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13 May 2021 12:38:00
Management Discussion and Analysis Quarter 1 Ending 31 Mar 2021
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                Management Discussion and Analysis

Company name                             : MULTI-NATIONAL RESIDENCE FUND
Year                                     : 2021
Quarter                                  : Quarter 1
Ending                                   : 31-Mar-2021
Note                                     :
Ref: MFC PT. 28/2021

May 13, 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 the three-month period ended 31
March 2021 over 20% from the same period last year as follow.

For quarter 1 ended 31 March 2021, the Fund had net gain from investments of 
Baht 1.70 million, decreasing from net gain from investments Baht 2.67 million
in the same period last year, or a decrease of 36.52%. which was mainly due to
the followings;

- The Fund has revenue of Baht 5.72 million compared with Baht 7.23 million from
the same period last year, or a decrease of 20.81% due to decrease in occupancy
 rate and rental rate.

- The Fund has total expenses of Baht 4.38 million, increase from Baht 4.27 
million from the same period last year, or a increase of 2.65% mainly from
maintenance expenses and others operating expense.

Kindly be advised accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

REIT, Property and Infrastructure Fund Department
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