Annual Report

Future2020 Park Leasehold Property Fund : FUTUREPF For Period from 1 January 2020 to 31 December 2020 Contents Part 1 : Summary of Fund Information 1 Part 2 : The Fund’s Operation 15 1. Fund Information 15 1.1 Name, Type, Fund Capital and Term of Fund 15 1.2 Name of Management Company and Fund Trustee 15 2. Policy, Business Overview and How the Fund Seek Benefit 15 2.1 Visions, Objectives, Targets and Operating Strategies 15 2.2 Significant Changes and Key Developments 19 2.3 Relationship with the Business Group of the Property Manager or 20 Major Unitholders 2.4 Fund Structure 21 2.5 Details of Assets of the Fund 21 2.6 Seeking of Benefits from Immovable Properties 24 2.7 Details of Fund Loan for the period from January 1, 2020 to 26 December 31, 2020 3. Retail Market Overview 27 4. The Risk Associated with Investing in the Fund 31 5. Legal disputes 32 6. Other Important Information 32 Part 3 : Management and Good Governance 33 7. Details of Investment Units 33 7.1 Investment Units 33 7.2 Unitholder Information 34 7.3 Fund Returns 35 8. Management Structure 39 8.1 Management Company 39 8.2 Property Manager 51 8.3 Fund Trustee 56 8.4 Investment Advisory Committee 58 8.5 Name, Address and Telephone Number of Auditor, Fund Registrar and 58 Property Appraiser 8.6 Record for Penalties and Fines 58 9. Corporate Governance 59 9.1 Compliance Policy 59 9.2 Board Committees 59 9.3 Inside Information 59 9.4 Investment Selection and Portfolio Management Guidelines 59 9.5 Selection of Property Manager 60 9.6 Supervision and Monitoring of the Property Manager’s Performance 61 9.7 Monitoring of the Fund’s Benefits and Interests 62 9.8 Management Fee 62 9.9 Disclosure of Data/Information 63 9.10 Unitholders’ Meeting 63 9.11 Audit Fee 65 10. Social Responsibility 66 10.1 Overall Policy 66 10.2 Implementation 68 10.3 Negative impact from the Fund business on society (if any) 68 10.4 Negative activity that benefits society and environment 68 11. Internal Controls and Risk Management 70 11.1 Summary of Opinions from Head of Compliance & Legal and 70 Head of Internal Audit Department of the Management Company 11.2 Disclosure of Information about the Head of the Compliance Department/ 71 Head of Internal Audit Department 12. Measures to Prevent Conflict of Interests 72 12.1 Transactions between the Fund and Management Company and 72 Connected Persons 12.2 Transactions between the Fund and Fund Trustee and Connected Persons 73 12.3 Soft Commission 74 Part 4 : Financial Position and Performance 75 13. Key Financial Information 75 13.1 Summary of Auditor’s Report 75 13.2 Summary of Financial Statement 76 13.3 Financial Ratios 82 14. Management Discussion and Analysis: MD&A 83 14.1 Analysis of the Past Performances 83 14.2 Factors or occurrences which may have impact in the future 87 15. Fund Trust Report 89 Attachment 1 Auditor Report and Financial Statement 91 Attachment 2 Summary of the appraisal report of the fund prepared by 115 an independent appraiser Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 1

Part 1 : Summary of Fund’s Information

Fund’s Information as of 31 December 2020 Fund Name Future Park Leasehold Property Fund Fund Symbol FUTUREPF Management Company BBL Asset Management Co., Ltd. Fund Supervisor Krung Thai Bank Public Company Limited Auditor PricewaterhouseCoopers ABAS Limited. Inception Date 23 November 2006 Market Value THB 9,796.97 Million or 12.2271 baht per unit Number of Investment Units 529,566,100 units Net Asset Value THB 6,475.10 Million or 12.2271 baht per unit Amount of Fund Capital THB 6,233,161,000 or 10.00 baht per unit Approval Date 20 October 2006 Market Price to NAV 1.51 Weighted Average Lease Expiry 21 year Capital Structure of the Fund ( as of 31 December 2020) Total Asset THB 11,799.27 Million Total Liabilities THB 5,324.17 Million Total Equity THB 6,475.10 Million Retained Earnings THB 841.94 Million Interest Bearint Debt None Credit Rating None Investment Structure 100% Direct Investment - Indirect Investment nvestment Type - Ownership 100% Leasehold - Mixed

100% Annual Report 2020 2 Future Park Leasehold Property Fund : FUTUREPF

Summary of Infrastructure Asset Invested by the Fund The Fund invests in leasehold rights of building areas which are not obliged to a long-term lease contracts, invests in the right to bring some areas of the common area and invets in the right of the exterior wall area of the Future Park Rangsit Building (details as shown in the table below). The Fund seeks their benefits in the form of renting, providing the right to use the space or any other forms. Project Location No. 94 Phaholyothin Road, Prachathipat Sub-district, Thanyaburi District, Pathum Thani Province Project Characteristic A 25 year-old, five-storey (including one underground floor), reinforced concrete building with a seven-storey car parking building situated behind and outdoor parking areas that can accommodate around 8,000 cars (including temporary area for 1,000 car parking spaces). (Rangsit Plaza Co., Ltd. is the owner.) Land Area Land Title Deeds No. 310 and 92118 with total area of 106 rais and 9.5 square wahs (owned by Pipatanasin Co., Ltd. which has entered into a land lease agreement with Rangsit Plaza Co., Ltd.) The Fund has not invested in and has not sub-leased these pieces of land. Type of Use Shopping Center Property Manager Rangsit Plaza Co., Ltd. (“Rangsit Plaza”) Investment Date Initial Public Offering : November 24, 2006 1st Capital Increase : December 26, 2012 Lease Term Initial Offering : November 24, 2006 - December 31, 2026 1st Capital Increase : January 1, 2027 - December 31, 2041 Seeking of Benefits from The Fund seeks the benefits from investing in leasehold rights and utilization the Infrastructure Assets rights in the Future Park Rangsit Project, by leasing the retail and common area in the Future Park Rangsit Building to tenants for various businesses such as cinemas, fitness center, food and beverage store, fashion, health and beauty store, computer and mobile phone shops, and so on. The Fund has proceeded the lease agreements in order to maximize the benefit to the fund Latest Appraisal Value 6,418,000,000 Baht (as of December 31, 2020) from 15 Bissiness Advisory Limited, the objective is for public purpose by income approach method Link URL : https://investor.futurepark.co.th (Home / Investor Relation / Financial Information / Appraisal Report)

Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 3

Internal Rate of Return Key Assumptions Investment price (baht/unit) 18.01 Statement of Cash Flow based on valuation report as of 31 December 2020 Property expenses (Asset Level) Refer to valuation report Fund expenses (Fund Level) (% of total revenue) 2 Expected IRR (%) 5.61 Note: 1. The Investment Price is the average trading price weighted by the trading volume which is the information starting from the latest XD date. 2. The aforementioned Expected IRR is an estimate number and shall not be regarded as any guarantee of return. The objective is only to be a disclosure of the data of the property fund in accordance with the guideline announced by the Office of the SEC so that the unitholders would know and recognize that the value of a leasehold property fund will gradually reduce to zero upon maturity. 3. The details of the assumption for assessing the cash flow are based on the valuation report as of 31 December 2020. Details can be seen at Link URL: https://investor.futurepark.co.th ((Home / Investor Relation / Financial Information / Appraisal Report)) Estimated the Investment Income The rental and service income refer to the statement of cash flow from independent valuer (Valuation report as of December 31, 2020) Type of Tenants Areas (sqm.) Valuer’s assumption 1.1 Retail (Shops) 49,541.58 The average rental rate and growth rate are as follows; 1. Structure of rental income (Fixed rent) 1.1) B-Floor: Year 1, the rate is 1,200.00 baht/sqm. 1.2) G-Floor: Year 1 the rate is 1,500.00 baht/sqm. 1.3) 1-Floor: Year 1 the rate is 1,270.00 baht/sqm. 1.4) 2-Floor: Year 1 the rate is 1,500.00 baht/sqm. 1.5) 3-Floor: Year 1 the rate is 920.00 baht/sqm. Remark: All floors are step up in Year 2-3= 2.0%, Year 4-5 = 3.5%, and Year 6 onwards = 3.0% 2. Structure of rental income (Gross Profit Sharing: GP) Year 1: the rate is 760 baht/sqm. Remark: step up in Year 2-3= 2.0%, Year 4-5 = 3.5%, Year 6 onwards = 3.0% Annual Report 2020 4 Future Park Leasehold Property Fund : FUTUREPF

Type of Tenants Areas (sqm.) Valuer’s assumption The average occupancy rate are as follows; 1. Structure of rental income (Fixed rent) 1.1) B-Floor: Year 1 = 91%, Year 2 = 93% Year 3 onwards 97% 1.2) G-Floor: Year 1 = 94%, Year 2 = 96% Year 3 onwards 97% 1.3) 1-Floor: Year 1 = 93%, Year 2 = 95% Year 3 onwards 97% 1.4) 2-Floor: Year 1 = 96%, Year 2 = 96% Year 3 onwards 97% 1.5) 3-Floor: Year 1 = 91%, Year 2 = 94% Year 3 onwards 97% 2. Structure of rental income (Gross Profit Sharing: GP) The occupancy rate is at 97% in Year 1 and stable during the remaining of lease term. 1.2 Mini Anchor 7,280.68 The Rental rate, Growth rate and Occupancy rate refer to the Lease Agreements. 1.3 Common Areas 8,709.92 The average rental rate and growth rate are as follows: • Kiosk (Fixed Rent): Year 1, the rate is 2,640 baht/sqm. • Variable Rent (GP): Year 1, the rate is 1,550 baht/sqm. • ATM: Year 1, the rate is 24,000 baht/sqm. Remark: All floors are step up in Year 2-3= 2.0%, Year 4-5 = 3.5%, and Year 6 onwards = 3.0% • Promotion areas: Year 1, the rate is 138,000 baht/ sqm. • Temporary areas and Vending Machine: Year1, the total rental income is 1,000,000 baht. Remark: step up in Year 2 = 10.0%, Year 3 = 6%, and Year 4-5 = 3.5% and Year 6 onwards = 3.0% • Display: 0.6% of Total Gross Revenue The average occupancy rate are as follows: • Kiosk (Fixed Rent): Year 1 = 92%, Year 2 = 95% Year 3 onwards 97% • Variable Rent (GP): Year 1 = 92%, Year 2 = 95% Year 3 onwards 97% • ATM: Year 1 = 93%, Year 2 = 96% Year 3 onwards 97% 1.4 Other Income Property tax income is 2% of total gross revenue. Others is 0.4% of total gross revenue.

Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 5

Estimated the Investment Expenses: 1) Property expenses (Asset Level) comprise of the items as follow; 1.1 Operating Expenses Type of expenses % Property Management Fee Approximate 1% of total gross revenue in Year 1 and step up 3% of the remaining lease term Commission Fee Approximate 2.5% of total gross revenue Incentive Fee Approximate 2.2% of total gross revenue Sale & Marketing Expenses Approximate 4% of total gross revenue in Year 1 and step up 5% in Year 2 onwards Rental Collection Fee Approximate 3% of total gross revenue Repair & Maintenance Expenses Approximate 0.4% of total gross revenue in Year 1 and step up 0.5% in Year 2 onwards Others Approximate 0.03% of total gross revenue of the remaining lease term 1.2 Fixed Cost The fixed costs refer to the Lease Agreement and related agreements consisting of 3 numbers as follows: • The Agreement on the leasehold right of Future Park Rangsit’s building dated December 26, 2012. • The Agreement on the right to use some part of common areas and seeking the benefit of Future Park Rangsit’s building dated December 26, 2012. • The Side letter related the right to use additional areas and compensation dated November 30, 2012. 2) Fund’s Expenses: (Fund Level) comprise of the items as follow: Type of Expenses Approximate % Management fee Trustee fee Registrar fee 2% of total revenue Professional fee Tax expenses from investments Other expenses Remark: the estimation of the Fund’s expenses is calculated based on the actual % of average fund’s expense in the past 3 year (Y2017-Y2019) refer to the financial statements review and audited by the Fund’s Auditor. Annual Report 2020 6 Future Park Leasehold Property Fund : FUTUREPF

Revenue Guarantee Condition - None – Borrowing - None – Dividend Payment and Capital Reduction Dividend Payment Policy The Fund has the policy to pay dividend to unitholders at least twice a year. (1) In case the Fund has a net profit in any accounting period, the Management Company shall pay dividends to the unitholders not less than 90% of the net profit of the Fund that has been adjusted in each accounting period. This shall be within 90 days from the last day of the accounting year that there is a dividend payment or the last day of the accounting period that there is a dividend payment, as the case may be. The net profit that has been adjusted shall be from the following adjustments: (1.1) Excluding unrealized gain from the appraisal of value or audit of appraisal of value of properties or leasehold properties. (1.2) Other transactions as stipulated in the guideline of the Office of the SEC including other guidelines to be added in the future in order to be in line with the cash flow position of the Fund. (2) In case the Fund has accumulated profit in any accounting period, the Management Company may also pay dividends to the unitholders from such accumulated profit. The payment of dividend as per No. (1) shall not cause the Fund to incur additional accumulated loss in the accounting period of the dividend payment. Remark : More details regards to the dividend payment policy are as shown in part 3 under no.7.3 of this report and the Fund’s prospectus under no.28 the dividend payment policy to the unitholders History of Dividend Payment (in the past 6 years) 2015 2016 2017 2018 2019 2020 Dividend Payment (THB/Unit) 1.2480 1.3300 1.4020 1.4020 1.4440 0.7700 History of Dividend Payment (Accumulation) Since inception date, the dividend payment was paid to the unitholders in total 57 times, and the total amount of 16.6050 baht per unit Remark : More details regards to the dividend payment policy are as shown in part 3 under no.7.3 2 Thai Tapioca Development Institute 30,803,328 5.82 27,970,000 Annual Report 5.28 3 Bangkok Bank Public Company Limited 2020 Future Park Leasehold Property Fund : FUTUREPF 7 4 Thongpoon Wanglee Foundation 17,000,000 3.21 Principal Property Income Fund 14,528,771 2.74 5 List of Top 10 Unitholders (Information as of 31 December 2020) 6 Social Security Office 12,085,800 2.28 No. Unitholders No. of Units % of 7 Tananondzee Co., Ltd. 10,750,568Total Units Sold 2.03 8 LH1 FinancialRangsit Group Plaza Company Public Company Limited Limited 176,516,4819,973,100 33.33 1.88 2 Thai Tapioca Development Institute 30,803,328 5.82 9 Muang Thai Life Assurance Public Company 8,990,085 1.69 Lim3 itedBangkok Bank Public Company Limited 27,970,000 5.28 10 K Property4 Thongpoon Sector Wanglee Fund Foundation 17,000,0006,420,700 3.21 1.21 5 Principal Property Income Fund 14,528,771 2.74 6 Social Security Office รายละเอียด 12,085,800 2.28 ร้อยละ 7 Tananondzee Co., Ltd. 10,750,568 2.03 Restrictions of investment units held by foreign investors (%) 49.00 8 LH Financial Group Public Company Limited 9,973,100 1.88

Percentage of 9foreignMuang investor Thai Life holding Assurance (%) Public As Company of 31 December Limited 20208,990,085 1.69 10 K Property Sector Fund 6,420,700 1.21 0.46 - Foreign Institutions รายละเอียด ร้อยละ - Foreign Investors 0.16 Restrictions of investment units held by foreign investors (%) 49.00 Percentage of foreign investor holding (%) As of 31 December 2020 Lease Profile • Foreign Institutions 0.46 • Foreign Investors 0.16 • TypeLease of LeaseProfile • Type of Lease

Fixed Rental Revenue Sharing Rental

• Lease Term

Notes: 1. Retail & Anchor agreements (exclude common area agreements) 2. Percentage of total rental space as of 31 Dec. 2020

2 Thai Tapioca Development Institute 30,803,328 5.82 3 Bangkok Bank Public Company Limited 27,970,000 5.28 4 Thongpoon Wanglee Foundation 17,000,000 3.21 5 Principal Property Income Fund 14,528,771 2.74 6 Social Security Office 12,085,800 2.28 7 Tananondzee Co., Ltd. 10,750,568 2.03 8 LH Financial Group Public Company Limited 9,973,100 1.88 9 Muang Thai Life Assurance Public Company 8,990,085 1.69 Limited 10 K Property Sector Fund 6,420,700 1.21

รายละเอียด ร้อยละ

Restrictions of investment units held by foreign investors (%) 49.00

Percentage of foreign investor holding (%) As of 31 December 2020 0.46 - Foreign Institutions - Foreign Investors 0.16

Lease Profile

• Type of Lease

Annual Report 8 2020 • Lease Term Future Park Leasehold Property Fund : FUTUREPF

• Lease Term

Not more than 1Y Over 1Y but not mort than 3Y Over 3Y

Notes: 1. RetailNotes: & 1. Anchor Retail & Anchor agreements agreements (exclude (exclude common common area agreements) area agreements) 2. Percentage 2. Percentage of total of rentaltotal rental space space as of of 31 31 Dec. Dec. 2020 2020 • Top 10 Tenants Rental by Area Size • Top 10 Tenants Rental by Area Size

Top 10 Tenants Rental by Area Size

> 1,000 sq.m. 300 - 1,000 sq.m. < 300 sq.m.

Notes: 1. Retail & Anchor agreements (exclude common area agreements) 2. Percentage of total rental space as of 31 Dec. 2020

• Tenants by Business Group

Notes: 1. Retail & Anchor agreements (exclude common area agreements) 2. Percentage of total rental space as of 31 Dec. 2020

Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 9

• Tenants by Business Group Tenants by Business Group Fitmess 5% Finance Other 7% 17% EGV 9%

Beauty Food 10% 17%

IT + Mobile 11% School 12% Fashion 12%

Notes: 1. Retail & Anchor agreements (exclude common area agreements) 2. Percentage of total rental space as of 31 Dec. 2020

• Lease Expiry Profile • Lease Expiry Profile

Notes: 1. Retail & Anchor agreements (exclude common area agreements) Notes:2. Percentage 1. Retail of total & Anchor rental space agreements as of 31 (excl Dec.ude 2020 common area agreements) 2. Percentage of total rental space as of 31 Dec. 2020

Area and Occupancy Rate

Renewls and New Leases 1 Increase / (Decrease) in FUTUREPF Rental Rates Portfolio No. of Leases Area (sq.m..) % of Total area2 (%)

FY2018 312 21,762.56 38.20 3.65

FY2019 302 23,842.49 41.96 2.63

FY2020 275 18,907.69 33.28 0.12

Notes: 1. Retail & Anchor agreements (exclude common area agreements) 2. Percentage of total rental space sa of 31 Dec.

Key Financial Information of the Fund

Key financial Information of the Fund Q4 2020 2020 2019 2018

Rental income (THB Million) 184.13 592.88 1,052.68 1,017.14

Interest and other income (THB Million) 0.58 3.32 10.03 10.16 Total income (THB Million) 184.71 596.20 1,062.71 1,027.31 Total expenses (THB Million) 92.54 311.56 194.66 203.76 Net investment income (THB Million) 92.17 284.64 868.05 823.55

Annual Report 2020 10 Future Park Leasehold Property Fund : FUTUREPF

• Area and Occupancy Rate FUTUREPF Renewls and New Lease1 Increase / (Decrease) Portfolio No. of Leases Area (sq.m.) % of Total area2 in Rental Rates (%) FY2018 312 21,762.56 38.20 3.65 FY2019 302 23,842.49 41.96 2.63 FY2020 275 18,907.69 33.28 0.12 Notes: 1. Retail & Anchor agreements (exclude common area agreements) 2. Percentage of total rental space sa of 31 Dec. Key Financial Information of the Fund Key financial Information of the Fund Q4 2020 2020 2019 2018 Rental income (THB Million) 184.13 592.88 1,052.68 1,017.14 Interest and other income (THB Million) 0.58 3.32 10.03 10.16 Total income (THB Million) 184.71 596.20 1,062.71 1,027.31 Total expenses (THB Million) 92.54 311.56 194.66 203.76 Net investment income (THB Million) 92.17 284.64 868.05 823.55 Increase in net assets from operations (THB Million) 71.13 133.76 768.79 729.84 Increase in net assets from operations 0.1343 0.2526 1.4517 1.3782 (THB per unit) Dividend (THB per unit) 0.2100 0.7700 1.4440 1.4020 Debt to net asset value (D/E ratio) 0.06 0.82 0.07 0.06 Finance cost to net investment income (%) - - - - Net cash flows from (used in) operating activities N/A 666.78 777.21 849.33 (THB Million) Net cash flows from (used in) financing activities N/A (488.05) (762.26) (834.60) (THB Million) Net increase in cash and cash equavalents N/A 178.73 14.95 14.73 (THB Million) Net asset value (THB Million) 6,475.10 6,475.10 6,829.39 6,813.42 Closing price to NAV 1.51 1.51 1.93 1.76 Dividend yield to closing price at the end of the 4.54% 4.16% 5.80% 6.20% period (%) Market Capitalisation at the end of the period 9,796.97 9,796.97 13,186.20 11,968.19 (THB Million) Market Capitalisation at the end of the period 18.50 18.50 24.90 22.60 (THB per unit) Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 11

4th Quarter 2020 The Fund had total income of Baht 184.71 million, an increase of 23.93% when compared to the 3rd quarter but reduced 30.36% when compared to the same quarter the year before. This was because there was a better outlook on COVID-19 comparing to the 3rd quarter which the government sector had relaxed many measures allowing additional activities to be conducted. In the 3rd quarter, the Fund had expenses totaling Baht 92.53 million consisting of 4 main categories: 1) property management fee of Baht 19.38 million; 2) property management expenses of Baht 11.24 million which were mostly sales promotion expenses to attract and increase the number of customers and to boost the sales for the tenants as well as renovating the sales/rental areas; 3) fund management fees and expenses of Baht 3.87 million; and 4) expense on financial cost of Baht 58.04 million. Therefore, the Fund had profit from investment of Baht 92.18 million. Year 2021 In 2020, the spread of COVID-19 in Thailand started early in the year and on 18 March 2020, the government issued an order to close certain types of establishment that are: cinemas, fitness centers, Thai massage and spas and later on 22 March 2020 all department stores were ordered to be temporarily closed except for certain types of establishment such as restaurants (for take-home or delivery only), drug stores and stores selling for necessities of living. This incident was considered force majeure and had a widespread impact on business operators. After the Shopping centers were ordered to be closed, the tenants could not open their shops resulting in the Fund being unable to generate income from its assets as normally would. Moreover, during such period the retail business operators including the Fund came out with emergency measures to alleviate the impact by waiving rents and/ or reducing the rental amount mainly for the survival of the tenants so that they would be able to make adjustments and continue business with the Fund. When generating income from rental of retail space under such condition, the measures of the Fund included waiving rents for tenants who could not open their shops and reducing rental amount for tenants on a case-by-case basis by considering the necessities and appropriateness for the best interest of the tenants as the Fund has been regularly reporting to the unitholders via the website of the SET. From the aforementioned event, after the order for all shopping centers to be closed starting on 22 March 2020 and the government sector had gradually relaxed its measures which on 17 May 2020 it allowed Shopping centers to reopen for business but they would have to follow strict COVID-19 prevention measures up until now; resulting in a significantly reduced rental income of the Fund. In 2020, the Fund had income from rental and services of Baht 592.88 million representing a reduction of 43.68% from 2019 and when including interest income and other income the income, of the Fund would be Baht 596.20 million or a reduction of 43.90% from Baht 1,062.71 million in 2019. The total expense in 2020 was Baht 311.56 million, increased 60.05% from Baht 194.66 million in 2019. The reason the overall expense increased was because in 2020, the Fund realized the financial cost transaction of Baht 228.10 million which was applied in accordance with the new TFRS16 accounting standard on rental agreement which gradually realized the expense starting on 1 January 2020. Other expenses reduced when compared to 2020 namely: property management expense reduced 94.79%, property management fee reduced 32.44% and fund management expense reduced Annual Report 2020 12 Future Park Leasehold Property Fund : FUTUREPF

