Compypany Presentation

October 2013 Disclaimer

The information contained in this presentpresentationation is provided by Ananda DevelDevelopmentopment PublicPublic Company Limited (the “ Company” ) to you solely for your reference. The information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and does not contain all material information concerning the Company. None of the Company or any of its members, directors, officers, employees or affiliates nor any other person makes any representation or warranty (express or implied) regarding, and assumes any responsibility or liability for, the accuracy or completeness of, or any errors or omissions in, any information or opinions contained herein. None of the Company or any of its members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss how soeve r a ris ing fro m a ny use of thi s pr esent ati on or it s cont ent s or oth erwi se ari sin g in conn ecti on th er ewith. Th e pr esentation sh oul d n ot be r egar ded by r eci pi ent s as a substitute for the exercise of their own judgment. The information contained in this document should be considered in the context of the circumstances prevailing at the time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation

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 buyyy or subscribe for any securities or an inducement to enter into an investment activit yyjy in any jurisdiction, nor shall it or anyyp part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in any jurisdiction. 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 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. 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 condition, performance or achievements of the Company may differ materially from those forecasted and projected or in the forward‐looking statements.

2 SECTION 1 Company Overview BiBusiness Overv iew Financial Highlights Overview of Ananda Development

 One of Thailand’s leading real estate developers engaged in the development of condominium and landed housing projects in Bangkok and Greater Bangkok(1), with the leading position by market share in condominiums within 300m of mass transit stations(1)  Founded in 1999 and listed on the Stock Exchange of Thailand (“SET”) in December 2012  Provides an “ Urban Living Solution” – convenience of transportation and easy access to leisure establishments  Targets the Gen-C segment – middle income households / professionals (easy access to their place of work and living)  Diversifies its product offering through landed housing as a secondary focus  Awarded "Best High-Rise Architecture Thailand" for Morph 38 and "Best Interior Design Show Home Thailand“ for C-21 (21sqm unit) by Asia Pacific Property Awards in 2013, “Top 10 Developer Award” by the BCI Asia Awards 2012 and “Real Estate Project Award (Moderate Pricing)” by the Agency for Real Estate Affairs for the development of Maldives Beach Project in 2011 Comprehensive Coverage of Target Markets Market Leader in Mass Transit Condominiums(2) # 1 Categories Brands UitUnits 12,006(3) Luxury 7,181 High-end 4,346 4,171 Up-scale 2,225 1,948 645 602 Mid-range ANAN AP ND Sansiri LH PS Supalai MD Low-range Future Supply Existing Supply ANAN is a leading real estate developer with a unique product mix and investment proposition Source: Ananda Development PCL. 1. Includes Nonthaburi Province, Samutprakarn Province, Pathumthani Province, Nakornprathom Province and Samutsakorn Province. 2. CBRE Research and Consulting: Existing and Future Supply of Condominium Units within 300m of BTS and MRT Stations as of 2Q 2013. 3. Only ANAN includes future supply of acquired land plots.

4 Key Company Milestones

ANAN’s project developments by launch date Cumulative number of units launched by ANAN Launched and completed 15,753 16,076 Launched and under construction 14,155 12,959 11,329

ent Timeline 10,350 9,011 7,733 8,049 6,501 7,204 4,804 5,145 5,566 3,601 3,867 4,357 2,727 3,203 1,206 1,555 339 757 ject Developm

oo Ideo Mix Ideo Ideo Ideo Ideo Sukhumvit Ideo Ideo Mobi Ideo Q Morph 38 Ideo Ideo Mix Sathorn- 103 Ideo Verve Mobi Phaya- Ideo Ideo Q Ratchatewi Ideo Q Ashton Ideo Mobi Ideo Ladprao Phahol- Taksin Ideo Verve Ratcha- Sathorn thai Sathorn- Elio Ideo Mobi Chula- Phayathai Ideo Ideo Mobi Rama 9 Elio Wutthakat (1) Ideo 5 yothin Ratchada- Sukhumvit prarop Tha Phra Del Ray Charan- Samyan BluCove BluCove Sukhumvit Sukhumvit Ladprao Huaykwang Sathorn Sukhumvit Interchange 17 64 dominium Pr nn Co

