1

Ref.no. REMS007/2018-ENG

19 February 2018

Re: Invitation of Extraordinary Trust Unitholders’ Meeting No.1/2018 of WHA Premium Growth Freehold

and Leasehold Real Estate Investment Trust (WHART)

To: All Trust Unitholders

Enclosures: 1. Minutes of Extraordinary General Meeting of Trust unitholders No.1/2017

2. Trustee’s opinion

3. Registration procedure, Meeting Attendance and Authorisation of Proxy

4. Proxy form

5. Map of the Meeting Venue

The Meeting of Board of Directors of WHA Real Estate Management Co., Ltd. (the Company and/or

REIT Manager) in its capacity as the REIT Manager of WHA Premium Growth Freehold and Leasehold

Real Estate Investment Trust (WHART) on 29 January 2018 passed a resolution to call an Extraordinary

General Meeting of Trust Unitholders of WHART No.1/2018 on 27 February 2018 at 14.00 at the Grand

Fortune Room, 3rd Floor, The Grand Mercure Bangkok Fortune Hotel, located at 1 Ratchadaphisek Road,

Dindaeng, Bangkok 10400 (the Meeting) to consider the following agenda:

1. To consider and certify the minutes of the previous trust unitholders’ meeting

The REIT Manager convened the extraordinary general meeting of the trust unitholders no.1/2017 on

13 July 2017 at 14.00 at Grand Fortune Room, 3rd Floor, The Grand Mercure Bangkok Fortune Hotel, located

at 1, Ratchadaphisek Road, Dindaeng, Bangkok. A copy of the minutes of the extraordinary general meeting

of the trust unitholders no.1/2017 is attached hereto as Enclosure No. 1.

REIT Manager’s opinion

The REIT Manager proposed that the Meeting consider and certify the minutes of the extraordinary

general meeting of the trust unitholders No.1/2017, as appeared in the Enclosure No. 1.

Resolution

Approval of this matter requires a majority of votes by trust unitholders who are present and eligible

to vote.

2. To consider and approve an issuance and offering of debentures for the purpose of

prepaying/repaying loans owed by WHART

Purpose and reason

From the establishment of WHART until the present, WHART has sought finances from financial

institutions to inject into its investment projects. The total outstanding principal of loans owed by WHART (as

1

2

of 30 September 2017) is THB 7,715.75 million. Set out below is a list of the loan agreements between WHART

and the lenders:

1. Loans for initial investment (the Cap1 Loan Agreements):

(1) the loan agreement between WHART and Kasikornbank Public Company Limited

(KBank) dated 12 December 2014; and

(2) the loan agreement between WHART and Bank of Ayudhya Public Company Limited

(BAY) dated 12 December 2014;

2. Loans for the second investment (the Cap2 Loan Agreements):

(1) the loan agreement between WHART and KBank dated 25 December 2015; and

(2) the loan agreement between WHART and Muang Thai Life Assurance Public

Company Limited dated 25 December 2015;

3. Loan for the third investment (the Cap3 Loan Agreement): the loan agreement between

WHART and KBank dated 2 December 2016; and

4. Loan for the fourth investment (the Cap4 Loan Agreement): the loan agreement between

WHART and KBank dated 24 November 2017,

(all items under 1-4 above are collectively referred to as the Loan Agreements).

Currently, the market coupon rate on debentures tends to be lower than the lending interest rates

imposed by the Loan Agreements. Therefore, to minimise WHART’s financial costs, the Company’s Board of

Directors passed a resolution for WHART to issue and offer debentures in accordance with the Notification of

the Capital Market Supervisory Board No. Thor. Chor. 82/2558 Re: Application for and Approval of Offer for

Sale of Newly Issued Debentures of Real Estate Investment Trust dated 2 December 2015 (as amended), in

order to use the proceeds received from an offering of debentures to prepay and/or repay WHART’s loans

under the Loan Agreements or other outstanding debts of WHART, and also to make payment of all other

costs, fees and expenses relating to the offering of the debentures.

