Vol. 55 / August 2020

2Q2020

Performance Summary

2Q2020 Performance : The Fund had Total Investment Income of 51.15 million baht, Net Loss Investment Income of

22.06 million baht, and Distribution Income of 79.43 million baht, which dropped 80.71%, 110.36%, and 58.56%,

in order, compared with the same period of last year, which are 265.19, 212.83, and 191.70 million baht, in order.

The Fund also announced a dividend payment for 2Q2020 of 0.1500 baht per unit which equals to 3.14% *

rate of return (Annualized)

NAV per Unit increased 22.16% from IPO price. As of 30 June 2020, the Fund had Net Asset Value of

6,469.23 million baht or 12.2161 baht per unit.

Remark * Dividend yield based on market price 19.10 baht per unit as of Jul 31st, 2020

Total Income Net Investment Income Distribution Income

265.19

211.30

51.15

212.83

118.27

(22.06)

191.70

105.91

79.43

2Q 2019 1Q 2020 2Q 2020

(Bt MN)

0

50

100

150

200

250

300

Future Park Leasehold Property FundFund Manager

Property Manager

CONTENTS

Fund Highlight

Financial Summary

Management Discussion

Operation

Renovation Project

Future Park The Green Mind

Past Event

Upcoming Event

Disclaimers

2

3

4, 5

5, 6, 7

7

7

8

8

8

Request for additional information

should be directed to :

BBL ASSET MANAGEMENT

COMPANY LIMITED

ir-futurepf@bblam.co.th

[66] 2674-6488 EXT 8

Rangsit Plaza Company Limited

Property Manager

finplan_section@futurepark.co.th

[66] 2958-0011

Fund Highlight : 2

Attractive Yield

Remark : *Annualized 2Q 20 yield based on Market Price 19.10 baht per unit as of Jul 31st, 2020

Source : Thai BMA, SET, and BOT (as of Jul 31st, 2020)

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%

FUTUREPF

(Market Price)

3.14%*

1.27%

0.78%

3.81%

0.37% 0.25%

10 yr

Govt Bond

5 yr

Govt Bond

SET Dividend

Yield

3 mth Fixed

Deposit

Saving Deposit

Share Summary

Market Price at 31/7/20 (Baht)

Unit Outstanding (Million Unit)

Market Capital at 31/7/20 (Million Baht)

Net Asset Value at 30/6/20 (Million Baht)

Net Asset Value per Unit at 30/6/20 (Baht)

Dividend per Unit (Baht)

Dividend Yield for 2Q20

(at Market Price as of 31/7/20)

19.10

529.566

10,114.71

6,469.23

12.2161

0.1500

3.14%*

Historical Dividend Payout

0.1030

0.9690

1.0210

1.0210

1.1150

1.0360

1.3130

1.1830

1.2480

1.2480

1.3300

1.4020

1.4020

1.4440

0.2000

0.1500

1

2-5

6-9

10-13

14-17

18-21

22-25

26-29

30-33

34-37

38-41

42-45

46-49

50-53

54

55

PeriodNo. Dividend Payout (Baht per Unit)

XD Date

Book Closure Date

Payment Date

The 55th

of Dividend Distribution Timetable

27 Aug 2020

31 Aug 2020

14 Sep 2020

23 Nov - Dec 2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

1Q 2020

2Q 2020

Total 16.1850

Fund Structure Fund Information

Name Future Park Leasehold Property Fund (“FUTUREPF”)

Type Property Fund Type 1

Total Fund Size Baht 6,233.161 million

- Initial Bath 4,733.161 million (Initial Offering Price THB 10.000 per unit)

-1

st

Capital increase Baht 1,500.000 million* (1

st

Capital increase Offering Price THB 16.000 per unit)

[*900 million baht for offering to the existing unitholders and 600 million baht for borrowings]

No. of Investment Unit Units 529.5661 million

Assets Leasehold right and right to use and seek

Benefit on common area of Specified area

Of Future Park Rangsit

Property Manager Rangsit Plaza Company Limited

Fund Manager BBL Asset Management Co., Ltd.

