:: Annual Report 2011 ::

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

AAANNNNNNUUUAAALLL RRREEEPPPOOORRRTTT For period from January 1, 2011 to December 31, 2011

FFUUTTUURREE PPAARRKK LLEEAASSEEHHOOLLDD PPRROOPPEERRTTYY FFUUNNDD

Annual Report

For the Period of 1 January 2011 – 31 December 2011

Future Park Leasehold Property Fund

Table of Contents Page

Messages from the Management Company 1

Future Park Leasehold Property Fund 2

Details of Investment 6

Details of the lmmovable Properties 7

Details of Purchase and Lease of lmmovable Properties 9

Property Sale or Leasehold Rights Transfer of Immovable Properties 9

Property Market Situation and Outlook 10

Total Expenses as called from Property Fund 11

Name List of Fund Manager 12

List of Related Persons having transactions with the Fund 12

managed by ING Funds (Thailand) Company Limited

List of Soft commission 13

Mutual Fund Supervisor Report 16

Auditor Report and Financial Statements 17

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Messages From the Asset Management Company To Unitholders


BBL Asset Management Co., Ltd. (BBLAM) would like to submit the Annual Report for the operating performance

in 2011 of Future Park Leasehold Property Fund (FUND) to all unitholders. Please be informed that BBLAM has

managed the FUND from 1 February 2012 onwards.

Last year, ING Funds (Thailand) Co., Ltd. (ING Funds) had managed the Fund for the accounting year

ended 2011. ING Funds then conducted the Annual Report with the “Auditor Report” and the “Mutual Fund

Supervisor Report” for the period from 1 January 2011 – 31 December 2011. The reports include all the details

of the current portfolio and description on invested property to all unitholders.

In 2011, Thailand had experienced severe floods in central provinces which affected the asset of the FUND.

Currently the Fund is proceeding the claim for business interruption with the insurance company and expects to

receive such claims within the first quarter of 2012.

Finally, BBLAM would like to thank all unitholders who have entrusted us to manage your investment capital. We

will manage the Fund by taking into account the best interest of the unitholders and good governance.

Yours faithfully,

BBL Asset Management Co., Ltd.

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Abbreviation as “FUTUREPF”

The Asset Management Company

ING Funds (Thailand) Co., Ltd (Effective till 31 January 2012)

BBL Asset Management Co., Ltd. (Effective from 1 February 2012)

Type of the Fund Project

Closed-end Property fund

Project Life

Not Specified

Objectives

The purposes of the Fund are to mobilize funds from general investors, both natural persons and juristic persons in both domestic and foreign countries which are used to purchase and/or take on lease immovable properties. The Fund will accept the transfer of ownership and/or leasehold rights and derive benefits from the immovable properties by letting out on lease or sublease, transferring and/or disposing of immovable property invested or acquired by the Fund, and by improving, changing, developing and/or disposing of the various properties invested or acquired by the Fund, whether by the granting of a lease and/or sale and/or by other means relevant and necessary to make use of the immovable properties in return for income and yields for the Fund and its unit holders, including to invest in other properties and/or securities and/or to acquire other fruits by any other means stipulated by the Securities Law and/or other relevant laws.

Investment of the Fund

1st Investment:

On November 24, 2006, Future Park Leasehold Property Fund has acquired leasehold rights of immovable properties which is a commercial center, in 1 project, certain of Future Park Rangsit Project Building of about 52,573.09 square meters, and the right to seek benefits by means of granting lease or area utilization rights, providing services and others in respect of certain of the Common Area having an area of 48,190.51 square meters and the areas on the outside walls of the Future Park Rangsit Project Building, the details being as follows:

(1) Certain leasehold rights of the Future Park Rangsit Project building to be acquired from Rangsit Plaza Co., Ltd. covers an area of approximately 52,573.09 square meters, i.e. between the date on which the Fund enters into the Building Lease agreement with Rangsit Plaza Co., Ltd. and 31 December 2026. Rangsit Plaza Co., Ltd. has undertaken to extend the Building Lease Agreement with the Fund so that the leasehold rights are extended from the date of its expiry for another period equal to that by which Pipatanasin Co., Ltd. agrees to extend the Land Lease Agreement.

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In addition, the Fund has the right of first refusal regarding the whole or a part of the Area under a Lease Agreement whereby a Consideration is payable for Leasehold Rights to be acquired from Rangsit Plaza Co., Ltd. when the former tenants’ leaseholds expire. As of 30 June 2006, the total Area under a Lease Agreement whereby a Consideration is payable for Leasehold Rights are 122,741.05 square meters.

