Group Structure 1 TICON Developing standard factories for rent/sale 99.99% 99.99% 33.04% 19.35% EISCO TPARK TFUND TLOGIS Developing standard factories for rent/sale, with BOI privilege Developing high quality logistics warehouses for rent/sale A listed property fund which its properties acquired from & managed by TICON & TPARK A listed property fund which its properties acquired from TPARK & managed by TICON
Company Overviews 2 Establishment Year 1990 Paid up Capital Baht 671.79 million (671.79 million shares, @ Baht 1 per share) Unexercised TICON W3 219.35 million units (expired in Jan 2014) Unexercised TICON W4 107.89 million units (expired in May 2011) Unexercised TICON W5 32.88 million units (expired in May 2014) Dividend Policy TRIS Rating SET FTSE SET Not less than 40% of net profit after taxation A stable An SET 100 Company A FTSE SET Small Cap Company
Shareholding Structure 3 Foreign 11% Rojana Group 22% Directors & Management 10% Albouys Nominees 7% Local 89% Thailand Equity Fund 6% as of Feb 25, 2010 Others 49% City Realty Group 6% as of May 12, 2009 Free float 56 % as of May 12, 2009
Board of Directors 4 Mr. Chali Sophonpanich Chairman of the Board Representing City Realty Group Mr. Wei Cheng Kuan Mr. Virapan Pulges President Managing Director Executive Director Executive Director Mr. Direk Vinichbutr Mr. Jirapongs Vinichbutr Director Director Representing Rojana Group Representing Rojana Group Mr. Pote Videtyontrakich Director Representing Thailand Equity Fund Mr. David Tarrant Mr. Chatchaval Jiaravanon Mr. Threekwan Bunnag Chairman of the Audit Committee Audit Committe Audit Committee Independent Director Independent Director Independent Director
Products and Services 5 International quality Standard, customized and sale & leaseback Prime locations General Industrial Zones, Export Processing Zone or DutyFree Zones Lease flexibility Onestop services Factory size range : 1,000 11,700 Sq.m. average size: 2,000 3,000 Sq.m. floor loading : 1 3 tons / Sq.m. Warehouse size range : 1,200 15,000 Sq.m average size : 2,500 5,000 Sq.m floor loading : 3 5 tons / Sq.m special clear height, column spans & floor raise loading bays and dock levelers
Location Map 6
Tenant Diversification 7 Factory By Industry December 2008 December 2009 Electronics / Electrical 54% Electronics / Electrical 49% Others 11% Others 17.4% Food 3.5% Logistics 10.6% Auto parts 21% Food 6.2% Logistics 7.4% Auto parts 20%
Tenant Diversification (Cont d) 8 Factory By Country December 2008 December 2009 Japan 59% Japan 55% Others 16.8% Others 15.4% USA 4.2% Canada 6% Singapore 6.8% Europe 7% Thailand 5.1% Canada 5.2% USA 5.3% Europe 14%
Tenant Diversification (Cont d) 9 Warehouse By Industry December 2008 December 2009 General logistics 42% Retailers 24.5% General logistics 41% Comsumer product 25% Others 10.5% Comsumer product 23% Others 11% Retailers 23%
Tenant Diversification (Cont d) 10 Warehouse By Country December 2008 December 2009 Europe 50% Japan 37% Europe 46% Japan 31% Thailand 4% Korea 9% Others 2% Thailand 21%
Portfolio 11 Factory TICON & EISCO TICON & EISCO & TFUND Sq.M. Sq.M. 1,000,000 800,000 92% 92% 90% 81% 78% 77% 100% 80% 1,000,000 800,000 92% 93% 92% 87% 87% 82% 100% 80% 600,000 60% 600,000 60% 400,000 40% 400,000 40% 200,000 20% 200,000 20% End of 2004 2005 2006 2007 2008 2009 End of 2004 2005 2006 2007 2008 2009 Leased Preleased Available Occupancy rate
