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Annual Report TICON Property Fund : TFUND For period from January 1, 2012 to December 31, 2012

This English version of this Annual Report is only for informational purposes. Interpretation and construction must still be based on the Thai Text.


Table of contents Page Messages from the Management Company

1

TICON Property Fund

2

Details of the Property Manager

3

Details of Investment

4

Details of the lmmovable Properties

5

Details of Purchase of lmmovable Properties

24

Details of Sale of Immovable Properties

26

Details of Loan of Fund

27

Ready-Built Factory Market Situation and Outlook

27

Total Expenses as called from Property Fund

28

List of Related Persons having transactions with the Fund

28

managed by BBL Asset Management Company Limited List of Soft commission

29

Mutual Fund Supervisor Report

30

Auditor Report and Financial Statements

31

BBL Asset Management Company Limited

70


Messages from the Management Company To

Unitholders TICON Property Fund

BBL Asset Management Company Limited (“the Management Company”) would like to submit the Annual Report for the performance of the Ticon Property Fund (“the Fund”) in 2012 to our Unitholders. At the beginning of 2012, the Fund had to oversee that the repairs and improvements of the factory and warehouse buildings, which were damaged by the major flood in late 2011, were promptly executed so that the properties would be in the condition to generate income. The repairs of the properties have since been completed as can be seen that the performance of the Fund in the latter part of the year had started to improve. The income from net investment of the Fund increased in each subsequent quarter. The Fund Manager believes that the outlook for the performance of the Fund will continue to move in the positive direction. As for the 12-month performance ending 31 December 2012, the Fund had a total income of Baht 904.3 million increased from Baht 660.8 million in 2011. The net assets from operations increased Baht 610.9 million. Looking at the profitability, the Fund had a Net Investment Income to Gross Revenue Ratio of 73.1%. At the end of 2012, the Management Company offered and sold approximately Baht 1,575 million worth of additional Investment Units which were very well received by Unitholders. The funds received were invested in 27 additional factory buildings. At the end of 2012, the Fund had total assets of over Baht 13,000 million. The current investments of the Fund include 246 factory buildings on a total land area of 885 rai in 10 industrial estates, special promotion zones and industrial parks with a total rentable area of 589,460 square meters. The Management Company would like to offer our sincere appreciation to all our Unitholders who have entrusted us to manage your investments. We will continue to invest the assets under our management for the utmost interest of our Unitholders under the principle of good governance.

Your faithfully, BBL Asset Management Co., Ltd.

1


TICON Proprety Fund Abbreviation as “TFUND�

The Asset Management Company BBL Asset Management Company Limited

Type of the Fund Project Closed - end Property Fund

Project Life Not Specified

Objectives To mobilize funds from general investors, both natural persons and juristic persons in both domestic and foreign countries. The funds mobilized shall be used in purchase or lease of immovable properties, taking transfer of immovable properties and/or immovable property leasehold right, and utilization of such immovable properties, including improvement, change, development of potentiality and/or disposal of various properties as invested or possessed by the Fund, regardless of rental and/or sale or whatsoever operation for the benefit of the properties with intention to generate incomes or returns to the Fund and the unitholders, including to invest in other properties and/or securities and/or to seek other fruits by whatsoever mean as prescribed by securities law and/or any other relevant laws.

Dividend Payment Policy The Fund has a policy to pay dividends to unitholders at least twice a year. (1) In case that the Fund has net profits in each year, the Management Company shall pay dividends not less than 90% of annual net profits to unitholders. Provided that the aforementioned net profits are exclusive of unrealized profits or losses from appraisal or reappraisal of the immovable properties, securities and/or assets of the Fund. (2) In case that the Fund has retained earnings, the Management Company may pay dividends from retained earnings to unitholders. However, the dividend payment from the aforementioned net profits and retained earnings can be made only when such payment does not increase accumulated losses to the Fund.

2


The Management Company shall pay the said dividends to unitholders within 90 days from the end of the accounting period or any other operating period.

Additional Conditions : In considering for making dividend payments, if the amount of interim dividends per unit to be paid is lower than or equal to Baht 0.10, the Management Company reserves the right not to pay dividends at that time and to combine such dividends together with next dividend payment. The Management Company shall proceed in accordance with dividend payment criteria as specified. However, if such criteria are otherwise amended, supplemented, announced, prescribed, instructed, approved and/or relaxed by the SEC, the Office of the SEC, and/or any other competent authority under law, the Management Company shall proceed accordingly. In such event, it shall be deemed that approval has been obtained from Unitholders and it shall not be deemed as an amendment to the Project.

Project Capital

Baht 11,824,789,913

(Registration)

(Baht Eleven Billion Eight Hundred and Twenty-Four Million, Seven Hundred and Eighty-Nine Thousand and Nine Hundred and Thirteen)

Number of Units

1,149,541,940 Units. (One Billion, One Hundred and Forty-Nine Million, Five Hundred and Forty-One Thousand and Nine Hundred and Forty units)

Type of Investment Units

Holder Name Specified.

Trustee

KASIKORNBANK Public Company Limited. Tel. 0-2470-3200-2

Investment Units Registrar

Bangkok Bank Public Company Limited. Tel. 0-2230-1784

Property Fund Manager

Property Manager

Mrs. Voravan

Tarapoom

Mr. Sudhipongse

Phuaphanprasert

Ms. Warisara

Techakulwirote

Ms. Siriphen

Wangdumrongves

Mr. Apiched

Ritsuwan

TICON Industrial Connection Public Company Limited 175 Sathorn City Tower, 13th Floor, South Sathorn Road, Sathorn, Bangkok 10120 Tel. 0-2679-6565

3


Details of Investment As of December 31, 2012

Market Value (Baht)

Assets 1. Cash at banks

% of Net Asset Value

206,460,044

1.70

298,762,906

2.46

505,222,950

4.16

11,945,748,275

98.40

11,945,748,275

98.40

24,227,880

0.20

213,607

0.00

53,477,432

0.44

3,755,702

0.03

81,694,621

0.67

12,532,665,846

103.24

(25,791,930)

-0.21

(5,886,113)

-0.05

(353,420,007)

-2.91

(8,059,207)

-0.07

(393,157,257)

-3.24

12,139,508,589

100.00

2. Investments in securities Government Bond Total 3. Investment in Properties Property Total 4. Other Accounts receivable from rental Accounts receivable from interest Others - deposits for lease of assets Other - Net Total Total assets 5. Other liabilities Accrued expenses Advance receipt for rental and service Deposits for lease of assets Other debt Total liabilities Net assets value

No. of units Net asset value per unit

4

1,149,541,940

Units

10.5603

Baht


Details of the Immovable Properties As of December 31, 2012

Purpose of use :

Land and standard factory / warehouse building for rent in industrial estates, industrial parks, industrial promotion zone or projects

Rental income :

For period from January 1, 2012 to December 31, 2012 amounted 803,958,346 Baht

The Fund currently invests in lands with 246 standard factory and warehouse buildings are as follows;

No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

1

Amata City

SF.M1.5-A2

7301

3 - 0 - 15.4

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

32,802,463.20

37,000,000.00

2

Amata City

SF.A1.3/2-A30

14875

2 - 2 - 77.6

1,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

31,829,906.01

33,300,000.00

3

Amata City

SF.C3-6/3

14898

5 - 2 - 7.7

Single storey, reinforced concrete building with mezzanine floor, 1 building

60,400,123.83

71,300,000.00

4

Amata City

SF.A1.375/3A30

7308

2 - 3 - 91.5

Single storey, reinforced concrete building with mezzanine floor, 1 building

28,953,709.73

33,100,000.00

Factory / Warehouse

Land Title Deed No.

Location

Mabyangporn Sub-district, Pluakdaeng District, Rayong Province

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

3,500

1,625

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

3 - 0 - 23.8

1,925

Single storey, reinforced concrete building with mezzanine floor, 1 building

34,514,356.33

41,400,000.00

9993, 14728

4 - 1 - 97.8

3,325

Single storey, reinforced concrete building with mezzanine floor, 1 building

64,426,797.82

67,800,000.00

SF.B2.1-6/1

14912

3 - 2 - 84.1

2,450

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,718,185.02

49,900,000.00

Amata City

SF.B1.7/1-A34

9992

3 - 0 -91.9

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,684,841.03

42,900,000.00

Amata City

SF.B1.7/2A37

9990, 9892

3 - 0 - 70.4

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,636,903.80

43,200,000.00

5

Amata City

SF.B1.5-A6/11

14897

6

Amata City

SF.B2.9-A33

7

Amata City

8

9

5

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

Factory / Warehouse

Land Title Deed No.

