Management Discussion and Analysis Quarter 2 Ending 30 Jun 2026

Management Discussion and Analysis Company name : MFC-NICHADA THANI PROPERTY FUND Year : 2026 Quarter : Quarter 2 Ending : 30-Jun-2026 Note : Ref: MFC PT 039/2026 August 13, 2026 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 quarter 2 ended 30 June 2026 over 20% from the same period last year as follows. For Q2 ended 30 June 2026, the Fund had an increase in net assets from operations of Baht 5.15 million, compared with net increase from operations of Baht 7.11 million of the same period last year, or a decrease of 27.51%. The main reason from the Fund had unrealized gain on revaluation of investment in properties of Baht 0.30 million whereas in the year 2025 the Fund has unrealized gain on revaluation of investment in properties of Baht 2.30 million. - The Fund's total revenue was Baht 9.04 million compared with Baht 8.77 million from the same period last year. The Fund's total revenue increased by 3.06%. - The Fund's expenses were Baht 4.19 million compared with Baht 3.96 million from the same period last year. The Fund's expenses increased by 5.70%. For the six-month period ended 30 June 2026, the Fund had an increase in net assets from operations of Baht 10.22 million, compared with net increase from operations of Baht 12.03 million from the same period last year, or a decrease of 15.03%. The main reasons as mentioned above. - The Fund's total revenue was Baht 17.66 million compared with Baht 17.46 million from the same period last year. The Fund's total revenue increased by 1.13%. - The Fund's expenses were Baht 7.75 million, compared with Baht 7.73 million from the same period last year. The Fund's expenses an increased by 0.18%. Kindly be advised accordingly. Yours faithfully, (Mr.Rachata Trachuwanich) Executive Vice President Property and Infrastructure Fund Department 02-649-2000 This announcement was prepared and disseminated by listed company or issuer through the electronic system which is provided for the purpose of dissemination of the information and related documents of listed company or issuer to the Stock Exchange of Thailand only. The Stock Exchange of Thailand has no responsibility for the correctness and completeness of any statements, figures, reports or opinions contained in this announcement, and has no liability for any losses and damages in any cases. In case you have any inquiries or clarification regarding this announcement, please directly contact listed company or issuer who made this announcement. If you would like to see the full details of this information, please click view "full details" in attached file.