Portfolio (Cont d) 12 Warehouse TPARK TPARK & TFUND & TLOGIS 250,000 Sq.M. 100% 250,000 Sq.M. 90% 88% 84% 100% 200,000 90% 88% 82% 80% 200,000 73% 80% 150,000 60% 60% 150,000 60% 100,000 40% 100,000 40% 50,000 20% 50,000 20% End of 2004 2005 2006 2007 2008 2009 End of 2004 2005 2006 2007 2008 2009 Leased Preleased Available Occupancy rate
Portfolio (Cont d) 13 Factory & Warehouse Sq.M. TICON & EISCO & TPARK Sq.M. TICON & EISCO & TPARK & TFUND & TLOGIS 1,200,000 1,000,000 800,000 92% 92% 90% 82% 79% 73% 100% 80% 1,200,000 1,000,000 800,000 92% 93% 89% 87% 87% 81% 100% 80% 600,000 60% 600,000 60% 400,000 40% 400,000 40% 200,000 20% 200,000 20% 0 End of 2004 2005 2006 2007 2008 2009 End of 2004 2005 2006 2007 2008 2009 Leased Preleased Available Occupancy rate
Lease Expiry 14 Factory Warehouse 37.5% 38.5% 40% 30% 26.2% 28.6% 40% 30% 19.2% 16.0% 19.3% 20% 20% 7.0% 10% 1.1% 4.8% 1.8% 10% 2009 2010 2011 2012 2013 2014 2010 2011 2012 2015 2019 As of December 2009 As of December 2009
Revenue Structure 15 Year 2008 Year 2009 Sale of properties 66% Sale of properties 58% Others 5% Management fee 2% Share of profit from PF 3% Rental income 24% Others 2% Management fee 3% Share of profit from PF 6% Rental income 31%
Rental Income Combination 16 Year 2008 Year 2009 Rental income from factory 86% Rental income from factory 74% Rental income from warehouse 14% Rental income from warehouse 26%
Performance Sq.m. 900000 800000 700000 600000 500000 400000 300000 200000 100000 0 Million Bt. Space under Rent 800,601 765,111 629,462 522,375 419,225 386,130 304,388 329,325 344,943 353,705 382,886 314,408 302,640 324,550 218,988 132,450 152,550 188,238 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 End of TICON TICON & TPARK Total under management Total Revenue 4,000 3,521 3,422 3,500 3,110 2,618 3,000 2,524 2,500 2,000 1,500 854 1,000 625 500 227 330 390 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 100% 80% 60% 40% 20% 0% End of % 100 80 60 40 20 0 96% 80.7 80.7 37.6 87% 78.2 77.7 80.3 78.8 75.5 93% 77.7 31.2 28.7 Occupancy Rate 94% 69.3 92% Gross & Net Margin 68.6 33.2 33.9 92% 79.4 55.0 27.0 90% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 TICON TPARK 79.1 76.7 55.8 53.8 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 27.9 88% 81% 30.2 82% 78% 76.7 50.4 21.2 17 77% 60% 75.5 46.5 25.0 Gross margin Without sales Gross margin With sales Net Margin
Performance (Cont d) 18 Net Profit Earnings per Share Million Bt. Baht 1,000 800 600 400 200 85 103 112 208 290 680 869 1,063 725 653 2.0 1.6 1.2 0.8 0.4 0.28 0.34 0.33 0.52 0.57 1.29 1.59 1.64 1.11 0.99 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Return on Equity Return on Fixed Assets 40% 36.4 20% 16.3 15.5 16.0 30% 20% 17.1 17.4 13.0 18.3 19.7 26.5 22.5 14.9 13.3 15% 10% 10.3 10.2 9.2 11.4 11.0 10.8 10.2 10% 5% End of 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 End of 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Financial Status 19 Total Assets Debt to Equity Ratio Million Bt Time 12,000 11,734 11,109 2.5 2.25 10,000 9,538 9,683 2.0 8,000 6,000 4,342 6,446 4,960 4,831 6,885 6,115 1.5 1.0 1.57 1.51 1.03 1.55 1.48 1.08 1.00 1.42 1.22 4,000 2,000 1,396 853 543 1,621 974 647 2,181 1,109 1,072 1,857 1,202 3,059 2,590 1,752 4,461 1,985 4,57 8 4,852 4,849 4,994 0.5 End of 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 End of 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Equity Liabilities