10

Amata City

SF.B2.1-A6/3

11

Amata City

12

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

14899

3 - 2 - 54.8

2,450

Single storey, reinforced concrete building with mezzanine floor, 1 building

47,696,105.44

51,900,000.00

SF.L2.2-A52/1

9956

4 - 1 - 44

2,600

Single storey, reinforced concrete building with mezzanine floor, 1 building

51,098,151.05

54,900,000.00

Amata City

SF.L2.0-A6/9

14726

3 - 2 - 46.5

2,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

45,758,962.22

50,200,000.00

13

Amata City

SF.A1.3/1-A30

14874

2 - 3 - 79.7

1,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

30,912,357.78

35,100,000.00

14

Amata City

SF.B2.1-A6/11

14896

3 - 2 - 64.4

2,450

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,831,861.00

48,500,000.00

15

Amata City

SF.B1.9-A39

9988, 9890

3 - 2 - 19.3

2,275

Single storey, reinforced concrete building with mezzanine floor, 1 building

40,446,340.00

44,600,000.00

16

Amata City

SF.A1.7-A6/1

7318

3 - 1 - 48.8

2,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

36,595,700.00

39,400,000.00

3 - 2 - 7.1

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,849,732.00

41,600,000.00

Location

Mabyangporn Sub-district, Pluakdaeng District, Rayong Province

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

17

Amata City

SF.B1.7-A6/1

14873

18

Amata City

SF.A1.1-A52

16540

2 - 0 - 51.1

1,375

Single storey, reinforced concrete building with mezzanine floor, 1 building

26,622,023.00

28,600,000.00

19

Amata City

SF.B2.2-A52/5

9960

3 - 3 - 64

2,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

51,227,145.00

56,300,000.00

20

Amata City

SF.A1.5-A52/6

16791

3 - 1 - 45.2

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

33,769,716.00

37,000,000.00

21

Amata City

SF.B1.7/3A38

9891, 9989

3 - 0 - 21.7

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

41,380,602.00

22

Amata City

SF.L2.2-A6/9_1

7322

3 - 2 - 13.2

2,600

Single storey, reinforced concrete building with mezzanine floor, 1 building

56,219,595.00

23

Amata City

SF.L2–A52/3

9958

3 - 1 - 72

2,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

53,910,576.00

24

Amata City

SF.B2.1–A52/4

9959

3 - 2 - 12

2,450

Single storey, reinforced concrete building with mezzanine floor, 1 building

55,065,085.00

6

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

42,800,000.00

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

25

26

Factory / Warehouse

Land Title Deed No.

Eastern Seaboard

ESI3.1-I-50D

Amata Nakorn

SF.A1.5/1-38

Appraisal Value by (Baht)

Location

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

6818

Pluakdaeng Sub-district, Pluakdaeng District, Rayong Province

4 - 0 - 49

3,360

Single storey, reinforced concrete building with mezzanine floor, 1 building

11353, 11354

Baankao Sub-district, Panthong District, Cholburi Province

4 - 2 - 78 and 4 - 3 - 12 respectively

1,750

27

Amata Nakorn

SF.A1.5/2-38

28

Amata Nakorn

SF.A2-38

29

Amata Nakorn

SF.B2.8/2-152

110188

30

Amata Nakorn

SF.M1.5/4G255

31

Amata Nakorn

32

33

1,750

Single storey, reinforced concrete building with mezzanine floor, 3 building

2,000 Don Hual Lor Sub-district, Muang District, Chonburi Province

Cost (Baht)

44,129,472.49

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

51,600,000.00

32,894,604.38

36,800,000.00

32,894,604.38

37,500,000.00

37,593,833.14

42,900,000.00

3 - 3 - 70

3,150

Single storey, reinforced concrete building with mezzanine floor, 1 building

58,602,152.34

66,200,000.00

20123

2 - 3 - 79

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

35,843,139.87

38,200,000.00

SF.M1.5/3G256

20122

2 - 3 - 73

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

36,856,699.76

38,000,000.00

Amata Nakorn

SF.B1.2-G258/2

20131

2 - 2 - 45

1,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

29,853,926.70

30,100,000.00

Amata Nakorn

SF.M1.3G259

20132

2 - 3 - 55

1,650

Single storey, reinforced concrete building with mezzanine floor, 1 building

32,802,462.20

34,700,000.00

2 - 3 - 84

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

37,778,117.49

38,100,000.00

Baankao Sub-district, Panthong District, Cholburi Province

34

Amata Nakorn

SF.M1.5/1G260

20133

35

Amata Nakorn

SF.M1.5/2G261

20134

2 - 3 - 61

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

37,778,117.49

38,000,000.00

36

Amata Nakorn

SF.C3-G262/1

20135

5 - 0 - 16

3,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

73,529,116.18

74,400,000.00

37

Amata Nakorn

SF.M1.5/5G254

20124

2 - 3 - 92

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

36,856,699.76

38,400,000.00

38

Amata Nakorn

SF.M1.6G253/1

20125

3-1-1

1,950

Single storey, reinforced concrete building with mezzanine floor, 1 building

41,463,787.36

41,100,000.00

7

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

39

Amata Nakorn

SF.M1.8/4G122/4

95450

40

Amata Nakorn

SF.M1.6G702/2

122543

Amata Nakorn

SF.C3.2-G253, 253/2

20126, 20709

Amata Nakorn

SF.C5.5-G702/5

122540

7 - 0 - 79

5,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

117,665,013.53

120,400,000.00

Amata Nakorn

SF.A1.125/1131

6015

1 - 3 - 99

1,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

25,118,781.69

26,500,000.00

44

Amata Nakorn

SF.A1.5/1-59

87778

3 - 0 - 73

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

33,268,004.14

36,600,000.00

45

Amata Nakorn

SF.A1.125/2131

6010

2 - 0 - 36.3

1,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

24,447,669.36

26,200,000.00

46

Amata Nakorn

SF.M1.8/3G122/3

120646

3 - 0 - 49

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

42,280,085.88

44,600,000.00

4 - 3 - 91

3,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

58,530,595.55

63,100,000.00

41

42 43

Factory / Warehouse

Land Title Deed No.

Location

Don Hual Lor Sub-district, Muang District, Chonburi Province

Baankao Sub-district, Panthong District, Cholburi Province

Don Hual Lor Sub-district, Muang District, Chonburi Province

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

3 - 0 - 41

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,122,338.45

48,900,000.00

3 - 0 - 12

1,950

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,699,534.20

41,400,000.00

2 - 1 - 30 and 3 - 1 - 53 respectively

3,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

61,919,255.51

78,400,000.00

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

47

Amata Nakorn

SF.L2.6-G702/8

123210 122537

48

Amata Nakorn

SF.B2.1-G702/9

122535

4 - 1 - 74

2,450

Single storey, reinforced concrete building with mezzanine floor, 1 building

54,935,350.70

52,300,000.00

49

Amata Nakorn

SF.C2.2G702/12

122532

3 - 2 - 81

2,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

50,668,992.52

58,700,000.00

50

Amata Nakorn

SF.M1.8/1G122/1

120648

3 - 0 - 49

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

44,676,916.78

44,300,000.00

51

Amata Nakorn

SF.A1.5/1-58

130484

2 - 3 - 98

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

35,610,649.81

37,100,000.00

52

Amata Nakorn

SF.A1.5/2-G59

87777

2 - 2 - 98

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

36,574,402.64

35,800,000.00

8

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

Factory / Warehouse

Land Title Deed No.