Jul, 2007 Oct, 2007 Nov, 2007 Dec, 2007Feb, 2008 Jul, 2008 Sep, 2008 Nov, 2008 Aug, 2009 Feb, 2010 Feb, 2012 Mar, 2013 Jun, 2013 Aug, 2013 Oct, 2013

Jul, 1999Jun, 2006May, 2007 Nov, 2010 Dec, 2012 Jun, 2013

Jul, 1999 Jun, 2006 May, 2007 Nov, 2010 Dec, 2012 Dec, 2012 Jun, 2013 ANAN was Started ADO(2), Started Acquired the IPO Acquired the Started JV established JV company AD2(3), JV remaining Raised remaining company with Engages in the with Pramerica company stake in AD2 THB5.6 bn stake in Mitsui Milestones real estate Develop landed with from ADO from Fudosan yy business of housing projects Pramerica Pramerica Pramerica Develop developing around Develop condominiums close to mass landed housing Suvarnabhumi condominiums Airport transit stations projects close to mass Compan transit stations Source: Ananda Development PCL. Note: Number of units is as of 30 September 2013 except Ideo Mix Sukhumvit 103 which its number of units is as of 30 June 2013. 1. A project under Ananda MF Asia Co., Ltd, a joint venture company with SEA Investment Five Pte. Ltd., a subsidiary of Mitsui Fudosan Co. Ltd. ANAN owns a 49.0% interest in the joint venture. 2. Refers to Ananda Development One. 3. Refers to Ananda Development Two.

5 Thailand’s Mass Transit Infrastructure Rollout

Bangkok’s mass transit network is expected to expand significantly from a present 63 stations to 222 stations in 2019

Current Line (2013) Under Construction Future Plan (2019) 63 stations 119 stations 222 stations

Each new station provides development opportunities for our Ideo brand within a 300 metres radius and Elio brand within a 301 – 600 metres radius

Source: CBRE Research and Consulting.

6 Thailand’s Mass Transit Infrastructure Rollout (Cont’d)

New stations being developed providing additional development opportunities

16 years Plan (2029) 254 stations

Bangkok’s mass transit network is expected to expand significantly from 63 stations in 2013 to 254 stations in 2029

Source: CBRE Research and Consulting.

7 Our Product Offering Ideally Placed to Tap Demand Around Mass Transit Stations

On Station Mass Transit(1)

Landed Housing Mass Transit Related(2) Mass Transit Related(()2) Landed Housing

Distance from Mass Transit Station ~600m300m 300m ~600m

IDEO brand within 300m of a mass transit station. ELIO brand 301-600m. Landed housing in low density suburbs 1. Condominium projects located within 300 meters from a mass transit railway station as defined by CBRE Research and Consulting. 2. Condominium projects located within 301 meters to 600 meters from a mass transit railway station as defined by CBRE Research and Consulting.

8 Condominium Developments Are Strategically Located Along the Mass Transit Network

1 Ideo Wutthakat 23 Elio Del Ray Launch Date: Aug 13 Launch Date: Aug 13 11 No. of units: 979 Phahon Yothin BTS line No. of units: 1,630 Distance from BTS/MRT: 120m 12 MRT line Distance from BTS/MRT: 600m Lad Prao Chatuchak Park Mo Chit MRT line (under construction) Elio Sukhumvit 64 2 Ideo Sathorn-Tha Phra 22 Bang Sue Airport Rail Link Launch Date: Mar 13 Launch Date: Jun 13 Ratchadaphisek Kamphaeng Phet No. of units: 962 No. of units : 1, 339 10 Distance from BTS/MRT: 600m Distance from BTS/MRT: 320m Saphan Khwai Sutthisan

