Condensed Interim Financial Statements for the Three-Month Period Ended 31 December 2020 and Independent Auditor’S Review Report

Frasers Property Thailand Industrial Freehold & Leasehold REIT

Condensed Interim financial statements for the three-month period ended 31 December 2020 and Independent auditor’s review report

Independent Auditor’s Report on Review of Interim Financial Information

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

I have reviewed the accompanying statement of financial position, including detail of investments as at 31 December 2020, the related statement of comprehensive income, the statement of changes in net assets and cash flows for the three-month period ended 31 December 2020, as well as the condensed notes to the financial statements (interim financial information) of Frasers Property Thailand Industrial Freehold & Leasehold REIT (“Trust”). The REIT manager is responsible for the preparation and presentation of this interim financial information in accordance with the accounting guidance for Property Fund, Real Estate Investment Trust, Infrastructure Fund and Infrastructure Trust issued by the Association of Investment Management Companies (“AIMC”). My responsibility is to express a conclusion on this interim financial information based on my review.

Scope of Review

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

Conclusion

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

(Wilai Buranakittisopon) Certified Public Accountant Registration No. 3920

KPMG Phoomchai Audit Ltd. Bangkok 2 February 2021

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

31 December 30 September Note 2020 2020 (Unaudited) (in thousand Baht) Assets Investments measured at fair value to profit and loss 200,000 926,022 Investments in freehold and leasehold properties at fair value 6 43,763,297 41,143,608 Cash and cash equivalents 7, 18 1,231,240 554,219 Accrued interest income 18 286 995 Rental and service receivables 5, 18 192,587 176,471 Other receivables 18 6,964 4,864 Deferred expenses 8 24,484 29,200 Other assets 33,095 34,390 Total assets 45,451,953 42,869,769

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

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

31 December 30 September Note 2020 2020 (Unaudited) (in thousand Baht) Liabilities Investments in freehold and leasehold properties payable 6, 18 2,061,880 - Short-term loans 10, 18 3,499,790 2,856,154 Accrued expenses 18 89,334 96,699 Accrued interest expenses 18 33,027 90,140 Withholding taxes payable 33,511 30,617 Deposits from rental and services 18 1,035,838 1,033,336 Lease liabilities 188,474 - Debentures 12, 18 8,338,333 8,638,266 Provision for return 84,555 84,023 Other liabilities 6 50,300 65,885 Total liabilities 15,415,042 12,895,120 Net assets 30,036,911 29,974,649

Net assets Trust registered capital 26,915,129 26,915,129 Capital from unitholders 13 28,313,422 28,313,422 Retained earnings 9 1,723,489 1,661,227 Net assets 30,036,911 29,974,649

Net asset value per unit 10.6423 10.6203

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

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

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

31 December 2020 30 September 2020 Type of Percentage Percentage investments Locations Area Cost Fair value of investments Area Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in Thousand Baht) (Rai-Ngan-Sq. Wah) (in Thousand Baht) Investments in freehold and leasehold properties (Note 6) Freehold on land and factories Amata City Industrial Estate Rayong, 135-2-51.4 1,980,491 2,147,562 4.88 135-2-51.4 1,980,491 2,147,562 5.10 Sai Chachoengsao-Sattahip Road, Map Yang Phon Sub-district, Pluak Daeng District, Rayong Province Pinthong Industrial Estate 1, 54-2-39.3 917,000 917,763 2.09 54-2-39.3 917,000 917,763 2.18 Sai Nong Kho-Laem Chabang Road, Nong Kham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 2, 22-3-36.5 299,180 292,800 0.67 22-3-36.5 299,180 292,800 0.70 Sai Nong Kho-Laem Chabang Road, Nong Kham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 3, 66-2-28.60 859,035 789,257 1.80 66-2-28.60 859,035 789,257 1.88 Sai Nong Kho-Laem Chabang Road, Bowin and Bueng Sub-district, Si Racha District, Chonburi Province Hi-Tech Industrial Estate, 152-2-36 2,068,782 2,190,945 4.98 152-2-36 2,068,782 2,190,945 5.21 Sai Asia Road, Banlane Sub-district, Bangpa-In District, Ayutthaya Province Rojana Industrial Park, 179-3-99.7 2,524,744 2,664,911 6.06 179-3-99.7 2,524,744 2,664,911 6.33 Rojana-Wangnoi Road, Ban Chang and Uthai Sub-district, Uthai District, Ayutthaya Province WHA Industrial Development Chonburi 1, 15-1-22 184,376 177,872 0.40 15-1-22 184,376 177,872 0.42 Sai Chachoengsao-Sattahip Road, Bo Win Sub-district, Si Racha District, Chonburi Province Amata City Chonburi Industrial Estate, 386-3-23.5 6,288,020 7,097,154 16.14 386-3-23.5 6,288,020 7,097,154 16.87 Debaratna Road, Bankao, Panthong and Nongkhaka Sub-district, Panthong District and Don Huaro Sub-district, Mueang Chon Buri District, Chonburi Province

