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14 Aug 2019 12:31:00
Management Discussion and Analysis Quarter 2 Ending 30 Jun 2019
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                Management Discussion and Analysis

Company name                             : MFC-NICHADA THANI PROPERTY FUND
Year                                     : 2019
Quarter                                  : Quarter 2
Ending                                   : 30-Jun-2019
Note                                     :
Ref: MFC PT 80/2019

August 13, 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 quarter 2 ended 30 June
 2019 over 20% from  the same period last year as follows;

For quarter 2 ended 30 June 2019, the Fund had net loss from investments of Baht
14.41 million, decreasing from net gain from investments Baht 0.12 million in
the same period last year, or a decrease of 12,518.10% which was mainly due to
the followings;

- For the period of 2019 the Fund's total revenue was Baht 5.62 million compared
with Baht 5.96 million from the same period last year, or a decrease of 5.75%
which was due to the lower rental rate compared with the same period last year
from the higher competition.

- The Fund's expense was Baht 4.12 million, an increase from Baht 3.34 million 
from the same period last year or an increase of 23.45% mainly from a higher
expenses such as repair and maintenance and property tax.

Kindly be advised accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

Property and Infrastructure Fund Department
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