Bangkok Property Market Quarterly Presentation Q4 2016

BANGKOK PROPERTY MARKET QUARTERLY PRESENTATION Q4 2016

8 FEBRUARY 2017 DISCLAIMER

• This presentation has been prepared in good faith based on CBRE’s current views of the commercial real-estate market. Although CBRE believes its views reflect market conditions on the date of this presentation, they are subject to significant uncertainties and contingencies, many of which are beyond CBRE’s control. In addition, many of CBRE’s views are opinion and/or projections based on CBRE’s subjective analyses of current market circumstances. Other firms may have different opinions, projections and analyses, and actual market conditions in the future may cause CBRE’s current views to later be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses or market circumstances later change.

• Nothing in this presentation should be construed as an indicator of the future performance of CBRE’s securities or of the performance of any other company’s securities. You should not purchase or sell securities – of CBRE or any other company – based on the views herein. CBRE disclaims all liability for securities purchased or sold based on information herein, and by viewing this presentation, you waive all claims against CBRE and the presenter as well as against CBRE’s affiliates, officers, directors, employees, agents, advisers and representatives arising out of the accuracy, completeness, adequacy or your use of the information herein.

CBRE 2 BANGKOK PROPERTY MARKET MASS TRANSIT LINES BTS – 733,000 passengers per day EXISITNG

Nonthaburi MRT – 316,000 passengers per day

ARL – 60,000 passengers per day Operating Lines

SRT Light Red Line – 0 BTS: Light Green Line (1999)

BTS: Dark Green Line (1999)

MRT: Dark Blue Line (2004)

1 km – Missing Link ARL: Red Line (2010)

BTS: Light Green Line Extension (2011) On Nut - Bearing

BTS: Dark Green Line Extension (2009) Saphan Taksin – Wong Wian Yai

SRT: Light Red Line (2012) (Stopped Operating)

Bangkok BTS: Dark Green Line Extension (2013) Wong Wian Yai – Bang Wa

MRT: Purple Line (2016) Tao Poon – Klong Bang Pai

“Missing Link” Total distance 119.8 km. Scheduled Completion: September 2017 (80 stations)

CBRE 3 BANGKOK PROPERTY MARKET MASS TRANSIT LINES UNDER CONSTRUCTION BY 2020

Nonthaburi

Under Construction Lines

MRT: Dark Blue Line 1 (2019)

MRT: Dark Blue Line 2 (2019)

1 km – Missing Link SRT: Light Red Line (2020)

SRT: Dark Red Line (2020)

BTS: Light Green Line Extensions (2017-2020)

Bangkok Total distance 199.8 km. (134 stations) 119.8 existing km. (80 stations) & 80.0 km. under construction (54 stations) “Missing Link” Scheduled Completion: September 2017

CBRE 4 BANGKOK PROPERTY MARKET MASS TRANSIT LINES PLANNED COMPLETION BY 2023

Pathum Thani Planned Lines

MRT: Dark Blue Line

MRT: Orange Line Nonthaburi MRT: Pink Line

MRT: Yellow Line

MRT: Purple Line Extension

SRT: Light Red Line Extension

SRT: Dark Red Line

SRT: Dark Red Line Extension

ARL: Red Line

Gold Line

Total distance 391.2 km. (259 stations) Bangkok 119.8 existing km. (80 stations), 80.0 km. under construction (54 stations) & 191.4 km. planned (125 stations)

Samut Prakarn CBRE 5 BANGKOK PROPERTY MARKET MASS TRANSIT LINES Pathum Thani FUTURE PLANS

Nonthaburi

Bangkok

Samut Prakarn

CBRE 6 BANGKOK PROPERTY MARKET RESIDENTIAL TRENDS IN THE BANGKOK METROPOLITAN REGION

New Supply of Self-Built Single-Detached Houses in the New Supply of Developer-Built Townhouses in the Bangkok Bangkok Metropolitan Region, 2003–Q3 2016 Metropolitan Region, 2003–Q3 2016

Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total 30,000 25,000

25,000 20,000 20,000 15,000 15,000 10,000 10,000 5,000 5,000

0 0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

New Supply of Developer-Built Single-Detached Houses in the New Supply of Developer-Built Condominiums in the Bangkok Bangkok Metropolitan Region, 2003–Q3 2016 Metropolitan Region, 2003–Q3 2016

