opportunity day march 2021

WHA Corporation Public Company LimitedOpportunity Day11th March 2021

Q2/2021 Opportunity Day23th August 2021

WHA Corporation Public Company Limited

“Your Ultimate Solution Partner”

DisclaimersWHA Group

The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitationof an offer or invitation to purchase or subscribe for share in WHA Corporation Public Company Limited (“WHA” and shares in WHA, “shares”) in anyjurisdiction 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 the Company's current views with respect to futureevents and financial performance. These views are based on a number of estimates and current assumptions which are subject to business, economicand competitive uncertainties and contingencies as well as various risks and these may change over time and in many cases are outside the control ofthe Company and its directors. You are cautioned not to place undue reliance on these forward looking statements, which are based on the currentview of the management of the Company on future events. No assurance can be given that future events will occur, that projections will be achieved,or that the Company's assumptions are correct. The Company does not assume any responsibility to amend, modify or revise any forward-lookingstatements, on the basis of any subsequent developments, information or events, or otherwise. These statements can be recognized by the use ofwords such as “expects,” “plans,” “will,” “estimates,” “projects,” or words of similar meaning. Such forward-looking statements are not guarantees offuture performance and actual results may differ from those forecast and projected or in the forward-looking statements as a result of various factorsand assumptions.

2

Agenda

II. 2Q2021 Operating Performance

IV. Appendix

I. WHA Group Overview

III. 2Q2021 Financial Performance

3

2012 2017 20192015 2018

Key MilestonesWHA Group Overview

IPO and Listed Company

• On November 8, 2012,WHA Corporation becomes a listed company traded on the Stock Exchange ofThailand (SET), raising its invested capital toBaht 1,709 million(USD 56.97 million)

Significant Acquisition• April: Acquisition of a

92.88% shareholding equity of Hemaraj Land And Development Plc., Thailand’s leadingdeveloper of Industrial Estates, Utilities & Power, and Property Solutions

Branching Out to The Greater Growths

• WHA Utilities and Power Plc. received the approval of WHAUP as a SET-listed company

• WHA Group to develop first industrial zone in Nghe An Province, Vietnam with an investment of USD 100 million. Phase 1 of WHA Hemaraj Industrial Zone -Nghe An covers the area of 498 hectares. This is part of a long term plan

Remarkable Year• Double anniversary

celebration for WHA Group’s 15th and 30thof success in industrial estate development

• WHAUP expands overseas water business in Vietnam with exclusivity rights to invest and operate water business in WHA Industrial Zone 1 - Nghe An

A Big Leap Forward

• WHAUP (SG) 2DR PTE. LTD, a subsidiary of WHAUP signed share purchase agreement to acquired 34.00% of total issued shares in Duong River Surface Water Plant Joint Stocks Company in Vietnam

• Chonburi Clean Energy Company Limited (CCE), associated company of WHAUP group with 33.33% stake, started commercial operation of its 8.6 MW waste-to-energy power plant

4

2020

• WHAUP opens Thailand's largest solar carpark with 4.88 MW at SAIC MOTOR-CP Co’s MG manufacturing plant

• WHAUP invests in Thailand's largest reclamation plant in WHA Eastern Industrial Estate

• Launches 11th domestic industrial estate, 1,280-rai WHA Rayong 36

• Launches TusPark WHA Incubation Center• Launches Thailand’s First E-Commerce

Park on Bangna-Trad Road Km.37 • WHA TOWER won the Asia Pacific

Property Awards on “Commercial High-Rise Architecture Thailand”

The Year of Transformation

#1 LogisticsProperties Developer

#1 Industrial Estate Developer

Leading Industrial Utilities and Power

Provider

Strengthened Digital Platform

67 mm m3 Utilities Sales & Management Volume in Thailand

and Vietnam

2,493,980 sq.m.Owned & Managed

5964 Data Centers

3 Tier-III facilities and the only Tier IV Gold Certified data center in Asia Pacific

(Excl. Australia)

FTTx covering 10Estates

Installed Equity MW Power

6M2021 Performance Highlights

70,613sq.m.Net rent for Built-to-Suit,

warehouse farm and RBF/RBW/1

241 Rai Land Sale in Thailand

WHA GROUP AT-A-GLANCEWHA Group Overview

5

33 Rai Land Sale in Vietnam

56,316 sq.m. /2

Short-Term Contracts

Remark:/1 Including New Rent and Net Rent Under Ready-Built Properties (Include asset of HPF and HREIT) and Built-to-suit Properties, /2 Gross rent which include asset of WHART

83Rai outstanding LOI/MOU

6

WHA Strategic LocationsWHA Group Overview

WHA 50+ STRATEGIC LOCATIONSIN THAILAND AND VIETNAM

WHA is a Key Player in the Development of Eastern Economic Corridor (EEC)

Remark: Information as of August 2021

Agenda


IV. Appendix



7

Financial Highlights (3M Q-o-Q)2Q2021 Financial Performance

Note : % of growth represents Q-o-Q growth basis

3M (2Q2021 vs 1Q2021)Q-o-Q Q-o-Q

8

Reported Revenue and Share of Profit : THB 1,873 mm 33% | Reported Net Profit : THB 260 mm 93%

: THB 1,893 mm 30% | : THB 282 mm 53%Normalized Revenue and Share of Profit Normalized Net Profit

Rental Properties Business Normalized Revenue

THB 280 mm 1% • Due to increase in occupancy rate of Built-to-Suit project and RBF/RBW from both Logistics and Industrial Estate Development business.

Land Business and Sale of Properties Normalized Revenue and Share of Profit

THB 538 mm 230% • Mainly from increase in number of industrial land transfer during 2Q2021, despite revenue recognition of right of way compensation amounting of THB 125 mm in 1Q2020 while there were no such revenue in 2Q2021.

Utilities Business Normalized Revenue and Share of Profit

THB 557 mm 2% • Mainly due to increase in sale volume both domestic and Vietnam, increase in Water tariff, and contribution from high value products, despite limited excessive charge for the quarter

Power Business Normalized Share of Profit and Revenue from Solar Business

THB 326 mm 13% • Increase in share of profit due to solid contribution from SPP business,lower gas price as well as no planned maintenance in 2Q2021

• GHECO-One contribute share of profit in 2Q2021 in contrast to recording loss as a result of 37-day planned maintenance in 1Q2021 comparing to 20 days unplanned outage in 2Q2021 and favorable FX

Finance Cost THB 298 mm 6% • Due to increasing in IBD as business expansion and cash liquidity and reserve for bond repayment in 3Q2021 despite decrease in weighted average interest rate during 2Q2021

Normalized Net Profit THB 282 mm 54% • Driven from higher contribution from Land Business, Utilities Business and Power Business despite right of way compensation amounting of THB 125 mm in 1Q2021 and THB 0 mm in 2Q2021

Logistics Business2Q2021 Operating Performance

Logistics Business

9

30 January 2020

Assets under Ownedand Managed

2021 TARGET

New Projects/ Net Rent 175,000 Sq.m.*

+ Short-Term Contract 50,000 Sq.m.

Note: *Included Net Rent of RBF & RBW


10

2Q2021

2.49 millionsq.m.

#1 Built-to Suit (BTS) Warehouse and Factories

200+ Well‐known

Tenants Profile

World Class standard warehouse and factories built to

specific client’s requirements

41StrategicLocations

28K* Sq.m.

New Projects/ Net Rent

&

2Q2020

2.44 millionsq.m.

30K** Sq.m.

Short-Term Contract

Remark: * 6M2021 = 71K sqm.** 6M2021 = 56K sqm

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q2021

Logistics Business – 2Q2021 Operating Performance

Group-Owned assets and preleased

Asset Under Management

Area owned by WHA Industrial Development and its subsidiariesArea sold to HPF and HREIT

Industrial Properties

Area owned by WHA and its subsidiaries

Area sold to WHART and WHABT

Logistics Properties

726,944

196,195

530,749

1,442,391

324,645

1,767,036

88,913 141,619 141,619 169,433

891,286

298,139192,341

505,051

1,108,740

Total2,493,980

Unit : sq.m.

