ONE HUNDRED AND RISING FEASIBILITY STUDY, DESIGN & PLANNING PROJECT MANAGEMENT, COST CONTROL CONSTRUCTION MANAGEMENT, AGENCY MARKETING & PR, RESEARCH & REPORTS ONE HUNDRED AND RISING CO., LTD. 3 / 549 CHIENGKAM 5/2 CHAENGWATTANA 14 RD. LAKSI BANGKOK THAILAND TEL (66 2) FAX (66 2)

Real Estate Business Activity : Real Estate Business : Value Property Lands Buildings Other Assets Rights Permits Etc. Development Asset Acquisition Acquisition Agency Investment CapitalBanking Service, Fund, Government Support Product Development Architectural DesignDesign Service Master Plan & Landscape Building & Interior Design Engineer Design Construction ProcessConstruction Management Service Marketing & SaleReal Estate Agency Service Facility ManagementProperty, Asset, Building Management Service Value AddedProduct RE Business Activity

Project Feasibility Study Market AnalysisPhysical AnalysisFinancial Analysis Development decision Rules & Regulation Due Diligence Site Analysis Design Efficiency Demographic Data Location analysis Demand/Supply Gap Market Cycles & RE Trend Direct & Indirect Competitors Financial Model Risk Management Capital Market Approach Companys Goal Investment Expectation Decision Making Investment

F I N A N C I A L A N A L Y S I S Macro Level Micro Level Capital Market Analysis Government Policy & Support Investment Opportunity Investment Criteria Business Risk Assumption Company Profile Debt / Equity Ratio Investor Partner Rating Yield Analysis Margin NPV IRR How to get more money How to get the Best return on Investment How to get low Financial cost News & Reports Company Profiles Financial Model

Statement of Income Analysis : (Profit & Loss) Cash Flow Analysis : Balance Sheet Analysis : F I N A N C I A L S T A T E M E N T S Of Course, the principle financial motive of business is to make profit – fairly and honestly. The income statement quite naturally occupies center stage. It reports the profit (or loss) performance of the business for the latest period : Sale revenue – Expense = Profit The bottom line of this statement is the profit or loss for a period of time that is also called net income or net earnings Profit does not automatically generate cash flow of an equal amount during the period. Over the long run, profit generates cash flow, but there maybe a serious lag before profit is converted into cash. The cash flow statement is a Where got Where gone summary of cash, that all- important lubricant of business activity. It is important to understand that cash flow for the year is different from bottom – line profit, or net in come, for the year. The balance sheet measures the organizations financial health. It presents the assets, liabilities, and owners equity accounts of the business. Assets are the economic resources being used by the business. The business must raise the capital needed to invest in its assets. Basically, capital comes from two sources: liabilities and owners equity. So the natural equation of the balance sheet is : Assets = Liabilities + Equity

I N C O M E S T A T E M E N T Example of Real Estate Development Company Income Statement Table of Income Statement (+) Revenue : (+) Sale Revenues (+) Other Revenues (+) Miscellaneous (-) Cost : (-) Land Costs (-) Development Costs (-) Soft Costs (=) Gross Profit Margin (-) Expense : (-) Operation Expenses (-) Marketing Expenses (-) Other Expenses (=) Net Profit Margin (Net Income)

I N C O M E S T A T E M E N T The Categories of Income Statement for Real Estate Development Business Calculate from RE business risks – standard average gross margin is around 35%

I N C O M E S T A T E M E N T The Categories of Income Statement for Real Estate Development Business (Continue from previous page) Calculate from RE business risks – standard average Net margin is around %

Y I E L D A N A L Y S I S W I T H T I M E C O N C E R N Present Value ConceptPV is the calculation of money value with an opportunity discounted rate over term period.

Y I E L D A N A L Y S I S W I T H T I M E C O N C E R N Net Present Value ConceptNPV is the net profit after calculating PV on investment & return

Y I E L D A N A L Y S I S W I T H T I M E C O N C E R N Initial Rate of ReturnIRR is the discounted rate that make NPV be zero (0) When selecting the best investment from competing alternatives having similar risk, an investor should prefer the one having the largest expected rate of return. Because the expected rate of return may be calculated in different ways, it is important to know how it was calculated when comparing alternatives. For direct comparison, each expected rate of return should be calculated in the same way.

C A S H F L O W M O D E L Inventory Lists The inventory list is needed to calculate total salable area, average unit area, average price per unit, total project revenue and sale condition that effect to schedule of project cash-in.

C A S H F L O W M O D E L Cash-in Schedule The cash-in schedule is needed to show project liquidity and help to calculate loan amount draw down and maximum equity needed for the investment.

C A S H F L O W M O D E L Calculate Land Cost Project Expense

C A S H F L O W M O D E L Infrastructure Cost Building Construction Cost

C A S H F L O W M O D E L Construction Management Fee Design Fee & Other Fee Total Development Cost

C A S H F L O W M O D E L Leverage (Debt & Equity) Discount Rate Calculation ( WACC )

C A S H F L O W M O D E L Tax Calculation

C A S H F L O W M O D E L

Yield Analysis

C A S H F L O W M O D E L Yield Analysis with leverage