Q1 Q2 Q3 Q4 Total Q1 Q2 Q3 Q4 Total 30,000 90,000 80,000 25,000 70,000 20,000 60,000 50,000 15,000 40,000 10,000 30,000 20,000 5,000 10,000

0 0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

CBRE 7 BANGKOK PROPERTY MARKET HOUSING TRANSFERS BY JURISTIC AND INDIVIDUAL PERSONS, 2012-2016

Single-Detached Houses Townhouses Condominiums

25,000 40,000 60,000

35,000 50,000 20,000 30,000 40,000 15,000 25,000 20,000 30,000

10,000 15,000 20,000 10,000 5,000 10,000 5,000

- - -

2012 2013 2014 2015 2012 2013 2014 2015 2012 2013 2014 2015

Q1 2016 Q1 2016 Q2 2016 Q3 2016 Q1 2016 Q2 2016 Q3 2016 Q1 2016 Q2 2016 Q3

Transferred from Juristic Persons (New Properties) Transferred from Individual Persons (Second-Hand Properties)

Limited existing property resale market

Source: The Real Estate Information Center (REIC)

CBRE 8 BANGKOK PROPERTY MARKET CONDOMINIUM TOTAL DOWNTOWN & MIDTOWN/SUBURBAN STOCK

Total Downtown and Midtown Condominium Stock and Newly Completed Condominiums, 1995-2021F

No. of Units Existing Supply New Supply

800,000

700,000

600,000

500,000

400,000

300,000

200,000

100,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2017F 2018F 2019F 2020F 2021F

Q4 2016 Total Supply = 585,095 units Downtown = 122,403 units Midtown/Suburban = 462,692 units

CBRE 9 BANGKOK PROPERTY MARKET CONDOMINIUM SUPPLY MAP OF BANGKOK DOWNTOWN & MIDTOWN/SUBURBAN AREAS

Midtown/Suburban Existing supply: 462,692 units Future supply: 111,787 units

Downtown Existing supply: 122,403 units Future supply: 25,305 units

CBRE 10 BANGKOK PROPERTY MARKET CONDOMINIUM FALLING AMOUNT OF NEW SUPPLY, ESPECIALLY IN MIDTOWN/ SUBURBAN AREAS

Newly Completed Condominiums in Downtown and Midtown/Suburban Areas, 1995-2021F

No. of Units Downtown Midtown 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

2017F 2018F 2019F 2020F 2021F

New Completions in Q4 2016 = 24,664 units Downtown = 4,076 units Midtown/Suburban = 20,588 units

CBRE 11 BANGKOK PROPERTY MARKET MIDTOWN/SUBURBAN CONDOMINIUM CHEAPER TO BUY A TOWNHOUSE, ON A THB/SQ.M. BASIS

Supalai Veranda Rattanathibeth

Phra Nang Klao Bridge 2 BR Size: 62-74 sq.m. Skyline Rattanathibet Average Price: THB 64,000/sq.m. 2 BR Size: 42 - 59.50 sq.m. Total Price for 2BR: 3.97 – 4.74 MB Average Price: THB 86,500/sq.m. Yaek Nonthaburi 1 Distance to MRT: 380 m Total Price for 2BR: 3.63-5.15 MB Distance to MRT: 200 m

Si Phonsawan Nonthaburi Government Centre

Baan Klang Mueng The Connect UP3 Rattanathibet 17 Rattanathibet Usable Area: from 160 sq.m. Usable Area: 149 sq.m. Price Per Sq.m.: THB 21,000 Price Per Sq.m.: THB 29,500 Total Price: from 3.35 MB Total Price: from 4.49 MB 3 BR, 3 BTH, 2 Car Parks 3 BR, 3 BTH, 2 Car Parks Distance to MRT: 700 m Ministry of Public Health Distance to MRT: 650 m

CBRE 12 BANGKOK PROPERTY MARKET DOWNTOWN CONDOMINIUM AVERAGE PRICES – STILL RISING

Average Re-sale Prices of Completed Freehold High-End Units Average Asking Price of Future Units, High-end and Above, and Above, 2004-Q4 2016 2004-Q4 2016

Average Price Silom/Sathorn Average Price Silom/Sathorn THB/sq.m THB/sq.m. Central Lumpini Sukhumvit Central Lumpini Sukhumvit 250,000 300,000 Average = THB 203,909 per sq.m. Average = THB 265,304 per sq.m. 200,000 250,000