7.32%. The decrease of the property management expense was due to 2 main reasons: 1) saving from the marketing expense since the COVID-19 situation prevented the Fund from holding normal marketing activities; and 2) saving from property tax because the government issued measures to help operators who had been affected by the COVID-19 situation by granting a 90% reduction on property tax in 2020. The Fund had an increase in net operating assets in 2020 of Baht 133.77 million, a reduction of 82.60% from Baht 768.79 million in 2019 from the decrease of income and increase of expense due the aforesaid reasons. Moreover, the Fund had a loss transaction from change of fair value of investment in 2020 of Baht 150.87 million from Baht 6,776 million in 2019 to Baht 6,418 million in 2020 because the independent appraisers had reduced the expected income from the assets that the Fund invested in order to be in line with the current situation and the remaining lease period. For the performance in 2020, the Fund paid out a total of 4 dividend payments totaling Baht 0.77per unit. The rates of return from dividends when compared to the closing price as of the end of the 4th quarter of 2020, year 2020 and year 2019 were 4.54%, 4.16% and 5.80% per year respectively. Latest Auditor Opinion - Unqualified Opinion Total Expenses as Collected from the Fund For Period from 1 January 2020 to 31 December 2020 Expenses Charged Rate % of Net Investment Income Management Fee 0.14 % of average net asset value 3.25% Trustee Fee 0.03% of average net asset value 0.60% Registrar Fee 0.02% of average net asset value 0.56% Financial Advisor 0.00% of average net asset value (1) 0.00% Underwriting Fee 0.00% of average net asset value (1) 0.00% Property Management Fees 0.97% of average net asset value (1) 22.31% Professional Fee 0.02% of average net asset value (1) 0.46% Land and building tax expenses -0.38% of average net asset value (1) -8.71% Marketing and administrative expenses 0.34% of average net asset value (1) 7.82% Insurance expenses 0.11% of average net asset value (1) 2.43% Tax expenses from investments 0.00% of average net asset value (1) 0.01% Other Expenses for more than 0.01% of NAV 0.03% of average net asset value (1) 0.59% Pinance costs 3.48% of average net asset value (1) 80.14% Total Expenses 4.75% of average net asset value (1) 109.46% Remark: (1) Some expenses are not charged in average NAV percentage, so these expenses are only an estimate to calculate as NAV percentage. The average of NAV was THB 6,558,970,760, which was the average of NAV of each month by the number of days for the entire year. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 13

Risk Factors Investment in investment units contains risk, before making the investment decision, please be aware of the fact that the Fund and its operations are subject to the laws, regulations and business environment of Thailand which is different from other countries. Thus, before making the investment decision, investors should carefully consider the risks and investment factors that will be presented later including with the other factors specified in this document and in the prospectus of the Fund. The identified risks, in this section, are not all risks of funds or company as the present or that may occur in the future. Other risks whether they already know or not may have a significant negative effect on the fund or the value of the investment unit. 1) Risk From Land Lease Agreement being terminated prior to the expiry date The Fund has legally registered the lease right of the Future Park Rangsit Building under the Lease Agreement with total area of 56,822.26 square meters and rights to use parts of the common areas of the Future Park Rangsit Building to generate income from outside persons as per the Granting Rights for Area Use and Benefit Seeking Agreement of the Future Park Rangsit Building totaling 8,709.92 square meters. Therefore, the owner of the land must grant the lease rights to the Fund in accordance with the term of the leased registered. However, if the Land Lease Agreement between Rangsit Plaza Co., Ltd. and the owner of the land is terminated prior to the expiry date of the lease, the ownership of the buildings and structures on the land will be transferred to the owner of the land and Rangsit Plaza Co., Ltd. will lose all rights to the land. In this case the law states that the owner of the land who receives the transfer of rights to the assets on land shall also receive the transfer of rights and duty of the transferor to the tenants, Therefore, even though the lease on the land has ended prior the term of the lease of the Fund which results in the ownership of the building being transferred to the owner of the land, such lease shall not be cancelled. The owner of the land shall be legally responsible to honor the Fund’s lease agreements and rights to use and seek benefits from such properties for the full terms specified in the agreements. However, if the owner of the land disputes or denies such rights (in part or in full) which may lead to legal disputes or legal actions against the Fund and the Fund has not arranged for insurance to cover against cancellation of lease agreement from such person, the Fund’s operations and financial status may be affected. 2) Investment Value in Immovable Property Leasehold Rights Declining Proportionate to Remaining Lease Period The Fund’s Net Asset Value having regard to its investment in the immovable property leasehold rights may decline proportionate to the remaining lease period or due to the appraisal of the value of the leasehold rights, a change in the rental rates and/or the rental rates specific to the Future Park Rangsit buildings, or any other factor beyond the Fund’s control. Such change in the value of the leasehold rights may materially affect the Fund’s Net Asset Value and the value of the Investment Units. Annual Report 2020 14 Future Park Leasehold Property Fund : FUTUREPF

3) Property Manager’s conflicts of interest The fact that Rangsit Plaza Co., Ltd. is (a) the owner of the properties leased by the Fund or which the Fund is entitled to utilize, (b) a major unitholder of the Fund, and (c) the Property Manager whose main duty is to oversee the Fund’s interest regarding the management of the Future Park Rangsit Project, is a factor leading to a conflict of interest between the Fund and Rangsit Plaza Co., Ltd. Therefore, the Fund has arranged for the taking of measures to prevent the conflict of interests from arising as between Rangsit Plaza Co., Ltd. and the Fund. Where there exists a conflict of interests, Rangsit Plaza Co., Ltd. may take an action only upon approval of the Management Company or of the unitholders. 4) Loss of Anchor Tenants of the Future Park Rangsit Project The fact that Rangsit Plaza Co., Ltd. is (a) the owner of the properties leased by the Fund or which the Fund is entitled to utilize, (b) a major unitholder of the Fund, and (c) the Property Manager whose main duty is to oversee the Fund’s interest regarding the management of the Future Park Rangsit Project, is a factor leading to a conflict of interest between the Fund and Rangsit Plaza Co., Ltd. Therefore, the Fund has arranged for the taking of measures to prevent the conflict of interests from arising as between Rangsit Plaza Co., Ltd. and the Fund. Where there exists a conflict of interests, Rangsit Plaza Co., Ltd. may take an action only upon approval of the Management Company or of the unitholders.

Contact Information Management Company Name BBL Asset Management Company Limited Address 175 Sathorn City Tower, 7th, 21st and 26th Floor, South Sathorn Road, Thung Mahamek Sub-district, Sathorn District, Bangkok 10120 Corporate ID 0105535049700 Telephone no. 0-2674-6488 Fax no. 0-2679-5996 Website www.bblam.co.th Fund Trustee Name Krung Thai Bank Public Company Limited Address 35 Sakhumvit Road, Klong Toey Nua Sub-district,Wattana District, Bangkok 10110 Telephone no. 0-2298-0821 Fax no. 0-2298-0835 Website www.ktb.co.th Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 15

Part 2 : The Fund’s Operation 1. Fund’s Information 1.1 Name, Type, Fund Capital and Term of Fund Fund Name Future Park Leasehold Property Fund (“FUTUREPF”) Fund Type Closed-end Property fund Fund Capital THB 6,233,161,000 (Six billion, two hundred and thirty-three million, one hundred and sixty-one thousand baht.) Fund Capital for the THB 4,733,161,000 Initial Public Offering (Four billion, seven hundred and thirty-three million, one hundred and sixty-one thousand baht.) Fund Capital for the 1st THB 1,500,000,000* Capital Increase (One billion, five hundred million baht.) (*900 million baht from offering to the existing unitholders and 600 million baht from borrowing) Term of Fund No specific term 1.2 Name of Management Company and Fund Trustee Management Company BBL Asset Management Company Limited Fund Trustee Krung Thai Bank Public Company Limited Auditor PricewaterhouseCoopers ABAS Limited 2. Policy, Business Overview and How the Fund Seek Benefit 2.1 Visions, Objectives, Targets and Operating Strategies • Visions, Objectives and Targets The purposes of the Fund are to mobilize funds from the investors, natural persons of Thai andforeign nationals and local and overseas juristic persons which are used to purchase and/or take on lease immovable properties. The Fund will accept the transfer of ownership and/or lease rights and derive benefits from the immovable properties by letting out on lease or sublease, transferring and/or disposing of immovable property invested or acquired by the Fund, and by improving, changing, developing and/or disposing of the various properties invested or acquired by the Fund, whether by the granting of a lease and/or sale and/or by other means relevant and necessary to make use of the immovable properties in return for income and yields for the Fund and its unitholders, including to invest in other properties and/or securities and/or to acquire other fruits by any other means stipulated by the Securities Law and/or other relevant laws.

Annual Report 2020 16 Future Park Leasehold unitholders,Property Fund : FUTUREPF including to invest in other properties and/or securities and/or to acquire other fruits by any other means stipulated by the Securities Law and/or other relevant laws. 1) 1)Investment Investment from from the theinitial initial offering offering (as of(as 24 of November 24 Novembe 2006)r 2006) AsAs of of24 24 November November 2006, 2006 the ,Fund the Fundhas invested has invested in the inrights the rights to the to lease the leaseof Future of Future Park RangsitPark Rangsit Project which is a Project which is a completed commercial center builtcompleted on land commercialtitle deeds no. center 310 andbuilt 92118 on land with title deeds no. total310 landand 92118area of with108 totalrais, 1land ngan, area 67.5 of 108square rais, 1 ngan, 67.5 wahsquare (Pipatanasin wah (Pipatanasin Co., Ltd. Co., owns Ltd. the owns lands the and lands and has has entered into a land lease agreement with Rangsitentered Plaza into a Co., land Ltd. lease which agreement owns thewith buildings). Rangsit Plaza Co., Ltd. Thewhich Fund owns has investedthe buildings). in the lease The rights Fund for has parts in vested in the oflease the buildingsrights for where parts thereof the are build noti ngssubject where to there are not long-termsubject toleases long with-term up-front lease payments,s with up with-front total payments, with usable area of 52,573.09 square meters and rights tototal generate usable income area from of 52,573.09 the common square areas totalingmeters and rights to 48,190.51generate incomesquare frommeters the including common the areas exterior totaling 48,190.51 wallssquare of Future mete rsPark including Rangsit buildings.the exterior The walls income of Future Park generation shall be in the forms of rent, provision ofR service,angsit buildings.giving rights The to the income use of spacegeneration or other shall be in the formsforms for of generating rent, provision income. of The service, term of giving the lease rights to the use rightsof space to the or space other isforms 20 years for generatingfrom 24 November income. The term of 2006 to 31 December 2026. the lease rights to the space is 20 years from 24 November The Fund had initially invested and entered2006 tointo 31 a Decemberlease agreement 2026. with Rangsit Plaza Co., Ltd. covering 52,573.09 square meters of usable area and parts of Future Park RangsitThe Fund Project had thatinitially could invested generate and income entered of 7,582.79into a lease square agreement meters with(from Rangsit the total Plaza Co., Ltd. commoncovering area 52,573.09 of 48,190.51 square square meters meters of usable as areaper theand leaseparts rightsof Future agreement Park Rangsit with Project that Rangsit Plaza Co., Ltd. signed at the Land Department on 24 November 2006. The incomecould gengeneratingerate income area is of totaling 7,582.79 60,155.88 square square meters meters. (from the total common area of 48,190.51 2) Investmentsquare meters from as the per 1st the Capital lease Increaserights agreement (as of 26 withDecember Rangsit 2012) Plaza Co., Ltd. signed at the Land Department on 24 November 2006. The income generating area is totaling 60,155.88 The Management Company has capitalized funds (900 million baht from offering to thesquare existing meters. unitholders and 600 million baht from borrowing) to invest in the following 2)properties. Investment from the 1st Capital Increase (as of 26 December 2012) 2.1) The extension of the lease rights of the Future Park Rangsit Project with total Thearea Management of 53,065.66 Comp squareany metershas capitalized and rights tofunds the use(900 of millionparts of bahtthe common from offering to the existingareas unitholdersof 47,697.94 and square 600 metersmillion which baht includefrom borrowing8,276.88 square) to invest meters in ofthe following propincome-generatingerties. common area and rights to seek benefits for the exterior walls of the Future Park Rangsit Project buildings and other assets that are related 2.1)and The necessary extension for theof theuse lease of the rights buildings of the for Future generating Park income Rangsit for Project another with 15 total area of years53,065.66 (from 2027 square to 2041) meters and and rights to the use of parts of the common areas of 47,697.94 square meters which include 8,276.88 square meters of income-generating common area and rights to seek benefits for the exterior walls of the Future Park Rangsit Project buildings and other assets that are related and necessary for the use of the buildings for generating income for another 15 years (from 2027 to 2041) and

Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 17

2.2) The additional lease rights of the building of Future Park Rangsit Project that are not subject to long-lease agreements with up-front payments with Rangsit Plaza Co., Ltd. totaling 3,840.08 square meters for a period of 29 years from the signing date of related agreements to the year 2041. The following table shows the information on the Properties the Fund invested both the 1st Investment and the 1st Capital Increase. Lease Rights/ Initial Usable Additional After the 1st Common Area Lease Rights Investment Area Area Capital Increase (sqm) (sqm) (sqm) (sqm) Lease Rights-Building 52,573.09 53,065.66 3,840.08 56,905.74 Lease Rights-parts of the 48,190.51 47,697.94 992.27 48,690.21 common areas to generate income - Income Generating area 7,582.79 8,276.88 - 8,276.88 - Non-income Generating Area 40,607.72 39,421.06 992.27 40,413.33 Total Income Generating Area 60,155.88 61,342.54 3,840.08 65,182.62 Total Area 100,763.60 100,763.60 4,832.35 105,595.95 Term of the Lease/ Rights to the 24 Nov 2006 24 Nov 2006 Ends Ends Common Area Lease to 31 Dec 2026 to 31 Dec 2026 31 Dec 2041 31 Dec 2041 3) Current Project Details BBL Asset Management Co,. Ltd, (“BBLAM), as the Maangement Company of Future Park Leasehold Property Fund (the “Fund”), had been granted by the Unitholders’ Meeting no.1/2013 which was held on August 16,2013 to proceed in accordance with the conditions specified under the agreement of delivery of the areas for expansion of the project building and compensates the revenue for Rangsit Plazz Co., Ltd. (“Rangsit Plaza”) and authorized BBLAM to negotiate, prepare, enter into perform any action related to such agreement which the affected areas can be summarized. The amendment has been certified by the Fund Trustee and acknowledged by the Office of the SEC on 11 October 2019. Summary details of the area after returning from Rangsit Plaza as below; Annual Report 2020 18 Future Park Leasehold Property Fund : FUTUREPF

Lease Rights/ After the Areas Net areas Net areas Total Area Common Area Lease Rights 1st Capital before delivered returned (sqm.) Increase delivered to Rangsit from (sqm.) to Rangsit Plaza Rangsit Plaza (sqm.) Plaza (sqm.)* (sqm.) Lease Rights - Building 56,905.74 56,814.78 2,184.19 2,191.67 56,822.26 Lease Rights - parts of the 48,690.21 48,781.17 152.79 162.62 48,791.00 common areas to generate income - Income Generating Area 8,276.88 8,709.92 - - 8,709.92 - Non-income Generating Area 40,413.33 40,071.25 152.79 162.62 40,081.08 Total Income Generating Area 65,182.62 65,524.70 2,184.19 2,191.67 65,532.18 Total Area 105,595.95 105,595.95 2,336.98 2,354.29 105,613.26 Term of the Lease/ Term of Ends Ends Ends Ends Ends Rights to the Common Area 31 Dec 204131 Dec 204131 Dec 204131 Dec 204131 Dec 2041 Lease Remarks: *After the capital increased, in year 2015 the fund had renovated 3 zones of leasable areas in order to maintain high occupancy rate 4) Operating Strategy In managing the property fund, the Management Company’s main goals are to produce a consistent dividend for unitholders and to generate value appreciation for the units over the long term. The Fund’s income will be from rental revenue coming directly from tenants. Revenue is generated from various sources ranging from anchor tenants to small individuals. Most are on long term rental contracts of approximately 1-3 years. The Fund appoints an experienced property manager to administer work in accordance to work plans and strategies which are jointly established, details of which are summarized below. 4.1) Business Strategy for the Property Invested by the Fund The primary aim is to satisfactorily meet the demands of tenants and customers by offering a variety of products and services that customers can expect from an ideal comprehensive shopping location. Furthermore, this includes presenting marketing activities which are novel and trendy to generate an exciting ambience that draws in shoppers throughout the year. This simultaneously helps stimulate revenue for tenants as well. This property is ranked among Thailand’s most active commercial properties. Several marketing events generated so much popularity and media publicity that they have become an integral part of the property’s attractiveness. On-going feedback from tenants and customers are constantly maintained, including the establishment of Loyalty Programs through membership Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 19

cards, with an aim to improve all facets of operations. All of the above have helped the Fund maintain a high occupancy rate for the property and makes it possible to see an appreciation of the rental rates. Costs will also be managed effectively. 4.2) Strategy for Maintenance of the Property Invested by the Fund The aim is to ensure the property invested is kept in good condition and modernized. According to the long term management plan jointly discussed with the property manager, the property will undergo major refurbishing every 7-8 years. Meanwhile, each year, renovations will take place regularly on certain specific sections. The Fund sets aside a budget for future renovations to ensure that sufficient funding is available to carry out this work and the property is equipped to compete with existing and future competitors. 4.3) Strategy for Building Relationship with the Community and Authorities to Support Sustainable Growth The project’s long term success cannot be achieved without establishing a good relationship with the surrounding community. In our engagement with the educational institutions in the area, students are offered the opportunity to participate in a wide range of activities such as contests and exhibits to compete for prizes, recruitment of talent students to help in the project’s publicity work, or offering retail space to sell small items. Similar engagement takes place with the authorities in the community to foster relations, such as by jointly organizing major events namely the Thai Red Cross fair, OTOP fairs, etc. We also occasionally facilitate or provide floor space to government agencies or other institutions that request space temporarily to do publicity or perform a public service for the community without interfering normal business of the Fund. The property is regarded as a hub for those living in the area, the preferred location to do shopping and for relaxation. 2.2 Significant Changes and Key Developments • The outbreak of the Coronavirus Disease 2019 (COVID-19) has emerged and widely spreads in Thailand, in which the Government has imposed various measures to prevent and control the spread of COVID-19 and ordered to temporarily close the Shopping Center which was large impacted to the shopping center operators included the Fund. with this situation, the rental area’s management of the Fund were directly impacted by the limitation of the measures imposed by the Government as follows; Annual Report 2020 20 Future Park Leasehold Property Fund : FUTUREPF

Order/Measures Details On March 18, 2020 : Ordered to temporary closure some shops such as the Movie theater, Fitness centers, Thai Massage and SPA. On March 22, 2020 : Ordered to close the shopping center but allow the supermarkets, pharmacies, restaurants and goods for daily necessities of living to open. For the commercial banks, securities business, and mobile phone network service centers allow to open from April 1, 2020 onwards. Relaxed Measures : Allow to open the shopping center but not allow the Movie theater, (Phase-II) allow to open Fitness centers, Beauty (with limitation of services), Educational institutions, the shopping from May Thai Massage & SPA and Game machine to open and limited the time 17, 2020 onwards, service to 8.00 p.m. Relaxed Measures : Allow to open the shopping center but not allow the Educational (Phase-III) allow to open institutions, Thai Massage & SPA (with limitation of services) and Game more risky activities machine to open, and extended the time service to 9.00 p.m. shops from Jun 1, 2020 onwards, Relaxed Measures : Allow to open the shopping center (all shops) from Jun 15, 2020 onwards (Phase–IV-V) and extended the time service to 10.00 p.m. from July 1, 2020 onwards • Adoption of financial reporting standards relating to leases (TFRS 16) whereby the Fund recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of TAS 17- Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate as of 1 January 2020. • The Government issued the Land and Building Tax Act B.E. 2562 to replace the current property tax which was enforced since March 13, 2019 and start collecting tax payment from January 1, 2020 onwards. 2.3 Relationship with the Business Group of the Property Manager or Major Unitholders • The Fund is held by major unitholder - Rangsit Plaza Co., Ltd. which holds 33.33% of the total units outstanding as of the latest book closing date (December 31, 2020). Rangsit Plaza Co., Ltd. is also the property manager of the Fund. • At present, Rangsit Plaza Co., Ltd. does not own or manage any other shopping centers apart from the new project Zpell@Future Park which is located within the same compound as the original property held by the Fund. Zpell@Future Park opened for operation on 27 November 2015 onwards. However, the Rangsit Plaza Co., Ltd insisted to Unitholders in the unitholders meeting no.1/2015 on 16 August 2013 (to request resolution to connect the existing project with the new project and will provide revenue compensation to retail spaces which are impacted) that the new project will focus only the higher-end consumers which are differentiate than the targeted segment of the Fund. The Management Company views that the new project will strengthen the overall project by providing a wider range of products and services that eventually benefits the entire shopping complex. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 21

2.4 Fund Structure

2.5 Detail2.5 Detailss of Assets of Assets of the Fundof the Fund 2. 5.1 2.5.1Details Details of Investment of Investment as of asDecember of December 31, 20 2031, 2020 AssetsAssets FairFair valuevalue// Mark Marketet valu valuee %% ofof NAV NAV (Baht)(Baht) 1. Cash1. Cash and cash and equ cashivalent equivalent 243,941,616 3.77% 2. Investment2. Investment in securi in tisecuritieses Fixed Deposit 0 0.00% Fixed BOT Deposit Bonds 149,922,9650 2.32%0.00% BOT Total Bonds 149,922,965393,864,581 6.09%2.32% 3. Investment in properties Total Leasehold on buildings 11,344,527,636393,864,581 175.20%6.09% 4. Investment Total in properties 11,344,527,636 175.20%

Leasehold4. Other assetson buildings 11,344,527,636 175.20% Rental receivables, net 53,586,433 0.83% Total Other accounts receivable 11,344,527,636546,740 175.20%0.01% Other assets 6,749,368 0.10% 5. Other Total assets 60,882,541 0.94% RentalTotal assetsreceivables, net 11,799,274,75853,586,433 182.23%0.83% Other accounts receivable 546,740 0.01%

Other assets 6,749,368 0.10%

Total 60,882,541 0.94%

Total assets 11,799,274,758 182.23%

6. Liabilities

Annual Report 2020 22 Future Park Leasehold Property Fund : FUTUREPF

Assets Fair value/ Market value % of NAV (Baht) 5. Liabilities Other accounts payable (24,463,779) 0.00% Deposits received from customers (353,902,829) 0.05% Accrued expenses (6,657,155) 0.00% Lease liabilities (4,926,527,636) 0.76% Other liabilities (12,618,660) 0.00% Total liabilities (5,324,170,059) 0.82% Net assets 6,475,104,699 100.00% No. of units (Units) 529,566,100 Net asset value per unit (Baht) 12.2271 2.5.2 Details of Property Invested by the Fund as of December 31, 2020 The Fund has invested in the lease rights for parts of the buildings where there are not subject to long-term leases with up-front payments and rights to generate income from the common areas including the exterior walls of the Future Park Rangsit buildings. The income generation shall be in the forms of rent, provision of service, giving rights to the use of space or other forms for generating income. Project Location No. 94 Phaholyothin Road, Tambon Prachathipat, Amphur Thanyaburi, Pathum Thani Province. Characteristics of the A 25 year-old, five-storey (including one underground floor), reinforced Project concrete building with a seven-storey car parking building situated behind and outdoor parking areas that can accommodate around 8,000 cars (including temporary area for 1,000 car parking spaces). (Rangsit Plaza Co., Ltd. is the owner.) Land Area Land Title Deeds No. 310 and 92118 with total area of 106 rais and 9.5 square wahs (owned by Pipatanasin Co., Ltd. which has entered into a land lease agreement with Rangsit Plaza Co., Ltd.) The Fund has not invested in and has not sub-leased these pieces of land. Type of Use Shopping Center Property Manager Rangsit Plaza Co., Ltd. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 23

Project Area and Details Total Project Fund Area Fund Area Area (square meters) (square meters) 1. Areas within the commercial center are divided into: - Leasable areas 177,644.88 56,822.26 - Common areas 49,184.62 48,791.00 - Income generating area 9,811.93 8,709.92 - Non-income generating area 39,372.69 40,081.08 - Service areas 55,222.94 - 2. Indoors parking space (for parking 115,325.61 - of around 6,500 cars) 3. Outdoor parking space (for parking 101,890.99 - of around 1,500 cars) Total area 499,269.04 105,613.26 Total income generating area 187,456.81 65,532.18 Investment Date Initial Public Offering : November 24, 2006 1st Capital Increase : December 26, 2012 Lease Term Initial Offering : November 24, 2006 - December 31, 2026 1st Capital Increase : January 1, 2027 - December 31, 2041 Investment in Fee for the right to lease and use of space Baht 6,036,443,000 Properties Expenses for obtaining such rights Baht 42,695,493 Expenses for renovations of the Commercial buildings Baht 418,799,698 Total Baht 6,497,938,191 Latest Appraisal Value 6,418,000,000 Baht (as of December 31, 2020) from 15 Bissiness Advisory Limited, the objective is for public purpose by income approach method Link URL : https://investor.futurepark.co.th (Home / Investor Relation / Financial Information / Appraisal Report Property Income for 592,875,296 Baht 2020 Obligation None Remark : In term of seeking the benefits, the Fund has entered into long-term lease agreement with EGV Entertainment Public Company Limited, which has a total lease area of 4,540.68 square meters. 2.5.3 Details of Purchase and Lease of Immovable Properties for the period from 1 January 2020 to 31 December 2020 - None - Annual Report 2020 24 Future Park Leasehold Property Fund : FUTUREPF

