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14 May 2019 21:03:00
Management Discussion and Analysis Quarter 1 Ending 31 Mar 2019
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                Management Discussion and Analysis

Company name                             : MULTI-NATIONAL RESIDENCE FUND
Year                                     : 2019
Quarter                                  : Quarter 1
Ending                                   : 31-Mar-2019
Note                                     :
Ref: MFC PT. 63/2019

May 14, 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 the three-month period ended 31
March 2019 over 20% from the same period last year as follow.

For the three-month period ended 31 March 2019, the Fund had net loss from 
investments of Baht 2.67 million from a net gain on investments of Baht 1.62
million in the same period last year, or a decrease of 264.87%. The main reason
was due to the followings.

- During the three-month period ended 31 March 2019 the Fund has adjusted the 
market value of property using the sale price of asset instead of appraisal
value, as a result, the Fund has recognized an unrealized loss on properties
revaluation of Baht 4.98 million whereas in the same period year 2018 there was
no such transactions.

- The Fund has revenue of Baht 8.02 compared with Baht 6.84 million from the 
same period last year, or an increase of 17.23% due to the a little bit higher
occupancy rate compared to last year.

- The Fund has total expenses of Baht 6.37 million, increasing from 5.24 million
from the same period last year, representing a 21.64% increase due to some
expense increased over the last year such as repair and maintenance expense from
 more tenants coming in.

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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