(1) Key features of the proposed issue

Use of Proceeds : To prepay and/or repay loans under the Loan Agreements or other

outstanding debts of WHART (either for the purpose of

refinancing or making payment on the due date), and to pay all

other costs, fees and expenses relating to the offering of debentures

Offering : Debentures may be offered onshore and/or offshore to the public

and/or institutional investors and/or high net worth investors and/or

by private placement in one or several tranches and occasions. Debentures may be offered to the existing trust unitholders whose

debentures will soon become mature or redeemable before the

maturity date. However, each offering must comply with

applicable laws, rules, notifications and requirements imposed by

2

3

the relevant government agencies and authorities, including the

requirements to acquire permits, approvals and consents

Type : Debentures may be registered or unregistered, unsubordinated,

secured or unsecured, amortised or bullet, with or without a

debentureholders’ representative; however, this mainly depends

on the market condition at the actual time of the issuance and

offering of such debentures

Amount : At any time, not exceeding THB 8,000 million (on a revolving

basis)

Currency : Baht-denominated

Tenor : Not exceeding seven (7) years

Coupon rate : Fixed rate throughout the term of debentures, depending on the

suitability and market condition at the time of such offering

In this connection, the REIT Manager will have the powers and authorities to do the following:

(i) determine terms, details and other conditions relating to the issuance and offering of

debentures, e.g. name of debenture, offering methodology, number of debentures to be issued at each offering,

type of debentures, security, offering price per unit, tenor, maturity date, early redemption, coupon rate,

payment terms in respect of the outstanding principal and accrued interest, allocation procedure and offering

details and etc.; and

(ii) negotiate, agree, sign and execute any or all documents relating to the offering of

debentures, with powers to take all relevant necessary steps, including preparing, signing and filing all

applications, registration statement and other documents with the Office of the Securities and Exchange

Commission of Thailand and other related authorities, registering the debentures with the Stock Exchange of

Thailand and/or the Thai Bond Market Association or any secondary market, and doing all acts and things

necessary or in connection with the issuance and offering of debentures until its completion and in compliance

with applicable laws.

(2) Principles for each offering of debentures

The REIT Manager has established key principles for each offering of WHART debentures as

follows:

(i) the coupon rate must be appropriate;

(ii) the financial costs of WHART must be reduced when comparing with the interest

payment under the Loan Agreements or other debts which will be prepaid/repaid by the proceeds received from

the offering of debentures, also taking into account all other costs, fees and expenses incurred by WHART in

relation to such offering of debentures; and

(iii) the timing for the offering of debentures must be appropriate.

3

4

(3) Initial offering

After the Meeting approves the issuance and offering of debentures by WHART, the REIT

Manager has a plan to issue the debentures in one or more tranches in an amount not exceeding THB 4,200

million to: (i) prepay all outstanding debts under the Cap1 Loan Agreement and the Cap3 Loan Agreement, (ii) partially prepay debt under the Cap4 Loan Agreement and (iii) release the relevant security assets provided

under the Loan Agreements mentioned in (i) – (ii) above. The initial offering of debentures will follow the

principles stated in (2) above. The REIT Manager is now considering the appointment of an arranger(s) for the

initial offering. Initially, there are two candidates, namely Kasikornbank Public Company Limited (which is a

connected person related to the Trustee) and Phatra Securities Public Company Limited. However, the REIT

Manager has the sole discretion to appoint other entities as arranger as it thinks fit.

(4) Subsequent offerings

Upon completion of the initial offering, the REIT Manager will consider issuing the next

tranches of debentures when it deems appropriate in order to prepay/repay the outstanding debt under the Cap2

Loan Agreement and the remaining debt under the Cap4 Loan agreement and to release the relevant security

assets provided under each such Loan Agreements or to prepay/repay other outstanding debts owed by

WHART. Subsequent offerings of debentures will also adhere to the above key principles stated in (2) above.

After the Meeting approves the proposed offering of debentures, the REIT Manager will take further

steps to prepare and file the registration statement and prospectus, together with other related documents with

the Office of SEC.

