Note from theManagement Company - Principal · REITs space to all clients from retail, corporate,...

101 Montri Storage Property Fund 1

Note from theManagement Company

To : Unit holders of the 101Montri Storage Property Fund

In 2014, the estimated rate of economic growth of the country. Have expanded 0.7 percent decrease compared to 2013, which has increased by 2.9 percent, exports by 0.3 percent increase compared to 2013, with a growth rate of 0.2 percent and imports. the growth rate of (8.5) decrease compared to the year 2013 with a growth rate of (0.4).

In 2015, predicted growth rate of the economy to grow by 3.5 to 4.5 percent of exports and imports grew at a rate of 3.5 percent and 1.8, respectively. 1

Overall performance of The Fund in the previous year (during the period from January 1, 2014, to December 31, 2014) shows the Fund has total revenue at Baht 48,029,340 and total expenses at Baht 9,168,892 . As a result, the net revenue is Baht 38,860,448, therefore, the fund announced the dividend payment for the operational result for the period from January 1, 2014, to December 31, 2014, in the amount of Baht 42,210,000 or Baht 0.70 per unit or equivalent to 108.62% of the net annual profit

The Fund has a net loss which has not been received obtained from the price appraiser during the period in the amount of Baht 3,100,000. The value of the investment in real properties in the most recent period of the fund is equivalent to Baht 595,900,000.

1 References by Office of the National Economic and Social Development Board, February 16,2015


The Management company would like to thank all unit holders for the investing fund. The management company will manage the Fund efficiently in order to bring the highest benefit to all unit holders. The unit holders are welcome to ask about the value of the net assets of the Fund or the progress of the operation of the Property Fund & REIT Department of the management company at 0-2686-9525.

CIMB-Principal Asset Management Co., Ltd.


The Management Company

Name and Location of the Management Company

CIMB-Principal Asset Management Co. Ltd.

No. 44, 16th floor, CIMB Thai building Langsuan Road, Lumpini, Patumwan, Bangkok 10330 Tel: 02-686-9500 Fax: 02-657-3167

Details of The Management Company

CIMB-Principal Asset Management Company Limited (Thailand) is 99.99% owned by CIMB-Principal Asset Management Berhad along with other subsidiary companies in Singapore and Indonesia. CIMB-Principal Asset Management Berhad, Malaysia is a joint venture between two global leading financial institutions which, having shared of

CIMB Group by 60% Principal Financial Group by 40%

CIMB-Principal Asset Management Co., Ltd. currently, manufactures and distributes a comprehensive range of funds Mutual Fund, Private Fund, Provident Fund, Property Fund & REITs space to all clients from retail, corporate, institution and government entities.

With full support from our shareholders both CIMB Group and Principal Financial Group, we have the readiness to offer total asset management solutions and services to all clients.


A strong investment network and world-wide presence has brought us the following competitive advantages.

Unique investment management process is adopted from our shareholders CIMB Group & Principal Financial Group. Active bottom-up stock picking strategy with quality fundamental analysis both “Qualitative”& “Quantitative and disciplined portfolio construction management is our key focus. Besides, word-wide investment connection & accessibility along with Integrated Technology platform are the key abilities to deliver new investment ideas and product innovation. Proper Risk Management control and good corporate governance is encouraged and implanted to our core corporate philosophy.

We believe in core philosophy of TRUST, that we have emphasized on the mission to help investors achieve their long-term financial goals with disciplined investment process together with proper risk management.

Guiding Principles

hink positive to find solutions - Execute with passion

espect others with honesty and sensitivity

nleash curiosity for continuous learning

how courage and initiative - Act swiftly

eamwork to achieve the best outcome


Board of Directors and Executives of

CIMB-Principal Asset Management Company Limited

Board of Directors

1. Raja Noorma binti Raja Othman Chairman

2. Wilaiporn Liwgasemsan Director & Independent Director

3. Boonsak Chiempricha Director & Independent Director

4. Rex Pak Kuen Auyeung Director

5. Pedro Esteban Borda Director

6. Adisorn Sermchaiwong Director

7. Silawat Santivisat Director

8. Jumpon Saimala Director

Executives

1. Mr. Jumpon Saimala Chief Executive Officer

2. Ms. Brenda S.H. Choo, CPA (M'sia) Chief Operating Officer

3. Mr. Jessada SookDhis CFA Chief Investment Officer

Fund Manager

1. Mr. Pongdej Kraivitvatana

2. Mr. Jessada SookDhis CFA


Trustee

Citibank N.A. Bankok branch

Address: No. 399 Sukhumvit Road, Interchange 21 Building Klongtoey Nua Sub-district, Wattana District, Bangkok 10110 ,

Tel.: 02-788-2000

Auditor

PricewaterhouseCoopers ABAS Company Limited

Address: 15th Floor, Bangkok City Building, No. 179/74-80

South Satorn Road, Thungmahamek, Satorn District

Bangkok 10120

Tel.: 02-344-1000

Investment Unit Registration

CIMB-Principal Asset Management Co. Ltd.

Address: No. 44, CIMB Thai building 16th floor,

Langsuan Road, Lumpini, Patumwan,

Bangkok 10330

Tel.: 02-686-9500



Objectives of the Fund

The objectives are to intend to raise funds from general investors through the issue of Investment Units. The Fund will use such funds for investing in real properties including the renovation, change, development and/or distribution of the assets that the Fund invest or holds in the forms of lease, sub-lease and/or sale or any transactions so as to increase revenues and returns to the Unit holders and the Fund. The Fund will also invest in other assets and/or other securities and/or seek for any benefits under the Securities Law and other relevant laws. Details of the Fund

Amount of Capital : 603 million Baht Number of Investment Units : 60,300,000 units Type of Investment Units : Names of Unit holders Trustee : Citibank N.A. Bangkok branch Investment Units Registrar : CIMB-Principal Asset Management Co., Ltd. Advisor : None Property Manager : None


General Information

101 Montri Storage Property Fund (“The Fund”) was registered for establishment as a Property fund on June 30, 2009 for an indefinite term. The objectives of the Fund are to raise funds. The Fund will use such funds mainly for investing in real properties consisting of land and storage as at March 20 , 2014. The major unit holder is Mr. Neti Tuntimontri who holds 7.96 % of the units of the Fund. CIMB-Principal Asset Management Company Limited is the management company of the Fund and Citibank N.A. Bangkok branch is the Trustee of the Fund.