53

Amata Nakorn

SF.A1.75-G59

48912

54

Amata Nakorn

SF.A1.375-G131/6

6009

55

Amata Nakorn

SF.M1.6/2G702/3

56

Amata Nakorn

57

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

3 - 2 - 36

2,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

41,730,477.68

41,900,000.00

2 - 1 - 34.5

1,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

34,719,179.25

34,800,000.00

122542

3 - 0 - 14

1,950

Single storey, reinforced concrete building with mezzanine floor, 1 building

42,144,891.11

44,400,000.00

SF.B2.9-G800

25662

4 - 1 - 54

3,325

Single storey, reinforced concrete building with mezzanine floor, 1 building

72,185,052.46

71,400,000.00

Amata Nakorn

SF.L3.2-G737/3

25487

5 - 2 - 36

3,600

Single storey, reinforced concrete building with mezzanine floor, 1 building

77,138,740.56

79,000,000.00

58

Amata Nakorn

SF.A1.75-G98

99577

3 - 1 - 24

2,000

59

Amata Nakorn

SF.B1.9/1-G152

108456

2 - 3 - 40

2,275

60

Amata Nakorn

SF.A1.375G156/4

53860

2 - 1 - 90.1

1,625

61

Amata Nakorn

SF.M1.8/2G122/2

120647

3 - 0 - 49

2,100

62

Amata Nakorn

SF.L2.4-G702/1

122544

3 - 3 - 37

63

Amata Nakorn

SF.L1.8/2G702/11

122533

64

Amata Nakorn

SF.M1.5-G702/14

65

Amata Nakorn

66

67

Location

Don Hual Lor Sub-district, Muang District, Chonburi Province

Panthong Sub-district, Panthong District, Cholburi Province

Single storey, reinforced concrete building with mezzanine floor, 1 building Single storey, reinforced concrete building with mezzanine floor, 1 building Single storey, reinforced concrete building with mezzanine floor, 1 building

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

38,742,398.00

40,600,000.00

45,124,352.00

46,400,000.00

32,682,448.00

33,600,000.00

Single storey, reinforced concrete building with mezzanine floor, 1 building

40,209,308.00

42,400,000.00

2,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

53,608,281.00

56,800,000.00

3 - 0 - 21

2,200

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,912,362.00

44,900,000.00

53176

2 - 2 -97

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

37,150,263.00

37,200,000.00

SF.A1.25-G156/5

53859

2 - 1 - 18.4

1,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

30,536,149.50

Amata Nakorn

SF.A1.5/2G58/2

130485

2 - 2 - 86

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

31,924,279.00

35,500,000.00

Amata Nakorn

SF.A1-G156/6

53858

2 - 0 - 89.5

1,125

Single storey, reinforced concrete building with mezzanine floor, 1 building

22,470,256.00

24,700,000.00

Don Hual Lor Sub-district, Muang District, Chonburi Province

9

Nexus As of 15 Oct. 2012

31,600,000.00

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

Factory / Warehouse

Land Title Deed No.

68

Amata Nakorn

SF.A1.5-G131/7

6008

69

Amata Nakorn

SF.A1.75-G131/8

6002

70

Amata Nakorn

SF.L2/1-G702/6

71

Amata Nakorn

72

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

2 - 1 - 98.6

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

33,619,652.00

36,100,000.00

2 - 3 - 35.7

2,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

40,422,547.00

41,600,000.00

122539

3 - 1 - 26

2,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

51,432,580.00

54,800,000.00

SF.B1.7-G702/13

122531

2 - 3 - 74

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,579,238.00

45,000,000.00

Amata Nakorn

SF.L4.8-G737

24505

7 - 3 - 28

5,200

Single storey, reinforced concrete building with mezzanine floor, 1 building

103,054,544.00

109,200,000.00

73

Amata Nakorn

SF.S1.7/1G800/3

25664

3 - 0 - 82

1,900

Single storey, reinforced concrete building with mezzanine floor, 1 building

39,222,037.00

40,900,000.00

74

Amata Nakorn

25663

4 - 3 - 07

3,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

79,489,169.00

83,400,000.00

75

Amata Nakorn

SF.M2.1/2G802/3

26244

3 - 1 - 13

2,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

49,226,293.00

51,400,000.00

76

Amata Nakorn

SF.A1.7G802/4

26245

3 - 0 - 75

2,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

41,422,973.00

42,900,000.00

77

Amata Nakorn

SF.A1.5G802/7

29692

2 - 3 - 47

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

36,419,061.00

37,100,000.00

78

Amata Nakorn

SF.M1.8-G802/8

29690

2 - 3 - 83

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,372,019.00

46,800,000.00

79

Amata Nakorn

SF.A1.2-G802/10

29691 and 24980

2 - 2 - 35 and 0 - 1 - 26

1,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

30,166,401.00

33,100,000.00

80

Amata Nakorn

SF.M1.5/2G865/2

29686

2 - 3 - 05

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

37,721,398.00

41,500,000.00

81

Amata Nakorn

SF.M1.3-G865/3

29687

2 - 1 - 96

1,650

Single storey, reinforced concrete building with mezzanine floor, 1 building

33,969,801.00

36,000,000.00

SF.L3.4-G800/2

Location

Don Hual Lor Sub-district, Muang District, Chonburi Province

Panthong Sub-district, Panthong District, Cholburi Province

Nong Ka Kha Sub-district, Panthong District, Cholburi Province

10

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

82

Amata Nakorn

SF.M1.2G153/1

83

Amata Nakorn

SF.A1.3-G153/2

84

Amata Nakorn

SF.C2.5-G751

85

Amata Nakorn

SF.B2.4-G802/2

26243

86

Amata Nakorn

SF.C3.5-G802/5

26246

87

Amata Nakorn

SF.C4.5-G802/11, G812

29689, 30763

88

Amata Nakorn

SF.A1.7-G153/3

158004

89

Amata Nakorn

SF.S1.7/2-G800/6

31358

90

Amata Nakorn

SF.S1.7/3-G800/7

31357

91

Amata Nakorn

SF.C3-G802/9

26241

92

Amata Nakorn

SF.B4.9-G811

24802

93

Amata Nakorn

SF.A2-G906

36402

Nong Ka Kha Sub-district, Panthong District, Cholburi Province

3 - 2 - 85

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

51,049,401.00

94

Amata Nakorn

SF.A1.8/1G808/2

36398

Panthong Sub-district, Panthong District, Cholburi Province

3 - 0 - 82

2,125

Single storey, reinforced concrete building with mezzanine floor, 1 building

48,288,617.00

Factory / Warehouse

Land Title Deed No.

6041

Location

Don Hual Lor Sub-district, Muang District, Chonburi Province

158005

Factory Space (Square Meter)

Details of Factory Buildings

2 - 2 - 12.3

1,350

Single storey, reinforced concrete building with mezzanine floor, 1 building

27,867,205.00

29,400,000.00

2 - 3 - 3.5

1,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

34,970,227.00

36,000,000.00

4 - 1 - 31

3,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

66,726,595.00

63,100,000.00

3 - 2 - 78

2,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

58,109,965.00

58,600,000.00

4 - 3 - 71

4,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

83,455,958.00

83,700,000.00

7 - 3 - 43

5,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

112,631,565.00

105,300,000.00

3 - 1 - 14.1

2,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

46,671,515.00

42,500,000.00

3 - 0 - 69

1,900

Single storey, reinforced concrete building with mezzanine floor, 1 building

42,415,677.00

3 - 1 - 24

1,900

Single storey, reinforced concrete building with mezzanine floor, 1 building

42,516,069.00

4 - 2 - 76

3,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

78,456,453.00

9 - 0 - 90

5,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

119,968,600.00

25488

Panthong Sub-district, Panthong District, Cholburi Province

Don Hual Lor Sub-district, Muang District, Chonburi Province

Panthong Sub-district, Panthong District, Cholburi Province

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

11

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

95

Amata Nakorn

96

Factory / Warehouse

Land Title Deed No.

SF.M2.2-G808/1

36397

Bang Pa-In

SF.A2/1-31,32

48775

97

Bang Pa-In

SF.A2/2-31,32

48776

98

Bang Pa-In

SF.A1.75-31,32

48777

99

Bang Pa-In

SF.A1/1-29

33600

Appraisal Value by (Baht)

Location

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

Panthong Sub-district, Panthong District, Cholburi Province

3 - 3 -19

2,550

Single storey, reinforced concrete building with mezzanine floor, 1 building

58,679,202.00

3 - 2 - 82.7

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

44,228,039.51

42,900,000.00

3 - 1 - 64.2

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

44,228,039.51

42,900,000.00

3 - 0 - 44.2

2,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

35,382,432.01

39,700,000.00

1,125

Single storey, reinforced concrete building with mezzanine floor, 1 building

18,647,339.57

22,100,000.00

1 - 3 - 69

1,125

Single storey, reinforced concrete building with mezzanine floor, 1 building

20,708,613.80

22,200,000.00

Bangkrasun Sub-district, Bang Pa-in District, Ayutthaya Province.

