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24 Feb 2020 19:17:00
Management Discussion and Analysis Yearly Ending 31 Dec 2019
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                Management Discussion and Analysis

Company name                             : MULTI-NATIONAL RESIDENCE FUND
Year                                     : 2019
Quarter                                  : Yearly
Ending                                   : 31-Dec-2019
Note                                     :
Ref: MFC PT. 008/2020

February 24, 2020
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 ended 31 December 2019 over
20% from  the same period last year as follows;

For year 2019, the Fund had net loss from investments of Baht 36.04 million, 
decreasing from net loss from investments of Baht 2.31 million in 2018, or a
decrease of 1,463.12%. The main reason was due to the followings.

- During year 2019, the Fund has revalued the fair value of investment in 
property and also the Fund had sold condominium units totaling 17 units, the
fair value of the appraisal value and the sold units have to be adjusted,
resulted in an unrealized loss on investment of Baht 46.30 million whereas in
2018 the Fund had unrealized from revaluation and sold units amounted to Baht
8.03 million.

- The Fund had total revenue of Baht 30.34 million, compared with Baht 29.09 
million in 2018, or an increase of 4.30% due to a slightly increase in occupancy

- The Fund's expenses was Baht 22.12 million compared with Baht 24.69 million in
 2018, or a decrease of 10.39.

Kindly be informed accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

REIT, Property and Infrastructure Fund Department
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