REIT Manager’s opinion

The REIT Manager considers the pros and cons of the proposed offering as follows:

1. Expected benefits for WHART

1.1 Information available to the REIT Manager indicated that the financial costs relating

to the issue of debentures by other REITs ranking the same as WHART in credit rating are currently lower

than the financial costs associated with WHART’s loans. Therefore, compared to the current loans owed by

WHART, the proposed offering of debentures is expected to incur lower financial costs. When the financial

costs are minimised, there is much prospect that WHART’s operational performance will improve.

1.2 As mentioned above, WHART intends to use the proceeds of the proposed offering to

prepay/repay its loans and to release the related security interests. As a result, WHART will be able to recover

its assets and property free of encumbrances, which may be further put forward to secure additional finances

to support its investment projects in the future. This can assure WHART of multiple alternatives in forecasting

the proportion of borrowings to capital increase in the future.

1.3 Issuing debentures functions as a mechanism for raising funds from a new source; this

will expand WHART’s current investor base towards debt securities investors.

2. Possible effects on accounting

Certain effects on accounting are unavoidable if WHART uses the proceeds of the debentures

issuance to pay debt. According to bookkeeping standards relating to loans and borrowings, where the lender

4

5

collects a front-end fee from the borrower in respect of any loan granted, the front-end fee must be regularly

amortised throughout the term of that loan. In this regard, if WHART issues debentures and uses the proceeds

of the issuance to repay its loans, deferred expenses on the front-end fee associated with those loans will be

fully amortised as at the date of loan repayment. Technically, amortisation costs incurred by WHART

constitute accounting costs, rather than cash expenses. As a result, WHART’s capital will be significantly reduced in order to set aside funds for distributing investment yields to trust unitholders for the operating

period within which the offering of debentures takes effect. In the opinion of the REIT Manager, this is a side

effect on accounting that will exist temporarily in the financial period during which the offering of debentures

is launched.

As described above, the proposed offering of debentures can help minimise WHART’s

financial costs and enable it to recover assets and property free of encumbrances, which makes multiple

alternatives for WHART to determine an appropriate proportion of borrowings to capital increase in the future. In terms of accounting, it is foreseeable that the distribution of investment yields to investors will result in a

great reduction in WHART’s capital; however, such effect will last for a very short time during the launching

of the offering. For the above reasons, the REIT Manager advises WHART that the issuance of debentures is

a good alternative for the purpose of minimising its financial costs.

Resolution

Approval of this matter requires a majority of votes by trust unitholders who are present and eligible

to vote.

3. To consider other matters (if any)

Now and therefore, you are gracefully invited to attend the Meeting on 27 February 2018 at 14.00 at

Grand Fortune Room, 3rd Floor, The Grand Mercure Bangkok Fortune Hotel, located at 1, Ratchadaphisek

Road, Dindaeng, Bangkok 10400. The REIT Manager will prescribe the list of Trust unitholders eligible to

attend WHART Extraordinary Trust Unitholders' Meeting No. 1/2018 on 13 February 2018 (Record Date) for

the preparation of the list of Trust unitholders entitled to attend WHART Extraordinary Trust Unitholders'

Meeting No. 1/2018.

Please study the instructions relating to proxy authorisation, registration procedure and meeting

attendance in Enclosure No. 3 attached hereto. If you are unable to attend the Meeting in person and wish to

appoint a representative to attend and vote on your behalf at the Meeting, please complete and sign the proxy

form in Enclosure No. 4 attached hereto or download it from www.whareit.com. For your consideration, you

may appoint one of the Company’s independent directors, namely Mr. Ratachai Teratanavat, or any appropriate

person as proxy to represent you at this Meeting. Kindly note that the proxy should bring and deliver a proxy

instrument in the prescribed form, Enclosure No. 4, to the registrar on the date of the Meeting.

Yours sincerely,

(Mr. Piyapong Pinthuprapa) Director

WHA Real Estate Management Company Limited

REIT Manager

5

Enclosure No.1

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

Enclosure No.2

50

51

Enclosure No.3

Registration Method, Meeting Attendance and Proxy

for the Extraordinary Trust Unitholders’ Meeting No.1/2018 of WHA Premium Growth

Freehold and Leasehold Real Estate Investment Trust (WHART) on 27 February 2018 at 14.00 at the Grand Fortune Room, 3rd Floor, The Grand

Mercure Bangkok Fortune Hotel, 1 Ratchadaphisek Road, Dindaeng, Bangkok

1. Registration

- The trust unit holders or proxies may register or present documents or evidence

(in Clause 2 or Clause 3) to the REIT Manager for verification at the place of the

Meeting prior the Meeting time on February 27, 2018 from 12.00 p.m. onwards.

