Frasers Property Thailand Industrial Freehold & Leasehold REIT

Annual General Meeting 2020

27 January 2020

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

2

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.

3

Agendas in FTREIT AGM 2020 (1/2)

Agenda 1

Agenda 2

Agenda 3

Agenda 4

To acknowledge the Minutes of the 2019 Annual General Meeting of Trust Unitholders

dated January 28th, 2019

To acknowledge the operating results of FTREIT for the fiscal year starting from

October 1st, 2018 to September 30th, 2019

To acknowledge the Audited Financial Statement of FTREIT for the period ended

September 30th, 2019

To acknowledge the appointment of an auditor from KPMG Phoomchai Audit Limited

as the auditor of FTREIT and their remunerations for the fiscal year 2020.

Agenda 5

To consider and approve the capital increase of FTREIT by means of a

general mandate by issuing a total of not exceeding additional 780,716,114 trust units.

Vote Requirement: ≥ 3/4 of all votes of trust unitholders attending the meeting and having voting right

4

Agendas in FTREIT AGM 2020 (2/2)

Agenda 6Vote Requirement: not less than majority vote which is more than one-half of all votes of trust

unitholders attending the meeting and having voting right

To consider and approve the offering for sale and allocation of the additional trust units

to be issued and offered for sale by means of a general mandate.

Agenda 7

To consider and approve the amendment to the trust deed to be in line with the capital

increase by means of a general mandate

Agenda 8

To consider and approve issuance and offering of debentures of FTREIT with the

maximum outstanding amount at any time totaling not more than 14,000 million Baht

Agenda 9 To consider other matters (if any)

Vote Requirement: not less than majority vote which is more than one-half of all votes of trust

unitholders attending the meeting and having voting right

Vote Requirement: not less than majority vote which is more than one-half of all votes of trust

unitholders attending the meeting and having voting right

FY2019: Enhancing Performance

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

6

Growth continues in FY2019

THB 0.6680FY2019 DPU(5)

• Occupancy rate end at 83.1%, up 3.9% year-on-year

• Renewal Rate is around 86%(2)

Portfolio Management

Earnings and DPU

Portfolio value increased to THB 37 Billion

• Distribution per unit (“DPU”) of THB 0.6680, up 4.7%

year-on-year

THB 0.1670

• Acquired 40 units of properties from sponsor and third-party (1)

• Completed asset enhancement initiative project (“AEI”)

• Two divestments at premiums to book values THB 3.2

BillionAsset Acquisition

FY2019

83.1%Occupancy Rate as

of 30 September

2019

(1) Total investment value THB 3,201 Million. 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). 40 units (22 properties).

(2) Retention rate that incurred in FY2019 (Oct’18 – Sep’19)

(3) Only Debentures cost = 3.3% WAM is around 4.2 Years

(4) Reference from loan agreement and debentures at the end of Sep 19.

Capital Management

• IBD to asset ratio end at 25.3%

• Maintained weighted average cost of debt at around 3.2%(3) and

average weighted debt maturity 3.8 years(4) .

7

Financial Performance for Year ended 30 September 2019

Unit: (THB Million)

Oct’18 –

Sep’19

(FY19)(2)

Oct’17 –

Sep’18

(4QFY17 –

3QFY19)(6)

+/-

%Analysis

Rental and Service Income 2,745.5 2,124.3 29

• Contribution from the FY2019 Sponsor assets acquisition value and the third party assets

acquisition total value of THB 3,201 Million(1) in FY2019.

• FY2019 Occupancy rate end at 83.1%, up from 79.2% at end of FY2018 (+3.9% y-o-y).

• 1.6% Rental rate reversion.

Cost of rental and

Services and

administration expenses

394.0 349.2 13

• Cost increased from acquired CTD property that REIT paid 50% of transfer fee, special

business tax and registration fee. In addition, REIT paid advisors fee of sponsor and third

party asset acquisition project.

• Cost increase from new assets in period FY18/19.

Trust Management fee(4) 372.7 288.6 29

• In 4QFY17, PFPO and FTREIT incurred advisors fee to support conversion that lead overall

expense higher expenses in FY19. Registrar fee reduced due to merger of PFPOs into

FTREIT.