1 - 2 - 43 Klong Jig Sub-district, Bang Pa-in District, Ayutthaya Province

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012

100

Bang Pa-In

SF.A1-29

40216

101

Bang Pa-In

SF.A1-6,13

48809

2-012.72

1,125

Single storey, reinforced concrete building with mezzanine floor, 1 building

102

Bang Pa-In

SF.A1.5/1-6,13

48809, 48814

2-238.44

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

34,514,356.33

34,300,000.00

103

Bang Pa-In

SF.A1.5/2-6,13

48814

2 - 2 - 83.6

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

34,514,356.33

34,300,000.00

104

Bang Pa-In

SF.A1.5/3-6,13

48814

2 - 2 - 38.4

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

35,281,341.14

34,400,000.00

105

Bang Pa-In

SF.A1.5/4-6,13

48814

2 - 2 - 83.6

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

35,281,342.14

34,400,000.00

106

Bang Pa-In

SF.B2.45-6,13

48809

3-380.28

2,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

51,579,788.05

53,400,000.00

107

Bang Pa-In

SF.C3 - 3 2/3

57260

3 - 2 - 97

3,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

70,802,366.47

69,600,000.00.

108

Bang Pa-In

48778

4 - 1 - 52.1

3,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

68,715,543.87

SF.C3 - 2/33

Bangkrasun Sub-district, Bang Pa-in District, Ayutthaya Province

12

23,009,570.22

22,400,000.00

68,800,000.00


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

109

Bang Pa-In

SF. A1.5-29

40215

110

Bangpu

SF.A1.3-G27

288255

2 - 1 - 19.4

1,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

35,568,961.57

34,300,000.00

111

Bangpu

SF.M2.8-G61/2

6432

5 - 1 - 32.5

3,150

Single storey, reinforced concrete building with mezzanine floor, 1 building

60,591,869.78

66,200,000.00

112

Bangpu

SF.A2.1/2-G61/2

288258

3 - 0 - 81.8

2,375

Single storey, reinforced concrete building with mezzanine floor, 1 building

42,519,769.07

49,800,000.00

113

Bangpu

SF.M1.5/1-G27

288256

2 - 2 - 38.8

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,646,469.82

114

Bangpu

SF.C5.5-G-64/2

2826

7 - 1 - 62.5

6,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

123,918,847.50

5 - 0 - 7.5

3,450

Single storey, reinforced concrete building with mezzanine floor, 1 building

79,761,551.00

1,700

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,751,364.00

5,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

114,346,641.00

Factory / Warehouse

115

Bangpu

SF.M3.1-G27/5

116

Bangpu

SF.S1.5/1-G61/6

Land Title Deed No.

9936

303058 and 304329

Appraisal Value by (Baht)

Location

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

Klong Jig Sub-district, Bang Pa-in District, Ayutthaya Province

2 - 2 - 62

1,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

30,960,618.00

Phraeksa Sub-district, Muang District, Samut Prakan Province

9 - 2 - 71.2 and 0 - 0 - 3.3

Cost (Baht)

117

Bangpu

SF.C4.7-G61/7

118

Bangpu

SF.A2-G61/5

288257

3 - 1 - 10

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

50,396,852.00

119

Bangpu

SF.A2.1/1-G61/1

288259

3 - 0 - 54.4

2,375

Single storey, reinforced concrete building with mezzanine floor, 1 building

52,605,478.00

120

Bangpu

SF.C3.2- G64/1

291346

6 - 0 - 93.5

3,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

81,518,414.00

121

Bangpu

SF.M3.3-G76

98630

5 - 0 - 59

3,600

Single storey, reinforced concrete building with mezzanine floor, 1 building

79,309,786.00

13

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

30,500,000.00

38,600,000.00

116,000,000.00

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

Factory / Warehouse

122

Hi-Tech

SF.A1.6/1-G2/6

123

Hi-Tech

124

Hi-Tech

SF.A1.6/3-G2/6

125

Hi-Tech

126

Land Title Deed No.

Appraisal Value by (Baht)

Factory Space (Square Meter)

Details of Factory Buildings

1,875

Single storey, reinforced concrete building with mezzanine floor, 1 building

35,382,432.01

39,300,000.00

1,875

Single storey, reinforced concrete building with mezzanine floor, 1 building

33,171,029.88

37,900,000.00

1,875

Single storey, reinforced concrete building with mezzanine floor, 1 building

34,276,730.95

39,500,000.00

SF.B1.7-G2/6

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

35,935,282.04

Hi-Tech

SF.C3-G2/6

3,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

69,659,161.96

127

Hi-Tech

SF.A2/1-G7

57265

3 - 1 - 80

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,190,881.40

128

Hi-Tech

SF.A2.125/3E5/10-13

48941, 62392

3 - 1 - 83

2,375

Single storey, reinforced concrete building with mezzanine floor, 1 building

129

Hi-Tech

SF.A2.125/2E5/10-13

48940, 62393

3 - 1 - 77

2,375

Single storey, reinforced concrete building with mezzanine floor, 1 building

46,019,141.44

49,400,000.00

130

Hi-Tech

SF.A2.125/4E5/10-13

48942, 62391

3 - 1 - 59

2,375

Single storey, reinforced concrete building with mezzanine floor, 1 building

46,498,507.82

49,600,000.00

131

Hi-Tech

SF.B2.8-G1/4

20168

5 - 3 - 79

3,150

Single storey, reinforced concrete building with mezzanine floor, 1 building

132

Hi-Tech

SF.A1.2F7/11-12

59720

2 - 2 - 63

1,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

133

Hi-Tech

SF.L2.8/1-G7

4942

4 - 2 - 37

3,200

Single storey, reinforced concrete building with mezzanine floor, 1 building

134

Hi-Tech

SF.M1.9/1-G1/4

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

47,105,575.00

46,000,000.00

135

Hi-Tech

SF.A1.6-G1/4

1,875

Single storey, reinforced concrete building with mezzanine floor, 1 building

36,126,109.00

37,600,000.00

Location

Land Area (Rai-NganSquare Wah)

SF.A1.6/2-G2/6

17 - 3 - 34

4793

63447

Ban Lane Sub-district, Bang Pa-in District, Ayutthaya Province

6 - 1 - 20

14

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012

117,300,000.00

46,800,000.00

46,402,634.35 49,700,000.00

67,375,928.88

31,418,327.61

68,407,143.69

60,200,000.00

28,700,000.00

65,800,000.00


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

Factory / Warehouse

Land Title Deed No.