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

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

Freehold on land and warehouses Fraser Property Logistics Center project (Amata City Chonburi), 19-3-88.7 485,500 486,094 1.11 19-3-88.7 485,500 486,094 1.16 Bankao Sub-district, Phan Thong District, Chonburi Province Fraser Property Eastern Seaboard 2A project, 16-0-48.4 298,479 275,800 0.63 16-0-48.40 298,479 275,800 0.66 Sai Chachoengsao-Sattahip and Sai Nong kho-Phan Sadej Nok Road, Bo Win Sub-district, Si Racha District, Chonburi Province Fraser Property Wangnoi 1 project, 81-1-0 1,452,300 1,655,798 3.77 81-1-0 1,452,300 1,655,798 3.94 Phahon Yothin Road, Payom Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Wangnoi 2 project, 26-2-42 380,399 361,266 0.82 26-2-42 380,399 361,266 0.86 Phahon Yothin Road, Payom Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Eastern Seaboard 1A project, 41-2-60.8 602,080 635,989 1.45 41-2-60.8 602,080 635,989 1.51 Sai Chachoengsao-Sattahip and Sai Nong kho-Phan Sadejnok Road, Bo Win Sub-district, Si Racha District, Chonburi Province Fraser Property Eastern Seaboard 1B project, 36-1-16.6 565,870 505,205 1.15 36-1-16.6 565,870 505,205 1.20 Sai Pluak Daen-Wang Ta Phin Road, Pluak Daeng Sub-district, Pluak Daeng District, Rayong Province Fraser Property Sriracha project, 140-1-59.50 1,845,353 1,689,942 3.85 111-3-46.70 1,501,647 1,346,236 3.20 Bangpra and Surasak Sub-district, Si Racha District, Chonburi Province

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

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

31 December 2020 30 September 2020 Type of Percentage Percentage investments Locations Area Cost Fair value of investments Area Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in Thousand Baht) (Rai-Ngan-Sq. Wah) (in Thousand Baht) Freehold on land and warehouses (cont') Fraser Property Laemchabang 1 project, 83-2-37.20 1,229,400 1,333,751 3.03 83-2-37.20 1,229,400 1,333,751 3.17 Nong Kham Sub-district, Si Racha District, Chonburi Province Fraser Property Laemchabang 2 project, 101-3-19.8 1,916,036 1,738,026 3.95 101-3-19.8 1,916,036 1,738,026 4.13 Nong Kham Sub-district, Si Racha District, Chonburi Province Fraser Property Phan Thong 1 project, 13-2-11 241,280 155,942 0.35 13-2-11 241,280 155,942 0.37 Phan Thong Sub-district, Phan Thong District, Chonburi Province Sahathai Property Laemchabang 3 K9 project, 125-1-25 2,127,338 1,783,900 4.06 125-1-25 2,127,338 1,783,900 4.25 Thungsukla Sub-District, Si Racha District, Chonburi Province Fraser Property Bangna project, 93-1-51 1,766,300 1,997,152 4.54 93-1-51 1,766,300 1,997,152 4.75 Debaratna Road, Bang Samak and Bang Wua Bang Pakong District, Chachoengsao Province Cold Storage CTD - Wangnoi project, 23-3-25.6 668,455 641,698 1.46 23-3-25.6 668,455 641,698 1.53 Cha Map Sub-district, Wang Noi District, Ayutthaya Province Fraser Property Logistics Center (Rojana Ayutthaya) 19-0-65 294,000 330,200 0.75 19-0-65 294,000 330,200 0.78 Zone 2 project, Rojana-Wang noi Road, Uthai Sub-district, Uthai District, Ayutthaya Province WHA Industrial Development Chonburi 1 project, 26-2-59 359,684 359,303 0.82 26-2-59 359,684 359,303 0.85 Sai Chachoengsao-Sattahip Road, Bo Win Sub-district, Si Racha District, Chonburi Province Fraser Property Logistics Center (Rojana Prachinburi) project, 17-0-99 342,546 299,709 0.68 17-0-99 342,546 299,709 0.71 Sai Chachoengsao-Kabinburi Road, Huawa Sub-district, Srimahabho District, Prachinburi Province 14,575,020 14,249,775 32.42 14,231,314 13,906,069 33.07