(2) The right to apply the Common Areas of the Future Park Rangsit Project Building, totaling 48,190.51 square meters, and the areas on the outside walls of the Future Park Rangsit Building under the Agreement Granting Rights for Area Utilization and Benefit Seeking, to benefit seeking by means of providing lease or services or granting right to area use or by any other means. However, such area use and benefit seeking must be consistent with the business operation of Rangsit Plaza Co., Ltd. during the period before the Fund makes an investment, and must have regard for the convenience of other tenants to make use of the Common Areas of the Future Park Rangsit Project Building. On the date prior to the Fund’s investment, a total of 7,582.79 square meters of the Common Areas were subject to the benefit seeking activity, and other portion of the Common Areas was being used for purposes of convenience to the service users of Future Park Rangsit Project Building, such as for walkway.

Further the Fund will have such right during the period from the Date of the Fund’s Investment to 31 December 2026. Rangsit Plaza Co., Ltd. has undertaken to extend the Agreement Granting Rights for Area Use and Benefit Seeking with the Fund so that the Fund will be entitled to acquire benefits from the Common Areas and the areas on the outside walls of the Future Park Rangsit Building, for an additional period equal to the extension of the Building Lease Agreement under Clause 2.1 from the expiry of the Fund’s right to utilize the space areas.

In order to give the Fund a valid, lawful right to the Fund’s 1st Investment Area, the Fund and Rangsit Plaza Co., Ltd. will arrange for the registration with the Land Department of the leasehold rights under the Building Lease Agreement and of the right to utilize the area of 7,582.79 square meters of the Future Park Rangsit Project Building under the Agreement Granting Rights for Area Use and Benefit Seeking.

(Please see the details of “Investment Policy” in the Prospectus)

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Dividend Payment Policy

The Fund Project pays dividend to unitholders at least twice a year.

(1) If the Fund reports a net profit in any accounting period, the Management Company shall pay dividend to unitholders at the rate of no less than 90 percent of the net profit not including unrealized profit from appraisal or reviewed appraisal of real estate or leasehold rights to real estate for the said accounting period.

(2) If the Fund reports retained earnings in any accounting period, the Management Company may also pay to unitholders dividend from the said retained earnings.

Provided that dividend payment under (1) shall not increase the Fund’s accumulated loss for the accounting period when dividend is paid.

Dividend payment under (1) and (2) by the Management Company shall be completed within 90 days of the end of the accounting period when dividend is paid. In the event that the Management Company is unable to make payment by the time specified above, the Management Company shall inform unitholders and the Office of the SEC in writing.

In consideration of dividend payment, if the dividend per investment unit to be paid during a fiscal year period is lower than or equal to Baht 0.10, the Management Company reserves the right not to pay such dividend for that period whereby such dividend shall be carried forward for payment at the end of the fiscal year period.

(Please see the details of “Terms, Policy, and Procedures for Paying Dividends to Unitholders” in the Prospectus)

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Project Capital : 4,733,161,000 Baht (Registration) (Four billion, seven hundred and thirty-three million,

one hundred and sixty-one thousand baht)

Number of Investment Units : 473,316,100 units (Four hundred and severty-three million, three hundred and sixteen thousand and one hundred units)

Type of Investment units : Holder name specified

Trustee : The Hongkong and Shanghai Banking Corp Ltd.

Investment Units Registrar : ING Funds (Thailand) Co., Ltd. (Effective till 31 January 2012)

Thailand Securities Depository Co., Ltd. (Effective from 1 February 2012)

Fund Advisor : -None-

Property Manager : Rangsit Plaza Co., Ltd. No. 94, 3rd Floor, Future Park Rangsit Building Phaholyothin Road, Tambon Prachathipat, Amphur Thanyaburi, Pathum Thani Province Tel. 0-2958-0011

The Asset Management Company has prepared and gathered information on the Fund, e.g., prospectus, general

information of the funds, properties invested by the Fund, performance results, press releases and dividend payments

record, etc., for dissemination to investors. More information can be viewed at www.bblam.co.th. Any expenses for

preparation and dissemination of said information will be collected from the Fund.

