3BB Internet Infrastructure Fund Management Discussion & Analysis for Q4/2025

3 February 2026

QUARTERLY HIGHLIGHTS

• Total income in Q4/2025 was THB 1,877.0mn, decreased by 0.04% YoY and 0.05% QoQ. For FY2025, Total Income was THB 7,516.9mn, declined 0.13% YoY.

• Net investment income in Q4/2025 was THB 1,617.8mn, increased of 6.37% YoY and 0.37% QoQ. Net investment income for FY2025 was THB 6,244.3mn, increasing 4.44% YoY.

• Changes in net assets from operations in Q4/2025 increased by THB 1,417.7mn, down 57.31% YoY but increasing 0.41% QoQ. Changes in net assets resulting from operations for FY2025 was increased THB 7,044.2mn, up 33.44% YoY (due to the changes in fair value of investments, non-cash basis).

• As of 31 December 2025, Net Asset Value (NAV) was THB 69,036.8mn, equivalent to THB 8.6296 per unit.

FINANCIAL PERFORMANCE

Q4/2025 PERFORMANCE

TOTAL INCOME

Total income for Q4/2025 was THB 1,877.0mn, decreasing 0.04% YoY and 0.05% QoQ, mainly came from rental income from Optical Fiber Cables of THB 1,864.7mn (increasing 0.40% YoY and unchanged QoQ) and from Interest income of THB 12.3mn (dropped 40.00% YoY, resulting from lower interest rates, and decreasing 7.52% QoQ).

TOTAL EXPENSES

Total expenses in Q4/2025 were THB 259.2mn, declined 27.37% YoY and 2.63% QoQ. Fund management fee and expenses were THB 25.0mn, increasing 3.73% YoY and unchanged QoQ. Operating expenses were THB 151.7mn, increasing 16.87% YoY but decreasing 0.46% QoQ (composed of Optical Fiber Cables maintenance expenses THB 112.9mn, right of way expenses THB 36.8mn and insurance expenses THB 2.0mn). Financial Costs were THB 78.9mn, decreasing 60.49% YoY and 7.72 QoQ. The main reason was the restructuring of the remaining loan in Q1/2025, which resulted in a reduction of the Fund’s interest expenses. Finance costs consisted of interest expenses amount THB 74.5mn and deferred front-end fee amount THB 4.4mn. Other expenses were THB 3.6mn, increasing 9.09% YoY and QoQ.

NET INVESTMENT INCOME

The Fund recorded net investment income of THB 1,617.8mn in Q4/2025, increasing 6.37% YoY and 0.37% QoQ.

GAINS (LOSSES) FROM CHANGES IN FAIR VALUE OF INVESTMENTS

In Q4/2025, the Fund booked the losses from changes in fair value of investments of THB 200.1mn. In December 2025, the Fund engaged an independent appraiser to appraise the fair value of the investments in Optical Fiber Cables (OFCs). The Fund revalued such investments to be a new fair value of THB 75,800.0mn (In September 2025, the fair value of the investments in OFCs was THB 76,000.0mn)

CHANGES IN NET ASSETS FROM OPERATIONS

In Q4/2005, the Fund recorded increase in net assets from operations of THB 1,417.7mn, down 57.31% YoY but increasing 0.41% QoQ (due to the changes in fair value of investments, non-cash basis).

MD&A for Q4/25

1

3BB Internet Infrastructure Fund

Management Discussion & Analysis for Q4/2025

3 February 2026

FY2025 PERFORMANCE

TOTAL INCOME

Total income for FY2025 was THB 7,516.9mn, decreased by 0.13% YoY, mainly came from rental income from Optical Fiber Cables of THB 7,459. 0mn (increasing 0.40% YoY) and came from Interest income of THB 57. 9mn (down 40.55% YoY, resulting from lower interest rates).

