Frasers Property Thailand Industrial Freehold & Leasehold REIT

Opportunity Day

13 December 2019

FPIT Bangplee 1, SamutprakarnLaemchabang 2, Chonburi, Thailand (FPIT’s properties)

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Important noticeThis presentation is for information purposes only and does not constitute or form part of an offer, solicitation, recommendation or invitation for the sale or purchase

or subscription of securities, including units in Frasers Property Thailand Industrial Freehold & Leasehold REIT (“FTREIT”, and the units in FTREIT, the “Units”) or

any other securities of FTREIT. No part of it nor the fact of its presentation shall form the basis of or be relied upon connection with any investment decision,

contract or commitment whatsoever. The past performance of FTREIT and Frasers Property Industrial REIT Management (Thailand) Company Limited, as the

REIT manger of FTREIT (the “Manager”), is not necessarily indicative of the future performance of FTREIT and the Manager.

This presentation may contains “forward-looking statements”, including forward-looking financial information, that involve assumptions, known and unknown risks,

uncertainties and other factors which may cause the actual results, performance, outcomes or achievements of FTREIT or the Manger, or industry results, to be

materially different from those expressed in such forward-looking statements and financial information. Such forward-looking statements and financial information

are based on certain assumptions and expectations of future events regarding FTREIT’s present and future business strategies and the environment in which

FTREIT will operate. The Manager does not guarantee that these assumptions and expectations are accurate or will be realized. The Manager does not assume

any responsibilities to amend, modify or revise any forward-looking statement, on the basis of any subsequent developments, information or events, or otherwise,

subject to compliance with all applicable laws and regulations and/or the rules of the Securities and Exchange Commission, Thailand (“SEC”) and the Stock

Exchange of Thailand (“SET”) and/or any other regulatory or supervisory body or agency

The information and opinions in this presentation are subject to change without notice, its accuracy is not guaranteed and it may not contain all material information

concerning FTREIT. None of FPT, FTREIT, the Manager, or any of their respective holding companies, subsidiaries, affiliates, associated undertaking or controlling

persons, or any of their respective directors, officers, partners, employees, agents, representatives, advisers or legal advisers makes any representation or

warranty, express or implied, as to the accuracy, completeness or correctness of the information contained in this presentation or otherwise made available or as to

the reasonableness of any assumption contained herein or therein, and any liability whatsoever (in negligence or otherwise) for any loss howsoever arising,

whether directly or indirectly, from any use, reliance or distribution of this presentation or its contents or otherwise arising in connection with this presentation is

expressly disclaimed. Further, nothing in this presentation should be construed as constitution legal, business, tax or financial advice.

The value of Units and the income derived from them, if any, may fall or rise. Unit are not obligations of deposits of, deposits in, or guaranteed by, the Manager or

any of its affiliates. An investment in the Units is subject to investment risks, including the possible loss of the principal amount invested. Investors should note that

they have no right to request the Manager to redeem their Units are listed. It is intended that holders of Units may only deal in their Units through trading on SET.

Listing of the Units on the SET does not guarantee a liquid market for the Units.

Please study relevant information carefully before making any investment decision. Investors are encouraged to make an investment only when such decision

correspond with their own objective and only after they have acknowledged all risks and have been informed that the returns may be more or less than initial sum.

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Content

▪ FTREIT Overview

▪ Financial Review

▪ Investment in FY2019

▪ Portfolio Overview

FTREIT Overview

5

FTREIT Key Milestone

Listing of PFPOs - TFUND,

TLOGIS and TGROWTH on

the Stock Exchange of

Thailand (SET) in 2005,

2009 and 2013 respectively.

Conversion PFPO into

TREIT which made TREIT

become the largest

Industrial REIT in Thailand”

Listing of

TREIT in 2015

1990 2005 2009

Frasers Property become

TICON’s major shareholders

20172013 2015

TICON was established

in 1990 and was listed

on the SET in 2002

2019

Rebranding “TREIT” to Frasers Property

Thailand Industrial Freehold & Leasehold

REIT (“FTREIT”)

FTREIT is the largest industrial and logistics REIT in Thailand

Industrial PF Logistics PFIndustrial&Logistics

PF(LH)

Industrial&Logistics

REIT

6

FTREIT Structure

Frasers Property Thailand Industrial Freehold & Leasehold REIT

(“FTREIT”)

Unitholders

(2,602 Million

Units)

Freehold right/

Leasehold Right of

industrial properties

Invest

Property Manager

Frasers Property (Thailand) PCL

Frasers Property Industrial

(Thailand) Co.,Ltd

+

Properties

F W+

Factory Warehouses

= 554Units

FTREIT have industrial

properties has located in prime

industrial and logistics locations

Manage

Properties

REIT Manager

Frasers Property Industrial REIT

Management (Thailand) Co.,Ltd

(“FIRM”)

