ar2017 en

2017 Annual Report - Digital Telecommunications Infrastructure Fund Following the initial delivery of 3,000 telecommunications towers on 31 December 2014 and the final delivery of 6,000 telecommunications towers on 31 December 2015, the Fund had further negotiated with TRUE Corporations regarding the actual quantity of telecommunications towers delivered and the quantity specified in the delivery plan. The negotiation has allowed the Fund to generate higher net revenue from telecommunications towers rental (towers rental income deducting property rental fee) due to lower rental fee of property for telecommunications towers installation as TRUE has delivered more Ground Base Telecommunications Towers than expected. Meanwhile, property rental fee for this type of telecommunications towers is cheaper than that of Roof Top type. Hence, net property rental fee must be revised.

2.2.4 The Fund invested in the 2nd additional telecommunications infrastructure business assets in November 2017 The Fund invested in the 2nd additional telecommunications infrastructure business assets which included:(1) the right to receive net revenue derived from the lease of telecommunications infrastructure business assets of Asia Wireless Communication Co., Ltd. (“AWC”), which comprise telecommunications towers of approximately 149 towers and other relevant passive telecommunications infrastructure (if any) owned by AWC, comprising the net revenue to be generated from and including 1 December 2017 (or other date as agreed upon by the Fund and AWC) until the expiry date of the lease agreement of additional AWC telecommunications towers between AWC and BFKT (Thailand) Limited (“BFKT”), as amended, (“AWC Leasing Agreement”), including ownership in such telecommunications towers and other related passive telecommunications infrastructure (if any) owned by AWC, following the expiry date of the AWC Leasing Agreement and fulfillment of other conditions to be determined in the asset and revenue sale and transfer agreement. The Fund will enter into the asset and revenue sale and transfer agreement with AWC. (2) the ownership of 350 telecommunications towers acquired from True Move H Universal Communication Company Limited (“TUC”).

(3) the ownership of FOC for provision of mobile services in provincial areas with the length of 1,113 kilometers (or 62,594 core kilometers) acquired from TUC (4) the ownership of FOC for provision of mobile and internet services in the BMA with the length of 542 kilometers (or 117,147 core kilometers) acquired from True Move Company Limited (“TMV”) ; and Page31