Rental Income On May 20, 2008, the Fund entered into land including construction and movable property lease agreement with E.H.Y. Company Limited (çlesseeÊ) in order to lease the assets to operate the Six Senses Yao Noi project and other business relating to this project for the period of 3 years commencing from May 26, 2008 to May 25, 2011, except for the Fund agrees to renew for the period of agreement for 2 years forward. Afterwards lessee can be renewed the agreement every 3 years, totaling 5 times. Lessee and the Fund will negotiate about rate of rental, the regulations and conditions of the renewed rental agreement. After the renewed agreement is ended, lessee and the Fund may agree to renew the agreement for the period not over 10 years under the regulations and conditions mutually agreed by lessee and the Fund. In addition to the regulations and conditions of the rental income which E.H.Y. Company Limited shall pay rental income (after discount if any) for the period May 26, 2008 through June 30, 2013 to the Fund which is the first three years and two years of renewable the agreement (if the Fund agrees to renewable the agreement) in three portions: fixed rentals, variable rentals and special variable rentals determined according to formulas mutually agreed upon under contract as follows: Rental income formulas by fixed rentals 1. The fixed rate of rental payment for each month will be in the amount of Baht 8 million (except for the first period, May 2008 the rental will be calculated by the portion of rental days starting from the effective date of the rental agreement through May 31, 2008). In the case of the release of the accrued rental from the period of time according to the undertaking agreement, the lessee has to provide Pakoh Hotel Company Limited to pay such accrued rental fee. 2. Rental income formulas by variable rentals The variable rate of rental payment is calculated from the percentage of the operating income of the month before deducting operating expenses and hotel management expenses of Six Senses Yao Noi project as follows: Periods The date of invextment - June 30, 2009 July 1, 2009 - June 30, 2010 July 1, 2010 - June 30, 2013
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Annual Report 2012 For the period July 1, 2011 - June 30, 2012 Luxury Real Estate Investment Fund TMB Asset Management Co., Ltd.
% monthly operating income of the project 0 5 10