150,000 200,000

100,000 150,000

50,000 100,000

0 50,000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

High-End and above condominium units - priced above THB 120,000 per sq.m. with starting unit price of above THB 5 million

CBRE 13 BANGKOK PROPERTY MARKET CONDOMINIUM RECORD PRICES OF THB 300,000/SQ.M. FOR MULTIPLE UNITS

EXISTING CONDOMINIUMS

THE RESIDENCES AT 185 RAJADAMRI SUKHOTHAI RESIDENCES THE ST. REGIS BANGKOK

Rajdamri Sathorn Ratchadamri 236 Units (92% sold) 196 Units (95% sold) 53 Units (100% sold) Completed Q1 2014 Completed 2012 Completed 2011

Note: Sales figures are as of Q4 2016.

CBRE 14 BANGKOK PROPERTY MARKET CONDOMINIUM RECORD PRICES OF THB 300,000/SQ.M. FOR SOME NEW PROJECTS

UNDER CONSTRUCTION CONDOMINIUMS

THE RITZ-CARLTON MARQUE MAGNOLIAS WATERFRONT RESIDENCES SUKHUMVIT AT ICONSIAM

Sathorn-Narathiwat Sukhumvit 39 Charoennakorn 209 Units (74% sold) 147 Units (69% sold) 379 Units (100% sold) Q2 2017 Q2 2017 Q1 2018

THE RESIDENCES FOUR SEASONS PRIVATE NIMIT SALADAENG AT MANDARIN LANGSUAN RESIDENCES BANGKOK ONE ORIENTAL

Langsuan Saladaeng Soi 1 Charoenkrung Charoennakorn 187 Units (93% sold) 185 Units (50% Sold) 355 Units (50% Sold) 146 Units (61% Sold) Q2 2018 Q2 2018 Q4 2018 Q4 2018

Note: Sales figures are as of Q4 2016

CBRE 15 BANGKOK PROPERTY MARKET CONDOMINIUM RECORD PRICES OF THB 300,000/SQ.M. FOR SOME NEW PROJECTS

UNDER CONSTRUCTION CONDOMINIUMS

98 WIRELESS TELA THONGLOR KRAAM SUKHUMVIT 26

Wireless Rd. Thonglor 13 Sukhumvit 26 77 Units (40% Sold) 84 Units (74% Sold) 128 Units (66% Sold) Q1 2017 Q4 2018 Q3 2019

Q SUKHUMVIT KHUN BY YOO 28 CHIDLOM THE BANGKOK THONLOR

Sukhumvit 6 Thonglor 12 Chidlom Thonglor 1 273 Units (20% Sold) 148 Units (53% Sold) 252 Units (30% Sold) 148 Units (28% Sold) Q4 2017 Q3 2020 Q1 2020 Q3 2019

Note: Sales figures are as of Q4 2016

CBRE 16 BANGKOK PROPERTY MARKET LARGE PRICE DIFFERENCES BETWEEN NEW AND EXISTING PROPERTIES IN SIMILAR LOCATIONS

The Park at EM District Av. 287,000/sq.m. Completion: 2019

Bright Sukhumvit 24 Av. 195,000/sq.m. Completion: Q1 2012 The Emporio Place Av. 170,000/sq.m. Completion: Q1 2010 The Lumpini 24 Av. 190,000/sq.m. Completion: Q4 2015 President Park, Mahogany Tower Av. 50,000-60,000/sq.m. Completion: 1993

CBRE 17 BANGKOK PROPERTY MARKET APARTMENT HIGH OCCUPANCY BUT NO GROWTH IN HOUSING ALLOWANCES

Average Asking Rents/sq.m. for Grade A Units by Area, 2005- Supply, Demand and Occupancy Rate, 2005-Q4 2016 Q4 2016

Supply Demand Occupancy Rate Silom/Sathom Central Lumpini Sukhumvit Occupancy Units Rate THB/sq.m. 95.4% 550 14,000 100% 12,000 500 90% 480 10,000 450 454 8,000 80% 421 400 6,000 70% 350 4,000 60% 300 2,000

0 50% 250

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Q1 2016 Q1 2016 Q2 2016 Q3 2016 Q4

Occupancy Q4 2015 Q4 2016 Grade A Q4 2015 Q4 2016 Sukhumvit Rate 92.1% 95.4% Rents THB 451 THB 454

