MBK Public Company Limited Key performance 2015 Disclaimer

. This presentation is made, furnished and distributed for information purposes only. Nothing in this release should be construed as either an offer to sell or the solicitation of and offer to buy or sell share in any jurisdiction.

. 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 2015

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

. Financial Information 2015

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 (1,886.2 million shares@ par 1 Baht)

Market capital : 26,785 million Baht (14.2 Baht/share as of 30 December 2015)

Dividend policy : Not less than the previous period*

Major shareholder : Pathum Rice Mill and Granary Plc. (26.47%) Thanachart Group (19.9%)

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

*Unless there are any unexpected situations

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 Course Plaza) Hotel 2007 - Red Mountain Golf Course - HaHa - Apple Auto Auction - Life Insurance Business - Glas Haus Sukhumvit - Bangkok Golf Course 2010 - Paradise Park 2015 - Tokyu Department Store - Hire purchase (T Leasing) @ Paradise Park - Lending Business (MBK - Rebrand Sheraton Krabi Guarantee) Beach Resort to Dusit

Group’s businesses - Riverdale Golf Course Thani Krabi Beach Resort

- Glas Haus Ratchada

2001 - Royal Orchid Sheraton 2011 - Dusit Thani Maldives Hotel 2002 - Siam Piwat Group (Siam Paragon, Siam Center ,

Siam Discovery)

companies companies Associated Associated MBK Group’s structure

Shopping Center Hotel & Tourism Golf Real Estate Food Solution Finance Other

MBK Center Patumwan Princess Loch Palm Golf Hotel Plan Estate Patum Rice Mill MBKMBK Guarantee-G Paradise Park Course (72.6%) (72.6%) (74.5%) (50%) Dusit Thani Krabi Beach 50% Resort Siam Piwat T Leasing (30.7%) Tinidee Hotel Red Mountain Golf Glas Haus Ratchada MBK Food Island @Ranaong Course (72.6%) (Quinn Condo) (74.5%) Siam Center TCAP Tinidee Golf Resort (10.2%) Siam Discovery @Phuket MBK Food and MBK Resort Entertainment Riverdale Golf Max Asset Apple Auto Siam Tower Layana Resort & (72.6%) (62.1%) Spa Hotel Course (16.6%) Auction Siam Paragon (50%) (15.4%) Dusit Thani MBK Realty Maldives (35%) Bangkok Golf (55%) MBK Food System SCI Life (41%) The Nine Center Course (49%) Royal Orchid Sheraton Glas Haus Sukhumvit Hotel (29.9%) MBK Restaurant Group Lam Luk Ka Golf (62.1%) Glas Haus Ratchada Dusit Thani Course (44.6%) Hotel (11.7%) Siam Delice (50%)

As at 31 December 2015 Operating Performance 2015 Operating Performance – MBK Group

For the three-month period ended 31 December 2015

(Unit : Million Baht) 2015 2014 Increase/decrease

Operating Revenue 11,550 9,113 2,437 27%

Operating Profit 1,961 1,411 550 39%

Share of profit from investments in associates 226 316 (90) (28%)

Other income 436 650 (214) (33%)

Finance costs (487) (411) (76) (18%)

Income Tax expense (374) (362) (12) (3%)

Non - controlling interests of subsidiaries 53 (13) 66 508%

Net profit - attributable to equity of the Company 1,815 1,591 224 14%

Earning per shares (Baht) 1.36 1.19 0.17 14% Operating Revenue – MBK Group

14,000 YoY +27% 11,550 12,000

10,000 9,113

8,000

6,000 Million Million baht 4,000

2,000

- 2014 2015

Shopping Center Food solution Real Estate Hotel & Tourism Finance Golf Others EBIT – MBK Group

2500 YoY +39%

1,961 2000 1,411

1500

1000

Million Million baht 500

0 2014 2015 -500

Shopping Center Real Estate Finance Food solution Golf Hotel & Tourism Others Key Operations by Geographic Locations

Bangkok and Surrounding areas Shopping Mall Krabi Province Hotel

Bangkok Phuket Province Golf

Hotel

Krabi Phuket Hotel Golf Operating Performance by Segment Shopping Center Portfolio

Lettable Shopping Avg. OR Location Ownership Area Storey MBK’s stake Center (%) * (Sq.m.) Leasehold Pathumwan MBK Center ended year 84,699 8 100.0% 90.3% Intersection 2033 Leasehold Paradise Park Srinakarin Road ended year 91,123 5 65.4% 95.2% 2023 The Nine Center Rama 9 Road Freehold 15,619 4 100.0% 95.3% Leasehold Ha Ha Srinakarin Road ended year 17,468 4 65.4% 42.3% 2037

