Management Discussion and Analysis Quarter 3 Ending 30 Sep 2026

Management Discussion and Analysis Company name : MFC-STRATEGIC STORAGE FUND Year : 2026 Quarter : Quarter 3 Ending : 30-Sep-2026 Note : Ref: MFC PT. 111/2026 November 12, 2026 Director and Manager The Stock Exchange of Thailand Dear Sir, Re: Clarification for performance changed over 20% for quarter 3 ended 30 September 2026 MFC Asset Management Public Company Limited, as the Management Company of MFC - Strategic Storage Fund (M-STOR) ("the Fund), would like to offer an explanation for the reason of a change in the Fund's performance for quarter 3 ended 30 September 2026 over 20% of the same period last year as follow; For three-months period ended 30 September 2026, the Fund had increase in net assets from operation of Baht 2.59 million compared with Baht 8.53 million in the same period last year, or a decrease of 69.68%. The main reason was due to the followings. - The Fund has net loss on change in fair value of investment of Baht 3.47 million from asset improvement - The Fund has income of Baht 8.17 million, compared with Baht 7.94 million in the same period last year, or an increase of 2.94%. - The Fund has expenses of Baht 2.11 million compared with Baht -0.60 million in the same period last year, or an increase of 452.86% due to the fund considered reversal the expected credit losses to the outstanding receivables amounting to Baht -1.50 million in the previous year. For nine-months period ended 30 September 2026, the Fund had increase in net assets from operation of Baht 18.26 million compared with Baht 27.86 million in the same period last year, or a decrease of 34.47%. This is mainly results from the fund has net loss on change in fair value of investment as mentioned above. - The Fund has income of Baht 24.23 million, compared with Baht 23.46 million in the same period last year, or an increase of 3.29% - The Fund has expenses of Baht 4.09 million compared with Baht 2.20 million in the same period last year, or an increase of 86.13%, mainly due to the reversal of expected credit losses on outstanding receivables amounting to Baht 0.75 million in 2025. Kindly be advised accordingly. Yours faithfully, (Mr. Rachata Trachuwanich) Executive Vice President REIT, Property & Infrastructure Fund Department Tel. 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.