1Q2019 Results and Business Plan

Opportunity Day

2

The information (“Confidential Information”) contained in this presentation is strictly confidential and is provided by Ananda Development Public Company Limited (the “Company”) to you solely for your reference. Neither this presentation nor any part thereof may be (i) used or relied upon by any other party or for any other purpose; (ii) copied, photocopied, duplicated or otherwise reproduced in any form or by any means; or (iii) redistributed, passed on or otherwise disseminated, to any other person either in your organization or elsewhere, without the prior written consent of the Company. By attending this presentation, participants agree not to remove this document, or any materials provided in connection herewith, from the conference room where such documents are provided without express consent from the Company. Although care has been taken to ensure that the Confidential Information in this presentation is accurate, and that the opinions expressed are fair and reasonable, the Confidential Information is subject to change without notice, its accuracy is not guaranteed, has not been independently verified and it may not contain all material information concerning the Company. None of the Company, or any of their respective members, directors, officers, employees or affiliates nor any other person accepts any liability (in negligence, or otherwise) whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith.

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 buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract, commitment or investment decision in relation thereto in Thailand, United States or any other jurisdiction. Any such purchase should be made solely on the basis of the information contained in the announcements to the Stock Exchange of Thailand relating to such securities. 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.

Disclaimer

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1Q2019 4Q2018 1Q2018% Q-o-Q % Y-o-Y

M Baht % M Baht % M Baht %

Total revenue 1,822 100% 2,611 100% 2,821 100% (30%) (35%)

Revenue from sale of real estate 775 43% 1,043 40% 1,853 66% (26%) (58%)

Project management and commission income 473 26% 600 23% 496 18% (21%) (5%)

Construction income 313 17% 576 22% 295 10% (46%) 6%

Other incomes 261 14% 393 15% 176 6% (33%) 48%

Gross profit 679 37% 901 35% 1,048 37% (25%) (35%)

Sale of real estate 159 21% 251 24% 570 31% (36%) (72%)

Project management and commission 295 62% 321 53% 305 62% (8%) (3%)

Construction 26 8% 48 8% 36 12% (46%) (28%)

Others 200 N/A 282 N/A 137 N/A (29%) 46%

SG&A 697 38% 812 31% 685 24% (14%) 2%

Selling expenses 147 8% 194 7% 274 10% (24%) (46%)

Administrative expenses 549 30% 618 24% 411 15% (11%) 34%

Other expenses (8) 0% 173 7% - - N/A N/A

Share of Profit (Loss) 371 20% 886 34% (66) (2%) (58%) N/A

EBIT 363 20% 803 31% 286 10% (55%) 27%

Interest expenses 105 6% 100 4% 92 3% 5% 15%

Net Profit (Loss) 270 15% 692 27% 145 5% (61%) 86%

Profit attributable to non-controlling interests (38) (2%) 19 1% - - N/A N/A

Profit attributable to equity holders of the company 232 13% 711 27% 145 5% (67%) 61%

Profitability: Investment from Joint Ventures was a Key to Grow

1,987

4,856

34% 35%

16%18%

4

1Q19 Transfers

Unit: M Baht

GROWTH YOY

144%

Transfers from JV

Share Profit from JV

%Gross Profit Margin

Profitability: Investment from Joint Ventures was a Key to Grow

%Net Profit Margin

(66)

371

1Q18 1Q19

GROWTH YOY47%

FROM JV PROJECTS

86%

5

1Q2019 4Q2018 1Q2018% Q-o-Q %Y-o-Y

M Baht M Baht M Baht

Cash balance and equivalent 4,626 4,914 5,239 (6%) (12%)

Assets 43,012 41,573 35,727 3% 20%

Interest bearing debts 18,715 18,402 18,151 2% 3%

Liabilities 23,659 23,584 22,174 0% 7%

Shareholders' equity 19,354 17,989 13,553 8% 43%

D/E ratio (times) 1.22 1.31 1.64 (7%) (25%)

Net IBDE ratio (times) 0.73 0.75 0.95 (3%) (24%)