Set strategies

and Manage

REIT

REIT Manager fee

Property Manager Fee

Trustee

BBL Asset Management

(“BBLAM”)

Act on behalf

of UnitholdersTrustee fee

Property Manager FeeTenants

Rent Property

Rental Fee

Lender/

Bondholders

DPUInvest InterestLend

Sponsor

Third Party

FTREIT is managed and set direction by “FIRM”, Property manger are “FPT” and “FPIT”

Owner of

Properties

96.0% 4.0 %

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Unitholders of FTREIT

Breakdown By type of Investors

23.1%

56.1%

20.8%

Institutions & Funds

SponsorsRetail

Investors

Note: Reference from closing book information from SET

1. FPT Group = Frasers Property Thailand (International) PTE. LTD. and Frasers Property (Thailand) PCL.

No Name Units

30 Sep 2019%

Units

30 Jun 2019% Units %

1 Frasers Property (Thailand) Group/1 601,693,700 23.1 601,693,700 23.1 - -

2 Social Security Office 388,875,662 14.9 432,094,662 16.6 - 43,219,000 - 1.7

3 Bangkok Life Assurance Plc. 160,299,453 6.2 160,299,453 6.2 - -

4 Bangkok Bank Plc. 104,947,981 4.0 104,947,981 4.0 - -

5 Muang Thai Life Assurance Plc. 45,408,242 1.7 48,362,942 1.9 - 2,954,700 - 0.2

6 Bangkok Insurance Plc. 37,359,673 1.4 37,359,673 1.4 - -

7 Mitsui & Co. (Asia Pacific) Pte. Ltd. 35,000,000 1.3 35,000,000 1.3 - -

8 SCB Income Plus Fund 33,733,933 1.3 29,917,333 1.2 + 3,816,600 + 0.1

9 MFC Property Dividend Fund 30,991,000 1.2 28,377,500 1.1 + 2,613,500 + 0.1

10 K Property Sector Fund (K-Prop) 30,161,500 1.2 21,971,500 0.8 + 8,190,000 + 0.4

11 Others 1,133,915,904 43.6 1,102,362,304 42.4 + 31,553,600 + 1.2

Total 2,602,387,048 100.0 2,602,387,048 100.0 - -

Foreign/Domestic Investors

Foreign

Investors

Domestic

Investors

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Our Property Quality

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Property Locations

1. Northern Bangkok area = Ayutthaya and Pathumthani, Eastern Bangkok = Samutprakarn and Prachinburi, EEC area = Chonburi, Rayong and Chachoengsao

Our assets are located in prime industrial and logistics area in Thailand

2. Including 2 unit of cold storage

Northern Bangkok area

(Ayutthaya and Pathumthani Province)▪ Bangpa-In Industrial Estate [BPI]

▪ Hi-Tech Industrial Estate [HITECH]

▪ Rojana Industrial Park [RJN]

▪ Rojana Ayutthaya [RJN]

▪ Navanakorn Industrial Promotion Zone [NVA]

▪ Wangnoi 1 & 2 [WN1&2]

▪ Wangnoi Cold Storage + CTD

Eastern Bangkok area

(Samutprakarn and Prachinburi Province)

▪ Bangpoo Industrial Estate [Bangpoo]

▪ Bangplee 1

▪ Bangplee 3

▪ Rojana Prachinburi [RJP]

EEC area

(Chonburi, Chachoengsao and Rayong Province)

▪ Amata City Chonburi [AMC]

▪ Amata City Rayong Industrial Estate [AMR]

▪ Hemaraj Chonburi Industrial Estate [BOWIN]

▪ Bowin warehouse

▪ Pinthong Industrial Estate project 1 – 3 [PT 1- 3]

▪ Eastern Seaboard 1(A) – 1(B) [ES1(A) – ES1(B)]

▪ Eastern Seaboard 2(A) [ES2(A)]

▪ Laemchabang 1 / Laemchabang 2

▪ Sriracha [SRI]

▪ Phan thong 1[PHAN]

▪ Bangna

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FTREIT Strategy Framework

Deliver consistently growing and sustainable DPU and NAV per unit

to unitholders though FTREIT business framework

Expected outcome

Operation

Excellence

Operation

Excellence

Acquisition

Assets and

AEI

Efficient Capital

Management

Strategies to support the business framework

1

▪ Proactive leasing: Maintain high retention rate,

occupancy rate, and well- diversified tenant base.

▪ Enhance tenant quality and base by leveraging on

sponsor’s capabilities and networks.

Business Framework

Acquisition

Assets + AEI

2▪ Right of first refusal (“ROFR”) for industrial properties

from FPT’s Sponsor.