Trustee Krung Thai Bank Public Company Limited

Registrar Thailand Securities Depository Co., Ltd.

Fund Registered Date 23 November 2006

Fund Investing Date 24 November 2006

Fund Listed Date 7 December 2006

Financial Summary : 3

Income Statement

หนวย : ลานบาท

Remark : *The finance cost is recognized due to the fund has adopted the new financial reporting standards relating to leases (TFRS 16) which the fund will gradually recognize its from 1 January 2020 onwards, however it was an accounting expense recognition (non-cash item),

was not an actual cash outflow.

Rental Income

Interest Income and Other Income

Total Investment Income

Property Operating Expenses

Property Management Fee

Fund-related expenses

Finance costs*

Total Expenses

Net Investment Income

Net Unrealized Gain (Loss) Changes in fair value of investments

Net Increase (decrease) in Net Assets from Operations

50.30

0.85

51.15

3.76

8.87

3.89

56.68

73.20

(22.06)

37.69

15.64

262.70

2.49

265.19

23.44

24.28

4.63

-

52.36

212.83

(10.55)

202.28

(80.85%)

(66.02%)

(80.71%)

(83.97%)

(63.48%)

(16.01%)

N.A.

39.80%

(110.36%)

(457.28%)

(92.27%)

% Change

YoY2Q 2020 2Q 2019

(76.06%)

(31.55%)

(75.80%)

(74.98%)

(51.05%)

0.26%

1.19%

(21.32%)

(118.65%)

(119.17%)

(119.95%)

% Change

QoQ1Q 2020

210.06

1.24

211.30

15.02

18.12

3.88

56.02

93.03

118.27

(196.66)

(78.39)

Balance Sheet

Remark : *The fair value of the Fund’s asset ( Leasehold rights in partially of Future Park Rangsit), as of June 27, 2020 was 6,521 million baht added back lease liability of 4,811.13 million baht to arrive at the carrying amount of the investment

property using the fair value model in accordance with the accounting standards (TAS 40) Investment property.

NAV per unit (Bt)

Unit : Million Baht

Investments in Leasehold Property (Fair Value) *

Investments in Securities, Cash & Cash Equivalents

Other Assets

Total Assets

Deposits Received from Customers

Lease Liabilities

Other Liabilities

Total Liabilities

Net Asset Value

Capital Received from Unitholders

Retained Earnings

Net Asset Value (Baht per unit)

As of Mar 31, 2020

11,294.44

433.79

44.04

11,772.27

364.50

4,754.44

93.82

5,212.77

6,559.51

5,633.16

926.35

12.3865

As of Jun 30, 2020

11,332.13

316.95

67.13

11,716.21

365.44

4,811.13

70.42

5,246.98

6,469.23

5,633.16

836.07

12.2161

10.0000

10.1027

10.4479

10.5974

10.3973

10.7238

10.7770 11.4943

12.0318

12.3103

12.6200

12.7862

12.8698

12.8660

12.8962

12.3865

12.2161

31

Dec

06

31

Dec

07

31

Dec

08

31

Dec

09

31

Dec

10

31

Dec

11

31

Dec

12

31

Dec

13

31

Dec

14

31

Dec

15

31

Dec

16

31

Dec

17

31

Dec

18

31

Dec

19

31

Mar

20

30

Jun

20

Management : 4

Management’s Discussion and Analysis (MD&A)

Total Income

Total Income in Q2/2020 The Fund reported a total income 51.15 million baht, dropped by 75.80%QoQ and 80.71%YoY, it was mainly came from

the fund has been directly affected by the outbreak of COVID-19 situation which was consideration as a force majeure, in which the Government ordered

to temporality close the Shopping Center during March 22 - May 16, 2020. In the later period, the Government had relaxed measures Phase-II and

granted to re-open from May 17, 2020 until present as the measures stated above. During the shutdown period, the Fund was unable to seek the benefits

on partial of rental spaces as imposed by the Government. Moreover, the Fund had provided a measure to support by waiver a rent and/or rental

discount to our tenants who was been affected by this situation in order to mitigate the impact of the Fund and to support our tenants to be able to continually

run business with us as we had previously reported such impact to all unitholders and investors via the SET’s website for acknowledgement periodically.