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

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

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

Leasehold on land and factories Hi-Tech Industrial Estate, 17-3-44 201,900 211,684 0.48 17-3-44 201,900 211,684 0.50 Asia Road, Ban Len Sub-district, Bang Pa-in District, Ayutthaya Province Amata City Industrial Estate Chonburi, 39-3-31 539,622 542,777 1.23 39-3-31 539,622 542,777 1.29 Sai Debaratna Road, Panthong and Nongkhaka Sub-district, Panthong District and Don Huaro Sub-district, Mueang Chon Buri District, Chonburi Province Pinthong Industrial Estate 2, 14-0-18.50 186,600 160,809 0.37 14-0-18.50 186,600 160,809 0.38 Sai Nong Kho-Laem Chabang Road, Nongkham Sub-district, Si Racha District, Chonburi Province Pinthong Industrial Estate 3, 9-0-94.2 104,800 88,100 0.21 9-0-94.2 104,800 88,100 0.21 Sai Nong Kho-Laem Chabang Road, Bowin Sub-district, Si Racha District, Chonburi Province Amata City Industrial Estate Rayong, 22-3-12.20 406,742 412,570 0.94 22-3-12.20 406,742 412,570 0.98 Sai Chachoengsao-Sattahip Road, Map Yang Phon Sub-district, Pluak Daeng District, Rayong Province 1,439,664 1,415,940 3.23 1,439,664 1,415,940 3.36

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

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

31 December 2020 30 September 2020 Type of Percentage Percentage investments Locations Note Area Cost Fair value of investments Area Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in Thousand Baht) (Rai-Ngan-Sq. Wah) (in Thousand Baht) Leasehold on land and warehouses Fraser Property Bangplee 1 project, 101-3-26.3 1,449,636 1,342,527 3.06 101-3-26.3 1,263,448 1,154,053 2.74 Debaratna Road, Srisa Chorakhe Yai Sub-district, Bang Sao Thong District, Samutprakan Province Fraser Property Bangplee 2 project, 6 142-3-14.1 2,087,510 2,087,509 4.75 - - - - Bang Sao Thong Sub-district, Bang Sao Thong District, Samutprakan Province Fraser Property Bangplee 3 project, 116-3-52.89 1,955,288 1,918,850 4.36 116-3-52.89 1,955,288 1,918,850 4.56 Debaratna Road, Bangpla Sub-district, Bangplee District, Samutprakan Province 5,492,434 5,348,886 12.17 3,218,736 3,072,903 7.30 Total investments in freehold and leasehold properties 42,985,296 43,763,297 99.55 40,367,893 41,143,608 97.79

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

9 Frasers Property Thailand Industrial Freehold & Leasehold REIT Detail of investments 31 December 2020 30 September 2020 Type of investments/ Percentage of Percentage of Issuer Maturity date Cost Fair value investment Cost Fair value investment (Unaudited) (in Thousand Baht) (in Thousand Baht) Investments in securities Fixed deposits CIMB Thai Bank Public Company Limited 26 November 2020 - - - 500,000 500,000 1.19 CIMB Thai Bank Public Company Limited 18 December 2020 - - - 226,022 226,022 0.54 CIMB Thai Bank Public Company Limited 29 January 2021 200,000 200,000 0.45 200,000 200,000 0.48 Total investments in securities 200,000 200,000 0.45 926,022 926,022 2.21 Total investments 43,185,296 43,963,297 100.00 41,293,915 42,069,630 100.00

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

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

For the three-month period ended 31 December Note 2020 2019 (in thousand Baht) Investment Income Rental and service income 18 772,442 754,239 Interest income 18 1,710 4,138 Income from rental guarantees 18 25,863 4,787 Income from forfeiture of rental and service deposits 957 - Other income 18 9,028 - Total income 810,000 763,164