*Average Occupancy Rate of year 2015 Office Building Portfolio

Lettable Area Avg. OR Office Building Location Ownership (Sqm) (%) * Leasehold ended year MBK Tower Pathumwan Intersection 15,588 100.0% 2033 Leasehold ended year Glas Haus Sukhumvit Sukhumvit Road 12,999 98.7% 2030 Leasehold ended year Glas Haus Ratchada Ratchadapisek Road 7,509 100.0% 2024 The Nine Office Rama 9 Road Freehold 8,979 100.0%

* Average Occupancy Rate of year 2015 Shopping Center Business

Property MBK’s stake Total MBK's Net 367,109 211,596 Shopping Center Stake HaHa 17,468 MBK Center 100% MBK Center 84,699 The Nine Center 100% Siam Retail Area Paradise Park 65.4%* Paragon 116,000 Siam (Sq.m.) 23,200 HaHa 65.4%* Discovery Office Building Siam Center 19,000 MBK Tower 100% The Nine 15,619 Paradise 91,123 Glas Haus Sukhumvit 100% Park Glas Haus Ratchada 100% Total The Nine Office 100% 75,775 MBK's Net Stake 54,502 Siam Piwat Group MBK Tower 15,588 Office Building Area Siam Center 30.7% Glas Haus … 7,509 Siam Discovery 30.7% (Sq.m.) Glas Haus … 12,999 Siam Paragon 15.4% The Nine 8,979

Siam Discovery 30,700 * Including indirect investment through Siam Piwat (SPW) 15.4% Shopping Center Business- Average Occupancy Rate

Avg. OR (%) * 2015 2014 2013 MBK Center (84,699 sq.m.) 90.3% 97.8% 98.9% Paradise Park (91,123 sq.m.) 95.2% 93.0% 93.0% The Nine Center (15,619 sq.m.) 95.3% 89.9% 90.8% HaHa (17,468 sq.m.) 42.3% 52.7% - Total Group 88.8% 92.7% 95.6% MBK Tower (15,588 sq.m.) 100.0% 100.0% 99.6% Glas Haus Sukhumvit (12,999 sq.m.) 98.7% 98.8% 84.3% The Nine office (8,979 sq.m.) 100.0% 100.0% 100.0% Glas Haus Ratchada (7,509 sq.m.) 100.0% 100.0% 100.0% Total Group 99.6% 99.7% 95.3%

*Average Occupancy Rate Operating Revenue - Shopping Center Business

4,500 YoY +3% 3,895 4,004 4,000

3,500

3,000 2,500 2,000 Million Million Baht 1,500 1,000 500 - 2014 2015

MBK PDP THE NINE GLAS HAUS Others EBIT – Shopping Center Business

1,200 YoY +3% 924 897 1,000

800

600

400 Million Million Baht

200

- 2014 2015 (200)

MBK PDP THE NINE GLAS HAUS Contribution of SPW

MBK holds 30.7% stakes in SPW 300 247 250 221

200 164 150 121 121 121

100 Million Baht Million 50

0 2013 2014 2015 Profit Sharing Dividend

Book Value : 1,669 Million Baht (equity method as of 31 December 2015) Hotel & Tourism Business Portfolio

Room Operate/ MBK’s Hotel Location Capacity Ownership Acquire Stake (Keys) Pathumwan Princess Patumwan Intersection, Leasehold 455 1996 100% Hotel (PPB) Bangkok ended year 2033 Dusit Thani Krabi Beach Krabi 240 Freehold 2003 100% Resort (DTKR) Tinidee Hotel @ Ranong Ranong 136 Freehold 2002 100% (TNDR) Tinidee Hotel Inn (TNDI) Ranong 46 Freehold 2011 100% Layana Resort & Spa Koh Lanta, Krabi 51 Freehold 2011 100% (LAYANA) Loch Palm Golf Course, Tinidee Golf Resort @ 45 Freehold 2010 100% Phuket (TNDP) Phuket Dusit Thani Maldives Leasehold Maldives Island 95 2012 35% (DMS) ended year 2044 Royal Orchid Sheraton Bangkok 726 Freehold 2011 29.9% (ROH) Hotel & Tourism Business– Avg. OR%

Average Occupancy Rate (%) 2015 2014 2013 Patumwan Princess Bangkok 81% 66% 80% Dusit Thani Krabi Beach Resort 73% 76% 72% Tinidee Hotel Ranong 53% 53% 59% Tinidee Inn Ranong 74% 73% 80% Layana Resort & Spa 61% 71% 70% Tinidee Hotel Phuket 67% 61% 49% Dusit Maldives 64% 66% 60% Royal Orchid Sheraton 71% 53% 69% Total Group 72% 61% 71% Operating Revenue- Hotel & Tourism Business