Significant Events and Changes in Y2020

1. The outbreak of the Coronavirus Disease 2019 (COVID-19) has emerged and widely spreads in Thailand, in which the Government has imposed

various measures to prevent and control the spread of COVID-19 and ordered to temporarily close the Shopping Center which was large impacted to

the shopping center operators included the Fund. With this situation, the rental area’s management of the Fund were directly impacted by the limitation

of the measures imposed by the Government as follows;

Order/Measures Details

On March 18, 2020

On March 22, 2020

Ordered to temporary closure some shops such as the Movie theater, Fitness centers, Thai Massage and SPA.

Ordered to close the shopping center but allow the supermarkets, pharmacies, restaurants and goods for

daily necessities of living to open. For the commercial banks, securities business, and mobile phone network

service centers allow to open from April 1, 2020 onwards.

Relaxed Measures (Phase-II)

allow to open the shopping from

May 17, 2020 onwards,

Relaxed Measures (Phase-III)

allow to open more risky activities

shops from Jun 1, 2020 onwards,

Relaxed Measures (Phase–IV-V)

allow to open all shops from

Jun 15, 2020 onwards,

Allow to open the shopping center but not allow the Movie theater, Fitness centers, Beauty (with limitation

of services), Educational institutions, Thai Massage & SPA and Game machine to open and limited the time

service to 8.00 p.m.

Allow to open the shopping center but not allow the Educational institutions, Thai Massage & SPA (with

limitation of services) and Game machine to open, and extended the time service to 9.00 p.m.

Allow to open the shopping center (all shops) from Jun 15, 2020 onwards and extended the time service

to 10.00 p.m. from July 1, 2020 onwards

2. Adoption of financial reporting standards relating to leases (TFRS 16) whereby the Fund recognized lease liabilities in relation to leases which had

previously been classified as ‘operating leases’ under the principles of TAS 17- Leases. These liabilities were measured at the present value of the

remaining lease payments, discounted using the incremental borrowing rate as of 1 January 2020. The weighted average incremental borrowing rate that

the Fund applied to the lease liabilities was 4.75% per year.

3. The essence of the building lease agreement and compensation for granting the right to use the common areas for seeking the benefit as per

approved by the Unitholder’s Meeting no.1/2012 dated August 7, 2012. (Capital increase no.1) have specified that between Y2027 - Y2041,

the Fund has an obligation to pay an additional rental fees and equipment rental fees of 430 million baht per year (VAT included) and growth

3% every year and expense of compensation for additional rights in the amount of 75.88 million baht per year (VAT included) and growth 3%

every year which it have to comply with TFRS16.

Q2/2020 PERFORMANCE

Management : 5

Operation :

Net Investment Income

In Q2/2020, the Fund reported net loss investment income of 22.06 million baht, dropped by 118.65%QoQ and 110.36%YoY. The net loss investment

income was mainly come from the following reasons:

1. The declining of total revenue proportion due to the Fund has significantly dropped in rental income collection as the impacted of the outbreak of

COVID-19 situation and shutting down the Shopping Center during March 22 - May 16, 2020, with this situation, the fund had unable to seek the

benefits on partial of rental spaces including the Fund provided a measure to support our tenants as stated above. this situation was consideration as

force majeure and affecting a wide range of the shopping center operators.