Expenses Cost of rental and services 18 58,977 91,841 REIT management fee 18 97,971 86,419 Trustee fee 18 5,219 4,926 Registrar fee 1,283 1,744 Professional fees 567 475 Administration expenses 18 8,589 2,341 Amortisation of deferred expenses 8 4,716 6,545 Finance cost 18 98,541 86,369 Total expenses 275,863 280,660 Net profit on investments 534,137 482,504

Net gains on investments Net unrealised gains on investments in properties 6 2,286 - Total net realised and unrealised gains on investments 2,286 -

Net increase in net assets from operations 536,423 482,504

The accompanying notes form an integral part of the interim financial statements. 11 Frasers Property Thailand Industrial Freehold & Leasehold REIT Statement of changes in net assets (Unaudited)

For the three-month period ended 31 December

Note 2020 2019 (in thousand Baht)

Increase in net assets from operations during period Net profit on investments 534,137 482,504 Net unrealised gains on investments in properties 2,286 - Increase in net assets from operations 536,423 482,504 Distributions to unitholders 14 (474,161) (434,599) Increase in net assets during period 62,262 47,905 Net assets at the beginning of period 29,974,649 27,489,179 Net assets at the end of period 30,036,911 27,537,084

Changing in number of the trust units (par value at Baht 9.5363 per unit) Number of units at 1 October (thousand units) 2,822,387 2,602,387 Number of units at 31 December (thousand units) 2,822,387 2,602,387

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

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

For the three-month period ended 31 December

2020 2019 (in thousand Baht)

Cash flows from operating activities Net increase in net assets from operations 536,423 482,504 Adjustments to reconcile net increase in net assets from operations to net cash from (used in) operating activities: Purchases of investments in securities - (1,510,107) Cash received from sales of investments in securities 726,022 1,277,584 Purchases of investments in properties (346,653) (2,133,416) Amortisation of deferred expenses 4,716 6,545 Decrease (increase) in rental and service receivables (22,845) 6,606 Decrease (increase) in other receivables (2,100) 420 Decrease (increase) in other assets 1,295 (855) Increase in accrued property tax - 47,628 Increase (decrease) in accrued expenses (30,046) 34,232 Increase (decrease) in withholding taxes payable 2,894 (364) Increase in deposits from rental and services 2,502 55,643 Increase in Provision for return 532 - Increase (decrease) in other liabilities (14,787) 99,019 Interest income (1,710) (4,138) Interest received 2,418 5,483 Doubtful debts expense 6,729 565 Finance costs 98,541 86,369 Net unrealised gain on investments in properties (2,286) - Net cash from (used in) operating activities 961,645 (1,546,282)

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

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

For the three-month period ended 31 December

2020 2019 (in thousand Baht)

Cash flows from financing activities Cash received from loans 643,636 2,050,000 Cash paid to debentures (300,000) - Interest paid (154,099) (125,247) Distribution to unitholders (474,161) (434,599) Net cash from (used in) financing activities (284,624) 1,490,154

Net increase (decrease) in cash on hand and at bank 677,021 (56,128) Cash on hand and at bank at the beginning of period 554,219 305,160 Cash on hand and at bank at the end of period 1,231,240 249,032

Non-cash transactions Right-of-use assets 186,188 - Investments in freehold and leasehold properties payable 2,061,880 -

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

14 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

Note Contents

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

15 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

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

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

1 Description of Frasers Property Thailand Industrial Freehold & Leasehold REIT

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

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

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

As at 31 December 2020, The Trust’s major unitholders are Frasers Property Thailand (International) Pte. Ltd. and Social Security Office which holds 21.46% and 12.04%, of the trust units, according to the latest registry of unitholders (30 September 2020: Frasers Property Thailand (International) Pte. Ltd. and Social Security Office which holds 21.46% and 12.16% of the trust units).

