WHA Premium Growth Real Estate Investment Trust (WHART) Quarterly Report Q1, 2016

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1 Click to edit Master title style WHA Premium Growth Real Estate Investment Trust (WHART) Quarterly Report Q1, 2016 Sponsor REIT Manager 0

2 Click Disclaimers to edit Master title style The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust ( WHART and shares in WHART, shares ) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. In addition, this presentation contains projections and forward-looking statements that reflect WHA Real Estate Management Co., Ltd. ( REIT Manager ) 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 WHART, its REIT Manager and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the current view of the REIT Manager on future events. No assurance can be given that future events will occur, that projections will be achieved, or that the REIT Manager's assumptions are correct. The REIT Manager does not assume any responsibility to amend, modify or revise any forwardlooking statements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use of words such as expects, plans, will, estimates, projects, or words of similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factors and assumptions. 1

3 Click Agenda to edit Master title style I. WHART Overview li. Portfolio III. Q&A 2

Invest in freehold and leasehold assets Click WHART s to edit Structure Master title After style 1st Capital Increase Unitholders (661,670,000 units) WHA Group

99% Trustee Investment in the REIT Benefit Distribution & Redemption REIT Manager Monitor the REIT REIT Manager Fee Trustee Fee WHART Manager the REIT Debt repayment and

4 Invest in freehold and leasehold assets Click WHART s to edit Structure Master title After style 1st Capital Increase Unitholders (661,670,000 units) WHA Group (Approximately 18%) Others 99.99% Trustee Investment in the REIT Benefit Distribution & Redemption REIT Manager Monitor the REIT REIT Manager Fee Trustee Fee WHART Manager the REIT Debt repayment and interest expense Lenders THB 2,720 mm (IPO : THB 1,370 mm and 1 st Capital Increase : THB1,350 mm) Rents Property management fee Property Manager IPO Assets Manage operation of all assets Bangna-Trad KM 18 Bangna-Trad KM 23 Ladkrabang Ph 1 & 2 1 st Capital Increase Assets Chonlaharnpichit KM4 Wangnoi 61 Saraburi * As of Q1,

Click WHART to edit Participated Master title by style Top-Tier Institutions in Thailand Shareholders No. of Share Percentage 1. WHA Corporation 120,963,422 18.28% 2.

5 Click WHART to edit Participated Master title by style Top-Tier Institutions in Thailand Shareholders No. of Share Percentage 1. WHA Corporation 120,963, % 2. Social Security Office 76,182, % 3. Government Savings Bank 40,000, % 4. Bangkok Life Assurance 38,381, % 5. Krung Thai-Axa Life Insurance 35,276, % 6. Southeast Life Insurance 27,302, % 7. Allianz Ayudhya Life Insurance 20,000, % 8. Muang Thai Life Insurance 19,971, % 9. Muang Thai Insurance 14,874, % 10. Khon Kaen University 13,036, % *Information as of 31 March

Click WHART to edit Positioning Master title as the style Largest

6 Properties Asset size (REIT Size) THB 9,430.

before undertake 91.77% Occupancy Rate after undertake 98.

6 Click WHART to edit Positioning Master title as the style Largest Logistics REIT in Thailand End of 31 March 2016 Number of Properties 6 Properties Asset size (REIT Size) THB 9, million Built-to-suit : General Warehouse 59:41 Occupancy Rate before undertake 91.77% Occupancy Rate after undertake 98.73% Total Interest-bearing debt (Q1, 2016) THB 2,720 million Loan-to-Value 28.84% NAV per unit THB