Balance Sheet: Business Growth with Discipline

6

Balance Sheet: Business Growth with Discipline

1.2

1

0

0.5

1

1.5

Note : Net Interest bearing debt including JV debt to equity

2014 2015 2016 2017 2018

Bond Covenants 2.5 Times

1Q2019

7

Condo 410 202 1,290 2,616 1,819 5,927

Housing 540 573 606 1,106 1,348 3,633

Ananda F/S 950 775 1,896 3,722 3,167 9,560

Ananda Share in JV 1,407 2,171 1,871 3,539 5,243 12,824

Partner Share in JV 1,694 2,685 2,033 3,431 5,467 13,616

Ananda Share in Transfers 2,357 2,946 3,767 7,261 8,410 22,384

Total (M Baht) 4,050 5,631 5,800 10,692 13,877 36,000

Transfer 1Q19F 2Q19F 4Q19F3Q19F 2019F

36,000 MILLION BAHT CONDOMINIUM90 %

HOUSING10 %

GROWTH9%

2018

Transfer Target 2019: Target a Moderate Growth but yet with Another High Record

1Q19A

ABOVE GUIDANCE39%

GROWTH YOY47%

8

Transfer

Begins 1Q19 2Q19 4Q193Q19

NEW CONDO PROJECTS

THAT COMPLETE THIS

YEAR10OF TRANSFERS

COMING FROM 42%

NEW PROJECT AT

SUKHUMVIT 31

Transfer Target 2019: 10 Condo Projects will be ready to Transfer within This Year

9

Transfer Performance: Our Customers were Cashed Up

1Q2019

CASH39%

1Q2019

MORTGAGE61%

DOMESTIC19 %

INTERNATIONAL20 %

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2015 2016 2017 2018 1Q2019

2013 2014 2015 2016 2017 2018 2019

10

38,000MILLION BAHT

10PROJECTS

8 PROJECTS

CONDOMINIUM92 %

2 PROJECTS

HOUSING8%

7 JOINT VENTURE PROJECTS

97% CONDO LAUNCH

38,000

26,756

GROWTH42%

FROM 2018

Launch Target 2019: Going Forward in Full Force where the Opportunities are

11

2Q19 Launch Project: Ideo Q Phahol-Saphankhwai

Contents and simulated images are for advertising purpose only. The company reserved the right to

change the project’s details without prior notice.

12

2Q19 Launch Project: Unio Town Prachauthit 76

13

36,000 MILLION BAHT

CONDOMINIUM 3,263 4,064 5,648 11,133 11,409 32,254

HOUSING 776 752 798 1,088 1,109 3,747

TOTAL(MILLION BAHT)

4,039 4,815 6,446 12,221 12,518 36,000

PRESALES 1Q19F 2Q19F 4Q19F3Q19F 2019F

GROWTH14%

FROM 2018

Presales Target 2019: Maintain High Level of Presales for Future Transfers

1Q19A

CONDOMINIUM90%

HOUSING10%

ABOVE GUIDANCE19%

2019 2020 2021

2,734 844

6,946

6,352 3,440

7,086

7,288

1,935

350

Ananda's Backlog - Condo Ananda's Backlog JV - Condo Partner's Share Ananda's Backlog - Housing

