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19 Feb 2021 17:39:00
Management Discussion and Analysis Yearly Ending 31 Dec 2020
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                Management Discussion and Analysis

Company name                             : MFC PATONG HERITAGE PROPERTY FUND
Year                                     : 2020
Quarter                                  : Yearly
Ending                                   : 31-Dec-2020
Note                                     :

19 February, 2021
To    The President
    The Stock Exchange of Thailand
Ref: MFC PT. 04/2021 Clarification for the change of Fund's performance over 20%

MFC Asset Management Public Company Limited, as the Management Company of MFC 
Patong Heritage Property Fund (M-PAT) ("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 of last year as follows;
For year 2020, the Fund has net decrease in net assets from operations of Baht 
225.09 million, an additional decrease of Baht 42.83 million or equivalent to
23.50% compared to year 2019 which was amounted to Baht 182.26 million. This is
mainly due to a decreasing of rental revenue from the rental exemption from 1
February 2020 to 31 August 2020 according to the resolution of the extraordinary
meeting of unitholders No. 1/2020 and also no variable rental according to
hotel performance during 1 September 2020 to 31 December 2020 effect from
ongoing impact from the COVID-19 pandemic.
- During year 2020, the Fund has revalued the fair value of property due to the 
change of new lease agreement according to the appraisal report date 1 September
2020, as a result, the Fund has recognized an unrealized loss on properties
revaluation of Baht 227.01 million
- The Fund's expenses was Baht 1.87 million compared with Baht 6.45 million in 
the same period last year, or a decrease of 71% mainly from an exemption of
management fee since February 2020.

Kindly be informed accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

Property and Infrastructure Fund Department
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