CAGR 24.9% (2006A – 2020A)

CAGR 19.4% (2012A – 2020A)

28%

19%19%

16%

8%10%

Thai

Japan

Europe

Asia(Exclu.Japan, Thai)

USA

China

42%

24%

19%

14%1%

3PL

FMCG&Healthcare

Manufacturer

E-Commerce

Other

25%

20%

14%6%6%

26%

3%

Japan

Europe

Asia(Exclu.Japan, China)USA

Australia

China

Other

26%

18%

16%

23%

4%13%

Auto&Parts

Logistic

Electronic

Consumer

Industrial Service

Other

Industrial Properties BusinessLogistics Properties Business

Customer by Nationality Customer by Industry

Industrial Properties BusinessLogistics Properties Business

2,150,410

Remark: Figures as of 30 Jun 2021

2,115,2931,975,361

2,321,721

2Q2021 Operating Performance

2,360,556

11

2,493,980

2Q2021

109,565

213,657

74,017

118,265

59,893 35,334

293

45,243

135,777

12,426

33,031

35,279

-

50,000

100,000

150,000

200,000

250,000

300,000

2017 2018 2019 2020 6M2020 6M2021

RBF/RBW BTS/Warehouse farm

Unit: Sq.m.

New Projects / Net Rent

109,858

209,794

2Q2021 Operating PerformanceLogistics Business – 2Q2021 Operating Performance

258,900

12

Logistics Business Continued to Outperform from the Growing Demand of E-Commerce Segment

130,691

92,924

70,613

Short-term Contract

Unit: Sq.m.

112,000

56,316

Short-term Contract2020 6M2021

30 January 2020

Delivering High Value Properties To Launch Mega Logistics Projects

New Mega Project at TheparakBuilding Area:~400,000 sq.m

ChonlaharnpichitNew Mega Projects at:

Building Area:~32,000 sq.m

2 Expansion Projects at: WHA Logistics Center Bangna-Trad Km. 23 Project 3Building Area:~60,000 sq.m

E-Commerce Park Phase IIBuilding Area:~80,000 sq.m


13

UPCOMING Assets Monetization to WHART

Expected Process to Complete and Recognized Revenue in 4Q2021Approx. 180,000 sq.m. of Built-to-Suit/General Warehouses

14

>5,500TOTAL ASSET VALUE

THB mm


Project WHA Mega Logistics Center Bangna-Trad Km. 23 Project 3

Project WHA Mega Logistics Center Wangnoi 62

Project WHA E-Commerce Park

100% OWN-ASSET

30 January 2020

Embracing Smart Technologies

Route Optimization for Maximum Profitability

In 2020, WHA Logistics signed MOU with Siametrics Technology Co., Ltd., a data driven solutions company, to collaboratively

explore and develop logistics solutions

AI Logistics Software

Barcode Scanning

Automated Guided Vehicle

AGV

IoT, Big Data

Robot Arm

AS/RS

Automated Storage & Retrieval System

Improving Operational Efficiency

Transforming Organization with Data Analytics

Exploring Smart Technologies to Offer Value-Added Services


Warehouse Management System

15

WHA TowerBangna Trad KM.7Over 52,000 sq.m.

WHA BangnaBusiness ComplexBangna Trad KM.7Over 9,800 sq.m.

@ PremiumTheparak RoadOver 3,800 sq.m.

WHA KWSukhumvit 25Over 9,900 sq.m.(Under Development)

TusPark WHAPathum WanOver 1,000 sq.m.

SJ Infonite IVibhavadi Rangsit RoadOver 42,000 sq.m. BANGKOK

SAMUTPRAKAN

WHA Office Solutions2Q2021 Operating Performance

16

Offering 6 office buildings with full facilities & flexibilities to support work life for all businesses

WHA Tower

TusPark WHAWHA KW(Under Development)

Total Space

>100KSq.m.

SJ Infonite I

@ PremiumWHA Bangna

Business Complex

Offering warehouse of 10,000 sq.m. for Samut Prakan Ruamjai 5 (WHA) field hospital at WHA Mega Logistics Center Chonlaharnpichit KM 4, to be used as a 1,300 - bed field hospital

Focusing on Healthcare for Continuous Support the SocietyDigital Technology and Healthcare Supports2Q21 Operating Performance

17

WHA enhances efforts to bring better healthcare to communities through Digital Technology by supporting Perceptra, a Thai startup, using AI to analyze x-ray images to diagnose and detect early sign of COVID-19 lung damage.

Industrial Estate Business2Q2021 Operating Performance

Industrial Estate Business

18

30 January 2020

2Q2021 Operating PerformanceIndustrial Estate Business

19

Industrial Estates/1

11Industrial Estates

1Industrial

Estate

Specialized Estate

Remark: /1 including new Industrial Estate WHA RY36

/2 including 49,000 Rai operating and under development in Thailand and Vietnam

/3 market share based on land transfer since 2015 to 30 September 2020 (reference land transfer from CBRE)

/4 Include customers from land sales and rental building in Thailand

>45% Market Share/3

for 15 YearsNo.1

855 Customers/4

Industrial Estates in Thailand1. WHA Chonburi Industrial Estate 1 – WHA CIE 12. WHA Chonburi Industrial Estate 2 – WHA CIE 23. Eastern Seaboard Industrial Estate – ESIE4. WHA Eastern Seaboard Industrial Eastate 1 – WHA ESIE 15. WHA Eastern Seaboard Industrial Eastate 2 – WHA ESIE 26. WHA Eastern Seaboard Industrial Eastate 3 – WHA ESIE 37. WHA Eastern Seaboard Industrial Eastate 4 – WHA ESIE 48. WHA Eastern Industrail Estate – WHA EIE9. WHA Rayong Industrial Land – WHA RIL10. WHA Saraburi Industrial Land – WHA SIL11. WHA Rayong 36 Industrial Estate- WHA RY36

Industrial Estate in Vietnam1. WHA Industrial Zone 1 – Nghe An

Industrial Estate Overview

30 January 2020


2Q2020 2Q2021

20

6M2020 6M2021

2Q2020 2Q2021

2Q2020 2Q2021

395 Rai290 Rai

Industrial Land Sale

Industrial Estate OverviewOutstanding LOI/MOU

Thailand

Vietnam

201 Rai

2021F

1,030 Rai

305 Rai

725 Rai

TARGETLAND SALES

58 Rai 61 Rai

Backlog274 Rai

109 Rai

83 Rai

3028

53

8

81

28

241

33

83

125

76

262

28

368

27

Land Sale and Transfer Limited due to Travelling Restriction from COVID-19

Unit: rai Breakdown by Country

Overall Portfolio From 2019-2Q21

Japan 32% 6%Thailand 17% 9%Europe 11% 4%USA 8% 4%China 11% 61%Taiwan 4% 10%Korea 2% 2%Others 15% 4%

Total 100% 100%

Customer Breakdown*

Breakdown by Industry

Overall Portfolio From 2019-2Q21

Auto 32% 23%Consumer 16% 32%Petrochemical 8% 3%Steel/Metal 9% 8%Electronics 9% 20%Logistics 5% 0%Others 21% 14%

Total 100% 100%

Domestic Land Sales

Remark: * By number of contracts

No.1 Accumulated Domestic Industrial Market Share over 10 Years

Industrial Estate Business 2Q2021 Operating Performance

665

1,043

835

974 933816

218

30 53

0

200

400

600

800

1,000

1,200

2014 2015 2016 2017 2018 2019 2020 2Q20 2Q21

21

10 Years 5 Years

35% 53%

30 January 2020

Thailand’s Jan – June 2021 Investment Applications Reach USD12 billion

FDI Quadruple, E&E and Medical Sectors Continue to Expand


22

Chachoengsao

Chonburi

Rayong

Total Value

126,640million THB

FDI Application

#1#2#3

Investment Promotion Summary Jan – Jun 2021

Top Target Industries

Electrical Appliances and Electronic

60,970 million THB

Medical Industry

43,040 million THB

Total Value

206,860million THB

Investment Applications in Target Industries Investment Applications in EEC

Total Value

278,658million THB

+14%

+234%

704 Projects

2020 2021

801Projects

2020 2021

+158%149,760 Million THB

386,200 Million THB

+136%

Source: BOI

30 January 2020

Extending Our No. 1 Position

2Q2021 Operating PerformanceIndustrial Estate Business

23

WHA RY 36 construction started by end of 2020

• Rayong Province• Gross area 1,280 Rai• Sellable area 960 Rai

Project Highlights

Water Supply & Water Treatment SystemWater Treatment Plant Capacity

5,000 cu.m./day

Wastewater TreatmentAerated Lagoon Capacity of

4,000 cu.m./day

Stable communication networks with fiber optic. Full range of fixed-line, mobile telephone and internet network

Communication System

Main Road25-40 meters width reinforced concrete road

Electricity22kV and 115 kV by PEA(Provincial Electricity Authority)

Strategic LocationBangkok152 KM.Sriracha City49 KM.Pattaya City31 KM.

