AIRA Capital Group Overview

June 2019

AIRA Capital Public Company Limited

Opportunity Day 2019

AC Group Structure

2

AC Group Structure

3

AIRA Capital Public Company Limited (“AIRA Capital”) has been incorporated as a holding

company with investments mainly in financial business.

Source: AIRA

AC Group Financial Status

4

863.5 733.7 816.1 777.4 806.1 0

200

400

600

800

1000

2014 2015 2016 2017 2018

Financial Performance

5

Revenue (THB million)

Based on Consolidated Financial Statement

Operating Expense Breakdown (%)

61.0% 56.4% 57.6% 55.5% 55.1%

14.3% 15.8% 18.9% 21.5% 21.2%

10.4% 9.8% 9.3% 7.9% 9.2%

14.3% 18.0% 14.2% 15.1% 14.5%

0%10%20%30%40%50%60%70%80%90%

100%

2014 2015 2016 2017 2018

Staffs Building and Equipment Service fee Other Expense

Source: AIRA

Financial Performance (Cont.)

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SG&A to Sales (%)

D&A to Operating Expense (%)

10.0%

14.3%

11.6% 13.4%

12.5%

0%2%4%6%8%

10%12%14%16%

2014 2015 2016 2017 2018

4.9% 5.9%

7.8%

11.0%

8.4%

0%

2%

4%

6%

8%

10%

12%

2014 2015 2016 2017 2018

Based on Consolidated Financial Statement

Source: AIRA

Financial Performance (Cont.)

Investment in subsidiaries (THB million)

1,339.7 1,926.3 2,214.0 2,560.8 2,560.8 0

500

1,000

1,500

2,000

2,500

3,000

2014 2015 2016 2017 2018

Based on Consolidated Financial Statement

300.0 300.0 791.8 1,241.8 1,241.8 0

200

400

600

800

1,000

1,200

1,400

2014 2015 2016 2017 2018

Investment in JVs (THB million)

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Net Profit (THB million)

52.2 45.3 88.4 11.5 11.7 71.3

-100.8 -97.5 -228.2 -140.0

-250-200-150-100-50

050

100150

2014 2015 2016 2017 2018

AC AIRA Group

Source: AIRA

AIRA Group Subsidiaries

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AIRA Securities (AS)

9

Key business drivers

• Increase commission revenue growth by adding 10% new customers • Maintain average commission • Maximize interest income at reasonable risk level by target treasury fee earned and margin loan

Source: AIRA

AIRA Factoring (AF)

10

Revenue and Net Profit (THB million)

Key business drivers

• Launch new products under factoring or contingent credit • Enhance technology for marketing and lending activities and reduce credit risk purposes • Acquire more customers approx. THB 2,000 million volume per month

189.6

220.9 230.8

50.8 53.3 48.9

0

50

100

150

200

250

2014 2015 2016

Revenue Net Profit

Source: AIRA

2016 2017 2018

AIRA Leasing (AIL)

11

Key business strategy

• Increase and focus on high yield portfolios • Inorganic growth to expand the portfolio • Plan to be listed in MAI within 2020

Revenue and Net Profit (THB million)

68.6 69.2

96.8

4.5

-11.4

11.1

-20

0

20

40

60

80

100

120

2016 2017 2018

Revenue Net Profit

Source: AIRA

Operating Lease

• No. of Machine : 72 (Forklift & Wheel Loader) • Utilization rate : 85.4% • No. contract : 70 (75.7% Long-term)

Financial Lease and Hire Purchase

• Outstanding Loan : 1,150 MB

Loan Portfolio

AIRA Property (AIP)

12

Spring Tower at Ratchathewi Intersection under Project Company ASPIRATION ONE

• Start commercial operation in late 2019 • 28-Floor Building with 57,400 sqm. GFA • Gold-level LEED complaint • Grade A office building in CBD area • Partner with SENA and SANGFAH • CPB Lease land for 30 years • Project value : THB 2.5bn

Project Assumptions

REIT 3 Office Building Projects

• Expected rental rate : THB 950 per sqm. • Occupancy rate : 70% in 2020 • IRR : 9-10%

Source: AIRA

Building Design Current Progress

Joint Ventures Overview

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6,560

Loan Portfolio (Unit: THB in Millions)

8,070

AIRA and AIFUL (A&A)

14

Investment Highlights

• AIFUL is rank no. 4th of personal finance providers in Japan • Revenue growth of 280% CAGR15-19F • Customer Accounts in 2018 is at 341,760 accounts

• Net profit breakeven by 2020 • Expected THB 1.5 billion portfolio increase in 2019 • IPO within 2021

Source: AIRA & AIFUL

FY2018 FY2019

Travelex (Thailand)

15 Location: B1 Floor, Airport Rail Link, Suvarnabhumi Airport

Investment Highlights

• Conduct both wholesale and retail currency exchange business • Recently open new store at Airport Rail Links at Suvarnabhumi airport with average THB 2.4 million worth transactions a day • Open 2-3 locations in Bangkok in 2019 • Non-bank Currency exchange market is at THB50bn • Fragmented market (1,500 local FX operators) is an opportunity for business partners

Business hours : Open Daily from 06:30 a.m. – 11.00 p.m.

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Q & A

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