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24 Feb 2021 13:05:00
Management Discussion and Analysis Yearly Ending 31 Dec 2020
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                Management Discussion and Analysis

Company name                             : MULTI-NATIONAL RESIDENCE FUND
Year                                     : 2020
Quarter                                  : Yearly
Ending                                   : 31-Dec-2020
Note                                     :
Ref: MFC PT. 08/2021

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 
Multi-National Residence Fund ("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 loss from investments of Baht 0.18 million, 
increasing from net loss from investments of Baht 36.04 million in 2019, or an
increase of 99.50%. The main reason was due to the followings.

- During year 2020, the Fund has revalued the fair value of investment in 
property and also the Fund had sold condominium units totaling 5 units and 1
unit of two-storey house in Palm Tree Project, the fair value of the appraisal
value and the sold units have to be adjusted, resulted in an unrealized loss on
investment of Baht 14.05 million whereas in 2019 the Fund had unrealized from
revaluation and sold units amounted to Baht 46.3 million.

- The Fund had total revenue of Baht 26.02 million, compared with Baht 30.34 
million in 2019, or a decrease of 14.25% due to a slightly increase in occupancy

- The Fund's expenses was Baht 15.87 million compared with Baht 22.12 million in
the same period last year, or a decrease of 28.25% due mainly from lower repair
& 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 informed accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

REIT, Property and Infrastructure Fund Department
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