14

Backlog

37 Bn Baht

57% of the next 9 months of 2019

transfers secured by backlog

17,116 MILLION BAHT

13,640 MILLION BAHT

6,219 MILLION BAHT

Backlog: Almost 60% of the next 9 months Transfers were Secured

Updated: Mar 31, 2019

3.7%

1.0%

6.0%

11.0%

16.0%

1.1%1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

15

Updated: Mar 31, 2019

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18

Cancellation & Rejection Rates: Rates move on normal ranges

1Q19

1Q19

16

1Q2019 Summary: Business Growth with Discipline

❖ Transfers rose 47% YoY

❖ Transfers beat the guidance by 39%

❖ Project transfers ahead of schedule

❖ Presales beat the guidance by 19%

❖ Net profit grew 61% YoY

❖ Net profit margin rose from 5% to 13% YoY

❖ Net IBDE ratio including JV at 1.0 below bond covenants at 2.5 times

17

Note : 1 including Joint Venture with Mitsui Fudosan

Financial Target in 2019: Our Capital Cycles Drove Higher Launches

Item 2013

Actual

2014

Actual

2015

Actual

2016

Actual

2017

Actual

2018

Actual

2019

Guidance

Transfers1 (M Baht) 8,808 9,678 9,598 15,866 15,098 33,171 34,000-38,000

Launches (M Baht) 34,213 14,954 34,828 20,693 42,450 26,756 36,000-40,000

Presales (M Baht) 21,083 20,898 26,235 25,175 34,920 31,483 34,000-38,000

Gross Profit Margin 39% 38% 40% 37% 37% 34% 31-34%

Net Interest Bearing D / E, Year End 0.3 0.7 0.7 0.8 0.8 0.7 0.4-0.6

Net IBD/E including JV Debt 0.3 0.9 1.0 1.0 1.2 1.1 1.1-1.3

Land Purchases (M Baht) 4,343 10,284 5,258 7,252 15,600 10,000 6,000-8,000

Residential Construction Capex (M Baht) 1,516 6,429 8,052 8,899 14,957 15,410 11,000-12,000

Serviced Apartments Capex (M Baht) - - - - 189 1,529 2,500-3,000

Project Management Income (M Baht) 157 265 696 853 1,650 1,532 2,500-3,000

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Government Stimulus Measure: Benefits for Value to Mid-End Segment

▪ First home/condos buyers

▪ Value of the property worth up to Bt5mn

▪ The incentive ran between 30 April - 31 December 2019

Personal Income Tax Deduction of

up to 200,000 Baht was offered for..

42,012 Mn Baht

Under-Construction Projects Expected to be finished between 2Q19 – 4Q19

(avg. valued < Bt5mn) *

Ananda Finished Unsold Inventories

Value < Bt5mn

39%61%

Value > Bt5mn

As of Mar 2019

Finished Unsold Inventories valued < Bt5mn are 15% of Total Unsold Inventories

Note: * total unsold values of those 4 projects accounted for around 4,800 million Baht

19

Upcoming Project Transfers: Growth with continuous project transfers

2Q19

NEW PROJECT AT

SUKHUMVIT 31

3Q19

4Q19

ProjectValue (789 MB)(1,810 MB)

(2,075 MB) (712 MB)

(3,202 MB) (2,390 MB) (2,561 MB) (5,095 MB)ProjectValue

ProjectValue

13,248MILLION BAHT

Combined Project Value

2,787MILLION BAHT

Combined Project Value

2,599MILLION BAHT

Combined Project Value

20

Outlook for Inter-Markets: Growth of Chinese Demands in Thai Real Estate Markets

1. China grow Thailand’s economy (exports, investments, manufactory) and property market; Chinese is the second largest number of expatriate in Thailand with work permit (CBRE)

2. Thailand is one of Top Destinations for Chinese to invest in property after US, UK and Australia

3. Thailand is more popular among Chinese buyers this year,as the China-US trade war cools interest in US property as regulatory and other risks rise

4. However, China demands may fluctuate based on sentiment;slowdown in Chinese economy, the weakening Yuan against Baht, and growing constraints on currency transfers out of China remain risks for Thailand

21

SA Progress Update : Two New Projects to Commence Operation in 2020

SOMERSET RAMA 9

SA Portfolio Construction Progress Expected COD

SOMERSET RAMA 9 66% Q1/2020

LYF SUKHUMVIT 8 21% Q2/2020

ASCOTT EMBASSY SATHORN 9% Q1/2021

ASCOTT THONGLOR BANGKOK 4% Q2/2021

SOMERSET PATTAYA Expected construction begins in 2H19 Q1/2022

As at 9 June 2019

Recurring income portfolio diversification, ensuring long term growth

22

SA Portfolio Construction Progress Expected COD

SOMERSET RAMA 9 66% Q1/2020

LYF SUKHUMVIT 8 21% Q2/2020

ASCOTT EMBASSY SATHORN 9% Q1/2021

ASCOTT THONGLOR BANGKOK 4% Q2/2021

SOMERSET PATTAYA Construction commence in 2H19 Q1/2022

LYF

SUKHUMVIT 8Recurring income portfolio diversification, ensuring long term growth

As at 9 June 2019

SA Progress Update : Two New Projects to Commence Operation in 2020

23

Recurring Income: Accumulating Revenue Contribution

2017

First Venture into Serviced Apartments Business

Continuing expansion in key destinations

through diversified product classes

2022

1,800+MILLION BAHT

REVENUE

>1,100MILLION BAHT PER ANNUM

INVESTMENT VALUE

24

Dividend: Increase Investment Return to Shareholders

0.2540

IPO

2012 2013 2014 2015 2016 2017 2018

DIVIDEND PER SHARE(BAHT)

