Frasers Property Thailand Industrial Freehold & Leasehold REIT (FTREIT)

Frasers Property Thailand Industrial Freehold & Leasehold REIT

Condensed Interim financial statements for the three-month and nine-month periods ended 30 June 2021 and Independent auditor’s review report

Independent Auditor’s Report on Review of Interim Financial Information

To the Board of Directors of Frasers Property Industrial REIT Management (Thailand) Company Limited (the REIT manager)

I have reviewed the accompanying statement of financial position, including detail of investments as at 30 June 2021, the related statement of comprehensive income for the three-month and nine-month periods ended 30 June 2021, the statement of changes in net assets and cash flows for the nine-month period ended 30 June 2021, as well as the condensed notes to the financial statements (interim financial information) of Frasers Property Thailand Industrial Freehold & Leasehold REIT (“Trust”). The REIT manager is responsible for the preparation and presentation of this interim financial information in accordance with the accounting guidance for Property Fund, Real Estate Investment Trust, Infrastructure Fund and Infrastructure Trust issued by the Association of Investment Management Companies (“AIMC”). My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of Review

I conducted my review in accordance with Thai Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Thai Standards on Auditing and consequently does not enable me to obtain assurance that I would become aware of all significant matters that might be identified in an audit. Accordingly, I do not express an audit opinion.

Conclusion

Based on my review, nothing has come to my attention that causes me to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with the accounting guidance for Property Fund, Real Estate Investment Trust, Infrastructure Fund and Infrastructure Trust issued by the Association of Investment Management Companies (“AIMC”).

(Wilai Buranakittisopon) Certified Public Accountant Registration No. 3920

KPMG Phoomchai Audit Ltd. Bangkok 2 August 2021

2 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of financial position

30 June 30 September Note 2021 2020 (Unaudited) (in thousand Baht) Assets Investments measured at fair value to profit and loss 300,000 926,022 Investments in freehold and leasehold properties at fair value 6 43,893,396 41,143,608 Cash and cash equivalents 7, 18 598,905 554,219 Rental and service receivables 5, 18 160,847 176,471 Accrued interest income 18 160 995 Other receivables 18 7,220 4,864 Deferred expenses 8 18,312 29,200 Other assets 45,370 34,390 Total assets 45,024,210 42,869,769

The accompanying notes form an integral part of the interim financial statements.

3 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of financial position

30 June 30 September Note 2021 2020 (Unaudited) (in thousand Baht) Liabilities Short-term loans 10, 18 - 2,856,154 Accrued expenses 18 115,391 96,699 Accrued interest expenses 18 33,709 90,140 Withholding taxes payable 27,758 30,617 Deposits from rental and services 18 1,065,885 1,033,336 Lease liabilities 182,464 - Long-term loan 10 1,737,290 - Debentures 10, 12, 18 9,037,470 8,638,266 Provision for return 37,242 84,023 Other liabilities 6 17,070 65,885 Total liabilities 12,254,279 12,895,120 Net assets 32,769,931 29,974,649

Net assets Trust registered capital 29,213,377 26,915,129 Capital from unitholders 13 31,118,590 28,313,422 Retained earnings 9 1,651,341 1,661,227 Net assets 32,769,931 29,974,649

Net asset value per unit 10.6972 10.6203

Number of units issued at the end of period / year (thousand units) 3,063,387 2,822,387

The accompanying notes form an integral part of the interim financial statements.

4 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments

Fair Value by asset type

22,683 21,210 20,856 20,287

Factory Warehouse

Fair Value as at 30 June 2021 Fair Value as at 30 September 2020

The accompanying notes form an integral part of the interim financial statements.

5 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments

30 June 2021 30 September 2020 Type of Percentage Percentage investments Locations Lease Area Cost Fair value of investments Lease Area Cost Fair value of investments (Unaudited) (square metre) (in thousand Baht) (square metre) (in thousand Baht) Investments in freehold and leasehold properties (Note 6) Freehold on land and factories Amata City Industrial Estate Rayong, 81,750 1,980,491 2,147,562 4.86 81,750 1,980,491 2,147,562 5.10 Sai Chachoengsao-Sattahip Road, Map Yang Phon Sub-district, Pluak Daeng District, Rayong Province Pinthong Industrial Estate 1, 39,250 917,000 917,763 2.08 39,250 917,000 917,763 2.18 Sai Nong Kho-Laem Chabang Road, Nong Kham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 2, 12,300 299,180 292,800 0.66 12,300 299,180 292,800 0.70 Sai Nong Kho-Laem Chabang Road, Nong Kham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 3, 33,225 859,035 789,257 1.79 33,225 859,035 789,257 1.88 Sai Nong Kho-Laem Chabang Road, Bowin and Bueng Sub-district, Si Racha District, Chonburi Province Hi-Tech Industrial Estate, 100,128 2,135,870 2,258,033 5.11 97,378 2,068,782 2,190,945 5.21 Sai Asia Road, Banlane Sub-district, Bangpa-In District, Ayutthaya Province Rojana Industrial Park, 134,832 2,839,515 2,979,681 6.74 120,932 2,524,744 2,664,911 6.33 Rojana-Wangnoi Road, Ban Chang and Uthai Sub-district, Uthai District, Ayutthaya Province WHA Industrial Development Chonburi 1, 7,200 184,376 177,872 0.40 7,200 184,376 177,872 0.42 Sai Chachoengsao-Sattahip Road, Bo Win Sub-district, Si Racha District, Chonburi Province Amata City Chonburi Industrial Estate, 246,975 6,288,020 7,058,596 15.97 246,975 6,288,020 7,097,154 16.87 Debaratna Road, Bankao, Panthong and Nongkhaka Sub-district, Panthong District and Don Huaro Sub-district, Mueang Chon Buri District, Chonburi Province

The accompanying notes form an integral part of the interim financial statements.