7 Click The Assets to edit are Master located title in style Prime Strategic Locations 6

8 Click Overview to edit of Master Existing title Assets style WHART invests in 6 assets, consists of ; WHA Distribution Center Project Ladkrabang Phase 1&2 WHA Mega Logistics Center Project (Bangna-Trad Km.23) WHA Mega Logistics Center Project (Bangna- Trad Km. 18) WHA Mega Logistics Center Chonlaharnpichit KM 4 WHA Mega Logistics Center Wangnoi KM 61 WHA Mega Logistics Center Saraburi Total 6 Assets Location Ladkrabang, Bangkok Bangna-Trad Km.23 Samuitprakarn Bangna-Trad Km.18 Samuitprakarn Chonlaharnpichit Road, Samutprakarn Wangnoi, Ayudhaya Hemaraj Saraburi Industrial Land, Saraburi - Right Freehold Freehold Leasehold (ended 3 August 2041; 25 years 4 mths. Remaining*) Freehold Leasehold (ended 30 April 2042; 26 years 1 mths. Remaining*) Freehold Freehold:Leasehold 70:30 Type Built-to-Suit Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Built-to-Suit & General Warehouse Warehouse Leasable Area 35, sq.m. 59, sq.m. 72, sq.m. 80, sq.m. 61, sq.m 32, sq.m. 342, sq.m. Roof Leasable Area - 50, sq.m. 23, sq.m. 68, sq.m. 26, sq.m , sq.m. Key tenants LF Logistics, MC Group Nissan Motor, Menlo Worldwide, Starbucks Coffee DKSH, Hitachi, Kerry, Yusen Thai Post, Central Group, Hitachi, Berli Jucker, Bata ThaiBev, LF Logistic, DHL Hitachi - * As of Q1,

9 Click Overview to edit of Master Leasable title Area style WHART have 342, sq.m. of warehouse leasable area, and 169, sq.m. of roof leasable area Unit : Square meter 74, IPO 167, , st Capital Increase 174, , After 1 st Capital Increase 342, IPO Assets 1 st Capital Increase Assets Warehouse : 167, sq.m. Roof : 74, sq.m. Warehouse : 174, sq.m. Roof : 94, sq.m. Warehouse Roof 1) WHA Distribution Center Project, Ladkrabang Phase 1 & 2 2) WHA Mega Logistics Center Project (Bangna-Trad Km. 23) 3) WHA Mega Logistics Center Project (Bangna-Trad Km. 18) 1) WHA Mega Logistics Center Chonlaharnpichit KM 4 2) WHA Mega Logistics Center Wangnoi KM 61 3) WHA Mega Logistics Center Saraburi 8

10 Click Well to Known edit Master Tenants title Profile style Top 10 Tenants by Area No. Tenants Area (sqm.) (%) 1 Hitachi Transport System (Thailand) 45, % 2 Nissan Motor (Thailand) Co., Ltd. 44, % 3 LF Logistics (Thailand) Limited 39, % 4 Thai Beverage Logistics Co., Ltd. 33, % Well-diversified nationality 6.22% 10.43% 34.40% 15.39% 33.56% Thailand Japan Asia* EU U.S. * Excluded Thailand and Japan 5 DKSH (Thailand) Limited 25, % 15.32% 6 Thailand Post Distribution Co., Ltd. 19, % 7 MC Group Public Company Limited 17, % 8 Central Department Store Limited 16, % Well-diversified business operation 34.96% 49.73% 9 Menlo Worldwide (Thailand) Limited 11, % 10 Yusen Logistics (Thailand) Limited 9, % 11 Other tenants 78, % third-party logistics provider Fast Moving Consumer Goods Manufacturer Lease Area by Type of Building 59% 41% Ready-Built Built-to-Suit * As of Q1,

11 Click Financial to edit Overview Master title style Million Baht 160. Financial Summary Million Baht 12,000. Total Assets ,000. 9, , , Q * Q Q Q Q4 2015** Q ** Total Revenue Total Expense Net Profit 8,000. 6,000. 4, , , , ,000. Q Q Q Q Q Q * IPO: Acquired asset on 8 December 2014 ** 1 st capital raising: Acquired asset on 29 December

12 Click Agenda to edit Master title style I. WHART Overview ll. lli. Portfolio Q&A 11

Click WHA to Distrubution edit Master Center title style Project Ladkrabang Phase1&2 FREEHOLD Built-to-suit & General Warehouse close to Suvarnabhumi Airport Warehouses Type of

nt Freehold right of land and buildings Land Area 35-0-0 rai Location Klong Samp

13 Click WHA to Distrubution edit Master Center title style Project Ladkrabang Phase1&2 FREEHOLD Built-to-suit & General Warehouse close to Suvarnabhumi Airport Warehouses Type of Investment Freehold right of land and buildings Land Area rai Location Klong Sampraweth, Ladkrabang, Bangkok Total Leasable Area 35, sq.m. Current Occupancy Rate (%) 100% * Information based on 31 March 2016 ** In case where WHA cannot secure tenants prior the REIT s investment date, WHA undertakes to pay the rent at THB 165/sq.m./month for a period of 3 years starting from the investment date. If the rate agreed with new tenant is below THB 165/sq.m./month, WHA is liable to gross up for such rental difference throughout the undertaking period. 12

Click WHA to Mega edit Logistics Master title Center styleproject (Bangna-Trad Km.