Dividends Payment

0 Rules, Policy, and Methods of Payment of Dividends to Unit holders

The Fund has the policy to make payment of dividends to the unit holders not more than twice a year.

1) If the Fund has net profit in each year, the Management Company shall pay dividend to unitholders at the rate of no less than 90 percent of the adjusted net profit. The adjusted net profit means the net profit that deducts unrealised gain from appraisal or reviewed appraisal of real estate or leasehold rights to real estate including other adjustments to align with cash status of the Fund according to the guideline of Securities and Exchange Commission.

2) If the Fund has accumulated profits, the Management Company may pay dividend to unitholders out of the accumulated profits provided that dividend payment under (1) must not cause increase in its deficit in the period which dividend is paid.

In considering the payment of dividends, if the value of interim dividend per unit to be paid is lower than or equal to Baht 0.10, the Management Company reserves the right not to pay dividend at that time and to bring such dividend forward for payment together with the year end dividend payment.

For the payment of dividends, the Management Company shall pay the said dividends to the unit holders within 90 days from the end of the accounting period in which the dividend occurred. In cases where the Management Company cannot pay out the dividends in the said time period, the Management Company shall inform the unit holders and the Office of the SEC in writing. Regarding the guidelines for the payment of dividends, the Management Company shall proceed in accordance with the stipulated details except in cases where the SEC, the Office of the SEC and/or other agencies with authority under the law have amended, changed, added, announced, ruled, ordered, approved, and/or decided otherwise, in which case the Management Company shall proceed accordingly and it shall be deemed that the Management Company has received approval from the unit holders.


0 Conditions and Methods of the Payment of Dividends

(1) In the case where the Management Company discovers that any person or person of the same group holds more than one-third of the total investment units of the Fund sold, the Management Company shall not pay dividends to that person or person of the same group for the part exceeding one-third of the total investment units of the Fund sold except in accordance with the exception as prescribed by the SEC.

The Management Company shall monitor the unit holding of an ex-owner or assignor of lease, lessor or grantor of right over the immovable property and person of the same group. In the case that it appears to the Management Company that such persons collectively hold more than one-third of the total investment units sold, the management company will act in accordance with the above paragraph.

(2) The Management Company will announce a dividend payment, book-closing date, and dividend ratio through:

1. an announcement in at least one newspaper; 2. putting up a public notice at every office of the Management Company and

providing the notice to selling agents; 0 sending letters to the unit holders in the list on the book-closing date, trustees, and the SET. (3) The Management Company will make dividend payments through bank transfers to

bank accounts of the unit holders or crossed account-payee-only cheques according to the names and addresses in the register book of the unit holders.

(4) In the case that a unit holder does not invoke his right to a certain dividend within the statute of limitation under the Civil and Commercial Code, the Management Company will not use such dividend in any way other than for the benefit of the Fund.


0 Additional conditions:

In the consideration of the payment of dividends, if the dividend announced to be paid per each investment unit during the accounting year has a value lower than or equal to 0.10 baht, the Management Company reserves the right not to pay such dividend at the said time and to pay at the end of the accounting year. Regarding the guidelines for the payment of dividends, the Management Company shall proceed in accordance with the stipulated details except in cases where the SEC, the Office of the SEC and/or other agencies with authority under the law has amended, changed, added, announced, ruled, ordered, approved, and/or decided otherwise, in which case the Management Company shall proceed accordingly and it shall be deemed that the Management Company has received approval from the unit holders.

4. Dividend history

101 Montri Storage Property Fund has already paid dividends five times as follows:

The Payment

of Dividend

A period of dividend’s payment Dividend payment date

The dividend payment ratio

(Per investment unit)

No. 1 June 30, 2009 until December 31, 2009 March 18, 2010 0.3500 No. 2 January 1, 2010 until June 30, 2010 September 15, 2010 0.3500

No. 3 July 1, 2010 until December 31, 2010 March 15, 2011 0.3500

No. 4 January 1, 2011 until June 30, 2011 September 15, 2011 0.3500








Details of the Invested Real Property

The invested real property, located at No. 4976 and 4984 – 86, Po-Kaew Road (Ladprao Soi 101), Kwaeng Klongjan, Khet Bangkapi, Bangkok, operates the business relating to goods storage. The location of the storage building is at Soi Po-Kaew (Public Road) which is 200 meters away from Po-Kaew Road with a width of two traffic lanes. Po-Kaew Road is a 4-traffic-lane road. With regard to movement in and out of the storage building, a huge truck is able to move in and out conveniently. At present, there are 11 storage buildings and other buildings which are parts of the project, e.g. 2 employee residential buildings, having a total area of 44,525 square-meters. All buildings in the project are located on the project area of approximately 39 rai. The surrounding area is developed communities with many housing projects and is close to the commercial business areas of Bangkok, e.g. Ladprao, Rankhamhaeng and Ratchadapisek, which are the location of shopping malls, restaurants, banks, gas stations, schools, commercial buildings, residential buildings and hospitals etc. The land around the project area is proper for developing the project, primarily and especially for residential and commercial Development. This land is considered a potential location for increasing value of the land. The buildings in which the Fund will make investment consist of storage buildings and employee residential buildings, in a total of 13 buildings as per the details below:

1. Storage Building 9 buildings 39,832 Sq.m. 2. Scene Storage 1 buildings 748 Sq.m. 3. Studio 1 buildings 3,084 Sq.m. 4. Employee Residential Building 1 buildings 837 Sq.m.

Total 12 buildings 44,501 Sq.m.