2 Basis of preparation of the interim financial statements

(a) Statement of compliance

The condensed interim financial statements are prepared in accordance with the accounting guidance for Property Fund, Real Estate Investment Trust, Infrastructure Fund and Infrastructure Trust issued by the Association of Investment Management Companies (“AIMC”) as approved by The Securities and Exchange Commission (“Accounting Guidance”), and announced by AIMC in February 2020. Notes to the condensed interim financial statements (“interim financial statements”) are prepared in accordance with Thai Accounting Standard (TAS) No. 34 Interim Financial Reporting. The application of the Accounting Guidance resulted in changes in accounting policies of the Trust which have material impact on the financial statements as disclosed in note 3.

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

16 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

(b) Use of judgements, estimates and accounting policies

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

3 Changes in accounting policies

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

A. Financial instruments accounting

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

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

B. Lease accounting

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

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

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

17 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

Impact from change in lease accounting policy (in thousand Baht) At 1 October 2020 Increase in right-of-use assets 186,188 Decrease in other liabilities 798 Increase in lease liabilities (186,986)

Measurement of lease liability (in thousand Baht) Commitment of non-cancellable land sub-lease and common service contracts at 30 September 2020 294,599 Less Non-cancellable common service contracts (24,419) 270,180 Present value of remaining lease payments discounted using the incremental borrowing rate at 1 October 2020 186,986 Lease liabilities recognised at 1 October 2020 186,986 Weighted - average incremental borrowing rate (% per annum) 3.18

C. Equity issuance cost

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

D. Fair value measurement

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

4 Impact of COVID-19 Outbreak

Due to the COVID-19 outbreak at the beginning of 2020, Thailand and many other countries have enacted several protective measures against the outbreak, e.g. the order to temporarily shut down operating facilities or reduce operating hours, social distancing, etc. This has significantly affected world economy, production, supply chain of goods and business operation of many entities in wide areas. The REIT manager is closely monitoring the situation to manage the negative impact on the business as much as possible. The Trust has adopted relief measures with regard of rent payments by tenants who were impacted which has no material impact. At 31 December 2020, the situation of COVID-19 outbreak is still ongoing, resulting in estimation uncertainty on the potential impact.

18 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

5 Financial risk

Financial risk management policy

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

Credit risk

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

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

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

Rental and service receivables

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

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

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

At 31 December 2020 Rental and service Allowance for receivables impairment losses (in thousand Baht) Within credit terms 31,495 - Overdue: Less than 3 months 21,924 2,117 3 - 6 months 10,324 2,800 6 - 12 months 7,272 6,827 Litigation receivables 69,213 69,212 140,228 80,956 Less Allowance for expected credit loss (80,956) Net 59,272 Accrued income under operating leases 133,315 Total 192,587

19 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

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

Movement of allowance for expected credit loss of rental receivables (in thousand Baht) At 1 October 2020 74,226 Increase 6,730 At 31 December 2020 80,956

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

Currency risk

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

Market risk

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

Interest rate risk

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

20 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

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

Carrying amount of financial instruments - net Financial assets and Floating Fixed No interest financial liabilities interest rate interest rate rate Total (in thousand Baht) At 31 December 2020 Assets Cash at banks 1,223,581 - 7,570 1,231,151 Investments measured at fair value to profit and loss - 200,000 - 200,000 Liabilities Short-term loans - 3,499,790 - 3,499,790 Debentures - 8,338,333 - 8,338,333

Risk management

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

6 Investments in freehold and leasehold properties

Movement of investments in leasehold properties for the three-month period ended 31 December were as follows:

Note 2020 2019 (in thousand Baht) Investments in freehold and leasehold properties - at cost Investment in freehold and leasehold properties - beginning of period 40,367,893 35,368,950 Add Adjustments on lease accounting 3B 186,188 - Investment in freehold and leasehold properties - beginning of period (as adjusted) 40,554,081 35,368,950 Add Addition of investment in freehold and leasehold properties - during the period 18 2,431,215 2,133,416 Investment in freehold and leasehold properties - end of period 42,985,296 37,502,366

Net unrealised gain from investments in freehold and leasehold properties Net unrealised gain from investments in freehold and leasehold properties - beginning of period 775,715 1,680,423 Add Net unrealised gain from investments in freehold and leasehold properties - during the period 2,286 - Net unrealised gain from investments in freehold and leasehold properties - end of period 778,001 1,680,423 Investments in freehold and leasehold properties - end of period 43,763,297 39,182,789

21 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

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

Note 2020 (in thousand Baht) Right-of-use assets At 1 October 8,437,903 Increase 18 2,087,509 Net unrealised loss from right-of-use assets (180,067) At 31 December 10,345,345