13 21 Ideo BluCove Sukhumvit 3 Ideo BluCove Sathorn Ari Huai Khwang Launch Date: Feb 10 Launch Date: Jul 08 No. of units: 421 No. of units: 266 Sanam Pao Thailand Cultural Centre Distance from BTS/MRT: 30m Distance from BTS/MRT: 40m Victory Monument 9 4 Ideo Sathorn -Taksin 20 Ideo Mix Sukhumvit 103 8 Ratchaprarop 15 Launch Date: Nov 07 Launch Date: Oct 07 Phaya Thai Phra Ram 9 No. of units: 1,172 No. of units: 349 14 6 16 Makkasan Rajchathewi Phetchaburi Distance from BTS/MRT: Next to Distance from BTS/MRT: Next to Chit Siam Phloen Lom Ramkhamhaeng National Stadium Chit Nana 5 Ideo Mobi Sathorn Hua Mark 19 Ideo Mobi Sukhumvit Hua Ratchadamri Launch Date: Feb 12 Lamphong Launch Date: Feb 12 Sam Yan Asok Sukhumvit No. of units: 529 No. of units: 935 7 Silom Phrom Phong Distance from BTS/MRT: Next to Lumphini Distance from BTS/MRT: 32m Chong Sala Thong Lo Krung Thon Nonsi Daeng 17 Buri 3 Surasak Ekkamai 18 Ideo Verve Sukhumvit 6 Ideo Mobi Charan-Interchange Pho Nimit Khlong Queen Sinkit 4 5 Toei National Convention Phra Launch Date: Sep 08 Launch Date: Oct 13 1 Wongwian Saphan Bangkok CBD Centre Khanong No. of units: 490 No. of units: 1,196 Yai Taksin 2 18 Distance from BTS/MRT: Next to Distance from BTS/MRT: 80m Wutthakat Talat Phlu On Nut 19 17 Ideo Morph 38 7 (1) Bang ChkChak Ideo Q Chula-Samyan Launch Date: Aug 09 Launch Date: Oct 13 No. of units: 341 No. of units: 1,598 Punnawithi 22 Distance from BTS/MRT: 300m Distance from BTS/MRT: 270m 23 21 20 Udom Suk 16 Ideo Verve Ratchaprarop 8 Ideo Mobi Phayathai Launch Date: Nov 08 Launch Date: Feb 12 Bang Na No. of units: 447 No. of units: 316 Distance from BTS/MRT: 10m Dist ance from BTS/MRT: 190m Bearing

9 Ideo Q Phayathai 15 Ideo Mobi Rama 9 Launch Date: Dec 07 Launch Date: Feb 12 No. of units: 476 10 Ideo Mix Phaholyothin 11 Ideo Ladprao 5 12 Ideo Ladprao 17 13 Ideo Ratchada-Huaykwang 14 Ideo Q Ratchatewi No. of units: 703 Distance from BTS/MRT: 30m Launch Date: Oct 07 Launch Date: Oct 07 Launch Date: Jul 07 Launch Date: Feb 08 Launch Date: Oct 13 Distance from BTS/MRT: 80m No. of units: 449 No. of units: 418 No. of units: 339 No. of units: 398 No. of units: 323 Distance from BTS/MRT: Next to Distance from BTS/MRT: 500m Distance from BTS/MRT: Next to Distance from BTS/MRT: Next to Distance from BTS/MRT: 300m Source: Ananda Development PCL. Note: Number of units is as of 30 September 2013 except Ideo Mix Sukhumvit 103 which its number of units is as of 30 June 2013. 1. A project under Ananda MF Asia Co., Ltd, a joint venture company with SEA Investment Five Pte. Ltd., a subsidiary of Mitsui Fudosan Co. Ltd. ANAN owns a 49.0% interest in the joint venture.

