Siam Future Development PLCSiam Future Development PLC

As of 31 Oct 08

2

Content

Company & Business Overview

Project Operations & Development

Financial Summary

3

Company & Business Overview

4

1994: Founded by two former Siam Cement Group engineer with 10 million Baht registered capital

1995: Open 1st neighborhood shopping center1997: Increase registered capital to 20 mil. Baht2002: Listed on Stock Exchange of Thailand (SET) with registered capital

of 150 million Baht2003: Raise capital to 238 mil. Baht

-- Private Placement 25% shares to Major Cineplex2005: Issue 5-year amortized debentures of 1 billion Baht2006: Raise capital to 534 mil. Baht by right offering Employee Stock

Option Plan (ESOP) 15 mil. Share (Exercise price 6.94 Baht/share)2007: Issue 3-year bullet debentures of 940 million billion Baht

Company Overview

5

Company Overview

Founded : 1994

Employee : 70

Rental space (GLA*): End of 2005 : 96,837 sq.m.

End of 2006 : 188,514 sq.m.

End of 2007 : 219,641 sq.m.

End of 2008 : 238,864sq.m.

Number of Shopping Centers: 2005 : 24

2006 : 26

2007 : 28

2008 : 30

Market Cap : 1.6 billion baht(market price = 3.18 baht/share, 6-Nov-08) (us$ 47 million)

* GLA stands for gross leasable area

6

Suttapong group9.4%

Witoonchart group15.5%

Jantaraprapa group6.3%

Others14%

Management31%

Foreigner34%

Major Cineplex Group PLC.

21%

Shareholding Structure

As of 31 Oct 2008

No. of shares: 513,147,913

7

Company Overview

A young company specializing in retail property development

95 % occupancy rate for the past 10 years

Strong relationship with anchors and tenants

8

Business Overview

TOTAL Rental Space 238,864 sq.m.

31 %74,116 sq.m.

62 %147,469 sq.m.

7 %17,279 sq.m.

Retail Real EstateConvenience CenterNeighborhood CenterStand-Alone Retail StoreLifestyle centerPower CenterUrban Entertainment Center

As of 31 October 2008

9

2008Definition Size Location

Number GLA(sq.m.)

Stand-AloneRetail Store

A specialty store such as automobile workshop.

200-500 sq.m.

Around Central Business District

Urban but not Central Business District

Suburban

2,9068

4

8

Convenience Center

A center of small shops and stores dedicated to customers making a quick stop, commonly anchored by a convenience store.

500-1,000 sq.m.

2,943

Neighborhood Center

A center providing convenience goods and personal services which has a supermarket as an anchor tenant.

5,000-10,000 sq.m.

39,473

“SF creates and applies these concept to suit customers’ demand.”

1

2

3

Shopping Center Concepts

10

2008Definition Size Location

Number GLA(sq.m)

Lifestyle Center

An open-air shopping center offering the finest of national specialty shops and restaurants. A shopping experience geared toward today’s busy lifestyle.

5,000-25,000 sq.m

Urban but not central business district

Suburban

Urban central business district

72,1655

4

1

Power Center A super community center comprised of super anchor stores and small shops.

25,000 sq.m.+

77,213

Urban Entertainment Center

A combination of entertainment complex and retailers catered to consumers desiring for amusement experiences and leisure spending.

25,000 sq.m. +

44,164

“SF creates and applies these concept to suit customers’ demand.”

4

5

6

Shopping Center Concepts

11

1,000 sq.m.

643 sq.m.

Anchor tenants : Tesco-Lotus Express

Two-level open mall

12

center

43,871 sq.m.

48,253 sq.m.

13

44,164 sq.m.

B2S Bookstore, TOPs MarketRatchadalai Theatre,

98,371 sq.m.