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Details of Investment

As at 31 December 2011

ASSETS Market Value (Baht)

% of Total Asset

1. BANK DEPOSIT 56,158,439.14 1.10% 2. P/N, B/E, T-BILL AND BOND

PROMISSORY NOTES AND BILLS OF EXCHANGE - DIRECT ISSUE - 0.00% PROMISSORY NOTES AND BILLS OF EXCHANGE - AVAL - 0.00% BOND 248,988,939.12 4.88% TREASURY BILL - 0.00%

Sub-total 248,988,939.12 4.88% 3.INVESTMENT IN PROPERTY

PROPERTY - 0.00% LEASEHOLD RIGHTS 5,088,100,000.00 99.75%

Sub-total 5,088,100,000.00 99.75% 4. OTHER ASSETS

RECEIVABLES FROM RENTAL 32,126,515.74 0.63% OTHER RECEIVABLES 599,025.08 0.01% ACCRUED INTEREST 42,392.63 0.00% DEFERRED CHARGES 8,472,108.09 0.17% OTHER ASSETS - 0.00%

Sub-total 41,240,041.54 0.81% TOTAL ASSETS 5,434,487,419.80 106.54% 5. LIABILITIES

OTHER PAYABLES (37,887,979.14) -0.74% ACCRUED FEES AND EXPENSES (27,594,609.63) -0.54% RENTAL RECEIVED IN ADVANCE (3,463,366.79) -0.07% SECURITY DEPOSIT (263,334,952.20) -5.16% OTHER LIABILITIES (1,276,195.21) -0.03%

TOTAL LIABILITIES (333,557,102.97) -6.54% TOTAL NET ASSET VALUE 5,100,930,316.83 100.00%

NO OF UNITS 473,316,100.0000 UNITS NET ASSET VALUE PER UNIT 10.7770 BAHT

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Details of the lmmovable Properties

As at 31 December 2011

The Fund invested in certain leasehold rights of Future Park Rangsit Project Building covering an area of

approximately 52,573.09 square meters, and the right to use the common area of Future Park Rangsit

Project Building, totaling 48,190.51 square meters, and the areas on the outside walls of Future Park

Rangsit Project Building to seek benefits.

Project Location

No. 94 Phaholyothin Road, Tambon Prachathipat, Amphur Thanyaburi, Pathum

Thani Province.

Project Feature Future Park Rangsit Project Building consists of a five-storey building measuring

500 meters in length, a seven-storey car parking building situated behind the

shopping mall, three outdoor parking areas that can accommodate about 6,000

cars (Rangsit Plaza Co., Ltd. is the holder of the ownership of the building)

Land

Land under Title Deeds No. 310 and 92118 having an area of 108 rais, 1 ngarn,

and 67.5 square wahs (Pipatanasin Co., Ltd. owns the property and has entered

into a leasehold agreement in respect of the land with Rangsit Plaza Co., Ltd.)

Purpose of Use Retail shopping center

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Project Area and Area Invested by the Fund

Details Total Area

of the Project (square meters)

Area Invested by the Fund

(square meters)

1. Areas within the shopping mall are divided into: - Leasable areas - Common areas

- Income generating area - Non-income generating

area - Service areas

179,156.61 48,190.51

7,582.79 40,607.72 56,281.33

52,573.09 48,190.51

7,582.79 40,607.72

2. Indoors parking space (for parking of about 4,500 cars)

115,325.61

3. Outdoor parking space (for parking of about 1,500 cars)

100,314.98

Total area

499,269.04 Total income generating area 60,155.88

Lease Period From November 24, 2006 to December 31, 2026 (20 Years 1 Month 7 days)

Investment in Property Cost of leasehold right and right for using areas Baht 4,536,443,000

Related acquisition cost Baht 42,695,493

Renovation Cost Baht 313,984,586

Total Baht 4,893,123,079

Appraisal Value Baht 5,088,100,000 (As at December 30, 2011)

by N&A Appraisal Co., Ltd. The Appraiser utilized Income Approach Method

Income per Year From January 1, 2011 to December 31, 2011 : Baht 668.065 million

Obligation None

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Details of Purchase and Lease of lmmovable Properties

For the period from 1 January 2011 to 31 December 2011

-None -

Property Sale or Leasehold Rights Transfer of Immovable Properties For the period from 1 January 2011 to 31 December 2011

-None -

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Property Market Situation and Outlook

At the end of 2011, the total retail supply in Bangkok increased to 5.70 million sq.m., rising by 4.5% y-o-y. Bangkok’s retail supply increased in all areas – downtown, midtown and the suburbs. Midtown area achieved the highest growth at 5.9% to 2.2 million sq.m. from Central Plaza Grand Rama 9 (38,000 sq.m.), follows by downtown area at 4.7% to 1.16 million sq.m. from several projects such as Terminal 21 at Asoke-Sukhumvit Intersection, Park Ventures at Pleonchit Intersection and Sathorn Square, and suburban area at 3.0% to 2.34 million sq.m. from Festival Walk on Kasetnawamintra Road and M Park in Rama 2. Currently, more than half of the retail developments are in the shopping mall formats, follows by department store and superstore (Lotus, Big C, Makro) which accounts for 56.0%, 22.0% and 22.0% of total retail supply respectively.

