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13 May 2016 18:42:00
Management Discussion and Analysis Quarter 1 Ending 31-Mar-2016
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                Management Discussion and Analysis

Company name                             : DIGITAL TELECOMMUNICATIONS 
Year                                     : 2016
Quarter                                  : Quarter 1
Ending                                   : 31-Mar-2016
Note                                     :
JorTor 11-590210                        May 13, 2016

To:    The President
The Stock Exchange of Thailand

Re:    Clarification on the change in the net increase in net assets from 
operations in excess of 20% of Digital Telecommunications Infrastructure Fund

SCB Asset Management Co., Ltd., the Management Company of Digital 
Telecommunications Infrastructure Fund ("the Fund"), would like to clarify the
change in the net increase in net assets from operations for three months ended
March 31, 2016 which increased in excess of 20%, compared to that of the same
period in 2015.
The Fund has the net increase in net assets from operations for three months 
ended March 31, 2016 amounted to Baht 14,649.78 million, or an increase of Baht
13,374.68 million (1048.91%) from that of the same period last year. This is
mainly a result of an increase of net unrealized gain from investment totaled
Baht 13,486.11 million (for three-month period ended March 31, 2016: Baht
13,486.96 million; three-month period ended March 31, 2015: Baht 0.85 million).
The incremental net unrealized gain in Q1 2016 stems mainly from an incremental 
asset re-appraisal. For this period, the independent appraiser has adjusted
certain assumptions in order to make the investment value more in line with what
is stated in the relevant agreements and the Fund's operation, for instance,
adjusting discount rate, applying mid-year discount convention, modifying the
assumption about additional rental incomes from co-tenants, and adjusting the
assumption about certain relevant expenses. However, the Fund has not conducted
the periodic re-appraisal of its whole assets during 2015 (there was only the
appraisal of recently-invested assets in Q1 2015, where the source of funding is
loan from the group of five banking and financial institutions; therefore,
there was no impact toward net asset value in 2015), leading to no unrealized
gain from asset re-appraisal recorded in the financial statement in 2015.
The incremental asset re-appraisal which grew significantly in Q1 2016 resulted 
in the unrealized gain in the financial statement and/or reviewed financial
statement by auditor, but did not impact the cash flows to be considered for
distributions to the unitholders and/or capital reduction of the Fund. Also,
please be noted that the Fund has changed the asset re-appraisal policy from
January 2015 onwards to re-evaluate the assets of the Fund once a year, unless
there is any significant event impacting the value of assets of the Fund.

Please be informed accordingly.

Yours Faithfully,
Digital Telecommunications Infrastructure Fund
By SCB Asset Management Company

(Ms. Pijittra Trirattanathada)
Senior Vice President, Property and Infrastructure Investment Group
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