2. Attending the Meeting in Person

In the case of natural persons

- Please present a copy of the trust unitholders’ unexpired identification card or

government official identification card or passport duly certified by themselves to

the officer for registration before the meeting.

In the case of juristic persons

- In case of juristic persons who are established under Thai laws, please present the

following evidence to the officer for registration before the meeting.

a) A copy of the juristic person certificate issued by the relevant governmental

authority and duly certified true and correct by the person being authorized

to sign binding upon the juristic person together with the juristic person’s

seal affixed (if any).

b) A copy of unexpired identification card or government official

identification card or passport of the authorized person of the juristic person

duly certified copy true and correct.

- In the case of juristic persons which are established under foreign laws, please

present the following evidence:

a) A copy of the juristic person certificate issued by the governmental authority

of the country where such juristic person is situated and duly certified true

and correct by the person being authorized to sign binding upon the juristic

person together with the juristic person’s seal affixed (if any)

b) A copy of unexpired identification card or government official identification

card or passport of the authorized person of the juristic person duly certified

copy true and correct.

- As for juristic person which are established under foreign laws, if the original

documents are not in English, an English translation of such documents duly certified

true translation by the person being authorized to sign binding upon the juristic

person.

3. Proxy

52

2

The trust unit holders who would like to appoint other persons to be their proxy to

attend and vote shall give proxies to nature persons. The Company will deem the

casting votes of the trust unit holders’ proxy holders as the casting vote of total trust

units of such trust unit holders, or as the casting vote of total voting rights of such

trust unit holders, as the case may be.

Documents to be used for Proxy

(1) In case of the trust unit holders (Grantor) are natural persons, the proxy holders shall

present and submit the following documents:

- Proxy forms duly signed by the grantor and the proxy and affixed with Bath 20

stamp.

- A copy of identification card or government official identification card or

passport of grantors (in case of foreign grantors) duly certified true and correct by

the grantors.

- A copy of identification card or government official identification card or

passport of proxy holders (in case of foreign grantors) duly certified true and correct

by the proxy holders.

(2) In case of the trust unit holders (Grantor) are juristic persons, the proxy holders shall

present and submit the following documents:

- Proxy forms duly signed by the person being authorized to sign binding upon the

juristic person pursuant to the latest juristic person certificate issued by the

governmental authority ( not more than 3 months old from the issuing date) together with the juristic person’s seal affixed (if any) and affixed with stamp duty

of Baht 20.

- In the case that grantors are juristic persons established under Thai laws, please

submit a copy of the company’s latest juristic person certificate issued by the

governmental authority (not more than 3 months old from the issuing date) duly

certified true and correct by the person being authorized to sign binding upon the

juristic person together with the juristic person’s seal affixed (if any).

- In case that grantors are juristic persons established under foreign laws, please

submit a copy of the juristic person certificate issued by the governmental

authority of the country where such juristic person is situated and duly certified

true and correct by the person being authorized to sign binding upon the juristic

person together with the juristic person’s seal affixed (if any)

- As for juristic person who are established under foreign laws, if the original

documents are not in English, an English translation of such documents duly

certified true translation by the person being authorized to sign binding upon the

juristic person.

53

3

- A copy of identification card or government official identification card or

passport of proxy holders (in case of foreign proxy holders) duly certified true and

correct by the proxy holders.

