Frasers Property Thailand Industrial Freehold & Leasehold REIT

Condensed Interim financial statements for the three-month and six-month periods ended 31 March 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 31 March 2021, the related statement of comprehensive income for the three-month and six-month periods ended 31 March 2021, the statement of changes in net assets and cash flows for the six-month period ended 31 March 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 5 May 2021

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

31 March 30 September Note 2021 2020 (Unaudited) (in thousand Baht) Assets Investments measured at fair value to profit and loss - 926,022 Investments in freehold and leasehold properties at fair value 6 44,137,459 41,143,608 Cash and cash equivalents 7, 18 892,935 554,219 Rental and service receivables 5, 18 172,911 176,471 Accrued interest income 18 1,092 995 Other receivables 18 6,808 4,864 Deferred expenses 8 21,415 29,200 Other assets 46,774 34,390 Total assets 45,279,394 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

31 March 30 September Note 2021 2020 (Unaudited) (in thousand Baht) Liabilities Short-term loans 10, 18 - 2,856,154 Accrued expenses 18 70,195 96,699 Accrued interest expenses 18 93,762 90,140 Withholding taxes payable 36,840 30,617 Deposits from rental and services 18 1,089,177 1,033,336 Lease liabilities 181,001 - Long-term loan 10 2,436,469 - Debentures 10, 12, 18 8,338,370 8,638,266 Provision for return 51,584 84,023 Other liabilities 6 40,233 65,885 Total liabilities 12,337,631 12,895,120 Net assets 32,941,763 29,974,649

Net assets Trust registered capital 26,915,129 26,915,129 Capital from unitholders 13 31,118,590 28,313,422 Retained earnings 9 1,823,173 1,661,227 Net assets 32,941,763 29,974,649

Net asset value per unit 10.7533 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

31 March 2021 30 September 2020 Type of Percentage Percentage investments Locations Area Cost Fair value of investments Area Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in thousand Baht) (Rai-Ngan-Sq. Wah) (in thousand Baht) Investments in freehold and leasehold properties (Note 6) Freehold on land and factories Amata City Industrial Estate Rayong, 135-2-51.4 1,980,491 2,147,562 4.87 135-2-51.4 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, 54-2-39.3 917,000 917,763 2.08 54-2-39.3 917,000 917,763 2.18 Sai Nong Kho-Laem Chabang Road, Nong Kham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 2, 22-3-36.5 299,180 292,800 0.67 22-3-36.5 299,180 292,800 0.70 Sai Nong Kho-Laem Chabang Road, Nong Kham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 3, 66-2-28.60 859,035 789,257 1.79 66-2-28.60 859,035 789,257 1.88 Sai Nong Kho-Laem Chabang Road, Bowin and Bueng Sub-district, Si Racha District, Chonburi Province Hi-Tech Industrial Estate, 157-0-5.1 2,135,869 2,258,032 5.12 152-2-36 2,068,782 2,190,945 5.21 Sai Asia Road, Banlane Sub-district, Bangpa-In District, Ayutthaya Province Rojana Industrial Park, 210-1-14.1 2,839,292 2,979,459 6.76 179-3-99.7 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, 15-1-22 184,376 177,872 0.41 15-1-22 184,376 177,872 0.42 Sai Chachoengsao-Sattahip Road, Bo Win Sub-district, Si Racha District, Chonburi Province Amata City Chonburi Industrial Estate, 386-3-23.5 6,288,020 7,097,154 16.08 386-3-23.5 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.