2.5.4 Details of Sale or Leasehold Rights Transfer of Immovable Properties for the period from 1 January 2020 to 31 December 2020 - None - 2.6 Seeking of Benefits from Immovable Properties • Type of Tenant The Fund takes measures with a view to acquire benefits from its investment in leasehold rights in the Future Park Rangsit Building by leasing the areas thereunder to tenants for business purposes, including Cinemas, fitness centers, and shops in the business of food and beverage, fashion, health and beauty products, computers and mobile phones, furniture, educational institutions, and other services center. Most tenants have lease term around 1-3 year and pay rental deposits equal to 4-6 monthly rent. These rental deposits tend to increase as the rents are rising every year. The Fund has a policy to manage such deposits for the benefit of unitholders as well as consider liquidity and stability of the principal, if it is necessary to use such money. Hence, in most cases, the Fund will invest in government debt securities or short-term deposits with the period of investment not more than 1 year. Characteristics of tenants can be divided as follow; 1) Anchor tenants, excluding the tenant’s offices, are shops with an area of more than 800 square meters - Major Cineplex and Fitness First. 2) Retail tenants are shops with an area of less than 800 square meters, providing various goods and services such as entertainment, food and beverages, fashionable products, health and beauty, furniture, computers and mobile phones and so on. 3) Tenants in the common area include small shops (kiosk), tenants for marketing activities and promoting the goods and services, tenants to install automated money machines (ATMs), vending machines or automated machines such as coin-operated games etc. As of December 31, 2020, the Fund has anchor and retail tenants (excluding common area tenants i.e. kiosks, promotion area, ATMs and vending machines or game/ computers machines) totaling 467 tenants. Whereby the Anchor tenant means shops/establishments with areas of more than 800 square meters – during the period, there are 2 anchor tenants, accounting for 13% of total leasable area. • Property Manager The property manager of the Fund is Rangsit Plaza Co., Ltd., which is the professional manager in shopping complex business and one of real estate developer, of which Wanglee family hold the biggest share. The company has skills, experiences and reputation in domestic business over decades. The company was established on December 23, 1991 and began operating the shopping mall on March 17, 1995. The company managed Future Park Rangsit since its establishment, and throughout 25 years continuously developed the shopping complex towards tremendous success. This can be seen from the increase in Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 25

the number of visitors per day. As can be seen from the number of people who use the service each year, from 1996, the average number of people using the service was 57,800 people per day until 2019, the number of people who used the service had increased to 183,000 people per day and average occupancy rate was 97% of the total area. However, in 2020, there will be an epidemic of COVID-19 and the announced closure of the Future Park shopping center From 22 March to 16 May 2020 (Except some tenants who were allowed to operate in accordance with the announcement of Pathum Thani Province). The Company had managed the rental area and provided assistance to the shops in order to reduce the impact of the business operation under the epidemic situation of the disease. Therefore, it had an impact on the management of the leased property. By 2020, the average occupancy rate = 95% of the total area (counted by contracts). And the average number of people using the service was 129,000 people per day Currently the company team comprises 307 highly knowledgeable and experienced managers and staffs, who are determined to contribute to growth and integrity in the shopping complex business by working in accordance with globally-accepted standards. • Property Management Fee Fees and expenses of the property manager shall be payable to the property manager on a monthly basis according to the property management agreement between the Fund and the property manager. The details can be summarized as follows: 1. Fee for rental collection on behalf of the Fund at the rate not exceeding 3% of total net rental and service income. Net rental and service income means all income before any expense that the Fund received in accordance with the lease and lease rights including the income from promotion areas and kiosks and any other income or benefit related to the operations of the Fund less the rent discount but not including compensations and advance money such as the prorated property tax. 2. Leasing commission for procuring tenants and management of all tenants of the Fund upon entering into new lease agreements with new tenants or renewal of lease agreements in the shopping center is as follows: Detail Commission Rate 1. For extension of lease by existing tenants Not more than 0.5 month’s rental 2. For new leases by new tenants - For leases less than 1 year Not more than 0.5 month’s rental - For leases between 1 - 3 years Not more than 1 month’s rental - For leases more than 3 years Not more than 1.5 months’ rental 3. For daily - tenants Not more than 4.00% of the total rental Annual Report 2020 26 Future Park Leasehold Property Fund : FUTUREPF

3. Incentive fee is calculated at the rate not exceeding 2.35% of net property income. Net property income means net revenue from property deducted by property costs and expenses from procuring benefits from the properties. However, such expenses shall not include the Fund’s fees and expenses related to the property manager on rental collection fee in no.1. and property management fee in no.4. 4. Property management fee is calculated at the rate not exceeding 0.30% of net asset value of the Fund calculated as at the last business day of previous month. 5. Fees of property trading of the Fund at the rate of not more than 1.5% of the value of the property the Fund invests in and at the rate of not more than 0.75% of the value of the property sold by the Fund. Remark: the above fees are not included VAT, specific business tax or other similar taxes. • Expense sharing As shopping centre business, the property manager must plan a variety of marketing events and activities regularly throughout the year to attract several target groups of customers to constantly visit the shopping centre. The types of these marketing events are adjusted to conform to popular trends of the society or adapted to meet the constantly changing customer’s demands of the era. Events and activities that mutually benefit tenants of the Fund within the Future Park Building and the extension area tenants within the Zpell building area. If an event or activity is classified in this nature, both the Fund and Rangsit Plaza Company Limited will share the responsibilities of any occurred marketing expenses. Both parties will also share the rights to receive any occurred income (if any) from the marketing event and activity, divided by the income generating area - ratio used to gain benefits to both parties. The Fund Manager will coordinate with the Rangsit Plaza Company Limited to consider and compose the Annual Operation Plan which will cover marketing event plans in various occasions, targeted customer groups, tenants’ business types along to other related issues by the benefits of the Fund. In 2020, the events’ budget (after expense sharing) totaled 27.71 million Baht and the actual expenses were 19.14 million Baht. The activity was held to encourage customer’s spending, create a festive atmosphere in seasonal occasions, as well as promote sales for stores within the project and those who show interest in opening a shop within the project. • Information for the Guarantor of Revenue for the Fund - None - 2.7 Details of Fund Loan for the period from January 1, 2020 to December 31, 2020 - None - Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 27

3. Retail Market Overview 3.1 Retail Market Overview Overall, retail space in Bangkok and its vicinity in the first quarter of 2020 expanded at a rate of 1.1% or equivalent to an increase of 85,366 square meters of sales area, a slower rate than in the past years in 2020 i.e., Siam Premium Outlets of Siam Piwat Group and The Park, etc. In the fourth quarter of 2020, it is expected that there will be another 15,600 square meters of finished sales area. In 2021-2023, the retail space is projected to increase by approximately 13% (approximately 1,056,044 square meters). By 2021, retail space is expected to increase approximately 211,667 square meters (2.7% growth). Expected open Projects in 2021 such as Terminal 21, Harbor, The Mall Ramkhamhaeng which was closed for renovation, etc. Currently, the retail business in the shopping mall segment has 63% of market share, followed by superstore and community malls, 15% and 13% of market share, respectively, the retail space in the mix-use project has 6% of market share. And department store category has 3%. In terms of the competitive area, 49% of the retail business will be in the metropolitan area (27% are in the surrounding area of the city center and 24% are in the central area of Bangkok). The COVID-19 epidemic is inevitably accelerating the growth of e-commerce businesses. Entrepreneurs have changed the format and developed more online sales channels, either the Marketplace platform or the operator’s own. As a result of this adaptation, the expansion of retail space tends to decline. Source: - Bangkok Retail, Q3 CBRE (Thailand) Co., Ltd. 3.2 Marketing Policy and Competitions from Other Entrepreneurs • Marketing Policy Marketing Objective 1. Develop shopping centers as a place to create experiences and lifestyle of a group of people with the lifestyle. 2. To generate traffic of the targeted customers. 3. To promote sales and sale volume for the tenants. Operations 1. Make connections between stores and merchants to create a community so that more than a place to buy products and services by increasing the presence of channels with moving products and services through the channel Online and offline to seamless O2O. 2. Analysis and study of customer behavior in order to understand customer needs and be able to respond to customers and present the right team, customers and themselves according to the changing interests of customers. 3. Building customer relationships and between the store (B2B) and the store, as well as the development of personal relationships in order to combine innovative and diverse activities and Birth of business opportunities together. Annual Report 2020 28 Future Park Leasehold Property Fund : FUTUREPF

• Competitions from Other Entrepreneurs Within a 15 kilometers radius around Future Park Rangsit nowadays, there are still neither direct competitors, nor any other shopping centers with the same service scope and size. Major retailers in this area are mostly superstores such as Tesco Lotus, Big C, or specific stores and shopping mall like Zeer Rangsit which focuses on IT products, including community mall like Major Cineplex and Pure Place Rangsit etc. occupied by ThaiNevertheless, Melon Polyester the economic Co. which report opposite recently the indicatedRoyal Thai that Mint) there and are has likely trie dsome to negotiate new major with Departmentplayers of City who Planning have high to changepotential the to util developized zoning large formatretail projects from last in years.this area. As informati One is Centralon on end of DecemberPattana 2019 (Public Central Company expanded Limited) the land whoto more has 700 planned rai.to prepare to develop for develop ‘The this M’ proprojectject on Phahonyothin road (on the land formerly occupied by Thai Melon Polyester Co. which 3.3 Operationopposite the Royal Thai Mint) and has tried to negotiate with Department of City Planning to change the utilized zoning format from last years. As information on end of December • Area and2019 Occupancy Central expanded Rate the land to more 700 rai.to prepare for develop this project FUTUREPF3.3 Operation Portfolio Leasable Area 1 Occupancy Rate (%) 2 • Area and Occupancy Rate(Sq.m.) FY 2020 FY 2019 Anchor & RetailFUTUREPF Shop Portfolio 56,822Leasable Area 1 95 Occupancy Rate9 7(%) 2 Notes: 1. Leasable Area as of 31 Dec 2020. (Sq.m.) FY 2020 FY 2019 2. Average Occupancy Rate for 2019 and 2020. Anchor & Retail Shop 56,822 95 97 Notes: 1. Leasable Area as of 31 Dec 2020. 2. Average Occupancy Rate for 2019 and 2020.

• Traffic• Traffic Performance Performance

In 2020, the number of customer visiting Future Park was at an average of 129,000 In 2020, thecustomers number of per customer day, dropped visiting 29.5% Future YoY. Park Due was to at anan epidemicaverage of of 1COVID-19,29,000 customers the announced per day, droppedclosure 29.5% of YoY. the FutureDue to Parkan epidemic shopping of centerCOVID From-19, the22 Marchannounced to 16 closure May 2020. of the Future Park shopping center From 22 March to 16 May 2020.

• Renewals and New Leases

Renewals and New Leases 1 Growth in Rental Rates No. of Leases Area % of (%) (sq.m.) Total Area 2 FY 2020 275 18,907.69 33.28 0.12

2 Thai Tapioca Development Institute 30,803,328 5.82 3 Bangkok Bank Public Company Limited 27,970,000 5.28 4 Thongpoon Wanglee Foundation 17,000,000 3.21 5 Principal Property Income Fund 14,528,771 2.74 6 Social Security Office 12,085,800 2.28 7 Tananondzee Co., Ltd. 10,750,568 2.03 8 LH Financial Group Public Company Limited 9,973,100 1.88 30,803,328 5.82 9 Muang2 Thai Thai Tapioca Life AssuranceDevelopment Public Institute Company 8,990,085 1.69

Lim3 itedBangkok Bank Public Company Limited 27,970,000 5.28 6,420,700 1.21 10 K4 PropertyThongpoon Sector Wa Fundnglee Foundation 17,000,000 3.21 14,528,771 2.74 5 Principal Property Income Fund ร้อยละ 6 Social Security Office รายละเอียด 12,085,800 2.28 10,750,568 2.03 Restrictions7 of investmentTananondzee units Co., held Ltd. by foreign investors (%) 49.00 8 LH Financial Group Public Company Limited 9,973,100 1.88 Percentage of foreign investor holding (%) As of 31 December 2020 9 Muang Thai Life Assurance Public Company 8,990,085 1.69 Limited 0.46 - Foreign Institutions 10 K Property Sector Fund 6,420,700 1.21 - Foreign Investors 0.16 Annual Report ร้อยละ รายละเอียด 2020 Future Park Leasehold Property Fund : FUTUREPF 29 Restrictions of investment units held by foreign investors (%) 49.00 Lease Profile Percentage of foreign• Renewalsinvestor andholding New (%)Leases As of 31 December 2020 1 0.46 • Type- of LeaseForeign Institutions Renewals and New Leases Growth in Rental Rates No. of Area % of 0.16 - Foreign Investors Leases (sq.m.) Total Area 2 (%) FY 2020 275 18,907.69 33.28 0.12 Lease Profile Notes: 1. Retail & Anchor agreements (exclude common area agreements) 2. Percentage of total leasable area in 2020

• Type of Lease• Lease Profile Type of Lease

• Lease Term Fixed Rental Revenue Sharing Rental

Lease Term • Lease Term

Not more than 1Y Over 1Y but not mort than 3Y Over 3Y

Notes: 1. Retail & Anchor agreements (exclude common area agreements) Notes: 1. Retail & Anchor agreements (exclude common area agreements) Notes:2. Percentage 1. Retail2. Percentage &of Anchor total of rentalagreements total rental space space (exclude as as ofof 31common31 Dec. Dec. 2020 area 2020 agreements) 2. Percentage of total rental space as of 31 Dec. 2020

Annual Report 2020 30 Future Park Leasehold Property Fund : FUTUREPF

• Tenants by Business Group Tenants by Business Group Fitmess 5% Finance Other 7% 17% EGV 9%

Beauty Food 10% 17%

IT + Mobile 11% School 12% Fashion 12%

• Top 10 Tenants RentalNotes: by 1. RetailArea & Anchor Size agreements (exclude common area agreements) 2. Percentage of total rental space as of 31 Dec. 2020

• Top 10 Tenants Rental by Area Size Top 10 Tenants Rental by Area Size

> 1,000 sq.m. 300 - 1,000 sq.m. < 300 sq.m.

Notes: 1. Retail & Anchor agreements (exclude common area agreements) 2. Percentage of total rental space as of 31 Dec. 2020

• Tenants by Business Group

Notes: 1. Retail & Anchor agreements (exclude common area agreements) 2. Percentage of total rental space as of 31 Dec. 2020

Annual Report 2020 31 Future Park Leasehold Property Fund : FUTUREPF

• Lease Expiry Profile • Lease Expiry Profile

Notes: 1. Retail & Anchor agreements (exclude common area agreements) Notes:2. Percentage1. Retail of& totalAnchor rental ag spacereements as of(excl 31 udeDec. common 2020 area agreements) 2. Percentage of total rental space as of 31 Dec. 2020

4. The Risk Associated with Investing in the Fund Various important risks can be briefly summarized as follows: (Investors should carefully study all

risk factors in the prospectus of the Fund.) Area and Occupancy(1) Risk from Rate Land Lease Agreement being terminated prior to the expiry date

The Fund has legally registered the leaseRenewls right of and the NewFuture Leases Park 1Rangsit Building underIncrease the / (Decrease) in Lease Agreement with total area of 56,822.26 square meters and rights to use parts of the FUTUREPF Rental Rates commonPortfolio areas of the FutureNo. ofPark Leases Rangsit BuildingArea (tosq.m. generate.) income% of Total from aroutsideea2 persons (%) as per the Granting Rights for Area Use and Benefit Seeking Agreement of the Future Park RangsitFY20 Building18 totaling 8,709.92312 square meters.21, Therefore,762.56 the owner3 of8.20 the land must grant 3.65 the lease rights to the Fund in accordance with the term of the leased registered. However, if theFY201 Land 9Lease Agreement 302between Rangsit23 Plaza,842.49 Co., Ltd. and the41.96 owner of the land is 2.63 terminated prior to the expiry date of the lease, the ownership of the buildings and structures on the land will be transferred to the owner of the land and Rangsit Plaza Co., Ltd. will lose all rightsFY2 0to20 the land. In this case275 the law states18 that,907 the.69 owner of the 33land.28 who receives the 0.12 transfer of rights to the assets on land shall also receive the transfer of rights and duty of the transferor to the tenants, Therefore, even though the lease on the land has ended prior the term of the lease of the Fund which results in the ownership of the building being transferred Notes: 1. Retail & Anchor agreements (exclude common area agreements) to the owner2. Percentageof the land, of suchtotal rentleaseal spaceshall sanot of be 31 Dec.cancelled. The owner of the land shall be legally responsible to honor the Fund’s lease agreements and rights to use and seek benefits from such properties for the full terms specified in the agreements. However, if the owner of Key Financial Informationthe land disputes of the or deniesFund such rights (in part or in full) which may lead to legal disputes or legal actions against the Fund and the Fund has not arranged for insurance to cover against cancellation of lease agreement from such person, the Fund’s operations and financial status Key financialmay Information be affected. of the Fund Q4 2020 2020 2019 2018

Rental income (THB Million) 184.13 592.88 1,052.68 1,017.14

Annual Report 2020 32 Future Park Leasehold Property Fund : FUTUREPF

(2) Investment Value in Immovable Property Leasehold Rights Declining Proportionate to Remaining Lease Period The Fund’s Net Asset Value having regard to its investment in the immovable property leasehold rights may decline proportionate to the remaining lease period or due to the appraisal of the value of the leasehold rights, a change in the rental rates and/or the rental rates specific to the Future Park Rangsit buildings, or any other factor beyond the Fund’s control. Such change in the value of the leasehold rights may materially affect the Fund’s Net Asset Value and the value of the Investment Units. (3) Property Manager’s conflicts of interest The fact that Rangsit Plaza Co., Ltd. is (a) the owner of the properties leased by the Fund or which the Fund is entitled to utilize, (b) a major unitholder of the Fund, and (c) the Property Manager whose main duty is to oversee the Fund’s interest regarding the management of the Future Park Rangsit Project, is a factor leading to a conflict of interest between the Fund and Rangsit Plaza Co., Ltd. Therefore, the Fund has arranged for the taking of measures to prevent the conflict of interests from arising as between Rangsit Plaza Co., Ltd. and the Fund. Where there exists a conflict of interests, Rangsit Plaza Co., Ltd. may take an action only upon approval of the Management Company or of the unitholders. (4) Loss of Anchor Tenants of the Future Park Rangsit Project The Anchor Tenants who are attracting the consumers include the Robinson Department Store, the Central Department Store, and the Big C Supercenter with long-term lease agreements with Rangsit Plaza Co., Ltd. and combined leased areas of 52.65% of the total leasable areas of the Future Park Rangsit Project. If the Anchor Tenants should terminate their lease agreements prior to their expiries or should decide not to renew them upon expiry and if Rangsit Plaza Co., Ltd. as owner of the Future Park Rangsit Project Building were unable to procure new operators, the Fund’s operation, performance and financial condition could be materially affected. However, the lease agreements of the Anchor Tenants have the nature of a long-term lease agreement whereby a consideration is payable for leasehold rights. 5. Legal disputes - None – 6. Other Important Information Please consider details and summary of the agreements related to the assets the Fund invests in, risk factors and other information in the Fund Scheme. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 33

Part 3 : Management and Good Governance 7. Details of Investment Units 7.1 Investment Units 7.1.1 Details of Investment Units Amount of Fund Capital THB 6,233,161,000 (Six billion, two hundred and thirty-three million, one hundred and sixty-one thousand baht.) • Capital for the Initial Public Offering THB 4,733,161,000 (Four billion, seven hundred and thirty-three million, one hundred and sixty-one thousand baht.) • Capital for the 1st Capital Increase THB 1,500,000,000* (One billion, five hundred million baht.) (*900 million baht for offering to the existing unitholders and 600 million baht for borrowings) Par Value THB 10.0000 Number of Investment Units 529,566,100 units (Five hundred and twenty-nine million, five hundred and sixty-six thousand, one hundred units.) • Investment Units 473,316,100 units from the Initial Offering (four hundred and seventy-three million, three hundred and sixteen thousand, one hundred units.) • Investment Units 56,250,000 units from the 1st capital increase (Fifty-six million, two hundred and fifty thousand units.) Type of Investment Units Name registered Offering Price per Unit • Initial Offering Price THB 10.0000 per unit • The 1st capital increase Offering Price THB 16.0000 per unit Net Asset Value THB 12.2271 per unit (as at 31 December 2020) Annual Report 2020 34 Future Park Leasehold Property Fund : FUTUREPF

7.1.2 Price Summary For the year 2020 Local Board Foreign Board Closing price as of December 30, 2020 18.50 baht Maximum price of 2020 Fiscal Year 25.25 baht Minimum price of 2020 Fiscal Year 15.50 baht No trading on Foreign Market Capitalization as of December 30, 9,796.97 million baht Board 2020 Total Trading Volume 555.29 million baht Average trading volume per day 2.28 million baht NAV per Unit - As of December 31, 2019 12.8962 baht - As of December 31, 2020 12.2271 baht 7.1.3 Details of the Types of Units, for Cases Where the Fund Consists of Several Classes of Units - None - 7.1.4 Details of Capital Reduction - None - 7.1.5 Details of the Issuance of Debt Securities of the Fund - None - 7.2 Unitholder Information 7.2.1 Top 10 Major Unit holders As of December 30, 2020 No. Unitholders No. of Units % of Total Units Sold 1 Rangsit Plaza Company Limited 176,516,481 33.33 2 Thai Tapioca Development Institute 30,803,328 5.82 3 Bangkok Bank Public Company Limited 27,970,000 5.28 4 Thongpoon Wanglee Foundation 17,000,000 3.21 5 Principal Property Income Fund 14,528,771 2.74 6 Social Security Office 12,085,800 2.28 7 Tananondzee Co., Ltd. 10,750,568 2.03 8 LH Financial Group Public Company Limited 9,973,100 1.88 9 Muang Thai Life Assurance Public Company 8,990,085 1.69 Limited 10 K Property Sector Fund 6,420,700 1.21 Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 35

7.2.2 Major Unitholder (holding more than 10% including the same person or group of person) No. Unitholders No. of Units % of Total Units Sold 1 Rangsit Plaza Company Limited 176,516,481 33.33 7.2.3 Major Unitholders Who May Influence the Management Policy or Operating Policy of the Management Company - None - 7.3 Fund Returns 7.3.1 Dividend Payment Policy The Fund has the policy to pay dividend to unitholders at least twice a year. (1) If the Fund reports a net profit in any accounting period, the Management Company shall pay dividend to unitholders at the rate of no less than 90 percent of the net profit not including unrealized profit from appraisal or reviewed appraisal of real estate or leasehold rights to real estate for the said accounting period. (2) If the Fund reports retained earnings in any accounting period, the Management Company may also pay to unitholders dividend from the said retained earnings. Provided that dividend payment under (1) shall not increase the Fund’s accumulated loss for the accounting period when dividend is paid. Dividend payment under (1) and (2) by the Management Company shall be completed within 90 days of the end of the accounting period when dividend is paid. In the event that the Management Company is unable to make payment by the time specified above, the Management Company shall inform unitholders and the Office of the SEC in writing. In consideration of dividend payment, if the dividend per investment unit to be paid during a fiscal year period is lower than or equal to Baht 0.10, the Management Company reserves the right not to pay such dividend for that period whereby such dividend shall be carried forward for payment at the end of the fiscal year period. 7.3.2 Capital Reduction Policy (1) In case the Fund has an excessive liquidity from one or more of the following cases, the Management Company will pay such an surplus to unitholders by reducing the registered capital of the Fund (1.1) The Fund has an excess liquidity from the sale of properties or leasehold rights of properties (excluding profits). (1.2) The value of properties or leasehold rights of properties the Fund invests in is decreased from appraisal or appraisal review. Annual Report 2020 36 Future Park Leasehold Property Fund : FUTUREPF