1,400 YoY +6% 1,189 1,200 1,123

1,000

800

600 Million Million Baht 400

200

- 2014 2015

PPB DTKR LAYANA TNDR &TNDI TNDP EBIT – Hotel & Tourism Business

YoY +128% 80 23 60

40 (81)

20

-

(20)

(40) Million Million Baht (60)

(80)

(100)

(120) PPB DTKR LAYANA TNDR &TNDI TNDP

2014 2015 Golf Business Portfolio

Golf Course Location Capacity MBK’s stake

Loch Palm Golf Course Kathu District, Phuket 18 Holes 72.6% (LPGC) Red Mountain Golf Course Kathu District, Phuket 18 Holes 72.6% (RMGC) Riverdale Golf Course Bang Kadi District, Pathum Thani 18 Holes 100.0% (RDGC) Lam Luk Ka Golf Course Lam Luk Ka District, Pathum Thani 36 Holes 44.6% (LLKGC) Bangkok Golf Club (BKGC) Bang Kadi District, Pathum Thani 18 Holes 100.0%

25 Golf Business – Number of Golfer

Number of Golfers 2015 2014 2013 (Rounds)

LPGC 28,582 31,017 34,208

RMGC 19,230 21,172 20,472

RDGC 47,012 47,373 50,505

LLKGC 61,383 64,240 65,150

BKGC 73,590 - - Operating Revenue – Golf Business

500 465 YoY +23% 450 378 400

350

300 250

200 Million Million Baht 150 100 50 - 2014 2015

RDGC RMGC/LPGC BKGC

8% Growth in Revenue EBIT – Golf Business

35 YoY +86% 26 30

25 14 20

15

10 Million Million Baht 5

- 2014 2015 (5)

(10) RDGC RMGC/LPGC BKGC

8% Growth in Revenue Real Estate Business Portfolio

Total Number Sold Backlog Unsold Year Project Total of sold Amount % (To be transfer) Project Name Launched Units of Sold (Million Baht) (Units) (Million Baht) (Units) (Million Baht) (Unit) (Million Baht)

Housing Development (Phuket) The Indy II 2008 306 67 52 237 78% 15 69 7 32 Sabai Village II 2011 520 106 99 486 93% 7 34 4 20 Total 826 173 151 723 87% 22 103 11 52 Housing Development (Chonburi) Baan Rom Mai 1 2013 149 78 76 145 97% 2 4 0 0 Baan Rom Mai 2 2014 145 105 6 8 6% 99 137 2 3 Total 294 183 82 153 45% 101 141 2 3 Land for sale (Phuket) Planery Zone 2 2011 57 11 9 47 82% 2 10 1 5 Total 57 11 9 47 82% 2 10 1 5 Condominium (Bangkok) QUINN 2012 3,193 729 605 2,563 83% 124 543 162 707 Grand Total 4,076 913 765 3,333 84% 148 656 174 764 Operating Revenue – Real Estate Business

2,500 2,195 YoY +307%

2,000

1,500

1,000

Million Million Baht 539 500

- 2014 2015

PST MBK-R MBK-RT QUINN

8% Growth in Revenue EBIT – Real Estate Business

600 525 YoY +262%

500

400

300

200 145 Million Million Baht 100

- 2014 2015 (100)

PST MBK-R MBK-RT QUINN

8% Growth in Revenue Finance Business

Portfolio Size MBK’s (Million Baht) Company Business stake 31 December 2015 31 December 2014

Offer assets financing MBK against collateral in Guarantee 100% 3,611 3,732 Bangkok and key tourist (MBK-G) provinces

Operate motorcycle hire T Leasing purchase business in 100% 2,284 2,001 (TLS) Bangkok and suburban area

Total 5,895 5,733 Operating Revenue – Finance Business

1,400 YoY -4% 1,182 1,200 1,134

1,000

800

600 Million Million Baht 400

200

- 2014 2015

Asset financing Hire purchase Others

8% Growth in Revenue EBT – Finance Business

YoY -5% 450 394 400 376 350

300 250 200

Million Million Baht 150 100 50 - 2014 2015

Asset financing Hire purchase Others

8% Growth in Revenue Food Solution Business

Business type Brand Location MBK’s stake

Manufacture and trade rice Mah Boonkrong Rice Glas Haus Building, Sukhumvit 74.5%

The Fifth Food International Food court MBK Center 62.1% Avenue

Food court MBK Food Island MBK Center 74.5%

Japanese Restaurant Fujio Shokudo MBK Center 41.0%

The Nine Center, MBK Center, Traditional Suki Suki Number One 62.1% Glas Haus Building Operating Revenue – Food Solution Business

3,000 YoY +31% 2,554 2,500 1,952 2,000

1,500

Million Million Baht 1,000

500

- 2014 2015

Restaurant Food Center Rice

8% Growth in Revenue EBIT – Food Solution Business

100 77 YoY +43%

80 54

60

40

20 Million Million Baht

- 2014 2015 (20)