9 Company Overview

SECTION 2 Business Overview Financial Highlights Business Overview

1 Growing Bangkok Condominium Market Supported by the Mass Transit System

2 Affluent Customer Base

3 Quick Asset Turnover Business Model and Unique Land Acquisition Model

4 Cash Flow Visibility Through Pre-sales and Recently Launched Projects To Support Growth

5 Reputable and Experienced Joint Venture Partners

6 Highly Experienced Management Team

11 1 Growing Bangkok Condominium Market

A Growing Population Providing Consistent Growing Demand Increasing Number of Houses and Condominiums Bangkok Population Residential Housing and Family Size in Bangkok and Greater Bangkok Million Millions of Houses and Condominiums Persons / Family 9.0 5.0 4 8.0 4.6 4.7 8.5 4.0 4.3 4.5 3 7.9 4.2 7.0 7.4 3.9 7.0 3.0 2.5 2.4 2 6.6 2.4 2.3 2.3 2.2 6.0 636.3 5.0 2.0 1 2000 2005 2010 2015E 2020E 2025E 2007 2008 2009 2010 2011 2012

Bangkok Population Number of Houses and Condominiums Family Size Source: UN Habitat – State of the World’s Cities 2012 / 2013. Source: Department of Provincial Administration, Thailand. Increasing Trend in Condominium Demand Greatest Residential Demand Lies in Condominiums Residential Units Transferred in Bangkok and Greater Bangkok Residential Demand in the Bangkok and Greater Bangkok in Q1 2013 ‘000 Units Semi-detached 200 Houses 3% 160 Shoph ouses 56 73 8% 120 60 67 Single-detached 80 Houses 105 105 40 84 91 18% Condominiums 15 40% 23 0 2009 2010 2011 2012 1Q 2013 Townhouses Housing (1) Condominium 31% Condominium is the fastest growing residential segment Condominium purchases accounted for approximately ((20092009-22012012 CCAGRAGR ooff 66.2%).2%) 440%0% ooff tthehe ppropertyroperty demanddemand in BangkokBangkok in QQ11 22013013 Source: CBRE Research and Consulting. 1. Housing includes single-detached houses, semi-detached houses, townhouses and shophouses. Source: CBRE Research and Consulting.

12 1 Condominium Market Supported by the Mass Transit System

Rapidly Increasing Ridership on the Mass Transit System Demonstrates Demand for Ease-of-Access to Stations Daily Weekday Mass Transit Passenger Volume

Passenger Volume 1,000,000 886,866 772,829 800,000 693,739 623,930 643,249 575,377 617,222 601,900 592,894 600,000 513,041 515,898 440,999 446,507 397,460 437,972 413,400 429,847 319,902 361,208 400,000 290,147 251,500 227,044 202,250 210,250 219,667 162,178 151,833 177,917 179,250 188,500 194,083 200,000 36,982 37,264 42,472 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Total Mass Transit System Passenger Volume BTS Passenger Volume MRT Passenger Volume ARL Passenger Volume

Condominiums within 300m of Mass Transit Stations Have The Highest Take-up Rate in Bangkok Average Take-up Rate of Completed and Under Construction Condominiums near Mass Transit Stations(1)

100% 87% 90% 84% 81% 80% 70% 60% 50% 0-300 301-600 601-900 Distance to mass Sources: CBRE Research and Consulting. transit station (m) 1. Based on completed condominiums, since 2009, and those under construction by ANAN and other listed developers; sourced from publicly available information from annual registration forms as of Dec 2012.

13 2 Affluent Customer Base

Targets Middle Class Population in Bangkok and …Who Are Educated and In The Early Stage of Their Career Greater Bangkok(1)… (1) (1) (2) (()%) Agge Education Emppyloyment 60 55% Employed 50 43% 99% 42% 30-39 Pre-Primary and 21% No Education Unemployed 40 3% Primary 40-49 43% 1% 20-29 25% 30 23% >20 9% Other 1% Education 20 0.1% Secondary 14% Bachelor 25% 8% >60 Degree 6% 7% 50-59 10 23% 15% 2% 2% 21% Postgraduate / Doctoral Degree 0 THB / 3% <5k 5k-15k 15k-50k 50k-100k >100k Polytechnic / Diploma Month 11% Bangkok and Greater Bangkok Thailand Target Market Results in High Quality Occupants Who Are(3)… …Relatively Well-Educated, … …Employed, and … Affluent Middle Class