Finance Costs 271.3 152.1 78

• Higher borrowing cost to finance acquisition in Aug’18 and FY2019.

• The weighted average interest rate as of Sep’19 was 3.2% per annum and Weighted

average debt maturity is around 3.8 years.

Net Investment Income 1,739.2 1,321.9 32

Distributable income to

Unitholders(3) 1,793.0 1,287.0 39

• Contributions from the FY2018 and FY2019 acquisition

Which was deducted by:

• Higher finance costs; and

• Higher trust management fee

DPU

(THB per Unit)0.6680(5) 0.6381(7) 5

• Higher distribution per unit came from better performance of FY2019 compared to 4QFY17 –

3QFY18

(1) 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

(2) FY2019 period start from 1 October 2018 to 30 September 2019, FY2018 start from 1 January 2018 to 30 September 2018.

(3) Distributable income to unitholders = Net investment income adjusted by non cash item

(4) Trust management fee = Management fee + Trustee fee + Registrar fee + Professional fee

(5) DPU at THB 0.1670 which required REIT to top up payment from retained earning as of 30 Sep 2019

(6) Reference from Notes to financial statement note 22 (“Supplementary informations”)

(7) Included capital reduction.

Reference Note 22 : Supplementary informations

Balance Sheet

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Unit: (THB Million) As of 30 Sep 19 As of 30 Sep 18 Change %

Investment Properties 37,049.4 33,987.4 9.0

Investment in Securities at fair value and cash 1,141.8 1,137.9 0.3

Other Assets 305.5 307.9 (0.8)

Total Assets 38,496.7 35,433.3 8.6

Interest Bearing Debt 9,742.0 6,933.0 40.5

Other liabilities 1,265.5 1,138.3 11.2

Total Liabilities 11,007.5 8,071.3 36.4

Net Asset Value per Unit (THB) 10.5630 10.5141 0.5

▪ The value of investment properties increased 9% from THB 33,987 Million as at 30 September 2018 to THB 37,049 Million

at 30 September 2019, due mainly to:

Investment

✓ Completed acquisition of asset from sponsor on 19 December 2018 and 20 September 2019;

✓ Completed acquisition of asset from third-party on 28 August 2019 ;

✓ Completed asset enhancement plan (extend building area by 1,700 sq.m) on 16 January 2019 ;

Divestment

✓ Divested of 1 unit of factory at Amata City Chonburi on 1 November 2018

✓ Divested of 1 unit of warehouse at Rojana Industrial Park Prachinburi on 26 November 2018

▪ Interest bearing debt increased THB 2,809 Million, to fund asset acquisition in the fiscal period(1).

1. This amount is net increased from financing new properties, repaid loan and refinanced short term loan by issued debentures in period.

800

2,100

1,300

500

1,000

380 500

1,260

600

1,302 (4)

FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2028 FY2029

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Prudent Capital Management

IBD to asset Ratio 25.3%

Total Gross Borrowings THB 9,742 million

Weighted Average Cost of Borrowings 3.2% p.a.

Average Weighted Debt Maturity 3.8 Years

Interest Rate Exposure Fixed 87%

Interest Coverage Ratio 8.73 times(1)

Debt Headroom THB13,356 million(2)

Net Asset Value per Unit (THB) 10.5630

Credit Rating A (Stable Outlook)(3)

Maintained a Well-spread Debt maturity Profile

Bridging loan Debentures Unit: THB Million

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

2. Prior to reaching the 60.0% regulatory leverage limit

3. Official announcement rating by TRIS on 22 July 2019.

4. Projection by reference on audited balance sheet as of 30 September 2019.

2,102

• Bridging loan has been repaid from issuance of new equity.

• After repayment IBD to asset ratio will be reduced from 25% to around 22%(4)

As of 30 September 2019

0.1600

0.1670

3QFY18 4QFY19

Distribution 4QFY19 and FY2019

Unit : THB per Unit

1. Distribution = Dividend + Capital Reduction

2. FY2019 period start from 1 October 2018 to 30 September 2019, FY2018 start from 1 January 2018 to 30 September 2018.

3. DPU of Oct’17 was around THB 0.0481 per unit 10

▪ FY2019 DPU of THB 0.6680 grew by 4.7% year-on-year, attributable from new assets acquisition and higher

occupancy of portfolio.

