Prospectus Summary

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  • CPN 1

    :

    : 3 21 22

    19

    10900

    : 0-2949-1500

    : 0-2949-1501

    1.

    1.1 () : CPN

    1.2 () : CPN Commercial Growth Leasehold Property Fund

    1.3 : CPNCG

    1.4 : 30

    1.5 :

    1.6 :

    1.7 :

    1.8 : 31 2555

    1.9 : 4-10 2555

    Risk Spectrum

    /

    /

    1 2 3 4 5 6 7 8

    CPN

    (CPNCG)

  • CPN 2

    2.

    2.1 : 4,394,381,700

    2.2 : 10.30 ()

    2.3 : 426,639,000

    2.4 :

    2.5 : 10.30

    2.6 : 4,000 1,000

    3.

    3.1

    / / / / / / / ///

    3.2 3.2.1

    / ()

  • CPN 3

    G 3 B1 B3 () (CPN) 4 (TBF4) ( TBF4 ) 1,271

    / /

    3.2.2

    1 46 3 2 1 4 (Gross Floor Area) 127,383 31 .. 2555 84,086 .. 2547 (: 5,394 3,520 )

    1

  • CPN 4

    (Commercial Property) (Sky Walk)

    TBF4 ( ) TBF4 ( )

    4.

    5.

    5.1

    / - - -

    -

    - 20 ( 22 .. 2575) - 20 ( 22 .. 2575)

  • CPN 5

    -

    20 ( 22 .. 2575)

    ( 1 2)

    4,764,381,700 (i) 26 (ii) CPN

    5.2 999/9 1 10330

    : ()

    5.3 TBF4 TBF4

  • CPN 6

    TBF4 CPN

    () 2

    1) 1

    1.1) 2 1 4

    1.2) B1-B3 G 3 6 7 25 44 113,328 74,605

    1.3) 24 2 7

    1.4) 1,218

    2) 2 1

    ( 2) 2 CPN 2 31 .. 2555 2

    2 6 ( 1) 7 25 44

  • CPN 7

    8,662 5,961 53

    CPN 2 CPN CPN 2 CPN 12 2 CPN 600

    2 () () 2

    2

    ()

    CPN ()

    () 370

    (%) MLR- 2%

    12

    3

  • CPN 8

    :

    2 ( / )

    5.4 TBF4 TBF4 TBF4 CPN TBF4 TBF4 ()

  • CPN 9

    TBF 4 CPN TBF4 CPN CPN TBF4 CPN

  • CPN 10

    (Warning Signal) (Force Signal)

    (--)

    31

    .. 2555 ()

    3008 2-1-4

    .. 2547

    80,566

    : ()

    12

    (: )

    .. 2550

    .. 2551

    .. 2552

    .. 2553

    .. 2554

    1 .. 2555

    () 96.4 95.5 94.9 92.7 92.6 94.4

    551 588 600 530 605 153

    189 157 185 184 199 41

    ( )

    363 431 415 346 406 112

    : ()

  • CPN 11

    :

    1. 84,086 ( 80,566 )

    2. 2553 11.7

    3.

    4.

    5. 2 5.3(2)

    31 .. 2555 () 121,989

    31 .. 2555 () 80,566

    () 3 31 .. 2555

    588

    : ()

  • CPN 12

    : ()

    24 2 7

    CPN (Property Manager)

    31

    31 .. 2555 .. 2552 .. 2553 .. 2554

    94.7 92.5 93.0 95.4

  • CPN 13

    31 .. 2555 10

    (..)

    1 () 16 2557 2 () 9 2556 3 6 2556, 2557 4 (

    ) () 6 2556, 2558

    5 () ( 1 )

    6 2556

    6 5 2556, 2558 7 () 4 2556, 2557 8 3 2556 9 () 3 2558 10 () 3 2556 61

    : ()

    : 3

    31 .. 2555

    .. ()

    2555 6,566 8.15 2556 33,705 41.84 2557 34,122 42.35 2558 3,018 3.75 3,155 3.92 : ()

  • CPN 14

    31 .. 2555

    ()

    13,129 16.30 12,757 15.83 / 11,416 14.17 10,838 13.45 () 7,261 9.01 4,498 5.58 4,152 5.15 3,014 3.74 2,362 2.93 2,250 2.79 815 1.01 771 0.96 476 0.59 132 0.16 3,033 3.76 3,663 4.55 80,566 100.00

    : ()

  • CPN 15

    5.5

    * 22 4 1 2

    :

    :

    1. 2 5.3(2)

    2. 1 2 4,191.9 4,522

    *

    ()

    ()

    1 (

    5.3 (1))

    4,394.4 3,853.8

    (Income

    Approach)