Utapao Airport28.5 KM.SuvarnabhumiAirport130 KM.

Laemchabang Port38 KM.Map Ta Phut Port22 KM.

Jointed operation with IEAT BOI Promoted Zones EEC Promoted Zones for

Targeted Industries

Infrastructure and Utilities

30 January 2020

SMART ECO INDUSTRIAL ESTATES

SECURITY

MOBILITY

POWER

COMMUNICATION

SERVICES

WATER

Continue Rolling out Smart Eco IE Concepts

2020 2021

S

M

A

R

T

Well-Establishment of The 6 Pillars

Embracing New Technologies and Innovation


24

UNIFIED CONTROL CENTER AT WHA TOWER Water Quality Monitoring Systems (WQMS)

Ultrasonic Water Level Sensor (UWLS)

Control Performance APC

Asset Performance Manager (APM)

SCADA

Aquis

SE — Energy Performance & Power Advisor

Maintenance Smart App (MSA)

Smart Sensor, Fire Pump (SSFP)

Learning Camera, Flooding Camera (LCFC)

Rainfall Monitoring System (RMS)

Closed Circuit TV (CCTV)

Air Quality Monitoring System (AQMS)

Leverage on 30-year Experience in Thailand to Expand Regionally

3,100 RaiTotal phase 1 development

is on going

Revised Investment Registration Certificate Granted to WHA Industrial Zone 1 Phase 1 in Nghe An, Vietnam

1,000 RaiPhase 1A is 99%

completed and 54% leased

2,100 RaiObtained investment

licenses, permits, approvals of Phase 1B

17,500 RaiTotal Project In Nghe An, Vietnam

From Thailand Leader to ASEAN Champion


25

WHA Industrial Zone 1 - Nghe An, in Vietnam was granted the Revised Investment Registration Certificate for Phase 1 covering 498 hectares by the Nghe An Provincial People’s Committee.

Remark: /1 Approximate timeline 2023 - 2024

Solid Performance Witnessed in WHA Nghe An Industrial Zone 1

Growing Strong in Vietnam


26

Equipped with HIGHEST QUALITY and INTERNATIONAL STANDARD Infrastructure

Enabling OTHER BUSINESSES and COLLABORATIONS with industry experts

4 lanes with Reinforced

Concrete Pavement

Dike at 4.30 m. high with drainage

pumping system

Fiber Optic For High Speed

InternetWater

BusinessIndustrial Properties

Gas PipelineBusiness/1

Customer Breakdown*

Remark: * By number of contracts

45%

27%

9%

18%China

Vietnam

Japan

Others

22%

22%11%

45%

Electronics

Automotive

Consumer

Others

Overall Portfolio by Country

Overall Portfolio by Industry

Introducing Thanh Hoa ProvinceWHA Smart Technology

Industrial Zone - Thanh Hoa(540 Ha + 270 Ha potential expansion)

Proximity to Hanoi and Haiphong, and with upcoming completion of motorway, land area well suited for technology-based industries.

Thanh Hoa well positioned to attract high value FDI from China, Japan, South Korea, Taiwan, Europe, US, and other countries

Significant expansion of Northern Technology Corridor towards the south due to labor and land availability, improving logistics

With additional investments, supply chain will become more integrated. Vietnamese local content of manufactured products will increase

WHA Northern IndustrialZone - Thanh Hoa

(340 Ha)

Proximity to Nghi Son Petrochemical complex, this land area is well suited for intermediate and downstream industries, metal fabrication and foundries, automotive parts, mechanical assembly, building materials, bio-chemical, plastics, electrical wire, packaging and others.

Significant expansion of Northern Industrial Corridor towards the south due to labor and land availability, improving logistics

NGHE AN

THANH HOA

HANOI

HAI PHONG

Photo: Signing MOU with Thanh Hoa PPC

Signed MoU to develop 2 industrial zone projects in Thanh Hoa Province, Vietnam with a total gross area of 1,150 hectares; construction

is scheduled in 2023 and 2024

Proximity to Hanoi and Hai Phong with improving logistics infrastructure

Established industrial base especially in petrochemical industry (i.e. Nghi Son Petrochemical Complex)

Large Population, labor, and educational institutions Availability with 3.6 million population (ranked 3rd in Vietnam) and 2.3 million labor forces

KEY STRENGTHS OF THANH HOA PROVINCE


27

Enhancing Partnership and Collaboration

TusPark WHA Partners with Chulalongkorn School of Integrated Innovation for Research and Development Collaboration


Thailand’s first TusPark WHA signed a Memorandum of Understanding (MoU) with Chulalongkorn School of Integrated Innovation (ScII) to jointly engage in enhanced collaboration efforts in the field of Science and Technology.

The aim is to promote cooperation among students, startups and businesses, specifically in the industrial and manufacturing sectors, and provide a nurturing environment for research and innovation.

WHA Group and MG Team Up for EV Charging Stations in WHA Industrial Estates

WHA Group, SAIC Motor-CP Company Limited and MG Sales (Thailand) Co., Ltd., manufacturer and distributor of MG cars in Thailand, signed a cooperation contract to install five “MG Super Charge” stations for electric vehicles in WHA industrial estates located in the EEC and Saraburi province and will welcome the public 24/7 starting in October onward.

This project will promote clean energy usage, serve the growing number of people in and around the EEC who drive electric cars, and accelerate the country’s drive to be a regional production hub for EVs.

28

Utilities and Power Business2Q2021 Operating Performance

Utilities and Power Business

29

Sole Provider of Utilities to Manufacturers/Factories in Leading Industrial Estates with a Concrete Plan to Capture Increasing Demand from Heavy Users and Expand Outside i.e. Other IEs, Non-IE Area and International

Water Sales & Managed Volume in Thailand and Vietnam

Utilities Business - Overview2Q2021 Operating Performance

2Q21

35million m3

30million m3

2Q20

Municipal Water

Industrial Water

Wastewater Treatment

Reclaimed & Demineralized Water

Water Product/Services & Capacity

30

2021F

153million m3

Power Business - Overview2Q2021 Operating Performance

596Installed

Equity MW

670Installed

Equity MW

Conventional Power Plant

Renewable Energy

Natural Gas2Q21 2021F

Continuing Growth from Projects Under Construction and Committed Projects in Pipeline

547 Equity MW of Existing Conventional Power

Operating Projects – WHANGD 2 and WHANGD 4Under Development – EIA Approved for WHANGD 3

Solar Rooftops

Equity MW COD46Industrial Waste to Energy

Equity MW COD3

31

Utilities and Power Business2Q2021 Operating Performance

Q1

UTILITIES BUSINESS POWER BUSINESS

32

Strong growth in domestic utilities while SDWTP recorded less loss due to sale volume growth

Solid performance of solar and SPP business together with a recovery of GHECO-One’s contribution despite performing 20-day unplanned outage in May-21

• The Revenue from domestic utilities grew +25% YoY due to

o Volume growth from demand recovery of both existing demand (rebounded to pre-covid level) and new demand from Gulf SRC achieved COD in Q2’21 and Petro-chem customers since Q4’20

o Water tariff adjustment of ca. 4% of since Jan 21

• For Vietnam utilities business, the sale volume of SDWTP in Q2’21 increased by 29% YoY and 26% QoQ due to higher customer demand. Net loss was still recorded but decreased QoQ and YoY

• One-time accounting adjustment item of -8.2 MB at CuaLo, caused the share of loss of utilities business increased by 4% QoQ

• Strong growth from Solar rooftop business. Total revenue including EPC increased by 289% YoY while revenue w/o EPC revenue increased by 181% YoY and 35% QoQ as a results of higher MW under operation (20.2 MW as of Q2’20 vs 46.2 MW as of Q2’21)