65-0-21.9 rai Location Bangsaothong, Bangplee (Bangplee Yai), Samutprakarn Total Leasable Area 59,835 sq.m. Current Occupancy Rate (%) 100% Rooftop** Total Rooftop Leasable Area 50,641.

Lease Term 25 years (25-Year Undertaking by WHA) * Information based on 31 March 2016 ** In case where there is no lessee of the rooftop area on

14 Click WHA to Mega edit Logistics Master title Center styleproject (Bangna-Trad Km.23) FREEHOLD Built-to-suit & General Warehouse on Bangna-Trad Road Warehouses Type of Investment Freehold right of land and buildings Land Area rai Location Bangsaothong, Bangplee (Bangplee Yai), Samutprakarn Total Leasable Area 59,835 sq.m. Current Occupancy Rate (%) 100% Rooftop** Total Rooftop Leasable Area 50, sq.m. Lease Term 25 years (25-Year Undertaking by WHA) * Information based on 31 March 2016 ** In case where there is no lessee of the rooftop area on the investment date, WHA undertakes to pay the rent at THB 3/sq.m/month for 25 years starting from the investment date growth rate at 10% every 5 years. If the rate agreed with new lessee is below THB 3/sq.m./month, WHA is liable to gross up for such rental difference throughout the undertaking period. 13

Location Total Leasable Area 65-0-21.9 rai 30 Years (Remaining lease from March 2016 shall be 25 years 4 months) Bangchalong, Bangplee (Bangplee Yai), Samutprakarn 72,179.48 sq.m. Current Occupancy Rate (%) 93.

15 Click WHA to Mega edit Logistics Master title Center styleproject (Bangna-Trad Km.18) LEASEHOLD Built-to-suit & General Warehouse on Bangna-Trad Road Warehouses Type of Investment Leasehold Right of Land and Ownership of Buildings Land Area Lease Term (Land Lease from 3 rd party) Location Total Leasable Area rai 30 Years (Remaining lease from March 2016 shall be 25 years 4 months) Bangchalong, Bangplee (Bangplee Yai), Samutprakarn 72, sq.m. Current Occupancy Rate (%) 93.99% Rooftop** Total Rooftop Leasable Area 23, sq.m. Lease Term 25 years (25-Year Undertaking by WHA) * Information based on 31 March 2016 ** In case where there is no lessee of the rooftop area on the investment date, WHA undertakes to pay the rent at THB 3/sq.m/month for 25 years starting from the investment date growth rate at 10% every 5 years. If the rate agreed with new lessee is below THB 3/sq.m./month, WHA is liable to gross up for such rental difference throughout the undertaking period. 14

Click WHA to Mega edit Logistics Master title Center stylechonlaharnpichit KM 4 FREEHOLD Built-to-suit & General Warehouse close to Demand Center and Transport Hub Warehouses WHA Mega Logistics

9 rai Location Chonlaharnpichit Road, Tambon Bang-Pla, Amphur Bangpli Samutprakarn Total Leasable Area After Undertake Occupancy Rate (%) 80,745.55 sq.m. 100% Rooftop*** Total Rooftop Leasable Area 68,384.

