4q20 performance

4Q20 PERFORMANCEOctober – December 2020

ALLY Leasehold Real Estate Investment Trust(Former: Bualuang K.E. Retail leasehold Real Estate Investment Trust)

DISCLAIMER

Investment involves risk. Prospective should understand the characteristics of the Trust units and study information about ALLYlLeasehold Real Estate Investment Trust (“ALLY”) before making a decision to invest in the Trust units. This presentation is for information purposes only and is intended only for the initial direct attendee of the presentation. It may not be reproduced or redistributed to any other person. No part of this presentation, nor the fact of its existence, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.

This presentation is not to be relied upon in any manner as legal, tax or any other advice and shall not be used in substitution for the exercise of independent judgment and each person made aware of the information set-forth hereof shall be responsible for conducting its own investigation and analysis of the information contained herein. Except where otherwise indicated, the information provided in this presentation is based on matters as they exist as of the date stated or, if no date is stated, as of the date of preparation and not as of any future date, and the information and opinions contained herein are subject to change without notice. None of the ALLY nor any of its subsidiaries accepts any obligation to update or otherwise revise any such information to reflect information that subsequently becomes available or circumstances existing or changes occurring after the date hereof. None of the ALLY or any of its subsidiaries or any of their respective directors, officers, employees or agents shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation and any and all such liability is expressly disclaimed.

Some statements made in this presentation are forward-looking statements, which are subject to various risks and uncertainties. These include statements with respect to strategies and beliefs and other statement that are not historical facts. These statement can be identified by the use of forward-looking terminology such as “may”, “will”, “expect” , “intend”, “estimate”, “continue”, “plan” or other similar words. The statements are based on the assumptions and beliefs of ALLY management in light of the information currently available to ALLY. These assumptions involve risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in this Presentation is, or should be relied on as promise or representation of ALLY as to the future.

AGENDA

BUSINESS OVERVIEW 01

OPERATIONAL HIGHLIGHT 02

FINANCIAL HIGHLIGHT 03

BUSINESS OUTLOOK 04

APPENDIX 05

4Q20 OVERVIEW

Re-normalization continues strongly.

• Continuation of tenant retention and attraction strategy leads to improved occupancy rate of 93.4% at end-of-period.

• Minimum discounts still in effect as some tenants' categories begin to re-start their businesses.

• Net Income increased 5% QOQ to 139.15 MB on improving operating conditions.

• Balance sheet strength focus with increased cash position and NAV/Share.

OPTIMIZE TO CUSTOMER’S CHOICE

Meet all needs in

one place

Buy online, pick-up in store

Pursue essential

and value

buying

Close to home location

Easy access layout & parking

Balance tenant mix

Provide omnichannel

service thru SkyOS

Offer necessity products in every locations

100%

73%

108%

94%

1Q20 2Q20 3Q20 4Q20

Pre-COVID

COVID Lockdown

Post-COVID 2nd wave COVID

Outbreak

R E L A T I V E T R A F F I C

Neighborhood shopping mall is the preferred destination

BUSINESS OVERVIEW

INTRODUCTION TO ALLY REIT

10Properties

12.3 bn Total Asset Value (THB)

139,722 sqm.Net Leasable Area

93.4%Occupancy Rate

The Crystal Ekamai-Ramintra

Diversified Core PortfolioCore and core-plus properties with diversified geographies and asset mix (retail-focus, office, warehouse, net lease) across Thailand

Dedicated ManagementSpecialized REIT management team with expertise and real estate ecosystem covering investments, property management, and technology

Desirable YieldFocused asset management and property management to drive quality cash flow and yield to investors

Delivering GrowthAsset enhancement intiatives and long-term asset pipeline to ensure both organic and inorganic growth

HISTORY

8 years track record of strong performance and transformation

2013 2019 2021

• Set up CRYSTAL Property Fund as a fund raising vehicle for K.E Group

• Invested in leasehold rights of the Crystal Design Center (CDC) and The Crystal Ekamai-Ramindra

