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28 Feb 2018 17:02:00
Management Discussion and Analysis Yearly Ending 31 Dec 2017 (Revise Template)
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                Management Discussion and Analysis

Company name (New)                       : MULTI-NATIONAL RESIDENCE FUND
Year (New)                               : 2017
Quarter (New)                            : Yearly
Ending (New)                             : 31-Dec-2017
Note (New)                               :
Ref : MFC PT. 010/2018

February 28, 2018
Director and Manager    
The Stock Exchange of Thailand
Dear Sir,

Re : Clarification for the change of Fund's performance over 20%

MFC Asset Management Public Company Limited, as the Management Company of 
Multi-National Residence Fund ("the Fund"), would like to offer an explanation
for the change of the Fund's performance for year-end 2017 over 20% from the
same period last year as follow.

For the year 2017, the Fund had net gain from investments of Baht 8.77 million 
from a net loss on investments of Baht 147.26 million in the same period last
year, or an increase of 105.95%. The main reason was due to the followings.

- During the year 2017 the Fund has adjusted the market value of investment in 
property, as a result, the Fund has recognized an unrealized loss on properties
revaluation of Baht 3.45 million whereas in the same period last year the Fund
has recognized an unrealized loss of Baht 145.19 million.

- The Fund has rental revenue of Baht 25.75 compared with Baht 23.78 million 
from the same period last year, or an increase of 8.26%.

- The Fund has total expense of Baht 26.22 million, increasing from 25.85 
million from the same period last year, representing a 1.41 % increase.

-During the period, the Fund has sold some properties which are a residential 
condominium of Danicha Gardens Condominium comprising of 8 residential units and
land with 1 units of 2-storeyed private house of Palmtree Place. The Fund has
realized a gain on sale, net of related expenses of Baht 5.79 million

Kindly be advised accordingly.

Yours faithfully,

(Mr. Sommate Rungkakulnuwat)
Senior Vice President

Property and Infrastructure Fund Department
Tel. 02-649-2183, 2173
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