136

Hi-Tech

SF.M1.6/2-G1/4

137

Hi-Tech

138

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

63446

3 - 0 - 14

1,950

Single storey, reinforced concrete building with mezzanine floor, 1 building

37,785,329.00

37,300,000.00

SF.B1.75-G2/5

49559

4 - 0 - 48

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

41,550,994.00

40,200,000.00

Hi-Tech

SF.A2.1-G7

57262

3 - 2 - 92

2,375

Single storey, reinforced concrete building with mezzanine floor, 1 building

45,696,805.00

48,000,000.00

139

Hi-Tech

SF.A2/3-G7

57263

3 - 1 - 58

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,527,745.00

43,000,000.00

140

Hi-Tech

SF.A2.6/1-G7

56720

4 - 1 - 94

2,875

Single storey, reinforced concrete building with mezzanine floor, 1 building

55,714,728.00

55,000,000.00

141

Hi-Tech

SF.A2.6/2-G7

53533

4 - 1 - 95

2,875

Single storey, reinforced concrete building with mezzanine floor, 1 building

55,714,728

55,000,000.00

142

Hi-Tech

SF.L2.8/2-G7

59911

4 - 2 - 34

3,200

Single storey, reinforced concrete building with mezzanine floor, 1 building

64,842,666.00

61,200,000.00

143

Hi-Tech

SF.A1.7-E5/4-5

53189

3 - 1 - 11

2,187.5

Single storey, reinforced concrete building with mezzanine floor, 1 building

41,101,530.00

43,900,000.00

144

Hi-Tech

SF.A2.3/2F7/14-15

55947

3 - 3 - 65

2,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

52,271,067.00

53,700,000.00

145

Hi-Tech

SF.EF1-G5/6, G5/7

12749

21 - 1 - 12

12,780

Single storey, reinforced concrete building with mezzanine floor, 1 building

180,001,095.00

194,200,000.00

146

Hi-Tech

SF.A2/2-G7/3

57264

3 - 1 - 78

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

45,380,004.00

43,000,000.00

147

Hi-Tech

SF.M1.6/1– G_1/4_3

71623

3 - 0 - 79

1,950

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,469,794.00

148

Hi-Tech

SF.A2.3/1– F_7/14_2

59403

3-3-2

2,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

58,177,242.00

149

Navanakorn

SF.M1.9/1-F1

130030

3 - 1 - 80

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

41,060,308.56

Location

Ban Lane Sub-district, Bang Pa-in District, Ayutthaya Province

Baan Pho Sub-district, Bang Pa-in District, Ayutthaya Province

Ban Lane Sub-district, Bang Pa-in District, Ayutthaya Province

Klong Nueng Sub-district, Klong Luang District, Pathumthani Province

15

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

43,400,000.00

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

150

Navanakorn

SF.A1.5-F3

130032

3 - 0 - 23

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

30,98,039.18

33,700,000.00

151

Navanakorn

SF.M2.2/1-F5

130034

3 - 3 - 52

2,550

Single storey, reinforced concrete building with mezzanine floor, 1 building

46,483,359.76

49,300,000.00

152

Navanakorn

SF.L2.2-F4

130033, 138714

4-0-0

2,600

Single storey, reinforced concrete building with mezzanine floor, 1 building

54,105,058.35

50,000,000.00

153

Navanakorn

SF.M2.5/1-F13

130042

4 - 0 - 46

2,850

Single storey, reinforced concrete building with mezzanine floor, 1 building

61,188,638.04

55,100,000.00

154

Navanakorn

SF.M2.5/2-F14

130043

4 - 0 - 61

2,850

Single storey, reinforced concrete building with mezzanine floor, 1 building

54,882,883.00

54,700,000.00

155

Navanakorn

SF.M2.5/3-F15

130044

4 - 0 - 61

2,850

Single storey, reinforced concrete building with mezzanine floor, 1 building

54,882,883.00

55,100,000.00

156

Navanakorn

SF.A2.1-F16

130045

3 - 3 - 30

2,375

Single storey, reinforced concrete building with mezzanine floor, 1 building

47,678,028.00

45,900,000.00

157

Navanakorn

SF.M1.9/1-F18

130047

3 - 1 - 61

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

44,131,504.00

43,500,000.00

158

Navanakorn

SF.M1.9/2-F19

130048

3 - 1 - 76

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,237,047.00

43,500,000.00

159

Navanakorn

SF.M1.9/3-F20

130049

3 - 1 - 76

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,237,047.00

42,900,000.00

160

Navanakorn

SF.M1.9/2-F2

130031

3 - 2 - 12

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

42,768,197.00

40,700,000.00

161

Navanakorn

SF.A2.1/2-I

58255

3 - 3 - 00

2,375

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,718,602.00

45,900,000.00

162

Navanakorn

SF.B2.2/1-I

58256

3 - 2 - 87.5

2,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

52,072,156.00

50,200,000.00

163

Navanakorn

SF.A1.8 –F7

130036

3 - 2 -30

2,125

Single storey, reinforced concrete building with mezzanine floor, 1 building

45,126,263.00

Factory / Warehouse

Land Title Deed No.

Location

Klong Nueng Sub-district, Klong Luang District, Pathumthani Province

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

16

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

164

Pin Thong

SF.A1.6-P7

64502

3 - 1 - 87.4

1,875

Single storey, reinforced concrete building with mezzanine floor, 1 building

36,096,264.18

165

Pin Thong

SF.M1.6/2-P12

115908

2 - 3 - 83.3

1,950

Single storey, reinforced concrete building with mezzanine floor, 1 building

37,480330.06

41,600,000.00

166

Pin Thong

SF.M1.6/3-P13

115909

3 - 0 - 47.9

1,950

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,058,506.48

41,200,000.00

25,105,749.38

27,400,000.00

21,009,801.86

22,200,000.00

19,564,172.62

22,600,000.00

167 168

Factory / Warehouse

Land Title Deed No.

Location

Factory Space (Square Meter)

Details of Factory Buildings

SF.M1.2/1-P10

Pin Thong

SF. A1/1-P10

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

1,450 7 - 3 - 57.4

64255

1,200

Single storey, reinforced concrete building with mezzanine floor, 1 building, separating into 4 units

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

SF. A1/2-P10

1,200

170

SF. M1.2/2-P10

1,450

23,660,121.14

27,200,000.00

171

SF. A1/3-P14

1,200

21,009,801.86

22,600,000.00

1,200

21,009,801.86

22,600,000.00

19,564,172.62

22,600,000.00

21,009,801.86

23,000,000.00

172

SF. A1/4-P14

173

SF. A1/5-P14 Pin Thong

64256

1,200 8 - 0 - 46.9

1,200

Single storey, reinforced concrete building with mezzanine floor, 1 building, separating into 6 units

174

SF. A1/6-P14

175

SF. A1/7-P14

1,200

19,564,173.62

22,600,000.00

176

SF. M1.2/3-P14

1,450

23,660,121.14

26,900,000.00

177

Pin Thong

SF.M1.8-P9

104491

3 - 0 - 55.9

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

39,296,961.00

40,800,000.00

178

Pin Thong

SF.M2.5/4-P24

64247

3 - 3 - 76

2,850

Single storey, reinforced concrete building with mezzanine floor, 1 building

51,953,534.00

54,900,000.00

179

Pin Thong

SF.L4.0-P6

116367

6 - 2 - 26.2

4,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

83,396,180.00

88,400,000.00

180

Pin Thong

SF.B2.9/1-P20

115921

4 - 2 - 97.2

3,325

Single storey, reinforced concrete building with mezzanine floor, 1 building

63,937,900.00

67,000,000.00

17

Nexus As of 15 Oct. 2012

36,900,000.00

169

Nong Kham Sub-district, Sri Racha District, Chonburi Province

Nexus As of 17 Aug. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

Factory / Warehouse

Land Title Deed No.

181

Pin Thong

SF.M2.5/3-P23

182

Pin Thong

183

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

115924

3 - 3 - 72.1

2,850

Single storey, reinforced concrete building with mezzanine floor, 1 building

55,434,282.00

SF.M2.5/2-P22

115923

3 - 3 -75.4

Single storey, reinforced concrete building with mezzanine floor, 1 building

60,573,708.00

56,500,000.00

Pin Thong

SF.B2.9/2-P25

115925

5 - 0 - 75.3

3,325

Single storey, reinforced concrete building with mezzanine floor, 1 building

70,959,325.00

66,200,000.00

184

Pin Thong

SF.S1.6/2-L-41

7156

3 - 1 - 46.6

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,004,496.00

35,800,000.00

185

Pin Thong

SF.M2.5/1-P21

115922

4-0-9

2,850

Single storey, reinforced concrete building with mezzanine floor, 1 building

60,220,980.00

56,600,000.00

186

Pin Thong

SF.A1.5-L13

131715

3 - 1 - 82

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

37,295,678.00

187

Pin Thong

SF.M2.4-L14/1, L15/1

172409

4 - 2 - 30.9

2,700

Single storey, reinforced concrete building with mezzanine floor, 1 building

59,934,105.00

188

Pin Thong

SF.S1.6/1-L_40, L_41

164899 and 174822

2 - 2 -47.6 and 0-3-0

1,800

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,600,776.00

189

Rojana

SF.S1.2/1-5/2

1,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

26,352,540.17

29,200,000.00

190

Rojana

SF.S1.2/2-5/2

1,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

24,325,421.39

28,200,000.00

191

Rojana

SF.A1.6-5/2

1,875

Single storey, reinforced concrete building with mezzanine floor, 1 building

36,303,848.73

37,700,000.00

192

Rojana

SF.S1.5-304,309

1,700

Single storey, reinforced concrete building with mezzanine floor, 1 building

30,038,210.03

34,200,000.00

2,125

Single storey, reinforced concrete building with mezzanine floor, 1 building

37,409,549.80

42,800,000.00

2,125

Single storey, reinforced concrete building with mezzanine floor, 1 building

37,409,548.80

42,800,000.00

Location

2,850

193

Rojana

SF.A1.8/1-304, 309

194

Rojana

SF.A1.8/2-304, 309

21199

14592, 14597

Nong Kham Sub-district, Sri Racha District, Chonburi Province

ThanuSub-district, UThai District, Ayutthaya Province

Kan Ham Sub-district, UThai District, Ayutthaya Province

8 - 2 - 93

4 - 3 - 93 and 4 - 3 - 85 respectively

18

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012

57,800,000.00


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

195

Rojana

SF.B2.6/1-C

25826

4 - 0 - 17

2,975

Single storey, reinforced concrete building with mezzanine floor, 1 building

59,247,144.53

54,500,000.00

196

Rojana

SF.B2.6/2-D

25827

4 - 0 - 11

2,975

Single storey, reinforced concrete building with mezzanine floor, 1 building

59,247,144.53

61,800,000.00

197

Rojana

SF.M1.8/1-F

25822

3-0-4

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

41,832,354.05

42,300,000.00

198

Rojana

SF.B2.1/1-H

26065

3 - 1 - 28

2,450

Single storey, reinforced concrete building with mezzanine floor, 1 building

47,449,288.50

49,300,000.00

199

Rojana

SF.B1.75/1-4-1

21159

3-1-7

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,636,903.80

43,600,000.00

200

Rojana

SF.M1.9/2-FZ-G2

26524

2 - 3 - 70

201

Rojana

SF.M2.1-FZ-G3

26523

3 - 0 - 57

202

Rojana

SF.B2.2-FZ-G1

26525

3-1-7

203

Rojana

SF.A1.6 5T-2

25833

204

Rojana

SF.M1.8-FZ-H3

205

Rojana

206

207

Factory / Warehouse

Land Title Deed No.

