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Strictly Private and Confidential

Potential Asset Divestments by The Erawan Group

Financial Advisor and Underwriter

Fund Manager


Invested Assets Overview

Strictly Private and Confidential

Property

ibis Patong

ibis Pattaya

Phuket

Chonburi

Freehold

Freehold

2602/

254

Area (sq.m)

10,400

10,100

2012 Occupancy Rate (%)1/

78.6%

90.8%

2012 Average Daily Rate (THB/ day)1/

1,278

1,043

Location Land ownership Number of rooms (#)

Remark: 1/ Unaudited 12-month result and 2/ 2 rooms are used for internal use Source: Erawan

-1-


Invested Assets - ibis Patong

Strictly Private and Confidential

Key Descriptive Property Information Land Ownership

:

Freehold

Location

:

Patong, Phuket

Land Area

:

3-3-28.6

Area

:

10,400 sq.m. (incl. common area and swimming pool)

No. of Rooms

:

2601/ rooms

Hotel Operator

:

Accor Group

Operating period

:

Approx. 5 years (Opening in May 2008)

Nearby Attractions:

Facilities: - Lobby -

- Meeting Room -

 Simon Cabaret (2.0 km)

 Elephant Trekking (6.0 km)

 Phuket FantaSea (13.0 km)

 Jungceylon (2.6 km)

 Karon Beach (10.0 km)

 Phuket Orchid Farm (18.0 km)

 Go Kart (5.0 km)

 Phuket Golf Country Club (12.0 km)

 Phuket Town (20.0 km)

- Bar -

Rating by booking agencies1/

- Taste Restaurant -

- Guest Room -

- Guest Room -

Source: Erawan 1/ 2 rooms are used for internal use - 2 Remark: -

Remark: 1/ information as of 8th January 2013


Invested Assets - ibis Patong

Strictly Private and Confidential Room Revenue, Occupancy Rate and Average Room Rate

• Located in the heart of Patong, the hotel is a 5-minute walk to the beach and only 45-minute drive from the Phuket International Airport

Millions THB mm

Key Highlights 180

revenue with EBITDA Margin in range of 36% - 43%

80

Expansion of PIA will bring in more charter flights and larger arrival numbers in the coming years Economy hotel will benefit from emerging market growth as

20

travellers from Russia, China, and India who have lower spending budget become a new source of demand

0

80%

63.7%

100

60

78.6%

75.1%

71.7%

140

• Key opportunistic factors include:



90%

160

120

• Strong track record of improving occupancy rate and room



100%

68

70%

88

91

1,309

1,293

95

50%

1,278

40

20%

1,139

10%

2009A

2010A

2011A OR (%)

2012A * 2012E* Average Room Rate (THB)

Remark: * Unaudited 12-month result

60%

42.1%

60

42.9%

36.2%

50

45

48

43.7% 50

Base Rent Structure THB mm

THB mm

Guest Profile by Country

80 70

50%

40% OTHER, OTHER, 28% 28%

RUSSIA, 22%

30%

40

30

UAE, 10%

30

20%

20 10% 10

INDIA, INDIA, 7% CHINA, 7%

AUSTRALIA, 11% 11%

THAILAND, THAILAND,KOREA, KOREA, 8% 10% 10%

0

0%

2009A

2010A

2011A

2012A *

Source: Erawan

Source: Erawan

Source: Erawan

Remark: Expected 12-month result

Remark: Expected 12-month result

Remark: Monthly base rent to total asset base rent

-3-

40% 30%

Room Revenue (THB mm)

EBITDA and EBITDA Margin

60%

0%


Invested Assets - ibis Pattaya

Strictly Private and Confidential

Key Descriptive Property Information Land Ownership

:

Freehold

Location

:

Pattaya, Chonburi

Land Area

:

2-2-34.3

Area

:

10,100 sq.m. (incl. common area and swimming pool)

No. of Rooms

:

254 rooms

Hotel Operator

:

Accor Group

Operating period

:

Approx. 5 years (Opening in July 2008)

Nearby Attractions:  Tiffany Cabaret (0.3 km)

 Ripley’s Believe It or Not (1.5 km)

 Jomtien Beach (5.0 km)

 Pattaya Beach (0.5 km)

 Underwater World Pattaya (2.0 km)

 Pattaya Elephant Village (5.0 km)

 Alcazar Cabaret (0.5 km)

 Mini Siam (2.0 km)

Facilities: - Lounge -

- Meeting Room -

- Restaurant -

- Swimming Pool -

- Guest Room -

- Guest Room -

Rating by booking agencies1/

Remark: 1/ information as of 8th January 2013

-4-

Source: Erawan


Invested Assets - ibis Pattaya

Strictly Private and Confidential Room Revenue, Occupancy Rate and Average Room Rate

• Surrounded by the tourist attractions and nightlife scene, this ibis hotel is attractive to both Thai and foreign travellers. The beach is very nearby as are shopping malls, restaurants, shops and bars

THB mm Millions

Key Highlights 150

90.8% 85.9% 73.9%

80%

110

63.6%

88

90





1,043

58 47

50

Major investment into tourist attractions and new branded

30%

30 20%

851 10

805

10%

2009A

-10

2010A

Room Revenue (THB mm)

theme parks will broaden market demographics

2011A OR (%)

2012E* 2012A * Average Room Rate (THB)

Remark: * Unaudited 12-month result

Guest Profile by Country

80

60%

70

50%

42.1%

60

36.2% 50

40%

45

29.8% 40

30%

34 18.5%

30

Base Rent Structure THB mm

THB mm

EBITDA and EBITDA Margin

20%

22

20

11

10%

10 0

2009A

2010A

2011A

2012A *

0%

Source: Erawan

Source: Erawan

Source: Erawan

Remark: Expected 12-month result

Remark: Expected 12-month result

Remark: Monthly base rent to total asset base rent

-5-

50% 40%

953

The enhancement of the transportation infrastructure and booming of Eastern Seaboard economic zone will bring in more visitors

70% 60%

76

70

• Key opportunistic factors include:

90%

130

• Proven track record of improving Room Revenue, OR, Average Room Rate and EBITDA Margin

100%

0%


ERW: Potential Asset Divestments by The Erawan Group