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22 Feb 2019 13:27:00
Management Discussion and Analysis Yearly Ending 31 Dec 2018
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                Management Discussion and Analysis

Company name                             : MFC PATONG HERITAGE PROPERTY FUND
Year                                     : 2018
Quarter                                  : Yearly
Ending                                   : 31-Dec-2018
Note                                     :
Ref : MFC PT. 005/2019
February 21, 2019

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 2018
over 20% from the year 2017 as follow,
In 2018 the Fund had net profit of Baht 79.07 million decreased from Baht 101.47
million in 2017 or a decrease of 22.07%. The main reason was that during the
year 2018 the Fund had adjusted the fair value of the property as per the
reviewed of appraisal report dated 1 April 2018. As a result, the Fund had
recognized an unrealized loss on properties revaluation of Baht 3.00 million,
whereas in 2017 the Fund had recognized an unrealized gain on properties
valuation 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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