Distribution per Units(2)

0.63810.6680

Oct'17-Sep'18 Oct'18-Sep'19

12 Months 12 Months

(1) (1)(3)

(Jul’18 – Sep’18) (Jul’19 – Sep’19) 4QFY17 to 3QFY18 FY2019

0

2

4

6

8

10

12

14

16

18

20

-

2.00

4.00

6.00

8.00

10.00

12.00

Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

Attractive Trading Performance

Unit Price (THB)

As of 30 September 2019

Trading Performance (1 October 2018 - 30 September 2019)

Market Capitalisation

THB 46.6 billionFree Float

~ 76.6 %(1)

Average Daily Traded

Volume

~ 1.5 million unitsFTREIT Unit Price

51.7%(3)

Distribution Yield

~ 4.89 %(2)

(1) Free-float is existing units which not hold by strategic unitholders.

(2) Based on FTREIT average price (1 Oct 18 -30 Sep 19) of THB 13.67 per unit and DPU of FY2019 (12-month) at THB 0.6680per unit.

(3) Source: SET Portal. For the period from 1 October 2018 to 30 September 2019, comparing unit price on 1 October 2018 at THB 11.8 per unit with unit price on 30 September 2019 at THB 17.9 per unit.

July 2019: BOT issue regulation to

control fund flow of foreign investors to

prevent Thai Baht speculation.

Aug 2019 and Sep 2019

• Announced acquisition of CTD Cold storage from

CT Distribution Company Limited and warehouses

from Frasers Property (Thailand) group

Dec 2018 :Announced acquisition

of factory and warehouses from

Frasers Property (Thailand) group

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Trading volume

• Last volume : 0.81M

• High on 29/04/19: 10.28M

• Average : 1.50M

• Low on 27/11/18 : 0.01M

Unit Price

• Last price: THB 17.90 per unit

• High on 19/09/19: THB 18.70 per unit

• Average: THB 13.67 per unit

• Low 19/12/18 : THB 11.00 per unit

17.9

11.8

Portfolio, Market Highlights and Strategy

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

13

Growth from Acquisition in FY2019

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

Strategic Acquisition – enhances portfolio attributes through geographical diversification, a higher proportion of freehold

properties, a longer WALE, and reduced tenant concentration risk

CTD Cold Storage, Wangnoi

FPIT LCB 2, Chonburi

FPT Factory Navakorn IEAT, Pathumthani

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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(1)

7 Years

Asset enhancement initiative has increased net rental

income from the property to 10.17%

1. NLA increased from 14,250 SQ.M to 15,950 SQ.M), WALE 7 Years

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

Utilized

Area of

Assets

NOI

Yield

10.17%/2

15

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

millionA1.75

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 (before deducted selling expense)

Gain

from divestment

Reduce Expenses

from holding

of unoccupied

assets

=

[Gain before deducted

selling expense]

North

East

EECNorth

East

EEC

70%

30%

Freehold

Leasehold

16

Our Property Locations >>> [7 Provinces – 27 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

Acquired in FY2019

Increased Proportion of Freehold Assets

Sep’18

Freehold

Leasehold

Sep’19

26%

74%

Enhanced Geographical Diversification

Sep’18 Sep’19

60% 26%

14%

60% 25%

15%

Proportion of Factory and Warehouse

Factory

Warehouse

Sep’18 Sep’19

53%

47%

52%

48%

Warehouse

Factory

Freehold 74%

Leasehold 26%

Factory47%

Warehouse 53%

17

FTREIT Portfolio Snapshot as of 30 September 2019

Quality portfolio

concentrated

within major

industrial and

logistics markets

554Units/1

WALE/42.33 Yrs

~THB 37.0 bn Portfolio Value/2

Avg Property Ages/5

~10 Years

~1.68 million sq m

Net Leasable Area/3

Occupancy Rate

83.1%

Frasers Property Thailand Industrial Freehold & Leasehold REITFTREIT listed real-estate investment trust with a quality portfolio concentrated within prime

industrial and logistics market in Thailand.

