Management Discussion and Analysis Quarter 3 Ending 30 Sep 2026

Management Discussion and Analysis Company name : MFC Industrial Investment Freehold and Leasehold Real Estate Investment Trust Year : 2026 Quarter : Quarter 3 Ending : 30-Sep-2026 Note : Ref: MFC PT. 84/2026 November 13, 2026 Director and Manager The Stock Exchange of Thailand Dear Sir, Re: Clarification for the change of Trust's performance over 20% MFC Asset Management Public Company Limited, as the REIT manager of MFC Industrial Investment Freehold and Leasehold Real Estate Investment Trust (MII) ("the Trust"), would like to offer an explanation for the change of the Trust's performance for quarter 3 ended 30 September 2026 over 20% from the same period last year as follows: For the three-month period ended 30 September 2026, the Trust had an increase in net assets from operations of Baht 58.22 million, compared with a net increase of Baht 48.53 million in the same period last year, or an increase of 19.96%. The Trust had total revenue of Baht 39.30 million compared with last year Baht 35.26 million, or an increase of 11.47%. The Trust had total expenses of Baht 8.75 million compared with the last year Baht 11.14 million, or a decrease of 21.50%. The main reason is that in 2025 there was a one-time expense of Baht 4.71 million for repair and renovation of the Kingkaew project area. The Trust has adjusted the fair value of the properties. As a result, the Trust has recognized a net gain on change in fair value of investment of Baht 27.67 million whereas in the last year the Trust has recognized a net gain on change in fair value of investment of Baht 24.42 million, or an increase of 13.31%. For the nine-month period ended 30 September 2026, the Trust had an increase in net assets from operations of Baht 117.14 million, compared with a net increase of Baht 104.89 million in the same period last year, or an increase of 11.69%. The Trust had total revenue of Baht 114.93 million compared with last year Baht 107.34 million, or an increase of 7.08%. The Trust had total expenses of Baht 22.76 million compared with the last year Baht 24.39 million, or a decrease of 6.69%. The Trust has adjusted the fair value of the properties. As a result, the Trust has recognized a net gain on change in fair value of investment of Baht 24.97 million whereas in the last year the Trust has recognized a net gain on change in fair value of investment of Baht 21.94 million, or an increase of 13.83%. Kindly be advised accordingly. Yours faithfully, (Mr. Rachata Trachuwanich) Executive Vice President REIT, Property & Infrastructure Funds 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.