Lease Term 25 years (25-Year Undertaking by WHA) * Information based on 31 March 2016 ** In case where WHA cannot secure tenants prior the REIT s investment date, WHA undertakes to pay the rent at

16 Click WHA to Mega edit Logistics Master title Center stylechonlaharnpichit KM 4 FREEHOLD Built-to-suit & General Warehouse close to Demand Center and Transport Hub Warehouses WHA Mega Logistics Center Chonlaharnpichit Km.4 Type of Investment Freehold right of land and buildings Land Area rai Location Chonlaharnpichit Road, Tambon Bang-Pla, Amphur Bangpli Samutprakarn Total Leasable Area After Undertake Occupancy Rate (%) 80, sq.m. 100% Rooftop*** Total Rooftop Leasable Area 68, sq.m. Lease Term 25 years (25-Year Undertaking by WHA) * Information based on 31 March 2016 ** In case where WHA cannot secure tenants prior the REIT s investment date, WHA undertakes to pay the rent at THB 160/sq.m./month for a period of 3 years starting from the investment date. If the rate agreed with new tenant is below THB 160/sq.m./month, WHA is liable to gross up for such rental difference throughout the undertaking period. *** In case where there is no lessee of the rooftop area on the investment date, WHA undertakes to pay the rent at THB 3/sq.m/month for 25 years starting from the investment date growth rate at 10% every 5 years. If the rate agreed with new lessee is below THB 3/sq.m./month, WHA is liable to gross up for such rental difference throughout the undertaking period. 15

Click WHA to Mega edit Logistics Master title Center stylewangnoi KM 61 Leasehold Built-to-Suit and General Warehouse located on Thailand s Logistic Hub to North and Northeast Region Warehouses WHA

61 Type of Investment Land Area Lease Term (Land Lease from 3 rd Party) Location Total Leasable Area Leasehold Right of Land and Ownership of Buildings 69-0-16 Rai 30 Years (Remaining Lease from

17 Click WHA to Mega edit Logistics Master title Center stylewangnoi KM 61 Leasehold Built-to-Suit and General Warehouse located on Thailand s Logistic Hub to North and Northeast Region Warehouses WHA Mega Logistics Center Wangnoi Km.61 Type of Investment Land Area Lease Term (Land Lease from 3 rd Party) Location Total Leasable Area Leasehold Right of Land and Ownership of Buildings Rai 30 Years (Remaining Lease from March 2016 shall be 26 Years 1 Months*) Tambon Sainoi, Amphur Wangnoi, Phranakorn Si Ayutthaya 61,182 sq.m. Current Occupancy Rate 100% Rooftop*** Total Rooftop Leasable Area 26, sq.m. Lease Term 25 years * Information based on 31 March 2016 *** In case where there is no lessee of the rooftop area on the investment date, WHA undertakes to pay the rent at THB 3/sq.m/month for 25 years starting from the investment date growth rate at 10% every 5 years. If the rate agreed with new lessee is below THB 3/sq.m./month, WHA is liable to gross up for such rental difference throughout the undertaking period. 16

Click WHA to Mega edit Logistics Master title Center stylesaraburi FREEHOLD Built-to-Suit & General Warehouse in Hemraj Industrial Estate with close proximity to production center Warehouses WHA

nt Freehold right on land and buildings Land Area Location 34-3-12 Rai Amp

18 Click WHA to Mega edit Logistics Master title Center stylesaraburi FREEHOLD Built-to-Suit & General Warehouse in Hemraj Industrial Estate with close proximity to production center Warehouses WHA Mega Logistics Center Saraburi Type of Investment Freehold right on land and buildings Land Area Location Rai Amphur Nongkae, Saraburi Total Leasable Area 32,986 sq.m. After Undertake Occupancy Rate (%) 100% * Information based on 31 March 2016 ** In case where WHA cannot secure tenants prior the REIT s investment date, WHA undertakes to pay the rent at THB 155/sq.m./month for a period of 3 years starting from the investment date. If the rate agreed with new tenant is below THB 155/sq.m./month, WHA is liable to gross up for such rental difference throughout the undertaking period. 17

19 Click Agenda to edit Master title style I. WHART Overview ll. Portfolio III. Q&A 18

20 Click to edit Master title style Q&A 19

WHA Premium Growth Real Estate Investment Trust (WHART) Quarterly Report Q2, 2016

Click to edit Master title style WHA Premium Growth Real Estate Investment Trust (WHART) Quarterly Report Q2, 2016 Sponsor REIT Manager 0 Click Disclaimers to edit Master title style The information contained