6 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments

Freehold on land and warehouses Fraser Property Logistics Center project (Amata City Chonburi), 19,650 485,500 534,848 1.21 19,650 485,500 486,094 1.16 Bankao Sub-district, Phan Thong District, Chonburi Province Fraser Property Eastern Seaboard 2A project, 15,800 298,479 275,800 0.62 15,800 298,479 275,800 0.66 Sai Chachoengsao-Sattahip and Sai Nong kho-Phan Sadej Nok Road, Bo Win Sub-district, Si Racha District, Chonburi Province Fraser Property Wangnoi 1 project, 67,306 1,452,300 1,655,798 3.75 67,306 1,452,300 1,655,798 3.94 Phahon Yothin Road, Payom Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Wangnoi 2 project, 19,600 380,400 361,266 0.82 19,600 380,399 361,266 0.86 Phahon Yothin Road, Payom Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Eastern Seaboard 1A project, 35,430 602,080 635,989 1.44 35,430 602,080 635,989 1.51 Sai Chachoengsao-Sattahip and Sai Nong kho-Phan Sadejnok Road, Bo Win Sub-district, Si Racha District, Chonburi Province Fraser Property Eastern Seaboard 1B project, 28,968 565,870 505,205 1.14 28,968 565,870 505,205 1.20 Sai Pluak Daen-Wang Ta Phin Road, Pluak Daeng Sub-district, Pluak Daeng District, Rayong Province Fraser Property Sriracha project, 99,768 1,845,352 1,689,941 3.82 81,668 1,501,647 1,346,236 3.20 Bangpra and Surasak Sub-district, Si Racha District, Chonburi Province

The accompanying notes form an integral part of the interim financial statements.

7 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments

30 June 2021 30 September 2020 Type of Percentage Percentage investments Locations Lease Area Cost Fair value of investments Lease Area Cost Fair value of investments (Unaudited) (square metre) (in thousand Baht) (square metre) (in thousand Baht) Freehold on land and warehouses (cont') Fraser Property Laemchabang 1 project, 69,404 1,229,400 1,333,751 3.02 69,404 1,229,400 1,333,751 3.17 Nong Kham Sub-district, Si Racha District, Chonburi Province Fraser Property Laemchabang 2 project, 81,700 1,916,036 1,738,026 3.93 81,700 1,916,036 1,738,026 4.13 Nong Kham Sub-district, Si Racha District, Chonburi Province Fraser Property Phan Thong 1 project, 10,600 241,280 148,801 0.34 10,600 241,280 155,942 0.37 Phan Thong Sub-district, Phan Thong District, Chonburi Province Sahathai Property Laemchabang 3 K9 project, 80,012 2,127,338 1,783,900 4.04 80,012 2,127,338 1,783,900 4.25 Thungsukla Sub-District, Si Racha District, Chonburi Province Fraser Property Bangna project, 81,175 1,766,531 1,976,404 4.47 81,175 1,766,300 1,997,152 4.75 Debaratna Road, Bang Samak and Bang Wua Bang Pakong District, Chachoengsao Province Cold Storage CTD - Wangnoi project, 18,354 668,455 641,698 1.45 18,354 668,455 641,698 1.53 Cha Map Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Logistics Center (Rojana Ayutthaya) 18,324 294,000 330,200 0.75 18,324 294,000 330,200 0.78 Zone 2 project, Rojana-Wang noi Road, Uthai Sub-district, Uthai District, Ayutthaya Province WHA Industrial Development Chonburi 1 project, 20,700 359,684 359,303 0.81 20,700 359,684 359,303 0.85 Sai Chachoengsao-Sattahip Road, Bo Win Sub-district, Si Racha District, Chonburi Province Fraser Property Logistics Center (Rojana Prachinburi) project, 14,832 342,546 299,709 0.68 14,832 342,546 299,709 0.71 Sai Chachoengsao-Kabinburi Road, Huawa Sub-district, Srimahabho District, Prachinburi Province 681,623 14,575,251 14,270,639 32.29 663,523 14,231,314 13,906,069 33.07

Right-of-use Leasehold on land and freehold on factories Rojana Industrial Park Zone 2, 10,900 189,000 186,800 0.42 10,900 189,000 186,800 0.44 Rojana-Uthai Road, Banchang Sub-district, Uthai District, Ayutthaya Province Nava Nakorn Industrial Promotion Zone, 5,000 80,900 85,200 0.20 5,000 80,900 85,200 0.20 Phahon Yothin Road, Khlong Nueng Sub-district, Khlong Luang District, Patum Thani Province 15,900 269,900 272,000 0.62 15,900 269,900 272,000 0.64

The accompanying notes form an integral part of the interim financial statements.

8 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments

Leasehold on land and factories Hi-Tech Industrial Estate, 11,700 201,900 211,684 0.48 11,700 201,900 211,684 0.50 Asia Road, Ban Len Sub-district, Bang Pa-in District, Ayutthaya Province Amata City Industrial Estate Chonburi, 24,250 539,622 493,625 1.12 24,250 539,622 542,777 1.29 Sai Debaratna Road, Panthong and Nongkhaka Sub-district, Panthong District and Don Huaro Sub-district, Mueang Chon Buri District, Chonburi Province Pinthong Industrial Estate 2, 8,725 186,600 160,809 0.36 8,725 186,600 160,809 0.38 Sai Nong Kho-Laem Chabang Road, Nongkham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 3, 4,875 104,800 88,100 0.20 4,875 104,800 88,100 0.21 Sai Nong Kho-Laem Chabang Road, Bowin Sub-district, Si Racha District, Chonburi Province Amata City Industrial Estate Rayong, 18,650 406,742 412,570 0.93 18,650 406,742 412,570 0.98 Sai Chachoengsao-Sattahip Road, Map Yang Phon Sub-district, Pluak Daeng District, Rayong Province 68,200 1,439,664 1,366,788 3.09 68,200 1,439,664 1,415,940 3.36

The accompanying notes form an integral part of the interim financial statements.

9 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments

30 June 2021 30 September 2020 Type of Percentage Percentage investments Locations Note Area Cost Fair value of investments Area Cost Fair value of investments (Unaudited) (square metre) (in thousand Baht) (square metre) (in thousand Baht) Leasehold on land and warehouses Fraser Property Bangplee 1 project, 76,477 1,449,600 1,397,045 3.17 76,477 1,263,448 1,154,053 2.74 Debaratna Road, Srisa Chorakhe Yai Sub-district, Bang Sao Thong District, Samutprakan Province Fraser Property Bangplee 2 project, 6 124,634 2,087,509 2,087,509 4.72 - - - - Bang Sao Thong Sub-district, Bang Sao Thong District, Samutprakan Province Fraser Property Bangplee 3 project, 106,692 1,955,288 1,875,826 4.24 106,692 1,955,288 1,918,850 4.56 Debaratna Road, Bangpla Sub-district, Bangplee District, Samutprakan Province 307,803 5,492,397 5,360,380 12.13 183,169 3,218,736 3,072,903 7.30 Total investments in freehold and leasehold properties 2,030,396 43,376,909 43,893,396 99.32 1,871,012 40,367,893 41,143,608 97.79

The accompanying notes form an integral part of the interim financial statements.