(40) Restaurant Food Center Rice

8% Growth in Revenue Other Business

Capital MBK’s Company Business type (Million Baht) Stake Provide car and motorcycle auction Apple Auto Auction service with genuine on-line auction 103 50% (AAA) service

70,000 65,109 60,758 60,000

50,000

39,115 40,000

30,000 28,151 28,340 20,727 20,000

Number of cars of Number 10,000

- 2013 2014 2015 All auction cars Success auction cars Contribution – Apple Auto Auction

35 32 30 30

25

20

15 12

10 9 Million Million Baht 5 5

0 2013 2014 2015

Profit sharing Dividend Assets Enhancement in 2016 Shopping Center Business

MBK Center Skywalk Facade renovation

Location MBK Center Area (sq.m.) 5,250 - - Investment 98 167 248 (Million Baht) Skywalk - Overview Skywalk - Overview Skywalk - Overview New Projects – Real Estate Business

The Riverdale Park Riverdale Baan Rom Mai 3 Residence

Type Residential Residential Residential

Riverdale Golf Riverdale Golf Ban Pluak Daeng, Location Course Course Rayong Pathum Thani Pathum Thani

Units 56 79 355 MBK’s stake 100% 100% 54.98% Project cost 560 436 375 (Million Baht) Park Riverdale

These pictures are used for advertising only. Financial Information of 2015 ROA and ROE

16.0% 14.0% 14.0% 12.5% 12.0% 11.7%

10.0% 8.0% 8.4% 8.0% 6.2% 6.0%

4.0%

2.0%

0.0% 2013 2014 2015

ROE ROA EPS

3.50

3.00 2.89*

2.50

2.00

Baht per Baht share 1.50 1.36 1.19 1.00

0.50

0.00 2013 2014 2015

*Net profit included gain on sale of investment in subsidiary, marketable securities and gain of sale of land in Koh Samui are the amount of 2,462 million baht. P/E Ratio

14.0 12.3 12.0 10.4

10.0

8.0 Times 4.8* 6.0

4.0

2.0

0.0 2013 2014 2015

*Year 2013 decreased from EPS included gain on sale of investment in subsidiary, marketable securities and gain of sale of land in Koh Samui are the amount of 2,462 million baht.

Balance Sheet

45,000 40,549 40,000 37,921 37,909

35,000

30,000

25,000 21,970 22,609 21,032 20,000 17,940 15,951 16,877 Million Million Baht 15,000

10,000

5,000

0 2013 2014 2015

Asset Liability Equity Profit and Loss Statement

14,000 13,131 12,213 12,000 10,080

10,000

8,000

6,000 4,108* Million Million Baht 4,000 1,815 2,000 1,591

0 2013 2014 2015

Total Revenue Net profit

*Net profit included gain on sale of investment in subsidiary, marketable securities and gain of sale of land in Koh Samui are the amount of 2,462 million baht.

Major Shareholders

Name Number of shares % 1. PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED GROUP 499,249,530 26.47% PATUM RICE MILL AND GRANARY PUBLIC COMPANY LIMITED 474,249,530 25.14% PRG. GRANARY COMPANY LIMITED 25,000,000 1.33% 2. THANACHART CAPITAL PUBLIC COMPANY LIMITED GROUP 375,372,090 19.90% THANACHART CAPITAL PUBLIC COMPANY LIMITED 188,562,090 10.00%

THANACHART BANK PUBLIC COMPANY LIMITED 76,842,000 4.07% THANACHART SECURITIES PUBLIC COMPANY LIMITED 75,603,000 4.01% THANACHART INSURANCE PUBLIC COMPANY LIMITED 34,365,000 1.82% 3. MR.YONGSAK KANATHANAVANICH 48,264,000 2.56% 4. NORTRUST NOMINEES LIMITED-THE NORTHERN TRUST COMPANY RE IEDP AIF CLIENTS NORTRUST NOMINEES 10 PERCENT ACCOUNT 43,188,944 2.29% 5. THAI NVDR 42,176,451 2.24% 6. KRUNGSRI DIVIDEND STOCK LONGTERM FUND 40,072,000 2.12% KRUNGSRI DIVIDEND STOCK 21,521,200 1.14% 7. DBS BANK A/C DBS NOMINEES-PB Clients 36,170,000 1.92% 8. Mr. Parinya Tieanworn 23,400,000 1.24% 9. MORGAN STANLEY&CO. INTERNATIONAL PLC 23,050,000 1.22% 10. FOUNDATION OF THAILAND 20,182,000 1.07% Source: SET (as of December 2015) Thank You

For further enquiries, Contact MBK Investor Relations : E-mail : [email protected] Tel : (66)2620-7120 Website : www.mbk-center.co.th