    9 2555

    4,157.0

    (Income

    Approach)

    2 2555

    2 (

    5.3 (2))

    370.0 338.1

    (Income

    Approach)

    9 2555

    365.0

    (Income

    Approach)

    2 2555

  • CPN 16

    (Commercial Property) 1 2 4,764.4 (14%) (Internal Rate of Return IRR) 20 9.4 (9.4%) ( ) IRR ( 11 IRR 11 ) (Investment Grade)

    22 2555

    10 15 20

    3.47% 3.63% 3.80%

    ( A+) 4.34% 4.64% 4.96%

    ( BBB+) 5.33% 5.75% 6.15%

    :

  • CPN 17

    CPN (Force Signal) CPN ()

    5.6 / (Commercial Property) CPN /// (Right of First Refusal)

    1. TBF4 / TBF4 TBF4 12 () TBF4 (Right of First Refusal) / / CPN / CPN / / TBF4 30 ()

  • CPN 18

    TBF4 / / 90 () / / / / 250 ()

    2. // ( ZEN )

    7 (Right of First Refusal) CPN / / / ( ZEN) CPN / CPN / /

    CPN (Right of First Refusal) CPN

    / / ... ...

    6.

    6.1

  • CPN 19

    3

    6.2

  • CPN 20

    7. CPN

    7.1

    () 1

    7.2 CPN (Commercial Property)

    CPN

  • CPN 21

    CPN (Property Manager) CPN (Commercial Property) 30

    CPN CPN CPN .. 2547 CPN 7.3

    90 .. 2553, .. 2554 3 .. 2555 .. 2553 , .. 2554 3 .. 2555 530 , 605 153 ( ) 346, 406 112

    7.4

    . () () ()

  • CPN 22

    7.5

    ..2555-2557 ( 265,200 8 )

    7.6

    CPN 20 1 CPN

    7.7

    1 (Commercial Property) 3 5

  • CPN 23

    8.

    TBF4 / / CPN () (All Risk Insurance)

    () 3,977,000,000 31 .. 2555 31 .. 2556 / TBF4 / / / CPN

    () (Third Party Liability Insurance) () 50,000,000 31 .. 2555 31 .. 2556 / CPN

    () (Business Interruption Insurance) () 1,527,000,000 31 .. 2555 31 .. 2556 / TBF4 / / / CPN

    () (Terrorism Insurance) () 5,000,000,000 31 .. 2554 31 .. 2555 CPN / CPN

  • CPN 24

    TBF 4

    / / TBF 4 () / TBF 4 TBF4 TBF 4 () / / TBF 4 () () 3,977,000,000 (Replacement Value) 2 2555 9 2555 3,870,000,000 3,784,500,000 3

    9.

  • CPN 25

    TBF4 TBF4 TBF4 TBF4 CPN TBF4 TBF4 TBF4 CPN TBF4 / () / / ( ) CPN

    CPN

    CPN

    CPN

    CPN TBF4 CPN () (1) (1.1)

  • CPN 26

    10.

    CPN /

    11.

    1 3 ...

    2

    (1) 90

    (2)

    (1)

    (1) (2) 90

    ...

  • CPN 27

    0.10

    ... ... / /

    12.

    13.

    75

    14.

  • CPN 28

    1. TBF4 CPN 1 2 4,764,381,700 (Commercial Property)

    1 2 4,764.4 (14%) (Internal Rate of Return IRR) 20 9.4 (9.4%) ( ) IRR ( 11 IRR 11 ) (Investment Grade)

    22 2555 10 15 20

    3.47% 3.63% 3.80%

  • CPN 29

    10 15 20

    ( A+) 4.34% 4.64% 4.96%

    ( BBB+) 5.33% 5.75% 6.15%

    : 2.

    CPN 99

    3. CPN

    4. CPN 16 CPN

    5. 2 ( 5.3 (2)) () 90 (Clean Loan) ()

    15.

    1.

  • CPN 30

    ()

    ()

    ()

    2. (1)() (1)()

    3. 10 10

    2

  • CPN 31

    1

    1.1

    3 2555 15.00 . 10 2555

    3 2555 15.00 . 10 2555

    1.2

    4 2555 15.00 . 10 2555

  • CPN 32

    4 2555 15.00 . 10 2555

    2

    2.1

    10.3

    10.3

    2.2

    (1) 25

    (2) 50

    (3)

    () 50 () ()

    () ()

  • CPN 33

    () () ()

    (4) (1) (2)

    ()

    ()

    ()

    (4) () () (4)() ()

    (1) 1.2 4,000 1,000 1

    (2) 10.3

  • CPN 34

    (3)

    10.3 1

    8

    (1) () () 8

  • CPN 35