10 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments 30 June 2021 30 September 2020 Type of investments/ Percentage of Percentage of Issuer Maturity date Cost Fair value investments Cost Fair value investments (Unaudited) (in thousand Baht) (in thousand Baht) Investments in securities Fixed deposits CIMB Thai Bank Public Company Limited 26 November 2020 - - - 500,000 500,000 1.19 CIMB Thai Bank Public Company Limited 18 December 2020 - - - 226,022 226,022 0.54 CIMB Thai Bank Public Company Limited 29 January 2021 - - - 200,000 200,000 0.48 CIMB Thai Bank Public Company Limited 22 November 2021 300,000 300,000 0.68 - - - Total investments in securities 300,000 300,000 0.68 926,022 926,022 2.21 Total investments 43,676,909 44,193,396 100.00 41,293,915 42,069,630 100.00

The accompanying notes form an integral part of the interim financial statements.

11 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of comprehensive income (Unaudited)

For the three-month period ended 30 June Note 2021 2020 (in thousand Baht) Investment Income Rental and service income 18 824,562 716,948 Interest income 18 826 2,614 Income from rental guarantees 18 35,453 18,826 Income from forfeiture of rental and service deposits 4,356 - Other income 18 343 10,695 Total income 865,540 749,083

Expenses Cost of rental and services 18 58,206 53,172 REIT management fee 18 99,583 89,923 Trustee fee 18 5,260 4,921 Registrar fee 1,407 1,269 Professional fee 467 375 Administration expenses 18 10,150 4,952 Amortisation of deferred expenses 8 3,103 4,968 Finance cost 18 90,471 72,066 Total expenses 268,647 231,646 Net investment income 596,893 517,437

Net loss on investments Net unrealised loss on investments in properties 6 (254,076) (1,049) Total net realised and unrealised loss on investments (254,076) (1,049)

Net increase in net assets from operations 342,817 516,388

The accompanying notes form an integral part of the interim financial statements. 12 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of comprehensive income (Unaudited)

For the nine-month period ended 30 June Note 2021 2020 (in thousand Baht) Investment Income Rental and service income 18 2,423,172 2,194,563 Interest income 18 3,710 10,307 Income from rental guarantees 18 91,816 48,156 Income from forfeiture of rental and service deposits 10,633 1,568 Other income 18 10,546 11,138 Total income 2,539,877 2,265,732

Expenses Cost of rental and services 18 161,464 198,639 REIT management fee 18 294,628 270,477 Trustee fee 18 15,698 14,767 Registrar fee 4,472 4,300 Professional fee 1,496 1,375 Administration expenses 18 18,739 10,203 Amortisation of deferred expenses 8 10,888 16,482 Finance cost 18 279,691 235,067 Total expenses 787,076 751,310 Net investment income 1,752,801 1,514,422

Net loss on investments Net unrealised loss on investments in properties 6 (259,228) (1,049) Total net realised and unrealised loss on investments (259,228) (1,049)

Net increase in net assets from operations 1,493,573 1,513,373

The accompanying notes form an integral part of the interim financial statements. 13 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of changes in net assets (Unaudited)

For the nine-month

period ended 30 June Note 2021 2020 (in thousand Baht)

Increase in net assets from operations during period Net investment income 1,752,801 1,514,422

Net unrealised loss on investments in properties 6 (259,228) (1,049)

Increase in net assets from operations 1,493,573 1,513,373 Distributions to unitholders 14 (1,503,459) (1,377,276)

Increase in capital during the period 13 2,805,168 3,139,799

Increase in net assets during period 2,795,282 3,275,896 Net assets at the beginning of period 29,974,649 27,489,179

Net assets at the end of period 32,769,931 30,765,075

Changing in number of the trust units

(par value at Baht 9.5363 per unit) Number of units at 1 October 2020 / 2019 (thousand units) 2,822,387 2,602,387

Increased 13 241,000 220,000

Number of units at 30 June (thousand units) 3,063,387 2,822,387

The accompanying notes form an integral part of the interim financial statements.

14 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of cash flows (Unaudited)

For the nine-month

period ended 30 June 2021 2020 (in thousand Baht)

Cash flows from operating activities Net increase in net assets from operations 1,493,573 1,513,373

Adjustments to reconcile net increase in net assets from

operations to net cash from (used in) operating activities:

Purchases of investments in securities (300,000) (4,286,182)

Cash received from sales of investments in securities 926,022 4,051,169

Purchases of investments in properties (2,822,863) (2,135,969)

Lease liabilities payment (8,902) -

Amortisation of deferred expenses 10,888 16,482

Decrease in rental and service receivables 14,427 34,726

Increase in other receivables (2,356) (512)

Increase in other assets (10,980) (3,191)

Decrease in provision for return (46,781) -

Increase (decrease) in accrued expenses 18,692 (7,751)

Decrease in withholding taxs payable (2,859) (170)

Increase in deposits from rental and services 32,549 50,658

Increase (decrease) in other liabilities (48,016) 148,451

Interest income (3,710) (10,307)

Interest received 4,545 11,483

Doubtful debts expense 1,197 2,836

Finance cost 279,691 235,067

Net unrealised loss on investments in properties 259,228 1,049

Net cash flows used in operating activities (205,655) (378,788)

The accompanying notes form an integral part of the interim financial statements.

15 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of cash flows (Unaudited)

For the nine-month

period ended 30 June 2021 2020 (in thousand Baht)

Cash flows from financing activities Cash received from short-term loans 2,143,132 2,050,000

Cash paid from short-term loans (5,001,122) (3,352,000)

Cash received from long-term loan 2,436,325 -

Cash paid from long-term loan (700,000) -

Cash received from debentures 2,499,043 1,000,000

Cash paid from debentures (2,100,000) (800,000)

Cash received from increase in capital 2,805,168 3,139,799

Interest paid (328,746) (291,630)

Distribution to unitholders (1,503,459) (1,377,276)

Net cash flows from financing activities 250,341 368,893

Net increase (decrease) in cash on hand and at bank 44,686 (9,895) Cash on hand and at bank at the beginning of period 554,219 305,160

Cash on hand and at bank at the end of period 598,905 295,265

The accompanying notes form an integral part of the interim financial statements.