CBRE 18 BANGKOK PROPERTY MARKET APARTMENT INCREASE IN EXPAT NUMBERS

Total Expatriates with Work- Permits sorted by Nationality, Number of Expatriates in Bangkok, 2004-Q4 2016 Q4 2016

Persons 90,000 84,313 Japanese 80,000 Other 22% 33% 70,000 60,000 50,000 40,000 Chinese 13% 30,000 20,000 South Korean 10,000 4% 0 American Filipinos

5% 9%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

British Indian 2004

Q2 2016 Q2 2016 Q3 2016 Q4 6% 8% 2016 Q1

Thailand: Total 157,433/ Bangkok: Total 84,313 Chinese expats have doubled over the last five years

CBRE 19 BANGKOK PROPERTY MARKET SERVICED APARTMENT NO GROWTH IN RENTS

Supply, Demand and Occupancy Rate, 2005-2016 Average Achieved Rents of Grade A units by Area, 2016

THB/sq.m./ Supply Demand Occupancy Silom/Sathorn Lumpini Sukhumvit Units month 83.4% 1,093 18,000 100% 1,400 16,000 90% 1,250 14,000 80% 12,000 70% 1,100 60% 10,000 50% 950 8,000 40% 6,000 30% 800 4,000 20% 650 2,000 10%

0 0% 500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

2007 2008 2009 2010 2011 2012 2013 2014 2015

Q1 2016 Q1 2016 Q2 2016 Q3 2016 Q4

Occupancy 2015 2016 2015 2016 Rents Rate 82.0% 83.4% THB 1,089 THB 1,093

CBRE 20 BANGKOK PROPERTY MARKET HOTEL GROWTH IN INTERNATIONAL TOURIST ARRIVALS

No of International tourist arrivals to Thailand, 2005 - 2016 Total Arrivals Q4, 2016 -1% Y-o-Y No. of Int'l tourist Growth of no. of arrivals (Million) Int'l tourist arrivals (Y-o-Y) Tourist Arrivals Percentage Change Total Arrivals 2016 35 60% 9% Y-o-Y

30 50% 40% 25 Bangkok Airport Arrivals 30% 20 2016 20% 15 9% Y-o-Y 10% 10 0% Q4 2016 Chinese Arrivals: 5 -10% 1.44 million (-21%) 0 -20% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2016 Chinese Arrivals: 8.7 million (10%) The crack down on zero dollar tours hit Chinese tourist arrivals in Q4

CBRE 21 BANGKOK PROPERTY MARKET HOTEL RATE OF NEW SUPPLY SLOWED BUT MORE PLANNED PROJECTS

Future Hotel Supply in Downtown Bangkok, 2007-2020F

No. of keys Existing New Supply 60,000 Existing Supply 50,000 42,634 keys 40,000

30,000

20,000 Future Supply

10,000 19% increase to 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F 2018F 2019F 2020F 50,703 (2020)

2016 (All Year) Change Y-o-Y Occupancy 77.5% +1.9%

ADR THB 3,370/night +3%

Source: STR Global

CBRE 22 BANGKOK PROPERTY MARKET BANGKOK OFFICE MARKET

Market Summary

. Office demand steady . Rent increases . Limited future office supply for the next three years

Q4 2016 Total Market A-CBD B-CBD A-Non CBD B-Non CBD

Total Stock 8,555,958 1,296,514 2,947,162 462,362 3,882,620

Total take up 7,895,059 1,198,014 2,658,492 445,916 3,592,637

Total vacancy 660,899 98,500 255,970 16,446 289,983

Q4 2016 7.7% 7.6% 8.8% 3.6% 7.5% % Vacancy

Q3 2016 8.2% 8.7% 9.6% 6.5% 7.7% % Vacancy

CBRE 23 BANGKOK PROPERTY MARKET BANGKOK OFFICE MARKET TAKE-UP: STEADY BUT CONCERNS ABOUT 2017 DEMAND

Net Take–Up of Overall Bangkok Office Space

Q1 Q2 Q3 Net New Take-Up sq.m.

500,000

400,000 222,136 300,000 198,302 159,876 180,072 195,505 200,000 82,798 100,000

(100,000)

(200,000)

(300,000) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Net take up of Q4 2016 = 57,631 sq.m.

CBRE 24 BANGKOK PROPERTY MARKET UNDER CONSTRUCTION PROJECTS – COMPLETED IN 2016

Available for rent: 107,316 sq.m.

