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27 Feb 2020 17:06:00
Management Discussion and Analysis Yearly Ending 31 Dec 2019
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                Management Discussion and Analysis

Company name                             : MFC-NICHADA THANI PROPERTY FUND
Year                                     : 2019
Quarter                                  : Yearly
Ending                                   : 31-Dec-2019
Note                                     :
Ref: MFC PT 006/2020

February 21, 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  
MFC-Nichada Thani Property Fund (MNIT) ("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 8.70 million, 
decreasing from a net gain from investments of Baht 5.40 million in year 2018,
or a decrease of 261.13% which was mainly due to the followings;

- During the year 2019 the Fund has adjusted the fair value of the properties. 
As a result, the Fund has recognized an unrealized loss on investment of Baht
17.30 million whereas in the year 2018 the Fund has an unrealized loss on
investment of Baht 2.51 million.

- The Fund's total revenue was Baht 25.99 million compared with Baht 22.22 
million from year 2018, or an increase of 16.98% which was due to the higher
occupancy rate compared with year 2018 particularly the Sunshine Place Project
with the occupancy rate of 100% compared to 45% last year.

- The Fund's expense was Baht 17.41 million, an increase from Baht 14.31 million
in 2018 or an increase of 21.71% mainly from a higher repair and maintenance
expense from higher occupancy rate of the Sunshine Place Project.

Kindly be advised accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

REIT, Property and Infrastructure Fund Department
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