16 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

Note Contents

1 Description of Frasers Property Thailand Industrial Freehold & Leasehold REIT 2 Basis of preparation of the interim financial statements 3 Changes in accounting policies 4 Impact of COVID-19 Outbreak 5 Financial risk 6 Investments in freehold and leasehold properties 7 Cash and cash equivalents 8 Amortisation of deferred expenses 9 Retained earnings 10 Interest-bearing liabilities 11 Leases 12 Debentures 13 Unitholders’ trust 14 Distribution to unitholders 15 Information on investment purchase and sale transaction 16 Segment information 17 Information on fair value level and fair value measurement of investment 18 Related parties 19 Commitments with non-related party 20 Events after the reporting period

17 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

These notes form an integral part of the interim financial statements.

The interim financial statements issued for Thai statutory and regulatory reporting purposes are prepared in the Thai language. These English language financial statements have been prepared from the Thai language financial statements, and were approved and authorised for issue by the authorised director of the REIT Manager on 2 August 2021.

1 Description of Frasers Property Thailand Industrial Freehold & Leasehold REIT

Frasers Property Thailand Industrial Freehold & Leasehold REIT (“the Trust”) is a closed-end trust with specific purpose. The Trust was established as a trust on 12 December 2014, with no project life stipulated.

The Trust’s objectives are to raise funds from general investors and to use the proceeds from such fundraising to acquire, lease and/or sub-lease of immovable properties. The Trust will take the transfer of the ownership and/or leasehold rights and/or sub-leasehold rights therein and seek benefits from those properties by way of lease, sub-lease, transferring and/or disposing of immovable properties the Trust invests in or acquires. The Trust will also improve, modify, construct and/or develop immovable. This includes investment in other properties and/or securities and/or seeks interest by any other means as prescribed by securities laws and/or other relevant law.

Frasers Property Industrial REIT Management (Thailand) Company Limited acts as the REIT Manager, BBL Asset Management Company Limited acts as the Trustee, Frasers Property Industrial (Thailand) Company Limited and Frasers Property (Thailand) Public Company Limited are hired as the Property Management and Thailand Securities Depository Company Limited acts as the Trust Registrar.

As at 30 June 2021, The Trust’s major unitholders are Frasers Property Thailand (International) Pte. Ltd. and Social Security Office which holds 21.46% and 11.09%, of the trust units, according to the latest registry of unitholders (30 September 2020: Frasers Property Thailand (International) Pte. Ltd. and Social Security Office which holds 21.46% and 12.16% of the trust units).

2 Basis of preparation of the interim financial statements

(a) Statement of compliance

The condensed interim financial statements are presented in the same format as the annual financial statements together with notes to the interim financial statements on a condensed basis (“interim financial statements”) in accordance with Thai Accounting Standard (TAS) No. 34 Interim Financial Reporting and the accounting guidance for Property Fund, Real Estate Investment Trust, Infrastructure Fund and Infrastructure Trust issued by the Association of Investment Management Companies (“AIMC”) as approved by The Securities and Exchange Commission. In case of transactions not covered by this accounting guidance the Trust applied Thai Financial Reporting Standard (TFRS) as announced by Federation of Accounting Professions (“Accounting Guidance”). The application of the Accounting Guidance resulted in changes in accounting policies of the Trust which have material impact on the financial statements as disclosed in note 3.

The interim financial statements do not include all of the financial information required for annual financial statements but focus on new activities, events and circumstances to avoid repetition of information previously reported. Accordingly, these interim financial statements should be read in conjunction with the financial statements of the Trust for the year ended 30 September 2020.

18 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

(b) Use of judgements, estimates and accounting policies

In preparing these interim financial statements, judgements and estimates made by management in applying the Trust’s accounting policies. Actual results may differ from these estimates. The accounting policies, methods of completion and the key sources of estimation uncertainty were the same as those that described in the financial statements the year ended 30 September 2020, except for the new significant judgements and key sources of estimation uncertainty related to the application of new Accounting Guidance as described in note 3 and COVID-19 outbreak as described in note 4.

3 Changes in accounting policies

From 1 October 2020, the Trust has initially applied the Accounting Guidance, for which effect was adjusted at 1 October 2020. As a result, the Trust did not adjust the information presented for the year ended 30 September 2020. Details of changes in accounting policies are in note 3(A) - 3(D).

A. Financial instruments accounting

Under the Accounting Guidance, the Trust shall measure its financial assets at fair value, which is not different from previous accounting policy, measure its financial liabilities at amortised costs, and recognise interest expenses using effective interest rate (“EIR”). Previously, the Trust recognises interest expense using contractual interest rate based on accrual basis.

The change in accounting policy as described above has no material impact on the Trust’s financial statements.

B. Lease accounting

From 1 October 2020, the Trust has initially applied the Accounting Guidance to lease accounting.

Previously, the Trust, as a lessee, recognised payments made under operating leases and relevant lease incentives in profit or loss on a straight-line basis over the term of the lease. Under the Accounting Guidance, the Trust shall recognise right-of-use assets and lease liabilities. The lease liabilities were discounted using interest rate implicit in the lease or lessee’s incremental borrowing rate if the interest rate implicit in the lease was not available.

The Trust sub-leases some of its properties. Previously, the head lease and sub-lease contracts were classified as operating leases and recognised lease income and payment in profit or loss on a straight-line basis over the term of the leases. Under the Accounting Guidance, the right-of-use assets recognised from the head leases are presented in investment property and measured at fair value method. The Trust reassessed the classification of sub-leases contracts with reference to the right-of-use asset rather than the underlying asset which has no effect in classification of sub-leases contracts at 1 October 2020.

19 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

Impact from change in lease accounting policy (in thousand Baht) At 1 October 2020 Increase in Right-of-use assets 186,153 Decrease in Other liabilities 799 Increase in Lease liabilities (186,952)

Measurement of lease liability (in thousand Baht) Commitment of non-cancellable land sub-lease and common service contracts at 30 September 2020 294,599 Less Non-cancellable common service contracts (24,419) 270,180 Present value of remaining lease payments discounted using the incremental borrowing rate at 1 October 2020 186,952 Lease liabilities recognised at 1 October 2020 186,952 Weighted - average incremental borrowing rate (% per annum) 3.18

C. Equity issuance cost

Under the Accounting Guidance, the Trust recognised full amount of equity issuance cost arising from 1 January 2020 as a deduction on capital from unitholders. For deferred expenses incurred before 1 January 2020, the Trust was allowed to amortise as expenses according to previous accounting policy (see note 8).

