WHA Business Complex Freehold and Leasehold Real Estate Investment Trust : Operating Result Quarter 1 Ending 30 Jun 2022

No. REM-BT015/2022 - EN

8 August 2022

Re: Clarification of the changes in operating for the first quarter ended 30 June 2022 of WHA Business Complex Freehold and Leasehold Real Estate Investment Trust

To: President

Stock Exchange of Thailand

WHA Real Estate Management Co., Ltd. ("Company") as the REIT Manager of WHA Business Complex Freehold and Leasehold Real Estate Investment Trust ("WHABT Trust"), would like to clarify the operating results for the first quarter ended 30 June 2022 (from 1 April 2022 to 30 June 2022) for comparison with the operating results from the same period of previous year. The details are shown as below;

Overall Performance

Several companies have required their employees to resume working at an office and some of them have also implemented hybrid working practice. These practices have led to an improvement in overall office rental market in Bangkok in recent months due to the increase in demand and transactions for office space.

For the operating results in the first quarter ended 30 June of the fiscal year 2022, the Increase in Net Assets from Operation (Net Profit) of the WHABT Trust increased by 8.59 percent compared to the same period of previous year. Main cause of the increase was the increase of rental and service income of the investment assets of the Trust.

In the first quarter ended 30 June 2022, the average occupancy rate of the WHABT Trust was approximately 79 percent which was on comparable range for Paholyothin - Viphavadi area and Bangna-Trad area. The majority of tenants of the Trust were in the trading business and telecommunication sectors which represented 36 percent and 32 percent of the leased area, respectively.

As a result of the increase in operating performance, the WHABT Trust announced to pay distributions in the form of dividend at the rate of Baht 0.1600 per unit which was the increase of Baht 0.0035 per unit compared to the same period of the previous year.

Financial Performance

• Total Income was Baht 55.04 million, increased by Baht 2.98 million or 5.73 percent from the same period of previous year. The main increase could be attributed to the revenue from Lease and Service fees of the Investment Assets of the Trust which increased by Baht 3.21 million or 7.23 percent.
• Total Expense was Baht 18.41 million, an increase of Baht 0.08 million or 0.46 percent from the same period of previous year.
• Net Investment Gain or Increase in Net Assets from Operation (Net Profit) was Baht 36.63 million, an increase of Baht 2.90 million or 8.59 percent from the same period of previous year.

Please be informed accordingly.

Yours sincerely,

(Mr. Anuwat Jarukornsakul)

Chief Executive Officer

WHA Real Estate Management Co., Ltd.

REIT Manager