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

Freehold on land and warehouses Fraser Property Logistics Center project (Amata City Chonburi), 19-3-88.7 485,500 486,094 1.10 19-3-88.7 485,500 486,094 1.16 Bankao Sub-district, Phan Thong District, Chonburi Province Fraser Property Eastern Seaboard 2A project, 16-0-48.4 298,479 275,800 0.62 16-0-48.4 298,479 275,800 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, 81-1-0 1,452,300 1,655,798 3.75 81-1-0 1,452,300 1,655,798 3.94 Phahon Yothin Road, Payom Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Wangnoi 2 project, 26-2-42 380,399 361,266 0.82 26-2-42 380,399 361,266 0.86 Phahon Yothin Road, Payom Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Eastern Seaboard 1A project, 41-2-60.8 602,080 635,989 1.44 41-2-60.8 602,080 635,989 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, 36-1-16.6 565,870 505,205 1.14 36-1-16.6 565,870 505,205 1.20 Sai Pluak Daen-Wang Ta Phin Road, Pluak Daeng Sub-district, Pluak Daeng District, Rayong Province Fraser Property Sriracha project, 140-1-59.50 1,845,353 1,689,942 3.83 111-3-46.70 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.

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

31 March 2021 30 September 2020 Type of Percentage Percentage investments Locations Area Cost Fair value of investments Area Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in thousand Baht) (Rai-Ngan-Sq. Wah) (in thousand Baht) Freehold on land and warehouses (cont') Fraser Property Laemchabang 1 project, 83-2-37.20 1,229,400 1,333,751 3.02 83-2-37.20 1,229,400 1,333,751 3.17 Nong Kham Sub-district, Si Racha District, Chonburi Province Fraser Property Laemchabang 2 project, 101-3-19.8 1,916,036 1,738,026 3.94 101-3-19.8 1,916,036 1,738,026 4.13 Nong Kham Sub-district, Si Racha District, Chonburi Province Fraser Property Phan Thong 1 project, 13-2-11 241,280 155,942 0.35 13-2-11 241,280 155,942 0.37 Phan Thong Sub-district, Phan Thong District, Chonburi Province Sahathai Property Laemchabang 3 K9 project, 125-1-25 2,127,338 1,783,900 4.04 125-1-25 2,127,338 1,783,900 4.25 Thungsukla Sub-District, Si Racha District, Chonburi Province Fraser Property Bangna project, 93-1-51 1,766,300 1,997,152 4.52 93-1-51 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, 23-3-25.6 668,455 641,698 1.45 23-3-25.6 668,455 641,698 1.53 Cha Map Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Logistics Center (Rojana Ayutthaya) 19-0-65 294,000 330,200 0.75 19-0-65 294,000 330,200 0.78 Zone 2 project, Rojana-Wang noi Road, Uthai Sub-district, Uthai District, Ayutthaya Province WHA Industrial Development Chonburi 1 project, 26-2-59 359,684 359,303 0.81 26-2-59 359,684 359,303 0.85 Sai Chachoengsao-Sattahip Road, Bo Win Sub-district, Si Racha District, Chonburi Province Fraser Property Logistics Center (Rojana Prachinburi) project, 17-0-99 342,546 299,709 0.68 17-0-99 342,546 299,709 0.71 Sai Chachoengsao-Kabinburi Road, Huawa Sub-district, Srimahabho District, Prachinburi Province 14,575,020 14,249,775 32.26 14,231,314 13,906,069 33.07

Right-of-use Leasehold on land and freehold on factories Rojana Industrial Park Zone 2, 16-1-15 189,000 186,800 0.42 16-1-15 189,000 186,800 0.44 Rojana-Uthai Road, Banchang Sub-district, Uthai District, Ayutthaya Province Nava Nakorn Industrial Promotion Zone, 7-2-0 80,900 85,200 0.19 7-2-0 80,900 85,200 0.20 Phahon Yothin Road, Khlong Nueng Sub-district, Khlong Luang District, Patum Thani Province 269,900 272,000 0.61 269,900 272,000 0.64

