MBK Public Company Limited Key performance 1H/2016 Disclaimer

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. This presentation may include information which is forward-looking in nature. Forward-looking involve risks, uncertainties and other factors which may impact on the actual outcomes, include economic conditions in the markets in which MBK operates and general achievement of MBK business forecasts, which will cause the actual results, performance or achievements of MBK to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.

. Please be advised that this presentation may contain expectations and assumptions that are subject to change at any time. Results and future performance are not guaranteed and may differ from expectations.

Agenda

. Company overview

. Operating Performance 1H/2016

. Operating by segment - Shopping Center Business - Hotel & Tourism Business - Golf Business - Real Estate Business - Finance Business - Food Solution Business - Other Businesses

. Financial Information 1H/2016

Company Overview MBK Group

Background :Established in 1974; relisted on the SET since 1994 changing its name to “MBK” in 2003

Paid-Up capital :1,886.29 million Baht(1,886.29 million shares par 1Baht)

Market capital :26,974 million Baht (14.3 Baht/share as of 30 June 2016)

Dividend policy :Not less than the previous period*

Major share :Pathum Rice Mill and Granary Plc. (25.14%) Thanachart Group (19.90%)

Credit rating :“A/Stable ” By TRIS Rating Co., Ltd.

*Depending on economic conditions And the company's business in the future History of MBK Group 1974 - 2000 2001 - 2010 2011 - Present

1974 - Established MBK Group 2002 - Tinidee Hotel @ Ranong 2011 - The Nine Center

1981 - Rice Business 2003 - Real Estate Business - Layana Hotel (Lanta 1985 - Mah Boon Krong - Sheraton Krabi Beach Island) Shopping Center Resort 2014 - A La Art (formerly 29 1996 - Pathumwan Princess - Loch Palm Golf Club Plaza) Hotel 2007 - Red Mountain Golf Club - HaHa - Apple Auto Auction - Golf Club - Glas Haus Sukhumvit 2015 -Tokyu Department Store 2010 - Paradise Park @ Paradise Park - Hire purchase (T Leasing) - Rebrand Sheraton Krabi - Lending Business (MBK Beach Resort to Dusit Guarantee) Thani Krabi Beach - Riverdale Golf Club Resort

Group’s businesses Group’s - Glas Haus Ratchada

2001 - Royal Orchid Sheraton 2011 - Dusit Thani Maldives Hotel 2014 - Life Insurance Business 2002 - Group (, ,

Siam Discovery)

companies Associated Shopping Center Hotel & Tourism Golf Real Estate Food Solution Financial Other

Loch Palm Golf MBK Plan Estate Patum Rice Mill MBK Patumwan Club Center Princess Hotel (72.6%) (74.5%) Guarantee Apple (72.6%) Auto Auction (50%) Red Mountain Glas Haus Paradise Park Tokyu Paradise MBK Food Island Dusit Thani Krabi Golf Club Ratchada (Quinn T Leasing (50%) (25%) (74.5%) Beach Resort (72.6%) Condo)

MBK Food and TCAP Siam Piwat Tinidee Hotel Riverdale Golf MBK Resort Entertainment Siam Center (10.2%) (30.7%) @Ranong Club (72.6%) (62.1%)

Siam Discovery Tinidee Golf Resort Bangkok Golf MBK Realty MBK Food System Max Asset @Phuket Club (55%) (44.7%) (16.6%)

Siam Tower Layana Resort & Spa Hotel Lam Luk Ka Golf MBK Restaurant MBK Life and Country Club Group (62.1%) (49%) (44.6%) Siam Paragon (15.4%) Dusit Thani Maldives (35%) The Nine Center Royal Orchid Sheraton Hotel Glas Haus (29.9%) Sukhumvit

Dusit Thani Hotel Glas Haus Siam Delice (11.7%) Ratchada (50%) Operating Performance 1H2016 Operating Performance – MBK Group

For the six-month period ended (Unit: Million Bath) 30 June 2016 2016 2015 Increase/Decrease Operating Revenue 5,607 4,659 948 20% Operating Profit 1,162 769 393 51% Share of profit from investments in associates 81 161 -80 -50% Other income 308 250 58 23% Finance costs -228 -239 11 5% Income Tax expense -218 -146 -72 -49% Non - controlling interests of subsidiaries 18 25 -7 -28% Net profit - attributable to equity of the Company 1,123 820 303 37% Earning per shares (Baht) 0.84 0.61 0.23 37% Operating Revenue – MBK Group