0.05

0.098

0.10

0.1250

0.1275

6 YEARS

400% GROWTH

25

Contact: Dr. Chaiyuth ChunnahachaChief Financial OfficerAnanda Development Public Company Limitedchaiyuth@ananda.co.th+662 056 2222

Mr. Komsan AtthaphonphithakSenior Investor Relations ManagerAnanda Development Public Company Limitedkomsan@ananda.co.th+662 056 2222 Mobile: +66 819 16 3755

Thank You

Ms. Katalee KrachangsaengAssistant Investor Relations ManagerAnanda Development Public Company Limitedkatalee@ananda.co.th+662 056 2222 Mobile: +66 881 99 3832

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Project Economic

Shareholding(ANAN:Partner)

Launched TypeValue

(M Baht) %Net Sold

Backlog (M Baht)

Unsold Inventory (M Baht)

%Transfer

ADO: Atoll (Housing) 100 Feb-13 Housing 3,221 41.8% 37 1,876 40.6%

AD18: Ashton Asoke (JV) 51:49 Sep-14 Condo 6,725 72.8% 529 1,829 64.9%

AD17: Ideo Q Siam-Ratchathewi (JV) 51:49 Sep-14 Condo 3,863 91.1% 222 345 85.3%

AD16: Ideo Mobi Wongsawang-Interchange 100 Sep-14 Condo 1,643 62.5% 41 615 60.1%

AD18: Ashton Chula-Silom (JV) 51:49 Mar-15 Condo 8,657 91.2% 537 764 85.0%

AD17: Ashton Residence 41 100 Mar-15 Condo 1,944 55.9% 324 858 39.2%

AD16: Unio Charan 3 100 Jun-15 Condo 2,118 100.0% - - 100.0%

AD16: Arden 3 projects 100 Jun-15 Housing 2,844 99.1% - 37 99.1%

AD17: Ideo Sukhumvit 115 100 Aug-15 Condo 2,805 100.0% - - 100.0%

AD18: Q Chidlom (JV) 51:49 Aug-15 Condo 3,090 79.8% 271 625 71.0%

AD17: Ideo O2 (JV) 51:49 Aug-15 Condo 5,130 86.1% 510 714 76.1%

AD17: Ideo Mobi Bangsue Grand Interchange (JV) 51:49 Nov-15 Condo 2,477 55.1% 66 1,113 52.4%

AD18: Ashton Silom (JV) 51:49 Nov-15 Condo 6,138 63.2% 2,045 2,261 29.9%

AD17: Ideo Tha Phra Interchange (JV) 51:49 Feb-16 Condo 2,778 64.4% 41 989 62.9%

AD17: Unio Sukhumvit 72 100 Jul-16 Condo 1,556 100.0% - - 100.0%

AD17: Unio Rama2-Thakham 100 Jul-16 Condo 984 98.3% 35 17 94.7%

AD18: Venio Sukhumvit 10 100 Sep-16 Condo 878 77.3% 6 199 76.7%

AD18: Ideo Mobi Asoke (JV) 51:49 Sep-16 Condo 3,341 85.0% 911 500 57.8%

AD18: Ideo Sukhumvit 93 (JV) 26:74 Oct-16 Condo 6,361 93.2% 338 433 87.9%

AD18: Ideo Phaholyothin-Chatuchak (JV) 51:49 Oct-16 Condo 2,599 81.9% 219 472 73.4%

