Management Discussion and Analysis Quarter 3 Ending 30 Sep 2026

Management Discussion and Analysis Company name : HEMARAJ INDUSTRIAL PROPERTY AND LEASEHOLD FUND Year : 2026 Quarter : Quarter 3 Ending : 30-Sep-2026 Note : Ref: MFC PT. 83/2026 November 12, 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 Hemaraj Industrial Property and Leasehold Fund ("the Fund"), would like to offer an explanation for the change of the Fund's performance for quarter 3 ended 30 September 2026 over 20% from the same period last year as follows; For the three-month ended 30 September 2026, the Fund had increase in net assets from operations of Baht 90.20 million, compared with Baht 69.66 million in the same period last year, or a decrease of 29.49% The main reason was due to the followings. - During quarter 3 in 2026 the Fund has adjusted the fair value of the properties. As a result, the Fund has recognized an unrealized gain on investment of Baht 23.50 million whereas in the last year the Fund has recognized an unrealized gain of Baht 0.10 million. - The Fund had total revenue of Baht 84.31 million, compared with Baht 85.17 million from the same period last year, or a decrease of 1.01% - The Fund's expense was Baht 17.58 million compared with Baht 15.62 million in the same period last year, or an increase of 12.54% due to an increase in repair and maintenance expenses. For the nine-month ended 30 September 2026, the Fund had increase in net assets from operations of Baht 226.75 million, compared with Baht 204.24 million in the same period last year, or an increase of 11.02% due to the reason as mentioned above. Kindly be informed accordingly. Yours faithfully, (Mr. Rachata Trachuwanich) Executive Vice President REIT, 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.