28 June 2011

No.Jor.Thor.3-540621 28 June 2011 RE: Amendment of CPN Retail Growth Leasehold Property Fund (CPNRF) ATTENTION: The President, Stock Exchange of Thailand As SCB Asset Management Co., Ltd. ("Asset Management Company") was approved to amend CPNRF in regard to the criteria and restriction on investment units holding, increase of registered capital of the Fund, Property appraisal, terms, policy and method of dividend payment to the unitholders to be in compliance with the Notification of Office of Securities Exchange Commission No.Sor.Nor.47/2553, RE: Rules, Conditions and Method of Establishment and Management of Property Fund (No.3) dated 5 November 2010 in accordance with the Letter of Office of Securities Exchange Commission No.Nor. 1209/2554, RE: Rules, Amendment of CPN Retail Growth Leasehold Property Fund (CRNRF) dated 22 June 2011; Asset Management Company would like to summarize the essence of amendment of the Fund as follows:- 1. Rule and Restriction of Investment Units Holding: To add "In case there is the dividend which cannot be paid to the unitholders, during the period of time that the Asset Management Company had not yet operated so, Asset Management Company will separately prepare the account and will separate such dividend from other properties of the Fund by not calculating such dividend with the calculation of Net Assets Value (NAV) of the Fund. 2. Fund's Capital Increase: To add "In case that the Asset Management Company failed to offer the investment units within 1 year staring from the date it was approved to do so by Office of Securities Exchange Commission, as a result, such approval on the capital increase will terminate; 3. Property Appraisal and Review of Property Appraisal: To add "The Asset Management Company will send the copy of report of Property Appraisal and Review of Property Appraisal together with copy of relevant documents and evidences to the Trustee immediately and the Office within 15 days as from the date of receipt of such report. 4. Terms, policy and method of dividend payment to the unitholders: 4.1 If any person or same group of persons holding the investment units exceeding One-Thirds of the total outstanding investment units, the Asset Management Company will not pay dividend for the amount which exceeds One-Thirds and will separately prepare the account and will separate such dividend from other properties of the Fund by not calculating such dividend with the calculation of Net Assets Value (NAV) of the Fund; 4.2 If such person means the Government Pension Fund, social security fund, provident fund or mutual fund for general investors, Government Savings Bank, Stock Exchange of Thailand, foundation or temple or the person approved by Office of Securities Exchange Commission to hold investment units exceeding One-Thirds of the total outstanding investment units, the Asset Management Company will not pay dividend for the amount which exceeds 50% of the total outstanding investment units and will separately prepare the account and will separate such dividend from other properties of the Fund by not calculating such dividend with the calculation of Net Assets Value (NAV) of the Fund; 4.3 If the underwriting company which accepted the investment units in accordance with the Underwriting Agreement holds the investment units exceeding One-Thirds of the total outstanding investment units, the Asset Management Company will pay dividend to such person according to the proportion of investment units holding of such person; 4.4 If ex-owner or assignor of right in immoveable property, lessor or grantor of right in immoveable property and the same group of such person, hold investment units exceeding One-Thirds of the total outstanding investment units, the Asset Management Company will not pay dividend for the amount which exceeds One-Thirds of the total outstanding investment units and will separately prepare the account and will separate such dividend from other properties of the Fund by not calculating such dividend with the calculation of Net Assets Value (NAV) of the Fund. Please be informed accordingly. Yours sincerely, SCB Asset Management Co., Ltd. Mr. Narongsak Plodmechai Senior Executive Vice President acting on behalf of President ______________________________________________________________________