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23 Aug 2018 19:02:00
Management Discussion and Analysis Half year Ending 30 Jun 2018
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                Management Discussion and Analysis

Company name                             : MULTI-NATIONAL RESIDENCE FUND
Year                                     : 2018
Quarter                                  : Half year
Ending                                   : 30-Jun-2018
Note                                     :
Ref: MFC PT. 44/2018

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 
Multi-National Residence Fund ("the Fund"), would like to offer an explanation
for the change of the Fund's performance for the six-month period ended 30 June
2018 over 20% from the same period last year as follow.

For the six-month period ended 30 June 2018, the Fund had net profit from 
investments of Baht 2.98 million from a net loss on investments of Baht 0.83
million in the same period last year, or an increase of 457.74%. The main reason
 was due to the followings.

- The Fund has rental revenue of Baht 13.93 compared with Baht 12.16 million 
from the same period last year, or an increase of 14.57%.

- The Fund has total expenses of Baht 10.94 million, decreasing from 12.09 
million from the same period last year, representing a 9.53% decrease.

- During the six-month period ended 30 June 2017 the Fund has adjusted the 
market value of property, as a result, the Fund has recognized an unrealized
loss on properties revaluation of Baht 4.25 million. In addition, the Fund has
sold a property which is a residential condominium of Danicha Gardens
Condominium comprising of 8 residential units. The Fund has realized a gain on
sale, net of related expenses, of Baht 3.35 million whereas in the same period
year 2018 there was no such transactions.

Kindly be advised accordingly.

Yours faithfully,

(Mr. Sommate Rungkakulnuwat)
Senior Vice President

Property and Infrastructure Fund Department
Tel. 02-649-2174, 2173
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