Hemaraj 2010 AGM Confirms 2011 Forecasts and Projections On Track with Industrial Estate Land Sales Increase

2011 Industrial Estate Land Budget of 1200 Rai Increased to 1400 Rai being 50% Increase New Wholly Owned Estates at Hemaraj Saraburi Industrial Land and Hemaraj Rayong Industrial Land to Provide Over 40% of 2011 Industrial Sales

Bangkok, 29 April 2011 – Hemaraj Land And Development Public Company Limited reported a strong 2010 financial performance with total net income of Baht 1,215.9 million or an increase of 111% from 2009. This reflected significant growth in industrial land sales, industrial estates utilities, the rental and sale of ready built factories and residential condominiums. The AGM also confirms the dividend of 0.03 baht per share for second half of 2010 being a dividend of 0.055 baht per share for the full year.

According to David Nardone, President & CEO of Hemaraj, “2010 results have reflected the overall return of industrial investment in emerging markets and significantly Thailand. Total land sales in 2010 rebounded to 930 rai from 144 rai in 2009, with 41 contracts, 19 new customers and 22 project expansions from existing customers. Total industrial customers stand at 426 distinct new customers with 643 contracts. This includes 148 automotive customers with 223 automotive contracts.”

On the business outlook for 2011, David said “The 2011 investment policy of Hemaraj will continue to focus on three core business areas - industrial estate, utilities and properties. With Thailand’s economic outlook positive, a relocation and consolidation of automotive investment, as well as growth in export markets facilitated by various trade agreements, the company expects its business to grow in all areas. Early in 2011, there is a slight lag in revenue recognition based on the new Thai accounting policy which will smooth out the second half of 2011.

Industrial land sales are budgeted at 1,200 rai with our revised forecast now at 1,400 rai, or 50% increase while industrial estate utility revenue is expected to grow by 25%. For ready built factories, the rental will increase by 20%. For property projects, the company is studying to launch new property projects in Bangkok and Eastern Seaboard. We have significant power investments ongoing including Gheco One operational in early 2012.”

Hemaraj results of operations for 2011 to date have already shown positive results. Land sales in Q1’11 total 318 rai with 14 contracts signed and 9 new customers. We are confident that we will achieve the 2011 land sales budget and now project to surpass it to 1400 rai”, concluded David.

At 31st December 2010 Hemaraj reported Total Assets of Baht 18,715 million, Total Liabilities of Baht 9,577 million and Total Shareholders Equity of Baht 9,138 million. The Net Debt to Equity ratio remained low at 0.66 to 1. Cash on Hand including Cash Deposit was Baht 4,283 million.