THAILAND Session Discussion

2014 United States

Thailand

Population (million) 318.7 67.3

GDP, Nominal (USD million) 17,418,325 373,787

GDP PPP, Real (USD million) 16,281,849 920,901

GDP per Capita, Nominal (USD) 54,644 5,557

GDP per Capita PPP, Real (USD) 51,079 13,692

Average Daily Minimum Wage (USD

58 10

2012 Chicago

MSA* Bangkok

Metro

Population 9,522,434 12,983,095

GDP, Nominal (USD million) 575,828 168,735

GDP per Capita, Nominal (USD) 69,333 12,997

Average Annual Income (USD) 56,558 6,920

Annual CBD Grade A Office Rent (USD / Sqft), 4Q14

39.64 27.92

Ritz-Carlton Residences Sale Price (USD / Sqft), 4Q14

1,100 – 1,300

800 – 1,000

Sources: Oxford Economics, US Census Bureau, US Bureau of Economic Analysis, Bank of Thailand, National Economic and Social Development Board of Thailand, JLL Research

The US, Thailand, Chicago, and Bangkok at a Glance

* Note: Chicago Metropolitan Statistical Area as defined by US Census Bureau

Transaction Activity by Asset Class*, 2011 – 1Q15

0

500

1,000

1,500

2,000

2,500

3,000

2011 2012 2013 2014 1Q15

USD

Millio

n

Other Mixed Industrial Hotel Residential Retail Office

Office, $983

Retail, $996

Residential, $301

Hotel, $2,104

Industrial, $924

Other, $613

Source: JLL Thailand Research

•  2014 a record year for asset deals, approaching USD 3 billion •  Record activity the result of maturing capital markets divestment alternatives (shift

from Property Fund to REIT structure)

•  Most activity since 2011 in the Hospitality sector (USD 2.1 billion), with Thai investors accounting for nearly all buying and selling activity, with limited interest from Singapore, Malaysia and Hong Kong

* Note: Excludes Development Sites

Transaction Activity by Deal Type*, 2013 – 1Q15

0

200

400

600

800

1,000

1,200

1,400

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15

USD

Millio

n

Private Party PF/REITs

PF/REITs, $2,869

Private Party, $2,778

Source: JLL Thailand Research

•  2014 deal values topped USD 3.6 billion, nearly double 2013 volumes despite political turbulence

•  Majority of deals in 2014 via capital markets divestment amidst transition from Property Fund to REIT structure

•  Limited deal activity in 1Q15 but healthy known pipeline including multiple high-profile REIT launches and planned asset sales (e.g., office buildings and hospitality).

* Note: Includes Development Sites

Cross-Border Outbound Investment, 2009 – 2014

•  Total known Outbound Investment = USD 1,391 million •  All outbound investment to the USA located in the San

Francisco Bay Area

•  Beijing is the most popular destination for outbound investment to China

Indicator Description

Property Kiroro Resort

Size •  46.7 Hectares •  422-Keys Hotel

Deal Type Outbound

Land Tenure Freehold

Property Type Hospitality

Location Hokkaido, Japan

Buyer Property Perfect Plc.

Seller Mitsui Fudosan

Transaction Price THB 770 million or approximately USD 24 million

Year 2012

178

0 200 400 600 800

1,000 1,200 1,400 1,600

Other China PRC

United Kingdom

Viet Nam United States

Hong Kong

Italy Malaysia

USD

Millio

n

Source: JLL Thailand Research

Cross-Border Inbound Investment, 2009 – 2014

10

0 20 40 60 80

100 120 140 160

USD

Millio

n

•  Total known Inbound Investment = USD 345 million •  Major Japanese Residential Investment

–  Ananda Development Plc. 51% and Mitsui Fudosan 49%

–  3 Projects with Total Development Value of USD 516 million

–  AP (Thailand) Plc. 51% and MJR Investment Pte. Ltd. 49%

–  5 Projects with Total Development Value of USD 394 million.

Source: JLL Thailand Research

Indicator Description

Property Ashton Asoke

Size 738 units

Project Value USD 199 million

Land Tenure Freehold

Property Type Residential

Location Bangkok, Thailand

Developer Ananda MF Asia Co.,Ltd.

Local Partner Ananda Development Plc. (51% stake)

Foreign Partner Mitsui Fudosan Co., Ltd. (49% stake)

Year 2014