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

Company name                             : MULTI-NATIONAL RESIDENCE FUND
Year                                     : 2021
Quarter                                  : Yearly
Ending                                   : 31-Dec-2021
Note                                     :
Ref: MFC PT. 005/2022

February 21, 2022
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 2021 over
20% from  the same period last year as follows;

For year 2021, the Fund had net gain from investments of Baht 5.01 million, 
increasing from net loss from investments of Baht 0.18 million in 2020, or an
increase of 2,869.52%. The main reason was due to the followings.

- During year 2021, the Fund has revalued the fair value of investment in 
property and also the Fund had sold condominium 1 unit in Danicha Gardens
condominium 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 1.95
million whereas in 2020 the Fund had unrealized from revaluation amounted to
Baht 14.05 million.

- The Fund had total revenue of Baht 23.28 million, compared with Baht 26.02 
million in 2020, or a decrease of 10.50% due to a slightly decrease in occupancy

- The Fund's expenses was Baht 17.31 million compared with Baht 15.87 million in
the same period last year, or a increase of 9.04% mainly from building tax
which was higher than actually paid due from the governments' tax rate policy in

Kindly be informed accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

REIT, Property and Infrastructure Fund Department
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