• Converted to BKER and invest in 8 additional retail properties from both K.E. Group and 5 asset owners

• Quality assets from 3rd-parties at reasonable valuation resulting in overall yield accretion of the fund

• Collaborate with BBLAM as co-REIT manager:

• Aspire to tap into other asset types with potential for growth to build sizeable yet stable portfolio

• Vision to become the largest diversified independent REIT

• Propose to expand scope of investment to include non-retail assets (i.e. office buildings, exhibition halls, marketplace, etc.) for the best benefit of unitholders

The Crystal Ekamai-Ramindra

Crystal Design Center

Amorini Ramintra I’m Park Plearnary Mall Sammakorn Place Ramkhamhaeng

Sammakorn Place Rangsit

Sammakorn Place Ratchapruek

The Crystal SB Ratchapruek

The Scene Town in Town

PORTFOLIO

Core portfolio of 10 properties located in high-income and growth areas

Crystal Design Center The Crystal Ekkamai-Ramintra The Crystal SB Ratchapruek Amorini I’m Park

Sammakorn Place Ramkamhaeng Sammakorn Place Rangsit Sammakorn Place Ratchapruek The Scene Town in TownPlearnary Mall

PORTFOLIO MIX

Two-thirds larger shopping and specialty centers; one-third smaller lifestyle malls

31%

Ekamai-Ramintra

25%

Rajapruek15%

3%

Rangsit 2%

3%

Rajapruek 2%

8%

Ramkamhang 5%6%

Shopping center

Community mall

Specialty mall

Neighborhoodmall

TENANT MIX

Beauty & Health 9%

Cinema 8%

Education 6%

Fashion 5%

Financial 4%

Fitness 6%

Food & Beverage19%

Home 18%

Lifestyle 7%

Office 6%

Service 1%Specialty 1%

Supermarket 10%

Well-balanced and diversified tenant mix in the portfolio.

OPERATIONALHIGHLIGHT

KEY OPERATING INDICATORS

Net Leasable Area

1 3 9 , 7 2 2s q m .

Occupancy Rate

9 3 . 4 %

Average Rental Rate

5 2 4b a h t / s q m

Rental Reversion Rate

0 . 1 %

Retention Rate

9 0 . 1 %

Weighted Average Lease Expiry

2 . 9 2 y r s

During the economic downturn, focus on tenant retention and adding high-

quality tenant brands.

Occupancy rate increased to 93.4% at end of year.

Average rental rate still face pressure from

lingering discounts during re-normalization.

PORTFOLIO PERFORMANCE

580551

540 539524

92.7% 92.8%

90.5%

91.4%93.4%

150

250

350

450

550

80.0%

90.0%

4Q19 1Q20 2Q20 3Q20 4Q20

Average rental rate (Baht/sqm) Occupancy rate

63

% D

isc

ou

nt

7.8

% D

isc

ou

nt

7.9

% D

isc

ou

nt

Net rate = 200

Net rate = 497 Net rate = 482

222 total renewed and new leases in 4Q20 for a

total of 32,321 sqm.

Tenant prioritization applied since 3Q20

resulted in an improved retention rate to 90.1%.

While rental reversion improved from -4.7% to

0.1% in 4Q20 as economic normalization takes effect.

LEASING PERFORMANCE

97.0%

81.0%

74.0%

89.5% 90.1%

2.9%

1.8% 1.7%

-4.7%

0.1%

-10.0%

-5.0%

0.0%

50.0%

100.0%

4Q19 1Q20 2Q20 3Q20 4Q20

Retention rate Rental reversion rate

LEASING ACTIVITY

Renewed lease80%

New lease20%

Lifestyle 2%

Other 1%

Office 1%Fashion

3%

Education 6%

Financial6%

Fashion 2%

Other 2%

Besides anchor tenants, prioritization focused onF&B, Beauty & Health, Education and Lifestyle tenants.

32,321sqm.