Owner Occupied: 32,000 sq.m. FYI Centre The Metropolis Rungrojthanakul 4 CBD CBD Non CBD

48,071 sq.m. 13,540 sq.m. 15,705 sq.m. 100 m from MRT QSNCC 200 m from BTS Prom Phong 300 m from MRT Rama IX

G Tower (South Tower) Thai Life Insurance Tower Osotspa New Office Building Non CBD Non CBD Non CBD 30,000 sq.m. 18,000 sq.m. 14,000 sq.m. Connected to MRT Rama IX

CBRE 25 BANGKOK PROPERTY MARKET UNDER CONSTRUCTION PROJECTS – COMPLETION IN 2017

Available for rent: 195,000 sq.m.

Owner Occupied: 30,000 sq.m.

SC Tower Gaysorn Office Tower Bhiraj Tower at BITEC M Tower

Non CBD CBD Non-CBD Non CBD 11,000 sq.m. 30,000 sq.m. 32,000 sq.m. 14,000 sq.m. 500m from BTS Aree 400 m from BTS Chidlom 200 m from BTS Bangna 200 m from BTS Bangchak

G Tower (North Tower) Pearl Bangkok Cosmo Office Park Ladprao Hills Thairath Building Non CBD Non CBD Non CBD Non CBD Non CBD 30,000 sq.m. 30,000 sq.m. 60,000 sq.m. 6,000 sq.m. 12,000 sq.m. Connected to MRT 450 m from BTS Aree Muang Thong Thani Next to MRT Ladprao Rama IX

CBRE 26 BANGKOK PROPERTY MARKET UNDER CONSTRUCTION PROJECTS – COMPLETION IN 2018

Available for rent: 125,740 sq.m.

Owner Occupied: 45,000 sq.m.

Singha Complex BAY Ploenchit Branch Ari Hills CBD CBD Non CBD 50,300 sq.m. 25,000 sq.m. 10,800 sq.m. 100 m from MRT Petchaburi 100 m from BTS Ploenchit 600 m from BTS Ari

MS Siam Tower T1 Office Building Toyota Buzz Non CBD Non CBD Non CBD 37,000 sq.m. Rama III 23,340 sq.m. 20,000 sq.m. 200 m from BTS Thong Lor Viphavadee- Rangsit

CBRE 27 BANGKOK PROPERTY MARKET UNDER CONSTRUCTION PROJECTS – COMPLETION IN 2019

Available for rent: 83,000 sq.m.

Owner Occupied: 10,000 sq.m.

Chia Tai Head Office Samyan Mitrtown Non CBD CBD 10,000 sq.m. 48,000 sq.m. 350 m from BTS Bang Chak 200 m from MRT Samyan

Whizdom 101 Summer Hill Non CBD Non CBD 30,000 sq.m. 5,000 sq.m. 550 m from BTS Punnawithi In front of BTS Phra Khanong

CBRE 28 BANGKOK PROPERTY MARKET BANGKOK OFFICE RENT RENTS: RISING

Average Achieved Rents of Bangkok Office Space

CBD Grade A CBD Grade B THB /sq.m. Non CBD Grade A Non CBD Grade B 931 943 953 950 916 877 841 850 804 745 750 760 740 743 741 770 750 721 697 688 694 681 635 691 700 650 598 648 663 672 549 586 600 578 570 642 551 553 604 620 624 637 550 560 561 597 520 580 512 552 516 479 477 526 450 474 432 443 440 417 431 350 401 250 150 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

The average rent is calculated based on 200 – 300 sq.m. transactions. Larger transactions attain an approximately 5-15% discount from smaller transactions.

CBRE 29 BANGKOK PROPERTY MARKET APAC PRIME OFFICE RENTS STILL CHEAP BY REGIONAL COMPARISON

Asia Pacific's Average Grade A Office Rents, Q3 2016

3,742 3,679 3,239 2,704 2,578 2,201 1,981 1,824 1,761 1,541 1,541 1,541 1,352 1,352 1,352 1,258 1,226 975 943 912 880 849 818 786 692 629 597 597 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

THB/sq.m./month

CBRE 30 BANGKOK PROPERTY MARKET RETAIL 7.3 MILLION SQ.M. OF RETAIL SUPPLY IN BANGKOK

Total % % Total in Total in Total in Market Change Change Downtown Midtown Suburb Q4 2016 Q-o-Q Y-o-Y

Total Supply 7.3 1.5 2.1 3.7 1.8% 3.2% (million sq.m.)

