Frasers Property Thailand Industrial Freehold & Leasehold REIT (Formerly TICON Freehold and Leasehold Real Estate Investment Trust) Interim financial statements for the three-month and six-month periods ended 31 March 2019 and Independent auditor’s report on review of interim financial information 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) (Formerly TICON Management (Thailand) Compamy Limited) I have reviewed the accompanying balance sheet, including detail of investments as at 31 March 2019, the related statement of income for the three-month and six-month periods ended 31 March 2019, the statement of changes in net assets, cash flows and significant financial information for six-month period ended 31 March 2019, 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 Thai Accounting Standard 34 Interim Financial Reporting. 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 Thai Accounting Standard 34 Interim Financial Reporting. (Nittaya Chetchotiros) Certified Public Accountant Registration No. 4439 KPMG Phoomchai Audit Ltd. Bangkok 14 May 2019 2 Frasers Property Thailand Industrial Freehold & Leasehold REIT (Formerly TICON Freehold and Leasehold Real Estate Investment Trust) Balance sheet 31 March 30 September Note 2019 2018 (Unaudited) (in thousand Baht) Assets Investments in freehold and leasehold properties at fair value (At cost as at 31 March 2019: Baht 34,070 million, 30 September 2018: Baht 32,367 million) 5 35,735,827 33,987,447 Investments in securities at fair value (At cost as at 31 March 2019: Baht 856 million, 30 September 2018: Baht 905 million) 855,714 904,545 Cash and cash equivalents 4, 6 311,637 233,442 Rental and service receivables 4, 7 126,552 112,387 Accrued interest income 4 1,997 2,625 Other receivables 4 103,972 87,868 Deferred expenses 8 64,560 80,683 Other assets 30,572 24,328 Total assets 37,230,831 35,433,325 The accompanying notes are an integral part of the financial statements. 3 Frasers Property Thailand Industrial Freehold & Leasehold REIT (Formerly TICON Freehold and Leasehold Real Estate Investment Trust) Balance sheet 31 March 30 September Note 2019 2018 (Unaudited) (in thousand Baht) Liabilities Short-term loans 9 1,100,000 1,393,047 Accrued property tax 139,364 118,367 Accrued expenses 4 63,995 66,092 Accrued interest expenses 4 83,216 66,017 Withholding taxes payable 32,383 30,511 Rental and service income received in advance 1,388 577 Deposits from rental and services 4 868,910 844,371 Debentures 4, 10 7,440,000 5,540,000 Other liabilities 8,969 12,402 Total liabilities 9,738,225 8,071,384 Net assets 27,492,606 27,361,941 Net assets Trust registered capital 11 25,173,623 25,173,623 Capital from unitholders 11 25,173,623 25,173,623 Retained earnings 11 2,318,983 2,188,318 Net assets 27,492,606 27,361,941 Net asset value per unit 10.5643 10.5141 Number of units issued at the end of period 2,602,387 2,602,387 / year (thousand units) The accompanying notes are an integral part of the financial statements. 4 Frasers Property Thailand Industrial Freehold & Leasehold REIT (Formerly TICON Freehold and Leasehold Real Estate Investment Trust) Detail of investments 31 March 2019 30 September 2018 Type of Factory / warehouse Percentage Percentage Landinvestments/ title deed Area Locations building no. Cost Fair value of investments Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in thousand Baht) (in thousand Baht) Investments in freehold and leasehold properties (Note 5) Leasehold on land and freehold on factories 35027 4-2-46 Rojana Industrial Park, L2.8/2 - 37 - 9 55,100 52,900 0.15 55,100 52,900 0.15 Uthai Sub-district, Uthai District, Ayutthaya Province 31575 2-1-29 Rojana Industrial Park, S1/1 - 42.1 20,600 19,800 0.05 20,600 19,800 0.06 Banchang Sub-district, Uthai District, Ayutthaya Province 29087 4-3-41 Rojana Industrial Park, B3.1 - 20 - 1 60,300 61,700 0.17 60,300 61,700 0.18 Banchang Sub-district, Uthai District, Ayutthaya Province 29088 4-1-99 Rojana Industrial Park, M2.7/3 - 20 - 2 53,000 51,300 0.14 53,000 51,300 0.15 Banchang Sub-district, Uthai District, Ayutthaya Province 58257 3-3-0 Nava