Quality Hospitality Leasehold Property Fund reported earnings results for the full year ended December 31, 2013. For the year, net profit decreased from the same period of the previous year by 163.28% or from the net profit of THB 135.67 million in the year 2012 to THB 85.86 million. UOB Asset Management (Thailand) Co.

Ltd. as the management company hereby would like to elaborate the causes of such changes as follows: The Fund has the income from guarantee of returns on leasehold rights to properties due to the Fund, the Sub-Lessee and the Sponsors agreed and acknowledged the requirements and conditions as mutually reached and agreed between the Management Company and the Sponsors regarding payments of guaranteed annual rental fees. In year 2012, the income from guarantee of returns on leasehold rights to properties of the Fund was THB 42.52 million, whereas in year 2013 (Terminated of income from guarantee of returns on leasehold rights on 16 March 2013) of was THB 8.57 million, which decreased amounting to THB 33.95 million. The Fund has hired an independent appraiser to review the value of its investment in properties, using the Income Approach method, and adjusted the increase or decrease of those property investment to their value and recognized net unrealized gain or loss on investments as followings: In year 2012, the Fund has adjusted these property investments from their fair value from THB 1,871.40 million to THB 1,849.90 million, which decreased amounting by THB 21.50 million but the Fund has additional renovation cost amounting to THB 2.14 million, thus recognized net unrealized loss on investments amounting to THB 23.53 million.

Whereas in year 2013, the Fund has adjusted those property investments from their fair value from THB 1,849.90 million to THB 1,630.00 million, which decreased amounting by THB 219.90 million and the Fund has additional renovation cost amounting to THB 2.06 million, thus recognized net unrealized loss on investments amounting to THB 221.96 million.