Sample of Tenants 20 Factory Warehouse
Thank you 21 www.ticon.co.th Email: ian.hamilton@ticon.co.th lalitphant.p@ticon.co.th
Appendix
Portfolio Factory 22 TICON & EISCO Unit in Sq.M. 2004 2005 2006 2007 2008 2009 Leased 304,388 329,325 344,943 314,408 302,640 324,550 Preleased 41,857 65,725 77,225 51,675 24,675 17,650 Available 31,700 35,150 46,310 84,310 91,035 104,425 Under Construction 125,875 87,175 65,250 27,700 Site Preparation 149,225 150,015 63,325 144,075 127,925 141,875 Total 527,170 580,215 657,678 681,643 611,525 616,200 Occupancy Rate 92% 92% 90% 81% 78% 77% TICON & EISCO & TFUND Unit in Sq.M. 2004 2005 2006 2007 2008 2009 Leased 304,388 419,225 522,375 587,515 665,265 656,300 Preleased 41,857 65,725 77,225 51,675 26,475 23,350 Available 31,700 35,150 52,885 97,685 102,110 144,425 Under Construction 125,875 87,175 65,250 27,700 Site Preparation 149,225 150,015 63,325 144,075 127,925 141,875 Total 527,170 670,115 841,685 968,125 987,025 993,650 Occupancy Rate 92% 93% 92% 87% 87% 82%
Portfolio Warehouse 23 TPARK Unit in Sq.M. 2004 2005 2006 2007 2008 2009 Leased 0 39,297 80,246 61,580 Preleased 0 18,900 44,970 15,180 Available 21,240 7,760 27,580 50,540 Under Construction 27,100 52,800 79,895 50,118 Site Preparation 10,548 254,079 135,183 137,058 Total 58,888 372,836 367,874 314,476 Occupancy Rate 90% 88% 82% 60% TPARK & TFUND & TLOGIS Unit in Sq.M. 2004 2005 2006 2007 2008 2009 Leased 0 39,297 99,846 144,301 Preleased 0 18,900 44,970 15,180 Available 21,240 7,760 27,580 57,890 Under Construction 27,100 52,800 79,895 50,118 Site Preparation 10,548 254,079 135,183 137,058 Total 58,888 372,836 387,474 404,547 Occupancy Rate 90% 88% 84% 73%
Portfolio Combined 24 TICON & EISCO & TPARK Unit in Sq.M. 2004 2005 2006 2007 2008 2009 Leased 304,388 329,325 344,943 353,705 382,886 386,130 Preleased 41,857 65,725 77,225 70,575 69,645 32,830 Available 31,700 35,150 67,550 92,070 118,615 154,965 Under Construction 152,975 139,975 145,145 77,818 Site Preparation 149,225 150,015 73,873 398,154 263,108 278,933 Total 527,170 580,215 716,566 1,054,479 979,399 930,676 Occupancy Rate 92% 92% 86% 82% 79% 73% TICON & EISCO & TPARK & TFUND & TLOGIS 2004 2005 2006 2007 2008 Unit in Sq.M. 2009 Leased 304,388 419,225 522,375 626,812 765,111 800,601 Preleased 41,857 65,725 77,225 70,575 71,445 38,530 Available 31,700 35,150 74,125 105,445 129,690 202,315 Under Construction 152,975 139,975 145,145 77,818 Site Preparation 149,225 150,015 73,873 398,154 263,108 278,933 Total 527,170 670,115 900,573 1,340,961 1,374,499 1,398,197 Occupancy Rate 92% 93% 89% 87% 87% 81%
TPARK Bangna Location Map 25
TPARK Bangna Site Layout 26
TPARK Wangnoi Location Map 27
TPARK Wangnoi Site Layout 28
TPARK Laemchabang Location Map 29
TPARK Laemchabang Site Layout 30
Warrants Information 31 Type Warrants Outstanding (Units) Exercise Ratio (Share:Warrant) Exercise Price (Baht/Share) Exercise Period TICONW3 TICONW4 TICONW5 Right Warrants Right Warrants ESOP Warrants 219,353,636 1.00415 : 1 19.917 Quarterly, Starting 31 Mar 10 expiring 31 Jan 14 107,886,941 1 : 1 8 Quarterly, Starting 30 Jun 09 expiring 20 May 11 32,883,000 1 : 1 8 Quarterly, Starting 29 Jun 12, expiring 13 May 14
Debentures Information 32 Trading name Amount Tenor Maturity Coupon (Million Baht) (Year) Date Rate TICON 109 A 500 3 10 Sep 10 4.39% TICON 115 A 500 3 14 May 11 4.66% TICON 118 A 500 3 5 Aug 11 5.40% TICON 128 A 650 3 19 Aug 12 4.55% TICON 120 A 200 3 2 Oct 12 4.30% TICON 135 A 1,000 3.5 19 May 13 4.30% TICON 132 A 550 3 12 Feb 13 3.40% TICON 152 A 250 5 12 Feb 15 4.28%
