Management Discussion and Analysis Quarter 3 Ending 30 Sep 2026

Management Discussion and Analysis Company name : CPN COMMERCIAL GROWTH LEASEHOLD PROPERTY FUND Year : 2026 Quarter : Quarter 3 Ending : 30-Sep-2026 Note : JorTor. 11-690120 November 13, 2026 To: The President The Stock Exchange of Thailand Re: Clarification of the change of 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 assets from operations for the third quarter of 2026 (3-month period from July 1, 2026 to September 30, 2026) which increased in excess of 20% compared to the same period in 2025. The Fund has the net increase in net assets from operations for three months ended September 30, 2026 amounted to Baht 82.75 million, compared to the net decrease in net assets from operations of Baht 75.82 million in the same period in 2025, or an increase of Baht 158.57 million (increased 209.1%) from that of the same period last year. This is mainly a result of a decrease in the Fund's total income to 179.85 million Baht from 200.66 million Baht in 2025, a drop of 20.80 million Baht (decreased by 10.4%) which resulted from a major tenant's contract ending in late 2025. Currently the fund is seeking additional tenants. While the net losses on changes in fair value of investments of Baht 66.80 million compared to the net losses on changes in fair value of same period last year of Baht 243.71 million (decreased 72.6%). 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, 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 third quarter of 2026 has increased 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 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.