14

Fundamental Skills

Good location selection with easy accessibility and ample parkingWell conceived and designed retail formatStrong tenant relationships

Efficient Operations

Comprehensive Feasibility StudyExperienced project managementEfficient cost controlRapid construction

Good Financial

Secure upfront tenantPre/Post opening cash flowEffective management of debt leverageTimely payment to third parties

Loyal tenants and shoppers

Management

Critical Success Factors

15

Projects Operation & Development

16

Our Vision

VisionUnlike other developers, Siam Future Development creates a place for people and then for commerce.

We aim to be number one mid size mall developer in Thailand.

17

Our Strategies

Leasehold only(no freehold)

50% of rental space lease out before land lease agreement

No exclusive agreement with anchor tenants

Min IRR of 15% and max payback period of 6 years

Min gross profit margin of 30%

18

GLA increase from 2007 around 19,000 sq.m.

2006 2007 2008(F)No. of

centersGLA*

(sq.m.)No. of

centersGLA*

(sq.m.)No. of

centersGLA*

(sq.m.)Neighborhood Center

7 34,751 7 35,298 8 39,473

Convenience Center

4 2,943 4 2,943 4 2,943

Automotive Service Workshop

8 2,906 8 2,906 8 2,906

Lifestyle Center

3 36,246 4 57,117 5 72,165

Power Center 3 67,504 4 77,213 4 77,213

Urban Entertainment Center

1 44,164 1 44,164 1 44,164

Total 26 188,514 28 219,641 30 238,864

Shopping Centers Formats

Neighborhood Center

4,175Nawamin MaketPlace

Lifestyle Center

GLA* (sq.m.)New Projects

15,048Major Avenue Ratchayothin

* GLA stands for gross leasable area

Our Properties

Under construction Project : Nawamin City Avenue 26,000 sq.m.

19

Gross Leasable Area Summary

30 EXISTING PROJECTS

GLA 238,864 SQ.M.Neighborhood Center

8

Convenience Center

4

Automotive Service Workshop

8

Lifestyle Center 5

Power Center 4

Urban Entertainment Center

1

TOTAL 30

Existing Projects Under construction Projects

Lifestyle Center 1

264,864 sq.m.

PROJECTSUNDERCONSTRUCTION

GLA 26,000 SQ.M.

20

The Winner of The Innovative Design andDevelopment of a New Project under 150,000 sq. ft. (13,935 sq. m.)

30th ICSC International Design and Development Awards 2006

21

Opening Date: December 2006

Gross leasable area:

44,164 SQ.M.

2006 Project Update:

22

Gross leasable area: 22,783 SQ.M.

Opening Date: September 2007

2007 Project Update:

23

Gross leasable area:

9,996 SQ.M

Opening Date: December 2007

2007 Project Update:

24

Opening Date: February 2008

Gross Leasable Area: 4,175 SQ.M.

2008 Project Update:

25

Opening Date: May 2008 Gross Leasable Area: 15,048 SQ.M.

2008 Project Update:

26

2008 Project Update:

Gross Leasable Area: 26,000 SQ.M.

Opening Date: Q2 2009

27

Financial Summary

28

Cash Inflow

Anchor Tenant(45% Rental Space)- Upfront- Rental Deposit

Other Tenants(55% Rental Space)- Rental Deposit

Working Capital

Bank Loan

≥ 60%

Cash Outflow

Landlord- upfront

Construction Contractor

- Cost

≤ 40%

20%

80%

Financing Model

29

34,079 36,97261,248

219,641238,864

285,000

342,000

532,000

96,837

188,51495%

99%

97%97%

95% 95% 95%95% 95%

95%

0

100,000

200,000

300,000

400,000

500,000

600,000

2002 2003 2004 2005 2006 2007 2008 2009F 2010F 2011F92%

93%

94%

95%

96%

97%

98%

99%

100%

Total GLAOccupancy Rate

Sq.m. Occupancy Rate

20% growth of Gross Leasable Area (approx. 50,000 – 70,000 sq.m. per year)