(2) In capital reduction of the Fund, the Management Company will reduce the value of investment units as follows; (2.1) The Management Company reserves the right to use their discretion in capital reduction. (2.2) The Management Company shall conduct and average the cash distribution to unitholders listed in the registration book on the closing date. The said average cash distribution shall not be deducted from the retained earnings of the Fund. (2.3) The Management Company shall submit an application to register the capital reduction of the Fund to the Office of the SEC within 5 business days from the date the average cash distribution is returned to unitholders in the form as specified by the Office of the SEC. (2.4) The Management Company shall provide information regarding the all capital reduction of the Fund on the website of the Management Company and in the annual report of the Fund so that investors are able to verify information as required by the Office of the SEC. Additional condition For the conditions of “Capital reduction” above in the event that the SEC committee, the Office of the SEC and/or other agencies having legal authority have amended, appended, announced, scheduled, ordered, approved and/or waivered, the Management Company reserves the right to proceed in accordance with the order, approval and/or relaxation of the Office of the SEC and/or other agencies mentioned above. 7.3.3 Historical Dividend Payment No. Performance Period Dividend Book Payment Dividend Yield Rate (Baht/ Closing Date (Annualized) Unit) Date Compared with Par Value1 Market Value2 1 23 Nov 06 - 31 Dec 06 0.1030 28 Feb 07 12 Mar 07 9.64%3 9.79% 2 01 Jan 07 - 31 Mar 07 0.2400 30 May 07 12 Jun 07 3 01 Apr 07 - 30 Jun 07 0.2480 31 Aug 07 12 Sep 07 9.69% 9.94% 4 01 Jul 07 - 30 Sep 07 0.2400 30 Nov 07 12 Dec 07 5 01 Oct 07- 31 Dec 07 0.2410 29 Feb 08 17 Mar 08 Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 37

No. Performance Period Dividend Book Payment Dividend Yield Rate (Baht/ Closing Date (Annualized) Unit) Date Compared with Par Value1 Market Value2 6 01 Jan 08 - 31 Mar 08 0.2430 30 May 08 16 Jun 08 7 01 Apr 08 - 30 Jun 08 0.2580 29 Aug 08 15 Sep 08 10.21% 11.34% 8 01 Jul 08 - 30 Sep 08 0.2800 28 Nov 08 12 Dec 08 9 01 Oct 08 - 31 Dec 08 0.2400 27 Feb 09 12 Mar 09 10 01 Jan 09 - 31 Mar 09 0.2510 29 May 09 12 Jun 09 11 01 Apr 09 - 30 Jun 09 0.2500 31 Aug 09 14 Sep 09 10.21% 10.53% 12 01 Jul 09 - 30 Sep 09 0.2600 30 Nov 09 14 Dec 09 13 01 Oct 09 - 31 Dec 09 0.2600 26 Feb 10 12 Mar 10 14 01 Jan 10 - 31 Mar 10 0.2710 31 May 10 14 Jun 10 15 01 Apr 10 - 30 Jun 10 0.2720 31 Aug 10 13 Sep 10 11.15% 8.92% 16 01 Jul 10 - 30 Sep 10 0.2920 30 Nov 10 13 Dec 10 17 01 Oct 10 - 31 Dec 10 0.2800 28 Feb 11 14 Mar 11 18 01 Jan 11 - 31 Mar 11 0.2960 31 May 11 13 Jun 11 19 01 Apr 11 - 30 Jun 11 0.3000 31 Aug 11 12 Sep 11 10.36%4 7.51% 20 01 Jul 11 - 30 Sep 11 0.2800 30 Nov 11 13 Dec 11 21 01 Oct 11 - 31 Dec 11 0.1600 29 Feb 12 14 Mar 12 22 01 Jan 12 - 31 Mar 12 0.3910 31 May 12 15 Jun 12 23 01 Apr 12 - 30 Jun 12 0.3120 31 Aug 12 14 Sep 12 13.07%4 7.42% 24 01 Jul 12 - 30 Nov 12 0.5100 30 Nov 12 11 Dec 12 25 01 Dec 12 - 31 Dec 12 0.1000 28 Feb 13 15 Mar 13 26 01 Jan 13 - 31 Mar 13 0.2900 31 May 13 14 Jun 13 27 01 Apr 13 - 30 Jun 13 0.3010 30 Aug 13 13 Sep 13 11.12% 7.49% 28 01 Jul 13 - 30 Sep 13 0.3030 29 Nov 13 13 Dec 13 29 01 Oct 13 - 31 Dec 13 0.2890 28 Feb 14 14 Mar 14 30 01 Jan 14 - 31 Mar 14 0.3060 30 May 14 13 Jun 14 31 01 Apr 14 - 30 Jun 14 0.3060 29 Aug 14 12 Sep 14 11.73% 7.34% 32 01 Jul 14 - 30 Sep 14 0.3260 28 Nov 14 12 Dec 14 33 01 Oct 14 - 31 Dec 14 0.3100 27 Feb 15 13 Mar 15 Annual Report 2020 38 Future Park Leasehold Property Fund : FUTUREPF

No. Performance Period Dividend Book Payment Dividend Yield Rate (Baht/ Closing Date (Annualized) Unit) Date Compared with Par Value1 Market Value2 34 01 Jan 15 - 31 Mar 15 0.3160 29 May 15 12 Jun 15 35 01 Apr 15 – 30 Jun 15 0.3080 28 Aug 15 11 Sep 15 11.73% 6.24% 36 01 Jul 15 – 30 Sep 15 0.3020 27 Nov 15 14 Dec 15 37 01 Oct 15 - 31 Dec 15 0.3220 29 Feb 16 14 Mar 16 38 01 Jan 16 - 31 Mar 16 0.3220 27 May 16 10 Jun 16 39 01 Apr 16 – 30 Jun 16 0.3160 29 Aug 16 12 Sep 16 12.50% 5.76% 40 01 Jul 16 – 30 Sep 16 0.3410 28 Nov 16 13 Dec 16 41 01 Oct 16 - 31 Dec 16 0.3510 28 Feb 17 14 Mar 17 42 01 Jan 17 - 31 Mar 17 0.3580 29 May 17 12 Jun 17 43 01 Apr 17 – 30 Jun 17 0.3550 29 Aug 17 12 Sep 17 13.18% 6.52% 44 01 Jul 17 – 30 Sep 17 0.3520 28 Nov 17 12 Dec 17 45 01 Oct 17 - 31 Dec 17 0.3370 28 Feb 18 14 Mar 18 46 01 Jan 18 - 31 Mar 18 0.3470 28 May 18 11 Jun 18 47 01 Apr 18 – 30 Jun 18 0.3470 28 Aug 18 11 Sep 18 13.18% 6.20% 48 01 Jul 18 – 30 Sep 18 0.3510 28 Nov 18 13 Dec 18 49 01 Oct 18 - 31 Dec 18 0.3570 4 Mar 19 18 Mar 19 50 01 Jan 19 - 31 Mar 19 0.3580 29 May 19 12 Jun 19 51 01 Apr 19 – 30 Jun 19 0.3620 30 Aug 19 13 Sep 19 13.57% 5.80% 52 01 Jul 19 – 30 Sep 19 0.3624 29 Nov 19 13 Dec 19 53 01 Oct 19 - 31 Dec 19 0.3616 28 Feb 20 13 Mar 20 54 01 Jan 20 - 31 Mar 20 0.2000 29 May 20 15 Jun 20 55 01 Apr 20 – 30 Jun 20 0.1500 31 Aug 20 14 Sep 20 7.24% 4.16% 56 01 Jul 20 – 30 Sep 20 0.2100 30 Nov 20 14 Dec 20 57 01 Oct 20 - 31 Dec 20 0.2100 1 Mar 21 15 Mar 21 Total 16.6050 Notes: 1. Unit price used to calculate the dividend yield for the period from 24 November 2006 to 30 November 2012 is 10.00 baht per unit and from 1 December 2012 until the present is 10.64 baht per unit (number of investment units at the initial public offering are 473,316,100 units at a price of 10.00 Baht per unit and the capital increase in late 2012, with additional units of 56,250,000 units at a price of 16.00 Baht per unit, representing an average unit price of 10.64 Baht per unit). 2. Use the close price on the last trading day of the year (except for year 2006 use the close price as of December 7, 2006 which is the first trading date. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 39

3. Use actual days. 4. There was major flood during the fourth quarter of 2011 which made the shopping center close temporarily from October 19 until November 17, 2011. The Fund did not collect any rents from the affected tenants. The flood had ended on December 5, 2011 and the Fund had been paid compensation for such damage from the insurance company during Q1 2012. 7.3.4 Historical Capital Reduction - None - 8. Management Structure 8.1 Management Company 8.1.1 Name, Address, Corporate ID, Telephone, Fax Number and Website Name BBL Asset Management Company Limited th st th Address 175 Sathorn City Tower, 7 , 21 and 26 Floor, South Sathorn Road, Thung Mahamek Sub-district, Sathorn District, Bangkok 10120, Thailand. Corporate ID 0105535049700 Fax no. 0-2679-5996 Telephone no. 0-2674-6488 Website www.bblam.co.th Fax no. 0-2679-5996

Website www.bblam.co.th

8.1.2 Organization Chart, Shareholders, Board of Director, Management and Fund 8.1.2 OrganizationManager Chart, Shareholders, Board of Director, Management and Fund Manager

OrganizationOrganization Chart Chart

Shareholding Structure (as of 31 December 2019)

Shareholder No. of Share % of holding

1. Bangkok Bank Public Company Limited 749,996 75.00

2. Bangkok Life Assurance Public Company Limited 100,000 10.00

3. Asia Financial Holdings Limited 100,000 10.00

4. Bangkok Insurance Public Company Limited 50,000 5.00

5. Mrs. Cholada Sophonpanich 2 0.00

6. Mr. Choedchu Sophonpanich 1 0.00

7. Mrs. Voravan Tarapoom 1 0.00

Annual Report 2020 40 Future Park Leasehold Property Fund : FUTUREPF

Shareholding Structure (as of 31 December 2019) Shareholder No. of Share % of holding 1. Bangkok Bank Public Company Limited 749,996 75.00 2. Bangkok Life Assurance Public Company Limited 100,000 10.00 3. Asia Financial Holdings Limited 100,000 10.00 4. Bangkok Insurance Public Company Limited 50,000 5.00 5. Mrs. Cholada Sophonpanich 2 0.00 6. Mr. Choedchu Sophonpanich 1 0.00 7. Mrs. Voravan Tarapoom 1 0.00 Board of Committee Board of Directors Name Position 1. Mr. Stephen Tan Director 2. Mr. Narin Opamurathawong Director 3. Ms. Suyanee Puripanyawanich Director 4. Mr. Paisarn Lertkowit Director 5. Ms. Piyamart Kumsaikaew Director 6. Mr. Chone Sophonpanich Director 7. Mrs. Voravan Tarapoom Chairman of Executive Board 8. Mr. Peerapong Jirasevijinda Chief Executive Officer 9. Mr. Wasin Wattanaworakijkul Director Executive Board Name Position 1. Mrs. Voravan Tarapoom Chairman of Executive Board 2. Mr. Narin Opamuratawongse Director 3. Ms. Suyanee Puripanyawanich Director 4. Mr. Paisarn Lertkowit Director 5. Mr. Peerapong Jirasevijinda Chief Executive Officer 6. Mr. Wasin Wattanaworakijkul Director Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 41

Management Name Position 1. Mrs. Voravan Tarapoom Chief of Executive Board 2. Mr. Peerapong Jirasevijinda Chief Executive Officer 3. Mr. Wasin Wattanaworakijkul Managing Director, Head of Business Distribution 4. Mr. Winai Hirunpinyopard Managing Director, Head of Operation & System 5. Mr. Santi Thananiran Deputy Managing Director, Chief Investment Ofiice 6. Ms. Wipharat Setkit Deputy Managing Director, Head of Product Management 7. Mr. Sutee Khantaruangsaku Deputy Managing Director, Head of Compliance & Legal 8. Mrs. Ubolrat Busyakanistha Deputy Managing Director, Head of HR Strategy & Service Support 9. Mr. Pornchalit Ploykrachang Deputy Managing Director, Head of Real Estate & Infrastructure Investment 10. Mr. Peet Yongvanich Deputy Managing Director, Head of Risk Management 11. Ms. Sirima Prapapanich Assistant Managing Director, Head of Internal Audit Fund Managers Name Educational Work experiences related to Backgrounds Fund management. 1. Ms. Cholada - Master of Science in 2019-Present Vice President, Real Sitthigonsomanat Real Estate Business, Estate & Thammasat University Infrastructure - Master of Business Investment Administration, BBL Asset Srinakharinwirot Management Co., University Ltd. - Bachelor of Business 2014-2019 Assistant Vice Administration, President, University of the Thai Property Fund & Chamber of Commerce Infrastructure Fund Department Krungthai Asset Management PCL. Annual Report 2020 42 Future Park Leasehold Property Fund : FUTUREPF

8.1.3 Duties and Responsibilities of the Management Company and Fund Manager In managing the Fund, the Management Company and the Fund Manager have the duties and responsibilities for the operation and management of funds in accordance with the law on securities as well as the following duties and responsibilities: (1) Fund Management (1.1) Manage the Fund to be in accordance with the Fund Scheme approved by the Office of the SEC and the obligations between the Management Company and the Unitholders as well as strictly conduct its duties in accordance with the provisions in Section 125 and other related provisions of the Securities and Exchange Act B.E. 2535. (1.2) Prepare the obligation agreements between the Management Company and the Unitholders, the Trustee Appointment Contract and the prospectus with similar significant information as the draft obligation agreement, draft contract and draft prospectus that have been approved by the Office of the SEC. (1.3) Deliver, distribute and prepare an updated prospectus and details of the Fund Scheme as per the following criteria and methods: (a) Prior to the Initial Public Offering (IPO) of the Investment Units, the Management Company shall submit a prospectus to the Office of the SEC no less than 1 business day before the delivery or distribution of the prospectus to the public and send such document through the Mutual Fund Report and Prospectus (MRAP) system of the Office of the SEC. Should there be any amendment to such information, the Management Company shall promptly update the information and shall send the information through the abovementioned system. (b) In offering the Investment Units, the Management Company shall sufficiently distribute the significant information on the Investment Units and the Fund to the investors. For the information on the details of the Fund Scheme, the Management Company shall have available for the investors to study or for when they request for them, such information shall be kept up-to-date. (c) When the IPO period has ended, the Management Company shall have available the prospectus in the part of the Fund Scheme at the every office of the Management Company for the public to study and when requested, have copies of the prospectus available for the Unitholders to obtain. In the event that the Investment Units of the Fund are listed on the Stock Exchange of Thailand (SET), if there is an amendment to the Fund Scheme, the Management Company shall notify the SET within 10 business days from the date following the date it was approved by the Office of the SEC or the date of the resolution to amend the Fund Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 43

Scheme, as the case may be. This shall remain in effect until the dissolution of the Fund. (d) Prepare a subscription application which shall contain a warning with the wordings “Investment Units are not deposits and there is a risk that the Unitholders may receive money more than or less than their initial investments. Moreover, a property fund is a type of mutual fund that focuses on investing in properties which is a long-term investment, investors should consider the risks and returns of investing in such Investment Units.” (1.4) In the event that the Management Company intend to establish an investment unit distribution company in order to sell the Investment Units of the Fund, such company shall not be related to the owner, landlord, rights transferor and grantor of the rights to the immovable assets (properties) that the Fund will be investing in the manner that both parties are the same group of persons. (1.5) Use the Fund’s money to invest in properties or other assets including seeking other returns from the purchase, lease, sale, transfer of rights to lease, sale, transfer order and changes from the renovations/improvements of properties or other assets in accordance with the policies, objectives, criteria, conditions and methods specified in the Fund Scheme which shall also be in accordance with the conditions and criteria specified in the notifications of the SEC and the Office of the SEC. (1.6) In the event that a fact becomes known to the Management Company that any person or the same group of persons holds the investment units of any fund more than one/third of the total investment units sold, or in any other amount specified by the notification of the Office of the SEC, the Management Company shall proceed in accordance with the required procedures of the Office of the SEC. (1.7) Proceed to increase or reduce the capital of the Fund in accordance with the criteria and methods specified in the Fund Scheme and/or proceed in accordance with the notifications of the SEC or the Office of the SEC. (1.8) Allocate the profits of the Fund, to be paid as dividends to the Unitholders, in accordance with the criteria and methods specified in the Fund Scheme and in accordance with the requirements of the Office of the SEC. (1.9) Arrange for an appraisal of assets in accordance with the conditions and criteria of the Office of the SEC. (1.10) Arrange for the Fund’s insurance in accordance with the conditions and criteria of the Office of the SEC. Annual Report 2020 44 Future Park Leasehold Property Fund : FUTUREPF

(1.11) Arrange for an inspection of properties in accordance with the conditions and criteria of the Office of the SEC. (1.12) Submit various documents and information related to and necessary for the appraisal or review of the appraisal according to the request of the appraisal company including to facilitate the following persons: (1) The appraisal company or assigned persons of the appraisal company to inspect the properties that the Fund invested in order to appraise the values of the properties. (2) The Trustee or assigned persons of the Trustee to inspect the properties that the Fund invested as per the Trustee Appointment Contract. (1.13) Hold a Unitholders’ meeting in the event the Unitholders together holding no less than 10% of the total Investment Units sold, request for a Unitholders’ meeting. (1.14) Amend or make additions to the Fund Scheme or the fund management method as per the requirements, conditions and criteria specified in the Fund Scheme. (1.15) Conduct any juristic act in the name of the Fund which the Management Company has the legal rights/power to conduct. (1.16) Conduct other duties in order to reach the objective of the Fund and protect the interest of the Unitholders under the given duties and responsibilities of the Management Company. However, such conducts shall not be in violation of the securities act and/or other related laws. (1.17) Proceed to dissolve the Fund as specified in the Fund Scheme. (2) Payment and Receipt of Payment of the Fund Ensure that there are payments for various fees and receipt of fee payments and expenses and/or any other remuneration as specified in the Fund Scheme. (3) Appointment of Related Persons for the Management of the Fund (3.1) Set up an Investment Committee (if any) (3.2) Appoint persons, who have been approved by the Office of the SEC, to conduct the following duties: (1) Property Fund Manager, to make decisions to invest or sell properties or lease rights of properties. (2) Fund Manager, to make decisions to invest or sell properties as per the prospectus No. 4.2 in order to manage the liquidity of the Fund. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 45

The Management Company shall announce the list of Property Fund Managers of the Management Company in a public space of the office of the Management Company. (3.3) Appoint a Liquid Assets Manager which shall be approved by the Office of the SEC. (3.4) Appoint a Trustee of the Fund who possesses qualifications as per the notifications of the Office of the SEC on the qualifications of a property fund trustee as well as switch Trustees and appoint other Trustees as per the conditions on switching trustees specified in the Fund Scheme, such trustees shall be approved by the Office of the SEC. (3.5) Appoint a Registrar of the Investment Units as well as switch Registrars and appoint other Registrars who possess qualifications required by the Office of the SEC and notify the appointment to the Office of the SEC for acknowledgement. (3.6) Appoint an Appraisal Company, such Appraisal Company shall be on the list approved by the Office of the SEC. (3.7) Appoint a Property Manager (if any), such Property Manager shall possess qualifications and does not possess prohibited characteristics as per the notifications of the Office of the SEC. (3.8) Appoint an Advisor (if any) to be the Advisor of the Management Company and/or the Fund. (3.9) Appoint an Auditor of the Fund, such Auditor shall possess qualifications and does not possess prohibited characteristics as per the notifications of the Office of the SEC on criteria for approving auditors as well as the switching of auditors of mutual funds and appointing other auditors with full qualifications as required by the Office of the SEC and notify such appointment to the Office of the SEC for acknowledgement. (3.10) Appoint a Liquidator to gather and distribute properties to the Unitholders and conduct other duties necessary to complete the liquidation process upon dissolution of the Fund. (3.11) Appoint other persons to conduct various duties related to the Fund such as construction supervisor, various experts, estimators, building inspectors, building maintenance officers, contractors etc. (4) Other Proceedings (4.1) Submit an application to register the assets, acquired from the sale of Investment Units of the Fund Scheme, as a fund to the Office of the SEC within 15 business days from the day following the IPO closing date. Annual Report 2020 46 Future Park Leasehold Property Fund : FUTUREPF

(4.2) Submit an application to the Stock Exchange of Thailand (SET) to consider listing the Investment Units of the Fund within 60 days from the date of registration of the Fund. (4.3) Obtain a substitute document on the proof of acceptance of the registration of the Fund’s assets as a fund from the Office of the SEC in the event that the original document is lost or damaged. Such document shall be obtained by paying the fees at the rate determined by the Office of the SEC. (4.4) Separate the assets of the Fund from the assets of the Management Company and transfer such assets to be under the supervision of the Trustee and/or the Thailand Securities Depository Company Limited (TSD). (4.5) Ensure that there is a Unitholder Register Book of the Fund as per the criteria and methods specified by the Office of the SEC and there is maintenance of such Register Book. (4.6) Correctly prepare the Fund’s investment account and prepare the Fund’s investment report for the Trustee to acknowledge in accordance with the criteria and methods specified by the Office of the SEC. (4.7) Calculate the values of the assets, the NAV and value of the Investment Units in accordance with the notification on criteria, conditions and methods for the establishment and management of a property fund or other criteria and methods specified by the Office of the SEC. (4.8) Notify the Unitholders for acknowledgement in the event of any incident or change occurring after the date of calculation of the assets, the NAV and value of the Investment Units as per No. (4.7) above mentioned which has material effect on the assets of the Fund. (4.9) Prepare the financial statements of the Fund to be in accordance with Thai Financial Reporting Standards and submit such financial statements to the SET as well as submitting the Certification of Financial Statements and the Summary of the Auditor’s Report to the Office of the SEC together with the financial statements. (4.10) to submit to the Unitholders, the Office of the SEC and the SET the Annual Report with information as specified in the Securities Law within 4 months from the last day of the accounting period of the Fund. (4.11) to submit to the Office of the SEC and the SET the Annual Registration Statement (form 56-REIT1) with information as specified in the related notifications within 3 months from the last day of the accounting period of the Fund. (4.12) in case income or net profit in the financial statement of any period is different from the financial statement of the same period of the previous year more Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 47

than 20%, the Management Company shall disclose to the SET the reason for the change and the financial statement together with the Interim Management Discussion and Analysis showing at least the causes and factors that make the difference including the effect of such factors and also submit to the Office of the SEC together with the financial statement. (4.13) in case the Fund has invested in the core asset which is greenfield project, the Management Company shall submit to the Office of the SEC and the SET the progress report every 6 months since the investment in the such asset within 30 days from the last date of the 6 month period or within any other period of time stated by the Securities Law. (4.14) to submit to the Office of the SEC and the SET without delay a report together with the reason of any circumstance which may materially affect the rights of the Unitholders or the decision to invest or changes to the price of the Investment Units according to the relevant notifications. (4.15) Promptly submit a copy of the appraisal report and the report on the review of the appraisal together with copies of the related documents and submit such documents to the Office of the SEC within 15 days from the date of receipt of the appraisal report. (4.16) Promptly submit the following documents to the Trustee when there is an investment or sale of properties or lease rights: (1) Documents showing the lease rights or rights to the possession of properties and contract on the sale, lease, lease rights transfer or grant of lease rights, as the case may be. (2) Written contract showing the sale of the properties or the lease rights. The Management Company shall submit a notification letter on the possession of the properties to the Trustee within 5 business days from the day the Fund took possession of the properties. (4.17) Submit the following copies of contracts to the Trustee: (1) Appraisal Company Appointment Contract, within 5 business days from the date of contract signing or from the date of appointment of the Trustee, in the case of the appointment of the Appraisal Company before the appointment of the Trustee, as the case may be. (2) Appraisal Company Appointment Contract (if any) and Advisor Appointment Contract (if any) within 5 business days from the date of the contract. (4.18) Gather, monitor, proceed to instruct persons with various duties as per the appointment contracts such as the Property Manager, Advisor and construction Annual Report 2020 48 Future Park Leasehold Property Fund : FUTUREPF

supervisor; prepare, deliver and produce various reports and/or conduct other tasks as specified in the appointment contracts and/or as requested by the Investment Committee and/or the Unitholders and/or authorities. (4.19) Submit the factsheet related to the investment or sale of properties or lease rights of the Fund to the Unitholders and the Office of the SEC within 15 days from the date of such investment or sale of properties or lease rights as well as have available such information at the public space in every office and head office of the Trustee within 15 days from the date of such investment or sale of properties or lease rights in order for the investors to study. Such factsheet shall contain the required information as specified by the Office of the SEC. When the Investment Units of the Fund have been approved as listed securities on the SET, the Management Company shall submit the factsheet as per the above paragraph to the SET instead of sending to the Unitholders, within the following business day from the date of purchase, lease, sale or transfer of the rights to the properties of the Fund or within other period of time specified by the SET. (4.20) Sell/ distribute/ pay/ transfer part of or all of the assets of the Fund, as deemed appropriate. (4.21) Conduct other duties as specified by law as the duties of the Management Company. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 49