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

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

Leasehold on land and factories Hi-Tech Industrial Estate, 17-3-44 201,900 211,684 0.48 17-3-44 201,900 211,684 0.50 Asia Road, Ban Len Sub-district, Bang Pa-in District, Ayutthaya Province Amata City Industrial Estate Chonburi, 39-3-31 539,622 542,777 1.23 39-3-31 539,622 542,777 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, 14-0-18.50 186,600 160,809 0.36 14-0-18.50 186,600 160,809 0.38 Sai Nong Kho-Laem Chabang Road, Nongkham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 3, 9-0-94.2 104,800 88,100 0.20 9-0-94.2 104,800 88,100 0.21 Sai Nong Kho-Laem Chabang Road, Bowin Sub-district, Si Racha District, Chonburi Province Amata City Industrial Estate Rayong, 22-3-12.20 406,742 412,570 0.93 22-3-12.20 406,742 412,570 0.98 Sai Chachoengsao-Sattahip Road, Map Yang Phon Sub-district, Pluak Daeng District, Rayong Province 1,439,664 1,415,940 3.20 1,439,664 1,415,940 3.36

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

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

31 March 2021 30 September 2020 Type of Percentage Percentage investments Locations Note Area Cost Fair value of investments Area Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in thousand Baht) (Rai-Ngan-Sq. Wah) (in thousand Baht) Leasehold on land and warehouses Fraser Property Bangplee 1 project, 101-3-26.3 1,449,601 1,335,054 3.02 101-3-26.3 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, 6 142-3-14.1 2,087,510 2,087,509 4.73 - - - - Bang Sao Thong Sub-district, Bang Sao Thong District, Samutprakan Province Fraser Property Bangplee 3 project, 116-3-52.89 1,955,288 1,918,850 4.35 116-3-52.89 1,955,288 1,918,850 4.56 Debaratna Road, Bangpla Sub-district, Bangplee District, Samutprakan Province 5,492,399 5,341,413 12.10 3,218,736 3,072,903 7.30 Total investments in freehold and leasehold properties 43,366,896 44,137,459 100.00 40,367,893 41,143,608 97.79

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

9 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments 31 March 2021 30 September 2020 Type of investments/ Percentage of Percentage of Issuer Maturity date Cost Fair value investment Cost Fair value investment (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 Total investments in securities - - - 926,022 926,022 2.21 Total investments 43,366,896 44,137,459 100.00 41,293,915 42,069,630 100.00

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

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

For the three-month period ended 31 March Note 2021 2020 (in thousand Baht) Investment Income Rental and service income 18 826,168 723,376 Interest income 18 1,174 3,555 Income from rental guarantees 18 30,500 24,543 Income from forfeiture of rental and service deposits 5,320 1,568 Other income 18 1,175 443 Total income 864,337 753,485

Expenses Cost of rental and services 18 44,281 53,626 REIT management fee 18 97,074 94,135 Trustee fee 18 5,219 4,920 Registrar fee 1,782 1,287 Professional fees 462 525 Administration expenses 18 - 2,910 Amortisation of deferred expenses 8 3,069 4,969 Finance cost 18 90,679 76,632 Total expenses 242,566 239,004 Net investment income 621,771 514,481

Net losses on investments Net unrealised losses on investments in properties 6 (7,438) - Total net realised and unrealised losses on investments (7,438) -

Net increase in net assets from operations 614,333 514,481

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 six-month period ended 31 March Note 2021 2020 (in thousand Baht) Investment Income Rental and service income 18 1,598,610 1,477,615 Interest income 18 2,884 7,693 Income from rental guarantees 18 56,363 29,330 Income from forfeiture of rental and service deposits 6,277 1,568 Other income 18 10,203 443 Total income 1,674,337 1,516,649

Expenses Cost of rental and services 18 103,258 145,467 REIT management fee 18 195,045 180,554 Trustee fee 18 10,438 9,846 Registrar fee 3,065 3,031 Professional fees 1,029 1,000 Administration expenses 18 8,589 5,251 Amortisation of deferred expenses 8 7,785 11,514 Finance cost 18 189,220 163,001 Total expenses 518,429 519,664 Net investment income 1,155,908 996,985

Net losses on investments Net unrealised losses on investments in properties 6 (5,152) - Total net realised and unrealised losses on investments (5,152) -

Net increase in net assets from operations 1,150,756 996,985

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

For the six-month

period ended 31 March

Note 2021 2020 (in thousand baht)