79 Land plots located at No. 4976 4984-86 Klongchan, Bangkapi, Bangkok Land Plot No. 5136 IV 7626-15 and 5136 I7626-15 with total area (approximately) 39 (thirty-nine) rai, 1 (one) ngan, 47 (forty-seven) sq. wah with the following details:

Area No. Title Deed No. Land No. Rai Ngan Sq. wah

1 75572 2951 - 2 04 2 75573 2952 - 2 04 3 75574 2953 - 2 04 4 75591 2958 - 2 04 5 75592 2986 - 2 04 6 75593 2987 - 2 04 7 2679 2995 2 1 20 8 75566 2945 - 2 04 9 75567 2946 - 2 04 10 75568 2947 - 2 04 11 75569 2948 - 2 04 12 75570 2949 - 2 04 13 75571 2950 - 2 04 14 75594 2988 - 2 04 15 75595 2989 - 2 04 16 75596 2990 - 2 04 17 75597 2991 - 2 04 18 75598 2992 - 2 04 19 75599 2993 - 2 04 20 75608 2996 - 1 41 21 75609 2997 - 2 32 22 75610 2998 - 2 23 23 75611 2999 - 2 14 24 75612 3000 - 2 04 25 75613 3001 - 2 05



26 75614 3002 - 2 05 27 75615 3003 - 2 04 28 75616 3004 - 2 04 29 75617 3005 - 2 04 30 75618 3006 - 2 04 31 75619 3007 - 2 04 32 75649 682 - 2 04 33 75650 681 - 2 37 34 75651 680 - 2 30 35 75652 679 - 2 37 36 75667 3156 - 1 99 37 75668 3155 - 1 99 38 75669 3154 - 1 99 39 75670 3153 - 1 99 40 75671 3152 - 1 99 41 75672 677 - 1 99 42 75673 676 - 1 99 43 75674 675 - 1 99 44 75675 674 - 2 4 45 75680 3475 - 2 21 46 75681 3138 - 2 17 47 75682 3139 - 2 16 48 75683 3140 - 2 13 49 75684 3141 - 2 11 50 75685 3142 - 2 9 51 75686 3143 - 2 6 52 75687 3144 - 1 1 53 75688 3145 - 1 99 54 75689 3146 - 1 99



55 75690 3147 - 1 99 56 75691 3148 - 1 99 57 75692 3149 - 1 99 58 75693 3150 - 1 99 59 75694 3151 - 1 99 60 75696 441 - 2 02 61 75700 3473 - 1 17 62 75701 3474 - 1 82 63 75702 3137 - - 97 64 75703 3136 - - 99 65 75704 3135 - 1 03 66 75705 3134 - 1 02 67 75706 3133 - 1 01 68 75707 3132 - 1 05 69 75708 3131 - 1 04 70 75709 3130 - 1 02 71 75710 3129 - 1 64 72 75711 3128 - 1 62 73 75712 3127 - 1 53 74 75713 3126 - 1 51 75 75714 3125 - - 92 76 75715 3124 - - 87 77 75716 3123 - - 81 78 243977 3965 - 1 39 79 244054 3966 1 2 75

Total 39 1 47


Cost Appraisal (Revised) 595,900,000 Baht

Name of Appraiser Company Real Estate Appraisal Company Limited

Date of Appraised December 12, 2014


101 Montri Storage Property Fund Table presenting expenses collected from the Fund

for the period January 1, 2014 to December 31, 2014

(Fund's Direct Expenses) Amount (Thousand Baht) NAV (%)

Management fee 4,032.54 0.64 Trustee Fee 134.42 0.02 Registrar Fee 672.09 0.11 Deferred expenses 1,279.11 0.20 Legal advisor Fee 100.42 0.02 Property tax 1,750.01 0.28 Appraisal Fee 130.79 0.02 Auditor Fee 335.07 0.05 Annual Fee for SET registration 107.00 0.02 Insurance Premium 571.43 0.09 Other expenses 56.01 0.01 Total expenses** 9,168.89 1.46 Remark: * Fees and expenses are included of value added tax . specific business tax or

another tax in the similar way (as if) ** Brokerage Commission and Fee of securities trading are excluded


Report of receiving benefits from the soft commission of the 101 Montri Storage Property Fund

- There is no Soft commission -

Total Brokerage Commission from Securities Trading Company

-None-


Risk Factors

General Risks

The general economic situation including inflation, interest rates, exchange rates, price of consumer goods, price of real property, financial policies of the government, Bank of Thailand and other governmental agencies affecting the operational result, financial and investment status of the Fund and general economic recession, as well as the decrease of customer demand has a material adverse effect on the revenue of the real property and the operation of the Fund and the price of investment units on the Stock Exchange of Thailand which may be lower or higher than the offering price. The price of investment units traded on the Stock Exchange of Thailand may be affected by external factors which are beyond the control of the Fund, e.g. the movement and the change to international stock exchanges, local and international interest rates, exchange rates, direct or indirect policies which affect the importation or exportation of foreign currency, local and international economic status, general risk factors of the business operation, the volatility of the consumer goods market and regulations, tax and policies of the government which may affect investor confidence. Accordingly, there is no guarantee that such external factors will not materially affect the price of the investment units.

Risk on the Operation of the Fund

Prior to investment in the real property, the management company has studied the details of such real property from the documents obtained from conducting due diligence and the report of the appraiser. Nevertheless, such action does not guarantee that such real property is free from unexpected damage or defects which may require reparation expense. The report of the real property appraiser that the management company uses as a basis in estimating and examining the real property may contain defects and inaccuracies as some defects in the real property may be difficult to find or unable to be detected due to the limitation of the inspection including the technique used for the inspection or other factors limiting the inspection of the appraiser and engineer.


Risk on the Interest Rate

The risk on the interest rate is a risk that may arise out of the change to the value of the financial tools due to the change of the market interest rate. Among the financial asset that may create risks on the interest rate to the Fund are, for example, interest on bonds. Risk on Providing Credit

The risk in providing credit is the risk that may arise out of the failure by the contractual party to comply with the agreement, which may affect the cash flow to be received from the financial assets of the Fund. The risk in providing credit is caused by the risk arising out of the collection of the rent. Nevertheless, such financial assets will become due over a short-term period, therefore, the Fund does not expect any damage from the collection of debt.