PORTFOLIO PROFILE

More balanced portfolio WALE with 1/3 of leases due per year over next 3 years.

5%

13%

9%

30%

20%

21%

1%0%

15%

30%

<= 12 mth 12-24 mth 24-36 mth >36 mth

Weighted Average Lease Expiry

Anchor tenant Other tenant

WALE (standard)

1.76 Years

WALE (including renewal options)

2.92 Years

FINANCIALHIGHLIGHT

BALANCE SHEET

Total Asset Value

1 2 , 2 5 1M B .

Cash & Equivalent

5 1 5M B .

Debt / TAV

0 . 2 3t i m e s

Net Asset Value

9 . 5 8 4 3B a h t / s h a r e

Solid balance sheet

As a result of profitable operations, cash &

equivalents increase 45% QOQ to 515.35 while

net asset value was up to 9.5843 baht per share.

Debt/TAV maintained at 0.23 times.

BALANCE SHEET

12

,18

9.2

9

12

,25

8.2

2

12

,11

1.7

2

12

,26

0.9

5

12

,25

0.8

7

738.35 395.60 267.18 356.11 515.35

8,6

34

.82

8,3

76

.29

8,2

45

.20

8,3

59

.94

8,3

77

.65

9.8785 9.5828 9.4328 9.5641 9.5843

0.23 0.23 0.23 0.23 0.23

(0.9000)

4.1000

9.1000

-

5,000.00

10,000.00

4Q19 1Q20 2Q20 3Q20 4Q20

Total asset value (MB) Cash&Equivalents (MB)

Net asset value (MB) NAV/share (Baht)

D/TAV (times)

INCOME STATEMENT

FY2020Total Revenue

1 , 1 3 2 . 5 0M B .

FY2020Net Investment

Income

FY2020Distribution

Income

FY2020Distribution

Per Unit

4Q20Total Revenue

4Q20Net Investment

Income

4Q20Distribution

Income

4Q20Distribution

Per Unit

4 3 4 . 4 0M B .

2 8 3 . 8 7M B .

1 3 9 . 1 5M B .

1 2 6 . 7 4M B .

0 . 1 4 5B a h t

2 8 0 . 2 3M B .

0 . 4 3 5B a h t

A property tax deducted during the year resulting in

lower 4Q20 revenue by 13%QOQ and lower cost of rental and service by

47%QOQ.

Despite a softer than normal 4Q, net investment

income increased 5%QOQ.

INCOME STATEMENT1

17

.92

35

0.7

7

17

0.3

5

32

7.5

4

28

3.8

7

54

.30

14

8.5

9

14

.57

13

2.1

2

13

9.1

5

52

.44

13

9.8

6

-

11

3.6

3

12

6.7

4

0.060

0.160

-

0.130

0.145

-

0.020

0.040

0.060

0.080

0.100

0.120

0.140

0.160

0.180

-

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

4Q19 1Q20 2Q20 3Q20 4Q20

Total revenue (MB) Net investment income (MB)

Distribution income (MB) Distribution per unit (Baht)

DISTRIBUTION TIMETABLE

Annualizeddistribution

yield*

Ex-dividend date (XD) / March 10, 2021Ex-capital return date(XN)

Record date March 11, 2021

Payment date March 19, 2021

* Based on annualized DPU of previous four quarters and market price of 5.60 Baht as of Feb 23, 2021

96.97% Payout ratio Total (MB.) DPU (Baht)

Distribution Income 126.74 0.145

- Dividend 48.08 0.055

- Capital reduction 78.67 0.090

7.77%

BUSINESS OUTLOOK

2021 OUTLOOK

Solid fundamentals underpin intrinsic value

• Significant levels of fixed rent revenues backed by diversified WALE and defensive tenant mix

• Upside potential from stronger than expected economic recovery and government stimulus measures

• Expansion plan remains on track supported by a broader investment universe

• Share price below NAV and an above average dividend yield amidlow interest rate environment