D. Fair value measurement

Under the Accounting Guidance, the objective of fair value measurement is to estimate the price at which an orderly transaction to sell the asset or to transfer the liability would take place between market participants at the measurement date under current market conditions. Previously, the fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable and willing parties in an arm’s length transaction. In addition, the Accounting Guidance requires to have additional fair value disclosure, in which the Trust has disclosed in note 17.

4 Impact of COVID-19 Outbreak

Due to the COVID-19 outbreak at the beginning of 2020, Thailand and many other countries have enacted several protective measures against the outbreak, e.g. the order to temporarily shut down operating facilities or reduce operating hours, social distancing, etc. This has significantly affected world economy, production, supply chain of goods and business operation of many entities in wide areas. The REIT manager is closely monitoring the situation to manage the negative impact on the business as much as possible. The Trust has adopted relief measures with regard of rent payments by tenants who were impacted which has no material impact. At 30 June 2021, the situation of COVID-19 outbreak is still ongoing, resulting in estimation uncertainty on the potential impact.

20 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

5 Financial risk

Financial risk management policy

The Trust manages potential risk on investment by setting risk management policy, e.g. investment diversification and analysis of investee’s financial position.

Credit risk

The Trust has credit risk which results from the failure of a counterparty to settle its contractual obligations specified in financial instruments. The Trust has only receivables. However, the related financial assets have short-term maturity, therefore, the Trust does not anticipate material losses from its debt collection.

Credit risk is the risk of financial loss to the Trust if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Trust receivables from customers and investments in debt securities.

The REIT manager has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. At the reporting date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the statement of financial position.

Rental and service receivables

The Trust exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, the REIT manager also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate.

The REIT manager has established a credit policy under which each new customer is analysed individually for creditworthiness before the Trust standard payment and conditions are offered.

The following table provides information about the exposure to credit risk and ECLs for rental and service receivables

At 30 June 2021 Rental and service Allowance for receivables impairment loss (in thousand Baht) Within credit terms 10,354 - Accrued income under operating leases 128,150 - Overdue: Less than 3 months 14,521 - 3 - 6 months 4,385 179 More than 6 months 9,948 6,332 Litigation receivables 68,912 68,912 236,270 75,423 Less Allowance for expected credit losses (75,423) Net 160,847

21 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

At 30 September 2020 (in thousand Baht) Within credit terms 17,750 Overdue: Less than 3 months 35,998 3 - 6 months 6,879 More than 6 months 69,068 129,695 Less Allowance for doubtful accounts (74,226) Net 55,469 Accrued income under operating leases 121,002 Total 176,471

Movement of allowance for expected credit losses of rental receivables (in thousand Baht) At 1 October 2020 74,226 Increase 1,197 At 30 June 2021 75,423

Loss rates are based on actual credit loss experience over the past three years. These rates are multiplied by scalar factors to reflect differences between economic conditions during the period over which the historical data has been collected, current conditions and the Trust view of economic conditions over the expected lives of the receivables.

Currency risk

The Trust has no financial assets or financial liabilities denominated in foreign currency, therefore, there is no exposure to currency risk.

Market risk

The Trust is exposed to market risk due to the holding of investment in equity and debt security for which return on the investment are subject to volatility of economic, political, money market and capital market conditions. Such conditions could have either positive or negative impact on the operation of the Company that issues securities, depending on the extent to which the issuers’ business type correlates with the market volatility, which could push the security’s price up or down.

Interest rate risk

Interest rate risk is the risk that value of financial assets and financial liabilities is subject to change due to the movement of market interest rates.

22 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

The following table summarises the Trust interest rate risk comprised fair value of assets and categorised by type of interest rates:

Carrying amount of financial instruments - net Financial assets and Floating Fixed No interest financial liabilities interest rate interest rate rate Total (in thousand Baht) At 30 June 2021 Assets Cash at banks 292,424 300,000 6,394 598,818 Liabilities Long-term loan 1,737,290 - - 1,737,290 Debentures - 9,037,470 - 9,037,470

Risk management

The Trust manages potential risk on investment by setting risk management policy, e.g. investment diversification and analysis of investee’s financial position.

6 Investments in freehold and leasehold properties

During the third quarter 2021, the Trust hired an independent appraiser to appraise the fair value of the investments in freehold and leasehold properties in some locations using the income approach by using discounted future cash flows. The main assumption used in the review valuation are market rental rate, market rental growth rate, occupancy rate, capitalisation rate and discounted rate. The Trust has revalued such investments in freehold and leasehold properties to be as fair value and has recorded net unrealized gain (loss) from such investments in the statement of comprehensive income.

Movement of investments in leasehold properties for the nine-month period ended 30 June were as follows:

Note 2021 2020 (in thousand Baht) Investments in freehold and leasehold properties - at cost Investment in freehold and leasehold properties - beginning of period 40,367,893 35,368,950 Add Adjustments on lease accounting 3B 186,153 - Investment in freehold and leasehold properties - beginning of period (as adjusted) 40,554,046 35,368,950 Add Addition of investment in freehold and leasehold properties - during the period 2,822,863 2,135,969 Investment in freehold and leasehold properties - end of period 43,376,909 37,504,919

Net unrealised gain from investments in freehold and leasehold properties Net unrealised gain from investments in freehold and leasehold properties - beginning of period 775,715 1,680,423 Add Net unrealised loss from investments in freehold and leasehold properties - during the period (259,228) (1,049) Net unrealised gain from investments in freehold and leasehold properties - end of period 516,487 1,679,374 Investments in freehold and leasehold properties - end of period 43,893,396 39,184,293 23 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

Movement of right-of-use assets which were recognised as investment properties were as follows:

Note 2021 (in thousand Baht) Right-of-use assets At 1 October 2020 8,255,516 Increase 18 1,796,226 At 30 June 10,051,742

Material changes in significant agreement during the nine-month period ended 30 June 2021 are as follow:

At the Extraordinary General Meeting of the trust unitholders held on 11 August 2020, the unitholders approved the investment in factories and warehouses from Frasers Property (Thailand) Public Company Limited, Frasers Property Industrial (Thailand) Company Limited and sub-leasehold right from a company. On 1 December 2020, the Trust has entered into a land and warehouse sub-lease agreement for the period of 19 years from a company whereby Frasers Property Industrial (Thailand) Company Limited (“FPIT”) which is the previous sub-leasee from a company has agreed to cancel the sub-lease agreement for the Trust to invest in sub-leasehold right directly from a company. The agree price of sub-leasehold right under the agreement totalling Baht 2,061.88 million. On 29 January 2021, the Trust made a payment and registered leasehold right according to the terms and conditions as specified in the agreement (see note 18).