8.1.4 Number of Employees Involving in Fund Management Work Experiences Related to Fund Name Educational Backgrounds Management. 1. Ms. Cholada - Master of Science in Real 2019-Present Vice President, Sitthigonsomanat Estate Business, Real Estate & Thammasat University Infrastructure Investment - Master of Business BBL Asset Management Administration, Co., Ltd. Srinakharinwirot University 2014-2019 Assistant Vice President, - Bachelor of Business Property Fund & Administration, Infrastructure Department University of the Thai Krungthai Asset Chamber of Commerce Management PCL. 2. Ms. Lalitphan - Master of Business 2014-Present Manager, Hlongwet Administration, Real Estate & Ramkhamhaeng University Infrastructure Investment - Bachelor of Political BBL Asset Management Science, Co., Ltd. Ramkhamhaeng University 3. Mr. Chukiet - Bachelor of Accounting 2019-Present Assistant Managing Viriyakorkitkul University of the Thai Director,Operation Chamber of Commerce &Trustee BBL Asset Management Co.,Ltd. 2008-2018 Senior Vice President, Operation &System BBL Asset Management Co.,Ltd. 4. Mr. Apichart - Master of Accounting 2013-Present Assistant Vice Torung Program Thammasat President,Operation & University Trustee - Bachelor of Accounting BBL Asset Management Rajamangala University of Co., Ltd. Technology Rattanakosin 2012-2013 Senior Officer Fund Borpitpimuk Chakkrawat Accounting and Operation Campus SCB Asset Management Co., Ltd 8.1.5 Approach and condition for changing the Management Company The Fund may change the Management Company when any of the following events occur and/or it is approved by the SEC. (1) When the Unitholders of the Fund pass a resolution of the Unitholders more than half of the total number of investment units and the Fund has to inform the Management Company not less than 90 days in advance except the Fund’s consent Annual Report 2020 50 Future Park Leasehold Property Fund : FUTUREPF

to shorten the aforementioned notice period. If the reason for changing the Management Company is not caused by a direct fault or serious negligence from the Management Company, the Fund must compensate the management fees at the rate specified in the Fund Scheme to the Management Company. According to the amount calculated from the remaining period before completion of 5 years by using the net asset value of the most recent month as a basis for calculation. Example: If the Unitholder has a resolution to change the Management Company Once the Fund has been administered for • 1 year: The Management Company has the right to receive compensation with the total amount of 4-year management fee. • 2 years: The Management Company has the right to receive compensation with the total amount of 3-year management fee. • 3 years: The Management Company has the right to receive compensation with the total amount of 2-year management fee. • 4 years: The Management Company has the right to receive compensation with the total amount of 1-year management fee. • 5 years: the Fund does not have to pay compensation to the Management Company. (2) In the event that there is a change in the management policies in the Fund Scheme in accordance with the resolution of the Unitholders’ meeting or an amendment of SEC or other laws related and such change will result in the Management Company not being able to proceed in accordance with the announcement, order, regulation and regulation. In addition, if such change will provide the Management Company with the additional responsibilities and the Management Company does not intend to continue to perform their duties, the Management Company will reserves the right to discharge their duties. In this regard, the Management Company must notify the Unitholders in advance in writing that the Management Company does not desire to continue their duties. The meeting of the Unitholders must find a new management company, which has all qualifications required by the securities law and been approved by the SEC to manage the Fund as specified in the Fund Scheme within 90 days of receiving notification from the Management Company (3) In the event that there is a change in the policies, operations, the Fund’s management or changes in the structure of the Unitholders or change in any other cases, resulting in the management company not desire to perform duties. The Management Company reserves the right to discharge their responsibilities for the Fund’s management and the Management Company must notify the Unitholders in advance in writing for their resignation. The Unitholders’ meeting must seek a new management company, which is fully qualified according to the securities laws and has been approved by SEC as specified in the Fund within a period not exceeding 90 days after being notified by the Management Company. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 51

(4) In case the Management Company is revoked the fund management license, resulting in inability in fund management of the Management Company. In the event that the aforementioned incidences occur before the Management Company had managed the Fund for 5 years from the date of the Fund’s registration. The Fund does not have to compensate management fees for the Management Company. However, the Management Company is still eligible to receive such management fees at the rate specified in the Fund Scheme up to the last day of duties of the Management Company. For changing management company, if the such change is required the approval from SEC, the Management Company will continue to perform its duties until a new management company is appointed. However, in the event that the Management Company notifies their resignation under Clause (2) or Clause (3) above and complete all necessary conditions, but the Fund and/or Unitholders and/or the Investment Committee are unable to procure any other management companies to take the duties within 90 days from the date the Management Company notifies. The Management Company reserves the right to dissolve the Fund, assuming that such dissolution has been agreed by all unitholders. 8.2 Property Manager 8.2.1 Name, Address, Telephone and Fax Number Company Name Rangsit Plaza Co., Ltd. Address 94 Future Park Rangsit 3rd Floor, Phaholyothin Road, Pachathipat Sub-district, Thanyaburi District, Pathum Thani 12130 Telephone no. 0-2958-0011 Fax no. 0-2958-0077

คณะกรรมการบริษัท

คณะกรรมการบริหาร

กรรมการผูจัดการรวม

สายการตลาดและพัฒนาธุรกิจ สายบริหารทรัพยสิน สายบริหารทั่วไป

รองกรรมการผูจัดการ รองกรรมการผูจัดการ รองกรรมการผูจัดการ (สายการตลาดและพัฒนาธุรกิจ) (สายบริหารทรัพยสิน) (สายบริหารทั่วไป)

Annualผูอำนวยการ Report ผูอำนวยการ ผูอำนวยการ ผูอำนวยการดาน ผูอำนวยการดาน ผูอำนวยการดาน ผูอำนวยการดาน ผูอำนวยการดาน ดานพัฒนาธุรกิจ ดานการขาย ดานการตลาด วิศวกรรม บริการอาคารและ บัญชี การเงินและ สารสนเทศ ทรัพยากรบุคคลและ 2020 ระบบอาคาร สถานที่ กฎหมาย และพัฒนาองคกร บริหารสำนักงาน 52 Future Park Leasehold Property Fund : FUTUREPF

8.2.2 Executive Management Structure, Board of Director and Management Team • Executive Management Structure

Board of Director

Executive Board

Co-Managing Director (MD)

Marketing & Business Development Property Management General Management

Deputy Managing Director Deputy Managing Director Deputy Managing Director (Marketing & Business Development) (Property Management) (General Management)

Vice President- Vice President- Vice President- Vice President-Information Vice President-Human Vice President- Vice President- Vice President- Business Maintenance Accounting Technology & Organization Resource & Sales Marketing Property Management Development Engineering Finance & Legal Development Administration

• Shareholding Structure (as of 30 December 2020) Name No. of Share % of Holding 1. Phiphatanasin Co., Ltd. 6,400,583.00 11.88% 2. Sahaphitaksin Co., Ltd. 5,522,926.00 10.25% 3. Mr.Suchin Wanglee 4,365,338.00 8.10% 4. Rangsit Ruam Patana Co., Ltd. 4,081,000.00 7.57% 5. Seacon Development Co., Ltd. 3,906,952.00 7.25% 6. Robinson Public Co., Ltd. 3,536,466.00 6.56% 7. Sathorn Nakorn Tower Co., Ltd. 2,741,712.00 5.09% 8. Lake Ratchada Co., Ltd. 2,694,450.00 5.00% 9. Mr.Sukij Wanglee 2,490,827.00 4.62% 10. Poon Phol Co., Ltd. 1,616,670.00 3.00% 11. Other Shareholders 16,532,076.00 30.68% Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 53

• Board of Director Name Position 1. Mr.Suchin Wanglee Chairman 2. Mr.Sukij Wanglee Director 3. Mr.Danaithanit Bisalputra Director 4. Mr.Thamrongrat Bisalputra Director 5. Mr.Saran Wanglee Director 6. Mr.Ronnayuth Sirichotikul Director 7. Ms.Jittinan Wanglee Director 8. Mr.Kaet Wanglee Director • Executive Committee Name Position 1. Mr.Ronnayuth Sirichotikul Chairman of Executive Committee 2. Mr.Kaet Wanglee Director 3. Mr.Thamrongrat Bisalputra Director 4. Dr.Saran Wanglee Director Management Team Name Educational Backgrounds Work Experiences 1. Ms. Jittinan Wanglee - Master of Business 2019 – Present Co-Managing Director-Business Administration, Babson Group, College University Rangsit Plaza Co., Ltd. - Bachelor of Accountancy, 2005 – 2018 Executive Vice President of Sales Chulalongkorn University & Marketing (EVP), Rangsit Plaza Co., Ltd. 2004 – 2005 Vice President - Sales, Rangsit Plaza Co., Ltd. 2. Mr. Suchai - Master of Development 2019 – Present Co-Managing Director-General Wat-aphaiyakul Economics, National Management Group, Institute of Development Rangsit Plaza Co., Ltd. Administration 2012 – 2018 Senior Vice President of Finance - Bachelor of Accountancy, & Operation (SVP), University of the Thai Rangsit Plaza Co., Ltd. Chamber of Commerce 2001 – 2012 Vice President – Accounting Finance and Legal, Rangsit Plaza Co., Ltd. Annual Report 2020 54 Future Park Leasehold Property Fund : FUTUREPF

Name Educational Backgrounds Work Experiences 3. Mrs. Nattarin - Master of Business 2020 - Present Deputy Managing Director- Payoongwong Administration, Chianmai Marketing & Business University Development, - Master of Development Rangsit Plaza Co., Ltd. Studies, Ohio University 2016 - 2020 Senior Vice President Leasing, - Bachelor of Communication The Platinum Group Public Arts, Payap University Company Limited 2015 - 2016 Assistance Vice President- Regional Leasing, Central Pattana Pulic Company Limited 2013 - 2014 Vice President Sales & Marketing Department, Siam Future Development Public Company Limited 4. Phinyakanit - Master of Development 2019 - Present Vice President-Business Sukphunpholcharoen Economics, National Development, Institute of Development Rangsit Plaza Co., Ltd. Administration (NIDA) 2018 - 2019 Business Director, - Bachelor of Business Movefast Co., Ltd. Adminstration, 2017 - 2018 General Manager, Central Ramkhamhaeng University Marketing Group (CMG) 2015 - 2017 Marketing & Sales Director, MS North Star Logistics (Thailand) Co., Ltd. 5. Mr. Montri Thitiwiwatkul - Bachelor of Business 2019 – Present Vice President - Sale, Administration, Payap Rangsit Plaza Co., Ltd. University 2013 – 2018 Assistant Vice President - Sale, Rangsit Plaza Co., Ltd. 2009 – 2013 Sales Manager, Rangsit Plaza Co., Ltd. 6. Mr. Sornchai - Bachelor of Engineer, 2019 – Present Vice President – Maintenance Intaravichai Southeast Asia University Engineering, Rangsit Plaza Co., Ltd. 2018 – 2019 General Manager, Golden Land Property Development PCL. 2005 - 2018 General Manager, Central Pattana Public Company Limited Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 55

Name Educational Backgrounds Work Experiences 7. Mr. Chairoj - Master of Economics, 2018 – Present Vice President Liengkajornkiat Thammasat University Accounting Finance & Legal, - Bachelor of Accounting, Rangsit Plaza Co., Ltd. Thammasat University 2015 – 2017 Vice President – Accounting Finance & Legal, Rangsit Plaza Co., Ltd. 2010 – 2015 Accounting and Finance Director, Vejthani PCL. 2008 – 2010 Finance Manager, Toshiba Thailand Co., Ltd. 8. Mr. Werachai - Master of Science, 2005 – Present Vice President - IT, Srikasiphan University of the Thai Rangsit Plaza Co., Ltd. Chamber of Commerce 2003 – 2005 MIS Manager, - Bachelor of Science, Siam Food Products PCL. Ramkhamhaeng University 9. Ms.Korarat Pipatpol - Doctor of Education, 2020 - Present Vice President-Human Resources Silpakorn University & Administration, - Master of Social Sciences Rangsit Plaza Co., Ltd. and Humanities, Mahidol 2019 – 2020 Deputy Department Manager, University JSR BST Elastome Co., Ltd. - Bachelor of Liberal Arts, 2018 – 2020 Senior Consultant/Deputy Thammasat University Manageng Director, Alternative Progress Co., Ltd. 2017 – 2018 Vice President-Human Resources & Administration, Rangsit Plaza Co., Ltd. 8.2.3 Roles and Responsibilities of the Property manager 1. Receives compensation from the Fund for the duty as the manager of the property as outlined by the property management appointment contract established between the Management Company and the Property manager. 2. Maintain and manage the property of the Fund to ensure good condition. 3. Generate commercial benefits for the property of the Fund, such as seeking tenants for the project. 4. Any other responsibilities as stated in the property management appointment contract or the announcements issued by the committees of the Securities and Exchange Commission or the SEC Office. Annual Report 2020 56 Future Park Leasehold Property Fund : FUTUREPF

8.3 Fund Trustee 8.3.1 Name, Address and Telephone Number Name Krung Thai Bank Public Company Limited Address 35 Sukhumvit Road, Klong Toey Nua Sub-district, Wattana District, Bangkok 10110 Telephone no. 0-2298-0821 Fax no. 0-2298-0835 8.3.2 Shareholder Structure (as at 24 June 2020) Name No. of Share % of Holding 1. Financial Institution Development Fund 7,696,248,833 55.05% 2. Thai NVDR Co., Ltd. 834,923,603 5.97% 3. State Street Europe Limited 362,902,099 2.60% 4. Saving Cooperative of EGAT 326,090,300 2.33% 5. Vayupak Fund 1 by MFC Asset Management Plc. 308,501,753 2.21% 6. Vayupak Fund 1 by Krungthai Asset Management Plc. 308,501,752 2.21% 7. South East Asia UK (Type C) Nominees Limited 203,102,782 1.45% 8. Government Saving Bank 197,862,800 1.42% 9. The Bank of New York Mellon 113,264,822 0.81% 10. BNY Mellon Nominees Limited 99,837,181 0.71% 11. Other Shareholders 3,530,325,325 25.25% 8.3.3 Duties and Responsibilities of the Fund Trustee The Trustee has the following main duties and responsibilities: (1) Receive remuneration as the Trustee at the rate specified in the Appointment Contract signed with the Management Company. (2) Ensure that the Management Company strictly conducts its duties in accordance with the provisions in Section 125 and other related provisions of the Securities and Exchange Act B.E. 2535 and the provisions in the approved as well as the obligation agreements made with the Unitholders. If the Management Company fails to comply with such provisions, it shall promptly notify the Management Company. In the event that the Management Company incurs a damage to the Fund or fails to conduct its duties as per Section 125 and other related provisions of the Securities and Exchange Act B.E. 2535, the Trustee shall prepare a detailed report on such Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 57

matter and submit the report to the Office of the SEC within 15 days from the day the Trustee discovers or there is a reasonable cause that the Trustee should know of the event or incident. (3) Take legal actions against the Management Company to force the Management Company to conduct its duties or make claims for damage compensation from the Management Company for the benefits of all the Unitholders or when instructed by the Office of the SEC. (4) Complete the inspection of the Fund’s properties according the periods as follows: (a) Within 30 days from the day the Management Company notified the Trustee of the acquisition of the properties. (b) Every year, from the date the Trustee last completed the inspections. The expenses incurred from the property inspection shall be charged to the Fund. (5) Accurately record the conditions of the properties inspected by the Trustee which shall be completed within 30 days from the first day of property inspection. (6) Notify the Management Company within 5 business days from the date the Trustee discovered that the properties of the Fund have significant flaws. (7) Notify the Management Company to reappraise its assets immediately when the Trustee sees that there is a significant incident or there is any change that may materially affect the values of the properties or rights to the lease of properties. (8) Oversee that the investments or sale of assets or granting of rights to the properties of the Fund are in accordance with the and criteria specified by the Office of the SEC. (9) Prepare an account and certify the accuracy of the assets of the Fund kept by the Trustee as well as prepare an in/out assets record of the Fund. (10) Certify that the calculation of the asset values, NAV and value of the Investment Units are accurate and comply with the criteria specified by the Office of the SEC. the Trustee can use the information from the Management Company which could be the information from the reports prepared and certified by the Management Company or the reports the Management Company received from the Property Manager which the Management Company has contracted and such Property Manager has certified the accuracy, to be used for the calculation of the NAV. (11) Provide opinions related to the operations of the Fund in the Fund Report. (12) Have other rights, duties and responsibilities as specified in the Trustee Appointment Contract. (13) Conduct other duties as specified to be the duties of the trustees by the SEC or the Office of the SEC. Annual Report 2020 58 Future Park Leasehold Property Fund : FUTUREPF

8.4 Investment Advisory Committee - None - 8.5 Name, Address and Telephone Number of Auditor, Fund Registrar and Property Appraiser Auditor Name Ms. Sinsiri Thangsombat and/or Mr. Paiboon Tunkoon and/or Ms. Sakuna Yamsakul Address PricewaterhouseCoopers ABAS Limited. Bangkok City Tower 15th Floor, 179/74-80 South Sathorn Road, Thungmahamek Sub-district, Sathorn District, Bangkok 10120 Telephone no. 0-2344-1000 and 0-2824-5000 Fax no. 0-2286-5050 Fund Registrar Name Thailand Securities Depository Co., Ltd. Address 93 The Stock Exchange of Thailand Building, Rachadapisek Road, Dindaeng, Dindaeng, Bangkok 10400 Telephone no. 0-2009-9999 Fax no. 0-2009-9991 Property Appraiser Name 15 Business Advisory Limited Address Suite 39, 9th Fl., RS Tower 121 Ratchadapisek Rd., Dindang, Bangkok 10400 Telephone no. 0-2641-3800 Fax no. 0-2641-3801 8.6 Record for Penalties and Fines - None - Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 59

9. Corporate Governance 9.1 Compliance Policy The Management Company has a policy to carry out its duties responsibly with care and integrity, to uphold the unitholders’ interests. The Fund is administered and managed in adherence to the Fund scheme, contractual obligations between the unitholders and Management Company, unitholders’ resolutions, Fund prospectus, securities laws, and terms and conditions applied to the Fund or Management Company in existing or future contracts. 9.2 Board Committees - None - 9.3 Inside Information The Management Company has a policy to prohibit directors, executives or staff of the company, including connected persons, from using insider information to acquire benefits from stock trading. Furthermore, inside information cannot be disclosed to external parties or unauthorized individuals before dissemination to the general public through the Stock Exchange of Thailand. Any executives or staff that violates inside information rules will be subjected to penalties by the Securities and Exchange Act as well as face disciplinary action by the company. 9.4 Investment Selection and Portfolio Management Guidelines • Key Investment Selection Guidelines 1. Any new investment must align with the investment objectives, investment guidelines and any other conditions stated in the Fund scheme. 2. The feasibility study of the potential investment must yield satisfactory results and benefit unitholders. There should be no major controversies discovered from a due diligence or if any problems exist, there must be means to close the risk exposure or manage the potential impact within acceptable levels. 3. The Fund must have sufficient Funding or liquidity to invest and the amount invested must not be too large to adversely impact the reserves set aside for future renovation work. • Portfolio Management Guidelines 1. The portfolio management process must adhere to the investment objectives, investment guidelines or any other conditions stated in the Fund scheme. 2. The portfolio management process upholds the unitholders’ best interests. However, The Management Company has veto rights on any matters or decisions made by the Investment Committee (if any) or any resolutions passed by unitholders for issues that involve amending the Fund scheme or amending the management process that results in a violation of laws, notifications, ethics, terms of the Fund, or may cause reputational damage to the Management Company or conflict with the Fund’s interests. Annual Report 2020 60 Future Park Leasehold Property Fund : FUTUREPF

9.5 Selection of Property Manager The Fund has appointed Rangsit Plaza Co., Ltd., the former owner of the property, as the property manager from the very beginning since this is one of the terms agreed in the negotiations to acquire the leasehold rights to the property (Rangsit Plaza Co., Ltd. intended to be employed as the property manager of this property). The Management Company has already determined that the appointment is appropriate and preferable to selecting a different property manager for the following reasons. 1. Rangsit Plaza Co., Ltd. was the original owner and has managed the property since inception; therefore the company is familiar with the facilities and knows the background of tenants well. 2. Rangsit Plaza Co., Ltd. is well known and has been managing the property successfully as shown by a record of good performance with continued growth. 3. Rangsit Plaza Co., Ltd. Is the largest unitholder of this Fund, holding 33.33% of the total units outstanding. With Rangsit Plaza Co., Ltd. as the property manager for the Fund, unitholders in general should be confident that Rangsit Plaza Co., Ltd. will be motivated to perform their duties well. 4. The Fund acquired leasehold rights only to certain portions of the Future Park Rangsit complex, not the entire building complex. There remain a number of spaces both inside the building as well as outdoors of the Future Park Rangsit complex and the service agreement of all tenants that are under Rangsit Plaza Co., Ltd.’s supervision. These spaces and agreements are not covered by the Fund’s property management appointment contract and the Fund does not earn benefits from these spaces and such agreements. As such, the Fund’s operations hinges partly on the quality of the interaction with Rangsit Plaza Co., Ltd. If the Fund were to appoint a different property manager, work may not flow as smoothly as compared to having Rangsit Plaza Co., Ltd. as the property manager. In addition, the Fund has established an incentive-based renumeration structure to encourage the property manager to perform whereby renumeration varies according to the performance of operations, such as parameters covering revenue, net profit, etc. (see Section 2.5 on Renumeration to the property manager). The Management Company considers such a renumeration structure to be appropriate and in-line with industry practice. If the Fund terminates the contract with the property manager in the future, the above factors will be used to assess and select a new property manager. The counterparty may terminate the contract, in writing, if any of the following events occur. 1. The Fund has the right to terminate the contract in the case that the property manager is ordered by court to be bankrupt, under absolute receivership or under liquidation process or closing of operations or the property manager has submitted for rehabilitation to the court or related authorities which may affect the ability to pay debt or comply with the provisions of this contract. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 61

2. Both parties agree to terminate the contract. 3. In the case the occupancy rate has fallen below 60% for a period of 3 consecutive months. The Fund shall propose to the to the unitholders’ meeting to consider and approve the termination of this contract. The resolution of this meeting shall be more than half of all investment units sold. The calculation of the occupancy rate shall use the actual leased areas divided by the net leasable area of the leased properties, excluding the common areas and areas that cannot be leased, at one time or another due to repair or renovation, by using the data from the monthly report for calculation of such occupancy rate. In the case of a disaster to the leased properties under the Future Park Rangsit Project Lease Agreement and such properties have been repaired and restored to the normal condition, both parties agree not to use the occupancy rate as the criteria for a period of at least 6 months from the date of completion such repair or renovation. 4. In the case the Fund has dissolved the Fund as specified under “Dissolution of the Fund Management Project” in the Future Park Leasehold Property Fund Prospectus. 5. In the case that the Securities and Exchange Commission has instructed the Management Company to dissolve the Fund and the Fund has notified the property manager of the dissolution instruction, in writing. 6. In the case, one of the parties has violated or has not conduct its duties in accordance to the provisions of the contract, project or any law or has failed to conduct such duties fully. The party at fault agrees to take corrective actions to amend the matter within 90 days from the date of notification from the other party to correct such matter. 7. In the case the property manager does not comply with the provisions of this contract, in the part related to finance or financial position of the Fund with the intention to commit fraud, the Fund has the right to terminate this contract immediately. 8. In the case the property manager has not complied with the various duties specified in this contract, in the part other than the finance and financial position of the Fund, and the property manager has not taken corrective actions to amend the matter within 90 days from the date of notification from the other party to correct such matter. If such incompliance has caused significant effect to the Fund, the Fund shall arrange for the unitholders’ meeting to consider and approve the termination of this contract. The resolution of this meeting shall be more than half of all investment units sold. 9.6 Supervision and Monitoring of the Property Manager’s Performance Each year, the Management Company reviews and approves the budget and work plans of the property manager. The property manager submits an operating performance report and other relevant reports pertaining to the property to the Management Company regularly on a monthly basis. The Management Company will review these reports and assess how actual revenues and costs compare with forecasts. Any significant deviations or any matter of interest will be raised with the property manager, including any urgent matters, to jointly find a solution. The Management Company and the Fund Manager shall follow up and monitor the Property Annual Report 2020 62 Future Park Leasehold Property Fund : FUTUREPF

