(Translation)

No. TT / IM 352 / 2008

22 September 2008

Re: Clarification of Plan for Capital Increase and Investments in Additional Real Properties

To: The President The Stock Exchange of Thailand

TMB Asset Management Company Limited, the Management Company of CPN Retail Growth Property Fund (CPNRF), notes various articles published in the press today in relation to the status of CPNRF's capital increase which unitholders approved on 19 August 2008.

The Management Company acknowledges that current equity market conditions remain volatile and challenging, however, we wish to clarify that no decision has been taken at this time to postpone the capital increase. The capital increase is also currently awaiting approval from the Securities and Exchange Commission.

The Management Company will continue to monitor market conditions and explore all options to maximise value for unitholders. Further details will be announced to unitholders in due course.

Please be informed accordingly.

Yours faithfully,

Phiphat Phisanuwongrak
Authorized Signatory