• Normalized share of profit and dividend income from power business increased by 8% YoY and 64% QoQ mainly due to robust growth of normalized share of profits from SPP as a result of higher IU demand, lower gas price and no planned maintenance in this quarter

• GHECO-One came back to contribute share of profit in Q2’21 comparing to recording loss as a result of 37-day planned maintenance in Q1’21. However, the normalized share of profit decreased 38% YoY due to the unplanned outage of 20 days in Q2’21

Utilities Business – Operating Performance2Q2021 Operating Performance

Million m3/ year

Remark: The Utilities & Power business’s operating matrix under WHA level may differ from one shown in WHAUP level as a result of Pre-IPO restructuring, resulting in partial recognition in FY2016 under WHAUP

Utilities Portfolio Growth – Sale & Management Volume

43 46 49 53 55 47

19 17 17 17 1715

32 33 34 35 3531

0.22

13 1994 96 100 105 110 114

0

50

100

150

2015 2016 2017 2018 2019 2020

Industrial Water Raw Water WastewaterDemineralized Water Premium Clarified Water SDWTP & Cua Lo

Water Consumption 2017 2018 2019 2020 2021E 2022E

SPP COD 3,500 – 4,000 m3/day

Potential Demand from New Key Projects and Key Customers

4SPPs 1SPP 1SPP (Jan 19)

Block 1 Block 2

CCE (Q4’19)Waste to Energy 1,000 m3 / day

IPP COD 40,000 m3 / day

Petrochemical +10,000

On Schedule

Nghe An - Vietnam +5,000

33

Million m3 2Q20 2Q21 YoY (%)

Raw Water 3.8 6.2 64%Industrial Water 12.8 13.1 12%Wastewater Treatment 7.4 9.3 26%Demineralized Water 0.4 1.0 139%

Total Thailand 24.4 29.6 27%

SDWTP & Cua Lo 4.5 5.8 29%

Total 28.9 35.4 28%

Utilities Business – Business Updates2Q2021 Operating Performance

34

Water Treatment Plant

Wastewater Treatment Plant

Team B2021 (F) 2022 (F)

= Gulf SRC

= Petrochem 16.2Million M3

3.7Million M3

2.2Million M3

5.8Million M3

2020 (A)

0.3Million M3

0.4Million M3

New Big Customer Demand Covid-19 Business Continuous Plan

14 days

WHA RY36The new WHA IE namely WHA RY36 is under construction with the water demand up to 7,500 cmd plus Alternative Raw Water Development project with supply capacity 6 MCM.

= Potential Demand= Supply Capacity

2.7Million M3

6.0Million M3

per year

per year

Bubble and Seal control room of water plant to secure operation and ensure continuity of our utilities system

Team A

30 January 2020

Eastern Region

Alternative Raw Water ResourcesReclamation Plant to Premium

PW to GULF SPPs (ESIE)

Demineralized Water (GPSC) Reclamation Plant (WHA EIE)

To Supply Value-added Products to Industrial Customers

Complete full capacity construction Wastewater reclamation plants

EECi

Non-WHA IE

Implementing Smart Utilities Services Platform and Innovative Solution for Industrial Customers in

WHAIE

Exploring Potential Alternative Raw Water

Resource

Leveraging Our Expertise to offer Value-added

Products

Wastewater Reclamation

Utilities Business – Growing Beyond the Core with SMART Services Platform 2Q2021 Operating Performance

Capacity : 1,900,000 m3/yr

Max Capacity : 4,400,000 00,000 m3/yr

Max Capacity : 11,000,000 m3/yr

35

Partnering with other Industrial Estate

Developers to provide utilities solutions

30 January 2020

4.7 Million m3/year Water Distribution Capacity

HanoiHung Yen

Bac Ninh

3.5 Million m3/yearWastewater Treatment Capacity

4.4 Million m3/yearWater Distribution Capacity

Tenants occupy

>50%of leasable area

76

110

110 Million m3/yearWater Distribution Capacity

2Q2021 Operating PerformanceUtilities Business – Accelerating our Expansion in Vietnam

Actively exploring for greenfield utilities project and M&A opportunities in

Vietnam

Cua Lo Water Plant (47% Shareholding equity)

• To expand capacity to accommodate the expanding demand from industrialization and urbanization

36

WHA Nghe An Industrial Zone 1(100% Shareholding equity)

• To increase water distribution volume and utilization of wastewater treatment capability from the commissioning of customers’ plants

Duong River Surface Water Treatment Plant

(34% Shareholding equity)

• To increase customers base and water supply coverage areas to nearby provinces

(Bac Ninh, Hung Yen)

Power Business – Operating Performance

GWh

3M Y-o-Y

IPP Energy Dispatch

99.4% 100.0%76.5%

99.8%

Gheco-One Glow IPP

% AF IPP Availability

1,440

1300

1,113

133 236

Gheco-One HHPC Glow IPP

2Q202Q21

2Q202Q21


37

GWh SPP Group Energy Dispatch % AF SPP Group Average Availability

96.9% 99.2%

2Q20 2Q21

EGATIU

1,294 1,311

298 428

Q2'2020 Q2'2021

1,592 1,739

2Q20 2Q212Q20 2Q21

30 January 2020

1 project COMMISSIONING in 2Q2021

with a total capacity of 2.5 MW(Total 46 Equity MW in operations as of 2Q2021)

8 new projects SIGNED with Industrial

Users with a total capacity of 12 MW

Selected projects commissioning in 2021

Continuing to be Strong in Solar Rooftop for Industrial Users

Power Business – Enlarging Solar Energy Portfolio 2Q2021 Operating Performance

38

Cumulative Target Signed PPA

33MW

2019

300MW

2023F90MW

2021F51MW

2020

Auto Alliance Thailand(AAT) Solar Rooftop –EPC ServiceESIE (Rayong)

CONTINENTAL TyresSolar ProjectsWHA ESIE 4 (Rayong)

Capacity 4.2 MW

Capacity 4.9 MW

Honda Solar ProjectsPrachinburi Province

Capacity 2.5 MW

30 January 2020

P2P Energy Trading

Energy cost saving to industrial users

Increase opportunity to invest in renewable energy

Prosumer

ConsumerConsumer

Actively Exploring Vietnam Opportunities

Explore Potential Investment in Solar

Power projects in Vietnam

Signed a Memorandum of Understanding with PEA

ERC Subcommittee’s Approval

Synchronization with PEA interconnection and Technical testing/ system interface

WHAUP collaborates with PEA in studying and implementing P2P Energy Trading System in WHA’s Industrial Estates

Introducing Innovation And Smart Solutions

Power Business – Accelerating Business Growth 2Q2021 Operating Performance

39

Smart Energy PlatformWHAUP, PTT and Sertis signed MOU to jointly developed a platform to trade solar energy within WHA Group’s industrial estates

• To optimise electricity management using AI and Blockchain Technology

Digital Business2Q2021 Operating Performance

Digital Business

40

30 January 2020

Digital Business

DATA CENTER & MANAGED SERVICEUNDERGROUND FIBER OPTIC (FTTx)

100Available& Utilized

%

WHA SILWHA RILWHA ESIE 2WHA ESIE 3WHA ESIE 4CIE 2

15Available & Utilized

% WHA ESIE 1ESIE

10Available & Utilized

% WHA EIE

5Available &Utilized

% WHA CIE

Laying Digital FoundationsSecuring Demands10

Industrial Estates covered FTTx by

2021

Leverage WHA Group’s customers base to capture captive demand

Generate Recurring income

Become provider of FTTxinfrastructure of WHA Group

Attract customers through cross selling with existing services(network infrastructure, DC & Backup and System Integrators)

Leverage on WHA Group’s customers base

Moving up the value chain (from IAAS to PAAS and SAAS)

DATA CENTERS

EquityRacksCapacity

102TIER IVGOLD

EquityRacksCapacity

4

356TIER III

Colocation Service

Cloud Computing Service

PRODUCTS & SERVICES

Digital Business

41


WHA signed MOU with Telecom Operators To collaborate in

• 5G Network Planning • 5G Solutions

Bringing 5G into RealityDtac and WHA Group Develop Smart Water Monitoring Showcase using 5G Technology in WHA EIE

5G DevelopmentKick-off EventWHA hosted “WHA 5G Smart Eco System” Event for reputable technology companies to demonstrate, display and showcase of its advance technology for Smart Manufacturing.