MARKETING & EVENTS

REBRANDING TO ALLY REIT:SYNERGY MADE GROWTH

● New name: partnership focus with investors and sponsors to create a diversified REIT with long-term vision

● Expanded asset universe including office, warehouse, and other commercial buildings

● Solidifying pipeline for new injections while maintaining prudent investment policy

● Portfolio synergies and economy of scale

● Well-utilized resources of KE Group

ASSET ENHANCEMENT INITIATIVES

PLEARNARY MALL

“Family friendly co-living space”

● Growing catchment area of new younger

families in Watcharaphol area

● Differentiation against neighboring market

with playful modernization

● Renovation of central event area under

“Bubble Ground” concept

● Addition of new “Co-Working Playground”

to activate 2nd Floor space

● Revitalizing F&B tenants (1st Floor) and

Education tenants (2nd Floor)

Objective: Occupancy and Rental Uplift

ASSET ENHANCEMENT INITIATIVES

I’M PARK

“Hub for integrated knowledge and borderless playground”

● Up and coming neighborhood with new

apartment units and offices

● Refocusing on student and parents target

group

● Renovation of common areas with new

seating and chic kiosks to encourage hang

out time

● Adding F&B tenant focus and variety of

offering on 1st Floor; education and offices

and 2nd and 3rd Floor

Objective: Occupancy Uplift

ESG INITIATIVES

SOLAR ROOFTOP PROJECT

Pilot Project at CDC before rolling out entire portfolio by YE-2021

● Drive to utilize clean and renewable

energy sources for portfolio needs

● Expected cost saving of 25% per unit cost

at CDC

ORGANIC FERTILIZER PROJECT

Clean fertilizer replacement

● Replacement of all fertilizer utilize with

organic type (without any chemicals)

INVESTMENT PIPELINE

Retail93%

Non-retail7%

NOW

Retail91%

Non-retail9%

Within1 year

Retail78%

Non-retail 22%

Within3 years

2021: 3 assets are expected to be acquired with debt financing

# Type Location

1 Retail Chiang Mai

2 Retail Nonthaburi

3 Mixed-use Hualumphong

2022-2024: Variety of assets are under due diligence and negotiation process

# Type Investment Theme # Projects

1 Lifestyle mall

Lifestyle/Community malls in affluent suburb

Bangkok surrounded by residentials or

communities with certain spending power

5 – 6

2 Enclosed mall

Landmark malls in outer Bangkok and other major

cities with low competition, serving mass

middle-income customers

2 – 3

3 Net leaseAnchored retailers with proven track record

in the affluent suburb Bangkok2 – 4

4 Office

Non-CBD and prime grade office building in

Bangkok with high take-up rate and ability to

command rental rate growth due to excess

demand in the area

3 – 5

INVESTMENT PIPELINE: PROJECTS UNDER MOU

Lifestyle Retail Mall

Chiang Mai

Term: 30Y leasehold

Approx. NLA: 6,500 sqm

Valuation: ≤ 390 MB

Approx. Yield: 7.7%

Timeline: around Q2

• Community Mall located in affluent residential area

• Good performance supermarket anchor

• Sponsor remains as property manager with performance guarantee

Mixed-Use Project

Hualumphong

Term: 21Y leasehold (approx.)



Approx. Yield: 11.0%

Timeline : around Q2

• Accessible MRT location in the upcoming Hualumphong area

• Showroom, offices, and parking building

• 85% of building leased to tenant who will commit to 10+ year term

Lifestyle Retail Mall

Nonthaburi

Term: 21Y leasehold (approx.)