54

Enclosure No.4

หนงสอมอบฉนทะ PROXY

เขยนท Written at

วนท เดอน พ.ศ. Date Month Year

(1) ขาพเจา สญชาต

I / We Nationality อยบานเลขท ถนน ต าบล/แขวง Reside at Road Tambon/Khwaeng อ าเภอ/เขต จงหวด รหสไปรษณย Amphur/Khet Province Postal Code

(2) เปนผ ถอหนวยทรสตของทรสตเพอการลงทนในอสงหารมทรพยและสทธการเชาดบบลวเอชเอ พรเมยม โกรท โดยถอหนวยทรสตจ านวนทงสนรวม หนวย และออกเสยงลงคะแนนไดเทากบ เสยง

being a trust unitholder of WHA Premium Growth Real Estate Investment Trust holding the total amount of units and having the right to vote equal to votes

(3) ขอมอบฉนทะให (1) อาย ป อยบานเลขท

age years, resides at ถนน ต าบล/แขวง อ าเภอ/เขต Road Tambol/Khwaeng Amphoe/Khet จงหวด รหสไปรษณย หรอ Province Postal Code , or

(2) อาย ป อยบานเลขท Mr. Ratachai Teratanavat age 44 years, resides at 98 Sathorn Square Office Tower, Floor 10 ถนน ต าบล/แขวง อ าเภอ/เขต Road North Sathorn Tambol/Khwaeng Silom Amphoe/Khet Bangrak จงหวด รหสไปรษณย Province Bangkok Postal Code 10500

55

Enclosure No.4

คนหนงคนใดเพยงคนเดยวเปนผแทนของขาพเจาเพอเขาประชมและออกเสยงลงคะแนนแทนขาพเจาในการประชมวสามญผ ถอหนวยทรสตของทรสตเพอการลงทนในอสงหารมทรพยและสทธการเชาดบบลวเอชเอ พรเมยม โกรท (กองทรสต WHART) ครงท 1/2561 ในวนท 27 กมภาพนธ 2561 เวลา 14.00 น. ณ หองแกรนดฟอรจน ชน 3 โรงแรมแกรนด เมอรเคยว กรงเทพฯ ฟอรจน เลขท 1 ถนนรชดาภเษก ดนแดง กรงเทพมหานครหรอทจะพงเลอนไปใน วน เวลา และสถานทอนดวย any one of them to be my/our proxy to attend and vote on my/our behalf at the Extraordinary Trust Unitholders’ Meeting No.1/2018 of WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust (WHART) on 27 February 2018 at 14.00 at the Grand Fortune Room, 3rd Floor, The Grand Mercure Bangkok Fortune Hotel, 1 Ratchadaphisek Road, Dindaeng, Bangkok , with the following agenda or at any adjournment thereof on any date, time and place.

(4) ขาพเจาขอมอบฉนทะใหผ รบมอบฉนทะออกเสยงลงคะแนนแทนขาพเจาในการประชมครงนดงน I/We hereby authorize the proxy to vote on my/our behalf at this meeting follows: (1) วาระท 1 พจารณารบรองรายงานการประชมครงทผานมา

Agenda 1 To adopt the minutes of the previous meeting

ใหผ รบมอบฉนทะออกเสยงลงคะแนนตามความประสงคของขาพเจาดงน To grant my/our proxy to vote at my/our desire follows: เหนดวย ไมเหนดวย งดออกเสยง Approve Disapprove Abstain

ใหผ รบมอบฉนทะมสทธพจารณาและลงมตแทนขาพเจาไดทกประการตามทเหนสมควร To grant my/our proxy to vote on my/our behalf as he/she may deem appropriate it all

respects.

(2) วาระท 2 พจารณาอนมตการออกและเสนอขายหนกเพอช าระคนเงนกยม กองทรสต WHART

Agenda 2 To consider and approve an issuance and offering of debentures for the purpose of prepaying/repaying loans owed by WHART

ใหผ รบมอบฉนทะออกเสยงลงคะแนนตามความประสงคของขาพเจาดงน To grant my/our proxy to vote at my/our as follows:

เหนดวย ไมเหนดวย งดออกเสยง Approve Disapprove Abstain

ใหผ รบมอบฉนทะมสทธพจารณาและลงมตแทนขาพเจาไดทกประการตามทเหนสมควร To grant my/our proxy to vote on my/our behalf as he/she may deem appropriate it all

respects.