Digital Business2Q2021 Operating Performance

42

30 January 2020

COMMUNICATION & ACTIVITIES

WHA Digital Transformation Digital Transformation Projects

2Q2021 Operating PerformanceDigital Transformation and Change Management

Make a CHANGE

43

Agenda


IV. Appendix



44

Total Revenue and Share of Profit (3 Months) 2Q2021 Financial Performance

Total Revenue and Share of Profit

• Despite strong contribution from Land Business, Utilities Business and Power Business, the Statutory Revenue and Share of Profit in 2Q2021 stood at THB 1,873 mm which slightly decreased by 5% Y-o-Y mainly due to FX impact of Power business from THB depreciation during 2Q2021 whereas THB appreciation in 2Q2020.

• Besides, there were as one-time other revenue recognition of contract restructuring from 1 client in 2Q2020 amounting of THB 172 mm in 2Q2020 and revenue recognition of right of way compensation amounting of THB 89 mm in 2Q2020 while there were no such revenue in 2Q2021.

• While the Statutory Revenue and Share of Profit in 2Q2021 was THB 1,873 mm which increased by 33% Q-o-Q due mainly to strong contribution from Land Business, Utilities Business and Power Business.

• Excluding Impact from FX, Total Normalized Revenue and Share of Profit in 2Q2021 was THB 1,893 mm increasing by 0.4% Y-o-Y and 30% Q-o-Q.

Unit: THB mm

Total Revenue Share of Profit

Statutory (3 Months) Normalized Basis (3 Months)Normalized Basis(2)

45

Impact from FX Total Revenue and Share of Profit

Remark: (1) Representing Total Revenue Inclusive Share of Profit (Financial Statement) Remar (2) Representing Total Revenue Inclusive Share of Profit (Normalized) excluding FX impact

XX

1,656

237

(20)

1,8731,406 1,326

128

(48)

1,658

227821,406

(1)1,967(1)

5% Y-o-Y

1,873(1)

1,885(2) 1,893

(2)

33% Q-o-Q

X

X

30% Q-o-Q

0.4% Y-o-Y

1,454(2)

2Q2020 1Q2021 2Q2021 1Q2021 2Q20212Q2020

1,967

Net Profit (3 Months) 2Q2021 Financial Performance

Net Profit Unit: THB mm

Statutory (3 Months) Normalized Basis (3 Months)

• In 2Q2021, the Reported Net Profit and Normalized Net Profit decreased by 52% Y-o-Y and 39 % Y-o-Y respectively, due to one-time other revenue recognition of contract restructuring from 1 client in 2Q2020 amounting of THB 172 mm and revenue recognition of right of way compensation amounting of THB 89 mm in 2Q2020, THB 125 mm in 1Q2021 and THB 0 mm in 2Q2021.

• However the Reported Net Profit and Normalized Net Profit in 2Q2021 increased 93% Q-o-Q and 53% Q-o-Q, respectively, driven from higher contribution from Land Business, Utilities Business and Power Business.

Remark: (1) Representing Net Profit (Financial Statement)Rem ark:(2) Representing Net Profit (Normalized) excluding FX impact

(3) Impact from FX attributed to parent

Normalized Basis(2)

Normalized Net Profit Impact from FX(3)Net Profit Margin

46

Net Profit

X

282

(22)

466

76 0

542

184

(49)

466(2)

X

25%13% 15%

93% Q-o-Q 53% Q-o-Q

2Q2020 1Q2021 2Q2021 1Q2021 2Q20212Q2020

135

135(1)

184(2)

260

28%

10%14%

52% Y-o-Y

542(1)

260(1)

39% Y-o-Y

282(2)

Total Revenue and Share of Profit (6 Months) 2Q2021 Financial Performance

Total Revenue and Share of Profit Unit: THB mm

Remark: (1) Representing Total Revenue Inclusive Share of Profit (Financial Statement) Remar (2) Representing Total Revenue Inclusive Share of Profit (Normalized) excluding FX impact, Impact from TFRS and deferred revenue items


Normalized Basis(2)

47

• For the 6M2021 performance, the Statutory Revenue and Share of Profit was THB 3,279 mm which increased by 1% Y-o-Y, while the Total Normalized Revenue and Share of Profit of 6M2021 stood at THB 3,347 mm which increased by 2% Y-o-Y due mainly to strong contribution from Utilities Business and Power Business.

• Although there were one-time other revenue recognition in 6M2020 of contract restructuring from 1 client while there were no such revenue in 6M2021.

Total Revenue and Share of Profit Total Revenue Share of Profit Impact from FX

2,983

364

(68)

2,844

440

(40)

3,2793,244

6M2020 6M2021

3,284(2)

3,347(2)

6M2020 6M2021

3,244(1)

3,279(1)

1%

2%

Net Profit (6 Months) 2Q2021 Financial Performance

Net Profit Unit: THB mm


Normalized Basis(2)

Remark: (1) Representing Net Profit (Financial Statement) Rema rk:(2) Representing Net Profit (Normalized) excluding FX impact

(3) Impact from FX attributed to parent

39

48

• The Reported Net Profit of 6M2021 decreased by 38% Y-o-Y because of one-time other revenue recognition of contract restructuring from 1 client in 2Q2020 amounting of THB 172 mm.

• Excluding the impact from FX, the Normalized Net Profit of 6MQ2021 decreased by 31% Y-o-Y.

Normalized Net Profit Impact from FX(3)Net Profit MarginNet Profit

466

(71)

677

(36)

641

641(1)

395(1)

(38%)

677(2)

(31%)

22%15%

20%12%

466(2)

6M2020 6M2021 6M2020 6M2021

395

Financial Highlights (3M Y-o-Y)2Q2021 Financial Performance

Note : % of growth represents Y-o-Y growth basis



THB 280 mm 3% • Strong occupancy rate on both Built-to-Suit project and RBF/RBW, despite 100% OR asset monetized in 4Q2020


THB 538 mm 2% • Mainly from increase in number of industrial land transfer during 2Q2021, in spite of revenue recognition of right of way compensation amounting of THB 89 mm in 2Q2020 while there were no such revenue in 2Q2021


THB 557 mm 25% • Mainly due to increase in sale volume both domestic and Vietnam, increase in Water tariff, and contribution from high value products as well as drought situation in 2Q2020 which were no such situation in 2Q2021



• Significant increase from Solar business

Finance Cost THB 298 mm 2% • Due to decrease in weighted average interest rate during 2Q2021

Normalized Net Profit THB 282 mm 39% • One-time other revenue recognition of contract restructuring from 1 client in 2Q2020 amounting of THB 172 mm

• Revenue recognition of right of way compensation amounting of THB 89 mm in 2Q2020, vs. THB 0 mm in 2Q2021

: THB 1,893 mm 0.4% | : THB 282 mm 39%Normalized Revenue and Share of Profit Normalized Net Profit

3M (2Q2021 vs 2Q2020) Y-o-Y Y-o-Y

49

Financial Highlights (3M Q-o-Q)2Q2021 Financial Performance

Note : % of growth represents Q-o-Q growth basis

3M (2Q2021 vs 1Q2021)Q-o-Q Q-o-Q

50




THB 280 mm 1% • Due to increase in occupancy rate of Built-to-Suit project and RBF/RBW from both Logistics and Industrial Estate Development business.


THB 538 mm 230% • Mainly from increase in number of industrial land transfer during 2Q2021, despite revenue recognition of right of way compensation amounting of THB 125 mm in 1Q2020 while there were no such revenue in 2Q2021.