Guidelines and executions for proxy voting 101 Montri Storage Property Fund

Since January 1, 2014 to December 31, 2014. Investors can review the guidelines for proxy voting and the voting right execution

in a shareholders’ meeting of various companies in the year 2014 from the website of the management company (www.cimb-principal.com).

List of person involving in terms of business transaction with Fund 101 Montri Storage Property Fund

From January 1, 2014 to December 31, 2014

1. CIMP-Principal Asset Management 2. Citibank N.A., Bangkok Branch 3. Montri Storage Company Limited


Transactions between Related Parties

Value of the Transaction (Baht)

Type of Transaction

Person/ Juristic Person with Common Interest/

Relationship

Transaction

2014 2013

Necessity and Reasonableness of

Transaction 1. Seeking benefit from real property

Montri Storage Company Limited is an affiliated company of the former owner of the property (Montri Engineering Limited Partnership and Montri Studio Company Limited)

The lessee of the land and buildings

48,000,000 48,000,000 The Fund made an investment by purchasing the land together with the buildings and equipment from Montri Engineering Limited Partnership and Montri Studio Company Limited; and leased such equipment to an affiliated company of the former owner of the real property, Montri Storage Company Limited This transaction is made in accordance with the terms and conditions of the lease agreement between the Fund and Montri Storage Company Limited

2. Management of the Fund

CIMB-Principal Asset Management company limited as the management company and the registrar of the Fund

Management of the Fund

4,032,539

4,076,823 The management company is entitled to receive a monthly management fee from the Fund at the rate of 0.60% per annum, exclusive of VAT, specific business tax or any other similar tax (if any) of the net asset value of the Fund


calculated at the end of each month by the management company and certified by the trustee. Nevertheless, such expense was exempted for the year 2009.

Registrar of the Fund

672,090

679,471

The expense for the operation of the investment unit registrar is calculated at the rate of 0.1% per annum, exclusive of VAT, specific business tax or any other similar tax (if any) of the net asset value of the Fund calculated at the end of each month by the management company and certified by the trustee.

Citibank N.A., Bangkok Branch

The trustee of the Fund

134,418 135,894 The trustee of the Fund will receive a monthly remuneration at the rate of 0.02% per annum, exclusive of VAT, specific business tax or any other similar tax (if any) of the net asset value of the Fund calculated at the end of each month by the management company and certified by the trustee.

3. Investment in the Deposited Monies

Citibank N.A., Bangkok Branch, as the trustee of the Fund

Monies deposited with the bank

36,234,109

24,340,378

The bank account opened for the operation of the Fund.


Significant agreements with related parties

(a) Management fee The Management Company is entitled to receive a monthly management fee from the Fund at a rate of 0.60% per annum exclusive of value added tax, specific business tax or any other similar tax of the net asset value of the Fund as calculated by the Management Company and verified by the Trustee.

(b) Fee of the Investment Unit Registrar

The expenses for the work of the Investment Unit Registrar shall be at a rate of 0.10% per annum exclusive of value added tax, specific business tax or any other similar tax of the net asset value of the Fund as calculated by the Management Company and verified by the Trustee. ( Specified in the project shall not exceed 0.1 percent per annum of the net asset value)

(c) Trustee fee

The Trustee is entitled to receive a monthly remuneration at a rate of 0.02% per annum exclusive of value added tax, specific business tax or any other similar tax of the net asset value of the Fund as calculated by the Management Company and verified by the Trustee. ( Specified in the project shall not exceed 0.5 percent per annum of the net asset value)

(d) Consulting fee

Consulting fee shall be at a rate of 0.10% per annum exclusive of value added tax, specific business tax or any other similar tax of the net asset value of the Fund as calculated by the Management Company and verified by the Trustee.

(e) Auditor fee Audit fee Fund paid Audit fee to BPR Audit and Advisory company limited 307,690 Baht for the year end of 2013 Non- audit fee Fund has no expenses or non-audit fee to BPR Audit and Advisory company limited or person related with this audit company and no burden to paid in the future from incomplete service in the past period.


Shareholding Structure and Management

Shareholding Structure of the Fund as at March 18, 2015 (Record Date) The Company, the Investment Units Registrar of the Fund would like to present the top-ten Unit holders as per the following details:

No. NAME No. of units held % of total

outstanding units 1 MR.NETI TUNTIMONTRI 4,802,100.0000 7.96% 2 MS.SUCHADA LOABOONSUP 2,355,100.0000 3.91% 3 MR.PATHAMIN NATEETHONG 2,000,000.0000 3.32% 4 MRS.PONGLADDA TUNTIMONTRI 1,500,000.0000 2.49% 5 MRS.CHANYA WACHIRAWANITCHKIT 500,000.0000 0.83% 6 MRS.NICHAYA AROONANOTHAI 489,400.0000 0.81% 7 MRS.VASANA NIRANKUL 439,500.0000 0.73% 8 MS.THITAREE CHITWATTANAPAKDEE 439,500.0000 0.73% 9 MS.SUDTHIDA RATANARAK 439,500.0000 0.73% 10 MR.NOPPORN BOONLAPO 439,500.0000 0.73% TOTAL 13,404,600.0000 22.24%


Market Price Value % NAV (Baht)*1 Investment in property

101 Montri Storage Property Fund 595,900,000.00 95.28

Securities or assets in Thailand

Deposits in Banks 36,248,736.26 5.80

Others

Other assets 7,691,103.67 1.15

Other debts (14,389,224.37) (2.23)

Net Asset Value 625,450,595.56 100.00

Remark : *1 Market price is inclusive accrued interest receivable.

Details of investment, loan and creation of encumbrances

As of December 31, 2014 Details of investment 101 Montri Storage Property Fund


Group of Instruments Market Price %NAV

Value (Baht)*

(a) Thai governmental instruments and foreign governmental instruments

- Thai governmental instruments - None - - None - - foreign governmental instruments - None - - None –

(b) Instruments of banks under specific law issued, ordered 36,248,736.26 5.80 to pay, accepted, guaranteed by aval, endorsed or guaranteed by commercial banks or finance companies (c) Instruments with the rate of investment grade - None - - None – (d) Instruments with the lower rate of investment grade 595,900,000.00 95.28 which can be invested or instruments without rating

Portion of upper limit capital investment which the Management Company expects to invest in (d) 0% NAV

Remark :* Market price are inclusive accrued interest receivable.