Unemployed Others Polytechnic / Diploma 1% 1% > THB300k 4% 1% Key occupants have monthly Entrepreneur THB200 - 300k 2% Bachelor Degree income of THB70-150k 21% Student High School 75% THB150 - 200k 5% 9% 21% State-owned Enterprise THB70 - 150k 54% 5% Doctoral Degree THB50 - 70k 18% 2% Private Company Government Employee 7% THB30 - 50k 16% Master Degree 43% Private Company 13% Management < THB30k 6% 1% 0% 10% 20% 30% 40% 50% 60% 40% of buyers pay the purchase price in cash

1. Source: National Statistical Office, Ministry of Information and Communication Technology, Thailand. As of 2011. Age and education demographic represent demographic of population in Bangkok and Greater Bangkok. 2. Source: National Statistical Office, Ministry of Information and Communication Technology, Thailand. Labour force survey in Thailand as of May 2013. 3. Source: Ananda Development PCL survey on 149 residents living in Ideo Condominiums. Data as of May 2011.

14 2 Affluent Customer Base (Cont’d)

Home Loan Lending Has Been Relatively Stable

Change in Commercial Bank Lending(1)

% Change Year-over-Year

40%

35%

30%

25%

20%

15%

10%

5%

0% 1Q2010 2Q2010 3Q2010 4Q2010 1Q2011 2Q2011 3Q2011 4Q2011 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013

Home Loans Car Loans Other Loans

With Strong Debt Servicing Capability and Relatively Stable Lending, Less Than 1% of ANAN’s Buyers Were Unable to Settle Payment When Due(2)

1. Source: Bank of Thailand. 2. Source: Ananda Development PCL internal data for the first five months of 2013.

15 3 Quick Cash Conversion Cycle …

The cash conversion cycle of the condominium and landed housing business allows ANAN to recycle capital into new projects Condominium Cash Conversion Cycle (Sell and Build Model) Typical Condominium Funding Sources

• Pre-sales generally starts 3 – 6 months after land acquisition • 30% of land and construction • Construction, which takes 8 – 24 months(1), typically starts within 6 – 7 months upon land Equity cost from ANAN’s internal acquisition funding / generated cash flows

Cash Outflow Cash Inflow • Bank loans are available up to Debt 70% of land cost and Cash conversion cycle: 1.5 to within 3 years construction cost

Key Condominium Funding Milestones Key Buy Land Pre-Sale Launch and Construction BkBook Milestone Revenue • 5% initial payment and instalment payments from 0% Pre-Sales - 10% of the purchase price Develop- Land are paid during the Acquisition Proceeds construction phase ment Planning, Architecture Design • Outstanding balance is paid Phase and Marketing Construction Transfer upon transfer

• At 40% pre-sold, construction Eqqyuity Debt FdiFunding loan drawndown Project • At 55% - 60% pre-sold, Sources Pre-Sale Proceeds Balance Milestones project debt breakeven • At ~75% pre-sold, equity breakeven

Source: Ananda Development PCL. 1. Average time required from property development to transfer units in low rise to high rise condominiums.

16 3 Quick Cash Conversion Cycle (Cont’d)…

The cash conversion cycle of the condominium and landed housing business allows ANAN to recycle capital into new projects Landed Housing Cash Conversion Cycle (Build and Sell Model) Typical Landed Housing Funding Sources

• Construction typically takes 5 – 7 months, followed by 1 – 2 months of transfer • 30% of land and construction • Units are sold after 80% of the construction for each development phase is complete Equity cost from ANAN’s internal funding / generated cash flows

Cash Outflow Cash Inflow • Bank loans are available for Debt up to 70% of land cost and Cash conversion cycle: 6 – 9 months construction cost

Key Construction Book Key Landed Housing Funding Milestones and Sale Revenue Milestone • 5% initial payment is paid upon purchase as a down Existing Landed Down Develop- payment Housing Payment • Outstanding balance is paid ment upon transfer Phase Construction Transfer

Equity Bank Loans • At 55% - 60% sale, project FdiFunding Project Down debt breakeven Sources Balance Milestones • At ~75% sale, equity payment breakeven

Source: Ananda Development PCL.

