3BB Internet Infrastructure Fund

Management Discussion & Analysis for Q1/24

30 April 2024

QUARTERLY HIGHLIGHTS

Translation

• Total income in Q1/24 was THB 1,882.40mn, decreased 29.13% YoY (Rental fee for the Amended and Restated Rental Assurance Agreement, collected until 24 August 2023) and increased 1.24% QoQ.

• Net investment income in Q1/24 was THB 1,489.29mn, decrease of 34.39% YoY (The mainly caused from the Rental rate for the Amended and Restated Rental Assurance Agreement was THB 802.76 per core kilometer per month, which will be collected until 24 August 2023 reflected the resolution of the EGM # 1/2023) and increase of 0.25% QoQ.

• As of 31 Mar 2024, Net Asset Value (NAV) was THB 67,016.98mn, equivalent to THB 8.3771 per unit.

FINANCIAL PERFORMANCE

Q1/24 PERFORMANCE

TOTAL INCOME

Total income for Q1/24 was THB 1,882.40mn, decreasing 29.13% YoY and increasing 1.24% QoQ, mainly came from rental income from Optical Fiber Cables of THB 1,857. 33mn, decreasing 29.76% YoY ( Rental fee for the Amended and Restated Rental Assurance Agreement, collected until 24 August 2023) and increasing 1.23% QoQ. Interest income was THB 25.07mn, increasing 111.92% YoY and increasing 2.12% QoQ. Other income decreased by 100.00% YoY.

TOTAL EXPENSES

Total expenses in Q1/24 were THB 393.11mn, increasing 1.78% YoY and increasing 5.18% QoQ. Fund management fee and expenses were THB 26.62mn, decreasing 7.73% YoY and increasing 7.04% QoQ. Operating expenses were THB 143.95mn, increasing 2.67% YoY and increasing 27.03% QoQ (composed of Optical Fiber Cables maintenance expenses THB 109.65mn, right of way expenses THB 32.06mn and insurance expenses THB 2.24mn). Finance Costs were THB 219.07mn, increasing 1.57% YoY and decreasing 3.34% QoQ. Other expenses were THB 3.47mn, increasing 134.46% YoY and decreasing 61.19% QoQ.

NET INVESTMENT INCOME

The Fund recorded net investment income of THB 1,489.29mn in Q1/24, decreasing 34.39% YoY (The mainly caused from the Rental rate for the Amended and Restated Rental Assurance Agreement was THB 802.76 per core kilometer per month, which will be collected until 24 August 2023 reflected the resolution of the EGM # 1/2023) and increasing 0.25% QoQ. Losses from changes in fair value of investments were THB 399.96mn. (In Mar 2024, the Fund engaged an independent appraiser to appraise the fair value of the investments. The Fund revalued such investments to be new fair value of THB 75,300.00mn, resulting in losses

MD&A for Q1/23

1

3BB Internet Infrastructure Fund

30 April 2024

Management Discussion & Analysis for Q1/24

from changes in fair value of investments THB 400.00mn from this appraisement). Net assets from operations were increased THB 1,089.33mn, up 176.18% YoY and 124.37% QoQ.

BALANCE SHEET

Total assets of 3BBIF as of 31 Mar 2024 stood at THB 79,809. 36mn. The main component was Investment in Optical Fiber Cables (OFCs) of THB 75,300.00mn, Investment in securities at fair value and cash at bank of THB 4,235. 63mn and other assets of THB 273.73mn. Total liabilities stood at THB 12,792.38mn. Net Asset Value (NAV) as of 31 Mar 2024 was THB 67,016.98mn, equivalent to THB 8.3771 per unit.

Long-term loan repayment amount detail for the year 2024

3BBIF had long-term loan repayment in amount of THB 325.00mn. for Q1/24.

DISTRIBUTION TO UNITHOLDERS

The Fund has a policy to pay dividends to the unitholders not less than twice a year, in the case that the Fund has a sufficient retained earnings. Any dividend distributed to the unitholders is not less than 90% of adjusted net profit in each financial year.

As the Fund recorded retained deficits amount THB 7,106.82mn in this quarter, distributable payout for Q1/24 of THB 0.1900 per unit will be paid in form of capital return. XN is on 10 May 2024, book closing date is on 14 May 2024 and payment is scheduled on 31 May 2024.

MD&A for Q1/23

2

3BB Internet Infrastructure Fund

Management Discussion & Analysis for Q1/24

30 April 2024

History of Dividend Payment and Capital Return

Note: Dividend for natural persons were exempted from personal income tax for 10 tax years from the establishment of the Fund (The Fund was registered in the Year 2015). In accordance with the rules, procedures, and conditions as announced by the notification of Director-General of the Revenue Department under the criteria and conditions of the Royal Decree issued under the Revenue Code (No. 544) B.E. 2555. From now on, dividends shall be subject to a 10% withholding tax.

Other Information

• At currently, OFCs transferred to JASIF were totally 1,680,500 core kilometers. The assets consist of initial assets with the amount of 980,500 core kilometers and additional assets amount of 700,000 core kilometers.

• In 2024 rental rate for the Amended and Restated Main Lease Agreement is THB 460.51 per core kilometer per month (The change in the Thailand CPI in 2023 announced by the Ministry of Commerce on 5 January 2024 was +1.23%, therefore the rental rate in 2024 will be increased 1.23%.)

• OFCs maintenance fee for the period of 2024 is THB 260.95 per core kilometer per year.

MD&A for Q1/23

3