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08 Nov 2022 17:04:00
Management Discussion and Analysis Quarter 3 Ending 30 Sep 2022
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                Management Discussion and Analysis

Company name                             : MFC-NICHADA THANI PROPERTY FUND
Year                                     : 2022
Quarter                                  : Quarter 3
Ending                                   : 30-Sep-2022
Note                                     :
Ref: MFC PT. 082/2022

November 8, 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  
MFC-Nichada Thani Property Fund (MNIT) ("the Fund"), would like to offer an
explanation for the change of the Fund's performance for year ended 30 September
 2022 over 20% from  the same period last year as follows;

For Q3 ended 30 September 2022, the Fund had net profit from investments of Baht
6.90 million, increasing from a net profit from investments of Baht 4.83
million in year 2021, or an increase of 42.74% which was mainly due to the Fund
had unrealized gain on revaluation of investment in properties of Baht 0.65
million whereas in the year 2021 the Fund had unrealized loss on investment in
properties of Baht 3.55 million.

-The Fund's revenue was Baht 19.66 million, compare with Baht 19.35 million in 
the same period last year or an increase of 1.64%.

- The Fund's expense was Baht 13.41 million, an increase from Baht 10.94 million
in the same period of 2021 or an increase of 22.54% mainly from a higher
expenses such as repair and maintenance expense due to new lessee in Raintree

Kindly be advised accordingly.

Yours faithfully,

(Ms. Natree Panassutrakorn)
Executive Vice President

Property and Infrastructure Fund Department
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