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07 May 2019 08:54:00
Appraisal Report
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                Jasmine Broadband Internet Infrastructure Fund
Details of Asset

1. Details of Asset     :    The asset consists of approximately 980,500 core 
kilometers of Optical Fiber Cables (OFCs), which the Fund purchased from Triple
T Broadband PCL. (TTTBB). The asset consists of:
(1)     Existing OFCs amount 800,500 core kilometers which were transferred on 
February 11, 2015 and
(2)     Future OFCs approximately 180,000 core kilometers which will be gradually 
transferred over the following 2 years since the closing date or 7,500 core
kilometers per month. (Transferred completely)

2. Type of Asset    :    Ownership of Optical Fiber Cables

3. Location of Asset     :             Nationwide in Thailand
4. Appraisal Value *    :    Baht 57,500,000,000

5. Appraiser    :    American Appraisal (Thailand)  Ltd.

6. Revaluation Date    :     March 31, 2019

*     The Appraiser utilized Income Approach Method in assessing the asset since 
such asset is income-producing asset.  The Appraiser used projected rental
revenue deducting projected operating expenses over the Main Lease Agreement and
Rental Assurance Agreement term (from April 1, 2019 to February 22, 2026) and
calculated the value of asset by discounting to present value at the discount
rate of 8.39% p.a.

    The appraiser calculated the terminal value of the asset based on Perpetuity 
Assumption at the discount rate of 9.39% p.a. and calculated the value of asset
by discounting to present value at the discount rate of 8.39% p.a.
    Investors may request for more details of the appraisal report at the 
Management Company.
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