2. The proportion of total expenses was jumped up due to the fund recognized the finance cost of 56.68 million baht. Which such expense was an

accounting expense recognition (non-cash items) which was not an actual cash outflow.

Net Gain (Loss) from the change in fair value of investments

In Q2/2020, FUTUREPF appointed the independent appraiser to revalue the Investment Property on annual basis and review by quarterly. The appraiser

applied the income approach method which the assumption were reflected by the current information and the impact of the COVID-19 situation on the

discounted cash flow model, as of June 27, 2020 the fair value was 6,521 million baht dropped 19 million baht, adjusted by unrealized loss from

securities 0.07 million baht and unrealized gain from the change in fair value of investments 56.76 million baht then the Fund has net gained from the

change in fair value of investment of 37.69 million baht.

Net (decreased) increase in net asset from operation

In Q2/2020, the Fund reported net loss investment income of 22.06 million baht adjusted by the net gain from change in fair value of investments

of 37.69 million baht, then the Fund had increased in net assets from operation of 15.64 million baht.

Distribution to Unitholders

The Fund (FUTUREPF) has the policy to pay the divided to unitholders at least twice a year, since inception the Fund had paid the dividends in total

of 54 times or the total amount of 16.0350 baht per unit.

In Q2/2020, the dividend payment no.55, the Fund considered to pay the dividends from retained earnings at the rate of 0.1500 baht per unit or equals

to 79.43 million baht, in which the book closing date will be on August 31, 2020 and the date of dividend payment will be set on September 14, 2020.

Total Expenses

In Q2/2020, the Fund reported the total expenses of 73.20 million baht, the details are as follows:

1. Property operating expenses recorded of 3.76 million baht, decreased by 74.98%QoQ, and 83.97% YoY which mainly came from 2 factors; 1) the

decreasing of marketing expenses due to the Shopping Center was temporarily closed and unable to organize any activities and 2) the lower accrued

property tax expenses to be in line with the Government's policy by offering a 90% discount in 2020.

2. Property management fee was 8.87 million baht, decreased by 51.05%QoQ, and 63.48% YoY, it came from decreasing of commission fee (for

renewal of existing lease and new leases) due to accounting method which the fund has to comply with new accounting standards.

3. Fund-related expense recorded 3.89 million baht, slightly increased by 0.26% QoQ, but declined by 16.01%YoY, it comprises the Asset Management

fee, Registrar fee, Trustee fee, Professional fee, Tax and Others fund’s expenses.

4. Finance costs reported 56.68 million baht, due to the fund has adopted the new financial reporting standards relating to leases (TFRS 16) and

recognized to profit or loss over the lease period from 1 January 2020 onwards. However it was an accounting expense recognition (non-cash items)

which is not an actual cash outflow.

1. Area & Occupancy rate

Note : 1. Leasable Area (Sq.m.) is calculated at the end of June 2020.

Anchor & Retail Shop 56,822.26 57 98 97

Leasable Area

(Sq.m.)1

Occupancy rate (%)

2Q 2020 2Q 2019 1Q 2020

Operation : 6

2. Traffic Performance

In 2Q2020, the number of customer visiting Future Park was at an average of 85,000 customers per day, decreasing -53.8% YoY and -37.5% QoQ. Future Park

had partially opened since 22 Mar -16 May because of COVID-19.

200

190

180

170

160

150

140

130

120

110

100

90

80

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2Q 20201Q 2020 2Q 2019

Average customers per day (thousand)

122 123

144146

149

137

155

159

175 174177

183

85

184

136

153

164

QoQ

-37.5%

YoY

-53.8%

3. Renewals and New Lease

Note : 1. Retail & Anchor agreements 2. Percentage of total rental space in 2Q 2020

FUTURERF Portfolio

2Q 2020

No. of Leases Area (sq.m.)

