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15 Nov 2021 12:39:00
Management Discussion and Analysis Quarter 3 Ending 30 Sep 2021
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                Management Discussion and Analysis

Company name                             : MILLIONAIRE PROPERTY FUND
Year                                     : 2021
Quarter                                  : Quarter 3
Ending                                   : 30-Sep-2021
Note                                     :
PT. 139/2021

15 November 2021

Re:    Clarification of more than 20% Change of Operations Result of
    Millionaire Property Fund

To:    President
    The Stock Exchange of Thailand

One Asset Management Limited in its capacity as the fund manager of Millionaire 
Property Fund ("the Fund") would like to inform the reasons for the change of
operations result for the three-month period ended 30 September 2021 where the
decrease in net assets resulting from operations was Baht 50.93 million,
representing a decrease of Baht 85.18 million or 248.70% from the same quarter
in 2020. The main reasons are as follows:

1.    The Fund had a net loss on investments of Baht 70.00 million resulting from a
decrease in property appraisal, which was Baht 59.00 million less than the
amount when compared to the same period last year due mainly to lower number of
tenants and discount on rental and service fee given the tenants from COVID-19
pandemic situation.

2.    The Fund had a decrease in total income due to lowered rental and service 
income by Baht 19.57 million which is due mainly to the same reasons as stated
in 1.

3.    The Fund had an increase in cost of rental and services of Baht 7.21 million 
which is due mainly to the improvement of elevator system of the assets of the

Please be informed accordingly

Sincerely yours,

Mr. Alongkorn Prathanrasnikorn
Senior Executive Vice President

Property and Infrastructure Fund Department
Tel: 02 659 8888 ext.8843, 8837 and 8878
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