17 3 … Supported by a Unique Land Acquisition Model

In line with our strategy of quick asset turnover, ANAN landbanks with a 3 – 4 year (acquisition to completion) horizon

Increasing Number of Mass Transit Stations Dedicated Land Acquisition Team • Evaluate project feasibility and return on investment . Each new and existing station provides potential development Land Sourcing • Maintain proprietary database on numerous opportunities potential sites Team • Establish a wide network and connections for market . Majority of land is owned by private individuals (mom-and-pop) intelligence as opposed to corporations or the government . Majority of transactions are bilateral negotiations / limited • Understand and evaluate land regulations and city Legal Team planning / zoning auctions • Mitigate legal risk prior to land acquisition . Majority of the land occupied by “ low-value” buildings (30-50 years old) such as shophouses • Conduct financial feasibility analysis on potential Finance Team sites • Procure financing with financial institutions

• Combination of our experience and dedicated team allows us to: • Acquire sites at a target cost (as % of development cost) which meets investment return hurdles • Allows us to acquire sufficient sites close to mass transit stations to meet our internal launch projections

Source: Ananda Development PCL.

18 3 … Supported by a Unique Land Acquisition Model (Cont’d)

ANAN has launched 2 projects in 3Q 2013 and 3 projects in 4Q 2013 with a combined targeted gross development value(1) (“Targeted GDV”) of ~THB17.3bn(2) Estimated Land Cost Targeted GDV Land Cost / Project Location Launch Date Completion (THB mn) (THB mn) Targeted GDV Period Projects Launched in 3Q-2013 600m from Elio Del Ray 563 3, 186 17. 7% Udomsuk BTS Aug-2013 Q4-2014 Station 120m from Ideo Wutthakat 249 2,105 11.8% Wutthakat BTS Aug-2013 Q4-2014 Station Projects Launched in 4Q-2013 80m from Bang Ideo Mobi Charan-Interchange 739 3,634 20.3% Khun Non MRT Oct-2013 Q4-2015 Station 300m from Ideo Q Ratchathewi 482 1,935 24.9% Ratchathewi BTS Oct-2013 Q4-2015 Station 270m from Ideo Q Chula-Samyan(2) 1,418 6,456 22.0% Sam Yan MRT Oct-2013 Q2-2016 Station Total 17,316 19.9%(3) Source: Ananda Development PCL. Note: Targeted GDV as of 30 September 2013. 1. Targeted Gross Development Value is the internal targeted aggregate sales price for each development after taking into account the land cost, cost of construction and financing cost and our desired profit margin. This figure does not reflect actual historical prices that we have achieved nor does it necessarily reflect a comprehensive analysis of achievable prices based on market conditions, and is not supported by any independent third party valuation. This is also not a forecast of our revenue and we cannot assure you that we will be able to achieve the sales prices underlying our assumptions or make any sales at all. 2. Includes or is a project under Ananda MF Asia Co., Ltd, a joint venture company with SEA Investment Five Pte. Ltd., a subsidiary of Mitsui Fudosan Co. Ltd. ANAN owns a 49.0% interest in the joint venture. 3. Weighted average land cost to Targeted GDV.

19 Cash Flow Visibility Through Pre-sales and Recently Launched 4 Projects To Support Growth

ANAN has highly visible cash flows Strong Cash Flows From Existing Project and Recently Launched Projects Amount (THB mn)

Existing Projects

Sold Buuot Not Tr aseedansferred(1) 12,044

Targeted GDV of Unsold Inventory of Launched Projects(2) 11,510

Total 23,554

Recently Launched Projects

Targeted GDV of Recently Launched Projects(3) 17,316

• Cash flows dependent on timing of completion and transfer • Risk mitigation via own construction / prefabrication technology (since labour shortage is a key risk) • Helix Company Limited - ANAN’s wholly-owned subsidiary specializes in residential construction • Provides ANAN long-term construction support with better quality, cost and time control • Expected to handle one-third of ANAN’s total construction

