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23 Aug 2018 19:01:00
Management Discussion and Analysis Half year Ending 30 Jun 2018
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                Management Discussion and Analysis

Company name                             : MFC-NICHADA THANI PROPERTY FUND
Year                                     : 2018
Quarter                                  : Half year
Ending                                   : 30-Jun-2018
Note                                     :
Ref : MFC PT. 43/2018

August 23, 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-Nichada Thani Property Fund (MNIT) ("the Fund"), would like to offer an
explanation for the change of the Fund's performance for the 6-months period
ended 30 June 2018 over 20% from  the same period last year as follows;

For the 6-months period of 2018, the Fund had net profit from investments of 
Baht 0.94 million, increasing from Baht 0.77 million in the same period last
year, or an increase of 21.90% which was mainly due to during 6-months of 2018
the Fund has adjusted the fair value of the properties and recognized an
unrealized loss on investment of Baht 2.51 million whereas in the same period
last year the Fund has recognized an unrealized loss of Baht 7.09 million.

- For the 6-months period of 2018 the Fund's total revenue was Baht 10.41 
million compared with Baht 15.59 million from the same period last year, or a
decrease of 33.26% which was due to the lower occupancy rate and rental rate
compared with the same period last year as a result from the downturn in the
economy which effected a decreasing in demand side.

- The Fund's expense was Baht 6.96 million, a decrease from Baht 7.74 million 
from the same period last year or a decrease of 10.12%.

Kindly be advised accordingly.

Yours faithfully,

(Mr. Sommate Rungkakulnuwat)
Senior Vice President

Property and Infrastructure Fund Department
02-649-2175, 2173
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