Investment Summary Report in Debts Instrument, Savings or Hybrid Securities of the Fund

Investment Summary Report 101 Montri Storage Property Fund


Type Issuer Guarantor/ Acceptor/ Endorsee

Term Rating Amount of principal of loan/

Value as specified on the front page of the

note

Market Price Value

1 Investment inproperty

101 Montri Storage Property Fund

- - N/A 586,000,000.00 595,900,000.00

2 Deposits in banks

Citibank N.A. - - N/A 36,234,108.65 36,248,736.26

Remark : *1 Market price are inclusive accrued interest receivable.

Details of Instruments and Rating of Instruments in the Port



Financial Status and Performance

Summary report on auditing

The financial statement as at January 1, 2014 to December 31, 2014, Mr.Boonlert Kamolchanokkul, Certified Public Accountant Registration No. 5339 of PricewaterhouseCoopers ABAS Company Limited gave the opinion with no condition that the financial statement of the Fund was audited correctly in accordance with generally accepted auditing standards.


Past Performance

As of December 31, 2014, the Fund has net asset value at Baht 625,450,596 or equivalent to the net asset value of Baht 10.3723 per unit. The invested properties or possessed by the Fund are as follow: 2014 2013 List of Property Book Value/

Market Value (Baht)

Percentage of the Net

Asset Value

Book Value/ Market

Value (Baht)

Percentage of the Net

Asset Value Assets 1. Bank Deposit 36,234,109 5.7933 24,340,378 3.8519 2. Investment in Bank of

Thailand Bonds - - 0

3. Investment in the real property

595,900,000 95.2753 599,000,000 94.7935 4. Other assets Rental receivable - - 12,000,000 1.8990 Interest receivable 14,627 0.0023 14,400 0.0023 Deferred debit 360,014 0.0576 1,805,617 0.2857 Other receivable 7,331,090 1.1721 5,581,085 0.8832 Total assets 639,839,840 102.3006 642,741,480 101.72 Liabilities Accrued expenses (1,441,115) (0.2304) (1,393,213) (0.2205) Other current liabilities (12,948,129) (2.0702) (9,448,119) (1.4952) Total liabilities (14,389,244) (2.3006) (10,841,332) (1.7157) Net asset value of the Fund 625,450,596 100.00 634,110,296 639,462,016

Year 2014 2013 Number of investment units 60,300,000 60,300,000 Value of investment unit 10.3723 10.4792


Overall performance of The Fund in the previous year (during the period from January 1, 2014, to December 31, 2014) shows the Fund has total revenue at Baht 48,029,340 and total expenses at Baht 9,168,892 . As a result, the net revenue is Baht 38,860,448, therefore, the fund announced the dividend payment for the operational result for the period from January 1, 2014, to December 31, 2014, in the amount of Baht 42,210,000 or Baht 0.70 per unit or equivalent to 108.62% of the net annual profit

AUDITOR’S REPORT To the Unitholders of 101 Montri Storage Property Fund I have audited the accompanying financial statements of 101 Montri Storage Property Fund, which comprise the balance sheet and the details of investments as at 31 December 2014, and the related statements of income, changes in net assets, cash flows and significant financial information for the year then ended, and a summary of significant accounting policies and other notes. Management’s Responsibility for the Financial Statements The Fund’s management is responsible for the preparation and fair presentation of these financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as the Fund’s management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility My responsibility is to express an opinion on these financial statements based on my audit. I conducted my audit in accordance with Thai Standards on Auditing. Those standards require that I comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Opinion In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of 101 Montri Storage Property Fund as at 31 December 2014, and its results of operations and cash flows for the year then ended in accordance with Thai Financial Reporting Standards. Boonlert Kamolchanokkul Certified Public Accountant (Thailand) No. 5339 PricewaterhouseCoopers ABAS Ltd. Bangkok 11 February 2015

101 MONTRI STORAGE PROPERTY FUND FINANCIAL STATEMENTS 31 DECEMBER 2014

101 Montri Storage Property FundBalance SheetAs at 31 December 2014

2014 2013Notes Baht Baht

Assets

Investment in properties at fair value (at cost of Baht 586,000,000) 6 595,900,000 599,000,000

Cash and cash equivalents 7 36,234,109 24,340,378

Rental receivable 12 - 12,000,000

Interest receivable 14,627 14,400

Other receivable 12 7,331,090 5,581,085

Deferred expenses 8 360,014 1,805,617

Total assets 639,839,840 642,741,480

Liabilities

Accrued expenses 12 1,441,115 1,393,213

Other current liabilities 12,948,129 9,448,119

Total liabilities 14,389,244 10,841,332

Net assets 625,450,596 631,900,148

Net assets:Capital received from unitholders (60,300,000 units, Baht 10 each) 9 603,000,000 603,000,000

Retained earnings 9 22,450,596 28,900,148

Net assets 625,450,596 631,900,148

Net assets per unit (Baht) 10.3723 10.4792

Number of units outstanding at the end of the year (units) 60,300,000 60,300,000

The notes to financial statements from pages 9 to 18 are an integral part of these financial statements.