Source: Ananda Development PCL. 1. Refers to cumulative value of sold but not transferred units of Ideo Verve Ratchaprarop, Ideo Morph 38, Ideo Mobi Sathorn, Ideo Mobi Sukhumvit, Ideo Mobi Rama 9, Ideo Mobi Phayathai, Atoll projects, Ideo Sathorn-Tha Phra and Elio Sukhumvit 64. As of 31 July 2013. 2. Includes Targpp,pget GDV of units available for sale for Ideo Verve Ratchaprarop, Ideo Morph 38, Ideo Mobi Sathorn,, Ideo Mobi Sukhumvit,, Ideo Mobi Rama 9,, Ideo Mobi Phayathai,pj,, Atoll projects, Ideo Sathorn-Tha Phra and Elio Sukhumvit 64. As of 31 July 2013. 3. Includes Targeted GDV of Ideo Wutthakat, Ideo Mobi Charan-Interchange, Ideo Q Ratchatewi and Ideo Q Chula-Samyan and Elio Del Ray. As of 30 September 2013.

20 5 Reputable and Experienced Joint Venture Partners

Joint Venture Overview Joint Venture Overview Recently Launched Project

• In June 2006, ANAN established ADO, a JV with • In June 2013, ANAN entered into a joint venture Targeted Pramerica, to develop a landed housing project around agreement with SEA Investment Five Pte. Ltd., a Land Cost Project Name GDV(2) Launch Transfer Suvarnabhumi Airport subsidiary of Mitsui Fudosan, one of the largest real (THB mn) estate developers in Japan (THB mn) • In May 2007, ANAN established AD2, a JV with Pramerica, to develop mass transit condominiums • Market capitalization of ~USD25.9 bn(1) Ideo Q Chu la-Samyan 1, 418 6, 456 OtOct-2013 Q2-2016 • Pramerica is the real estate investment management • Last Twelve Months (“LTM”) revenue of USD14.6 business of Prudential Financial which manages ~US$53.0 bn bn of assets globally with ~US$8.1 bn in Asia as at 31 • ANAN is expected to benefit from the best practices of March 2013 Mitsui Fudosan in the areas of risk management, • ANAN acquired the remaining stake in ADO and AD2 from construction, property management, and sales and Pramerica in December 2012 and November 2010, marketing (targeting Japanese buyers) respectively • JV recently launched the Ideo Q Chula-Samyan Joint Venture Projects with Pramerica project, located 270m from Sam Yan MRT station, next to Chulalongkorn University Targeted GDV(2) Type Projects (THB bn) Landed ADO 7 ~11.7 Housing AD2 Condominium 12 ~20.1 Source: Ananda Development PCL. 1. Market data as of June 2013. 2. As of 30 September 2013.

21 6 Highly Experienced Management Team

• Average relevant experience of over Board of Directors 10 years in real estate development of condominiums and landed houses Risk Management Corporate Governance • Execution and project development CittCommittee CittCommittee experience with 20 projects launched in the past 6 years, an average of 3 Nomination and project launches a year Remuneration Audit Committee • Strong corporate governance and Committee internal controls with independent CEO committees and clear guidelines on Office of Internal Audit Chanond Ruangkritya roles and responsibilities of the board and management team • Over 12 years experience in Thai real estate • BA in Economics from University of California • Total headcount of over 750 Berkeley, USA and MA in International Accounting employees in the property business and Finance from London School of Economics and Political Science, UK

CBDO CIO CCO I CCO II CPO CFO CSO CHRO Ted Sermsak Tanyalak Kawee Santhad Muntana Rawee Lloyd P.Thirapatana Khwanpuang Nunthanavorasiri Siribhadra Natthakul Aue-Kitkarjorn Chaimongkol Vatanakovarun

