Sub Sri Thai Real Estate Investment Trust : Opinions of Independent Financial Advisor on Investment in the Additional Investment Assets No.1

-Translation-

Opinions of Independent Financial Advisor on Investment in the Additional Investment Assets No.1 and Entering into the Connected Transactions with the Connected Party of the Trust Manager

of

Sub Sri Thai Real Estate Investment Trust

Presented to

The Unitholders of

Sub Sri Thai Real Estate Investment Trust

Prepared by

June 29, 2022

Opinion of Independent Financial Advisor	-Translation -	Sub Sri Thai Real Estate Investment Trust

IMAPDM092/2022

June 29, 2022

Subject: Report on the Opinions of Independent Financial Advisor on Investment in the Additional Investment Assets No.1 and Entering into the Connected Transactions with the Connected Party of the Trust Manager

To:	The Unitholders of Sub Sri Thai Real Estate Investment Trust
Attachment:	1) Summary of Sub Sri Thai Real Estate Investment Trust

1. Summary of Sub Sri Thai Public Company Limited
2. Summary of Document Warehouse Asset Valuation Report on Sub Sri Thai Project (Additional Investment Assets No.1)

References:

1. Resolutions of the Board of Directors of the Company regarding Investment in the Additional Investment Assets No. 1, the Amendment of Undertaking Agreement and the Determination of the Date for the Extraordinary General Meeting of Trust Unitholders of Sub Sri Thai Real Estate Investment Trust (SSTRT) No. 1/2022
2. Information Memorandum on SSTRT's Acquisition of the Assets and Related Party Transactions with Person Related to the Trust Manager dated June 15, 2022
3. Capital Increase Form Sub Sri Thai Real Estate Investment Trust dated June 15, 2022
4. Financial statements audited by the Trust's certified public accountant for the 12-month period ended December 31, 2019 - 2021 and for the 3-month period ended March 31, 2022.
5. Asset Appraisal Report of land with 4 document warehouses and equipment (Document warehouse No. 36, 37, 38 and 39) prepared by Knight Frank Chartered (Thailand) Company Limited dated April 18, 2022
6. Asset Appraisal Report of land with 4 document warehouses and equipment (Document warehouse No. 36, 37, 38 and 39) prepared by Nexus Property Consultants Company Limited dated April 18, 2022
7. Legal Due Diligence Report (for investment in assets of Sub Sri Thai Public Company Limited, namely Document Warehouse Building No. 36, 37, 38 and 39) prepared by Charin & Associates Company Limited, dated June 7, 2022
8. Draft agreements related to the transaction
9. Other contract documents and interviews with relevant management

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Opinion of Independent Financial Advisor -Translation -Sub Sri Thai Real Estate Investment Trust

Abbreviations
Meaning	Abbreviation
Sub Sri Thai Real Estate Investment Trust	: the Trust or SSTRT
Sub Sri Thai Smart Storage Property Fund	: Mutual Fund SSTSS
SST Trust Management Company Limited	: the Company or SSTRM or Trust Manager
Sub Sri Thai Public Company Limited	: Asset Owner or SST
SST Warehouse Company Limited	: SSTW
One Asset Management Company Limited	: Trustee or ONEAM
Knight Frank Chartered (Thailand) Company Limited	: KNIGHT FRANK or Independent Appraiser No.1
Nexus Property Consultants Company Limited	: NEXUS or Independent Appraiser No. 2
Knight Frank Chartered (Thailand) Company Limited and	: Collectively referred to as Independent Appraiser
Nexus Property Consultants Company Limited
SP Audit Company Limited	: Auditor or SP
Charin & Associates Company Limited	: CA or Legal Advisor or Law Firm
Real Estate Investment Trust and Leasehold Real Estate AIM Industrial	: AIMIRT
Growth
Frasers Property Industrial Leasehold Real Estate Investment Trust	: FTREIT
WHA Premium Growth and Leasehold Real Estate Investment Trust	: WHART
WHA Industrial Leasehold Real Estate Investment Trust	: WHAIR
Ownership of land represented by 1 title deed (Title Deed No. 261431) with	: Document Warehouse in the Sub Sri Thai project or Additional Investment
the land area according to the title deed of 4 Rai 1 Ngan 68.9 Square Wah	Assets No.1
and ownership of 4 document warehouses which are Document
Warehouse No. 3 6 with the building area of approximately 1 ,7 5 0 square
meters, Document Warehouse No. 3 7 with the building area of
approximately 1,750 square meters, Document Warehouse No. 38 with the
building area of approximately 1 ,7 5 0 square meters and Document
Warehouse No. 3 9 with the building area of approximately 1 ,7 5 0 square
meters, including other related assets such as utilities and equipment
located in Bang Chak Subdistrict Phra Pradaeng District Samut Prakan
Province, which Sub Sri Thai Public Company Limited owns the land and
buildings.
The Undertaking Agreement between SST and SSTRT dated August 7,	: Undertaking Agreement
2014. Together with the Asset and Liabilities Transfer Agreement of SSTSS
Property Fund between SSTSS Property Fund and SSTRT dated December
19, 2017, and the Rights and Duties Transfer Agreement between SSTSS
Property Fund and SST and SSTRT dated on December 19, 2017
Notification of the Securities and Exchange Commission SorRor. 26/2555	: Announcements related to the Transaction or Announcement No. Sor. Ror.
Subject: Requirements on Items and Messages in the Trust Deed of Real	26/2555
Estate Investment Trust (and as amended)
Earnings Before Interest, Taxes and Depreciation	: EBITDA
Discounted Cash Flow Approach	: DCF