Increase in net assets from operations during period Net investment income 1,155,908 996,985

Net unrealised losses on investments in properties (5,152) -

Increase in net assets from operations 1,150,756 996,985 Distributions to unitholders 14 (988,810) (905,937)

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

Increase in net assets during period 2,967,114 3,230,847 Net assets at the beginning of period 29,974,649 27,489,179

Net assets at the end of period 32,941,763 30,720,026

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 31 March (thousand units) 3,063,387 2,822,387

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

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

For the six-month

period ended 31 March

2021 2020 (in thousand baht)

Cash flows from operating activities Net increase in net assets from operations 1,150,756 996,985

Adjustments to reconcile net increase in net assets from

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

Purchases of investments in securities - (3,114,571)

Cash received from sales of investments in securities 926,022 3,029,043

Purchases of investments in properties (2,812,850) (2,134,920)

Lease liabilities payment (8,901) - Amortisation of deferred expenses 7,785 11,514 Decrease in rental and service receivables 2,363 24,573 Increase in other receivables (1,944) (1,250) Increase in other assets (12,384) (8,900) Decrease in Provision for return (32,439) - Increase (decrease) in accrued expenses (26,504) 28,414 Increase in withholding taxes payable 6,223 1,661 Increase in deposits from rental and services 55,841 49,650 Increase (decrease) in other liabilities (24,853) 143,162 Interest income (2,884) (7,693) Interest received 2,787 8,192 (Reversal of) Doubtful debts expense 1,197 (424) Finance costs 189,220 163,001 Net unrealised loss on investments in properties 5,152 -

Net cash used in operating activities (575,413) (811,563)

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 six-month

period ended 31 March

2021 2020 (in thousand baht)

Cash flows from financing activities Repayment of short-term loans (5,001,122) (3,146,000)

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

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

Repayment of debentures (300,000) -

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

Interest paid (180,564) (162,575)

Distribution to unitholders (988,810) (905,937)

Net cash from financing activities 914,129 975,287

Net increase in cash on hand and at bank 338,716 163,724 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 892,935 468,884

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

15 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and six-month periods ended 31 March 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

16 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and six-month periods ended 31 March 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 5 May 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 31 March 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.

17 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and six-month periods ended 31 March 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.

18 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and six-month periods ended 31 March 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 31 March 2021, the situation of COVID-19 outbreak is still ongoing, resulting in estimation uncertainty on the potential impact.

19 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and six-month periods ended 31 March 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 31 March 2021 Rental and service Allowance for receivables impairment losses (in thousand Baht) Within credit terms 10,235 - Accrued income under operating leases 131,347 - Overdue: Less than 3 months 19,268 - 3 - 6 months 2,390 179 More than 6 months 16,182 6,332 Litigation receivables 68,912 68,912 248,334 75,423 Less Allowance for expected credit loss (75,423) Net 172,911

20 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and six-month periods ended 31 March 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 loss of rental receivables (in thousand Baht) At 1 October 2020 74,226 Increase 1,197 At 31 March 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.

21 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and six-month periods ended 31 March 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 31 March 2021 Assets Cash at banks 885,380 - 7,476 892,856 Liabilities Long-term loan 2,436,469 - - 2,436,469 Debentures - 8,338,370 - 8,338,370

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

Movement of investments in leasehold properties for the six-month period ended 31 March 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 4 2,812,850 2,134,920 Investment in freehold and leasehold properties - end of period 43,366,896 37,503,870

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 (5,152) - Net unrealised gain from investments in freehold and leasehold properties - end of period 770,563 1,680,423 Investments in freehold and leasehold properties - end of period 44,137,459 39,184,293

22 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and six-month periods ended 31 March 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 2,082,357 At 31 March 10,337,873

Material changes in significant agreement during the six-month period ended 31 March 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 31 March 2021 and 30 September 2020, the Trust has cash at banks as follows:

Interest rate 31 March 30 September 31 March 30 September 2021 2020 2021 2020 (% per annum) (in thousand Baht) Cash on hand - - 79 85 Current account Bangkok Bank Public Company Limited - - 7,476 7,087 Saving account Bangkok Bank Public Company Limited 0.125 0.125 - 0.500 41,975 102,453 United Overseas Bank (Thai) Public Company Limited 0.43 0.40 - 1.00 843,405 444,594 Total 892,935 554,219

Cash and cash equivalents of the Trust as at 31 March 2021 and 30 September 2020 were denominated entirely in Thai Baht.