presented by 2 March 2010
Disclaimers The value of units in TFUND ( Units ) and the income from them may fall as well as rise. Units are not obligations of, deposit in, or guaranteed by, BBLAM or any of its affiliates. An investment in Units is subject to investment risks, including the possible loss or the principal amount invested. Investors have no right to request BBLAM to redeem the Units. It is intended that Unitholders may only deal in their Units through trading on the Stock Exchange of Thailand (SET). BBLAM reserves the right to amend, enhance, or modify information provided on this presentation without prior notice. Listing of the Units on the SET does not guarantee a liquid market for the Units. BBLAM, its management and staff are not responsible for any damages which may arise from information or technical problems affecting presentation viewers and investors using this presentation. The past performance of TFUND is not necessarily indicative of the future performance of TFUND. This document is not a fund prospects and investment contains risks. Please carefully study the fund s prospectus before making investment decisions. The presentation may contain forwardlooking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forwardlooking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, completion from similar developments, shifts in expected levels of property rental income and occupancy, changes in operating expenses, including employee wages, benefits and training, property expenses and governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. You are cautioned not to place undue reliance on these forwardlooking statements, which are based on the Manager s current view of future events.
1. RBFs Market Overview
Cumulative Supply. Supply & Rentals 1,300,000 1,200,000 1,100,000 1,000,000 976,429 16.6% 1,029,127 1,060,001 1,108,082 9.0% 1,188,063 1,162,914 1,138,517 1,214,087 1,251,342 Supply Annual supply growth rate was so strong since 2007 even during World Financial Crisis (+16.6% during 07Q308Q3, +9.0% during 08Q309Q3) Steady quarterly supply growth rate of 2% was recorded since 2008Q3 and even stronger at 3% in 2009Q3 Market supply s direction was determined by TFund and Ticon as both together held almost two thirds of total market supply (34.2%, 31.6%, respectively). 900,000 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 Rentals Rentals have been quoted in between 160220 THB/sq.m./mth. Quarter not much changed during the past 2 years but rentals are likely to decline within the last 2 quarters. 2008Q3 2009Q1 2009Q2 2009Q3 Source: CBRE (Thailand)
Occupancy Rates & Market Share 100.0% 80.0% 60.0% 40.0% 20.0% 96.2% 81.5% 14.6% 97.7% 81.5% 16.2% 96.2% 83.2% 12.9% 96.6% 81.7% 14.8% 95.1% 76.5% 18.6% 90.4% 74.7% 15.7% 88.0% 72.1% 15.8% 87.3% 40.0% 30.0% 20.0% 10.0% Occupancy Rate & Market Share TFund s strong demand has shown in the highest rate in the industry since 2008 (88.0% in 2009Q3) Market occupancy has gradually declined from its peak at 83.2% in 2008Q3 similar to TFund at 96.6% in 2008Q4. Occupancy gap premium (TFund over market average) was recorded the highest at 18.0% in 2009Q1 before slightly declined to 15.8% in 2009Q3. TFund was the only supplier holding occupancy rate higher 0.0% 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 Occupancy Rate Market Occupancy Rate TFUND Gap 0.0% than market average. Similarly, TFund held the highest market share among players. 100.0% 80.0% 96.2% 96.6% 95.1% 90.4% 88.0% 87.3% Market Share (%) TFD, 3.7% TIF1, 3.1% Amata, 5.5% 60.0% Pinthong, 9.2% Ticon, 34.2% 40.0% 20.0% Hemaraj, 12.7% 0.0% 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 Ticon TFund Hemaraj Pinthong Amata TFD TIF1 TFUND, 31.6% Source: CBRE (Thailand)