Material changes in significant agreement during the three-month period ended 31 December 2020 are as follow:

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

On 14 November 2019, Sahathai Property & Development Co., Ltd agreed to compensate income with the Trust for rental and service income of vacant or a part of vacant area or lease area that have rental, service and common rates less than the guaranteed rental rate of the sold and leased properties to the Trust for period of 6 years from transferred date to the date which the Trust entered into lease agreements with new tenant with total guarantee amount of Baht 100.00 million as specified in the agreements. The Trust received the guaranteed rental and service in advance. As at 31 December 2020, the Trust has remaining guarantee amounting of Baht 39.47 million, as presented under other liabilities.

7 Cash and cash equivalents

As at 31 December 2020 and 30 September 2020, the Trust has cash at banks as follows:

Interest rate 31 December 30 September 31 December 30 September 2020 2020 2020 2020 (% per annum) (in thousand Baht) Cash on hand - - 89 55 Current account Bangkok Bank Public Company Limited - - 7,570 7,087 Saving account Bangkok Bank Public Company Limited 0.125 0.125 - 0.500 117,581 102,453 United Overseas Bank (Thai) Public Company Limited 0.43 0.40 - 1.00 1,106,000 444,594 Total 1,231,240 554,219

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

22 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

8 Deferred expenses

Movement of deferred expenses for the three-month period ended 31 December were as follows:

2020 2019 (in thousand Baht) At 1 October 29,200 50,705 Amortised during the period (4,716) (6,545) At 31 December 24,484 44,160

If the Trust was to recognise the deferred expenses as expenses in full at 31 December 2020, the Trust’s net asset value (NAV) would be decreased to Baht 30,012.43 million, and NAV per unit would be 10.63 Baht per unit.

9 Retained earnings

2020 2019 (in thousand Baht) At 1 October 29,974,649 27,489,179 Net profit on investments 534,137 482,504 Gain on changes in fair value of investments 2,286 - Capital return to unitholders (474,161) (434,599) At 31 December 30,036,911 27,537,084

10 Short-term loans

Interest rate 31 December 30 September 31 December 30 September 2020 2020 2020 2020 (% per annum) (in thousand Baht) Related party Short-term loans from Fixed rate as specified financial institutions in the agreement 3,499,790 2,856,154

Movements of short-term loans for the three-month period ended 31 December were as follows:

Note 2020 2019 (in thousand Baht) Related party 18 At 1 October 2,856,154 - Increase 643,636 - At 31 December 3,499,790 -

Other party At 1 October - 1,302,000 Increase - 2,050,000 At 31 December - 3,352,000

At 31 December 2020, short-term loans from Bangkok Bank Public Company Limited are payable for a period of within 1 year, and interest payable on the monthly basis.

23 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

The short-term loans contained certain restrictions as detail in the agreement.

11 Leases

For the three-month period ended 31 December 2020 2019 (in thousand Baht) Amounts recognised in profit or loss Interest on lease liabilities 1,488 - Rental expenses - 2,228

12 Debentures

Number of debenture Amount 31 30 31 30 Type of Interest December September December September debenture rate Age Issued date Maturity date 2020 2020 2020 2020 (%) (year) (unit) (in thousand Baht) Unsubordinated and unsecured debenture No. 1/2017 - Tranche 2 4.18 7 5 April 2017 5 April 2024 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 No. 1/2018 - Tranche 1 2.50 3 28 June 2018 28 June 2021 1,800,000 1,800,000 1,800,000 1,800,000 - Tranche 2 2.97 4 28 June 2018 28 June 2022 300,000 300,000 300,000 300,000 - Tranche 3 3.65 7 28 June 2018 28 June 2025 380,000 380,000 380,000 380,000 - Tranche 4 4.06 10 28 June 2018 28 June 2028 1,260,000 1,260,000 1,260,000 1,260,000 3,740,000 3,740,000 3,740,000 3,740,000 No. 2/2018 - Tranche 5 2.78 2 19 December 2018 19 December 2020 - 300,000 - 300,000 - Tranche 6 3.14 3 19 December 2018 19 December 2021 1,000,000 1,000,000 1,000,000 1,000,000 - Tranche 7 4.19 10 19 December 2018 19 December 2028 600,000 600,000 600,000 600,000 1,600,000 1,900,000 1,600,000 1,900,000 No. 1/2019 - Tranche 1 2.63 4 8 August 2019 8 August 2023 500,000 500,000 500,000 500,000 - Tranche 2 3.14 7 8 August 2019 8 August 2026 500,000 500,000 500,000 500,000 1,000,000 1,000,000 1,000,000 1,000,000 No. 1/2020 - Tranche 1 3.00 7 3 April 2020 3 April 2027 450,000 450,000 450,000 450,000 - Tranche 2 3.30 10 3 April 2020 3 April 2030 550,000 550,000 550,000 550,000 1,000,000 1,000,000 1,000,000 1,000,000 Total 8,340,000 8,640,000 8,340,000 8,640,000 Less unamortised cost relating to the issuance of debentures - - (1,667) (1,734) Debentures 8,340,000 8,640,000 8,338,333 8,638,266