▪ Third-party asset acquisition.

▪ Search and propose AEI opportunity to target tenants

which required additional space in same property.

▪ Divest non-core assets and redeploy capital to

acquire/develop higher value-adding properties.

+Sustain

ability

Sustainability

3▪ Sustainability initiative project such as Solar Rooftop,

Initiative with tenants ecological activities.

▪ Initiatives for officers and employees of the asset

management company

Efficient

Capital

Management

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▪ Optimize capital mix and prudent capital management

▪ Manage schedule of debt repayment matching with

asset portfolio performance

FIRM will implement business framework to enhance performance and achieve target DPU for unitholders of FTREIT and shareholders of FIRM

Financial Review

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4QFY19 Highlights

13

Growth continues in FY2019

14

Distribution 4QFY19 and FY2019

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Financial Performance for year-ended 30 September 2019

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Balance Sheet

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Capital Management

As at 30 September 2019

1. Interest Coverage ratio = EBITDA (excluded gain from divestment)/Interest Expense.

2. Official announcement rating by TRIS on 3 May 2019.

3. Fiscal year ending 30 September.

4. Refinanced by issuance new units on Jan’20.

Investment in FY2019

Frasers logistic Bangna, Chachoengsao, Thailand

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Growth from Acquisition in FY2019

• In FY2019, FTREIT has acquired assets from Sponsor and Third-party.

• Total investment value is THB 3,201 million(1) and Net leasable area (NLA) for new assets = 120,979 SQ.M (40 Units).

• Assets are located in 6 provinces (Chonburi, Rayong, Samutprakarn, Ayutthaya, Pathumthani and Prachinburi), 11

locations which are strategic locations for industrial and logistic hubs in Thailand.

Investment Highlight and asset performance as of 30 September 2019

NLA OCR% Quality tenants

120,979

SQ.M. 100%(2) 18Total Inv Value

THB

3,201

Million(1)

Located in

6 Provinces

11 Locations

Tenants

LogisticsElectronicsAutomotive Others

(1) FPIT properties value is THB 2,544 Million (Exclude acquisition expenses) and CTD cold storage value is THB 657 Million (Exclude acquisition expenses and Tax)

(Value of CTD property included VAT is THB 661 Million), CTD will transfer remaining equipment after CTD clearing VAT and documents with Customs, transfer schedule will not late than 31 January 2020

(Value of properties including VAT is THB 3,205 Million)

(2) Included guarantee rental and service income (occupancy rate excluded guarantee is around 95%)

100% Freehold

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Completion of Asset Enhancement Initiative

Project Completed on 16 January 2019

WALE for

AEI Area

+1,700 sqm

14,250 sqm

Internal

External

Height

Floor

Loading

AEI Specification

3 Tons

7 Meters

AEI Area 1,700 sqm

Total Area After AEI

15,950 sqm

7 Years

• Board of REIT Manager has approved/1 for the expansion area

1,700 SQ.M of factory unit AAA14.2 at Amata City Rayong/2.

• This investment shall increase rental income generated from the

expansion area

1. Board approved on 14 May 2018

2. Start rent extension area on 1 Feb 2019, NLA increased from 14,250 SQ.M to 15,950 SQ.M), WALE 7 Years

3. NOI Yield% = Net operating income / Investment value.

Utilized

Area of

Assets

NOI

Yield

10.17%/3

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Divestment of factory and warehouse

• Divested 1 unit of factory at Amata City Chonburi province to MIC Industry/3 on 1 Nov 2018 and

• Divested 1 unit of warehouse at Rojana Industrial Park Prachinburi to Siam Nistrans/4 on 26 Nov 2018

• Sales price was above around 23% of initial purchase price/1

• Net gain from divestment of THB 52 million/2 over investment cost

• Asset had been vacant around 1 Year (for WH)

• Factory ages is around 22 years and warehouse ages is around 4 years (on divestment date)

1.Assets were original FTREIT properties, investment cost is THB 223 million

2.Excluding acquisition expense.

3.MIC Industry is electronics parts producer (air conditioner, electronics panel)

4.Siam Nistrans is Ground/Air/Maritime logistics provider

THB

275

million

A1.75

W1 RP1

AMN

Sales Considerations Investment cost

THB

223

million

Gain/5

THB

52

million

-

[Gain over investment

cost = 23%]

5.Gain from divestment in PL= Sales considerations – investment cost

Gain

from divestment

Reduce Expenses

from holding

of unoccupied

assets

=

22

FTREIT Growth Story

Portfolio Value (THB Billion)

4.1

At IPO

37.0

Current

(Nov’19)

Assets Value

Since listing in Jan

2015, FTREIT’s

portfolio value has

grown by 10x with

geographical

diversification

FTREIT Investment Properties Value Movement (THB Billion)(1)