AD18: Ideo Mobi Sukhumvit 66 (JV) 51:49 Oct-16 Condo 2,431 51.5% 301 1,179 39.1%

AD18: Unio Ramkhamhaeng-Serithai 100 Mar-17 Condo 894 61.1% 15 348 59.4%

AD19: Unio H Tiwanon 100 Mar-17 Condo 789 40.7% 321 468 -

AD17: Artale Phattanakarn-Thonglor 100 Mar-17 Housing 1,663 67.0% 81 549 62.1%

AD19: Ideo Q Victory (JV) 51:49 Jun-17 Condo 3,202 97.3% 3,115 88 -

AD20: Ashton Asoke-Rama 9 (JV) 51:49 Jun-17 Condo 6,515 78.9% 5,138 1,377 -

Updated: Mar 31, 2019

Current Projects As Of March 2019

Note: JV = Joint Venture with Mitsui Fudosan

27

Updated: Mar 31, 2019Project Economic

Shareholding(ANAN:Partner)

Launched TypeValue

(M Baht) % Net Sold

Backlog (M Baht)

Unsold Inventory (M Baht)

%Transfer

AD20: Ideo Q Sukhumvit 36 (JV) 26:74 Jun-17 Condo 4,318 56.0% 2,416 1,902 -

AD19: Ideo New Rama 9 (JV) 26:74 Jun-17 Condo 3,016 75.0% 1,283 755 32.4%

AD19: Elio Del Nest (JV) 51:49 Jun-17 Condo 5,095 47.7% 2,431 2,665 -

AD17: Unio Town Lumlukka Klong 4 100 Jun-17 Housing 911 30.6% 14 632 29.0%

AD17: Airi Rama 5-Ratchaphruek 100 Jul-17 Housing 794 44.1% 39 443 39.2%

AD18: Artale Kaset-Nawamin 100 Aug-17 Housing 1,500 14.0% 46 1,291 10.9%

AD17: Atoll Wongwaen-Lumlukka 100 Sep-17 Housing 708 32.1% 6 480 31.2%

AD19: Ideo Mobi Sukhumvit 40 100 Sep-17 Condo 2,075 42.2% 877 1,199 -

AD19: Ideo Mobi Rangnam (JV) 38:62 Sep-17 Condo 2,390 40.0% 955 1,435 -

AD19: Elio Del Moss (JV) 74:26 Nov-17 Condo 3,447 49.0% 1,389 1,757 8.8%

AD21: Ideo Mobi Rama 4 100 Nov-17 Condo 5,014 16.8% 844 4,170 -

AD19: Ideo Sathorn-Wongwian Yai (JV) 51:49 Mar-18 Condo 2,561 60.4% 1,547 1,013 -

AD19: Unio Sukhumvit 72 Phase 2 100 Mar-18 Condo 1,810 61.6% 1,115 695 -

AD20: Ideo Rama 9-Asoke (JV) 64:36 Jun-18 Condo 6,694 80.3% 5,375 1,319 -

AD18: Unio Town Phetkasem 110 100 Jun-18 Housing 384 26.6% 16 282 22.4%

AD20: Ideo Ratchada-Sutthisan (JV) 51:49 Sep-18 Condo 1,721 40.0% 688 1,033 -

AD20: Elio Sathorn-Wutthakat (JV) 51:49 Sep-18 Condo 3,400 31.1% 1056 2,344 -

AD18: Unio Town Srinakarin-Bangna 100 Sep-18 Housing 889 12.0% 13 783 10.5%

AD18: Unio Town Suanluang-Patthanakan 100 Sep-18 Housing 629 16.0% 33 528 10.8%

AD18: Airi Rama 2 100 Sep-18 Housing 1,023 3.2% - 990 3.2%

AD18: Airi Chaengwatthana 100 Sep-18 Housing 1,144 1.0% - 1,132 1.0%

AD20: Ideo Mobi Sukhumvit Eastpoint (JV) 28.6:71.4 Nov-18 Condo 5,581 29.8% 1,664 3,917 -

AD19: Unio Town Suksawat 30 100 Dec-18 Housing 764 8.5% 65 699 -

Housing 16,473 350 9,722

Condo 119,118 36,625 39,398

Grand total 135,591 36,975 49,120

Note: JV = Joint Venture with Mitsui Fudosan

Current Projects As Of March 2019 (Cont.)