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

The debentures contained certain restriction, such as the limitation of debt-to-total assets ratio of not exceed 60% at the end of year throughout the age of debentures, the limitation of the resistance of additional borrowing, or the limitation of obligation except those incurred under normal commercial term or normal business of transactions.

24 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

13 Unitholders’ trust

For the three-month period ended 31 December 30 September 31 December Number Amount Number Amount (in thousand units (in thousand units /thousand Baht) /thousand Baht) Capital from unitholders 2,822,387 28,313,422 2,822,387 28,313,422

Beginning balance of period as at 1 October 2020 / 2019 2,822,387 28,313,422 2,602,387 25,173,623 Increase of new Trust unit - - 220,000 3,139,799 Ending balance of period / year 2,822,387 28,313,422 2,822,387 28,313,422

14 Distribution to unitholders

For the three-month period ended 31 December 2020 Dividend per The operation for the period Approved date Payment date unit trust Amount (in Baht) (in thousand Baht) 1 July 2020 - 30 September 2020 4 November 2020 2 December 2020 0.1680 474,161 474,161

For the three-month period ended 31 December 2019 Dividend per The operation for the period Approved date Payment date unit trust Amount (in Baht) (in thousand Baht) 1 July 2019 - 30 September 2019 13 November 2019 11 December 2019 0.1670 434,599 434,599

15 Information on investment purchase and sale transaction

The Trust’s purchase and sale transaction during the three-month period ended 31 December 2020, excluding investment in cash at banks, amounting to Baht 2,431.22 million which was 3.49% of the average net asset values during the period.

16 Segment information

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

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

25 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

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

Fair value estimation

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

Different levels in a fair value hierarchy are as follows:

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

The following table shows fair value categorised by measurement approach:

At 31 December 2020 Level 1 Level 2 Level 3 Total (in thousand Baht) Investments measured at fair value to profit and loss - 200,000 - 200,000 Investment in properties at fair value - - 43,763,297 43,763,297

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

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

26 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

18 Related parties

Significant transactions for the three-month period ended 31 December with related parties were as follows:

For the three-month period ended 31 December 2020 2019 (in thousand Baht) Revenue Rental and service income Frasers Property Demco Power 6 Co., Ltd. 41 41 Frasers Property Demco Power 11 Co., Ltd. 25 19 Frasers Property Industrial (Thailand) Company Limited 24 18 Frasers Property (Thailand) Public Company Limited 15 4 Total 105 82

Interest income Bangkok Bank Public Company Limited 40 183

Income from rental and service guarantees Frasers Property Industrial (Thailand) Company Limited 14,092 1,260 Frasers Property (Thailand) Public Company Limited 1,711 1,645 Total 15,803 2,905

Other income Frasers Property Industrial (Thailand) Company Limited 11 4

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

Expenses REIT Management fee Frasers Property Industrial REIT Management (Thailand) Company Limited 97,971 86,419

Trustee fee

BBL Asset Management Company Limited 5,219 4,926

Common area service fee Frasers Property Industrial (Thailand) Company Limited 8,746 7,351 Frasers Property (Thailand) Public Company Limited 87 137 Total 8,833 7,488

Repair and maintenance expenses Frasers Property Industrial (Thailand) Company Limited 3,130 4,949 Frasers Property (Thailand) Public Company Limited 349 1,048 Total 3,479 5,997

