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14 May 2020 12:42:00
Management Discussion and Analysis Quarter 1 Ending 31 Mar 2020
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                Management Discussion and Analysis

Company name                             : MFC-NICHADA THANI PROPERTY FUND
Year                                     : 2020
Quarter                                  : Quarter 1
Ending                                   : 31-Mar-2020
Note                                     :
Ref: MFC PT. 39/2020

May 14, 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 quarter 1 ended 31
March 2020 over 20% from  the same period last year as follows;

For quarter 1 ended 31 March 2020, the Fund had net gain from investments of 
Baht 3.24 million, increasing from net gain from investments Baht 1.99 million
in the same period last year, or an increase of 62.75% which was mainly due to
the followings;

- For quarter 1 ended 31 March 2020 the Fund's total revenue was Baht 7.50 
million compared with Baht 5.33 million from the same period last year, or an
increase of 40.67% which was due to the higher occupancy rate compared with the
same period 2019 particularly the Sunshine Place Project with the occupancy rate
 of 100% compared to 40% of the same period last year.

- The Fund's expense was Baht 4.12 million, an increase from Baht 3.33 million 
from the same period last year or an increase of 23.64% mainly from a higher
expenses such as repair and maintenance and membership fee from a higher

Kindly be advised accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

REIT, Property and Infrastructure Fund Department
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