56

Enclosure No.4

(3) วาระท 3 พจารณาเรองอนๆ (ถาม) Agenda 3 Other (if any) ใหผ รบมอบฉนทะออกเสยงลงคะแนนตามความประสงคของขาพเจาดงน To grant my/our proxy to vote at my/our desire follows: เหนดวย ไมเหนดวย งดออกเสยง Approve Disapprove Abstain

ใหผ รบมอบฉนทะมสทธพจารณาและลงมตแทนขาพเจาไดทกประการตามทเหนสมควร To grant my/our proxy to vote on my/our behalf as he/she may deem appropriate it all

respects.

(5) การลงคะแนนเสยงของผ รบมอบฉนทะในวาระใดทไมเปนไปตามทระบไวในหนงสอมอบฉนทะนใหถอวาการลงคะแนนเสยงนนไมถกตองและไมใชเปนการลงคะแนนเสยงของขาพเจาในฐานะผ ถอหนวยทรสต

Voting of the proxy in any agenda that is not as specified in this Proxy Form shall be considered as invalid and not my/our votes as a trust unitholder.

(6) ในกรณทขาพเจาแตงตงใหบคคลอนเปนผ รบมอบฉนทะของขาพเจาแตไมไดระบความประสงคในการออกเสยงลงคะแนนในวาระใดไวหรอระบไวไมชดเจน หรอในกรณททประชมม การพจารณาหรอลงมตในเรองใดนอกเหนอจากเรองทระบไวขางตน รวมถงกรณทมการแกไขเปลยนแปลงหรอเพมเตมขอเทจจรงประการใด ใหผ รบมอบฉนทะมสทธพจารณาและลงมตแทนขาพเจาไดทกประการตามทเหนสมควร

In case I/we have appointed a person as my/our proxy, but have not specified my/our voting instruction in any agenda or such instruction is not clearly specified or in case the meeting considers or passes resolutions in any matters other than those specified above, including in case there in any amendment or addition of any fact, the proxy shall have the right to consider and vote on my/our behalf as he/she may deem appropriate in all respects.

กจการใดทผ รบมอบฉนทะไดกระท าไปในการประชม เวนแตกรณทผ รบมอบฉนทะไมออกเสยงตาม

ขาพเจาระบในหนงสอมอบฉนทะ ใหถอเสมอนวาขาพเจาไดกระท าเองทกประการ Any business carried out by the proxy at the said meeting, except in case that proxy does

not vote according to my/our intention(s) specified in the Proxy Form, shall be deemed as having been carried out by myself/ourselves in all respects.

ลงชอ/Signed ผมอบฉนทะ/Grantor ( )

ลงชอ/Signed ผ รบมอบฉนทะ/Proxy ( )

57

Enclosure No.4

หมายเหต 1. ผ ถอหนวยทรสตทมอบฉนทะจะตองมอบฉนทะใหผ รบมอบฉนทะเพยงรายเดยวเปนผ เขาประชมและออกเสยง

ลงคะแนน ไมสามารถแบงแยกจ านวนหนวยทรสตใหผ รบมอบฉนทะหลายคนเพอแยกการลงคะแนนเสยงได The trust unitholder appointing the proxy must authorize only one proxy to attend and vote at the meeting and may not split the number of trust units to several proxies for splitting votes.

2. กรณาตดอากรแสตมป 20 บาท Please affix duty stamp of Baht 20.

3. ผ ถอหนวยทรสตสามารถมอบฉนทะใหกรรมการอสระของผจดการกองทรสต คอ นายรฐชย ธระธนาวฒน เปนผ รบมอบฉนทะไดโดยขอมลของกรรมการอสระ เปนไปตามทปรากฏทายหนงสอมอบอ านาจฉบบน The trust unitholder may appoint the independent director of the REIT Manager, who is Mr. Rattachai Teerathanawat, to be the proxy. Information of the independent director is as enclosed herewith.

58

Enclosure No.4

Information of Independent Director for Giving Proxy of Trust Unit Holders

Name Mr.Ratachai Teratanavat Position Independent Director Age 44 years old Address 10th Floor, Sathorn Square Office Tower

98 North Sathorn Rd. Silom Bangrak Bangkok 10500 Education Master of Business Administration in Finance, California State University, United States of

America.

59

Enclosure No.5

60