3BB Internet Infrastructure Fund

Management Discussion & Analysis for Q1/2026

7 May 2026

QUARTERLY HIGHLIGHTS

• Total income in Q1/2026 was THB 1,873.7mn, decreasing 0.4% YoY and 0.2% QoQ.

• Net investment income in Q1/2026 was THB 1,610.8mn, increasing 14.5% YoY but decreased by 0.4% QoQ.

• Changes in net assets from operations in Q1/2026 was THB (-2,689.0mn), down 305.7% YoY and 289.7% QoQ. (due to the losses from changes in fair value of investments, non-cash basis).

• As of 31 Mar 2026, Net Asset Value (NAV) was THB 64,554.8mn, equivalent to THB 8.0693 per unit.

FINANCIAL PERFORMANCE

Q1/2026 PERFORMANCE

TOTAL INCOME

Total income for Q1/2026 was THB 1,873.7mn (decreasing 0.4% YoY and 0.2% QoQ), mainly came from Rental income from Optical Fiber Cables of THB 1,864.7mn (unchanged YoY and QoQ) and from Interest income of THB 9.0mn (dropped 45.5% YoY and 26.8% QoQ, resulting from lower interest rates).

TOTAL EXPENSES

Total expenses in Q1/2026 were THB 262.9mn (decreasing 44.5% YoY but increasing 1.4% QoQ), consisting of Fund management fee and expenses of THB 24.1mn (decreasing 0.4% YoY and 3.6% QoQ); Operating expenses of THB 165.9mn (increasing 9.4% YoY and QoQ); Financial Costs of THB 69.8mn (decreasing 76.2% YoY and 11.5% QoQ, due to the restructuring of the remaining loan in Q1/2025 resulted in a reduction of the Fund’s interest expenses); Other expenses of THB 3.1mn (decreasing 40.4% YoY and 13.9% QoQ, resulting from legal advisory fees relating to the restructuring of the Fund’s loan in Q1/2025).

Operating expenses of THB 165.9mn comprised of Optical Fiber Cables maintenance expenses THB 116.3mn, right of way expenses THB 47.5mn, insurance expenses THB 1.9mn and THB 0.2mn for expenses and rental fee relating to subduct for the OFCs relocation. Finance costs consisted of interest expenses amounting to THB 65.6mn and deferred front-end fee of THB 4.2mn.

NET INVESTMENT INCOME

The Fund recorded net investment income of THB 1,610.8mn, increased by 14.5% YoY but decreased by 0.4% QoQ.

GAINS (LOSSES) FROM CHANGES IN FAIR VALUE OF INVESTMENTS

In Q1/2026, the Fund booked the losses from changes in fair value of investments of THB 4,299.8mn. In March 2026, the Fund engaged an independent appraiser to appraise the fair value of the investments in Optical Fiber Cables (OFCs). The Fund

MD&A for Q1/26

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3BB Internet Infrastructure Fund

Management Discussion & Analysis for Q1/2026

7 May 2026

revalued such investments to be a new fair value of THB 71,500.0mn (In December 2025, the fair value of the investments in OFCs was THB 75,800.0mn).

CHANGES IN NET ASSETS FROM OPERATIONS

In Q1/2026, the Fund recorded the decrease in net assets from operations of THB (-2,689.0mn), down 305.7% YoY and 289.7% QoQ (due to the losses from changes in fair value of investments, non-cash basis).

BALANCE SHEET

Total assets of 3BBIF as of 31 Mar 2026 stood at THB 75,041.0mn. The main component were Investment in Optical Fiber Cables (OFCs) of THB 71,500.0mn, Investment in securities at fair value and cash at bank of THB 3,527.1mn and Other assets of THB 13.9mn. Total liabilities stood at THB 10,486.2mn. Net Asset Value (NAV) as of 31 Mar 2026 was THB 64,554.8mn, equivalent to THB 8.0693 per unit.

Long-term loan repayment amount detail for the year 2026

• In Q1/2025, the Fund had restructured the outstanding loan with Bangkok Bank by borrowing the money from Sumitomo Mitsui Banking Corporation ("SMBC") to partially prepay the outstanding loan to Bangkok Bank. As a result of the loan restructuring, the Fund has the outstanding loan with Bangkok Bank in the amount to 5,450.0mn with the interest rate at MLR - 2.90% and the loan with SMBC in the amount to 5,450.0mn with the interest rate at THOR+0.98%, making a total of 10,900.0mn.

• The Fund had long-term loan repayment of THB 193.75mn to Bangkok Bank and THB 230.00mn to SMBC, totaling long-term loan repayment in the amount of THB 423.75mn for Q1/2026. As a result, the Fund had the remaining loan of THB 8,975.25mn.

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 sufficient retained earnings. Any dividend distributed to the unitholders is not less than 90% of adjusted net profit in each fiscal year.

In addition, the Fund shall consider dividend payments in accordance with its cash position and liquidity requirements, by adjusting net profit with (1) provisions for loan repayment and (2) unrealised gains from valuation or revaluation of the Fund’s assets, in compliance with the guidelines prescribed by the Securities and Exchange Commission (SEC). Nevertheless, the Fund will consider the distribution payment in accordance with quarterly and annual cash position.

For Q1/26, the Fund recorded retained deficits as of 31 March 2026 of THB (-2,689.0mn). Therefore, there will be no dividend payment which is in accordance with the dividend payment criteria and policy specified in the Fund scheme.

MD&A for Q1/26

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3BB Internet Infrastructure Fund

Management Discussion & Analysis for Q1/2026

7 May 2026

However, the Fund will distribute 11^th Capital reduction by THB 0.14 per unit to unitholders. XN (Excluding Capital Reduction) is on 19 May 2026, book closure date is 21 May 2026 and payment is on 4 June 2026.

History of Dividend Payment and Capital Return

Note: Dividend income for individual unitholder (except for ordinary partnership or non-juristic body of persons) had been exempt from personal income tax for a period of 10 consecutive tax years from the year the fund was established (the fund was registered in 2015). In accordance with the criteria and conditions set forth in Royal Decree issued under the Revenue Code (No. 544), B.E. 2555 has now ended in the year 2024. Therefore, starting from the calendar year 2025 onwards, dividends will be subject to withholding tax at a rate of 10%.

Other Information

• Currently, OFCs transferred to 3BBIF 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 2025 rental rate for the Amended and Restated Main Lease Agreement is THB 462.35 per core kilometer per month (The change in the Thailand CPI in 2025 announced by the Ministry of Commerce on 7 January 2026 was (-0.14%). Therefore, the rental rate in 2026 is the same as in 2025.)

• OFCs maintenance fee for the period of 2026 is THB 276.85 per core kilometer per year.

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