News Detail

                Management Discussion and Analysis

Company name                             : ERAWAN HOTEL GROWTH PROPERTY FUND
Year                                     : 2018
Quarter                                  : Yearly
Ending                                   : 31-Dec-2018
Note                                     :
JorTor. 11- 620070                        February 26, 2019

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 the year ended December 31, 2018 which
increase in excess of 20%, compared to that of the same period in 2018.
The Fund has the net change in net assets from operations for the year ended 
December 31, 2018 amounted to Baht -18.39 million, compared to the net decrease
in net assets from operations of Baht -122.36 million for the year ended in
2017, or an increase of Baht 103.97 million (84.97%) from the last year. This is
mainly a result of net unrealized loss stems from a change in fair value of the
assets resulting from asset re-appraisal by the independent appraiser totaled
Baht -84.50 million (the year ended December 31, 2017: Baht -188.38 million)
As a result, the net decrease in net assets from operations for the year ended 
December 31, 2018 has changed in excess of 20% when compared to the year ended
in 2017.

Please be informed accordingly.


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


(Mrs. Tipaphan Puttarawigorm)
Executive Vice President, Property and Infrastructure Investment Group
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