7 Cash and cash equivalents

As at 30 June 2021 and 30 September 2020, the Trust has cash and cash equivalents as follows:

Interest rate 30 June 30 September 30 June 30 September 2021 2020 2021 2020 (% per annum) (in thousand Baht) Cash on hand - - 87 85 Current account Bangkok Bank Public Company Limited - - 6,394 7,087 Saving account Bangkok Bank Public Company Limited 0.125 0.125 - 0.500 122,401 102,453 United Overseas Bank (Thai) Public Company Limited 0.35 - 0.43 0.40 - 1.00 170,023 444,594 Fixed deposit account CIMB Thai Public Company Limited 0.40 - 300,000 - Total 598,905 554,219

Cash and cash equivalents of the Trust as at 30 June 2021 and 30 September 2020 were denominated entirely in Thai Baht.

24 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

8 Deferred expenses

Movement of deferred expenses for the nine-month period ended 30 June were as follows:

2021 2020 (in thousand Baht) At 1 October 2020 / 2019 29,200 50,705 Amortised during the period (10,888) (16,482) At 30 June 18,312 34,223

If the Trust was to recognise the deferred expenses as expenses in full at 30 June 2021, the Trust’s net asset value (NAV) would be decreased to Baht 32,751.62 million, and NAV per unit would be 10.6912 Baht per unit.

9 Retained earnings

2021 2020 (in thousand Baht) At 1 October 2020 / 2019 1,661,227 2,315,557 Net profit on investments 1,752,801 1,514,421 Loss on changes in fair value of investments (259,228) (1,049) Capital return to unitholders (1,503,459) (1,377,276) At 30 June 1,651,341 2,451,653

10 Interest-bearing liabilities

Interest-bearing liabilities as at 30 June 2021 and 30 September 2020 are as follow:

30 June 30 September 2021 2020 (in thousand Baht) Short-term loans from related party - Unsecured - 2,856,154 Long-term loan from financial institutions after net with front end fee - Unsecured 1,737,290 - Debentures - Unsecured 9,037,470 8,638,266 Total interest-bearing liabilities 10,774,760 11,494,420

On 19 February 2021, the Trust had entered into long-term loan agreement from a financial institution totalling Baht 2,550.00 million which drawdown totalling Baht 2,442.70 million. The principal is due in 4 years for repayment at the maturity of the long-term loan. The interest payable on the quarterly basis by THBFIX plus fixed rate per year. The long-term loan contained key conditions and certain restrictions, such as the calculation of financial ratio, the limitation of the resistance of additional borrowing, or the limitation of obligation except those incurred under normal commercial term or normal business of transactions as detail in the agreement.

On 24 June 2021, the Trust made partial payment of principal including interest resulting to as at 30 June 2021, the Trust has outstanding long-term loan amounting to Baht 1,737.29 million.

25 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

At 30 September 2020, the Trust has short-term loans from Bangkok Bank Public Company Limited totalling Baht 2,856.15 million which are payable for a period of 1 year, and interest payable on monthly basis. The short-term loans contained certain restrictions as detail in the agreement.

11 Leases

For the nine-month period ended 30 June 2021 2020 (in thousand Baht) Amounts recognised in profit or loss Interest on lease liabilities 4,414 - Rental expenses - 6,655

12 Debentures

Number of debenture Amount 30 30 30 30 Type of Interest June September June September debenture rate Age Issued date Maturity date 2021 2020 2021 2020 (%) (year) (unit) (in thousand Baht) Unsubordinated and unsecured debenture No. 1/2017 - Tranche 2 4.18 7 5 April 2017 5 April 2024 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 No. 1/2018 - Tranche 1 2.50 3 28 June 2018 28 June 2021 - 1,800,000 - 1,800,000 - Tranche 2 2.97 4 28 June 2018 28 June 2022 300,000 300,000 300,000 300,000 - Tranche 3 3.65 7 28 June 2018 28 June 2025 380,000 380,000 380,000 380,000 - Tranche 4 4.06 10 28 June 2018 28 June 2028 1,260,000 1,260,000 1,260,000 1,260,000 1,940,000 3,740,000 1,940,000 3,740,000 No. 2/2018 - Tranche 5 2.78 2 19 December 2018 19 December 2020 - 300,000 - 300,000 - Tranche 6 3.14 3 19 December 2018 19 December 2021 1,000,000 1,000,000 1,000,000 1,000,000 - Tranche 7 4.19 10 19 December 2018 19 December 2028 600,000 600,000 600,000 600,000 1,600,000 1,900,000 1,600,000 1,900,000 No. 1/2019 - Tranche 1 2.63 4 8 August 2019 8 August 2023 500,000 500,000 500,000 500,000 - Tranche 2 3.14 7 8 August 2019 8 August 2026 500,000 500,000 500,000 500,000 1,000,000 1,000,000 1,000,000 1,000,000 No. 1/2020 - Tranche 1 3.00 7 3 April 2020 3 April 2027 450,000 450,000 450,000 450,000 - Tranche 2 3.30 10 3 April 2020 3 April 2030 550,000 550,000 550,000 550,000 1,000,000 1,000,000 1,000,000 1,000,000 No. 1/2021 - Tranche 1 1.69 3 24 June 2021 24 June 2024 850,000 - 850,000 - - Tranche 2 2.54 5 24 June 2021 24 June 2026 700,000 - 700,000 - - Tranche 3 3.30 7 24 June 2021 24 June 2028 700,000 - 700,000 - - Tranche 4 3.97 10 24 June 2021 24 June 2031 250,000 - 250,000 - 2,500,000 - 2,500,000 - Total 9,040,000 8,640,000 9,040,000 8,640,000 Less unamortised cost relating to the issuance of debentures - - (2,530) (1,734) Total debentures 9,040,000 8,640,000 9,037,470 8,638,266

Interest on debentures is due for repayment on a semi-annually basis.