3

101 Montri Storage Property FundDetails of InvestmentsAs at 31 December 2014

Type of investment2014 2013 2014 2013 2014 2013Baht Baht Baht Baht % %

Investment in properties (Note 6)Land and buildings which consisted of 1) 79 plots of land, total area of 39-1-56 rai and 2) warehouses and other buildings, totaling 13 buildings, total area of 44,525 sqm. 586,000,000 586,000,000 595,900,000 599,000,000 100 100

Total investment in properties 586,000,000 586,000,000 595,900,000 599,000,000 100 100

4

Cost Fair value Percentage of investment


101 Montri Storage Property FundStatement of Income


Investment income

Rental income 12 48,000,000 48,000,000

Interest income 29,340 29,158

Total revenues 48,029,340 48,029,158

Expenses

Management fee 11, 12 4,032,539 4,076,823

Trustee fee 11 134,418 135,894

Registrar fee 11, 12 672,090 679,471

Amortisation of deferred expenses 8 2,224,152 3,676,014

Professional fee 335,070 307,690

Property tax 1,750,005 1,750,005

Counsel fee - 372,839

Other expenses 20,618 182,290

Total expenses 9,168,892 11,181,026

Net investment income 38,860,448 36,848,132

Net loss from investments

Net unrealised loss from investments 6 (3,100,000) (2,200,000)

Total unrealised loss from investments (3,100,000) (2,200,000)

Net increase in net assets from operations 35,760,448 34,648,132

For the year ended 31 December 2014


5

101 Montri Storage Property FundStatement of Changes in Net Assets For the year ended 31 December 2014

2014 2013Note Baht Baht

Increase in net assets from operations during the yearNet investment income 38,860,448 36,848,132

Net unrealised loss from investments (3,100,000) (2,200,000)

Net increase in net assets from operations 35,760,448 34,648,132

Dividend paid 10 (42,210,000) (42,210,000)

Net decrease in net assets during the year (6,449,552) (7,561,868)

Net assets at the beginning of the year 631,900,148 639,462,016

Net assets at the end of the year 625,450,596 631,900,148


6

101 Montri Storage Property FundStatement of Cash Flows For the year ended 31 December 2014


Cash flows from operating activitiesNet increase in net assets from operations 35,760,448 34,648,132

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities

Decrease (increase) in rental receivable 12,000,000 (12,000,000)

Increase in interest receivable (227) (342)

Increase in deferred expenses 8 (778,549) (791,199)

Increase in other receivable (1,750,005) (5,581,085)

Increase (decrease) in accrued expenses 47,902 (1,202,116)

Increase in other current liabilities 3,500,010 7,331,090

Amortisation of deferred expenses 8 2,224,152 3,676,014

Net unrealised loss from investments 6 3,100,000 2,200,000

Net cash provided by operating activities 54,103,731 28,280,494

Cash flows from financing activitiesDividend paid 10 (42,210,000) (42,210,000)

Net cash used in financing activities (42,210,000) (42,210,000)

Net increase (decrease) in cash and cash equivalents 11,893,731 (13,929,506)

Cash and cash equivalents at the beginning of the year 24,340,378 38,269,884

Cash and cash equivalents at the end of the year 36,234,109 24,340,378


7


Significant Financial Information

For the year ended 31 December 2014

For the period from

30 June 2009

(date of registration)

to 31 December

2014 2013 2012 2011 2010 2009

Baht Baht Baht Baht Baht Baht

Operating performance (per unit)

Net assets value at the beginning of the year 10.4792 10.6046 10.6359 10.5159 10.6418 -

Add Capital received from unitholders - - - - - 10.0000

Income from investment activities:

Net investment income 0.6445 0.6111 0.6632 0.7178 0.7200 0.3516

Net realised gain from investments - - - - - 0.0001

Net unrealised (loss) gain

from investments (0.0514) (0.0365) 0.0055 0.1022 (0.1459) 0.2901

Total income from investment activities 0.5931 0.5746 0.6687 0.8200 0.5741 0.6418

Less Dividend paid (0.7000) (0.7000) (0.7000) (0.7000) (0.7000) -

Net assets value at the end of the year 10.3723 10.4792 10.6046 10.6359 10.5159 10.6418

Ratio of net income to average net

assets value during the year (%) 5.6969 5.4597 6.3226 7.8492 5.4284 6.2685

Significant financial ratios and

additional information

Net assets value at the end of the year (Baht) 625,450,596 631,900,148 639,462,016 641,346,380 634,110,296 641,706,242

Ratio of total expenses to average net assets value

during the year (%) 1.4607 1.7619 1.9607 1.3028 1.2133 0.4002

Ratio of investment income to average net

assets value during the year (%) 7.6514 7.5683 8.2306 8.1735 8.0221 3.8340

Ratios of weighted average investment purchases

and sales during the year to average

net assets value during the year (%) - - 37.8900 0.3700 0.9300 96.5400

Average net assets value during

the year (Baht) 627,717,859 634,611,179 637,801,126 629,947,944 637,652,881 617,467,833


8

101 Montri Storage Property Fund Notes to the Financial Statements For the year ended 31 December 2014

9

1. General information

The 101 Montri Storage Property Fund (“the Fund”) was registered on 30 June 2009 with indefinite expiration date. The purpose of the Fund is to raise funds from the investors to invest in property which consists of land and buildings for use as storages. CIMB-Principal Asset Management Company Limited is the Fund’s Management Company and Citibank N.A. has been appointed as the Fund’s Trustee. These financial statements were authorised for issue by Fund’s management on 11 February 2015.

2. Accounting policies The principal accounting policies adopted in the preparation of these financial statements are set out below: 2.1 Basis of preparation

The financial statements have been prepared in accordance with Thai generally accepted accounting principles under the Accounting Act B.E. 2543, being those Thai Financial Reporting Standards issued under the Accounting Professions Act B.E. 2547, and the financial reporting requirements of the Securities and Exchange Commission. In addition, the financial statements have been prepared under the basis and format as required by the Thai Accounting Standard No. 106 “Accounting for Investment Companies”. The primary financial statements (i.e. balance sheet, the details of investments, statement of income, statement of changes in net assets, statement of cash flows and significant financial information) are prepared in the full format as required by the Securities and Exchange Commission. The financial statements have been prepared under the historical cost convention except as disclosed in the accounting policies below. The preparation of financial statements in conformity with Thai generally accepted accounting principles requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Fund’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 4. An English version of the financial statements has been prepared from the statutory financial statements that are in the Thai language. In the event of a conflict or a difference in interpretation between the two languages, the Thai language statutory financial statements shall prevail.