• Previously, an • 2007 – 2011: CFO of • Over 12 years experience • Previously, Senior Vice • Previously, Project • Previously, the group • Previously, Logistics • Previously, Senior international BD and M&A ANAN in Thai real estate President – Special Director and Construction director of the accounting Operations Department Manager – Corporate consultant (VP) at Central • Previously, CFO of Major • Bachelor of Finance from Projects, Head of and Cost Control division at Minor Global Manager, Supply Chain Strategy and HR at TIPCO Pattana PCL and MD / Cineplex Group PCL and Bangkok University, Residential Division at Department Manager at Solution Limited, Thailand Planning Department Foods PCL advisor of quintessentially Supalai PCL Thailand and MA in Golden Land Property Lumpini Development • BA in Accounting from Manager at Siam City • BSc in Electrical of Sansiri Land Co., Ltd. Development PCL PCL Cement PCL • BA in Economics from Management from Thammasat University, Engineering from • BSc in Mechanical Chiangmai University, Ramkhamhaeng • BA in Asian Studies, • BSc in Civil Engineering Thailand and MA in • Bachelor of Industrial California State University, Engineering from North Thailand and MA in University, Thailand University of California, from King Mongkut' s Accounting from Instrumentation USA and MBA from Carolina State University, Economics from the Santa Barbara, USA and Institute of Technology, Thammasat University, Engineering from King University of Southern Thailand California, USA USA and MBA from National Institute of MA in International Thailand and MBA from Mongkut’s Institute of Boston College, USA Development Management – Finance, Thammasat University, Ladkrabang, Thailand and Administration, Thailand from the American Bangkok MA in Engineering Graduate School of Management from International Portland State University, Management, USA USA

Source: Ananda Development PCL. Note: CBDO – Chief Business Development Officer, CIO – Chief Investment Officer, CCO I: Chief Commercial Officer I, CCO II – Chief Commercial Officer II, CPO – Chief Production Officer, CFO – Chief Financial Officer, CSO – Chief System Officer, CHRO – Chief Human Resources Officer.

22 Company Overview Business Overview

SECTION 3 Financial Highlights

23 Robust Financial Profile

Total Revenue(1) Gross Profit and Margin(2) THB mn THB mn 2,000 39.0% 40% 6,000 5,660.8 32.4% 5,102.8 1,500 21.4% 30% 4,000 18.5% 1,000 20% 2,212.9 1,972.2 1,654.2 2,000 1,208.6 500 768.5 10% 408.4 0 0 0% 2010 2011 2012 1H-2013 2010 2011 2012 1H-2013 Consolidated EBITDA(3) Net Income THB mn THB mn 128.9 800 150.0 635.2 575.7 600 0.0

400 (150.0) (91.3)

200 121.9 103.3 (300.0) (287.5) (317.3) 0 (450.0) 2010 2011 2012 1H-2013 2010 2011 2012 1H-2013 Source: Ananda Development PCL 1.1. Total Revenue excludes Interest Income,Income, Excess of interest in the net fair value of subssubsidiaryidiary that over purchase cost and Other income.income. 2. Gross Profit is calculated as Total Revenue (as defined above) - Cost of real estate sold - Cost of project management services - Cost of services - Cost of food and beverages. 3. Consolidated EBITDA calculated as Consolidated Net Income + Consolidated Interest Expense + Depreciation and Amortization Expense - Excess of interest in the net fair value of subsidiary.

24 Capitalization and Indebtedness

(1) (THB mn) 1H 2013(1) (THB mn) 1H 2013 % of Debt

Debt breakdown by collateral type Cash balance 3,874.5 Secured 3,427.3 56.8% (2) Total debt 6,032.3 Unsecured 2,605.0 43.2%

Total equity 4,975.0 Total 6,032.3 Debt breakdown by maturity date Debt to equity 121.3% Within 1 year 5, 146. 3 85. 3% Net gearing(2) 43.4% After 1 year 886.0 14.7% Total 6,032.3 Debt to capitalization 54.8% DbtDebt bkdbreakdown by currency Debt / Assets 43.8% Denominated in THB 6,032.3 100.0%

ANAN ai ms to mai nt ai n our mod erat e leverage target of 1:1 (Debt : Equity) it ) as we execut e on our growth st rat egy

Source: Ananda Development PCL. Note: Debt includes only interest-bearing debt. 1. Pro-Forma for THB2,605 mn bond issued in July 2013. 2. Net gearing is defined as: Net Debt (Short-term loans from financial institutions + Promissory Notes + Current Portion of Long-term Loans + Loan-term loans, Net of Current Portion – Cash and Cash Equivalents – Current Investments) / Equity (Including Non-controlling Interests).

25 Ananda Development PLC 2013

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