Manager to perform their duties according to the appointment agreement of the Property Manager. In the last fiscal year (1 January 2020 - 31 December 2020), the Property Manager was able to control expenses in accordance with the annual budget plan. 9.7 Monitoring of the Fund’s Benefits and Interests • Monitoring of Revenues The Management Company deploys methods to monitor revenue as summarized below 1. Compare actual rental revenues booked according to lease agreements with figures the property manager reported to the Fund. 2. Question the methods and guidelines used by the property manager if revenue collected differs from terms stated in the lease contract or if rental revenues were waived for some tenants or if any tenants have long overdue rental payments or deposits (if any). 3. Monitor the assets at a more frequent interval than what is legally required by the guidelines of the Securities and Exchange Commission (the SEC’s guideline requires an annual assessment) by conducting various random spot checks. 4. Monitor revenue collection stream coming into the Fund’s accounts each month. • Monitoring of Expenses The Management Company deploys methods to monitor expenses as summarized below 1. The expense must already be specified in the Fund scheme as an approved expense. 2. The expense must be in line with the budget already approved or any additional guidelines that have been jointly agreed. 3. The expenses are necessary and appropriated. 4. The expense must be accompanied by supporting documents for payment, such as quotations, invoices, copies, internal memos describing the justification of the expense, comparison of bids, etc. 9.8 Management Fee The Management Company is entitled to receive a monthly management fee from the Fund at a rate not exceeding 1.00% per annum of the net asset value of the Fund. At present, this fee is currently charged at 0.135% per annum (exclusive of value added tax). The management fee for this year ending at December 31, 2020 was 9,249,858.56 baht (inclusive of value added tax). Based on such calculation, this serves as an incentive toward efficient asset management for satisfactory returns of the Unitholders. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 63

9.9 Disclosure of Data/Information The Management Company’s policy states that important information will be disclosed to the public, such as financial status and Fund performance, information that may affect the unit’s trading value or investment decisions or unitholders’ interests, as required by notifications of the Stock Exchange and other relevant laws, including annual reports. This will provide investors and stakeholders with the investment information. Information will be disclosed through various channels and media of the Stock Exchange as well as the Fund’s website. Reporting and disclosure of the Fund’s information. 9.9.1 The Management Company shall submit to the Office of the SEC and the SET the following financial statement: (a) a reviewed quarterly financial statement within 45 days from the last date of each quarter, and (b) an audited annual financial statement within 2 months from the end of the accounting period of the Fund or within 3 months from the end of the accounting period of the Fund in case of submitting the reviewed Q4 financial statement before the annual financial statement. In case the Management Company has submitted an annual financial statement as per (b) to the Office of the SEC and the SET within 2 months from the end of the accounting period of the Fund, the reviewed Q4 financial statement as per (a) shall be deemed submitted to the Office of the SEC and the SET. 9.9.2 In case income or net profit in the financial statement of any period is different from the financial statement of the same period of the previous year more than 20%, the Management Company shall disclose to the SET the reason for the change and the financial statement together with the Interim Management Discussion and Analysis showing at least the causes and factors that make the difference including the effect of such factors and also submit to the Office of the SEC together with the financial statement. 9.9.3 The Management Company is required to submit to the Office of the SEC and the SET the Annual Registration Statement (form 56-REIT1) within 3 months from the end of the accounting period of the Fund. 9.10 Unitholders’ Meeting In arranging the meeting of Unitholders, the Management Company shall proceed in accordance with the criteria, methods and conditions specified herein. However, in the case where the Office of the SEC and/or any other supervisory authority has otherwise amended or made additions to its notifications, directives, approvals and/or relaxations, the Management Company reserves the right to proceed in accordance with the abovementioned directives, approvals and/or relaxations of the Office of the SEC and/or any other supervisory authority and when the Management Company has conducted such proceedings, it shall be deemed that such proceedings have been approved by every Unitholder. Annual Report 2020 64 Future Park Leasehold Property Fund : FUTUREPF

9.10.1 Organizing of the meeting of the Unitholders. The Management Company shall arrange the Unitholders’ meetings as follows: (a) The annual general meeting within 4 months from the end of the accounting period to report to the Unitholders at least the following matters: (1) milestone of the Fund management and guideline in the future. (2) the financial position and performance of the Fund in the past accounting year together with the audited financial statement at least. (3) appointment of the Fund’s auditor and audit fee. (b) The extraordinary general meeting in the following cases: (1) where the Management Company may convene the Unitholders’ meeting as it deems appropriate for the benefit of the Fund management. (2) where the Unitholders holding the Investment Units in aggregate of more than 10% of the total number of the Investment Units sold make a written request to the Management Company to convene the Unitholders’ meeting with the clearly reason for requesting the meeting. In this case, the Management Company shall convene the meeting within 45 days from the date of receipt of such request from the Unitholders. 9.10.2 Convention of the Unitholders’ meeting To convene the Unitholders’ meeting, the Management Company shall proceed as following: (a) prepare a notice to convene the Unitholders’ meeting with sufficient details for the Unitholders to make decisions which at least shall include information on the meeting and voting methods as well as the agenda of the meeting and matters to be considered together with appropriate details. The information shall clearly state the matters to be acknowledged, approved or considered, as the case maybe, together with the opinions of the Management Company and the Trustee on the respective matters. For matters requiring the resolution of the Unitholders, they shall include opinions related to the impacts to the Unitholders from such matters. (b) send the notice to the Unitholders prior to the meeting according to the following periods: (1) 14 days, in case of a Unitholders’ meeting of the Fund listed on the Stock Exchange with any agenda that requires a vote of no less than three-fourths of the total number of votes of attending Unitholders with the rights to vote. (2) 7 days, for cases any other than mentioned in No. 1). (c) announce the convention of the meeting in at least a local daily newspaper for at least 3 days prior to the meeting. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 65

9.10.3 Quorum requirements The quorum for the Unitholders’ meeting shall be as follows: (a) a quorum shall be at least 25 Unitholders or at least half of the total number of the Unitholders holding in aggregate no less than one-third of the total Investment Units sold. (b) in any Unitholders’ meeting, when one hour has passed from the specified time of meeting and the number of Unitholders in attendance cannot form a quorum as specified in a), if it is a meeting that is called due to the request of the Unitholders as specified in No. 9.10.1 (b) (2), such meeting shall be cancelled. If not a new meeting can be called and the notice of the meeting shall be sent to the Unitholders at least 7 days prior to the meeting. For this second meeting, a quorum is not required. 9.10.4 Meeting Proceeding The proceeding of the Unitholders’ meeting shall be as follows: (a) the meeting proceeding shall be in order of agenda stated in the notice of the Unitholders’ meeting unless the meeting resolves to change the order of the agenda with a vote of no less than two-third of the total attending Unitholders. (b) when the meeting finished consideration as per (a), the Unitholders with at least one-third of the total Investment Units sold can propose the meeting to consider other matters other than stated in the notice of the Unitholders’ meeting. (c) in case the meeting is unable to finish the consideration of agenda as per (a) or the proposed matters as per (b), as the case maybe, and is required to postpone the consideration, the meeting shall determine the venue, date and time for the next meeting and the Management Company shall send the notice of the Unitholders’ meeting stating the venue, date, time and agenda of the meeting to the Unitholders at least 7 days prior to the meeting. The notice of the meeting shall also be announced in a newspaper at least 3 days prior to the meeting. In holding the abovementioned Unitholders’ meeting, the Management Company shall ensure that the Trustee attends such meeting by sending the notice of the meeting to the Trustee at the same time as to the Unitholders. 9.11 Audit Fee The Fund records the fee for auditing the financial statements and reviewing the interim financial information for this year ending at December 31, 2020 totaling 1,112,000 baht (Consisting of auditor remuneration of 1,100,000 baht and other expenses (our-of-pocket) of 12,000 baht), paid to PricewaterhouseCoopers ABAS Ltd. The Fund does not have other service fees for the auditor for the fiscal year ending 31 December 2020. Annual Report 2020 66 Future Park Leasehold Property Fund : FUTUREPF

10. Social Responsibility 10.1 Overall Policy The Management Company has a fund management policy under the fair management principles and also has the anti-corruption policy by not accepting any form of corruption which covers all businesses and transactions in every country and all related parties whether by offering, promising or asking, demanding, giving or accepting bribery or any conduct that can be viewed as corruption. Therefore, the Management Company has prescribed the policy and guidelines in order to achieve such principle which covers 5 aspects as follows: 1) Political Contributions; The Management Company prohibits the use of funds or resources for political support to candidates or any political party in the world, except in cases where such sponsorship is permitted by law and supports democracy as a whole. The Management Company does not allow its employees to employ facilities or resources of the Management Company for political campaigns or raising political funds or for the purpose of any particular political party. The Management Company prohibits supervisors and employees from commanding or influencing by any means, resulting in the participation of employees and subordinates in all political activities. Decisions of employees to participate in politics by devoting personal time, property, money and other personal possessions for political campaigns or political activities, shall be entirely considered as personal decisions of that employee. 2) Charitable Contributions; The Management Company prohibits donations for charity or other activities of similar nature both directly or indirectly unless complying with the following; (2.1) The said donation is intended to be committed or be benefited, which are considered as a corruption and (2.2) Receiving the written approval from managing director or higher, and (2.3) Financial transaction and relevant documents of donations are properly recorded and sufficiently maintained for verification purpose. 3) Facilitation Payments; The Management Company prohibits proposals, promise, request, claim and supporting or receiving financial support both directly or indirectly, unless complying with the following guidelines; Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 67

(3.1) Such financial support has no intention, which will be received any other benefits considered as a corruption except being compliant with local traditions and (3.2) Receiving the written approval from managing director or higher, and (3.3) Financial transaction and relevant documents of donations are properly recorded and sufficiently maintained for verification purpose. 4) Gifts, Hospitality and other Expenses; The Management Company prohibits receiving or grant gifts, cash, hospitality or other expenses if such actions shall have an impact on the Company Management’s operations unless complying with the following guidelines; (4.1) Grant or receiving gifts, hospitality and other expenses without intention or expectation from actions, which may benefit and is considered as a corruption except being compliant with local traditions. (4.2) Gifts received should not be cash or cash equivalent with the amount of less than 3,000 baht (three thousand baht) such as pens, notebooks and etc., and such grant has to be reported to the highest supervisor of the department. For any gifts worth more than 3,000 baht (three thousand baht), employees must receive the written approval from highest supervisor of the department and must report to the Compliance Department every time. (4.3) Welcoming party must not have a characteristic of excessive spending or frequent action or until it forms a commitment to the Management Company directly or indirectly. (4.4) Relevant documents are properly recorded and sufficiently maintained for verification purpose. 5) Bribery and Solicitation. The Management Company prohibits grant or receiving bribes and incentives in any kind and do not assign others to grant or receive bribes and incentives on their behalf since bribery in business operations is considered illegal and a criminal offense. The Management Company operates their business fairly and adheres to the good quality of products and services. The Management Company does not allow customers and partners to grant money or others as bribes to their employees. Also, the Management Company prohibits their employees from receiving bribes, monetary gifts or other forms of benefits as a bribe. The Management Company believes and promotes good corporate governance process and operates theirs business fairly and transparently. Thus, both direct and indirect bribery provisions for government officers, organizations, companies or other Annual Report 2020 68 Future Park Leasehold Property Fund : FUTUREPF

related parties in order to influence their discretion for the benefit of the Management Company is stricly prohibited. Unitholders can find details of the Anti - Corruption Policy of the Management Company at www.bblam.co.th 10.2 Implementation 10.2.1 Concern for the environment is based on good social responsibility and environmental awareness, exhibited through various activities such as: • Responsibly selecting items consumed by the daily operations of the Fund and souvenirs and gifts that are manufactured by environmentally friendly companies. This includes selection of environmentally friendly materials. • Efforts to re-use or repair materials such as advertising sign boards. 10.2.2 Support of Social, Environmental, and Community Activities • Facilitate and offer temporary working space for use by the authorities or any other organizations that needs space for publicity or to provide community service, on condition that these do not impact the normal business operations of the Fund. • Support farmers by offering space for them to sell local products from their provinces. • Offer space and opportunities to youngsters and students to conduct activities or hold contests to exhibit their talents. 10.3 Negative impact from the Fund business on society (if any) The Fund business does not have any negative impact on society and environment. 10.4 Name of activity that benefits society and environment Most marketing activities of the Fund held throughout the year were related to 10.2 above. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 69

We are Strong Together

Flea Market Activities in 2020

Donate to the Hopital and Fundation for 2020 Annual Report 2020 70 Future Park Leasehold Property Fund : FUTUREPF

Blood Donation Activity, To the Lives of Humans for 2020

11. Internal Controls and Risk Management 11.1 Summary of Opinions from Head of Compliance & Legal and Head of Internal Audit Department of the Management Company • Opinion from Head of Compliance & Legal Department From the evaluation of the Management Company’s internal compliance systems in functions related to the management of the Fund, the results suggest that compliance is appropriate and the Management Company has sufficient personnel to effectively handle its operations. There is also a system to control and monitor by the Fund Managers which can protect the assets of the Fund from its directors/management misusing or without proper authority, conducting transactions with persons who might have conflict of interest and related persons. It also properly oversees other compliance issues. • Opinion from Head of Internal Audit Department The Internal Audit Department has reviewed and assessed the sufficiency of the internal control systems of the various departments related to the management of the Fund to be in accordance with the specified work procedures. The review and assessment of internal control system are in accordance with the annual audit plan Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 71

approved by the Audit Committee since the Internal Audit Department is an independent unit, its performance is thus reported directly to the Audit Committee. From the assessment of the sufficiency of the internal control systems, the Internal Audit Department opines that the internal control systems of the various departments related to the management of the Fund are prudent and appropriate, no significant deficiencies were found on the internal control systems related to the management of the Fund. The assignments of tasks to officers were sufficient and there were clear separation of duties resulting in effective performance in accordance with the internal control systems and the monitoring of the performance of the asset managers was appropriate. 11.2 Disclosure of Information about the Head of the Compliance Department/ Head of Internal Audit Department 11.2.1 Head of Compliance & Legal Department (1) Mr. Sutee Khantaruangsakul is the person with highest responsibility of Compliance & Legal Department to oversee and ensure compliance with the regulations of the supervisory authorities. Mr. Sutee possesses qualifications of the Head of Compliance & Legal Department as follows: Educational Work experiences and Duties and Name Background Related Trainings Responsibilities Mr. Sutee - Bachelor of Laws, Work experiences Be the center for overseeing Khantaruangsakul Thammasat Deputy Managing Director, the business operations of University Head of Compliance & Management Company to Legal be in compliance with laws, BBL Asset Management rules, regulations, policies Co., Ltd. and directives of related Related Trainings authorities such as the Office Compliance Refresher of the SEC, the SET or other Course authorities related to the business operations of the Management Company (2) The Board of Directors’ Meeting No. 6/2012 considered the qualifications, education, work experiences and related trainings of Mr. Sutee Khantaruangsakul and resolved to appoint him as the person with highest responsibility of Compliance & Legal Department to oversee and ensure compliance with the regulations of the supervisory authorities. (3) The Compliance & Legal Unit which handles regulatory compliance work shall report directly to the Board of Directors of the Management Company. As such, the appointment, removal and transfer of the individual appointed to head this unit shall require approval from the Board of Directors. Annual Report 2020 72 Future Park Leasehold Property Fund : FUTUREPF

11.2.2 Head of Internal Audit Department (1) Ms. Sirima Prapapanich is the person with highest responsibility of Internal Audit Department to audit and assess the adequacy of the internal system relating to various functional operations. Miss Sirima possesses qualifications of the Head of Internal Audit Department as follows: Educational Working Experience and Duties and Name-Surname Background Related Training Responsibilities Ms. Sirima Master Degree: Working Experience: Independently audit and Prapapanich Business - Assistant Managing assess various operational Admnistration, Director, functions to ensure that the Assumption Head of Internal Audit, internal control system University BBL Asset Management effectively and efficiently Bachelor Degrees: Co., Ltd. operates as well as to Bachelor of - Head of Internal Audit provide suggestions to Accounting, Tokio Marine Insurance improve the operations to Assumption Thailand PCL. be concise and appropriate. University Related Training Bachelor Degrees: - COSO Internal Control Bachelor of Laws, - IT risk and IT Governance Sukhothai Thammathirat Open University (2) The Board of Directors’ Meeting No. 4/2017 considered the qualifications, education, work experiences and related tranings of Ms. Sirima Prapapanich and resolved to appoint her as the person with highest responsibility of Internal Audit Department to audit and assess the adequacy of the Company’ internal audit system. (3) The Internal Audit Department is the independent unit with duties to audit various operational functions and directly controlled by the Audit Committee, therefore, the appointment, dismissal and rotation of this Department Head have to be approved by the Audit Committee. 12. Measures to Prevent Conflict of Interests 12.1 Transactions between the Fund and Management Company and Connected Persons (1) Transactions between the Fund and Management Company and Connected Persons No. Management Company and Detail of Transaction Connected Persons 1 BBL Asset Management Co., Ltd. Receive fund management fee from the Fund. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 73

(2) Justification and Appropriateness As compensation for the services of the parties of the Fund. Other conditions are in accordance with 12.1(3). (3) Policy on Connected Transactions and the Expected Amount of Connected Transactions It is possible that the Management Company may have a necessity to conduct transactions with connected persons in the future. In such a situation, the Management Company will specify that terms and conditions are done on a commercial basis (at arm’s length basis) like regular transactions, executed at market prices, and comply with the notifications and regulations enforced on connected party transactions. (4) Measures to Prevent Conflicts of Interests 1. The Management Company shall comply with relevant rules and regulations when transacting with connected persons. 2. Connected party transactions must be fairly priced. 3. Individuals having a stake in the transaction must not be involved in the decision making process of the connected party transaction. 4. Fees and expenses related to the connected party transaction must be fair. 12.2 Transactions between the Fund and Fund Trustee and Connected Persons (1) Transactions Between the Fund and Fund Trustee and Connected Persons No. Fund Trusteeand Connected Persons Detail of Transaction 1 Krung Thai Bank Public Company Limited Receive fund trustee fee from the Fund. (2) Justification and Appropriateness As compensation for the services of the parties of the Fund. Other conditions are in accordance with 12.2(3). (3) Policy on Connected Transactions and the Expected Amount of Connected Transactions It is possible that the Management Company may have a necessity to conduct transactions with connected persons in the future. In such a situation, the Management Company will specify that terms and conditions are done on a commercial basis (at arm’s length basis) like regular transactions, executed at market prices, and comply with the notifications and regulations enforced on connected party transactions. Annual Report 2020 74 Future Park Leasehold Property Fund : FUTUREPF

(4) Measures to Prevent Conflicts of Interests 1. The Management Company shall comply with relevant rules and regulations when transacting with connected persons. 2. Connected party transactions must be fairly priced. 3. Individuals having a stake in the transaction must not be involved in the decision making process of the connected party transaction. 4. Fees and expenses related to the connected party transaction must be fair 12.3 Soft Commmission Information as at 31 December 2020 COMPANY BENEFIT REASON Bank Of America, National Association Research paper and Indicative Yield For fund benefit Bank Of Ayudhya Public Company Limited Research paper and Indicative Yield For fund benefit Bangkok Bank Public Company Limited Research paper and Indicative Yield For fund benefit BNP Paribas Research paper and Indicative Yield For fund benefit CIMB Thai Bank Public Company Limited Research paper and Indicative Yield For fund benefit Citibank, N.A. Research paper and Indicative Yield For fund benefit Deutsche Bank AG. Research paper and Indicative Yield For fund benefit JP Morgan Chase Bank, National Association Research paper and Indicative Yield For fund benefit Kasikornbank Public Company Limited Research paper and Indicative Yield For fund benefit Krung Thai Bank Public Company Limited Research paper and Indicative Yield For fund benefit Thanachart Bank Public Company Limited Indicative Yield For fund benefit Tisco Bank Public Company Limited Research paper and Indicative Yield For fund benefit United Overseas Bank (Thai) Public Company Research paper and Indicative Yield For fund benefit Limited Standard Chartered Bank (Thai) Public Research paper and Indicative Yield For fund benefit Company Limited TMB Bank Public Company Limited Research paper and Indicative Yield For fund benefit The Hongkong And Shanghai Banking Research paper and Indicative Yield For fund benefit Corporation Limited Siam Commercial Bank Public Company Research paper and Indicative Yield For fund benefit Limited Asia Plus Securities Company Limited Indicative Yield For fund benefit KGI Securities (Thailand) Public Company Indicative Yield For fund benefit Limited Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 75

Part 4: Financial Position and Performance 13. Key Financial Information 13.1 Summary of Auditor’s Report 13.1.1 Auditor Details Name Sinsiri Thangsombat Certified Public Accountant No. 7352 Company PricewaterhouseCoopers ABAS Ltd

13.1.2 Summary of the Audit Report for the Year Ended 31 December 2020 In auditor opinion, the financial statements present fairly, in all material respects, the financial position of Future Park Leasehold Property Fund (“the Fund”) as at 31 December 2020, and its financial performance and its cash flows for the year then ended in accordance with Thai accounting quideline for the Preperty Fund, Real Estate Investment Trust, Infrastructure Fund and Infrastructure Trust established by the Association of Investment Management Companies and endorsed by the Securities and Cxchange Commission,Thailand. Annual Report 2020 76 Future Park Leasehold Property Fund : FUTUREPF

13.2 Summary of Financial Statement Balance Sheet As of December 31 (unit:Baht) 2021 2020 2019 Baht % of Baht % of Baht % of Total Total Total Assets Assets Assets Assets Investments at fair value 11,494,450,601 97.42% 7,145,442,054.00 98.21% 7,132,223,062 98.52% (at cost in 2021: Baht 6,418 million, 2019 : Baht 6,776 million and 2018 : Baht 6,754 million) Cash and cash equivalents 243,941,616 2.07% 65,213,067 0.90% 50,260,685 0.69% Cash pledged as security 0 0 0 0.00% 0 0.00% Rental receivables, net 53,586,433 0.45% 41,547,816 0.57% 48,778,804 0.67% Other accounts receivable 546,740 0.00% 852,594 0.01% 921,433 0.01% Other assets 6,749,368 0.06% 22,991,115 0.32% 7,375,210 0.10% Total assets 11,799,274,758 100.00% 7,276,046,646 100.00% 7,239,559,194 100.00%

Liabilities Other accounts payable 24,463,779 0.21% 21,028,208 0.29% 30,172,635 0.42% Deposits received from 353,902,829 3.00% 363,077,652 4.99% 348,088,352 4.81% customers Accrued expenses 6,657,155 0.06% 34,920,316 0.48% 36,164,441 0.50% Borrowing 0 0.00% 0 0.00% 0 0.00% Other liabilities 12,618,660 0.11% 27,629,616 0.38% 11,715,564 0.16% Lease liabilities 4,926,527,636 41.75% 0 0.00% 0 0.00% Total liabilities 5,324,170,059 45.12% 446,655,792 6.14% 426,140,992 5.89% Net assets 6,475,104,699 54.88% 6,829,390,854 93.86% 6,813,418,202 94.11% Net assets represented by Capital received from 5,633,161,000 47.74% 5,633,161,000 77.42% 5,633,161,000 77.81% unitholders Retained earnings 841,943,699 7.17% 1,196,229,854 16.44% 1,180,257,202 16.30% Net asset value 6,475,104,699 54.88% 6,829,390,854 93.86% 6,813,418,202 94.11% Net assets value (Baht per 12.2271 12.8962 12.8660 unit) Remark: Total investment units sold are 529,566,100 units. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 77

Income Statement For the year ended 31 December (unit:Baht) 2020 2019 2018 Baht % of Baht % of Baht % of Total Total Total Revenue Revenue Revenue Investment Income Rental and service income 592,875,296 99.44% 1,052,681,773 99.06% 1,017,143,814 99.01% Interest income 2,690,344 0.45% 6,143,099 0.58% 4,325,006 0.42% Other income 631,070 0.11% 3,884,003 0.37% 5,837,189 0.57% Total income 596,196,710 100.00% 1,062,708,875 100.00% 1,027,306,009 100.00% Expenses Management fee 9,249,858 1.55% 9,622,505 0.91% 9,626,695 0.94% Trustee fee 1,712,937 0.29% 1,781,945 0.17% 1,782,721 0.17% Registrar fee 1,604,535 0.27% 1,983,710 0.19% 1,985,772 0.19% Property management fees 63,510,484 10.65% 94,004,234 8.85% 95,344,944 9.28% Professional fee 1,310,245 0.22% 1,381,030 0.13% 1,205,546 0.12% Property tax expenses (24,800,128) (4.16%) 23,009,696 2.17% 21,990,387 2.14% Marketing and administrative 22,258,074 3.73% 53,813,346 5.06% 60,265,746 5.87% expenses Insurance expenses 6,916,676 1.16% 7,025,464 0.66% 7,153,133 0.70% Interest expense - 0.00% - 0.00% 2,646,335 0.26% Tax expenses 25,863 0.00% 13,824 0.00% - 0.00% Other expenses 1,673,732 0.28% 2,026,760 0.19% 1,755,801 0.17% Finance costs 228,098,767 38.26% - 0.00% - 0.00% Total expenses 311,561,043 52.26% 194,662,514 18.32% 203,757,080 19.83% Net investment income 284,635,667 47.74% 868,046,361 81.68% 823,548,929 80.17% Net loss from investment Net unrealized loss from (150,873,704) (25.31%) (99,260,777) -9.34% (93,708,760) -9.12% investment valuation Gain from sale of investment - 0.00% - 0.00% - 0.00% Total net loss from (150,873,704) (25.31%) (99,260,777) -9.34% (93,708,760) -9.12% investment Increase in net assets from 133,761,963 22.44% 768,785,584 72.34% 729,840,169 71.04% operations Annual Report 2020 78 Future Park Leasehold Property Fund : FUTUREPF

