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24 Feb 2021 12:46:00
Management Discussion and Analysis Yearly Ending 31 Dec 2020
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                Management Discussion and Analysis

Company name                             : HEMARAJ INDUSTRIAL PROPERTY AND 
Year                                     : 2020
Quarter                                  : Yearly
Ending                                   : 31-Dec-2020
Note                                     :
Ref: MFC PT.007/2021

February 24, 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 
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 2020 over  20% from  the same period last year as follows;

For the year 2020, the Fund had net gain from investments of Baht 233.79 
million, increasing from a net loss on investments of Baht 143.63 million in
2019 due to the following reasons.

During year 2020 the Fund has adjusted the fair value of the properties. As a 
result, the Fund has recognized an unrealized gain on investment of Baht 56.01
million whereas in 2019 the Fund has recognized an unrealized loss of Baht
314.89 million.

During year 2020 the Fund had total revenue of Baht 234.93 million compared with
Baht 228.13 million, or an increase of 2.98% from 2019 due to a slightly
increase in occupancy rate.
Total expenses for year 2020 was Baht 57.15 million, increasing from Baht 56.87 
million or an increase of 0.50% from the same period last year.

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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