Management Discussion and Analysis

Company name                             : CPN COMMERCIAL GROWTH LEASEHOLD 
PROPERTY FUND
Year                                     : 2025
Quarter                                  : Yearly
Ending                                   : 31-Dec-2025
Note                                     :
JorTor. 11-690027
	February 18, 2026
To:	The President
The Stock Exchange of Thailand
Re:	Clarification of the change in the net increase in net assets from 
operations in excess of 20% of
CPN Commercial Growth Leasehold Property Fund (CPNCG)
SCB Asset Management Co., Ltd., the Management Company of CPN Commercial Growth 
Leasehold Property Fund ("the Fund"), would like to clarify the change of net
increase in net assets from operations for the year ended December 31, 2025
which decreased in excess of 20% compared to that of the same period in 2024.
The Fund has the net increase in net assets from operations for the year ended 
December 31, 2025 amounted to Baht 108.13 million, compared to the net increase
in net assets from operations of Baht 342.31 million for the same period in
2024, or a decrease of Baht 234.17 million (decreased 68.41%). This is mainly a
result of the net losses on changes in fair value of investments of Baht -566.14
million compared to the net losses on changes in fair value of investment for
the same period last year of Baht -319.37 million (loss increased 77.27%).
A net losses on changes in fair value of investments mainly stems from a change 
in fair value of the assets resulting from asset appraisal by the independent
appraiser due to the decrease of remaining leasehold and major tenant ended
rental contract, which is non-cash accounting item that do not effect on cash
flows.
Consequently, the net increase in net assets resulting from operations for the 
year ended December 31, 2025 has decreased in excess of 20%, compared to the
same period last year.
Please be informed accordingly.
Yours Faithfully,
CPN Commercial Growth Leasehold Property Fund
By SCB Asset Management Company
(Mrs.Tipaphan Puttarawigorm)
Executive Director, Property and Infrastructure Investment Group

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