The debentures contained certain restriction, such as the limitation of debt-to-total assets ratio of not exceed 60% at the end of year throughout the age of debentures, the limitation of the resistance of additional borrowing, or the limitation of obligation except those incurred under normal commercial term or normal business of transactions. 26 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

13 Unitholders’ trust

For the nine-month period ended 30 June 2021 2020 Number Amount Number Amount (in thousand units (in thousand units /thousand Baht) /thousand Baht) Trust registered capital and capital from unit holders 3,063,387 31,118,590 2,822,387 28,313,422

Beginning balance of period as at 1 October 2020 / 2019 2,822,387 28,313,422 2,602,387 25,173,623 Increase of new trust unit 241,000 2,805,168 220,000 3,139,799 Ending balance of period as at 30 June 3,063,387 31,118,590 2,822,387 28,313,422

14 Distribution to unitholders

For the nine-month period ended 30 June 2021 Dividend per The operation for the period Approved date Payment date unit trust Amount (in Baht) (in thousand Baht) 1 July 2020 - 30 September 2020 4 November 2020 2 December 2020 0.1680 474,161 1 October 2020 - 31 December 2020 2 February 2021 3 March 2021 0.1680 514,649 1 January 2021 - 31 March 2021 5 May 2021 2 June 2021 0.1680 514,649 1,503,459

For the nine-month period ended 30 June 2020 Dividend per The operation for the period Approved date Payment date unit trust Amount (in Baht) (in thousand Baht) 1 July 2019 - 30 September 2019 13 November 2019 11 December 2019 0.1670 434,599 1 October 2019 - 31 December 2019 11 February 2020 11 March 2020 0.1670 471,338 1 January 2020 - 31 March 2020 11 May 2020 8 June 2020 0.1670 471,339 1,377,276

15 Information on investment purchase and sale transaction

The Trust’s purchase and sale transaction during the nine-month period ended 30 June 2021, excluding investment in cash at banks, amounted to Baht 2,174.47 million which was 6.82% of the average net asset values during the period (2020: Baht 1,619.47 million which was 5.56% of the average net asset values during the period).

16 Segment information

Operating segment information is reported in a manner consistent with the Trust’s internal reports that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance.

The one main reportable operating segment of the Trust is to provide the rental of immovable properties. Its operation is carried on only in Thailand. Segment performance is measured based on operating profit or loss, on a basis consistent with that used to measure operating profit or loss in the financial statements. As a result, all of the revenues, operating profits and assets as reflected in these financial statements pertain to the aforementioned reportable operating segment and geographical area.

27 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

17 Information on fair value level and fair value measurement of investment

Fair value estimation Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between buyers and sellers (market participants) at the measurement date. The Trust used quoted prices in active markets in measuring assets and liabilities which required to be measured at fair value under related accounting guidance. In case that there is no active market for identical assets or liabilities or the quoted prices in active markets are not available, the Trust will estimate the fair value using valuation techniques that fit to each circumstance and try to use observable data that is relevant to the assets or liabilities to be measured as much as possible.

Different levels in a fair value hierarchy are as follows:

• Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The following table shows fair value categorised by measurement approach:

At 30 June 2021 Level 1 Level 2 Level 3 Total (in thousand Baht) Investment in properties at fair value - - 43,893,396 43,893,396 Long-term loan - 1,737,290 - 1,737,290 Debentures - 9,037,470 - 9,037,470

The financial instruments traded in non-active markets and measured at obviously quoted market prices, buying and selling prices offered by traders or optional price references with supporting observable data will be categorised as level 2. These financial instruments comprised worth-investing corporate debt instruments and derivatives in direct trading market.

Investment in properties at fair value categorised in level 3 have significant unobservable data as they are not actively traded.

18 Related parties

Significant transactions for the three-month and nine-month periods ended 30 June with related parties were as follows:

For the three-month period ended 30 June 2021 2020 (in thousand Baht) Revenue Rental and service income Frasers Property Demco Power 6 Co., Ltd. 41 41 Frasers Property Demco Power 11 Co., Ltd. 25 25 Frasers Property Industrial (Thailand) Company Limited 9 13 Frasers Property (Thailand) Public Company Limited 3 34 Total 78 113

28 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

For the three-month period ended 30 June 2021 2020 (in thousand Baht) Interest income Bangkok Bank Public Company Limited 77 90

Income from rental and service guarantees Frasers Property Industrial (Thailand) Company Limited 14,220 2,086 Frasers Property (Thailand) Public Company Limited 1,670 - Total 15,890 2,086

Other income Frasers Property Industrial (Thailand) Company Limited 5 31

Expenses REIT Management fee Frasers Property Industrial REIT Management (Thailand) Company Limited 99,583 89,923

Trustee fee

BBL Asset Management Company Limited 5,260 4,921

Common area service fee Frasers Property Industrial (Thailand) Company Limited 8,563 7,305 Frasers Property (Thailand) Public Company Limited - 181 Total 8,563 7,486

Repair and maintenance expenses Frasers Property Industrial (Thailand) Company Limited 4,395 3,117 Frasers Property (Thailand) Public Company Limited - 1,048 Total 4,395 4,165

Utility expenses Frasers Property Industrial (Thailand) Company Limited 8 9 Frasers Property (Thailand) Public Company Limited 3 - Total 11 9

Rental expenses Frasers Property Industrial (Thailand) Company Limited - 2,213

Other service expenses Frasers Property Industrial (Thailand) Company Limited 302 6 Frasers Property (Thailand) Public Company Limited 43 - Total 345 6

Finance cost Bangkok Bank Public Company Limited 4,150 4,286 Frasers Property Industrial (Thailand) Company Limited 1,464 - Total 5,614 4,286

29 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

For the nine-month period ended 30 June 2021 2020 (in thousand Baht) Revenue Rental and service income Frasers Property Demco Power 6 Co., Ltd. 122 122 Frasers Property Demco Power 11 Co., Ltd. 75 69 Frasers Property Industrial (Thailand) Company Limited 67 65 Frasers Property (Thailand) Public Company Limited 22 56 Total 286 312

Interest income Bangkok Bank Public Company Limited 199 517

Income from rental and service guarantees Frasers Property Industrial (Thailand) Company Limited 43,757 5,433 Frasers Property (Thailand) Public Company Limited 3,775 1,645 Total 47,532 7,078

