2012 2013 2014 2015

Cash & ST investments

Cost of real estate developments

Non-current assets held for sale

Investment in associates

Investment properties

Intangible assets & goodwill

Others

growth

Unit: THB mm

CAPITAL STRUCTURE ASSETS Unit: THB mm

RETURN ON INVESTMENT

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

With Hemaraj, the IP’s has significantly increased to THB 14,639 mm in 2015. Intangible assets & goodwill of THB 21,520 mm resulted from the PPA after

the acquisition. Hemaraj contributed Cost of Real Estate Developments of THB 15,425 mm

and Investment in Associates of THB 9,352 mm to the consolidated balance sheet in 2015.

A drop in return on investment is partly due a significant increase in asset and equity base after acquisition of Hemaraj

BALANCE SHEET

48

5,410 6,895

11,472

57,436

2,887 4,154 4,480 21,659

1.87 1.66

2.56 2.65

1.46 1.25

2.34 2.20

1.08 1.01

1.86 2.01

-

1

2

3

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015

Liabilities Equity D/E IBD/E Net IBD/E

11.2%

41.6%

22.7%

14.9%

3.2%

15.1%

7.2% 4.1%

6.6%

20.0%

10.5% 10.6%

0%5%

10%15%20%25%30%35%40%45%

2012 2013 2014 2015

ROE ROA ROIC

2.45%B/E

1,700

4.84%Term Loan

2,562

5.04%Bond24,338

5.53%Acquisition Loan

18,537

DEBT PROFILE

49

END OF 2014 Unit: THB mm

END OF 2015 Unit: THB mm

4.85%Term Loan

3,308

4.31%Bond7,200

2.45%B/E

1,700

4.91%Term Loan

1,554

4.22%Bond10,400

5.53%Acquisition

Loan18,537

Weighted Average Interest Rate

4.91%

4.72%Term Loan

1,008

5.65%Bond13,938

Weighted Average Interest Rate

4.48%

149 183 295

2,284

1,823

1,292

2012 2013 2014 2015

Consolidated WHA's Acquisition loan

CONSOLIDATED FINANCE COST Unit: THB mm

WHA HEMRAJ

Weighted Average Interest Rate

5.13%

Weighted Average Interest Rate

5.59%

Unit: THB mm As of 31 Dec 2015

DEBT MATURITY PROFILE – EXCLUDING ACQUISITION LOAN

1,630

3,535 2,860

1,495

-600

- - 280

401

108

126

136

154

176

190 148 115

1,500

2,300

-

638

-

2,000

1,000

2,500 2,500

1,008

-

-

2016F 2017F 2018F 2019F 2020F 2021F 2022F 2023F 2024F

Bond: WHA Term Loan: WHA Bond: HEMRAJ Term Loan: HEMRAJ

4,539

5,943

2,986

2,269

154

2,776

1,190

2,648 2,895

Remark: Does not include loan related to acquisition of HEMRAJ

DEBT MATURITY PROFILE

50

AGENDA

I. Business Overview

IV. Recent Developments & Key Events

VI. Appendix V. FY2015 Financial Performance

II. Key Business Plan 2016 III. Updated Business Performance

51

iv) Power Business

i) Industrial Estate Business

ii) Utilities Business ii) Logistics & Industrial Properties Business

Consolidated Income Statement

(Unit: THB, mm) 2012 2013 2014 2015 Increase (Decrease) Revenue

Rental, service, and utilities income 359.9 500.5 551.1 2,970.7 2,419.6 439.0%

Income from sales of real estate 1,808.9 6,585.0 4,336.8 8,466.3 4,129.5 95.2%

Other income 44.7 83.5 169.8 627.1 457.3 269.3%

Total revenues 2,213.4 7,169.0 5,057.7 12,064.1 7,006.4 138.5%

Share of profit (loss) from JVs - (1.3) (7.7) (8.9) (1.2) -

Share of profit (loss) from associates - - - 1,046.9 1,046.9 -

Expenses

Cost of rental and service 126.0 179.0 219.0 1,356.9 1,137.9 519.6%

Cost of real estate 1,617.1 4,961.8 3,050.1 6,073.7 3,023.6 99.1%

Selling expense - - - 230.5 230.5 -

Administrative expenses 68.1 131.8 283.3 902.8 619.5 218.6%

Total costs 1,811.2 5,272.5 3,552.5 8,563.9 5,011.5 141.1%

EBIT 402.3 1,895.2 1,497.5 4,538.2 3,040.7 203.1%

