12 December 2006

instruments acceptable to the Fund at the value equivalent to the remaining rent that Central Pattana Rama II will have to pay the landowner. The additional mechanisms mentioned above will be cancelled once the Fund has obtained the consent from the landowner to become the party in the land lease agreement replacing Central Pattana Rama II Co., Ltd or there is other mechanism acceptable to the Fund. Clause 5. Risk Factors (page 75) Existing Provisions 5.2. Risk Arising From Operation of the Fund (page 76) 5.2.1 Risk Relating to Non-Compliance with Sublease Agreement by Sub-Lessor of Land and Lease of Buildings The investment in real properties by the Fund as described above will be in the form of investment in or possession of subleasehold rights and leasehold rights in real properties. Although the Fund will register the long-term leasehold rights for its investment in such sublease rights and leasehold rights with competent officers, there is a potential risk because the sublease agreements and/or lease agreements of those real properties could be terminated and, as a result, the Fund would lose the right to receive income there from and the rate of returns of unitholders will eventually be affected. In order to reduce such potential risk, the Fund has taken the following steps: a) The Fund has sought the consent and prescribed conditions in the sublease of land with the landowner under the lease agreement between Central Pattana Rama II Co., Ltd. and the landowners, and will procure protection against the risk that may arise from the termination of such land lease agreement by obtaining right from the landowners to take assignment of the right under the land lease agreements in place of Central PattanaRama II Co, Ltd. b) The Fund requires Central Pattana Rama III Co., Ltd. to mortgage the land and structure comprising of the land where the Central Plaza Ratchada-Rama III Shopping Complex is located and the Central Plaza Ratchada-Rama III Shopping Complex as security for the performance under the lease agreement and damages that may arise as a result of its breach of the lease agreement of the Central Plaza Ratchada-Rama III Shopping Complex Project. Amendments 5.2. Risk Arising From Operation of the Fund (page 76) 5.2.1 Risk Relating to Non-Compliance with Sublease Agreement by Sub-Lessor of Land and Lease of Buildings The investment in real properties by the Fund as described above will be in the form of investment in or possession of subleasehold rights and leasehold rights in real properties. Although the Fund will register the long-term leasehold rights for its investment in such sublease rights and leasehold rights with competent officers, there is a potential risk because the sublease agreements and/or lease agreements of those real properties could be terminated and, as a result, the Fund would lose the right to receive income there from and the rate of returns of unitholders will eventually be affected. In order to reduce such potential risk, the Fund has taken the following steps: a) The Fund has sought the consent and prescribed conditions in the sublease of land with the landowner under the lease agreement between Central Pattana Rama II Co., Ltd. and the landowners, and will procure protection against the risk that may arise from the termination of such land lease agreement by obtaining right from the landowners to take assignment of the right under the land lease agreements in place of Central Pattana Rama II Co, Ltd. As at the date of preparation of this additional information (31 October 2006) the Fund is yet to receive such consent from the landowner. As a result, the Fund agreed with Central Pattana Public Company Limited and Central Pattana Rama II Co., Ltd. to procure additional mechanisms until the Fund can get the consent from the landowner (the Fund and Central Pattana Public Company Limited and Central Pattana Rama II Co., Ltd. have agreed to complete process in a timely manner but no later than 28 February 2007. The mechanisms include: 1. Central Pattana Rama II Co., Ltd. grants consent to the Fund to make land rental payments for Central Rama II Co., Ltd. in case that Central Rama II Co., Ltd. does not make land rental payment to the landowner as prescribed in the land lease agreement. 2. Central Pattana Rama II Co., Ltd. will provide evidences of the land rental payment to the Fund every month. 3. Central Pattana Public Company Limited and/or Central Pattana Rama II Co., Ltd. will provide collateral acceptable to the Fund as security for the rental payment in 1 having the value equivalent to the rent that Central Pattana Rama II Co., Ltd. will have to pay the landowner for a period of 2 years. 4. Central Pattana Rama II Co., Ltd. will operate its business only within a necessary scope of operations in order to become a low risk company by amending the memorandum of association relating to its objectives to be in line with its necessary scope of operations. 5. Central Pattana Public Company Limited agreed to maintain certain financial ratios acceptable to the Fund, which will be the same ratios that Central Pattana Public Company Limited agreed with its financial creditors, being Debt to Equity (D/E) ratio and Debt Service Coverage Ratio (DSCR). If Central Pattana Public Company Limited cannot maintain the level of such ratios and cannot remedy them within 3 months, Central Pattana Rama II Co., Ltd. or Central Pattana Public Company Limited will provide cash collateral or pledge instruments acceptable to the Fund at the value equivalent to the remaining rent that Central Pattana Rama II will have to pay the landowner. The additional mechanisms mentioned above will be cancelled once the Fund has obtained the consent from the landowner to become the party in the land lease agreement replacing Central Pattana Rama II Co., Ltd or there is other mechanism acceptable to the Fund. In addition, the Management Company shall be empowered to take the following actions: 1) To amend the wording or contents in the Fund Management Project as proposed above insofar as they are not contradictory to or in conflict with the resolution of the unitholders' meeting and/or as instructed or recommended by the Office of the SEC and/or the SET and/or any other competent authority, and to contact the Office of the SEC, the SET, the government authorities or agencies, or any persons for the said purposes etc. 2) To do any other acts which are necessary for or incidental to the foregoing acts in all respects for the purpose of their accomplishment, and to appoint and/or remove any substitutes for the acts as stated above for the purpose of their accomplishment. Please be informed accordingly. Yours faithfully, Thida Chotiyanon Authorized Signatory