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

8 Deferred expenses

Movement of deferred expenses for the six-month period ended 31 March were as follows:

2021 2020 (in thousand Baht) At 1 October 2020 / 2019 29,200 50,705 Amortised during the period (7,785) (11,514) At 31 March 21,415 39,191

If the Trust was to recognise the deferred expenses as expenses in full at 31 March 2021, the Trust’s net asset value (NAV) would be decreased to Baht 32,920.35 million, and NAV per unit would be 10.7463 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 1,155,908 996,985 Loss on changes in fair value of investments (5,152) - Capital return to unitholders (988,810) (905,937) At 31 March 1,823,173 2,406,605

10 Interest-bearing liabilities

Interest-bearing liabilities as at 31 March 2021 and 30 September 2020 are as follow:

31 March 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 2,436,469 - Debentures - Unsecured 8,338,370 8,638,266 Total interest-bearing liabilities 10,774,839 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.

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.

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

11 Leases

For the six-month period ended 31 March 2021 2020 (in thousand Baht) Amounts recognised in profit or loss Interest on lease liabilities 2,950 - Rental expenses - 4,442

12 Debentures

Number of debenture Amount 31 30 31 30 Type of Interest March September March 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 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 3,740,000 3,740,000 3,740,000 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 Total 8,340,000 8,640,000 8,340,000 8,640,000 Less unamortised cost relating to the issuance of debentures - - (1,630) (1,734) Debentures 8,340,000 8,640,000 8,338,370 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.

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

13 Unitholders’ trust

For the six-month period ended 2021 2020 31 March Number Amount Number Amount (in thousand units (in thousand units /thousand Baht) /thousand Baht) Capital from unitholders 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 31 March 3,063,387 31,118,590 2,822,387 28,313,422

14 Distribution to unitholders

For the six-month period ended 31 March 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 514,649 988,810

For the six-month period ended 31 March 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 471,338 905,937

15 Information on investment purchase and sale transaction

The Trust’s purchase and sale transaction during the six-month period ended 31 March 2021, excluding investment in cash at banks, amounted to Baht 2,812.85 million which was 5.90% 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.

26 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month and six-month periods ended 31 March 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 31 March 2021 Level 1 Level 2 Level 3 Total (in thousand Baht) Investment in properties at fair value - - 44,137,459 44,137,459 Long-term loan - 2,436,469 - 2,436,469 Debentures - 8,338,370 - 8,338,370

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 six-month periods ended 31 March with related parties were as follows:

For the three-month period ended 31 March 2021 2020 (in thousand Baht) Revenue Rental and service income Frasers Property Demco Power 6 Co., Ltd. 40 41 Frasers Property Industrial (Thailand) Company Limited 33 34 Frasers Property Demco Power 11 Co., Ltd. 26 25 Frasers Property (Thailand) Public Company Limited 4 18 Total 103 118

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

For the three-month period ended 31 March 2021 2020 (in thousand Baht) Interest income Bangkok Bank Public Company Limited 82 245

Income from rental and service guarantees Frasers Property Industrial (Thailand) Company Limited 15,445 2,087 Frasers Property (Thailand) Public Company Limited 394 - Total 15,839 2,087

Other income Frasers Property Industrial (Thailand) Company Limited 4 10

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

Expenses REIT Management fee Frasers Property Industrial REIT Management (Thailand) Company Limited 97,074 94,136