2. Fund Overview
Unitholder Structure Top 20 Unitholders This Quarter Last Quarter Top 20 Unitholders 79.4% 78.0% Others, 20.6% Others 20.6% 22.0% Nationality This Quarter Last Quarter Thai 91.4% 92.7% Top 20 Unithloders, 79.4% Foreign 8.6% 7.3% Corporate/Person This Quarter Last Quarter Person, 18.3% Corporate/Fund 81.7% 80.5% Others 18.3% 19.5% Percentage increase of top 20 unitholders by 1.4% from Q2 to Q3 in FY09 were likely to come from additional demand from new openended funds and provident funds e.g. MFC Property Wealth Fund, One Property Plus Fund, etc. Similarly, this confirmed from percentage increase of units held Corporate/Fund by 1.2% during the same period. Foreign Nationality, 8.6% Corporate / Fund, 81.7% Thai Nationality, 91.4% (as of December 31, 2009) (as of December 31, 2009)
Lettable Area/Acquisition Price/Appraisal Value Lettable Area & Occupancy Number of Properties (Factories & Warehouses) 174 Land Area (RaiNgansq.w) 595256.5 Construction Area (sq.m) 397,050 Number of Leased Properties 152 Occupied Area (sq.m) 345,325 Occupancy Rate 87.3% Number of Properties with rental Discount 57 Area with Rental Discount (sq.m) 120,962 % Discount to Occupied 35.0% Acquisition Price & Appraisal Value Acquisition Price (THB Million) 7,712.2 Acquisition Price psm. (THB/sq.m.) 19,423.7 Latest Appraisal Value (THB Million) 8,058.5 Latest Appraisal Value psm. (THB/sq.m.) 20,295.9 % Unrealized Gains (Losses) 4.5% (as of December 31, 2009)
Lease Expiry & Age of Properties 60.0% 40.0% 20.0% 0.0% Lease Expiry 42.4% 37.9% 17.0% 2.7% 2010 2011 2012 < 2012 Year Expiry Lease Expiry 2010 lease expiry was recorded the highest at 42.4%, followed by 2011expiry (37.9%), 2012 expiry (17.0%), respectively. As evidenced from lease renewal for the first two months of 2010, over 80% of lease expiry has been renewed. It is expected that renewal rate is likely to be up to close its renewal rate before world financial crisis. For 2010, around 27.5% of total lease expiry will be ended in Q1, followed by 13.1% in Q2, 21.7% in Q3, and 37.7% in Q4. Age of Properties Age of Properties 60.0% 51.1% Average age of properties was 6.1 years by which 45 yrs. old was the largest portion (23.2%), followed by 56 yrs. old (14.4%), 24 yrs. old (11.1% each), 40.0% 24.7% 24.2% respectively. 20.0% 0.0% <4 Years 48 Years >812 Years Age of Properties (as of December 31, 2009)
Nationality & Trade Sector Nationality of Tenants Nationality of Tenants Japanese was still the major tenant (53.8%) of TFund Taiwan, 1.4% Germany, 1.4% USA, 7.0% Others, 14.0% Japan, 53.8% since its inception, followed by Singaporean (14.1%), Thai (8.3%), respectively. Trade Sector Almost half of total tenants are in electronic component sector (49.8%), followed by Auto parts sector (15.2%), logistics and warehouse (6.8%), respectively. Thailand, 8.3% Singapore, 14.1% Top 10 Tenants TFund has been less reliance to incomes from top 10 tenants from time to time except in 2009. Trade Sector Incomes from Top 10 tenants Others, 28.1% Auto Parts, 15.2% 60.0% 48.2% 40.0% 29.4% 25.0% 24.4% 27.2% 20.0% Logistic & warehouse, 6.8% Electronic Parts, 49.8% (as of December 31, 2009) 0.0% 39 properties in 2005 84 properties in 2006 130 properties in 2007 174 properties in 2008 174 properties in 2009
