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22 Feb 2019 17:14:00
Management Discussion and Analysis Yearly Ending 31 Dec 2018
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                Management Discussion and Analysis

Company name                             : MFC-NICHADA THANI PROPERTY FUND
Year                                     : 2018
Quarter                                  : Yearly
Ending                                   : 31-Dec-2018
Note                                     :
Ref : MFC PT. 006/2019

February 22, 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-Nichada Thani Property Fund (MNIT) ("the Fund"), would like to offer an
explanation for the change of the Fund's performance for the year 2018 over 20%
from  the same period last year as follows;

For the year 2018, the Fund had net profit from investments of Baht 5.40 
million, increasing from Baht 2.96 million in the same period last year, or an
increase of 82.68% which was mainly due to the followings,

- During year 2018 the Fund has adjusted the fair value of the properties. As a 
result, the Fund has 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 year 2018 the Fund's total revenue was Baht 22.22 million compared 
with Baht 25.72 million from the same period last year, or a decrease of 13.60%
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 and more competition
which effected a decreasing in demand side.

- The Fund's expense was Baht 14.31 million, a decrease from Baht 15.67 million 
from the same period last year or a decrease of 8.73%.

Kindly be advised accordingly.

Yours faithfully,

(Mr. Sommate Rungkakulnuwat)
Senior Vice President

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