6,000 5,607

5,000 4,659

4,000

3,000

2,000

1,000

- 1H16 1H15 Shopping Center Food solution Real Estate Hotel & Tourism Finance Golf EBIT – MBK Group

1,400 1,162 1,200

1,000 769 800

600

400

200

- 1H16 1H15 -200 Shopping Center Food solution Real Estate Hotel & Tourism Finance Golf Key Operations by Geographic Locations

Bangkok and Surrounding areas Krabi Province Hotel

Bangkok

Phuket Province Golf

Hotel

Krabi Phuket Hotel Golf Operating Performance by Segment Operating Performance – MBK Group

Lettable Area Shopping Center Location Ownership Storey MBK 'Stake Avg. OR (%) * (Sqm)

Pathumwan Leasehold ended MBK Tower 84,410 8 100% 92.90% Intersection year 2033

Leasehold ended Paradise Park Srinakarin Road 91,648 5 65% 94.60% year 2023

The Nine Center Rama 9 Road Freehold 15,598 4 100% 94.90%

Leasehold ended HaHa Srinakarin Road 16,488 4 65% 42.10% year 2037 Office Building Portfolio

Lettable Area Shopping Center Location Ownership Avg. OR (%) * (Sqm)

Pathumwan Leasehold ended MBK Tower Intersection year 2033 15,588 100%

Leasehold ended Glas Haus Sukhumvit Sukhumvit Road year 2030 12,999 99%

The Nine Office Rama 9 Road Freehold 8,979 100%

Rachadapisek Leasehold ended Glas Haus Ratchada Road year 2024 7,509 100% Shopping Center Business

Property MBK's Net Stake Total 366,344 Shopping Center MBK's Net Stake 210,451 MBK Center 100.00% The Nine 116,000 91,648 The Nine Center 100.00% Paradise Park 84,410 Paradise Park 65.4% HaHa Siam Discovery 28,694 HaHa 65.4% Siam Center 19,000 Office Building Siam Paragon 16,488 MBK Tower 100.00% MBK Center 15,598 Glas Haus Sukhumvit 100.00% 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 Glas Haus Ratchada 100.00% Retail Area (sq.m.) 75,775 The Nine Office 100.00% Total 54,502 Siam Piwat Group MBK's Net Stake Siam Tower 30,700 Siam Center 30.7% MBK Tower 15,588 Siam Discovery 30.7% Glas Haus Sukhumvit 12,999 Siam Paragon 15.4% The Nine 8,979

Glas Haus Ratchada 7,509

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000

Office Area (sq.m.) Shopping Center Business -Average Occupancy Rate

Avg. OR (%) * 1H16 1H15 2015 2014 MBK Center (84,410 sq.m.) 93% 91% 90% 98% Paradise Park (91,648 sq.m.) 95% 95% 95% 93% The Nine Center (15,598 sq.m.) 95% 95% 95% 90%

Ha Ha (16,488 sq.m.) 42% 51% 42% 53% Total Group 93% 90% 89% 93% MBK Tower (15,588 sq.m.) 100% 100% 100% 100% Glas Haus Sukhumvit (12,957 sq.m.) 99% 99% 99% 99% The Nine office (8,979 sq.m.) 100% 100% 100% 100% Glas Haus Ratchada (7,509 sq.m.) 100% 100% 100% 100% Total Group 100% 100% 100% 100% Shopping Center Business -Operating Revenue

2,500.00

2,008 1,907 2,000.00

1,500.00

1,000.00

500.00

- 1H16 1H15 MBK PDP THE NINE GLAS HAUS* HAHA Shopping Center Business -EBIT

700.00 548 600.00 505

500.00

400.00

300.00

200.00

100.00

- 1H16 1H15 (100.00) MBK PDP THE NINE GLAS HAUS* HAHA Contribution of SPW

MBK holds 30.7% stakes in SPW

250.00 220

200.00 164 150.00 135 120 120 121 121

100.00 71

50.00

- 20152015 20142014 1H16 1H15 Profit Sharing Dividend Hotel & Tourism Business Portfolio