THB 557 mm 2% • Mainly due to increase in sale volume both domestic and Vietnam, increase in Water tariff, and contribution from high value products, despite limited excessive charge for the quarter



• GHECO-One contribute share of profit in 2Q2021 in contrast to recording loss as a result of 37-day planned maintenance in 1Q2021 comparing to 20 days unplanned outage in 2Q2021 and favorable FX


Normalized Net Profit THB 282 mm 54% • Driven from higher contribution from Land Business, Utilities Business and Power Business despite right of way compensation amounting of THB 125 mm in 1Q2021 and THB 0 mm in 2Q2021

Financial Highlights (6M Y-o-Y)2Q2021 Financial Performance

Note : % of growth represents Y-o-Y growth basis



THB 557 mm 2% • Strong occupancy rate on both Built-to-Suit project and RBF/RBW, despite 100% OR asset monetized in 4Q2020


THB 701 mm 9% • Mainly from Industrial land transfer shifting due to Covid-19 traveling restriction which is likely temporary effect


THB 1,105 mm 16% • Mainly due to increase in sale volume both domestic and Vietnam, increase in Water tariff, and contribution from high value products as well as drought situation in 6M2020 which were no such situation during 6M2021


THB 613 mm 19% • Mainly from significant increase from Solar business and solid contribution from SPP business, despite scheduled maintenance of Gheco-One and 2 SPPs during 1Q2021


Normalized Net Profit THB 466 mm 31% • Mainly due to one-time other revenue recognition of contract restructuring from 1 client in 2Q2020 amounting of THB 172 mm


6MY-o-Y Y-o-Y

51

Industrial Revenue

Real GPM before PPA of 2Q2021 : 45% (Only Land Sale excluded Other Land Business and Sale of Properties Incomes )

Performance by Business (3 Months)2Q2021 Financial Performance

Note : Gross profit margin on consolidated financial statement is different from that on operating financial statement (genuine performance) due to the effect of PPA adjustment after acquisition

RENTAL PROPERTY BUSINESS (NORMALIZED) LAND BUSINESS AND SALE OF PROPERTIES (NORMALIZED)

The GPM from Revenue from Land Business and Sale of Properties (Excluded Other Land Business and Sale of Properties Incomes (1)) in 2Q2021 stood at 40% which increased from 34% in 2Q2020, according to lower cost of plot of land transferred.

There were revenue recognition of right of way compensation amounting of THB 89 mm in 2Q2020, THB 125 mm in 1Q2021 and THB 0 mm in 2Q2021.

The GPM in 2Q2021 increased to 75% due mainly from increase in occupancy rate of Built-to-Suit and RBF/RBW.

Unit: THB mmUnit: THB mm

Logistics Revenue Normalized Margin

3M

Real GPM before PPA of 2Q2021 : 75%

Remark :(1) Other Land Business and Sale of Properties Incomes Right of Way Compensation

3M

Normalized Margin

Industrial RevenueLogistics Revenue

Normalized Margin included Other Land Business and Sale of Properties Incomes(1)

52

162

115

277

69%

1 Q2 0 2 1

173

117

289

70%

2 Q2 0 2 0

169

111

280

74%

2 Q2 0 2 1

538

538

2 Q 2 0 2 1

527

2

529

2 Q 2 0 2 0

41%

85%

34%

40%

154

9163

1 Q 2 0 2 1

51%

Industrial Revenue

Real GPM before PPA of 6M2021 : 47% (Only Land Sale excluded Other Land Business and Sale of Properties Incomes )


Note : Gross profit margin on consolidated financial statement is different from that on operating financial statement (genuine performance) due to the effect of PPA adjustment after acquisition

RENTAL PROPERTY BUSINESS (NORMALIZED) LAND BUSINESS AND SALE OF PROPERTIES (NORMALIZED)

The GPM from Revenue from Land Business and Sale of Properties (Excluded Other Land Business and Sale of Properties Incomes (1)) in 6M2021 decreased to 39% , according to higher cost of plot of land transferred as well as lower margin from Sale of Investment Properties from Logistics business.

There were revenue recognition of right of way compensation amounting of THB 89 mm in 6M2020 and THB 125 mm in 2Q2021.

The GPM in 6M2021 stood at 72% as a result of increase in occupancy rate of Built-to-Suit and RBF/RBW.

Unit: THB mmUnit: THB mm

Logistics Revenue Normalized Margin

6M

Real GPM before PPA of 6M2021 : 72%

Remark :(1) Other Land Business and Sale of Properties Incomes included Right of Way Compensation

6M

Normalized Margin

Logistics Revenue Industrial Revenue

Normalized Margin included Other Land Business and Sale of Properties Incomes(1)

53

773 692

29

774 701

45%39%

6 M 2 0 2 0 6 M 2 0 2 1

50%

52%

348 331

221 226

569 557

70% 72%

6 M 2 0 2 0 6 M 2 0 2 1

Nomalized Share of Profit Impact From FX Write-Off Tax PaymentNormalized Share of Profit Revenue from SolarUtilities Revenue Share of Profit


UTILITIES BUSINESS (NORMALIZED) POWER BUSINESSUnit: THB mm

The GPM of Utilities sale in 2Q2021 stood at 38% which increased from 2Q2020 due mainly to increase water tariff and increase in value-added water sale volume which has higher GPM as well as drought situation in 2Q2020.

Unit: THB mmReal GPM before PPA of 2Q2021: 42%

Normalized other revenues consist of property and REIT management fee, acquisition fee, dividend income, share of profit from JV, revenue from digital business and others, excluding FX impact in other incomes.

The Normalized Other Reuven in 2Q2021 decreased significantly Y-o-Y due mainly to one-time other revenue recognition of contract restructuring from 1 client in 2Q2020 amounting of THB 172 mm while there were no such revenue in 2Q2021. Such revenue contributed fully to bottom line.

Unit: THB mm

Normalized Margin

Note : Gross profit margin on consolidated financial statement is different from that on operation financial statement (genuine performance) due to the effect of PPA adjustment after acquisition

Excessive Charge


54

The Normalized performance (Normalized Share of Profit and Revenue from Solar business) in 2Q2021 was THB 326 mm which increased 23% Y-o-Y and 13% Q-o-Q due mainly to significant increase from Solar business and solid contribution from SPP business.

3M 3M

3M

(1)

Remark :(1) Normalized margin excluded Share of Profit

REVENUE FROM MANAGEMENT, INVESTMENTS AND OTHERS (NORMALIZED)

481 581 595

5 1 444547 557

(37) (39) (39)

34%

42%38%

2Q2020 1Q2021 2Q2021 2Q2020 2Q2021

251 14

258

523

271 54

(87)

239

1Q2021

166 122

(178)

110

52 85 60

305 94 132

357

179 192

2 Q2 0 2 0 1 Q2 0 2 1 2 Q2 0 2 1

Utilities Revenue Share of Profit


UTILITIES BUSINESS (NORMALIZED) POWER BUSINESSUnit: THB mm

The GPM of Utilities sale in 6M2021 increased to 40% mainly from increase water tariff and increase in value-added water sale volume which has higher GPM as well as drought situation in 2Q2020.

Unit: THB mmReal GPM before PPA of 6M2021: 44%

Normalized other revenues consist of property and REIT management fee, acquisition fee, dividend income, share of profit from JV, revenue from digital business and others, excluding FX impact in other incomes.

The Normalized Other Reuven in 2Q2021 decreased significantly Y-o-Y due mainly to one-time other revenue recognition of contract restructuring from 1 client in 6M2020 amounting of THB 172 mm while there were no such revenue in 6M2021. Such revenue contributed fully to bottom line.

Unit: THB mm

Normalized Margin

Note : Gross profit margin on consolidated financial statement is different from that on operation financial statement (genuine performance) due to the effect of PPA adjustment after acquisition

Excessive Charge


55

6M 6M

6M

(1)

Remark :(1) Normalized margin excluded Share of Profit

REVENUE FROM MANAGEMENT, INVESTMENTS AND OTHERS (NORMALIZED)

Nomalized Share of Profit Impact From FX Write-Off Tax PaymentNormalized Share of Profit Revenue from Solar

6M2020 6M2021

The Normalized performance (Normalized Share of Profit and Revenue from Solar business) in 6M2021 was THB 613 mm which increased 19% Y-o-Y due mainly to significant increase from Solar business and solid contribution from SPP business, despite scheduled maintenance of Gheco-One and 2 SPPs. During 1Q2021.