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	Opinion of Independent Financial Advisor	-Translation -	Sub Sri Thai Real Estate Investment Trust
	Meaning		Abbreviation
Net Asset Value		: NAV
Weighted Average Cost of Capital		: WACC
Total Asset Value		: TAV
Stock Exchange of Thailand		: the Stock Exchange or SET
Securities Commission and Stock Exchange		: SEC
Discover Management Company Limited		: Independent Financial Advisor or IFA or Discover
World Health Organization		: WHO
Preventive measures and blocking the infection into the area and measures	: Lock Down
to prevent outbreaks within the area
Quarantine		: Quarantine

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Opinion of Independent Financial Advisor	-Translation -	Sub Sri Thai Real Estate Investment Trust
		Table of Contents
Abbreviations .......................................................................................................................................................................................	3
Disclaimers ..........................................................................................................................................................................................	7
Background of the Transactions .........................................................................................................................................................	9
Executive Summary...........................................................................................................................................................................	14
A.	General Details of the Transaction .......................................................................................................................................	23
1.	Characteristic and Detail of the Transaction ..........................................................................................................................	23
1.1.	Characteristic of the Transaction ...........................................................................................................................................	23
1.2.	Transaction Size and Characteristic ......................................................................................................................................	24
1.3.	Date of Transaction ................................................................................................................................................................	26
1.4.	Value of Consideration and Criteria for Determining the Value of Consideration .................................................................	27
1.5.	Connected Parties and Relationship with Trust and the Trust Manager ...............................................................................	28
1.6.	General Information of the Additional Investment Assets No. 1 ............................................................................................	29
1.7.	Structure of the Trust Before and After Investing in Additional Investment Assets...............................................................	33
1.8.	Source of funds ......................................................................................................................................................................	34
2.	Summary of the relevant contract ..........................................................................................................................................	35
2.1.	Draft contract to buy and sell land and buildings of the Sub Sri Thai Project.......................................................................	35
2.2.	Draft Land and Building Lease Agreement of Sub Sri Thai Project ......................................................................................	42
2.3.	Draft lease contracts for utilities and equipment of the Sub Sri Thai Project ........................................................................	53
3.	Summary of SSTRT .................................................................................................................................................................	59
4.	Summary of SST .....................................................................................................................................................................	59

1. Reasonableness of the Acquisition of Additional Investment Assets No. 1 of the Trust and the Connected transaction

	between the Trust and the Connected Person with the Trust Manager..............................................................................	60
1.	Characteristic and necessity for entering the Transaction ....................................................................................................	60
2.	Advantages, disadvantages, and risks of investing in Additional Investment Assets ..........................................................	61
2.1.	Advantages of investing in Additional Investment Assets .....................................................................................................	61
2.2.	Disadvantages of investing in Additional Investment Assets No. 1 ......................................................................................	65
2.3.	Risks of investing in Additional Investment Assets No. 1 ......................................................................................................	68
3.	Advantages and disadvantages of entering into a transaction with a connected person....................................................	73
3.1.	Advantages of entering into a transaction with a connected person ....................................................................................	73
3.2.	Disadvantages of entering into a transaction with a connected person ...............................................................................	74
4.	Advantages and disadvantages of entering into a transaction with third parties .................................................................	75
4.1.	Advantages of entering into a transaction with third parties .................................................................................................	75
4.2.	Disadvantages of entering into a transaction with third parties ............................................................................................	75
5.	Impact on existing Trust unitholders ......................................................................................................................................	76
6.	Appropriateness of the price and conditions of the transaction ...........................................................................................	79
6.1.	Appropriateness of the Asset Price for the Additional Investment Assets No. 1 ..................................................................	79
6.2.	Appropriateness of conditions for entering into the transaction............................................................................................	88

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