Trustee fee

BBL Asset Management Company Limited 5,219 4,920

Common area service fee Frasers Property Industrial (Thailand) Company Limited 8,320 7,212 Frasers Property (Thailand) Public Company Limited 6 185 Total 8,326 7,397

Repair and maintenance expenses Frasers Property Industrial (Thailand) Company Limited 4,473 1,843 Frasers Property (Thailand) Public Company Limited - 1,048 Total 4,473 2,891

Utility expenses Frasers Property Industrial (Thailand) Company Limited 8 11

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

Other service expenses Frasers Property (Thailand) Public Company Limited 60 65 Frasers Property Industrial (Thailand) Company Limited 448 7 Total 508 72

Finance cost Bangkok Bank Public Company Limited 13,935 4,915 Frasers Property Industrial (Thailand) Company Limited 1,462 - Total 15,397 4,915

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

For the six-month period ended 31 March 2021 2020 (in thousand Baht) Revenue Rental and service income Frasers Property Demco Power 6 Co., Ltd. 81 81 Frasers Property Industrial (Thailand) Company Limited 58 52 Frasers Property Demco Power 11 Co., Ltd. 50 44 Frasers Property (Thailand) Public Company Limited 19 22 Total 208 199

Interest income Bangkok Bank Public Company Limited 122 427

Income from rental and service guarantees Frasers Property Industrial (Thailand) Company Limited 29,537 3,347 Frasers Property (Thailand) Public Company Limited 2,105 1,645 Total 31,642 4,992

Other income Frasers Property Industrial (Thailand) Company Limited 15 14

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 195,045 180,554

Trustee fee

BBL Asset Management Company Limited 10,438 9,846

Common area service fee Frasers Property Industrial (Thailand) Company Limited 17,066 14,564 Frasers Property (Thailand) Public Company Limited 93 323 Total 17,159 14,887

Repair and maintenance expenses Frasers Property Industrial (Thailand) Company Limited 7,603 6,792 Frasers Property (Thailand) Public Company Limited 349 2,095 Total 7,952 8,887

Utility expenses Frasers Property Industrial (Thailand) Company Limited 36 17

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

For the six-month period ended 31 March 2021 2020 (in thousand Baht) Rental expenses Frasers Property Industrial (Thailand) Company Limited - 4,442

Other service expenses Frasers Property Industrial (Thailand) Company Limited 2,373 507 Frasers Property (Thailand) Public Company Limited 480 213 Total 2,853 720

Finance cost Bangkok Bank Public Company Limited 42,693 9,884 Frasers Property Industrial (Thailand) Company Limited 2,950 - Total 45,643 9,884

Balances as at 31 March 2021 and 30 September 2020 with related parties were as follows:

31 March 30 September 2021 2020 (in thousand Baht) Cash and cash equivalents Bangkok Bank Public Company Limited 49,451 109,540

Rental and service receivables Frasers Property Industrial (Thailand) Company Limited 4,789 5,982 Frasers Property (Thailand) Public Company Limited 246 570 Total 5,035 6,552

Accrued interest income Bangkok Bank Public Company Limited 85 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 38,650 44,276

Accrued trustee fee BBL Asset Management Company Limited 1,843 1,720

Accrued expenses Frasers Property Industrial (Thailand) Company Limited 6,258 8,793 Frasers Property (Thailand) Public Company Limited 133 1,081 Frasers Property Industrial REIT Management (Thailand) Company Limited - 4,241 Total 6,391 14,115

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

31 March 30 September 2021 2020 (in thousand Baht) Accrued interest expense Bangkok Bank Public Company Limited 7,510 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 181,001 -

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 17,206 28,437 After one year but within five years - 43,542 After five years - 222,620 Total 17,206 294,599

The Trust entered into common service agreement with a related party for period of 5 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 six-month period ended 31 March 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).

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.

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

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

31 March 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 21,280 - Total 31,360 -

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 5 May 2021, the Board of Directors approved the appropriation of interim distribution of Baht 0.168 per unit, totalling Baht 514.65 million. Such interim distribution will be paid to trust unitholders in June 2021.