Statement of Change in Net Assets For the year ended 31 December (Unit:Baht) 2020 2019 2018 Increase in net assets from operation during the year Net investment income 284,635,667 868,046,361 823,548,929 Net unrealized loss from investment valuation (150,873,704) (99,260,777) (93,708,760) Gain from sale of investment - - - Increase in net assets from operations 133,761,963 768,785,584 729,840,169 Capital received from unitholders - - - Dividend payment (488,048,118) (762,257,445) (731,860,352) Increase (Decrease) in net assets during the (354,286,155) 6,528,139 (2,020,183) year Net assets at the beginning of the year 6,829,390,854 6,813,418,202 6,815,438,385 Change in accounting policies - 9,444,513 - Net assets at the end of the year 6,475,104,700 6,829,390,854 6,813,418,202 Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 79

Statement of Cash Flows For the year ended 31 December (Unit:Baht) 2020 2019 2018 Cash flows from operating activities Increase in net assets from operation during the year 133,761,963 768,785,584 729,840,169 Adjustments to reconcile net increase in net assets from operating to net cash provided by (used in) Operating activities : Interest income (172,417) (213,061) (585,229) Finance costs 228,098,767 - - Interest expense - - 2,646,335 Discount on investment in securities (2,517,927) (5,930,038) (3,739,777) Payment for renovation cost (2,943,371) (2,232,992) (1,744,729) Purchases of investment in properties - - - Purchases of investment in securities (947,967,648) (1,035,316,739) (851,261,253) Sales of investment in securities 1,170,000,000 931,000,000 885,000,000 Increase in cash pledged as security - - - Increase in initial direct costs (18,024,436) - - Decrease (Increase) in rental receivables (12,038,617) 7,230,988 (4,061,942) Decrease in other accounts receivable 305,854 68,839 20,938 Decrease (increase) in other assets 16,241,747 (6,583,172) (38,083) Increase (decrease) in other accounts payable 3,435,571 (9,144,427) (3,690,411) Increase in deposits received from customers (9,174,823) 14,989,300 4,112,708 Increase (decrease) in accrued expenses (28,263,161) (1,244,125) 1,970,213 Increase (decrease) in other liabilities 15,914,052 15,914,052 (3,431,970) Net unrealized loss from investment valuation 150,873,704 99,260,777 93,708,760 Gain from sale of investments - - - Cash flows from operating activities 666,604,250 776,584,986 848,745,729 Interest received 172,417 624,841 585,229 Net cash received from operating activities 666,776,667 777,209,827 849,330,958 Annual Report 2020 80 Future Park Leasehold Property Fund : FUTUREPF

2020 2019 2018 Cash flows from financing activities Borrowing payment - - (100,000,000) Dividend payment (488,048,118) (762,257,445) (731,860,352) Interest payment - - (2,737,432) Net cash (used in) financing activities (488,048,118) (762,257,445) (834,597,784) Net (decrease) increase in cash and cash equivalents 178,728,549 14,952,382 14,733,174 Cash and cash equivalents at the beginning of the year 65,213,067 50,260,685 35,527,511 Cash and cash equivalents at the end of the year 243,941,616 65,213,067 50,260,685 Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 81

Financial Highlights For the year ended 31 December (Unit:Baht) 2020 2019 2018 Information on operating results (per unit) Net assets value at the beginning of the year 12.8962 12.8660 12.8698 Change in accounting policies - 0.0178 - Income from investing activities : Net investment income 0.5375 1.6392 1.5551 Net unrealized gain (loss) from investment valuation (0.2849) (0.1874) (0.1769) Net increase from capital received from unitholders - - - Less Dividend payment (0.9216) (1.4394) (1.3820) Total income (expense) from investing activities (0.6690) 0.0124 (0.0038) Net asset value at the end of year 12.2271 12.8962 12.8660 Ratio of net increase in net assets from operations to 2.04 11.26 10.70 average net assets during the year (%) Significant financial ratios and additional significant information Net assets at the end of the year (Baht) 6,475,104,700 6,829,390,854 6,813,418,202 Ratios of total expenses to average net assets during the 4.75 2.85 2.99 year (%) Ratios of investment income to average net assets during 9.09 15.57 15.06 the year (%) Ratios of weighted average investment purchases and 0.78 1.50 0.85 sales during the year to average net assets during the year (%) * Weighted average net asset value during the year (Baht) 6,558,970,760 6,826,046,346 6,821,928,723 Remark * The value of investment purchases and sales during the year does not include cash at bank, promissory note and investment bought/sold under a resale/repurchase agreement, and is calculated by a weighted average basis over the accounting year. Annual Report 2020 82 Future Park Leasehold Property Fund : FUTUREPF

Financial Ratios For the year ended 31 December 13.3 Financial Ratios 2020 2019 2018 Overall Performance (%) Ratios of net profit from operations to average net assets during the 2.04 11.26 10.70 year Ratios of investment income to average net assets during the year 9.09 15.57 15.06 Ratios of total expenses to average net assets during the year 4.75 2.85 2.99 Ratios of net investment income to average net assets during the year 4.34 12.72 12.07 Ratios of weighted average investment purchases and sales during 0.78 1.50 0.85 the year to average net assets during the year * Liquidity Ratio (x) Current Ratio 6.97 1.56 1.38 Quick Ratio 9.56 1.91 1.49 Profitability Ratio (%) Ratio of rental and service income to total income 99.44 99.06 99.01 Ratio of total expense to total income 52.29 18.32 19.83 Net investment income margin 47.74 81.68 80.17 Distributable Income margin 68.39 71.95 72.27 Return on equity 2.04 11.27 10.71 Efficiency Ratio Return on asset (%) 1.40 10.59 10.01 Asset turnover (x) 0.06 0.15 0.14 Remark * The value of investment purchases and sales during the year does not include cash at bank, promissory note and investment bought/sold under a resale/repurchase agreement, and is calculated by a weighted average basis over the accounting year. 2020 2019 2018 Financial Policy Ratio Ratio of total borrowing to net asset value (x) - - - Ratio of total liabilities to net asset value (x) 0.82 0.07 0.06 Interest coverage ratio (x) - - 321.95 Debt service coverage ratio (cash basis) (x) 1.36 1.02 1.02 Dividend payout ratio* (%) 304.84 99.47 101.73 Remark * Dividend payout ratios are calculated from the dividend payment for the related period dividing by net investment income after an adjustment (excluding net unrealized gain from investment valuation) Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 83

14. Management Discussion and Analysis: MD&A 14.1 Analysis of the Past Performances 14.1.1 Overall Financial Performance and Significant Transactions Overall Financial Performance For 2020, total income of the Fund was 596.19 million baht, decreasing by 43.90% from 2019. Ratio of investment income to average net assets during the year was 9.09%, decreasing by 6.48% from 2019. Total expenses for 2020 were 311.56 million baht, increasing by 60.05% from 2019. Ratio of total expenses to average net assets during the year was 4.75%, slightly increasing by 1.90% from 2019. Net investment income was 284.63 million baht, decreasing by 67.21% from 2019 since the Fund received fewer total investment income compared to the previous year. At the same time, the expenses of project operations and other expenses increased. Therefore, the overall operating results of the fiscal year 2020 decreased compared to the previous year since the temporary close from the government order and any measures to control the COVID-19 pandemic. Ratio of net investment income to average net assets during 2020 was 4.34%, decreasing by 8.38% from 12.72% in 2020. In addition, the Fund had a higher finance cost in 2020 due to TFRS 16 application. Ratio of weighted average investment purchases and sales during 2020 to average net assets during 2020 was 0.78%, slight decrease of 1.50% in 2019. For 2020 as of 31 December 2020, the Fund had an increase in net assets from operations of 133.76 million baht with the net unrealized loss from investment valuation of 150.87 million baht. Thus, ratio of net profit from operations to average net assets during 2020 was 2.04%, decreasing by 9.22% from 11.26% in 2019. Key Events for the Previous Year • The outbreak of the Coronavirus Disease 2019 (COVID-19) has emerged and widely spreads in Thailand, in which the Government has imposed various measures to prevent and control the spread of COVID-19 and ordered to temporarily close the Shopping Center which was large impacted to the shopping center operators included the Fund. with this situation, the rental area’s management of the Fund were directly impacted by the limitation of the measures imposed by the Government as follows; Annual Report 2020 84 Future Park Leasehold Property Fund : FUTUREPF

Order/Measures Details On March 18, 2020 : Ordered to temporary closure some shops such as the Movie theater, Fitness centers, Thai Massage and SPA. On March 22, 2020 : Ordered to close the shopping center but allow the supermarkets, pharmacies, restaurants and goods for daily necessities of living to open. For the commercial banks, securities business, and mobile phone network service centers allow to open from April 1, 2020 onwards. Relaxed Measures (Phase-II) : Allow to open the shopping center but not allow allow to open the shopping from the Movie theater, Fitness centers, Beauty (with May 17, 2020 onwards, limitation of services), Educational institutions, Thai Massage & SPA and Game machine to open and limited the time service to 8.00 p.m. Relaxed Measures (Phase-III) : Allow to open the shopping center but not allow allow to open more risky activities the Educational institutions, Thai Massage & SPA shops from Jun 1, 2020 onwards, (with limitation of services) and Game machine to open, and extended the time service to 9.00 p.m. Relaxed Measures (Phase–IV-V) : Allow to open the shopping center (all shops) allow to open all shops from Jun from Jun 15, 2020 onwards and extended the 15, 2020 onwards, time service to 10.00 p.m. from July 1, 2020 onwards • Adoption of financial reporting standards relating to leases (TFRS 16) whereby the Fund recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of TAS 17- Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the incremental borrowing rate as of 1 January 2020. • The Government issued the Land and Building Tax Act B.E. 2562 to replace the current property tax which was enforced since March 13, 2019 and start collecting tax payment from January 1, 2020 onwards. Income Statement (million baht) Income Statement 2020 2019 2018 Rental and service income 592.88 1,052.68 1,017.14 Interest and other income 3.32 10.03 10.16 Total income 596.20 1,062.71 1,027.31 Total expenses 311.56 194.66 203.76 Net investment income 284.64 868.05 823.55 Net unrealized gain (loss) from investment (150.87) (99.26) (93.71) valuation Increase in net assets from operations 133.76 768.78 729.84 Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 85

In 2020, the Fund had the total income of 596.20 million baht, decreasing by 466.51 million baht or 43.90% compared to total income in 2019. The main source of income was from the rental and service income (99.44% of total income) and the rest were interest income and other income. Ratio of investment income to average net assets during the year was 9.09%, decreasing by 6.48% from 2019. In addition, average occupancy rate was slightly increased from 97% to 95%. Total expenses for 2020 were 311.56 million baht, increasing by 116.90 million baht or 60.05% compared to 2019. Ratio of total expenses to average net assets during the year was 4.75%, slight increase of 1.90% in 2019. The main reason was the increase in finance cost of 228.10 million baht from TFRS 16 application since 1 January 2020. In 2020, net investment income of the Fund was 284.64 million baht, decreasing by 583.41 million baht or 67.21% from 2019. Ratio of net investment income to average net assets during 2020 was 4.34%, decreasing by 8.38% from 12.72% in 2019. Ratio of weighted average investment purchases and sales during 2020 to average net assets during 2020 was 0.78%, slight decrease from 1.50% in 2019. For 2020 as of 31 December 2020, the Fund had an increase in net assets from operations of 133.76 million baht, decreasing by 635.03 million baht or 82.60% with the net unrealized loss from investment valuation of 150.87 million baht due to the adjustment to reflect the actual business condition and to reflect the remaining period of leasehold right in assumptions used for investment valuation by the independent appraiser. Thus, ratio of net profit from operations to average net assets during 2020 was 2.04%, decreasing by 9.22% from 11.26% in 2019. Profitability Ratio Analysis Ratio of rental and service income to total income for 2020 was 99.44%, slightly increasing by 0.39% from 99.06% in 2019 as a result of decline in rental and service income. In 2020, net investment income margin was 47.74%, decreasing by 33.94% from 81.68% in 2019 since the increase in ratio of total expense to total income from 18.32% in 2019 to 52.26% in 2020. From aforementioned reasons, return on equity of the Fund in 2020 was 2.04%, 9.22% decrease from 11.26% in 2019. Annual Report 2020 86 Future Park Leasehold Property Fund : FUTUREPF

Balance Sheet (million baht) 2020 2019 2018 Total assets 11,799.27 7,276.05 7,239.56 Total liabilities 5,324.17 446.66 426.14 Net assets 6,475.10 6,829.39 6,813.42 As at 31 December 2020, total assets of the Fund stood at 11,799.27 million baht, 62.17% increase from 7,276.05 million baht in 2019. They consisted of total investment in properties of 11,344.53million baht, total investment in securities of 149.92 million baht, cash and cash equivalents of 243.94 million baht, rental receivables and other account receivable of 54.13 million baht and other assets of 6.75 million baht respectively. Total liabilities as at 31 December 2020 stood at 5,324.17 million baht, increasing by 1,092.01% from 446.66 million baht in 2020. The main liabilities were lease liabilities of 4,926.53 million baht (due to TFRS16 application) or 92.53% of total liabilities and deposit received from customers of 353.90 million baht or 6.65% of total liabilities. As a result, net asset value as at 31 December 2020 was 6,475.10 million baht, decreasing by 5.19% from 6,829.39 million baht as at 31 December 2019 or equal to 12.2271 baht per unit. Liquidity Ratio Analysis As at 31 December 2020, current ratio was 6.97 times, increasing from 1.56 times as at 31 December 2019 since cash and cash equivalents increased from 65.21 million baht to 243.94 million baht or 247.07% increase. Quick ratio as at 31 December 2020 was 9.56 times, increasing from 1.91 times as at 31 December 2019. The reason was the same as mentioned in current ratio above. From liquidity ratio analysis shown above, the Fund still had ability and liquidity to pay short term debt. Statement of Cash Flows For 2020, net cash received from operating activities stood at 666.78 million baht, dropped by 110.43 million baht, compared to net cash received from operating activities for 2019 at 777.21 million baht. The main reasons were described below; • Increase in net assets from operation and decrease in other liabilities • Increase in initial direct costs and rental receivable Net cash used in financing activities for 2020 were 488.05 million baht, decreasing by 274.21 million baht or 35.97% from 762.26 million baht in 2019. Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 87

Distribution of the Fund The Fund has paid cash dividend from its retain earnings and/or its performance with the total amount of 407.76 million baht in 2020, 764.69 million baht in 2019 and 742.45 million baht in 2018. The historical dividend yields of the Fund are shown as follow; Distribution of the Fund 2020 2019 2018 Payout Ratio * 304.84% 99.47% 101.73% Annual Dividend Distributed (baht per unit) 0.7700 1.4440 1.4020 Dividend Yield compared to market price as at 31 4.16% 5.80% 6.20% December 2020 (Last trading day) Remark *Dividend payout ratios are calculated from the dividend payment for the related period dividing by net investment income after an adjustment (excluding net unrealized gain from investment valuation) Payout ratio in 2020 was 304.84% of net investment income after an adjustment (excluding net unrealized gain from investment valuation), which was similar to 2019 payout ratio. 14.2 Factors or occurrences which may have impact in the future The Fund has a policy to invest in leasehold rights of the retail areas (partly) of the Future Park Shopping Mall building with the purpose of seeking benefits from such retail areas in the shopping mall in order to generate income and returned such an income to the unitholders in the form of dividends. The factors that may affect the Fund in the future are as follows; Internal Factors 1) The essence of the building lease agreement and compensation for granting the right to increase capital No.1 have specified that between 2027-2041, the Fund has an obligation to pay an additional rental fees and equipment rental fees of 430 million baht per year (3% increase every year) and expense of compensation for additional rights in the amount of 75.88 million baht per year (3% increase every year). These additional expenses may cause the enormous decrease in the net profit of the Fund, which are considered as dividends to the unitholders. However, the aforementioned additional expenses have already been reflected in the fair value of the investment property and the Fund has appointed independent appraisers to review the valuation on a quarterly basis in order to record the said fair value in the Fund’s financial statements. 2) Restrictions on additional investment in new property projects. According to the SEC’s regulation, the Fund is unable to raise additional funds to be used to invest in new projects to generate additional return for the Fund. The only source of funds, except the excess liquidity of the fund, is financing provided that the Fund is able to borrow no more than 10% of the net asset value of the fund and this makes the Fund less flexible to invest in new property projects. Annual Report 2020 88 Future Park Leasehold Property Fund : FUTUREPF

External Factors 1) The retail business sector in Thailand is highly competitive, such as price competition, procurement budget and marketing activities to attract the customers. At present, the Fund has both direct competitor such as nearby department stores may be launched and indirect competitor such as Hypermarket and Community Mall. In addition, new technology nowadays has changed the behavior of consumers and online shopping has become more and more popular, which may affect tenants or customers of the Fund. 2) Concerns about the overall economy of the country such as political unrest and the epidemic of COVID-19 virus has affected the confidence and purchasing power of customers in the Future Park shopping mall and also affected the ability to pay of tenants of the Fund. As a result, the Fund is not be able to increase the rental rate as expected.

Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 89

15. Opinion of Trestee of Property Fund 15. Opinion of Trestee of Property Fund

Investor can study additional fund’s information from the Annual Registration Statement (56-REIT1) as shown on www.sec.or.th or The Fund’s website: https://investor.futurepark.co.th/th/home

Compiled data as of 5 March 2021

Attachment 1 Auditor Report and Financial Statement Annual Report 2020 92 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 93 Annual Report 2020 94 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 95 Annual Report 2020 96 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 97 Annual Report 2020 98 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 99 Annual Report 2020 100 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 101 Annual Report 2020 102 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 103 Annual Report 2020 104 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 105 Annual Report 2020 106 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 107 Annual Report 2020 108 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 109 Annual Report 2020 110 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 111 Annual Report 2020 112 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 113 Annual Report 2020 114 Future Park Leasehold Property Fund : FUTUREPF Attachment 2 Summary of the appraisal report of the fund prepared by an independent appraiser Annual Report 2020 116 Future Park Leasehold Property Fund : FUTUREPF Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 117

- 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 2,211 2,763 2,339 2,763 1,695 1,400 52,506 50,931 50,931 45,422 44,060 44,060 29,046 28,175 28,175 64,204 62,278 62,278 77,840 75,504 75,504 19,540 18,954 18,954 21.0027 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 Year Year

- 21 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 2,146 2,683 2,271 2,683 1,645 1,359 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 83,093,178 80,600,383 80,600,383 223,278,913 216,580,545 216,580,545 193,154,785 187,360,141 187,360,141 123,515,869 119,810,393 119,810,393 273,023,028 264,832,337 264,832,337 331,007,329 321,077,110 321,077,110

- 20 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 2,084 2,605 2,205 2,605 1,597 1,320 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 80,672,989 78,252,799 78,252,799 216,775,643 210,272,374 210,272,374 187,528,917 181,903,050 181,903,050 119,918,319 116,320,770 116,320,770 265,070,901 257,118,774 257,118,774 321,366,339 311,725,349 311,725,349

- 19 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 2,023 2,529 2,141 2,529 1,551 1,281 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 78,323,290 75,973,591 75,973,591 210,461,790 204,147,936 204,147,936 182,066,910 176,604,902 176,604,902 116,425,553 112,932,786 112,932,786 257,350,389 249,629,878 249,629,878 312,006,155 302,645,970 302,645,970

- 18 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,964 2,455 2,079 2,455 1,506 1,244 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 76,042,029 73,760,768 73,760,768 204,331,835 198,201,880 198,201,880 176,763,990 171,461,070 171,461,070 113,034,517 109,643,482 109,643,482 249,854,747 242,359,105 242,359,105 302,918,597 293,831,039 293,831,039

- 17 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,907 2,384 2,018 2,384 1,462 1,208 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 73,827,213 71,612,396 71,612,396 198,380,422 192,429,009 192,429,009 171,615,524 166,467,059 166,467,059 109,742,250 106,449,982 106,449,982 242,577,424 235,300,102 235,300,102 294,095,725 285,272,853 285,272,853

- 16 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,851 2,314 1,959 2,314 1,419 1,172 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 71,676,906 69,526,598 69,526,598 192,602,351 186,824,281 186,824,281 166,617,014 161,618,504 161,618,504 106,545,873 103,349,497 103,349,497 235,512,062 228,446,701 228,446,701 285,529,830 276,963,935 276,963,935

- 15 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,797 2,247 1,902 2,247 1,378 1,138 Year Year 8481.06 ,764,091 ,652,488 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 69,589,229 67,501,552 67,501,552 186,992,574 181,382,797 181,382,797 161 156,911,168 156,911,168 103,442,595 100,339,318 100,339,318 228 221,792,913 221,792,913 277,213,427 268,897,024 268,897,024

- 14 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,745 2,181 1,847 2,181 1,338 1,105 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 97,416,813 97,416,813 67,562,358 65,535,487 65,535,487 181,546,189 176,099,803 176,099,803 157,052,516 152,340,940 152,340,940 100,429,704 221,992,707 215,332,925 215,332,925 269,139,250 261,065,072 261,065,072

- 13 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,694 2,118 1,793 2,118 1,299 1,073 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 97,504,567 94,579,430 94,579,430 65,594,522 63,626,687 63,626,687 176,258,436 170,970,682 170,970,682 152,478,171 147,903,825 147,903,825 215,526,900 209,061,093 209,061,093 261,300,242 253,461,235 253,461,235

- 12 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 2,056 1,645 2,056 1,741 1,261 1,042 Year Year 8481.06 8,669.79 5,094.41 6,000.07 4,531.70 16,764.55 91,824,690 61,773,482 94,664,628 91,824,690 63,684,002 61,773,482 171,124,695 165,990,954 148,037,059 209,249,417 202,971,935 202,971,935 246,078,869 246,078,869 165,990,954 143,595,947 143,595,947 253,689,556

- 11 0% 0% 0% 0% 0% 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,996 1,597 1,996 1,690 1,224 1,011 Year Year 8481.06 8,669.79 5,094.41 6,000.07 4,531.70 16,764.55 89,150,184 59,974,254 91,907,406 89,150,184 61,829,128 59,974,254 166,140,480 161,156,266 143,725,300 203,154,774 197,060,131 197,060,131 238,911,523 238,911,523 161,156,266 139,413,541 139,413,541 246,300,540

- 10 0% 0% 0% 0% 0% 982 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,938 1,550 1,938 1,641 1,189 Year Year 8481.06 8,669.79 5,094.41 6,000.07 4,531.70 16,764.55 86,553,577 58,227,432 89,230,492 86,553,577 60,028,280 58,227,432 161,301,437 156,462,394 139,539,126 197,237,645 191,320,515 191,320,515 231,952,935 231,952,935 156,462,394 135,352,952 135,352,952 239,126,737

- 9 0% 0% 0% 0% 0% 953 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,882 1,505 1,882 1,593 1,154 Page Year Year 8481.06 8,669.79 5,094.41 6,000.07 4,531.70 16,764.55 84,032,599 56,531,487 86,631,545 84,032,599 58,279,883 56,531,487 156,603,337 151,905,237 135,474,880 191,492,859 185,748,073 185,748,073 225,197,025 225,197,025 151,905,237 131,410,633 131,410,633 232,161,881

- 8 0% 0% 0% 0% 0% 926 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,461 1,827 1,547 1,827 1,120 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 84,108,296 81,585,047 81,585,047 56,582,411 54,884,939 54,884,939 152,042,075 147,480,813 147,480,813 131,529,009 127,583,139 127,583,139 185,915,397 180,337,935 180,337,935 225,399,885 218,637,888 218,637,888

- 7 0% 0% 0% 0% 0% 899 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,419 1,774 1,502 1,774 1,088 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 81,658,540 79,208,784 79,208,784 54,934,380 53,286,348 53,286,348

147,613,665 143,185,255 143,185,255 127,698,067 123,867,125 123,867,125 180,500,385 175,085,374 175,085,374 218,834,839 212,269,794 212,269,794

- 6 0% 0% 0% 0% 0% 872 97% 97% 97% 97% 97% 97% 3.0% 3.0% 3.0% 3.0% 3.0% 1,378 1,722 1,458 1,722 1,056 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 omplex 16,764.55 79,280,136 76,901,732 76,901,732 53,334,349 51,734,319 51,734,319 143,314,238 139,014,811 139,014,811 123,978,706 120,259,345 120,259,345 175,243,093 169,985,800 169,985,800 212,461,009 206,087,179 206,087,179 C