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2. Accounting policies (Cont’d)

2.2 New financial reporting standards and revised financial reporting standards 1) Revised financial reporting standards which are effective on 1 January 2014

and are relevant to the Fund:

TAS 7 (revised 2012) Statement of cash flows TAS 17 (revised 2012) TAS 18 (revised 2012)

Leases Revenue

TAS 24 (revised 2012) Related party disclosures TAS 34 (revised 2012) Interim financial reporting TFRS 8 (revised 2012) Operating segments TFRIC 4 Determining whether an arrangement contains a lease TSIC 27 Evaluating the substance of transactions in the legal form of a lease

The Fund’s management has determined that such revised accounting standards and financial reporting standards and related interpretations will not significantly impact the financial statement being presented.

2) New financial reporting standards and revised financial reporting standards

which are effective on 1 January 2015 and are relevant to the Fund and are not early adopted:

a) Financial reporting standards, which are expected to have a significant

impact to the Fund:

TFRS 13 Fair value measurement

TFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across TFRSs. The Fund’s management is currently assessing the impact from applying this standard.


11


2.2 New financial reporting standards and revised financial reporting standards (Cont’d)

2) New financial reporting standards and revised financial reporting standards

which are effective on 1 January 2015 and are relevant to the Fund and are not early adopted: (Cont’d)

b) Financial reporting standards with minor changes and do not have impact

to the Fund are as follows:

TAS 7 (revised 2014) Statement of cash flows TAS 8 (revised 2014) Accounting policies, changes in accounting estimates and errors TAS 10 (revised 2014) Events after the reporting period TAS 17 (revised 2014) Leases TAS 18 (revised 2014) Revenue TAS 24 (revised 2014) Related party disclosures TAS 37 (revised 2014) Provisions, contingent liabilities and contingent assets TFRS 5 (revised 2014) Non-current asset held for sale and discontinued operations TFRS 8 (revised 2014) Operating segments TSIC 15 (revised 2014) Operating leases - Incentives TSIC 27 (revised 2014) Evaluating the substance of transactions involving the legal form of a lease TFRIC 1 (revised 2014) Changes in existing decommissioning, restoration and similar liabilities TFRIC 4 (revised 2014) Determining whether an arrangement contains a lease TFRIC 5 (revised 2014) Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds TFRIC 10 (revised 2014) Interim financial reporting and impairment TFRIC 15 (revised 2014) Agreements for the construction of real estate TFRIC 18 (revised 2014) Transfers of assets from customers

3) New financial reporting standard which is effective on 1 January 2016.

TFRS4 (revised 2014) Insurance contracts

TFRS 4 applies to all insurance contracts (including reinsurance contracts) that an entity issues and to reinsurance contracts that it holds. This financial reporting standard is not relevant to the Fund’s operations.


12


2.3 Investment in properties Investment in properties is stated at fair value. The Management Company measured their fair value as at first balance sheet date at the acquisition cost of the property. At the subsequent balance sheet dates they are presented at fair value which is based on appraisal value by independent valuers approved by the Securities and Exchange Commission. The Management Company will conduct appraisal of properties every two years from the date of the appraisal for purchase or lease of the properties and will conduct a review of appraisal every year after the date of the latest appraisal. The Management Company will not appoint any appraiser to appraise the property or leased property for more than 2 consecutive times. Unrealised gain or loss from changing in fair value of investment in properties will be included in the statement of income in that period.

2.4 Cash and cash equivalents Cash and cash equivalents include savings account deposits with banks and other short-term highly liquid investment with maturity of three months or less from the date of acquisition.

2.5 Deferred expenses Deferred expenses such as the fee for initial offering, legal consulting fee, property appraisal service fee etc., are charged to expense on a straight-line basis over 1 year and 5 years.

2.6 Revenues and expenses recognition Rental income under operating leases is recognised in the statement of income on the straight-line basis over the lease term. Interest income is recognised on an accrual basis based on the effective interest rate. Expenses are recognised on an accrual basis.

2.7 Income taxes The Fund is exempted from Thailand corporate income tax. No provision for corporate income tax has been made in the accompanying financial statements.


13

3. Dividend payment policy

Regulations, policy and criteria for paying dividends to unitholders are as follows: 1) If the Fund has net profit in each year, the Management Company shall pay

dividend to unitholders at the rate of no less than 90 percent of the adjusted net profit. The adjusted net profit means the net profit that deducts unrealised gain from appraisal or reviewed appraisal of real estate or leasehold rights to real estate including other adjustments to align with cash status of the Fund according to the guideline of Securities and Exchange Commission.

2) If the Fund has accumulated profits, the Management Company may pay dividend

to unitholders out of the accumulated profits provided that dividend payment under (1) must not cause increase in its deficit in the period which dividend is paid.

In considering the payment of dividends, if the value of interim dividend per unit to be paid is lower than or equal to Baht 0.10, the Management Company reserves the right not to pay dividend at that time and to bring such dividend forward for payment together with the year end dividend payment.

4. Critical accounting estimates, assumptions and judgments The Fund makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below. Fair value of investment in properties The fair value of investment in properties that are not traded in an active market is determined by using discounted expected future cash flows received from investment in properties by the appropriate discount rate which reflect related risks. The Fund engages independent appraiser to assess the fair value of properties.

5. Capital risk management The Fund’s objectives when managing capital are to safeguard the Fund’s ability to continue as a going concern in order to provide returns for unitholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Fund may adjust the amount of dividends paid to unitholders, return capital to unitholders, issue new shares or sell assets to reduce debt.


14

6. Investment in properties at fair value

2014 2013 Baht Baht

Investment in properties - beginning of the year 599,000,000 601,200,000 Net unrealised loss from the revaluation of investment during the year (3,100,000) (2,200,000)

Investment in properties - end of the year 595,900,000 599,000,000

On 15 July 2009, the Fund invested in property consisted of 1) 79 plots of land, total area is approximately 39-1-56 rai and 2) warehouses and other buildings, totaling 13 buildings, total area is approximately 44,525 sqm., totally amount of Baht 586 million. The land and buildings are located at 4976 and 4984-86, Klongjun Sub-district, Bangkapi District, Bangkok. For the year ended 31 December 2014, the Fund hired an independent appraiser, Real Estate Appraisal Co.,Ltd, to appraise its investment in properties by using the Income Approach derived from cumulative of present value of net income based on the period of 10 years and its present value of such assets at the end of year 10th, report dated

