News Detail

                Management Discussion and Analysis

Company name                             : ERAWAN HOTEL GROWTH PROPERTY FUND
Year                                     : 2017
Quarter                                  : Quarter 1
Ending                                   : 31-Mar-2017
Note                                     :
JorTor. 11-600144                            May 12, 2017

To:    The President
The Stock Exchange of Thailand

Re:    Clarification of the change in net assets from operations in excess of 20% 
of
Erawan Hotel Growth Property Fund (ERWPF)

SCB Asset Management Co., Ltd., the Management Company of Erawan Hotel Growth 
Property Fund ("The Fund"), would like to clarify the change in the net decrease
in net assets from operations for three  months ended March 31, 2017 which
decreased in excess of 20%, compared to that of the same period in  2016.
The Fund has the net decrease in net assets from operations for three months 
ended March 31, 2017 amounted to Baht 36.60 million, compared to the net
increase in net assets from operations of Baht 40.46 million for the same period
in 2016, or a decrease of Baht 77.06 million (190.46%) from that of the same
period last year. This is mainly a result of a net unrealized loss from
investment totaled Baht 77.41 million (for three-month period ended March 31,
2017: Baht -63.00 million; three-month period ended March 31, 2016: Baht 14.41
million). A reduction in such net unrealized gain stems mainly from a change in
fair value of the assets resulting from asset re-appraisal by the independent
appraiser. That is, in Q1 2017 there was a net unrealized loss on appraisal of
Baht 63.00 million whereas there was a net unrealized gain on appraisal of Baht
14.40 million in Q1 2016.

Please be informed accordingly.


Yours faithfully,
Erawan Hotel Growth Property Fund
By SCB Asset Management Company Limited


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