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19 Feb 2021 17:36:00
Management Discussion and Analysis Yearly Ending 31 Dec 2020
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                Management Discussion and Analysis

Company name                             : MFC-NICHADA THANI PROPERTY FUND
Year                                     : 2020
Quarter                                  : Yearly
Ending                                   : 31-Dec-2020
Note                                     :
Ref: MFC PT. 05/2021

February 19, 2021
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
2020 over 20% from  the same period last year as follows;

For year 2020, the Fund had net profit from investments of Baht 11.32 million, 
increasing from a net loss from investments of Baht 8.7 million in year 2019, or
 an increase of 230.02% which was mainly due to the followings;

- During the year 2020 the Fund has adjusted the fair value of the properties. 
As a result, the Fund has recognized an unrealized loss on investment of Baht
3.92 million whereas in the year 2019 the Fund has an unrealized loss on
investment of Baht 17.30 million.

- The Fund's total revenue was Baht 27.60 million compared with Baht 25.99 
million from year 2019, or an increase of 6.18% which was due to the higher
occupancy rate compared with year 2019 particularly the Sunshine Place.

- The Fund's expense was Baht 12.36 million, a decrease from Baht 17.41 million 
in 2019 or an increase of 29.02% mainly from a lower repair and maintenance
expense and the adjustment of the estimated land and building tax which was
higher than actually paid due from the governments' tax rate policy.

Kindly be advised accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

Property and Infrastructure Fund Department
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