% Growth 8 % 71 % 53 % 95 % 17% 9% 20% 20% 56%

Expansion Plan

30

138 169

622475

1,6741,590

51 46

423

155

663556

34 36210

108

405308

0

200400

600800

1,0001,200

1,4001,600

1,800

2002 2003 2004 2005 2006 2007

Total revenue EBIT Net Profit

Bt mil

Growth 2003 2004 2005 2006 2007

-24% -5%

-16%

-24%

-63%

Total revenue 23% 268%

-49%

265%

328%

280%

EBIT -9% 811%

Net profit 6% 488%

Our Performance

31

872

479

32221314298

188,514

219,641

36,97234,079

61,248

96,837

0

200

400

600

800

1,000

2002 2003 2004 2005 2006 2007

0

50,000

100,000

150,000

200,000

250,000

Recurring Income GLA

Bt mil

Growth 2003 2004 2005 2006 2007

51% 82%

17%

Recurring Income* 45% 50%

53%

49%

95%GLA 8% 71%

* Recurring Income = Rental & Service Income + Other Income

Recurring Income VS GLA

Sq.m.

32

Bond

64%

Long-term

Loan

36%

Weighted Average Interest Rate = 5.6%

• 5 - year debenture

- Outstanding: 500 MB- Rating: BBB+ - Expired: 20 April 2010- Coupon: 5.20%

• 3 - year debenture

- Outstanding: 940 MB- Rating: BBB+ - Expired: 14 Aug 2010- Coupon: 4.98%

- Maximum 5 years

- Interest rate = MLR -0.5%

Debt Analysis

As of 30 Sep 08

33

Share OverviewPar Value (Baht) 1.00

Share Price (Baht) (6-Nov-08) 3.18

EPS (Y2007) 0.60

P/E Ratio (6-Nov-08) 6.25

Dividend Yield (6-Nov-08) 7.82%

Share Capital: (Million Shares) (6-Nov-08) 513

Market Capitalization on 6-Nov-08 : (Million Baht) 1,631.34

: (Million us$) 46.61

1.01

44%

178.13

0.35

1.00

508.94

2006

2.92

42%

127.95

0.25

1.00

508.94

2007

40%60%75%52%Dividend Payout Ratio

424.12403.62237.5071Number of Shares (million shares)

42.41 126.61 26.93 17.75 Dividend Paid (Million Baht)

4.461.081.08n/aDividend Yield (%)

1.001.001.001.00Par Value (Baht)

0.100.300.100.25Dividend (Baht/share)

2005200420032002Dividend Summary

Share and Dividend

34

Supplementary

35

Numbers of Thailand’s Stores

2001 2002 2003 2004 2005 2006 2007

Supermarket 97 106 114 120 123 140

172

105

4,141

Hypermarket 97 112 124 133 162

151

218

105

6,024

Category killers 41 48 22 64 65

Convenience stores 1,855 2,162 2,460 3,025 3,413

36

Retail Market Supply

37

Thailand’s Major Supermarket: 2006-2007

Rank Name Origin No of Stores 2006 No of Stores 20071 Tesco Lotus UK 71 94

554227218

2 BigC France 49

4 Carrefour France 233 Makro Netherlands 29

172

Rank Name Origin No of Stores 2006 No of Stores 20071 Tops Thailand 94 922 Villa Market Thailand 12 133 Food Land Thailand 9 94 Jusco Japan 6 95 Others 19 28

151140

Thailand’s Major Hypermarket: 2006-2007

ContentCompany OverviewCompany OverviewShareholding StructureCompany OverviewBusiness OverviewShopping Center ConceptsShopping Center ConceptsCritical Success FactorsOur VisionOur StrategiesOur PropertiesGross Leasable Area Summary30th ICSC International Design and �Development Awards 20062006 Project Update:2007 Project Update:2007 Project Update:2008 Project Update:2008 Project Update:2008 Project Update:Financing ModelExpansion PlanOur PerformanceRecurring Income VS GLADebt AnalysisShare and DividendNumbers of Thailand’s Stores Retail Market Supply