Approx. Yield: 7.3%

Timeline : around Q3

• Sole Community Mall located on a major road

• Good performance supermarket anchor

• Growing neighborhood with new upscale housing projects

Projects that are under MOU have value ≤ 860 MB to be financed using debt room

KAD FARANG, Chiangmai• 30 –year leasehold, ended 2051

• Sponsored by Muen Saan Property Co.,Ltdwho guarantee 5-yr performance as PM

• Biggest modern Lanna community mall on the main road to key attractions in Chiang Mai, opened in 2014

• Surrounded by over 60 affluent housing projects, 40,000 residential units, 19 schools and airport

• Anchor tenants: Rimping supermarket, Mcdonald’s, KFC, Starbucks, Pizza hut, Mr. DIY, Premium outlet

Asset Evaluation Value390MB

JLL

390.10MB

ETC

390MB 9.3% IRR

7.7% Entry yield

ALLY

Investment Value

88%Occupancy Rate

385 Baht/Sqm.

Average Rental Rate

88%

Retention Rate

3%

Rental Reversion Rate6 yrsWALE

6,974 sqm

Net Leasable Area

Lifestyle14%

F&B49%

Financial2%

Education5%

Beauty&Health14%

Supermarket16%

T E N A N T M I X

THE CRYSTAL CHAIYAPRUEK, Nontaburi

● Drive to utilize clean and renewable

energy sources for portfolio needs

● Expected cost saving of 25% per unit cost

at CDC

● Replacement of all fertilizer utilize with

organic type (without any chemicals)

• 21 –year leasehold, expiring 2042

• Sponsored by K.E Group

• Growing neighborhood amidst new upscale housing projects, schools and hospitals

• PTT gas station (one of the highest sales station) on main outbound road draws in traffic

• Anchor tenants: TOPS supermarket, The Fitness Society, KFC, Starbucks, Mr. DIY, Yamaha Music School and Fit wash.

Asset Evaluation ValueInvestment Value

292.6MB

KTAC

294MB

JLL

280MB 9% IRR

7.7% Entry yield

ALLY

311.5 MB

IFA

T E N A N T M I X

F&B 21%

B&H7%

Lifestyle11%

Fashion6%

Office1%

Home1%

Education15%

Supermarket20%

Fitness9%

Financial 3%

Service6%

85%Occupancy Rate

415 Baht/Sqm.

Average Rental Rate

100%

Retention Rate

3%

Rental Reversion Rate

2.38 yrsWALE

9,488 sqm

Net Leasable Area

APPENDIX

GLOSSARY

Total Asset Value (TAV):

Total market value of all properties in REIT

Net Asset Value (NAV):

The market value of all REIT’s assets less its liabilities and obligations

Debt/Total Asset Value:

The leverage limit is 0.35 and up to 0.60, including investment grade bond

Distribution per unit (DPU):

Amount of dividends a REIT investor receives for every unit holding

Net Leasable Area (NLA):

The amount of floor space that can be rented out for income

Occupancy Rate (OR):

The proportion of rental area which are occupied

Committed Occupancy:

Occupancy rate based on current leases and letter of offer accepted by tenants for which a deposit fee has been paid

Average Rental Rate (ARR):

Rental rate charged per area (sqm.)

Rental Reversion Rate (RRR):

Changes in rental rate from new leases or same store rent changes

Retention Rate:

The proportion of leases renewed when expire

Weighted Average Lease Expiry (WALE):