Other income Frasers Property Industrial (Thailand) Company Limited 20 45

Purchase of investment properties Frasers Property (Thailand) Public Company Limited 380,894 -

Commission fee from purchase of investment in freehold properties recognised as cost of investment in freehold properties Frasers Property Industrial REIT Management (Thailand) Company Limited - 35,333

Expenses REIT Management fee Frasers Property Industrial REIT Management (Thailand) Company Limited 294,628 270,477

Trustee fee

BBL Asset Management Company Limited 15,698 14,767

Common area service fee Frasers Property Industrial (Thailand) Company Limited 25,629 21,869 Frasers Property (Thailand) Public Company Limited 93 504 Total 25,722 22,373

Repair and maintenance expenses Frasers Property Industrial (Thailand) Company Limited 11,998 9,909 Frasers Property (Thailand) Public Company Limited 349 3,143 Total 12,347 13,052

Utility expenses Frasers Property Industrial (Thailand) Company Limited 44 26 Frasers Property (Thailand) Public Company Limited 3 - Total 47 26

30 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

For the nine-month period ended 30 June 2021 2020 (in thousand Baht) Rental expenses Frasers Property Industrial (Thailand) Company Limited - 6,655

Other service expenses Frasers Property Industrial (Thailand) Company Limited 2,675 513 Frasers Property (Thailand) Public Company Limited 523 213 Total 3,198 726

Finance cost Bangkok Bank Public Company Limited 46,843 14,170 Frasers Property Industrial (Thailand) Company Limited 4,414 - Total 51,257 14,170

Balances as at 30 June 2021 and 30 September 2020 with related parties were as follows:

30 June 30 September 2021 2020 (in thousand Baht) Cash and cash equivalents Bangkok Bank Public Company Limited 128,795 109,540

Rental and service receivables Frasers Property Industrial (Thailand) Company Limited 4,750 5,982 Frasers Property (Thailand) Public Company Limited 557 570 Frasers Property Demco Power 6 Co., Ltd. 14 - Frasers Property Demco Power 11 Co., Ltd. 6 - Total 5,327 6,552

Accrued interest income Bangkok Bank Public Company Limited 2 43

Other receivables TICON Industrial Growth Leasehold Property Fund 1,620 1,620

Prepaid rental expense Frasers Property Industrial (Thailand) Company Limited - 2,238

Short-term loans See note 10.

Accrued trust management fee Frasers Property Industrial REIT Management (Thailand) Company Limited 68,216 44,276

Accrued trustee fee BBL Asset Management Company Limited 3,623 1,720

31 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

30 June 30 September 2021 2020 (in thousand Baht) Accrued expenses Frasers Property Industrial (Thailand) Company Limited 7,038 8,793 Frasers Property (Thailand) Public Company Limited 179 1,081 Frasers Property Industrial REIT Management (Thailand) Company Limited - 4,241 Total 7,217 14,115

Accrued interest expense Bangkok Bank Public Company Limited 3,412 7,912

Deposits from rental and service Frasers Property Demco Power 6 Co., Ltd. 54 54 Frasers Property Demco Power 11 Co., Ltd. 25 25 Total 79 79

Lease Liabilities

Frasers Property Industrial (Thailand) Company Limited 182,464 -

Debentures Bangkok Bank Public Company Limited 433,800 443,800

Commitments with related party Future minimum lease payments required under non- cancellable land sub-lease and common service contracts Within one year 11,470 28,437 After one year but within five years - 43,542 After five years - 222,620 Total 11,470 294,599

The Trust entered into common service agreement with a related party for period of 3 years which will expire in December 2021.

Significant agreements were as follow:

Agreement with Frasers Property Industrial (Thailand) Company Limited and Frasers Property (Thailand) Public Company Limited.

During the nine-month period ended 30 June 2021 are as follows:

On 1 October 2020, the Trust entered into purchase agreement of land and construction in the Frasers Property Logistics Park (Sriracha), Surasak Sub-district, Sriracha District, Chonburi Province with Frasers Property Industrial (Thailand) Company Limited. Whereby counterparty agreed assets price of Baht 343.13 million according to the terms and conditions as specified in the agreement.

On 1 December 2020, the Trust has entered into a land and warehouse sub-lease agreement for the period of 19 years from a company whereby Frasers Property Industrial (Thailand) Company Limited (“FPIT”) which is the previous sub-leasee from a company has agreed to cancel the sub-lease agreement for the Trust to invest in sub-leasehold right for a company (See note 6).

32 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and nine-month periods ended 30 June 2021 (Unaudited)

On 1 February 2021, the Trust entered into purchase agreement of land and construction in Ban Wha Industrial Estate (Hi-Tech) and Rojana Ayutthaya Industrial Park with Frasers Property (Thailand) Public Company Limited. Whereby counterparty agreed assets price of Baht 380.89 million according to the terms and conditions as specified in the agreement.

Guarantee income

Frasers Property Industrial (Thailand) Company Limited agreed to compensate income with the Trust by Frasers Property Industrial (Thailand) Company Limited agreed to compensate for rental and service income of vacant or a part of vacant area or lease area that have rental, service and common rates less than the guaranteed rental rate of the sold and leased properties to the Trust for period 12 months from transferred date, or starting from transferred date to the date which the Trust entered into lease agreements with tenant (so as to new or same tenant). The guaranteed rental and service rates were the agreed rate as specified in the agreements.

19 Commitments with non-related party

30 June 30 September 2021 2020 (in thousand Baht) Future minimum lease payments required under non- cancellable common service contracts Within one year 1,680 - After one year but within five years 8,400 - After five years 20,860 - Total 30,940 -

The Trust entered into common service agreement with a company for period of 19 years which will expire in November 2039.

20 Events after the reporting period

At the Board of Directors Meeting of the REIT Manager held on 2 August 2021, the Board of Directors approved the investment in factories and warehouses from Frasers Property (Thailand) Public Company Limited and Frasers Property Industrial (Thailand) Company Limited with the total investment value of assets not exceeding Baht 800.00 million.

At the Board of Directors Meeting of the REIT Manager held on 2 August 2021, the Board of Directors approved the appropriation of interim distribution of Baht 0.1690 per unit, totalling Baht 517.71 million. Such interim distribution will be paid to trust unitholders in September 2021.