11 February 2009

Report on CPN Retail Growth Property Fund as at 31 December 2008 Fund Name Net Asset Value Capital Units NAV Per Unit CPN Retail Growth Property Fund 11,332,142,598.48 1,091,500,000.00 10.3821 Appraisal Firm 15 Business Advisory Limited Type of Assets Leasehold Rights Location Central Plaza Rama II Shopping Complex, No. 128 Moo 6, Rama II Road, Khwaeng Samaedam, Khet Bangkhuntien, Bangkok Valuation Method Income Approach Date of Valuation 8 December 2008 Open Market Value Remaining lease term of approximately 16 years 8 months Baht 5,931,000,000.- (Baht Five Thousand Nine Hundred Thirty One Million Only) Appraisal Firm 15 Business Advisory Limited Type of Assets Leasehold Rights Location Central Plaza Ratchada-Rama III Shopping Complex, No. 79 Ratchadapisek Road Khwaeng ChongNonsi, Khet Yannawa, Bangkok Valuation Method Income Approach Date of Valuation 8 December 2008 Open Market Value Remaining lease term of approximately 26 years 8 months with an option to renew for 2 consecutive periods of 30 years Baht 5,041,000,000.- (Baht Five Thousand Forty One Million Only) ***Investors can inquire information relating to the valuation report or valuation review report from TMB Asset Management Company Limited. Youes Sincerely, Thida Chotiyanont Authorized Singnature