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21 Feb 2022 17:13:00
Management Discussion and Analysis Yearly Ending 31 Dec 2021
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                Management Discussion and Analysis

Company name                             : MFC PATONG HERITAGE PROPERTY FUND
Year                                     : 2021
Quarter                                  : Yearly
Ending                                   : 31-Dec-2021
Note                                     :

21 February, 2022
To    The President
    The Stock Exchange of Thailand
Ref: MFC PT. 004/2022 Clarification for the change of Fund's performance over 

MFC Asset Management Public Company Limited, as the Management Company of MFC 
Patong Heritage Property Fund (M-PAT) ("the Fund"), would like to offer an
explanation for the change of the Fund's performance for year ended 31 December
2021 over 20% from  the same period of last year as follows;
For year 2021, the Fund has net decrease in net assets from operations of Baht 
85.10 million, a less decrease of Baht 139.99 million or equivalent to 62.19%
compared to year 2020 which was amounted to Baht 225.09 million. This is mainly
results of a decrease in rental income from impact of continuous spread of
Covid-19 in year 2021 and an asset revaluation due to the new lease agreement
dated September 1, 2021 which the Fund has recorded loss on change in fair value
of investment in properties amounting to Baht 84 million compared to the
previous year in which amounting to Baht 227 million.

In addition to that, the Management Company would like to inform that although 
there is still an outbreak of Covid-19, Patong Heritage Hotel has re-opened to
normal operation since June 1, 2020

Kindly be informed accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President
Property and Infrastructure Fund Department
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