All tenants’ remaining lease in years, weighted by tenants’ occupied area

OCCUPANCY RATE

At end-of-period 4Q19 1Q20 2Q20 3Q20 4Q20

CDC 90.6% 91.4% 88.2% 88.3% 95.8%

TC 99.3% 96.8% 95.4% 95.0% 95.4%

TCR 93.7% 97.3% 96.3% 96.4% 97.1%

AMR 96.3% 85.3% 85.0% 88.7% 88.5%

IMP 94.3% 96.1% 88.8% 83.9% 85.4%

PLN 85.5% 84.2% 82.9% 83.3% 84.6%

SRM 92.1% 90.2% 88.5% 91.2% 96.1%

SRS 92.5% 95.6% 92.2% 92.4% 93.6%

SRP 79.3% 78.8% 81.0% 80.5% 80.0%

TS 87.3% 90.6% 86.8% 87.4% 89.0%

AVERAGE RENTAL RATE

Baht/sqm. 4Q19 1Q20 2Q20 3Q20 4Q20

CDC 621 602 610 595 561

TC 654 605 563 578 590

TCR 573 532 525 530 505

AMR 365 385 364 342 367

IMP 634 606 561 544 532

PLN 406 381 394 398 340

SRM 455 453 448 441 440

SRS 548 523 500 520 500

SRP 521 517 514 516 507

TS 635 601 627 628 608

LEASE EXPIRY PROFILE

0%

15

%

6%

10

%

31

%

7%

29

% 33

%

12

%

4%

24

%

30

%

39

%

39

%

21

%

19

% 18

%

26

%

15

%

25

%

10

%

28

%

29

%

11

%

17

%

10

%

41

%

21

%

38

%

24

%

7%

43

%

14

%

23

%

40

%

10

%

25

%

18

%

25

%

2%

31

%

9%

20

%

71

%

14

%

15

%

0%

10%

20%

30%

40%

50%

60%

70%

80%

<=

12

mth

12

-24

mth

24

-36

mth

<=

12

mth

12

-24

mth

24

-36

mth

<=

12

mth

12

-24

mth

24

-36

mth

<=

12

mth

12

-24

mth

24

-36

mth

>3

6 m

th

<=

12

mth

12

-24

mth

24

-36

mth

<=

12

mth

12

-24

mth

24

-36

mth

>3

6 m

th

<=

12

mth

12

-24

mth

24

-36

mth

<=

12

mth

12

-24

mth

24

-36

mth

>3

6 m

th

<=

12

mth

12

-24

mth

24

-36

mth

<=

12

mth

12

-24

mth

24

-36

mth

Anchor tenant Other tenant

CDC

1.40

TC

4.67

TCR

3.44

AMR

4.16

IMP

1.52

PLN

2.73

SRM

2.62

SRS

1.55

SRP

0.82

TS

1.89

Weighted average lease expiry (yrs)

BALANCE SHEET

(Amount in THB m) 4Q19 3Q20 4Q20

ASSETS

Investment in leasehold properties at fair value 11,171.14 11,353.19 11,349.24

Investment in securities 40.00 159.82 60.00

Cash and equivalents 738.35 356.11 515.35

Rental and Service receivables 54.97 227.33 197.74

Other assets 184.83 164.50 128.54

Total Assets 12,189.29 12,260.95 12,250.87

LIABILITIES

Account payables and Accrued expenses 438.53 166.90 130.31

Deposits from rental and services 351.74 396.51 387.06

Rental and Service income received in advance 3.76 4.43 7.38

Long term loan 2,758.64 2,760.32 2,760.90

Lease liabilities - 539.93 539.19

Other liabilities 1.79 32.92 48.38

Total Liabilities 3,554.47 3,901.01 3,873.22

Net Asset Value 8,634.82 8,359.94 8,377.65

Capital from unitholders 8,897.99 8,758.13 8,644.50

Retained earning(loss) 54.30 (80.73) 50.62

Net Asset Value 8,634.82 8,359.94 8,377.65

Net Asset Value per Unit (Baht) 9.8785 9.5640 9.5843

INCOME STATEMENT

(Amounts in THB m) 4Q19 3Q20 4Q20

REVENUE

Rental and Service income 108.05 310.14 315.82

Interest income 0.62 0.09 0.14

Other income 9.25 17.32 (32.09)

Total Revenues 117.92 327.54 283.87

EXPENSE

Cost of rental and service 36.83 116.08 61.64

Property management fee 9.47 26.20 25.88

REIT management fee 4.46 12.16 12.23

Administration expense 2.93 8.30 12.29

Amortization of deferred expenses 1.49 5.29 5.29

Finance cost 8.43 27.39 27.40

Total Expenses 63.62 195.42 144.73

Net Investment Income 54.30 132.12 139.15

Net changes in fair value of investment in leasehold properties and securities - (17.38) (7.80)

Net change in Asset from Operation 54.30 114.74 131.35

THANK YOU

4q20 performance

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