27 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

For the three-month period ended 31 December 2020 2019 (in thousand Baht) Utility expenses Frasers Property Industrial (Thailand) Company Limited 28 5

Rental expenses Frasers Property Industrial (Thailand) Company Limited - 2,228

Interest on lease liabilities Frasers Property Industrial (Thailand) Company Limited 1,488 -

Other service expenses Frasers Property Industrial (Thailand) Company Limited 1,925 534 Frasers Property (Thailand) Public Company Limited 420 147 Total 2,345 681

Finance cost Bangkok Bank Public Company Limited 28,758 4,969

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

31 December 30 September 2020 2020 (in thousand Baht) Cash and cash equivalents Bangkok Bank Public Company Limited 125,151 109,540

Rental and service receivables Frasers Property Industrial (Thailand) Company Limited 4,790 5,982 Frasers Property (Thailand) Public Company Limited 584 570 Total 5,374 6,552

Accrued interest income Bangkok Bank Public Company Limited 3 43

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

Prepaid advisor expense Bangkok Bank Public Company Limited 3,120 -

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

Short-term loans from related party See note 10.

28 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

31 December 30 September 2020 2020 (in thousand Baht) Accrued trust management fee Frasers Property Industrial REIT Management (Thailand) Company Limited 37,580 44,276

Accrued trustee fee BBL Asset Management Company Limited 1,841 1,720

Accrued expenses Frasers Property Industrial (Thailand) Company Limited 8,135 8,793 Frasers Property (Thailand) Public Company Limited 584 1,081 Frasers Property Industrial REIT Management (Thailand) Company Limited - 4,241 Total 8,719 14,115

Accrued interest expense Bangkok Bank Public Company Limited 3,682 7,912

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

Lease Liabilities

Frasers Property Industrial (Thailand) Company Limited 188,474 -

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

Commitments with related party Future minimum lease payments required under non- cancellable land sub-lease and common service contracts Within one year 22,941 28,437 After one year but within five years - 43,542 After five years - 222,620 Total 22,941 294,599

The Trust entered into common service agreement with a related party for period of 5 years which will expire in December 2021.

Significant agreements were as follow:

Agreement with Frasers Property Industrial (Thailand) Company Limited

During the three-month period ended 31 December 2020 are as follows:

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

29 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

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

Guarantee income

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

19 Commitments with non-related party

31 December 30 September 2020 2020 (in thousand Baht) Future minimum lease payments required under non- cancellable common service contracts Within one year 1,680 - After one year but within five years 6,720 - After five years 23,381 - Total 31,781 -

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

20 Events after the reporting period

On 25 January 2021, the Trust has increased capital by 241,000,000 units to the general public who are existing trust unitholder with the par value at Baht 9.5363 per unit and the offering price at Baht 11.70 per unit totalling Baht 2,819.70 million. Therefore, the Trust’s units increased from 2,822,387,048 units to 3,063,387,048 units.

At the Extraordinary General Meeting of the trust unitholders held on 11 August 2020, the unitholders approved the Trust’s loans in the form of short-term loan and/or long-term loan in the total amount at any time not exceeding Baht 6,000 million. In this regard, on 25 January 2021, the Trust drawdown a short-term loan from a financial institution in the amount of Baht 1,500 million under aforementioned facility limit.

On 1 February 2021, the Trust entered into an agreement to purchase land and buildings in Ban Wha Industrial Estate (Hi-Tech) and Rojana Ayutthaya Industrial Park with Frasers Property (Thailand) Public Company Limited with a total value of Baht 380.89 million.

30 Frasers Property Thailand Industrial Freehold & Leasehold REIT Notes to the condensed interim financial statements For the three-month period ended 31 December 2020 (Unaudited)

At the Annual General Meeting of the Trust unitholders held on 27 January 2021, the unitholders approved as follows; - Approved the Trust’s loans in the form of short-term loan and/or long-term loan in the total amount at any time not exceeding Baht 6,000 million to not more than Baht 10,000 million. - Approved the capital increase of the Trust by means of a general mandate through issuance totalling of not exceeding 846,716,114 trust units.

At the Board of Directors Meeting of the REIT Manager held on 2 February 2021, the Board of Directors approved the appropriation of interim distribution of Baht 0.168 per unit, totalling amounting to Baht 514.65 million. Such interim distribution will be paid to trust unitholders in March 2021.