Remaining LH Years

~ 25 YearsNo of Tenants

264

Well balance

portfolio by asset

type, with

predominately

freehold land title

North 26%

East 14%

EEC 60%

Type

of Assets

Breakdown

By Area

1. Factory 315 units and Warehouse 239 units (included Cold Storage 2 units)

2. Value of Factory THB 19,278 million (52%) and value of warehouse THB 17,771 million (48%)

3. Area of Factory 789,660 sq.m (47%) and area of warehouse 888,815 sq.m (53%) – total 1,678,475 sq.m

4. WALE refers to the weighted average lease expiry based on gross rental income (GRI), being the contracted rental income and estimated recoverable outgoings for the month

end of September 2019. Excludes straight lining rental adjustments.

5. Factory avg ages around 12 years and Warehouse around ages 7 years

The Largest

Industrial & Logistics REIT

in Thailand

Breakdown

By Right on

assets

18

Summary Performance of FY2019

Northern Bangkok Area/2 Eastern Bangkok Area /2 EEC Area /2

67% 68% 69%77% 75%

69% 71%

0%

20%

40%

60%

80%

100%

Mar'18 Jun'18 Sep'18 Dec'18 Mar'19 Jun'19 Sep'19

59 Units

92% 92% 96% 99% 100% 99%

0%

20%

40%

60%

80%

100%

Mar'18 Jun'18 Sep'18 Dec'18 Mar'19 Jun'19 Sep'19

82% 80% 80%84% 82% 83% 85%

0%

20%

40%

60%

80%

100%

Mar'18 Jun'18 Sep'18 Dec'18 Mar'19 Jun'19 Sep'19

Overall performance of FTREIT FY2019 improved from the last fiscal year, attributable to high lease renewal rate, positive rate reversion and new assets

100%

1. Reference from Note to financial statement, Note 22, supplementary informations, Rental Revenue included property tax income.2. Vacant unit in this area has already been occupied by new tenant

Occupancy (%) as of 30/9/19

Net Add (sq.m)FY2019

WALE (Years)Rate as of 30/9/19

Rent Revenue

FY2019(1)

Renewal Rate FY2019

Rate ReversionFY2019

83.1%(+3.9%)

+152,587

2.33 Years(+0.12Y)

2,745 MB(+29.2%)

86%

+1.6%

152 Units 343 Units OCR % OCR % OCR %

• Performance slightly improved from

end of FY18, from new tenants in

electronics sectors and retail sector.

• Improve by increasing rental rate at least

1.5% - 2.0% p.a. due to high demand and

limited supply in this area.

• Infrastructures projects in EEC area have

led to higher space demand in key area

such as LCB Phase 3

Tenants Industry % of GRI(1) Nationality

Siam Makro Retail 4.37%

Leschaco Logistics 2.59%

CTD Logistics 2.00%

Lazada E-Commerce 1.94%

BJC Logistics Logistics 1.89%

Samsung Electronics 1.77%

DTS Automotive 1.53%

Kintetsu Logistics 1.45%

DHL Logistics 1.44%

Global

ArchitecturalOther 1.41%

19

Well-diversified Tenant Base

High quality, diversified tenant base underpinned by primary industries including automotive, logistics

services, electronics, retails and e-commerce.

Top 10 Tenants (GRI ~20%(2) / WALE 3.15Years(1)) Breakdown of Tenants1 2

By

Industry

Automotive

26%

Logistics

25%

Electronics

22%

Others

16%

Retails 8%

E-Commerce 3%

By

NationalityJapan

46%

EU 21%

Thais 15%

Other

Asian 14%

US 4%

1. WALE refers to the weighted average lease expiry based on gross rental income (GRI), being the contracted rental income

and estimated recoverable outgoings for the month of September 2019. Excludes straight lining rental adjustments.

2. Concentration risk has stable at around 20%.

20

Investment Strategy and Objective

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.

Strategy Framework

Acquisition

Assets + AEI

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

from 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.

Efficient

Capital

Management

4

▪ 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

Frasers Property Industrial REIT Management (Thailand) Co., Ltd

22nd – 23rd Floor, Mitrtown Office Tower l 944 Rama 4 Road l Wangmai Subdistrict l Pathumwan District l Bangkok l 10330

Tel: +66 2078 1999 l Fax +66 2078 1971 l Email: FTREIT.IR@frasersproperty.com

www.ftreit.co.th