Thailand Future Fund : Details of Asset As of June 30, 2022

	Thailand Future Fund (TFFIF)
	Details of Properties and Valuation
	As of 30 June 2022
1.Appraiser	: Discover Management Company Limited
2.Valuation Date	: September 30, 2021
3.Details of Properties	: Right to receive the 45% share of net toll revenue collected from the

existing routes of Chalong Rat Expressway and Burapha Withi Expressway for a 30- year period from the Transfer Date

(1) Chalong Rat Expressway, the 28.2 km which connects the Eastern Bangkok Outer Ring road, located in the proximity of the Chatuchot area, with the Chaloem Maha Nakhon Expressway around At Narong and the Bang Na-At Narong Expressway; and

(2) Burapha Withi Expressway, the 55.0 km which is one of the longest
elevated toll roads in Thailand and begins at the end of the Chaloem
Maha Nakhon Expressway, in the proximity of Bang Na district,
continuing to the east across the Bang Pakong river and ends in
Chonburi province
4. Details of valuation
Propertis		Valuation (MB)
		Discover Management Company Limited
Right to receive the 45% share of net	(1) Chalong Rat Expressway	27,899.57
toll revenue collected from the existing
routes of Chalong Rat Expressway and
Burapha Withi Expressway for a 27	(2) Burapha Withi Expressway	24,977.39
year period from October 1,2021 to
October 28, 2048	Total	52,876.96

5. Valuation Method : The appraiser has applied the income method according to the Fund's structure which derived from an estimation of the net income generated from the subject properties. Under this valuation the appraiser applied 27-years discounted cashflow projection from October 1, 2021 to October 28, 2048 to indicate the property value

Investors may request for more details of the appraisal report at the Management Company