Location

UThai Sub-district, UThai District, Ayutthaya Province

Thanu Sub-district, UThai District, Ayutthaya Province

UThai Sub-district, UThai District, Ayutthaya Province

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012

Single storey, reinforced concrete building with mezzanine floor, 1 building 9,933

Single storey, reinforced concrete building with mezzanine floor, 1 building

228,561,736.59 200,000,000.00

Single storey, reinforced concrete building with mezzanine floor, 1 building

3 - 1 - 53

1,875

Single storey, reinforced concrete building with mezzanine floor, 1 building

36,719,440.28

38,800,000.00

26522

2 - 3 - 97

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,526,438.07

42,300,000.00

SF.W4.1-16-3, 16-4

22644, 26826

6-2-1

6,575

Single storey, reinforced concrete building with mezzanine floor, 1 building

116,719,312.27

132,400,000.00

Rojana

SF.M2.2/3-E

26063

3 - 3 - 80

2,550

Single storey, reinforced concrete building with mezzanine floor, 1 building

57,859,483.22

51,300,000.00

Rojana

SF.B1.7/2-4-2

21160

3 - 0 - 97

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

44,756,660.12

Thanu Sub-district, UThai District, Ayutthaya Province

19

40,200,000.00


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

Factory / Warehouse

Land Title Deed No.

208

Rojana

SF.M1.9/1-FZH1& part FZH2

26520

209

Rojana

SF.S1 - FZ-C3

27351

210

Rojana

SF.A1.6-FZ-H2

211

Rojana

212

213

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

3 - 0 - 26

1,950

Single storey, reinforced concrete building with mezzanine floor, 1 building

39,253,634.63

37,300,000.00

2-0-2

1,200

Single storey, reinforced concrete building with mezzanine floor, 1 building

24,749,161.36

24,600,000.00

26521

2 - 3 - 50

1,875

Single storey, reinforced concrete building with mezzanine floor, 1 building

38,911,502.45

35,900,000.00

SF.S1.4/2-16-6

26832

2 - 3 - 65

1,600

Single storey, reinforced concrete building with mezzanine floor, 1 building

32,517,005.39

32,500,000.00

Rojana

SF.B1-24-4

27703

2 - 1 - 29

1,225

Single storey, reinforced concrete building with mezzanine floor, 1 building

25,023,830.55

24,700,000.00

Rojana

SF.B1.9-24-5

2,275

Single storey, reinforced concrete building with mezzanine floor, 1 building

48,124,974.73

46,000,000.00

3,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

68,474,606.67

65,700,000.00

3,450

Single storey, reinforced concrete building with mezzanine floor, 1 building

72,599,466.89

69,700,000.00

3 - 0 -85

2,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

41,730,477.68

38,300,000.00

3 - 1 - 34

2,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

40,284,849.43

40,900,000.00

27704

Location

UThai Sub-district, UThai District, Ayutthaya Province

Thanu Sub-district, UThai District, Ayutthaya Province 14 - 0 - 95

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

214

Rojana

SF.C2.7-24-6

215

Rojana

SF.M3.1-24-7

216

Rojana

SF.A1.7/1-16-7

26831

217

Rojana

SF.A1.7/2-16-8

26830

218

Rojana

SF.B1.2-24-3

27702

Thanu Sub-district, UThai District, Ayutthaya Province

2-2-3

1,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

28,392,145.17

26,800,000.00

219

Rojana

SF.L3-13

14583

Kan Ham Sub-district, UThai District, Ayutthaya Province

4-1-7

3,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

72,532,003.92

68,400,000.00

220

Rojana

SF.A1.5/2-FZ-D3

27353

UThai Sub-district, UThai District, Ayutthaya Province

2-3-9

1,750

Single storey, reinforced concrete building with mezzanine floor, 1 building

37,056,279.06

35,900,000

UThai Sub-district, UThai District, Ayutthaya Province

20

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

221

Appraisal Value by (Baht)

Factory / Warehouse

Land Title Deed No.

Rojana

SF.A2.2/1-20

29090

222

Rojana

SF.A2.2/2-20

29089

223

Rojana

SF.L2.6-13

28472

224

Rojana

SF.A1.3/1-16-1

26828

225

Rojana

SF.A1.3/2-16-2

26827

226

Rojana

SF.S1.4/1-16-5

26829

227

Rojana

SF.A1.3/2-28

30622

228

Rojana

SF.M1.9-28

30623

229

Rojana

SF.M1.9-5_T3

25832

UThai Sub-district, UThai District, Ayutthaya Province

3 - 1 - 88

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

230

Rojana

SF.L2.8-13_1

14584

Kan Ham Sub-district, UThai District, Ayutthaya Province

4 - 1 - 55

3,200

Single storey, reinforced concrete building with mezzanine floor, 1 building

231

Rojana

SF.C4.5-20_5

29091

6 - 1 - 89

5,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

5 - 3 - 46

4,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

232

Rojana

SF.L4-29_2

29113

Location

Baan Chang Sub-district, UThai District, Ayutthaya Province

Kan Ham Sub-district, UThai District, Ayutthaya Province

UThai Sub-district, UThai District, Ayutthaya Province

Baan Chang Sub-district, UThai District, Ayutthaya Province

Baan Chang Sub-district, UThai District, Ayutthaya Province

Land Area (Rai-NganSquare Wah)

Factory Space (Square Meter)

Details of Factory Buildings

3 - 3 - 93

2,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

53,970,133.40

51,300,000

3 - 3 - 93

2,500

Single storey, reinforced concrete building with mezzanine floor, 1 building

54,452,008.81

51,100,000.00

4 - 0 - 81

3,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

57,883,788.00

60,400,000.00

2 - 3 - 56

1,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

30,893,534.00

32,300,000.00

2 - 3 - 71

1,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

32,682,448.00

33,300,000.00

2 - 3 - 74

1,600

Single storey, reinforced concrete building with mezzanine floor, 1 building

30,191,384.00

32,000,000.00

2 - 3 - 60

1,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

31,340,763.00

33,000,000.00

3 - 2 - 27

2,250

Single storey, reinforced concrete building with mezzanine floor, 1 building

43,527,745.00

45,300,000.00

21

Cost (Baht)

44,769,049.00

65,227,754.00

104,244,355.00

93,389,736.00

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

44,900,000.00

61,200,000.00

102,200,000.00

90,400,000.00

Nexus As of 17 Dec. 2012


No.

Industrial Estates /Industrial Parks /Industrial Promotion Zones / Projects

233

Factory / Warehouse

Land Title Deed No.