TOTAL EXPENSES

Total expenses for FY2025 were THB 1,272.6mn, decreasing 17.77% YoY. Fund management fee and expenses were THB 98. 7mn, decreased by 0.30% YoY. Operating expenses were THB 607.8mn, increasing 2.79% YoY. (composed of Optical Fiber Cables maintenance expenses THB 451. 7mn, right of way expenses THB 148.2mn and insurance expenses THB 7.9mn). Financial Cost THB 549.6mn, dropped 34.72% YoY. The main reason was the restructuring of the remaining loan in Q1/2025, which resulted in a reduction of the Fund’s interest expenses. Finance costs consisted of interest expenses amount THB 368.7mn, prepayment fee of THB 163.5mn and deferred front-end fee of THB 17.4mn. Other expenses were THB 16.5mn, increasing 6.45% YoY.

CHANGES IN NET ASSETS FROM OPERATIONS

For FY2025, the Fund recorded net investment income of THB 6,244.3mn (increasing 4.44% YoY) and booked gains from changes in fair value of investments by THB 799.9mn, resulting in net assets from operations increased by THB 7,044.2mn, up 33.44% YoY (due to the changes in fair value of investments, non-cash basis).

BALANCE SHEET

Total assets of 3BBIF as of 31 December 2025 stood at THB 79,524.6mn. The main component was Investment in Optical Fiber Cables (OFCs) of THB 75,800.0mn, Investment in securities at fair value and cash at bank of THB 3,703.5mn and other assets of THB 21.1mn. Total liabilities stood at THB 10,487.8mn. Net Asset Value (NAV) as of 31 December 2025 was THB 69,036.8mn, equivalent to THB 8.6296 per unit.

Long-term loan repayment amount detail for the year 2025

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

• For FY2025, the Fund had long-term loan repayment of THB 725.0mn to Bangkok Bank and THB 776.0mn to SMBC, the total long-term loan repayment of THB 1,501.0mn. As a result, the Fund had the remaining loan of THB 9,399.0mn.

MD&A for Q4/25

2

3BB Internet Infrastructure Fund Management Discussion & Analysis for Q4/2025

3 February 2026

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 the Q4/2025, the Fund will consider to pay dividend of THB 0.224123 per unit. XD (Excluding Dividend) is on 13 February 2026, book closing date on 17 February 2026 and payment date is on 4 March 2026.

For FY2025, the Fund has payout of dividend by three times, totaling amount of THB 0.515897 per unit and one-time capital reduction payout of THB 0.16 per unit. Total distribution is THB 0.675897 per unit.

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 462.4 per core kilometer per month (The change in the Thailand CPI in 2024 announced by the Ministry of Commerce on 6 January 2025 was +0.4%, therefore the rental rate in 2025 will be increased 0.4%.)

• OFCs maintenance fee for the period of 2025 is THB 268.8 per core kilometer per year.

• Loan Restructuring

• ➢ On 29 January 2025, the Fund entered into a facility agreement with SMBC having the principal amount of THB 5,450.0mn and the interest thereon at THOR+0.98%. The Fund drew the said loan to prepay the loan to Bangkok Bank on 31 January 2025. Upon the Fund’s partial prepayment to Bangkok Bank, Bangkok Bank reduces the interest rate on the remaining loan under the Bangkok Bank Facility Agreement from MLR to MLR - 2.90%

• ➢ Regarding the prepayment of the loan to Bangkok Bank, the Fund paid the prepayment fee at the rate of 3% of the loan, being the amount of THB 163.5mn, which is in accordance with the terms of the Bangkok Bank Facility Agreement. In respect to the loan from SMBC, the Fund paid a front-end fee in the amount of THB 38.2mn to SMBC.

• ➢ Bangkok Bank released the optical fiber cable in the amount of 279,000 core kilometers from being the business security. The Fund placed the released optical fiber cable in the amount of 279,000 core kilometers to be the business security under SMBC Facility Agreement.

MD&A for Q4/25

3