Total Take-up 6.9 1.4 2 3.5 2.4% 3.9% (million sq.m.)

Average Occupancy 93.8% 92.6% 92.1% 95.8% 0.7% 0.6% Rate

New Retail Supply in Q4 2016: 130,882 sq.m.

CBRE 31 BANGKOK PROPERTY MARKET THAILAND'S RETAIL SALES INDEX, JANUARY 2011 – NOV 2016 RETAIL SALE START TO PICK UP

Retail Sales Index Retail Index Changes in Retail Sales Index (%Y-o-Y) % Change Y-o-Y

300 60% 50% 250 40% 200 30% 20% 150 10% 100 0% (10)% 50 (20)%

0 (30)%

SEP 2012 SEP 2013 SEP 2014 SEP 2015

JAN 2013JAN 2014JAN 2015JAN 2016JAN

SEP 2011

JAN 2011JAN 2012JAN

MAY2012 MAY2013 MAY2014 MAY2015 MAY2016

SEP 2016p MAY2011

RETAIL SALE START TO PICK UP

CBRE 32 BANGKOK PROPERTY MARKET RETAIL SUPPLY, TAKE-UP AND OCCUPANCY RATE, 2000–2016 THE OCCUPANCY RATE REMAINS STRONG

Net Area (sq.m.) Total Supply Total Take-up Occupancy Rate Occupancy Rate

7,000,000 100%

98% 6,000,000 96%

5,000,000 94%

92% 4,000,000 90%

3,000,000 88%

86% 2,000,000 84%

1,000,000 82% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

CBRE 33 BANGKOK PROPERTY MARKET RETAIL EXISTING AND FUTURE SUPPLY, 2006 – 2018F & BEYOND

sq.m.

9,000,000

8,000,000

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F* 2018F & Beyond*

Rate of new supply slowed due to delayed construction

CBRE 34 BANGKOK PROPERTY MARKET KEY RETAIL DEVELOPMENTS EXISTING AND FUTURE SUPPLY

1 Siam Paragon 2 Central World 3 Seacon Square Mega Bangna 4 16 5 The Mall Bangkae 15

6 Future Park Rangsit 6 7 CentralPlaza Pinklao 8 CentralPlaza Bangna 11 9 Emporium and EmQuartier 10 Central Festival East Ville 10

11 Central WestGate 7 12 1 13 12 Icon Siam (87,500 sq.m. / 2017) 2 9 5 3 13 EmSphere (60,000 sq.m) 14 14 Bangkok Mall (89,000 sq.m) 8 4 15 Central M 16 Mega Rangsit

Existing Supply

Future Supply

CBRE 35 BANGKOK PROPERTY MARKET INDUSTRIAL MINIMAL SILP SALES

Total Net New Take Up, 2003-Q3 2016

No. of SILPs (Rai) Q1 Q2 Q3 Q4 12,000

10,000

8,000

6,000

4,000

2,000

0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Q3 2016 : sold 516 rai (historic average 1,000 rai per quarter)

CBRE 36 BANGKOK PROPERTY MARKET INDUSTRIAL RBF VACANCY REMAINED HIGH

Total Supply and Take-up of RBFs, 2005-Q3 2016

Sq.m. Total Space (sq.m.) Total Take-up (sq.m.) Vacancy Rate Vacancy Rate

2,500,000 40% 35% 2,000,000 30%

1,500,000 25% 20% 1,000,000 15% 10% 500,000 5% 0 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 Q2 Q3 2016 2016 2016

Q3 2016 Vacancy Rate at 31.5%, increased from 30.9% in Q2 2016

CBRE 37 BANGKOK PROPERTY MARKET INDUSTRIAL STABLE VACANCY FOR MLPS

Total Supply and Take-up of MLPs, 2013-Q3 2016

Sq.m. Total Space (sq.m.) Total Take-up (sq.m.) Vacancy Rate Vacancy Rate

3,500,000 35%

3,000,000 30%

2,500,000 25%

2,000,000 20%

1,500,000 15%

1,000,000 10%

500,000 5%

0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2013 2013 2013 2013 2014 2014 2014 2014 2015 2015 2015 2015 2016 2016 2016

Q3 2016 Vacancy Rate increased to 19.7% from 19.2% in Q2 2016

CBRE 38 BANGKOK PROPERTY MARKET THANK YOU