Finance costs 149.3 182.9 294.8 2,284.3 1,989.5 674.8%

EBT 253.0 1,712.3 1,202.7 2,253.9 1,051.3 87.4%

Income tax 40.6 248.9 224.1 87.0 (137.0) -61.2%

Net income 212.4 1,463.5 978.6 2,166.9 1,188.3 121.4%

Attributable to owners of the parent 212.4 1,463.5 978.6 1,953.7 975.1 99.6%

Attributable to non-controlling interest - - - 213.2 213.2 -

INCOME STATEMENT

52

Consolidated Balance Sheet (Unit: THB, mm) 2012 2013 2014 2015 Increase (Decrease) Current assets Cash and cash equivalents 978.7 319.8 370.9 2,554.7 2,183.8 588.7% ST investment 116.7 663.5 1,815.0 1,515.2 (299.8) -16.5% Non-current assets held-for-sale 1,861.6 2,225.1 3,305.0 3,986.7 681.8 20.6% Cost of real estate developments (net) - - - 15,425.3 15,425.3 - Other current assets 473.6 123.4 191.2 2,750.7 2,559.4 1338.3% Total current assets 3,430.5 3,331.8 5,682.2 26,232.6 20,550.5 361.7% Non-current assets Investment in available-for-sale 653.2 1,387.5 1,851.3 2,286.3 435.0 23.5% Investment in associates - - - 9,352.2 9,352.2 - Investment properties (net) 3,936.6 6,167.2 7,958.6 14,638.6 6,679.9 83.9% Leasehold rights (net) 165.0 64.0 52.9 51.0 (1.9) -3.5% Property, plant, and equipment (net) 26.2 43.4 66.8 3,842.1 3,775.3 5648.2% Intangible assets (net) - - - 4,184.8 4,184.8 - Goodwills - - - 17,335.6 17,335.6 - Other non-current assets 86.0 55.0 340.1 1,171.8 831.7 244.5% Total non-current assets 4,867.0 7,717.0 10,269.9 52,862.5 42,592.6 414.7% Total assets 8,297.5 11,048.9 15,952.0 79,095.1 63,143.0 395.8% Liabilities Bank overdrafts and ST borrowings 4.3 198.7 250.0 1,693.2 1,443.2 577.3% Trade and other payables 645.4 1,123.1 597.4 3,381.1 2,783.6 465.9% Current portion of LT borrowings – FN institutions 981.1 87.0 391.2 11,714.1 11,322.9 2894.3% Current portion of LT borrowings – Debenture - - - 3,175.0 3,175.0 - Other current liabilities 755.0 1,120.9 1,692.4 938.7 (753.7) -44.5% LT borrowings – FN institutions (net) 2,603.6 1,501.9 1,175.7 9,227.9 8,052.2 684.9% Debenture (net) - 2,695.3 7,190.8 21,777.2 14,586.5 202.9% Other non-current liabilities 421.0 168.1 174.4 5,529.2 5,354.7 3070.1% Total liabilities 5,410.5 6,895.1 11,472.0 57,436.4 45,964.4 400.7% Equity attributable to owners of the parent 2,887.1 4,153.8 4,480.0 18,655.8 14,175.7 316.4% Non-controlling interest - - - 3,003.0 3,003.0 - Total shareholders’ equity 2,887.1 4,153.8 4,480.0 21,658.7 17,178.7 383.4% Total liabilities and Shareholders’ equity 8,297.5 11,048.9 15,952.0 79,095.1 63,143.0 395.8%

BALANCE SHEET

53

BOARD OF DIRECTORS

47

Director Director and Management

Ms. Jareeporn Jarukornsakul Vice Chairman of Board of Directors Vice Chairman of Executive Committee Group Chief Executive Officer

Mr. Jakrit Chaisanit Director Member of Executive Committee Chief Operating Officer Director of CM

Mr. Arttavit Chalermsaphayakorn Director, Member of Executive Committee Chief Finance Officer

Mr. Somsak Boonchoyruengchai Director, Member of Executive Committee Director of Accounting

Dr. Somyos Anantaprayoon Chairman of Board of Directors Chairman of Executive Committee

Mr.Surathian Chakthranont Director

Mr. Narong Kritchanchai Director Member 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

Independent Director

55

1121 Moo.3 Theparak Rd., Theparak, A. Muang, Samutprakarn 10270 Thailand

Tel. +66 (0) 2 753 3750

Fax. +66 (0) 2 753 2750

e-mail: info@wha.co.th Website: www.wha.co.th

WHA Corporation PCL.