06 October 2006

(Translation) No. TT/IM 223/2006 5 October 2006 Re: Notification of Resolution of the Investment Committee for the Closing of the Register Book to Suspend the Transfer of Investment Units for Determining of the Right of the Unitholders to Attend the Unitholders' Meeting for considering the Capital Increase of CPN Retail Growth Property Fund (CPNRF) To: The President The Stock Exchange of Thailand The Investment Committee of CPN Retail Growth Property Fund (CPNRF) (the 'Fund') by TMB Asset Management Company Limited (the 'Management Company') would like to inform that, for carrying out the objectives of the establishment of the Fund to mobilize funds to purchase or lease out real properties and procure benefits therefrom in order to generate income and returns to the Fund and the unitholders, the Investment Committee has passed resolutions on 5 October 2006 that the Fund increase its investment in the commercial properties or real properties in the type of shopping complex and/or retails and/or other type of real properties as specified in the Fund Management Project. The additional real properties determined for this investment will be the shopping complex (partial) and offices buildings located in Central Plaza Pinklao Project. In this regard, the Management Company expects to increase the capital of the Fund for not exceeding Baht 7,265,000,000 by issuing the additional investment units in the number not exceeding 691,000,000 units, which the value of the investment units to be issued and sold shall be determined by a bookbuilding process, taking into account amongst other things,CPNRF's Investment Units trading price on the Stock Exchange of Thailand (the 'SET') during the period when the additional Investment Units are issued and offered for sale, the general condition of the market and market's feedback and demand. The additional Investment Units allotted in the Rights Offering and those allotted in the private placement shall be of the same price. The Management Company plans to offer the new investment units in the proportion of 50 percent of the total additional investment units to the existing unitholders whose names appear in the unitholders' register book ('Rights Offering') and to offer the remaining additional investment units under a private placement ('Private Placement') to investors who are the owners of the real properties in which the Fund wishes to invest and/or the owners' related persons, institutional and other investors and/or specific investors who are unrelated to the owners and are not connected persons under the relevant notification of the Board of Governors of the Stock Exchange of Thailand. Should there be any additional investment units remaining from the Rights Offering, the Management Company will allot them on a private placement basis to the owners of the real property in which the Fund wishes to invest and/or the owners' related persons, institutional and other investors and/or specific investors who are unrelated to the owners and are not connected persons under the relevant notification of the Board of Governors of the Stock Exchange of Thailand who subscribe for such investment units. In regards of the capital increase of the Fund and consideration of investment in the shopping complex and office buildings in Central Plaza Pinklao Project. The Investment Committee has assigned the Fund Manager to study its feasibility and appropriateness in order to propose to the unitholders' meeting for consideration. In this regard, the Management Company may consider calling a unitholders' meeting or seek resolutions from the unitholders through circular notice to unitholders by 8 November 2006, and the following matters will be proposed to unitholders for consideration: Agenda 1. To consider and approve the increase of the Fund's capital by not exceeding Baht 7,265,000,000 through the issuance and offer for sale of not exceeding 691,000,000 additional Investment Units, the method of determination of the price of the Investment Units to be offered for sale, the investment in the shopping complex (partial) and office buildings located in Central Plaza Pinklao Project, the allotment of the additional Investment Units and listing of the new Investment Units on the Stock Exchange of Thailand Agenda 2. To consider the amendment of the contents in the Fund Management Project as necessary and relevant to the capital increase for the purpose of the additional investment of the Fund Agenda 3. To consider the amendment of the Fund Management Project to be suitable with the Fund's current operation. Agenda 4. Others (if any) The Management Company will arrange to send the invitation letter or circular notice to unitholders requesting for resolutions, together with relevant attachments, to the unitholders. In addition, the Fund has determined the closing date of the unitholders' register book to suspend the transfer of investment units for determining the right of unitholders to attend the unitholders' meeting or right to pass resolution pursuant to circular notice on 19 October 2006 from 12.00 noon onwards until the meeting is adjourned. The Fund hereby notifies the date of the closing of the unitholders' register book on 19 October 2006 at 12.00 noon onwards until the meeting is adjourned or after the resolutions have been passed. Please be informed accordingly. Yours faithfully, Phiphat Phisanuwongrak Authorized Signature