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14 Aug 2020 12:34:00
Management Discussion and Analysis Quarter 2 Ending 30 Jun 2020
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                Management Discussion and Analysis

Company name                             : MFC-NICHADA THANI PROPERTY FUND
Year                                     : 2020
Quarter                                  : Quarter 2
Ending                                   : 30-Jun-2020
Note                                     :
Ref: MFC PT 68/2020

August 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 2 ended 30 June
 2020 over 20% from  the same period last year as follows;

For quarter 2 ended 30 June 2020 and 2019, the Fund had net loss from 
investments of Baht 0.05 million and Baht 14.41 million, net loss decreasing
99.67% which was mainly due to the followings;

- For the period of 2020 the Fund has adjusted the fair value of the properties 
and recognized an unrealized loss on investment of Baht 3.80 million whereas in
the same period last year the Fund has recognized an unrealized loss of Baht
15.70 million.

- For the period of 2020 the Fund's total revenue was Baht 7.19 million compared
with Baht 5.62 million from the same period last year, or an increase of 27.94%
which was due to the higher occupancy rate compared with the same period last

- The Fund's expense was Baht 3.45 million, a decrease from Baht 4.12 million 
from the same period last year or a decrease of 16.32% mainly from a higher
expenses such as repair and maintenance.

Kindly be advised accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

Property and Infrastructure Fund Department
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