On the demand side, the volume of occupied retail space increased to 5.22 million sq.m. or rising by 4.2% y-o-y even though some retail spaces were affected by the massive floods. However, it is expected that the demand for the retail spaces will be back to normal level in the near future after the improvement of the flooded area.

The overall occupancy rate of Bangkok retail properties in 2011 stood at 91.1%, decreasing by 0.3% y-o-y. The suburban area saw the highest occupancy rate at 96.1% - increasing 0.4% y-o-y, follows by the midtown area at 87.8% - falling 2.8% y-o-y, and the downtown area at 87.2% - increasing 3.4% y-o-y. The reason for the drastic decline of the occupancy rate in the midtown area is that there are a number of retail centers in midtown that are being renovated; thus, the occupancy rate in this area was lower than last year.

The overall rental rate in 2011 has been largely stable, with just marginal growth compared with the previous year. The rental rates were highest in the downtown area and lowest in suburb area. In downtown areas, the rental rates for Grade A Shopping centers range from Baht 1,800-3,260/sqm./month on the ground floor to Baht 1,520-2,600/sq.m./month on the upper floors. In midtown areas, the rental rates range from Baht 1,500-2,680/sqm./month on the ground floor to Baht 1,040-2,100/sq.m./month on the upper floors. In suburban areas, the rental rate range from Baht 1,200-1,600/sq.m./month on the ground floor to Baht 800-1,100/sq.m./ month on the upper floors.

The retail supply in Bangkok is set to increase. Based on projects already announced, an additional 0.69 million sq.m. will be completed within the next few years, increasing the total Bangkok retail supply to 0.64 million sq.m. Of this, 0.54 million sq.m. of retail space is expected to be complete in 2012, bringing the total retail supply increasing by 9.6% to 6.39 million sq.m. by the end of 2012.

The overall retail outlook is expected to be in a good condition. The Retail Sales Index as of November 2011 fell to 152.06 - decreasing 18.4% y-o-y. This was mainly due to a drop in vehicle sales during the floods. However, it is expected that significant buying of home improvement products and of furniture which had been damaged during the floods will increase retail sales in general. The Consumer Confidence Index (CCI) in December 2011 decreased to 73.1 from an average of 79.7 in the first eleven months of 2011. This was because of the massive floods. However the consumer confidence index increased gradually after the floods receded. If the economic and political climate remains stable, we can expect to see growing levels of consumer confidence. The medium to long tern prospect for the retail sector will depend on the overall economic performance and how quickly Thailand gets back on its feet.

Source : CB Richard Ellis (Thailand) Co., Ltd.

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Total Expenses as called from Property Fund For the period from 1 January 2011 to 31 December 2011

Fund's Direct Expense Amount

(Thousand Baht) % of

Net Assets Value

Management Fee1 9,882.43 0.19

Trustee Fee1 1,098.05 0.02

Registrar Fee1 2,470.61 0.05

Property Management Fee1 67,362.12 1.31

Auditing Fee1 816.10 0.02

Insurance Premium1 5,790.66 0.11

Property Tax1 5,084.00 0.10

Property Marketing And Administrative Expenses1 39,496.27 0.77

Asset Appraisal Fee1 117.70 0.00

Listing Fee -Written Off1 106.85 0.00

Form & Other Printing Expense1 209.98 0.01

Advertising Expense1,2 384.28 0.01

Bad Debt 205.78 0.00

Other Expenses1 567.55 0.01

Total Expenses 133,592.38 2.60

Remark 1. Included VAT

2. Included the preparation and dissemination of information via the website of asset

management company

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Name List of Fund Manager (ING Funds (Thailand) Company Limited)