16 January 2015. As at 31 December 2014, the Fund adjusted investment in properties to fair value of Baht 595.90 million and recognised net unrealised loss from investment in the statement of income for the year at Baht 3.10 million. The Fund has an operating lease agreement in respect of the lease of land, buildings, equipment and system. The term of the agreement is initially 3 years starting from

14 October 2012 onward and renewable for 3 years starting from the date of expiration of agreement. As at 31 December 2014, future minimum rental income to be generated under this operating lease is as follows. In Million Baht

Less than 1 year 37.61 2 - 3 years -

7. Cash and cash equivalents As at 31 December 2014 and 2013, the Fund has the details of cash and cash equivalents as follows: Principal Interest rate per annum 2014 2013 2014 2013 Baht Baht % %

Deposits in bank saving accounts - Citibank N.A. 36,234,109 24,340,378 0.10 0.10

Total 36,234,109 24,340,378


15

8. Deferred expenses

2014 2013 Baht Baht

Deferred expenses - beginning of the year 1,805,617 4,690,432 Increase during the year 778,549 791,199 Amortisation during the year (2,224,152) (3,676,014)

Deferred expenses - end of the year 360,014 1,805,617

9. Unitholders’ equity As at 31 December 2014 and 2013, there are 60,300,000 units of Baht 10 par value registered, issued and paid-up. Movements in capital account are as follows: 2014 2013 Number of Number of units Baht units Baht

Units registered, issued and paid-up 60,300,000 603,000,000 60,300,000 603,000,000

Beginning balance 60,300,000 603,000,000 60,300,000 603,000,000 Issue of units - - - -

Ending balance 60,300,000 603,000,000 60,300,000 603,000,000

Movements in retained earnings are as follows: 2014 2013 Baht Baht

Beginning balance 28,900,148 36,462,016 Add Net increase in net assets from operations during the year 35,760,448 34,648,132 Less Dividend paid to unitholders (Note 10) (42,210,000) (42,210,000)

Ending balance 22,450,596 28,900,148


16

10. Dividend The detail of dividends for the year ended 31 December 2014 is as followed:

Per unit Total No. The operation for period Payment date Baht Million Baht

1 1 July 2013 - 31 December 2013 31 March 2014 0.3500 21.10 2 1 January 2014 - 30 June 2014 25 September 2014 0.3500 21.10

42.20

The detail of dividends for the year ended 31 December 2013 is as followed:

Per unit Total No. The operation for period Payment date Baht Million Baht

1 1 July 2012 - 31 December 2012 19 March 2013 0.3500 21.10 2 1 January 2013 - 30 June 2013 20 September 2013 0.3500 21.10

42.20

11. Fees The management fee, trustee fee, and registrar fee are calculated as follows: 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 (exclusive of value added tax, specific business tax or any other similar tax) of the net asset value of the Fund as calculated by the Management Company and verified by the Trustee. Trustee fee The Trustee is entitled to receive a monthly remuneration at a rate not exceeding 0.50% per annum (exclusive of value added tax, specific business tax or any other similar tax) of the net asset value of the Fund as calculated by the Management Company and verified by the Trustee. Registrar fee The registrar fee shall be at a rate not exceeding 0.10% per annum (exclusive of value added tax, specific business tax or any other similar tax) of the net asset value of the Fund as calculated by the Management Company and verified by the Trustee.


17

12. Related party transactions Enterprises and individuals that, directly or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the Fund, including holding companies, subsidiaries and fellow subsidiaries are related parties of the Fund. Associates and individuals owning, directly or indirectly, an interest in the voting power of the Fund that gives them significant influence over the enterprise, key management personnel, including directors and officers of the Fund and close members of the family of these individuals and companies associated with these individuals also constitute related parties. In considering each possible related party relationship, attention is directed to the substance of the relationship, and not merely the legal form. Types of relationship of related companies are as follows:

Name of companies Type of relationship

CIMB-Principal Asset Management Co., Ltd.

The Fund’s Management Company and Registrar

CIMB-Principal Asset Management Berhad

The shareholder of Management Company which held 99.99% in Management Company

Montri Storage Co., Ltd. The lessee of land and buildings The following significant transactions were carried out with related parties: Significant transactions for the years ended 31 December 2014 and 2013 are summarised as follows: 2014 2013 Baht Baht Montri Storage Co., Ltd. Rental income 48,000,000 48,000,000 CIMB-Principal Asset Management Co., Ltd. Management fee 4,032,539 4,076,823 Registrar fee 672,090 679,471 Balances as at 31 December 2014 and 2013 with related parties were as follows: 2014 2013 Baht Baht

Montri Storage Co., Ltd. Rental receivable - 12,000,000 Other receivable 7,331,090 5,581,085 CIMB-Principal Asset Management Co., Ltd. Accrued management fee 1,010,670 1,020,527 Accrued registrar fee 168,445 170,088


18

13. Financial risk management

As at 31 December 2014, the principal financial risks faced by the Fund are interest rate risk, credit risk, and liquidity risk.

Interest rate risk

Interest rate risk is the risks associated with the effects of fluctuations in the prevailing levels of market interest rates on its financial instruments. The financial asset that potentially subjects the Fund to the interest rate risk is deposit with banks.

Credit risk

Credit risk is the risk that counterparties might not discharge their obligation causing the Fund to incur a financial loss. Credit risk arises from risk in the collectability of lease rental from counterparties. The Fund may have a concentration of credit risk with respect to an account receivable as it has only one customer. The carrying amount of financial assets as recorded in balance sheet represents the Fund’s maximum exposure to credit risk.

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate amount of funding from the unitholders which is sufficient for the activities of the Fund.

Fair value

The carrying amounts of the Fund’s financial assets and liabilities as at 31 December 2014 as presented in the financial statements approximate to their fair values.

14. Segment information

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as that makes strategic decisions.

The Fund operates in business which is the investment in property and the business is only operated in Thailand. Income and expenses from this segment are the same amount with the statement of income. Therefore, the presentation of segment information is not necessary.

15. Commitments

The Fund is committed to pay a management fee, trustee fee, and registrar fee under the terms and conditions specified in the agreements or memorandum.

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