1,000 1,17615 6 948 1,105

(67) (77)

36%40%

6M2020 6M2021

496 437

21 176

(101) (264)

416 349

97 145

378 227

475 371

6 M 2 0 2 0 6 M 2 0 2 1

Rental property808 14%

Sale of Industrial Estates

1,029 18%

Sale of IP's1,168 20%

Utilities722 13%

Power997 18%Div & Mgt

526 9%

Other465 8%

Y2020TOTAL

THB 5,715 mm

Rental property

1,157 12%

Sale of Industrial

Estates1,884 20%

Sale of IP's2,368 25%

Utilities1,893 20%

Power1,032 11%

Div & Mgt 526 6%

Other5476%

Y2020TOTAL

THB 9,407 mm

Revenue and Gross Profit BreakdownGROSS PROFIT BREAKDOWNREVENUE AND SHARE OF PROFIT BREAKDOWN

Unit: THB mm Unit: THB mm

Remark: Share of profit from JV’s and Associates includedGross profits are based on consolidated financial statements and thus affected by PPA adjustment

Recurring vs Non-Recurring = 82:18

2Q2021 Financial Performance

Note: Statutory Basis

Recurring Revenue

56

Recurring vs Non-Recurring

55:45

Recurring vs Non-Recurring

62:38

Remark: Share of profit from JV’s and Associates included

Recurring vs Non-Recurring = 79:21

Rental property

557 17%

Sale of Industrial

Estates692 21%

Sale of IP's9

Utilities1,105 34%

Power349 11%Div & Mgt

274 8%

Other293 9%

6M2021TOTAL

THB 3,279 mmRental

property400 21%

Sale of Industrial

Estates350 18%

Sale of IP's0.3

Utilities400 21%

Power212 11%

Div & Mgt 274 14%

Other293 15%

6M2021TOTAL

THB 1,929 mm

Bond Issuance &Redemption

REIT Asset Monetization

Key Financial ActivitiesFinancing Performance

Approx. 180,000 sq.m. of BTS/General warehouse to WHART Total transaction size of approx. THB 5.5 bn

Upcoming Asset Monetization

57

Feb 2021 : WHA Bond Issuance of THB 1,000 mm at 1.89% cost of fund with 1 year tenorWHAUP Bond Issuance of THB 700 mm at 1.89% cost of fund with 1 year tenor

April 2021 : WHA Bond Issuance of THB 4,000 mm at 2.82% weighted average cost of fund with 3 year weighted average tenor

May 2021 : WHA Early Bond Redemption of THB 280 mm at 5.0% cost of fund

July 2021 : WHAUP Bond Issuance of THB 3,500 mm at 2.14% weighted average cost of fund with 3 year weighted average tenor

Financial PositionFinancial Performance

Unit: THB mm

CAPITAL STRUCTURE RETURN ON INVESTMENT

Total asset increased by THB 1,694 mm from 2020 due mainly to increase in non-current assets held for sale, cash and cash equivalents as well as decrease in investment property.

Total liability increased by THB 1,746 mm from 2020 due mainly to in crease in short-term loans from financial institution.

The total shareholders’ equity decreased by THB 52 mm from 2020 due mainly to decrease in retained earning.

58

82,264 82,621 84,315

33,101 32,167 32,115

49,163 50,454 52,200

1.49 1.57 1.63

1.19 1.28 1.34

(2.00)

(1.50)

(1.00)

(0.50)

-

0.50

1.00

1.50

2.00

0%

2019 2020 2Q2021Asset Equity Liability D/E IBD/E

11.4%

8.7%7.9%

7.1%

5.5% 5.1%4.9%

3.5% 3.1%

2019 2020 2Q'21

ROE ROIC ROA

Debt ProfileFinancial Performance

As of June 2021Unit: THB mm

Weighted Average Interest Rate

2.94%

WHA+WHAID WHAUP


3.06%


2.64%

As of December 2020

IBD/E Ratio : 1.34 time

Credit Rating*

A-

59Remark: *TRIS Rating affirms the rating at “A-” on 5th October 2020.

Unit: THB mm


3.04%

WHA+WHAID WHAUP


3.13%


2.83%

IBD/E Ratio : 1.28 time

Bond8,000 mm

62%

Term Loan4,875 mm

38%

Bond20,342 mm

72%

Term Loan6,100 mm

21%

Short Term Note1,950 mm

7%

Bond29,472 mm

69%

Term Loan10,440 mm

24%

Short Term Note3,100 mm

7%

Bond6,310 mm

51%

Term Loan4,400 mm

36%Short Term Note

1,600 mm13%

Bond and Term Loan Maturity Profile

Bond and Term Loan Maturity as of 31st July 2021Unit: THB mm

Remark :THB 1,000 mm bond and THB 1,500 mm bond which would be matured in 2022 and 2025 respectively, had been early redeemed in March 2020.

THB 280 mm bond which would be matured in 2024, had been early redeemed in May 2021.

Financial Performance

60

1,500 mm

5,754 mm 4,578 mm 4,450 mm2,880 mm

1,400 mm1,060 mm

3,980 mm

1,000 mm 1,000 mm

2,200 mm

2,790 mm1,300 mm

1,320 mm

700 mm1500

2,000 mm

2,560 mm

13,934 mm

8,368 mm6,750 mm

4,200 mm

2,100 mm 1500

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

WHA: Bond WHA: Term Loan WHAUP: Bond WHAUP: Term Loan

Agenda


IV. Appendix



61

62

WHA Sustainability Development HighlightAppendix

Sustainability at WHA Group

WHA Group has rolled out its 5-YearSustainability Framework to drive corporatesustainability actions to build upon, andalign with the Group’s business direction tobecome “Your Ultimate Solution Partner”.

To achieve its aspiration, the Framework isbuilt on the foundation of good corporategovernance, human capital as strategicenabler and key driving forces includingdigitization and natural resources.

The long-term corporate sustainability goalsaddress the Group’s material topics that areimportant to WHA Group and the keystakeholders. Furthermore, the Groupensures to stay ahead by taking intoconsideration the risks and opportunitiesanalyzed from global existing and emergingtrends.

Framework and Strategy

DIGITIZATION Revenue generation and cost

reduction from innovation projects 100% data breach prevention in terms

of data leaks, thefts or losses of both inbound and outbound data are achieved in 2025

NATURAL RESOURCES Double the reclaimed industrial water

for industrial use from 30,200 cubic meter/day in 2020 to 60,400 cubic meter/day by 2025

HUMAN CAPITAL Maintain Human Capital Return on Investment at 14 times by 2025 85.8% Employee Engagement Score in 2020 and targeted at 88.0%

in 2022 7.2% overall turnover rate in 2025 5% talent turnover rate in 2025

GOVERNANCE 100% acknowledgement and communication of Code of Conduct to

subsidiary, employees and suppliers/contractors by 2025 100% employees at all levels are trained on risk management by

2022 Maintain market share for industrial development at 32% 90% customer satisfaction score in 2021

BUSINESS DIRECTION“Your Ultimate Solution Partner”

Corporate Value

Corporate Value Corporate Value

Corporate Value

Corporate Value

Optimize proportion of waste to landfill and incineration approach by 2025

63

Materiality IssuesEnvironment Dimension

• Water Management• Waste Management• Climate Change• Energy Management• Air Emission• Biodiversity

Social Dimension

• Human Capital Development• Talent Attraction and Retention• Human Rights• Labour Practice Indicators• Occupational Health and Safety• Community Development

Governance/ Economic Dimension

• Codes of Business Conduct• Risk Management• Supplier Chain Management • Customer Relationship Management• Innovation Management• Data Security


64

Climate Change and Energy Management

Thailand’s Largest Solar CarparkCover a total roof area of 31,000 sq.m. providing for approximately 2,000 vehicles and generate a total electricity of 4.88 MW for the plant’s consumption

Promoting Clean Energy to Our Customers Efficient Unified Operations Center (UOC)

Offers an all-in solar rooftop service package for customers in Thailand including permitting, design and engineering, construction and installation, as well as operation and maintenance throughout the contract period

power and has signed solar power purchase agreement of 300 MW corresponding to 150 tons CO2e GHG Emission Reduction (scpoe2) by 2023

Commit to a long-term target to provide solar

Reduce operating costs and workload of employees whose skills could be potentially developed to perform more complex tasks to support sustainable growth of the Group

Reduce approximately 75.4 tCO2e of direct GHG (Scope 1) per year from reduction of car fuel used in operationMaintain air quality level that complies with the requirements and standards specified in (EIA)

Provide safety to communities and stakeholders


Environment Dimension

FIABCI -Thai Prix D’ ExcellenceAward 2020

65

Waste Management

Chonburi Clean Energy (CCE)

Advanced waste-to-energy power plant located at WHA Chonburi Industrial Estate 1

Maximum output of 8.63 MW of electricity per year

Converting waste to energy source at 100,000 tons/year

The most advanced technologies in terms of reliability, sustainability, stability and environmental protectionThe first industrial waste to energy facility in Southeast Asia to meet European emission standardsUsing safe and environmentally sustainable waste incineration technology and high standard air emission control systems

Plastic Waste ReductionReduce 20,487

bottles of plastic waste by stop serving plastic

bottled drinking water to its guests

and visitors

Sort N’ Save Project

The Internal Project increase environmental awareness amongst WHA Group’s employees and to explore innovative business platforms under the circular economy concept

4 WHA Industrial Estates received “Eco-Champion level”1 WHA Industrial Estate received “Excellence-Champion level “WHA ESIE1 also received a special Eco-Industrial Town 4.0 Award in the SMART Water category for the first time

6 Eco-Industrial Town Awards at the ECO Innovation Forum 2020

WHA Group received the FIABCI-Thai Prixd’Excellence Award 2020 in the Environmental(Rehabilitation/Conservation) Category for itsClean Water for Planet Project.