Room MBK’s Hotel Location Capacity Ownership Operate/ Acquire Stake (Keys) Leasehold Pathumwan Princess Hotel Bangkok ended year (PPB) 455 1996 100% 2033 Dusit Thani Krabi Beach Resort Krabi Freehold (DTKR) 240 2003 100%

Tinidee Hotel @ Ranong Ranong Freehold (TNDR) 136 2002 100%

Tinidee Hotel Inn Ranong Freehold (TNDI) 46 2011 100%

Layana Resort & Spa Koh Lanta, Freehold (LAYANA) Krabi 51 2011 100%

Tinidee Golf Resort @ Phuket Phuket Freehold (TNDP) 45 2010 100% Leasehold Dusit Thani Maldives Maldives ended year (DMS) Island 95 2012 35% 2044 Royal Orchid Sheraton Bangkok Freehold (ROH) 726 2011 30% Hotel & Tourism-Operating Revenue

700.00 642 634

600.00

500.00

400.00

300.00

200.00

100.00

- 1H16 1H15 PPB DTKR LAYANA TNDR&TNDI TNDP Hotel & Tourism-EBIT

120.00 93 100.00

80.00

43 60.00

40.00

20.00

- 1H16 1H15 (20.00) PPB DTKR LAYANA TNDR&TNDI TNDP Golf Business Portfolio

Golf Course Location Capacity MBK’s stake

Loch Palm Golf Course (LPGC) Phuket 18 Holes 73%

Red Mountain Golf Course (RMGC) Phuket 18 Holes 73%

Riverdale Golf Course (RDGC) Pathum Thani 18 Holes 100%

Lam Luk Ka Golf Course (LLKGC) Pathum Thani 36 Holes 45%

Bangkok Golf Club (BKGC) Pathum Thani 18 Holes 100% Golf Business Portfolio

Number of Golfers Q2/16 Q2/15 (Rounds) 2015 2014 LPGC 5,898 6,043 28,581 31,017

RMGC 3,764 4,090 19,229 21,172

RDGC 10,243 10,092 47,012 47,373

LLKGC 12,473 13,125 61,383 64,240

BKGC 17,226 18,276 73,590 - Golf-Operating Revenue

300.00 262 250.00 243

200.00

150.00

100.00

50.00

- 1H16 1H15 RDGC RMGC/LPGC BKGC Golf-EBIT

45.00 41 40.00 35.00 30.00 20 25.00 20.00 15.00 10.00 5.00 - 1H16 1H15 RDGC RMGC/LPGC BKGC Real Estate Business Portfolio

Sold Backlog Project Number Unsold Year Total Amount % (To be tranfer) Project Name (Million of Sold Launched Units (Million of Sold (Million (Million Bath) (Units) (Units) (Units) Bath) Bath) Bath) HousingDevelopment (Phuket) The Indy II 2008 306 67 63 280 0.94 4 26 3 20 Sabai Village II 2011 519 106 103 501 0.97 3 18 1 6 Total 825 173 166 781 0.96 7 44 4 26 Housing Development (Chonburi) Baan Rom Mai 1 2013 150 78 77 149 0.99 1 1 0 0 Baan Rom Mai 2 2014 145 105 20 30 0.19 85 115 2 3 Baan Rom Mai 3 2015 338 355 20 21 0.06 335 317 19 20 Total 633 538 117 200 0.22 421 433 21 23 Land for sale (Phuket) Planery Zone 2 2011 57 11 10 52 0.91 1 5 1 5 Total 57 11 10 52 0.91 1 5 1 5 Condominium (Bangkok) QUINN 2012 3,193 729 665 2,999 0.91 64 194 23 237 Grand Total 4,708 1,451 958 4,031 0.86 493 677 49 291 Real Estate-Operating Revenue

1,200.00 1,094

1,000.00

800.00

600.00

400.00

200.00 177

- 1H16 1H15 Quinn PST MBK-RT MBK-R Real Estate-EBIT

350.00 260 300.00

250.00

200.00

150.00

100.00

50.00 -14.77 - 1H16 1H15 (50.00) Quinn PST MBK-RT MBK-R Finance Business Portfolio