3. Financial Review
Operating Results Incomes & Expenses
Operating Results Profits & Dividend
Balance Sheet Review
Quarterly Asset Performance Incomes & Profits Occupancy Rates Mil. Baht 200.0 150.0 100.0% 90.0% Occupancy Rate 96.6% 90.4% 88.0% 87.3% 100.0 0.250 0.200 50.0 0.0 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 Total Incomes Net Operating Income (NOI) Net Investment Income (NII) 95.2% 96.8% 97.3% Distributable Profit & Dividend 97.7% 90.9% 89.1% 93.3% 93.7% 93.6% 97.2% 103.9% 101.9% 110.0% 100.0% 30.0% 20.0% 80.0% 70.0% 60.0% 50.0% Mar06 Jun06 Sep06 Dec06 Mar07 Jun07 Sep07 Dec07 Mar08 Jun08 Sep08 Dec08 Mar09 Jun09 Sep09 Dec09 Realized Gains from Property Selling 22.1% 16.9% 14.2% 16.0% 90.0% 10.0% 8.1% 0.150 07Q1 07Q2 07Q3 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 09Q3 09Q4 80.0% 0.0% 2005 2006 2007 2008 2009 2010 Distributable Profit/Unit Dividend/Unit Dividend Payout Ratio Average Range Lowest Range Highest
Thank You
4. Yields & Market Capitalizations in Asia
Net Market Yields HK TAIPEI INDO MALAY PHIL SING THAI Office 2.9% 2.93.6% 9.511.0% 6.36.8% 6.59.5% 4.5% 3.54.5% Luxury Residential 2.7% n.a. 10.812.0% 4.8%6.2% 7.010.0% 2.5% 4.04.5% Retail 3.8% 3.03.8% 10.013.5% 7.07.5% n.a. 6.2% 6.57.5% Industrial 5.9% 3.43.8% 8.510.3% n.a. n.a. 5.3% 8.09.0% Net Yields defined as the ratio of net incomes (i.e. income after allowing for nonrecoverable costs of ownerships) over purchase price. Sources: Asia Market Review Ticon Property Fund
Yields & Market Capitalizations (Thai Property Fund / SREIT) 10 yr Gov Bond Yield vs. Property Fund Yield 10 yr Gov Bond Yield vs. SREIT Yield 14.0% 14.0% 12.0% 12.0% 10.0% 10.0% 8.0% 8.0% 6.0% 6.0% 4.0% 4.0% 2.0% 2.0% 0.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. 0.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. 10 yr Gov Bond Yield Avg. PF Yield Gap 10 yr Gov Bond Yield Avg. SREIT Yield Gap 60.0% Market Capitalization (SET Index vs. Property Fund) 60.0% Market Capitalization (Straits Times Index vs. SREIT) 40.0% 40.0% 20.0% 20.0% 0.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. (20.0%) 0.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. (20.0%) (40.0%) (40.0%) (60.0%) (60.0%) SET Property Fund Straits Times SREIT Sources: CBRE (Thailand) Ticon Property Fund
Yields & Market Capitalizations (HREIT / JREIT) 10 yr Gov Bond Yield vs. HREIT Yield 10 yr Gov Bond Yield vs. JREIT Yield 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. 10 yr Gov Bond Yield Avg. HREIT Yield Gap 10 yr Gov Bond Yield Avg. JREIT Yield Gap 60.0% Market Capitalization (Hang Seng vs. HREIT) 60.0% Market Capitalization (Nikkei 225 vs. JREIT) 40.0% 40.0% 20.0% 20.0% 0.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. (20.0%) 0.0% 06 Apr. 06 Dec. 07 Jun. 07 Dec. 08 Jun. 08 Dec. 09 Jun. (20.0%) (40.0%) (40.0%) (60.0%) (60.0%) Hang Seng HREIT Nikkei 225 JREIT Sources: CBRE (Thailand) Ticon Property Fund
RBFs: Market Trend 07Q4 08Q1 08Q2 08Q3 08Q4 09Q1 09Q2 Demand Supply Rent Occupancy Sources: CBRE (Thailand) Ticon Property Fund