Increase /(Decrease) in Rental Rates

Renewals and New Leases1

% of Total area2

42 3,889.85 6.85% 3.74%

Type of Rental Lease Term

4. Lease Profile

Note: 1. Retail & Anchor agreements

2. Percentage of total rental space as of Jun 30th, 2020

< 1 Y

1 Y - 3 Y

> 3 Y

Fixed Rental

Revenue Sharing Rental

91%

9%

76%

16%

9%

Operation : 7

“Green Way” project

Future Park together with Don Muang Tollway Public Company Limited in “Green Way”

library project gave recycle library to Thonpoolutis school. Future Park has set card boxes

for the donation of used papers in the shopping center together with bills donation to be

produced as new notebooks and donate to the schools in the country.

E-QUIP

Another brand from BaNANA, IT and electronic device trend setter

responding to the gamers with Gaming Device, Notebook Gaming

including Mobile Gaming and other IT products

at 3rd floor Central Zone, Future Park Rangsit.

MSI Shop

World’s class gaming brand on technology, innovation with products

such as mainboard, graphic card, computer case, water cooling system,

gaming monitor, gaming desktop and other products for gamers

at 3rd floor Central Zone, Future Park Rangsit.

Cosluxe

1st floor, Robinson Zone,

Future Park Rangsit

Karmart

1st Floor, Robinson Zone,

Future Park Rangsit

Local Flea market in the mall

“Future Park” with agriculturists in Pathum Thani and Saraburi provides free available space

of “local flea market in the mall” to be the selling channel for the agriculturists and communities

in Pathum Thani and Saraburi and nearby area to sell their local products such as organic

vegetables, seasonal fruits, Thai desserts, healthy processed food, crafts, handmade products,

and more every Monday - Sunday.

Renovation Project :

5. Lease Expiry Profile

60

55

50

45

40

35

30

25

20

15

10

5

0

%

Note: 1. Retail & Anchor agreements 2. Percentage of total rental space as of Jun 30th, 2020

2020

16%

57%

19%

8%

2021 2022 2023 onwards

ครั้งที่ 14

Past Event : 8

Upcoming Event :

Zweet Mania...as sweet as you want

24 Sep - 4 Oct 20 at G floor Future Park Rangsit and Zpell

The 14th International Dessert Fair bringing all the famous shops from social media to

keep you in the trend with popular D.I.Y set and other famous celebrities’ shops. There

are also flowers decoration for pictures that you need to visit.

Stronger Together! Shopping for Happiness

June - Dec 20 at Future Park and Zpell

Future Park Rangsit and Zpell have launched the promotion donating 10 baht from

every 1,000 baht purchasing to “Chaipattana Foundation for Covid-19”. The balance

of 2,000 baht will receive 100-baht gift voucher for the next purchase. This Stronger

Together campaign will be ongoing until the end of the year. Let’s shop together and

donate to the charity organizations together.

Remember ME 1 Thodsawat Vintage car

26 June - 6 Sep 20 at Future Rangsit and Zpell

Let’s travel back the memory with vintage cars exhibition that have been expressing the

classic for 10 years. Some of the whole garage will be exhibited. There will be vintage

sport cars or the rare vintage cars that the costumers can visit and take impressive pictures.

Fish & Friends strolling among cutie fish

24 Jul - 2 Aug 20 G floor Future Park Rangsit and Zpell

New Normal tiny aquarium fish for the aquarium fish lovers such as guppy fish,

Pompadour, gold fish and dragonfish ready to present their cuteness. There will be

various products namely fish tank and other equipment specially for you. If you don’t

want to get sweat, there are also the beautifully full-furnished tanks as well. The income

will also contribute to the donation to Bhadra Maharajanusorn foundation.

Love Mom Ever

7-12 Aug 20 G floor Future Park Rangsit and Zpell

Warmly finished with Love Mom Ever Embassy Fair 2020 event for moms and kids

either joining alone or in pairs. With quality products from more than 25 foreign

embassies in Thailand presenting their famous product of the countries.