Portfolio Size MBK’s (Million Baht) Company Business stake 30 Jun 16 30 Jun 15

MBK Guarantee Offer assets financing against collateral 100% 4,916 2,800 (MBK-G) in Bangkok and key tourist provinces

Operate motorcycle hire purchase T Leasing (TLS) business in Bangkok and suburban area 100% 2,599 2,166

Total 7,515 4,966 Finance-Operating Revenue

700.00 658 583 600.00

500.00

400.00

300.00

200.00

100.00

- 1H16 1H15 Hire purchase Lending Finance-EBIT

250.00 236 228

200.00

150.00

100.00

50.00

- 1H16 1H15 Hire purchase Lending Food Business Portfolio

MBK’s Business type Brand Location stake

Glas Haus Building, Manufacture and trade rice Mah Boonkrong Rice Sukhumvit 75%

International Food court The Fifth Food Avenue MBK Center 62%

Food court MBK Food Island MBK Center 75%

Japanese Restaurant Fujio Shokudo MBK Center 41%

The Nine Center, Traditional Suki Suki Number One MBK Center, Glas 62% Haus Building Food-Operating Revenue

1,200.00 1,049 939 1,000.00

800.00

600.00

400.00

200.00

- 1H16 1H15 Rice Food Center Restaurant Food-EBIT

10.00 -16 -12 5.00

- 1H16 1H15 (5.00)

(10.00)

(15.00)

(20.00)

(25.00) Rice Food Center Restaurant Other Business Portfolio

Capital MBK’s Company Business type (Million Baht) Stake Apple Auto Auction Provide car and motorcycle auction service (AAA) with genuine on-line auction service 101 50%

70,000 65,109 60,758 60,000 50,000 40,000 34,136 28,340 28,151 30,000 26,835

20,000 13,368 13,854 10,000 - 20152015 20142014 1H16 1H15 All auction cars Success auction cars Contribution-Apple Auto Auction

35 32 30 30 25

20 17 15 15 15 10 9 9 5 5 - 20152015 20142014 1H16 1H15 Profit sharing Dividend Financial Information of 1H2016 ROE - ROA

14% 13% 12% 12% 11% 11% 10% 8% 8% 7% 7% 7% 6%

4%

2%

0% 20152015 20142014 1H16 1H15 ROE ROA EPS

160%

140% 136% 119% 120%

100% 84% 80% 61% 60%

40%

20%

0% 20152015 20142014 1H16 1H15 EPS P/E Retio

18.00 16.28 16.00 14.20 14.00 11.53 12.00 10.00 8.00 6.00 4.00 2.00 - 20142014 2015 1H16 P/E Ratio Balance Sheet

45,000 40,549 41,346 40,549 40,000 37,909

35,000

30,000

25,000 22,609 22,298 22,609 21,032 20,000 19,049 17,940 16,877 17,941 15,000

10,000

5,000

- 20152015 20142014 1H16 1H15 Asset Liability Equity Profit & Loss

14,000 12,213 12,000 10,080 10,000

8,000

5,995 6,000 5,070

4,000

1,815 1,591 2,000 1,123 820

- 20152015 20142014 1H16 1H15 Total Revenue Net profit Major Shareholders

Amount No. Major Stakeholder Stock %

PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED 1. GROUP 474,249,530 25.14

2. THANACHART CAPITAL PUBLIC COMPANY LIMITED 188,562,090 10 3. MBK PUBLIC COMPANY LIMITED 178,331,000 9.45 4. THANACHART BANK PUBLIC COMPANY LIMITED 76,842,000 4.07 5. THANACHART SECURITIES PUBLIC COMPANY LIMITED 75,603,000 4.01

NORTRUST NOMINEES LIMITED-THE NORTHERN TRUST COMPANY 6. RE IEDP AIF CLIENTS NORTRUST NOMINEES 10 PERCENT ACCOUNT 47,587,112 2.52

7. KRUNGSRI DIVIDEND STOCK LONGTERM FUND 40,072,000 2.12 8. THAI NVDR 39,735,128 2.11 9. DBS BANK LTD 36,307,500 1.92 10. THANACHART INSURANCE PUBLIC COMPANY LIMITED 34,365,000 1.82