24 December 1996

REPORTS ON SALE OF SHARES IN CENTRAL PATTANA CHONBURI CO

Central Pattana Plc. (CPN) reported, referring to its contract with Rodamco Thailand B.V. (Rodamco) to jointly invest in Central Pattana Chonburi Co., Ltd. (CPC), saying that it has made a contract to amend the joint investment proportion and it has sold its shares in CPC, amounting to 15% of the registered capital, to Rodamco. The details are as below: 1. Date of Transaction: December 23, 1996 2. Transaction Objective: To enhance efficiency of the shopping mall business operation of Central Plaza Chonburi Project 3. Registered Capital of Central Pattana Chonburi Co., Ltd: Bt350 million, of which Bt245.3 million has been paid up 4. Joint Investment Proportion: CPN presently holds 2,625,000 shares, accounting for 75%, and Rodamco possesses 875,000 shares, representing 25% of CPC's registered capital. CPN and Rodamco have agreed to change the investment proportion in CPC. For this, CPN has sold 525,000 shares in CPC, accounting for 15% of the registered capital, to Rodamco. The shares sold can be divided as follows: 1) An amount of 1,500 shares, fully paid up 2) An amount of 523,500 shares, each paid up by Bt70 After this selling, CPN holds 2.1 million shares or a 60%-stake in CPC while Rodamco possesses 1.4 million shares accounting for 40% of CPC's registered capital. 5. Total Value of Remuneration: The shares was sold at Bt37,963,797 totally. 6. Criteria to Determine Renuneration: Shares' paid-up value and interest during the holding period 7. Calculation Under Asset Disposition Criteria: CPN confirmed that the transaction did not fall under the criteria concerning asset acquisition/disposition.