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28 Feb 2018 17:03:00
Management Discussion and Analysis Yearly Ending 31 Dec 2017 (Revised Template)
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                Management Discussion and Analysis

Company name (New)                       : MFC PATONG HERITAGE PROPERTY FUND
Year (New)                               : 2017
Quarter (New)                            : Yearly
Ending (New)                             : 31-Dec-2017
Note (New)                               :

Ref : MFC PT. 011/2018

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 MFC 
Patong Heritage Property Fund (M-PAT) ("the Fund"), would like to offer an
explanation for the reason of change in the Fund's performance for year 2017
over 20% from the year 2016 as follow,

In 2017 the Fund had net profit of Baht 101.47 million increased from Baht 81.69
million in 2016 or an increase of 24.21%. The main reason was that during the
year 2017 the Fund had adjusted the fair value of the property as per the
appraisal report dated 1 April 2017.   As a result, the Fund had recognized an
unrealized gain on properties revaluation of Baht 20.0 million.

Kindly be advised accordingly.

Yours faithfully,

(Mr. Sommate Rungkakulnuwat)
Senior Vice President

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