Golden Ventures Leasehold Real Estate Investment Trust : Management Discussion and Analysis Quarter 3 Ending 30 Jun 2022

No. FPCAMT2022-031

August 15, 2022

Re:	Clarification of the changes in operating results for three-months period ended of June 30, 2022, of Golden
	Ventures Leasehold Real Estate Investment Trust (Golden Ventures REIT)
To:	President
	The Stock Exchange of Thailand

Frasers Property Commercial Asset Management (Thailand) Company Limited ("Company") as the REIT manager of Golden Ventures Leasehold Real Estate Investment Trust ("Golden Ventures REIT") would like to inform the clarification of the reviewed financial operating results for the three-months period ended of June 30, 2022 as compared to the same period last year as follow:

For the operating results of Golden Ventures REIT for the three-months period ended of June 30, 2022, the REIT had total investment income, mostly from rental and service income, of Baht 286.51 million which increased by Baht 1.57 million or 0.55% from the previous operating results in FY2021 (Q3-2021). The REIT had total expensed, comprising of cost of rental and services, finance cost and fees, of Baht 96.87 million which increased by Baht 1.26 million or 1.32% from the previous operating results in FY2021 (Q3-2021). As a result, the REIT had net investment income of Baht 189.64 million which increased by Baht 0.31 million or 0.17% from the previous operating results in FY2021 (Q3-2021).

The REIT had the total net gain on investments of Baht 7.23 million, mainly from Thai Financial Reporting Standard (TFRS16) which is implemented in the fiscal year ended 2021. Consequently, the net increase in net assets from operations was Baht 196.87 million which decreased by Baht 3.52 million or 1.76% from the previous operating results in FY2021 (Q3-2021).

		Net increase in net assets				Q3-2022				Q3-2021				Change
		from operations
					Amount				Amount				Amount				%
		(Unit: Million Baht)
		Total Investment Income	286.51		284.93	1.57			0.55
		Total Expensed	(96.87)		(95.61)	(1.26)			(1.32)
		Net Investment Income		189.64			189.32		0.31			0.17
		Total net gain on investments	7.23		11.07	(3.84)			(34.66)
		Net increase in net assets from operations		196.87			200.40		(3.52)			(1.76)

Please kindly be informed accordingly

Sincerely yours,

Frasers Property Commercial Asset Management (Thailand) Co., Ltd

- Chantraporn Chan -

……………………………………………………………..

Ms. Chantraporn Chan

Managing Director