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28 Feb 2020 17:33:00
Management Discussion and Analysis Yearly Ending 31 Dec 2019
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                Management Discussion and Analysis

Company name                             : HEMARAJ INDUSTRIAL PROPERTY AND 
Year                                     : 2019
Quarter                                  : Yearly
Ending                                   : 31-Dec-2019
Note                                     :
Ref: MFC PT. 015/2020

February 28, 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 
Hemaraj Industrial Property and Leasehold Fund (HPF) ("the Fund"), would like to
offer an explanation for the reason of change in the Fund's performance for
year 2019 over  20% from  the same period last year as follows;

For the year 2019, the Fund had net loss from investments of Baht 143.63 
million, decreasing from a net gain on investments of Baht 163.97 million in
2018, or a decrease of 187.60% due to the following reasons.

During 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 314.90
million whereas in 2018 the Fund has recognized an unrealized loss of Baht 15.30

During year 2019 the Fund had total revenue of Baht 228.13 million compared with
Baht 225.20 million, or an increase of 1.30% from 2018 due to a slightly
increase in occupancy rate.
Total expenses for year 2019 was Baht 56.87 million, increasing from Baht 45.93 
million or an increase of 23.82% due mainly from an increase of property
management agreement from 2% in 2018 to 5% in 2019.

Kindly be advised accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

REIT, Property & Infrastructure Funds Department
Tel. 02-649-2000
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