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22 Feb 2019 17:15:00
Management Discussion and Analysis Yearly Ending 31 Dec 2018
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                Management Discussion and Analysis

Company name                             : MULTI-NATIONAL RESIDENCE FUND
Year                                     : 2018
Quarter                                  : Yearly
Ending                                   : 31-Dec-2018
Note                                     :
Ref : MFC PT. 007/2019

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

For the year 2018, the Fund had net loss from investments of Baht 2.31 million 
from a net gain on investments of Baht 8.77 million in the same period last
year, or a decrease of 126.30%. The main reason was due to the followings.

- During the year 2018 the Fund has adjusted the fair value of investment in 
properties, as a result, the Fund has recognized an unrealized loss on
properties revaluation of Baht 8.03 million, whereas in the same period last
year the Fund has recognized an unrealized gain of Baht 3.45 million.

- The Fund has rental revenue of Baht 29.09 compared with Baht 25.75 million 
from the same period last year, or an increase of 12.98% due to a slightly
increase in occupancy rate over last year.

- The Fund has total expense of Baht 24.69 million, decreasing from 26.22 
million from the same period last year, representing a 5.83 % decrease. Some
expenses decreased during the period such as amortization of setup fee and
repair and maintenance expense.

-During the period, the Fund has sold some properties which are a residential 
condominium of Danicha Gardens Condominium comprising of 7 residential units.
The Fund has realized a gain on sale, net of related expenses of Baht 1.33

Kindly be advised accordingly.

Yours faithfully,

(Mr. Sommate Rungkakulnuwat)
Senior Vice President

Property and Infrastructure Fund Department
Tel. 02-649-2183, 2173
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