(1) Reference from audited financial statement

+New

Assets+New

Assets

IPO

In Jan 2015

• 44 Properties

• NLA 204,503 sqm

• Occupancy 100%

1st Additional Capital

In Dec 2015

• 53 Properties

• NLA 155,182 sqm

• Occupancy 100%

Conversion PFPO

In Dec 2017

• 390 Properties

• NLA 1,112,705 sqm

• Occupancy 100%

Invest in Sponsor

Assets

In Aug and Dec 2018

• 58 Properties

• NLA 151,881 sqm

• Occupancy 100%

1st Third Party Assets

In Aug and Dec 2018

• 2 Properties

• NLA 6,000 sqm

• Occupancy 100%

Sponsor and third

Assets

In Sep – Oct 2019

• 7 Properties

• NLA 48,204 sqm

• Occupancy 100%

1

BP1 Unit W4 BP3 Unit W5 FPIT Bangna AMC Unit M2.5 Star Micronics

2 3 4 5 6

FTREIT Historical Asset Acquisition since IPO

Portfolio Overview

FPIT BangnaFPT Properties Chonburi

24

FTREIT Portfolio Snapshot as of 30 September 2019

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FTREIT Tenant Base end of FY2019

✓ An extensive tenant base of 264 clients creates a network that reduces overall exposure to any one particular sector

Logistics Electronics

Retails E-Commerce Others

Automotive

26

Well-diversified Tenant BaseHigh quality, diversified tenant base underpinned by primary industries including Automotive, logistics

services, electronics, retails and e-commerce.

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Summary Performance of FY2019Overall performance of FTREIT FY2019 is improve from last fiscal year that came from tenants of existing assets and new assets

1.Vacant unit in this area has already been occupied by new tenant

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FY2019 Key Take Away

Subsequent EventAssets Acquisition in 1QFY2020

FPIT BangnaFPT Properties ChonburiLaemchabang 3, Chonburi, Thailand

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Strategically Located Across Logistic and Industrial area

LCB1

LCB2

LCB Area

Post-acquisition, FTREIT will be a key logistic space provider in

Laemchabang area which close to LCB deep sea port

Strategic holding assets around LCB Deep Seaport

18 Units

LCB3+24 units

LCB1

21 Units

Sriracha

8 Units

Borwin

9 Units(1)

ES1A

7 Units

= New Properties

Existing Properties

W

LCB Port

63Units

87Units

+3+24

Note: Map reference from Google Map

(1) WHA Hemraj Industrial Estate (Bowin) consisted of factory 3 units and warehouse 9 units

(2) Wangnoi area is main cold storage hub in Thailand since many food producers set up production facilities in around Ayutthaya, Food producer will send their food

products to stock in cold storage in Wangnoi area before distribute to Bangkok and Airport.

(3) Properties in Laemchabang Industrial Estate is new location to FTREIT’s portfolio and these location is the first location which properties closely located to Deep sea port

80%

16%

4%

Percentage of total trade by port [million TEU]

LaemChabang

Bangkok

Others(1)

Automation system in Phase3

AModern loading & unloading B

Autonomous container transportation

C Autonomous yard managing device

LCB Deep sea port Phase3

LCB Phase 3 can service larger ship dimension

Increase capacity from 10,000 TEU to 15,000 TEU

Laemchabang deep sea port phase 3 will enhance

logistics/Industrial activity and services in around LCB area

Expansion Highlight:

➢ Increase container throughput from

7.7 million containers per year to

18.1 million containers per year.

➢ LCB port will be largest port in

Indochina and largest domestic port

after completion of Phase 3

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New Properties – Sahathai Property (K9) Project (3rd Party)

K9 (LCB3) 24 Units 80,216 Sq. m.

Investment Highlight

✓ One of the biggest warehouse in free zone area

that not far from LCB port

✓ Connected to Highway no 7 and Motorway which

easily to deliver goods and products to LCB port

and Bangkok.

✓ High standard warehouse in LCB area with floor

loading around 3.5 – 5.0 tons and height around

10.5 – 12 meters

Land Area 125 Rais or 50,000 Sq. w.

Net Leasable Area 80,216 Sq. m.(1)

Asset Type Freehold

Occupancy Rate 100%

Weighted Average

Lease Expiry (WALE)1.80 Years(1)

Property Ages ~4.3 years

Note : WALE, property ages and occupancy rate is information as of 30 November 2019

1. included Customs office 204 sq. m. which cannot be leased to tenants

Tenants

Pacific Sugar

Co., ltd

Suzuyo Distribution

Center

ALPS Logistics

Co., Ltd

Michelin Siam

Co., Ltd

Acquired in 1QFY2020