Nakorn Industrial B2.2/2 - I 42,300 44,700 0.12 42,300 44,700 0.13 Promotion Zone, Khlong Nueng Sub-district, Khlong Luang District, Patum Thani Province 58258 3-3-0 Nava Nakorn Industrial A2.1/1 - I 38,600 37,100 0.10 38,600 37,100 0.10 Promotion Zone, Khlong Nueng Sub-district, Khlong Luang District, Patum Thani Province 269,900 267,500 0.73 269,900 267,500 0.77 Leasehold on land and freehold on warehouses 29466 7-0-46 TICON Logistics Park project - DG1/1 23,518 23,200 0.06 23,518 23,200 0.07 Bangna, DG1/2 23,518 23,200 0.06 23,518 23,200 0.07 Bang Wua Sub-district, DG1/3 23,518 23,200 0.06 23,518 23,200 0.07 Bang Pakong District, DG1/4 37,123 36,700 0.10 37,123 36,700 0.11 Chachoengsao Province 2833912-0-68 TICON Logistics Park project - M2/1 29,679 30,700 0.08 29,679 30,700 0.09 Bangna, M2/2 29,679 30,700 0.08 29,679 30,700 0.09 Bang Samak Sub-district, M2/3 23,764 24,300 0.07 23,764 24,300 0.07 Bang Pakong District, M2/4 28,745 29,600 0.08 28,745 29,600 0.08 Chachoengsao Province M2/5 28,123 29,800 0.08 28,123 29,800 0.09 M2/6 28,849 29,800 0.08 28,849 29,800 0.09 3079254-1-49 TICON Logistics Park project - SW.FZ4/1 37,200 38,500 0.10 37,200 38,500 0.11 Bangna, SW.FZ4/2 37,200 38,500 0.10 37,200 38,500 0.11 Bang Samak Sub-district, SW.FZ4/3 37,600 37,500 0.10 37,600 37,500 0.11 Bang Pakong District, SW.FZ4/4 37,800 38,500 0.10 37,800 38,500 0.11 Chachoengsao Province SW.W8/1 37,400 37,200 0.10 37,400 37,200 0.11 SW.W8/2 37,400 37,200 0.10 37,400 37,200 0.11 SW.W8/3 37,400 37,200 0.10 37,400 37,200 0.11 SW.W8/4 37,400 37,200 0.10 37,400 37,200 0.11 SW.W9 174,300 179,100 0.50 174,300 179,100 0.51 SW.W10/1 45,800 46,100 0.13 45,800 46,100 0.13 SW.W10/2 45,600 46,400 0.13 45,600 46,400 0.13 SW.W12/1 48,300 48,700 0.13 48,300 48,700 0.14 SW.W12/2 48,300 48,700 0.13 48,300 48,700 0.14 SW.W12/3 48,300 48,700 0.13 48,300 48,700 0.14 SW.W12/4 48,300 48,700 0.13 48,300 48,700 0.14 3084826-2-12 TICON Logistics Park project - SW.W1/1 209,400 213,000 0.58 209,400 213,000 0.61 Bangna, SW.W1/2 108,200 108,200 0.30 108,200 108,200 0.31 Bang Samak Sub-district, SW.W1/3 157,300 155,000 0.43 157,300 155,000 0.44 Bang Pakong District, Chachoengsao Province The accompanying notes are an integral part of the financial statements. 5 Frasers Property Thailand Industrial Freehold & Leasehold REIT (Formerly TICON Freehold and Leasehold Real Estate Investment Trust) Detail of investments 31 March 2019 30 September 2018 Type of Factory / warehouse Percentage Percentage Landinvestments/ title deed Area Locations building no. Cost Fair value of investments Cost Fair value of investments (Unaudited) (Rai-Ngan-Sq. Wah) (in thousand Baht) (in thousand Baht) 2833727-2-50 TICON Logistics Park project - SW.W2/1 209,400 215,200 0.59 209,400 215,200 0.62 Bangna, SW.W2/2 107,500 110,500 0.30 107,500 110,500 0.32 Bang Samak Sub-district, SW.W2/3 167,300 168,500 0.47 167,300 168,500 0.48 Bang Pakong District, Chachoengsao Province 3468948-0-67 TICON Logistics Park project - SW.W4/1 108,000 109,200 0.30 108,000 109,200 0.31 Bangna, SW.W4/2 108,900 110,900 0.31 108,900 110,900 0.32 Bang Samak Sub-district, SW.W4/3 108,000 110,900 0.31 108,000 110,900 0.32 Bang Pakong District, SW.W4/4 109,200 109,400 0.30 109,200 109,400 0.31 Chachoengsao Province SW.W5/1 107,300 107,800 0.30 107,300 107,800 0.31 SW.W5/2 107,300 107,800 0.30 107,300 107,800 0.31 SW.W5/3 107,300 107,800 0.30 107,300 107,800 0.31 SW.W5/4 107,300 107,800 0.30 107,300 107,800 0.31 3084112-2-48 TICON Logistics Park project - SW.W11/1 44,600 44,400 0.12 44,600 44,400 0.13 Bangna, SW.W11/2 44,600 44,400 0.12 44,600 44,400 0.13 Bang Samak Sub-district, SW.W11/3 44,600 44,400 0.12 44,600 44,400 0.13 Bang Pakong District, SW.W11/4 48,000 47,800 0.13 48,000 47,800 0.14 Chachoengsao Province 30839 6-1-31 TICON Logistics Park project - SW.W13 40,400 40,200 0.11 40,400 40,200 0.11 Bangna, Bang Samak Sub-district, Bang Pakong District, Chachoengsao Province 3468510-1-90 TICON Logistics Park project - SW.M1.1/10 22,400 22,300 0.06 22,400 22,300 0.06 Bangna, SW.M1.1/11 22,300 22,300 0.06 22,300 22,300 0.06 Bang Samak Sub-district, SW.M1.1/12 22,300