Rojana

SF.M2.1/1-37_1

234

Rojana

SF.S1.1-42.3

235

Rojana

SF.M1.8/1-37_6

Location

Factory Space (Square Meter)

Details of Factory Buildings

32784

UThai Sub-district, UThai District, Ayutthaya Province

3 - 2 - 85

2,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

31577

Baan Chang Sub-district, UThai District, Ayutthaya Province

2 - 1 - 80

1,300

Single storey, reinforced concrete building with mezzanine floor, 1 building

2,100

Single storey, reinforced concrete building with mezzanine floor, 1 building

48,238,421.00

2,400

Single storey, reinforced concrete building with mezzanine floor, 1 building

55,265,870.00

3 - 1 - 33

2,000

Single storey, reinforced concrete building with mezzanine floor, 1 building

45,327,049.00

2 - 3 - 30

1,625

Single storey, reinforced concrete building with mezzanine floor, 1 building

39,353,716.00

7 - 0 - 26 236

Rojana

SF.M2.1/3-37

34444

237

Rojana

SF.A1.7- 54.3

29040

238

Rojana

SF.A1.3/1-54.4

29039

239 240 241

UThai Sub-district, UThai District, Ayutthaya Province

SW.W6/1

TICON Logistic Park - Bangna

2,450 30847

11 - 1 - 77

SW.W6/3 SW.W6/4

243

SW.W7/1

Cost (Baht)

Knight Frank (Thailand) As of 12 Apr. 2012

Nexus As of 17 Aug. 2012

Nexus As of 15 Oct. 2012

Knight Frank (Thailand) As of 17 Dec. 2012

Nexus As of 17 Dec. 2012

48,700,000.00

51,271,815.00

26,700,000.00

27,561,727.00

2,450

SW.W6/2

242

Appraisal Value by (Baht)

Land Area (Rai-NganSquare Wah)

2,450 Bang Samak Sub-district, Bang Pakong District, Chacheongsao Province

Single storey, reinforced concrete building with mezzanine floor, 1 building, separating into 4 units

175,000,000.00

184,462,272.00

2,450

2,450 12 - 0 - 34

244

TICON Logistic Park - Bangna

SW.W7/2

2,450 30838

245

SW.W7/3

2,450

246

SW.W7/4

2,450

880 - 0 - 55.74

Single storey, reinforced concrete building with mezzanine floor, 1 building, separating into 4 units

586,310

187,042,970.21 174,700,000.00

11,704,044,383.64

22

2,109,700,000.00

921,400,000.00

2,561,600,000.00

2,965,700,000.00

1,813,300,000.00


Notes :

1.

Obligations : 1)

Factory no. 149 - 163 : The land where such asset(s) is located on has registered the servitude regarding construction and other rights to the land under Title No. 1073 which is owned by Navanakorn Public Company Limited. In this regard, the investment in such immovable property attached with such servitude has already been approved by the Office of the Securities and Exchange Commission.

2)

Factory no. 189 - 238 : The land of such location are the land under the regulations of land utilization in Rojana Industrial Park which is the Annex to the land use agreement between the land user (the Fund and/or the lessee of land) and Rojana Industrial Park Public Company Limited (“Rojana”). The Annex stipulated that the user of land agrees to give consent on the registration of servitude for the owner of the adjacent land for the development, installation and construction any facilities and property commonly used in the Rojana Industrial Park as requested by Rojana. In this connection, such investment in the immoveable property under the conditions had been already approved by the Office of the SEC.

2.

Factory no. 22 - 24, 89 - 95, 115 - 121 , 147 - 148, 163 ,186 - 188 and 235 - 238 have been purchased on December 24, 2012 - used as investment price (before due date of appraisal review or appraisal) according to rules and regulations of the Office of SEC

3.

The Management Company appointed TICON Industrial Connection Public Company Limited, which was the previous owner of the properties that the Fund invested as set out in the table “Summary of the Details of Properties Invested by the Fund” to be the Property Manager of the properties that the Fund currently invested.

4.

Both independent appraisers utilized income approach in undertaking the assessments for the properties since such properties are income-producing assets. Investors may review the appraisal reports at the Management Company.

5.

Factories no. 85 , 86 and 233 : At time the assets are transferred to the Fund shall pay for its common utility charge Bath 2,000 per month to TICON Industrial Connection Public Company Limited.

23


Details of Purchase of Immovable Property For period from January 1, 2012 December 31, 2012

Transaction Date

:

March 29, 2012

Seller

:

TICON Industrial Connection Public Company Limited

Objective

:

For Investment Unit : Baht Appraised Value by

No.

Industrial Estates

1

Amata City

Factory Name

SF.B1.7/3 - A38

2

SF.C2.5 - G751

3

SF.B2.4 - G802/2

4

Amata Nakorn

SF.C3.5 - G802/5

5

SF.C4.5 - G802/11, G812

6

SF.A1.7 - G153/3

7

Bangpu

8 9 10

SF.C5.5-G64/2

Nexus Property Consultants As of 1 Dec. 2011

Location

Mab Yang Porn Sub-district, Pluakdaeng District, Rayong Province

Panthong Sub-district, Panthong District, Cholburi Province

Phraeksa Sub-district, Muang District, Samut Prakan Province.

SF.M2.5/2-P22 Pin Thong

11

Remarks :

SF.B2.9/2-P25 SF.S1.6/2-41

Nong Kham Sub-district, Sri Racha District, Chonburi Province

SF.M2.5/1-P21

Knight Frank (Thailand) Chartered As of 1 Dec. 2011

Purchase price

Purchase Expenses

39,500,000

42,600,000

41,313,124

67,478.00

67,000,000

65,400,000

66,624,331

102,264.00

53,800,000

61,500,000

58,019,527

90,438.00

77,800,000

87,800,000

83,330,734

125,224.00

113,900,000

109,600,000

112,466,299

165,266.00

44,700,000

47,900,000

46,596,775

74,740.00

122,500,000

123,400,000

123,738,089

180,757.50

60,700,000

59,500,000

60,485,231

88,477.00

70,700,000

70,100,000

70,851,252

108,073.00

37,200,000

38,200,000

37,941,651

62,845.00

60,000,000

59,500,000

60,132,987

87,993.00

747,800,000

765,500,000

761,500,000

1,153,555.50

Both independent appraisers utilized income approach in undertaking the assessments for the properties since such properties are income-producing assets.

24


Transaction Date

:

December 24, 2012

Seller

:

TICON Industrial Connection Public Company Limited

Objective

:

For Investment Unit : Baht

No.

Industrial Estate / Industrial Park / Industrial Promotion Zone

1 2

Appraised Value by Factory Name

SF.L2.2-A6/9_1 Amata City

SF.L2-A52/3

Nexus Property Consultants As of 1 Jul. 2012

Location

Mab Yang Porn Sub-district, Pluakdaeng District, Rayong Province

Knight Frank Chartered (Thailand) As of 1 Jul. 2012

Purchase Price

Purchase Expense

57,100,000

54,900,000

56,164,296

55,299.06

53,300,000

54,100,000

53,857,548

53,027.85

54,400,000

55,300,000

55,010,922

54,163.46

3

SF.B2.1-A52/4

4

SF.S1.7/2-G800/6

42,200,000

42,300,000

42,373,956

41,721.18

5

SF.S1.7/3-G800/7

42,400,000

42,300,000

42,474,249

41,819.91

6

SF.C3-G802/9

79,100,000

77,200,000

78,379,281

77,171.83

122,000,000

117,000,000

119,850,596

118,004.26

SF.A1.8/1-G808/2

48,200,000

48,000,000

48,241,119

47,497.94

SF.M2.2-G808/1

58,700,000

58,200,000

58,621,484

57,718.39

51,000,000

50,700,000

50,999,187

50,213.52

7 8

SF.B4.9-G811 Amata Nakorn

9

Panthong Sub-district, Panthong District, Cholburi Province

Nong Ka Kha Subdistrict, Panthong District, Cholburi Province

10

SF.A2-G906

11

SF.M3.1-G27/5

80,200,000

78,700,000

79,683,095

78,455.54

12

SF.S1.5/1-G61/6

38,400,000

38,800,000

38,713,247

38,116.86

13

SF.C4.7-G61/7

112,900,000

114,900,000

114,234,167

112,474.3 4

49,900,000

50,500,000

50,347,280

49,571.67

52,800,000

52,000,000

52,553,734

51,744.12

14

Bangpu

SF.A2-G61/5

Phraeksa Sub-district, Muang District, Samut Prakan Province

15

SF.A2.1/1-G61/1

16

SF.C3.2-G64/1

77,900,000

84,500,000

81,438,230

80,183.63

17

SF.M3.3-G76

78,400,000

79,600,000

79,231,775

78,011.18

18

SF.M1.6/1-G_1/4_3

43,800,000

42,800,000

43,427,036

42,758.02

59,900,000

56,600,000

58,120,017

57,224.65

44,700,000

45,200,000

45,081,877

44,387.38

36,700,000

37,600,000

37,258,993

36,685.00

59,400,000

60,000,000

59,875,152

58,952.75

37,900,000

39,000,000

38,562,807

37,968.73

47,000,000

48,200,000

48,190,972

47,448.56

55,000,000

55,100,000

55,211,509

54,360.97

Hi-Tech 19

20

SF.A2.3/1-F_7/14_2

Navanakorn

21 22

SF.A1.8-F7

SF.A1.5-L13 Pin Thong

23

SF.M2.4-L14/1,L15/1 SF.S1.6/1-L_40,L_41

24

SF.M1.8/1-37_6 Rojana

25

SF.M2.1/3-37

Ban Lane Sub-district, Bang Pa-in District, Ayutthaya Province Klong Nueng Sub-district, Klong Luang District, Pathumthani Province Nong Kham Sub-district, Sri Racha District, Chonburi Province

UThai Sub-district, UThai District, Ayutthaya Province

25


No.

