Management Discussion and Analysis Quarter 3 Ending 30 Sep 2026

Management Discussion and Analysis Company name : NICHADA THANI PROPERTY FUND 2 Year : 2026 Quarter : Quarter 3 Ending : 30-Sep-2026 Note : Ref: MFC PT. 080/2026 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 Nichada-Thani Property Fund 2 ("the Fund), would like to offer an explanation for the change of the Fund's performance for Q3 ended 30 September 2026 over 20% from the same period last year as follows. For quarter 3 ended 30 September 2026, the Fund had an increase in net assets from operations of Baht 5.98 million, compared with a net increase of Baht 6.21 million in the same period last year, or a decrease of 3.70%. The main reason was due to the following. - The Fund had total revenue of Baht 11.34 million, compared with Baht 15.51 million from the same period last year, or a decrease of 26.91% due to the decrease in occupancy rate. - The Fund's expenses were Baht 5.37 million compared with Baht 9.31 million in the same period last year, or a decrease of 42.32% due to a decrease in repair and maintenance expenses. For the nine-month ended 30 September 2026, the Fund had an increase in net assets from operations of Baht 23.99 million, compared with a net increase of Baht 26.26 million in the same period last year, or a decrease of 8.65%. - The Fund had total revenue of Baht 38.76 million, compared with Baht 46.39 million from the same period last year, or an decrease of 16.44%. - The Fund's expenses were Baht 14.79 million compared with Baht 20.12 million in the same period last year, or a decrease of 26.46% due to a decrease in repair and maintenance expense. Kindly be advised 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.