News Detail

                Management Discussion and Analysis

Company name                             : MFC PATONG HERITAGE PROPERTY FUND
Year                                     : 2021
Quarter                                  : Quarter 3
Ending                                   : 30-Sep-2021
Note                                     :

November 11, 2021
To    The President
    The Stock Exchange of Thailand
Ref: MFC PT. 77/2021 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 clarify the
change in net Fund's performance for the 3rd quarter ended 30 September 2021
over 20% from  the same period of previous  year as follows;
For  the three-month period ended 30 September 2021, the Fund has net decrease 
in net assets from operations of Baht 84.44 million, a less decrease of Baht
141.62 million or equivalent to 62.65% compared to the same period of previous
year in which amounted to Baht 226.05 million. This is mainly results of asset
revaluation due to the change of new lease agreement dated September 1, 2021
which the Fund has recognized an unrealized loss on fair value from asset
appraisal of Baht 84 million compared to the same period of previous year in
which amounted to Baht 227.01 million. In addition, it is a result from the
reverse transaction of management fee due to an exemption of management fee
since February 2020.
For nine-month period ended 30 September 2021, the Fund has net decrease in net 
assets from operations of Baht 84.90 million, a less decrease of Baht 139.87
million or equivalent to 62.23% compared to the same period of previous year in
which amount to Baht 224.77 million. This is mainly results from changing in
fair value from asset revaluation and the reverse transaction of management fee
exemption as mentioned above.
Reference to the Notification of MFC PT 69/2020 dated April 3,2020 which 
notified that the invested property of the Fund operating as a hotel named
Patong Heritage Hotel has been temporarily closed commencing from April 4, 2020
in accordance with the announcement of Phuket Province no. 1797/2563 regarding
the closure of places exposing to the risk of spreading COVID-19, the Management
Company would like to inform that Patong Heritage Hotel has re-opened to normal
 operation since June 1, 2020.
    Please be informed accordingly.

Yours Sincerely,

(Ms. Natree Panassutrakorn)
Executive Vice President
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