BBL Asset Management Company Limited, acting as a REIT manager of the Bualuang Office Leasehold Real Estate Investment Trust ("B-WORK") informed the changes in main tenants and lease & service agreement renewals ("Lease Agreements") of B-WORK as: On March 1, 2023, True Corporation Public Company Limited and Total Access Communication Public Company Limited have successfully merged, adopting the new name, True Corporation Public
Company Limited. This merger has led to significant changes in both management structure and corporate policies for True Corporation Public Company Limited and its affiliates ("TRUE Group"). TRUE Group negotiated with B-WORK regarding lease terms, leasable space proportions, lease renewals, and the selection of a new headquarters location that must be aligned with dynamic demand for office space and the implementation of new corporate policies. According to this matter, the REIT manager as well as True Properties Company Limited, who is acting as the property manager, have actively collaborated to negotiate lease terms and renewal agreements. Additionally, discussions with the TRUE Group regarding the selection of True Tower 1 as their headquarters have been pursued. As a result, TRUE Group has chosen True Tower 1 as its headquarters, with a reduced leased area now
standing at 65.5% from the previous 84.1% of the total leasable area. Subsequently, the REIT manager and property manager engaged in negotiations with Charoen Pokphand Group ("CP Group") to occupy the vacated area, resulting in CP Group's leased area increasing to 33.9% from the prior 14.6% of the entire leasable area in True Tower 1. True Tower 1 has a total leasable area of 37,827 sq.m. True Tower 2 has a total leasable area of 25,041 sq.m.
True tower 2 has a lease agreement that expired in April 2023 of 529 sq.m. (2.2% of total leasable area of True Tower 2). True Tower 2 will see the non-renewal of lease agreements totaling 7,861 sq.m. (31.4% of the total leasable area) upon their expiration at the end of 2023. These include agreements expiring in September 2023, amounting to 2,370 sq.m. (9.5% of total leasable area); agreements expiring in October 2023, amounting to
299 sq.m. (1.2% of total leasable area); and agreements expiring in December 2023, amounting to 5,192 sq.m. (20.7% of the total rental area). In 2024, True Tower 2 will have lease agreements expiring, covering a total area of 11,941 sq.m. (47.7% of the total leasable area). These agreements include those ending in June 2024, amounting to 1,894 sq.m. (7.6% of the total leasable area); August 2024, amounting to 85 sq.m. (0.3% of the total leasable area); and December 2024, amounting to 9,962 sq.m. (39.8% of the total lease area). Given this situation, the non-renewal of lease agreements for True Tower 2, which account for 7,861 sq.m. (31.4% of the total leasable area) and are set to expire by the close of 2023, is projected to result in an approximate 12% reduction in B-WORK's total rental and service income as specified in the lease and service agreements.