Industrial Estate / Industrial Park / Industrial Promotion Zone

26

Appraised Value by Factory Name

SF.A1.7-54.3

Remarks :

SF.A1.3/1-54.4

Purchase Price

Knight Frank Chartered (Thailand) As of 1 Jul. 2012

Purchase Expense

44,800,000

45,500,000

45,282,464

44,584.86

36,000,000

42,400,000

39,315,007

38,709.34

1,564,400,000

1,571,400,000

1,572,500,000

1,548,275.00

UThai Sub-district, UThai District, Ayutthaya Province

Rojana 27

Nexus Property Consultants As of 1 Jul. 2012

Location

Both independent appraisers utilized income approach in undertaking the assessments for the properties since such properties are income-producing assets.

Details of Sale of Immovable Properties For period from January 1, 2012 to December 31, 2012

Property Disposal or Leasehold Right Transfer

74,000,000.00 Baht

Less Acquisition of Property Disposal or Leasehold Right Transfer

62,656,388.89 Baht

Transfer fee and Selling expense

334,917.00 Baht

Net Profit (Loss) from Property Disposal or 11,008,694.11 Baht

Leasehold Right Transfer

1. Details of asset sold

:

Land with a factory building no. SF.B2.8/1 - 152, Land area 3 rai 3 ngan 75 square wah, factory area 3,150 square meters. Located in Amata Nakorn Industrial Estate, Don Hual Lor Sub-district, Muang District, Chonburi Province

2. Transaction date

:

August 16, 2012

3. Benefits from asset disposal

:

Realize gain from property appreciation by property disposal

4. Buyer

:

TSUBAKIMOTO AUTOMOTIVE (Thailand) Co.,Ltd.

5. Details of Appraisal Value

:

Appraisal values by 2 independent appraisers (based on income approach) are 1. Baht 68,000,000 Knight Frank Chartered (Thailand) Co.,Ltd. (as of March 15, 2012) 2. Baht 71,600,000 by Nexus Property Consultants Co.Ltd. (as of March 15, 2015)

26


Details of Loan of Fund For period from January 1, 2012 to December 31, 2012

- None -

Ready-Built Factory Market Situation and Outlook Current Industry Environment and Industry Outlook ƒ From the report on real estate business by CB Richard Ellis (Thailand) Company Limited, the total supply of RBFs increased in 2012. At as the end of the 3rd quarter 2012, the total area of factories for rent was 1,686,436 sq.m. increased from 1,434,052 square meters in 2011 or an increase of 252,384 sq.m. or 17.6%. The averaged occupancy rate of the market at the end of the 3rd quarter 2012 was 82.5%. ƒ At the end of the 3rd quarter 2012, Ticon Property Fund owned 30.8% or 519,085 sq. m. of the total space of RBFs for rent, followed by Ticon Industrial Connection Public Company Limited at 27.2% or 457,940 sq. m. The two entities combined owned 58.0% of the total space of RBFs for rent in the market. ƒ The offering rent rates of RBFs at the end of the 3rd quarter 2012 were between Baht 170 - 230 per sq. m. per month ƒ The positive factor for 2013 for the RBF business: the expansion in the automotive parts sector the first half of 2012 Thailand produced a total of 1,057,638 cars which placed Thailand as one of the world’s top 10 car manufacturers in the first half of 2012. The Thai Automotive Industry Association (TAIA) expects that Thailand will continue to be in the top 10 automotive manufacturer in the world with a capacity of 2.4-2.5 million cars annually. ƒ The Fund is able to collect rent guarantee deposits and damages from the tenants at approximate rent rate of 3-4 months, the tenants are responsible for all other expenses such as property and building tax, maintenance fees, insurance premium and utilities.

27


Total Expenses as called from Property Fund For period from January 1, 2012 to December 31, 2012

Fund's Direct Expenses*

Amount

% of Total Asset

(Thousand Baht) Management Fee

16,822.29

0.16

Trustee Fee

2,270.00

0.02

Registrar Fee

6,242.49

0.06

105,288.95

0.98

82,284.50

0.77

757.22

0.01

Fund’s Setting Up Expenses - Written Off

1,129.13

0.01

Appraisal Fee

1,871.43

0.02

26,778.38

0.25

243,444.39

2.28

Property Management Fee Property Operation and Maintenance Expenses Auditing Fee

Other Expenses Total**

* Included VAT ** Not included brokerage fee and other fees related to the purchasing and selling of securities.

List of Related Persons having transactions with the Fund managed by BBL Asset Management Company Limited As of December 31, 2012

No. 1

List of Related Persons TICON Industrial Connection Public Company Limited.

The investor can inspect the transactions entered into with the related persons of the Fund at the Management Company directly or at the website (www.bblam.co.th) and the Office of the SEC (www.sec.or.th)

28


List of Soft commission As of December 31, 2012 COMPANY

BENEFIT

REASON

Research paper

For fund benefit

BANK OF AYUDHYA PUBLIC COMPANY LTD.

Research paper and Indicative Yield

For fund benefit

BANGKOK BANK PUBLIC COMPANY LIMITED

Research paper and Indicative Yield

For fund benefit

BNP PARIBAS

Research paper and Indicative Yield

For fund benefit

CIMB THAI BANK PUBLIC COMPANY LIMITED

Research paper and Indicative Yield

For fund benefit

CITIBANK, N.A.

Research paper and Indicative Yield

For fund benefit

DEUTSCHE BANK AG.

Research paper and Indicative Yield

For fund benefit

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

Research paper and Indicative Yield

For fund benefit

KASIKORNBANK PUBLIC COMPANY LIMITED

Research paper and Indicative Yield

For fund benefit

KRUNG THAI BANK PUBLIC COMPANY LIMITED

Research paper and Indicative Yield

For fund benefit

Indicative Yield

For fund benefit

TISCO BANK PUBLIC COMPANY LIMITED

Research paper and Indicative Yield

For fund benefit

UNITED OVERSEAS BANK (THAI) PUBLIC COMPANY LIMITED

Research paper and Indicative Yield

For fund benefit

STANDARD CHARTERED BANK (THAI) PUBLIC COMPANY LIMITED

Research paper and Indicative Yield

For fund benefit

TMB BANK PUBLIC COMPANY LIMITED

Research paper and Indicative Yield

For fund benefit

THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

Research paper and Indicative Yield

For fund benefit

SIAM COMMERCIAL BANK PUBLIC COMPANY LTD.

Research paper and Indicative Yield

For fund benefit

Indicative Yield

For fund benefit

BANK OF AMERICA, NATIONAL ASSOCIATION

THANACHART BANK PUBLIC COMPANY LTD.

ASIA PLUS SECURITIES PLC.

29


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Auditor Report and Financial Statements 31 December 2012

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69


BBL Asset Management Company Limited.

Background BBL Asset Management Co., Ltd. was registered on March 19, 1992 with a fully paid-up registered capital of Baht 100 million, the registered number 0105535049700. It was granted a license to operate asset management business from the Ministry of Finance under the license number LorKor-0005-02 dated on January 15, 2010.

Location of the Office BBL Asset Management Company Limited 175 Sathorn City Tower, 7th, 21st and 26th floor South Sathorn Road, Sathorn, Bangkok 10120 Tel. (662) 674-6488 FAX : (662) 679-5996 www.bblam.co.th

Compiled data as of Febember 12, 2013

70


BBL ASSET MANAGEMENT CO., LTD. 175 Sathorn City Tower, 7th, 21st and 26th Floor South Sathorn Road, Sathorn, Bangkok 10210. Tel. (662) 674-6488 Fax : (662) 679-5996 www.bblam.co.th


:: Annual Report 2012 ::