For the Period from 1 January 2011 to 31 December 2011

No. Name List of Fund Manager

Property Fund Manager

1 Ms. Siriphen Wangdumrongves

2 Mr. Suttipan Kreemaha

3 Mr.Khematat Saradatta

4 Ms. Wannapat Nomklom

Mutual Fund Manager (Liquidity Portion)

1 Mr. Jumpon Saimala

2 Mr. Jaruwat Preepreamkul

3 Ms. Siripun Sutharoj

4 Ms. Monchaya Rachatakul *

5 Ms. Linda Ubolriabroy

6 Ms. Patcharapa Mahattanakul

7 Mr. Tara Vanalabpattana **

8 Mr. Verayuth Halilamien

9 Mr. Arunsak Charoonwongniramol

* Termination Date : 1 September 2011

** Termination Date : 31 December 2011

List of Related Persons having transactions with the Fund managed by ING Funds (Thailand) Company Limited

For the period from 1 January 2011 to 31 December 2011

No. List of Related Persons

1 Other management companies where there are shareholders of ING Funds exceeding 5 % of total

sold shares

“The investor can inspect the transactions entered into with the related persons of the mutual fund at the management company

directly or at the website of the management company (www.bblam.co.th) and the Office of SEC (www.sec.or.th)”

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List of Soft commission As of December 31, 2011

Research paper including in-depth report of listed company, industry analysis, trend and outlook,

economic and political situation both in domestic and foreign those influence the investment decision.

Specific inquiry including the information further than the released research paper that support the

investment decision

Conference call direct to analyst

Pay a visit to present the remarkable issue

Report issue or concern of the market and securities during trade hour

Organize seminar, related to the remarkable company. In addition, issue and concern situation at that

moment, hosted by direct officers including lawyer, government representatives, or management. They all

would provide in-depth information in order to make further investment decision.

Arrange company visit as request in order to follow the progress of operation or any change that alter the

fundamental. The company management would provide the latest information of business and the

development of industry.

List of the person who provides Soft Commission for the Fund

Securities Companies

Country Group Securities Public Company Limited

Asia Plus Securities Public Company Ltd.

Ayudhya Securities Public Company Ltd.

Bualuang Securities Public Company Ltd.

CLSA Securities (Thailand) Ltd.

Capital Nomura Securities Public Company Ltd.

DBS Vickers Securities (Thailand) Company Ltd.

KGI Securities (Thailand) Public Company Ltd.

Credit Suisse Securities (Thailand) Ltd.

Kim Eng Securities (Thailand) Public Company Ltd.

Thanachart Securities Public Company Ltd.

TISCO Securities Company Ltd.

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Trinity Securities Company Ltd.

Phatra Securities Public Company Ltd.

SCB Securities Company Ltd.

Finansia Syrus Securities Public Company Ltd.

UBS Securities (Thailand) Ltd.

KT Seamico Securities Public Company Ltd.

Citicorp Securities Thailand Ltd.

TSFC Securities Ltd.

Finansa Securities Ltd.

CIMB Securities (Thailand) Company Ltd.

United Securities Public Company Ltd.

Barclays Capital Securities (Thailand) Ltd.

Commercial Banks - Domestic

Bank of Ayudhya Public Company Ltd.

Bangkok Bank Public Company Ltd.

CIMB Thai Bank Plc.

Kasikorn Bank Public Company Ltd.

Kiatnakin Bank Public Company Ltd.

Krung Thai Bank Public Company Ltd.

Thanachart Bank Public Company Ltd.

Land and Houses Retail Bank Public Company Ltd.

Siam Commercial Bank Public Company Ltd.

Standard Chartered Bank (Thai) Public Company Ltd.

Tisco Bank Public Company Ltd.

TMB Bank Public Company Ltd.

United Overseas Bank (Thai) Public Company Ltd.

Commercial Banks – Foreign Branches

ABN-AMRO Bank N.V.

JPMORGAN Chase Bank, N.A.

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Oversea-Chinese Banking Corp., Ltd.

The Bank of Tokyo-Mitsubishi Ufj, Ltd.

Citibank, N.A - Bangkok

Credit Agricole Corporate & Investment Bank Bangkok Branch

The Hongkong and Shanghai Banking Corp., Ltd.

Mizuho Corporate Bank, Ltd.

Sumitomo Mitsui Banking Corporation

BNP Paribas

The Bank of Nova Scotia

Others Companies

Thanachart Capital Public Company Limited

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Auditor Report and Financial Statements 31 December 2011

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Compiled data as of March 29, 2012

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 2011 ::

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