Environment Dimension

30 January 202066

Caring for the Environment

Constructed Wetland Water Treatment Facility Demonstrate the application of Simple Wastewater Treatment to Communities in a sustainable method

Treat waste water with the capacity of 146,000 cubic meters per year

WHA Constructed Wetland Systems, considered a natural technology that is eco-friendly, cost effective and easy to maintain delivered to Pluak Daeng Sub-District Office in Rayong Province.

Benefit to 4,000 individuals, 220 apartments, 125 houses, and 30 local markets in the Pluak Daeng community

Mitigate risk from complaints related to water pollution to the Company

Reduce the organic compound by 80%

CSR Excellence Recognition Award

2020(11 consecutive years)

“Platinum Status” (2 consecutive years)

/

Unwanted water hyacinths from WHA ESIE’s wastewater polishing pond was taken by communities on a monthly basis without charge to for producing and selling straw woven baskets

WATER HYACINTH PROJECT

Benefit to community generate income, save cost from purchasing such water hyacinths that is approximately 80-100 Baht per bundle or 100 strands, and have a secure source of raw materialSave WHA ESIE’s cost on contractor expenses for removing such water hyacinths 15,000 Baht per monthSupport this business by purchasing 300 woven baskets from the local community to makeuse as new year gifts in 2021 contributed to 120,000 Baht of income to the communityProvide the community with dryers that cost altogether 50,000 Baht to further improve thewoven basket’s quality


Social Dimension

30 January 2020


67

Customer Relationship Management

Governance and Economic Dimension

2020 : 89%Customer Satisfaction Scoreincreased from 87% in 2019

Code of Business Conduct100% of employees have been communicated on the Code of Conduct

Data Security0 Number of identified leaks, thefts, or losses of customer data

Smart Business Solutions

Innovation management

Risk Management100% of employees at all levels are trained on risk management by 2022

Group Structure – Operating CompaniesAppendix

WHA KPN Alliance Central WHA Alliance

WHART

NAV per unit –THB 10.80/1

Paid-Up Capital–THB 25,059.9 mm

Total Asset–THB 42,595.0 mm

WHABT




15.00% 15.00%

WHA Daiwa Logistics

Property

WHA Infonite

Registered – THB 400 mm

Paid-up – THB 400 mm

WHA Industrial Development PCL.

Registered – THB 6,000 mm

Paid-up Cap – THB 3,882 mm

98.54%

97.67%

Core Business

WHA Corporation PCL

Registered – THB 1,567.8 mm

Paid-up Cap – THB 1,494.7 mm

WHAUP/2

Registered – THB 3,825 mm

Paid-up Cap – THB 3,825 mm

70.00%/2

Property Funds and REITs

HPF




22.95%/2

HREIT

NAV per unit – THB 9.08/1



15.00%/2

JV Collaborations

Gheco-One

Glow IPP

Houy Ho Power

GNLL 2

Gulf Solar

WHA Gunkul

BPWHA1

JV Collaborations – Utilities & Power/2

64.97% 49.99%

50.99%

35.00%

5.00%

12.75%

25.01%

25.01%

75.00%

25.01%

Eastern Seaboard

Clean Energy

33.33%

Remarks:

/1 NAV per unit as of Dec 31, 2020

/2 Held by WHA Industrial Development PCL.

Genesis Data Center

33.33%

Gulf VTP Gulf TS1-4 Gulf WHA MT

25.01% 25.01% 35.00%

15.00%

WHA Industrial Zone Nghe An

Joint Stock Company/2

BIG WHA

49.00%

Eastern Seaboard

Industrial Estate

99.00%/2

SUPERNAP Thailand

60.00%/2

WHA Industrial Estate

Rayong

60.00%/2

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WHA KWS Alliance

50.00%

WHA TUS

51.00%

Shareholding Information / Board of DirectorsShareholding Information/1

Top 10 Shareholder/1

Board of Directors and Management

Appendix

Remarks: /1 Shareholder information as of May 10, 2021/2 Major shareholder holds 45.5% of the total outstanding shares while parts of major shareholders shares are hold via UBS AG, Singapore Branch.

69

45.5%

23.3%

15.1%

16.1%

Major Shareholders Local Retail

Local Institution Foreign Retail/Institution

Board of Directors

Ms. Jareeporn JarukornsakulChairman of Board of DirectorsGroup Chief Executive Officer

Mr. David Richard NardoneVice Chairman of Board of DirectorsChief Executive Officer- Industrial Business

Mr. Vivat JiratikarnsakulDirectorChief Operating Officer-Industrial business

Independent Directors

Management

Ms. Jareeporn JarukornsakulGroup Chief Executive Officer

Mr. David Richard NardoneChief Executive Officer- Industrial Business

Mr. Vivat JiratikarnsakulChief Operating Officer-Industrial business

Mr. Narong Kritchanchai/4

Chief Legal Officer

Mr. Somsak BoonchoyreungchaiChief Accounting Officer

Mr. Natthapatt Tanboon-ekChief Financial Officer

Mr. Jakrit Chaisanit/3

Chief Operating Officer-Logistics businessMr. Krailuck Asawachatroj Chief Strategic Officer and Chief Financial Officer

Mr. Chakkrit ParapuntakulIndependent DirectorMember of the Audit Committee

Dr. Kritsana SukboonyasatitIndependent DirectorMember of the Audit Committee

Dr. Apichai BoontherawaraIndependent DirectorMember of the Audit Committee

Mrs. Anchalee ChavanichIndependent DirectorChairman of the Audit Committee

Mr. Arkrapol PichedvanichokIndependent Director

Dr. Anuchit AnuchitanukuIndependent Director

Prof. Dr. Kamphol PanyagomethIndependent Director

Lt. Gen. Dr. Prachaya ChalermwatIndependent Director

Shareholder No. of Share %

1) Ms. Jareeporn Jarukornsakul/2 3,234,438,569 21.6%

2) Ms. Chatchamon Anantaprayoon/2 1,238,976,105 8.3%

3) Thai NVDR Co., Ltd. 834,421,435 5.6%

4) Mr. Chaiwat Phupisut/2 619,670,854 4.2%

5) Ms. Supitchaya Phupisut/2 619,400,000 4.1%

6) UBS AG SINGAPORE BRANCH/2 580,851,722 3.9%

7) STATE STREET BANK EUROPE LIMITED 502,647,844 3.4%

8) WHA Holding Co., Ltd./2 493,500,000 3.3%

9) THE BANK OF NEW YORK MELLON 390,230,770 2.6%

10) นิต ิโอสถานุเคราะห์ 375,238,190 2.5%

/3 Replaced by Mr.Pajongwit Pongsivapai, effective 1 Aug 2021 onwards/4 Replaced by Ms.Natjakorn Chainit, effective 20 Sep 2021 onwards

AppendixSelected Logistics Customers

CONSUMER GOODS

DANGEROUS GOODS

FOOD CHAINAND PET FOOD

HEALTHCARE

AUTOMOTIVE

THIRD PARTY LOGISTICS (3PL)

AIRCRAFT MANUFACTURING

E-COMMERCE

70

Selected Industrial CustomersAppendix

71

THANK YOU

72

IR ContactPhone: +66 2 719 9555 #241

E-mail: [email protected]

Website: www.wha-group.com

opportunity day march 2021

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