- 5 0% 0% 0% 0% 0% 847 97% 97% 97% 97% 97% 97% 3.5% 3.5% 3.5% 3.5% 3.5% 1,337 1,672 1,415 1,672 1,025 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 angsit 16,764.55 76,971,006 74,661,876 74,661,876 51,780,922 50,227,494 50,227,494 139,140,037 134,965,836 134,965,836 120,367,676 116,756,646 116,756,646 170,138,925 165,034,757 165,034,757 206,272,824 200,084,640 200,084,640 R

- 4 0% 0% 0% 0% 0% 991 818 ark 97% 97% 97% 97% 97% 97% 3.5% 3.5% 3.5% 3.5% 3.5% 1,292 1,615 1,368 1,615 Year Year P 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 74,368,122 72,137,078 72,137,078 50,029,876 48,528,980 48,528,980 134,434,818 130,401,773 130,401,773 116,297,271 112,808,353 112,808,353 164,385,435 159,453,872 159,453,872 199,297,415 193,318,492 193,318,492

- 3 uture 0% 0% 0% 0% 0% 957 791 97% 97% 97% 97% 97% 97% 2.0% 2.0% 2.0% 2.0% 2.0% 1,248 1,561 1,321 1,561 F Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 71,853,258 69,697,660 69,697,660 48,338,044 46,887,903 46,887,903 129,888,713 125,992,052 125,992,052 112,364,513 108,993,578 108,993,578 158,826,507 154,061,712 154,061,712 192,557,889 186,781,152 186,781,152

- 2 within 0% 0% 0% 0% 0% 938 775 93% 96% 95% 96% 94% 97% 2.0% 2.0% 2.0% 2.0% 2.0% 1,224 1,530 1,295 1,530 Year Year 8481.06 8,669.79 6,000.07 4,531.70 5,094.41 16,764.55 70,444,370 66,922,152 66,922,152 47,390,240 45,968,532 45,968,532 127,341,876 118,427,944 118,427,944 110,161,288 105,754,836 105,754,836 155,712,262 149,483,771 149,483,771 188,782,244 177,455,309 177,455,309

1 5% 5% 5% 5% 0% 5% building 920 760

- - - - - 91% 94% 93% 96% 91% 97% 0.0% 0.0% 0.0% 0.0% 0.0% 1,500 1,200 6,000 1,500 1,270 Year Year 5,094.41 4,531.70 8,481.06 8,669.79 16,764.55 96,445,127 45,067,189 69,063,108 61,017,256 46,461,019 45,067,189 64,228,690 185,080,631 124,844,976 113,608,928 107,928,482 108,001,262 101,521,187 152,659,080 146,552,717 139,225,081 168,423,374 160,002,206

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CASH FLOW PROJECTIONS: FLOW CASH Rent Rent Rent Rent Rental Leasable Area Leasable Growth Rate Rental Average Rate Gross Potential Occupancy Rate Growth Rate Rental Average Rate (Baht/Sq.m/Mouth) Gross Potential Occupancy Growth Rate Rental Average Rate (Baht/Sq.m/Mouth) Income Gross Potential Occupancy Rate Growth Rate Rental Average Rate (Baht/Sq.m/Mouth) Income Gross Potential Occupancy Rate Growth Rate Rental Average Rate (Baht/Sq.m/Mouth) Income Gross Potential Occupancy Rate Rental Average Rate (Baht/Sq.m/Mouth) Income Gross Potential Occupancy Rate Leasable Area Leasable Area Leasable Income Gross Area Leasable Area Leasable Rent Revenue Retail Income Retail Income Gross Income Gross Effective Income Gross Income Gross Effective Income Gross Effective Gross Income Gross Effective Income Gross Income Gross Effective Leasable Area Income Gross Income Gross Effective • Annual Report 2020 118 Future Park Leasehold Property Fund : FUTUREPF

------0 0 0 0 29 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 4,863 2,855 8,140 7,895 7,895 3,407 5,656 5,656 6,851 4,567 100% 100% 557.72 66,418 64,425 64,425 44,210 22,837 34,255 21.0027 4540.68 780,546 780,546 1,138.36 2,740.00 4,984.93 1,040.52 3,512.61 3,407.23 1,141,831 1,176,086 Year Year

------21 29 97% 97% 97% 4.0% 3.0% 3.0% 3.0% 4,722 2,772 100% 100% 10.0% 557.72 42,923 Year Year 4540.68 1,094.58 2,740.00 4,984.93 1,040.52 2,004,356 2,004,356 7,481,058 56,107,934 61,033,041 61,033,041 61,033,041 18,337,927 18,337,927 18,337,927 34,613,063 33,574,671 33,574,671 14,937,129 14,489,015 14,489,015 11,221,587 37,405,290 282,436,537 273,963,441 273,963,441 276,601,118 276,601,118 1,870,264,478 1,926,372,412

------20 29 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 4,584 2,691 100% 100% 507.02 41,673 Year Year 4540.68 1,052.48 2,740.00 4,984.93 1,040.52 1,945,977 1,945,977 7,262,465 54,468,485 58,685,617 58,685,617 58,685,617 18,199,003 18,199,003 18,199,003 33,604,915 32,596,768 32,596,768 14,502,067 14,067,005 14,067,005 10,893,697 36,312,324 274,210,230 265,983,923 265,983,923 268,544,775 268,544,775 1,815,616,183 1,870,084,668

------19 29 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 4,450 2,613 100% 100% 507.02 40,459 Year Year 4540.68 1,012.00 2,740.00 4,984.93 1,040.52 1,889,298 1,889,298 7,044,753 52,835,646 56,428,478 56,428,478 56,428,478 16,670,843 16,670,843 16,670,843 32,626,131 31,647,347 31,647,347 14,079,676 13,657,286 13,657,286 10,567,129 35,223,764 266,223,525 258,236,819 258,236,819 260,723,083 260,723,083 1,761,188,216 1,814,023,863

------18 29 97% 97% 97% 4.0% 3.0% 3.0% 3.0% 4,321 2,537 100% 100% 10.0% 973.07 507.02 39,280 Year Year 4540.68 2,740.00 4,984.93 1,040.52 1,834,270 1,834,270 6,839,401 51,295,508 54,258,152 54,258,152 54,258,152 16,670,843 16,670,843 16,670,843 31,675,855 30,725,580 30,725,580 13,669,589 13,259,501 13,259,501 10,259,102 34,197,005 258,469,441 250,715,358 250,715,358 253,129,206 253,129,206 1,709,850,252 1,761,145,760

------17 29 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 4,195 2,463 100% 100% 935.65 460.93 38,136 Year Year 4540.68 2,740.00 4,984.93 1,040.52 1,780,844 1,780,844 9,959,409 6,639,606 49,797,046 52,171,300 52,171,300 52,171,300 16,544,548 16,544,548 16,544,548 30,753,258 29,830,660 29,830,660 13,271,445 12,873,302 12,873,302 33,198,031 250,941,205 243,412,969 243,412,969 245,756,511 245,756,511 1,659,901,535 1,709,698,582

------16 29 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 4,073 2,391 100% 100% 899.66 460.93 37,026 Year Year 4540.68 2,740.00 4,984.93 1,040.52 1,728,975 1,728,975 9,660,963 6,440,642 48,304,815 50,164,711 50,164,711 50,164,711 15,155,311 15,155,311 15,155,311 29,857,532 28,961,806 28,961,806 12,884,898 12,498,352 12,498,352 32,203,210 243,632,238 236,323,271 236,323,271 238,598,554 238,598,554 1,610,160,496 1,658,465,311

------68 15 29 97% 97% 97% 4.0% 3.0% 3.0% 3.0% 3,954 2,322 100% 100% 10.0% 865.06 460.93 35,947 Year Year 4540. 2,740.00 4,984.93 1,040.52 1,678,617 1,678,617 9,379,414 6,252,943 46,897,072 48,235,299 48,235,299 48,235,299 15,155,311 15,155,311 15,155,311 28,987,895 28,118,258 28,118,258 12,509,610 12,134,322 12,134,322 31,264,715 236,536,154 229,440,069 229,440,069 231,649,082 231,649,082 1,563,235,730 1,610,132,802

------14 29 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 3,839 2,254 100% 100% 831.79 419.03 34,900 Year Year 4540.68 2,740.00 4,984.93 1,040.52 1,629,725 1,629,725 9,105,485 6,070,324 45,527,427 46,380,095 46,380,095 46,380,095 15,040,498 15,040,498 15,040,498 28,143,587 27,299,280 27,299,280 12,145,253 11,780,895 11,780,895 30,351,618 229,646,751 222,757,348 222,757,348 224,902,021 224,902,021 1,517,580,904 1,563,108,331

------13 29 155 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 3,727 2,188 100% 100% 799.80 419.03 33,884 Year Year 4540.68 2,740.00 4,984.93 1,040.52 1,582,257 1,582,257 8,832,730 5,888,487 44,163,650 44,596,246 44,596,246 44,596,246 13,777,556 13,777,556 13,777,556 27,323,871 26,504, 26,504,155 11,791,507 11,437,762 11,437,762 29,442,434 222,958,011 216,269,270 216,269,270 218,351,477 218,351,477 1,472,121,676 1,516,285,326

------12 29 97% 97% 97% 4.0% 3.0% 3.0% 3.0% 8,030 3,619 2,125 100% 100% 10.0% 769.03 419.03 32,897 Year Year 4540.68 2,740.00 4,984.93 1,040.52 1,536,172 1,536,172 8,575,376 5,716,917 42,876,879 42,881,005 42,881,005 42,881,005 13,777,556 13,777,556 13,777,556 26,52 25,732,189 25,732,189 11,448,065 11,104,623 11,104,623 28,584,586 216,464,088 209,970,165 209,970,165 211,991,725 211,991,725 1,429,229,313 1,472,106,192

------11 29 ,429 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 3,513 2,063 7,209 100% 100% 739.46 380.93 31,939 Year Year 4540.68 2,740.00 4,984.93 1,040.52 1,491 1,491,429 8,324,987 5,549,992 41,624,936 41,231,736 41,231,736 41,231,736 13,673,180 13,673,180 13,673,180 25,755,369 24,982,708 24,982,708 11,114,627 10,781,188 10,781,188 27,749,958 210,159,309 203,854,530 203,854,530 205,817,209 205,81 1,387,497,879 1,429,122,815

------10 29 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 3,411 2,003 100% 100% 711.02 380.93 31,008 Year Year 4540.68 2,740.00 4,984.93 1,040.52 1,447,989 1,447,989 8,075,703 5,383,802 40,378,516 39,645,900 39,645,900 39,645,900 12,525,051 12,525,051 12,525,051 25,005,213 24,255,056 24,255,056 10,790,900 10,467,173 10,467,173 26,919,011

204,038,164 197,917,019 197,917,019 199,822,533 199,822,533

1,345,950,526 1,386,329,042

------9 29 97% 97% 97% 4.0% 3.0% 3.0% 3.0% 3,312 1,944 100% 100% page 10.0% Year Year 683.67 380.93 30,105 4540.68 2,740.00 4,984.93 1,040.52 1,405,815 1,405,815 7,840,457 5,226,971 39,202,284 38,121,058 38,121,058 38,121,058 12,525,051 12,525,051 12,525,051 24,276,906 23,548,598 23,548,598 10,476,602 10,162,304 10,162,304 26,134,856 198,095,305 192,152,446 192,152,446 194,002,459 194,002,459 1,306,742,784 1,345,945,067

------8 29 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 3,215 1,888 100% 100% Year Year 657.37 346.30 29,228 4540.68 2,740.00 4,984.93 1,040.52 9,866,314 9,866,314 1,364,869 1,364,869 7,611,578 5,074,385 38,057,891 36,654,863 36,654,863 36,654,863 12,430,164 12,430,164 12,430,164 23,569,811 22,862,717 22,862,717 10,171,458 25,371,927 192,325,539 186,555,772 186,555,772 188,351,902 188,351,902 1,268,596,362 1,306,654,253

------7 29 ,061 97% 97% 97% 4.0% 0.0% 3.0% 3.0% 3.0% 3,121 1,833 100% 100% Year Year 632.09 346.30 28,377 4540.68 2,740.00 4,984.93 1,040.52 9,875,202 9,578,946 9,578,946 1,325,115 1,325,115 7,383,738 4,922,492 36,918,692 35,245 35,245,061 35,245,061 11,386,410 11,386,410 11,386,410 22,883,312 22,196,813 22,196,813 24,612,461 186,723,824 181,122,109 181,122,109 182,865,924 182,865,924 1,230,623,058 1,267,541,750

------6 29 97% 97% 97% 4.0% 3.0% 3.0% 3.0% 3,031 1,779 100% 100% 10.0% Year Year 607.78 346.30 27,551 4540.68 2,740.00 4,984.93 1,040.52 9,587,575 9,299,947 9,299,947 1,286,520 1,286,520 7,168,694 4,779,129 35,843,469 33,889,481 33,889,481 33,889,481 11,386,410 11,386,410 11,386,410 22,216,808 21,550,303 21,550,303 23,895,646 181,285,266 175,846,708 175,846,708 177,539,732 177,539,732 1,194,782,287 1,230,625,756

------5 12 29 97% 97% 97% 4.0% 0.0% 3.5% 3.5% 3.5% 2,942 1,727 100% 100% Year Year 584.40 314.82 26,748 4540.68 2,740.00 4,984.93 1,040.52 9,308,325 9,029,075 9,029,075 1,249,048 1,249,048 6,959,471 4,639,647 34,797,354 32,586,040 32,586,040 32,586,040 11,300,149 11,300,149 11,300,149 21,569,716 20,922,625 20,922,625 23,198,236 176,005,1 170,724,959 170,724,959 172,368,672 172,368,672 1,159,911,816 1,194,709,170

------4 29 97% 97% 97% 4.0% 0.0% 3.5% 3.5% 3.5% 2,843 1,669 100% 100% Year Year 561.93 314.82 25,844 4540.68 2,740.00 4,984.93 1,040.52 8,993,551 8,723,744 8,723,744 1,206,810 1,206,810 6,719,818 4,479,879 33,599,089 31,332,731 31,332,731 31,332,731 10,351,282 10,351,282 10,351,282 20,840,306 20,215,096 20,215,096 22,399,393 170,053,249 164,951,651 164,951,651 166,539,780 166,539,780 1,119,969,642 1,153,568,731

------3 29 97% 97% 97% 4.0% 2.0% 2.0% 2.0% 2,747 1,613 100% 100% 10.0% Year Year 540.31 314.82 24,970 4540.68 2,740.00 4,984.93 1,040.52 8,689,421 8,428,738 8,428,738 1,166,000 1,166,000 6,493,805 4,329,203 32,469,023 30,127,626 30,127,626 30,127,626 10,351,282 10,351,282 10,351,282 20,135,561 19,531,494 19,531,494 21,646,015 164,302,656 159,373,576 159,373,576 160,908,000 160,908,000 1,082,300,772 1,114,769,795

------2 29 95% 96% 95% 4.0% 0.0% 2.0% 2.0% 2.0% 2,693 1,581 100% 100% Year Year 519.53 286.20 24,480 4540.68 2,740.00 4,984.93 1,040.52 8,519,040 8,178,278 8,178,278 1,100,000 1,100,000 6,216,679 4,144,453 31,083,397 28,968,871 28,968,871 28,968,871 10,272,863 10,272,863 10,272,863 19,740,746 18,753,709 18,753,709 20,722,265 161,081,035 153,026,983 153,026,983 151,800,000 151,800,000 1,036,113,249 1,067,196,646

29 8% 5% 0% 5% 0% 0% - - - 20% 92% 93% 92% 0.0% 0.0% 0.0% 0.0% 0.0% - 2,640 1,550 100% 100% Year Year 499.55 286.20 24,000 4,540.68 2,740.00 4,984.93 1,040.52 9,410,256 9,410,256 8,657,436 8,352,000 7,767,360 7,378,992 1,000,000 1,000,000 5,657,011 3,771,341 27,854,683 27,854,683 22,283,747 19,353,673 17,805,379 17,805,379 18,856,705 28,285,057 157,922,583 145,288,777 138,024,338 138,000,000 138,000,000 942,835,231 971,120,288

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CASH FLOW PROJECTIONS: u Rental Rental Rental Rental Rental Rental Rental Leasable Area Leasable Leasable Area Leasable Leasable Area Leasable Growth Rate Average Rental Rate (Baht/Sq.m/Mouth) Income Gross Potential Rate Occupancy Growth Rate Average Rental Rate (Baht/Sq.m/Mouth) Income Gross Potential Rate Occupancy Growth Rate Average Rental Rate (Baht/Sq.m/Mouth) Income Gross Potential Rate Occupancy Growth Rate Average Rental Rate (Baht/Sq.m/Mouth) Income Gross Potential Rate Occupancy N Growth Rate Average Rental Rate (Baht/Sq.m/Mouth) Income Gross Potential Rate Occupancy

Kiosk Tenant Kiosk Leasable Area Leasable Promotion Area Temporary Display Tax Property Income Other Anchor Tenant Anchor Gross Income Gross Effective Gross Income Gross Effective Gross Income Gross Effective Gross Income Income Gross Effective ATM Gross Income Gross Effective Income Gross Effective Income Income Gross Effective Total Income Rental Total Gross Total Annual Report 2020 Future Park Leasehold Property Fund : FUTUREPF 119

------353 5,880 49,495 29,402 25,874 58,804 35,283 24,592 24,592 12,937 21.0027 205,091 970,995 933,466 Year Year

21 Year Year 577,912 9,631,862 5,717,013 1,749,801 3,886,742 8,887,135 17,539,513 48,159,310 42,380,193 96,318,621 57,791,172 52,033,507 22,955,959 91,825,841 21,190,097 272,398,583 104,073,925 494,308,296 785,438,218 847,345,515 1,653,973,830

20 Year Year 561,025 9,350,423 5,717,013 1,749,801 3,886,742 8,799,143 17,028,653 46,752,117 41,141,863 93,504,233 56,102,540 50,517,968 22,287,339 89,149,827 20,570,931 264,440,855 101,040,886 479,913,420 763,062,138 822,010,744 1,605,643,814

19 Year Year 544,207 9,070,119 5,717,013 1,749,801 3,886,742 8,712,023 16,532,673 45,350,597 39,908,525 90,701,193 54,420,716 98,097,882 49,046,571 21,638,193 86,555,613 19,954,262 256,528,030 465,935,094 741,338,931 796,202,639 1,557,495,833

18 Year Year 528,344 8,805,729 5,717,013 1,749,801 3,886,742 8,625,765 16,051,139 44,028,644 38,745,207 88,057,288 52,834,373 95,241,399 47,618,030 21,007,954 84,037,355 19,372,603 249,050,723 452,366,490 720,250,548 772,471,885 1,512,095,037

22 17 Year Year 512,910 8,548,493 5,076,150 1,562,3 3,470,306 8,540,362 15,583,630 42,742,465 37,613,369 85,484,929 51,290,957 92,467,963 46,231,097 20,396,072 81,589,211 18,806,684 241,776,752 439,193,949 698,527,431 750,587,714 1,467,921,829

16 Year Year 497,540 8,292,327 5,255,599 1,562,322 3,470,306 8,455,804 15,129,738 41,461,633 36,486,237 82,923,266 49,753,959 89,775,493 44,884,560 19,802,012 79,211,181 18,243,118 234,544,698 426,403,815 678,821,092 726,856,402 1,423,920,613

15 Year Year 483,040 8,050,664 5,435,049 1,562,322 3,470,306 8,372,083 14,689,066 40,253,320 35,422,922 80,506,640 48,303,984 87,161,467 43,577,243 19,225,254 76,903,265 17,711,461 227,709,635 413,982,430 659,689,419 705,022,287 1,382,423,167

14 Year Year 468,932 7,815,542 5,614,499 1,562,322 3,470,306 8,289,191 14,261,229 39,077,708 34,388,383 78,155,417 46,893,250 84,623,817 42,308,003 18,665,295 74,665,463 17,194,192 221,060,461 401,922,965 641,121,862 683,731,817 1,342,047,870

13 8,277 Year Year 454,886 7,581,427 5,144,843 1,394,931 3,098,487 8,207,120 13,845,853 37,907,133 33,35 75,814,266 45,488,560 82,155,055 41,075,731 18,121,646 72,491,932 16,679,139 214,450,402 390,218,593 621,908,337 663,247,449 1,301,834,924

12 Year Year 441,632 7,360,531 5,305,066 1,394,931 3,098,487 8,125,861 13,442,576 36,802,655 32,386,336 73,605,310 44,163,186 79,760,753 39,879,350 17,593,831 70,382,672 16,193,168 208,202,225 378,855,655 604,396,606 643,314,193 1,263,903,967

11 614 Year Year 428,737 7,145, 5,465,289 1,394,931 3,098,487 8,045,407 13,051,045 35,728,070 31,440,702 71,456,141 42,873,684 77,440,129 38,717,816 17,081,389 68,331,841 15,720,351 202,123,993 367,820,493 587,395,782 623,882,689 1,226,998,822

10 Year Year 415,899 6,931,645 5,625,512 1,394,931 3,098,487 7,965,750 12,670,917 34,658,226 30,499,239 69,316,452 41,589,871 75,186,945 37,590,112 16,583,873 66,339,437 15,249,619 196,082,249 357,106,281 570,891,328 604,105,845

1,190,246,793

9 Year Year page 403,784 6,729,725 5,137,509 1,245,474 2,766,506 7,886,881 12,301,861 33,648,627 29,610,791 67,297,253 40,378,352 72,994,444 36,495,255 16,100,848 64,405,462 14,805,396 190,370,394 346,706,188 553,738,566 587,030,712 1,155,574,673

8 Year Year 391,996 6,533,271 5,280,565 1,245,474 2,766,506 7,808,793 11,943,555 32,666,356 28,746,394 65,332,713 39,199,628 70,870,246 35,432,286 15,631,891 62,529,915 14,373,197 184,813,912 336,606,557 538,172,233 569,294,911 1,121,840,341

7 Year Year 380,263 6,337,709 5,423,621 1,245,474 2,766,506 7,731,478 11,595,684 31,688,544 27,885,918 63,377,087 38,026,252 68,802,029 34,400,278 15,176,593 60,706,954 13,942,959 179,291,458 326,800,560 523,053,494 551,253,839 1,088,250,292

- - - - - 6 Year Year 369,188 6,153,129 5,566,678 1,245,474 2,766,506 7,654,929 11,257,946 30,765,644 27,073,767 61,531,288 36,918,773 17,233,587 13,536,883 174,069,733 1,056,556,022 1,025,785,552

- - - - - 5 Year Year 358,413 5,973,546 5,069,651 1,112,030 2,470,095 7,579,137 10,930,044 29,867,729 26,283,602 59,735,459 35,841,275 16,230,913 13,141,801 168,990,068 996,346,388 1,025,719,103

- - - - - 4 Year Year 346,071 5,767,844 5,197,380 1,112,030 2,470,095 7,504,097 10,611,694 28,839,218 25,378,512 57,678,437 34,607,062 16,283,601 12,689,256 163,228,837 990,339,895 961,367,037

- - - - - 3 Year Year 334,431 5,573,849 5,325,109 1,112,030 2,470,095 7,429,799 10,302,615 27,869,245 24,524,935 55,738,490 33,443,094 16,337,032 12,262,468 157,786,659 956,983,136 928,383,636

- - - - - 2 Year Year

320,159 5,335,983 5,452,837 1,112,030 2,470,095 7,356,236 aht 10,002,539 26,679,916 23,478,326 53,359,832 32,015,899 16,391,199 11,739,163 B B aht 151,192,655 916,003,991 887,873,629

- - - - - 1 Year Year 99,288 291,336 495,432 220,544 9,711,203 3,884,481 7,283,402 8,098,667 24,278,007 21,364,646 38,844,812 29,133,609 10,682,323 127,508,094 843,612,194 824,831,204 6,417,522,524 6,418,000,000

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CASH FLOW PROJECTIONS: inimum dditional ed uilding ental uilding ommon M A Property Management Fee Management Property Property Commission Fee Fee Incentive Property Sale Marketing & Expenses Fee Collection Rental Property Repair and MaintenanceExpenses Other Expenses B R B agreement benefit and area use of Right ( Letter Side Letter Side rights) Land and Building Tax Land and Building Tax ( c Land and Building ( Insurance Property Reserve Operating Expenses Total Operating Expenses Profit Operating Gross Fix Total Fix Expenditure Capital Income Operating Net Value Leasehold Rounded Annual Report 2020 120 Future Park Leasehold Property Fund : FUTUREPF 175 Sathorn City Tower 7th, 21st and 26th Floor, South Sathorn Road, Tungmahamek, Sathorn, Bangkok 10120 Tel. 0-2674-6488 Fax 0-2679-5996 www.bblam.co.th