CPN ANNOUNCES A CONNECTED TRANSACTION BY A SUBSIDIARY ( Disposal of Securities ) Central Pattana Public Company Limited would like to announce that a board of director's meeting # 6/2001 of Central Pattana Rama 3 Company Limited ( A subsidiary in which Central Pattana Public Company Limited holds 60.53% of the available shares ) and a board of director's meeting of Central Realty Services Rama3 Company Limited(A subsidiary in which Central Pattana Rama3 Company Limited holds 99.99% of the available shares) held on January 16, 2002 passed the following resolutions concerning a connected transaction. The details are as follows : 1. The date on which the transaction occurs : January 16 ,2002 2. The parties involved : Relationship with the company Name Buyer : Central Retail Corporation Company Limited : Related company Seller : Central Pattana Rama 3 Company Limited : Subsidiary company Central Realty Services Rama3 Company Limited : Subsidiary company 3. The general characteristics of the transaction : Disposal of securities 4. Details of the disposed securities: - The company's name : Rachada Nonsee Department Store Co.,Ltd - The nature of its business : Department Store - Registered capital : 150,000,000 Baht - Paid-up capital : 150,000,000 Baht - Number of securities disposed of : 570,000 shares - Selling price per share : 75.00 Baht - Proportion of securities holding before Central Pattana Rama 3 Company Limited : 19.00 % Central Realty Services Rama3 Company Limited : 19.00 % - Proportion of securities holding after Central Pattana Rama 3 Company Limited : 0% Central Realty Services Rama3 Company Limited : 0% 5. The total value of the consideration Central Pattana Rama 3 Company Limited : 21,375,000 Baht Central Realty Services Rama3 Company Limited : 21,375,000 Baht 6. The value of disposed securities - Book Value ( As of September 30,2001 ) Central Pattana Rama 3 Company Limited : 37,941,653.72 Baht Central Realty Services Rama3 Company Limited : 31,023,785.48 Baht - Par Value Central Pattana Rama 3 Company Limited : 28,500,000 Baht Central Realty Services Rama3 Company Limited : 28,500,000 Baht - Book Value of Rachada Nonsee Department Store Co.,Ltd. Per audited financial statements ( As of December 31,2000 ) shown capital deficiency of (64,168,767) Baht 7.The basis used to determine the value of consideration : Based on discounted net cash flow of the company 8.The reason for the disposal : It is not in CPN's core business and the selling prize is reasonable 9. The details of the connected persons and the related persons and the nature and extent of the interest of the connected person in the transaction : Names in the company Central Retail Corporation Co.,Ltd Position % shares held Position %shares held 1.Mr.Vanchai Chirathivat Chairman 4.00 Chairman 0.00 2.Mr.Kobchai Chirathivat Director,Vice President & COO 7.00 - - (Holds thru Central 5.28 (Hold thru Harng Central 1.74 Holding Co.,Ltd.) Department Store Co.,Ltd) 3.Mr.Prin Chirathivat Director, Executive Director 4.00 Director 0.00 (Holds thru Central 5.28 (Hold thru Harng Central 6.67 Holding Co.,Ltd.) Department Store Co.,Ltd) 4.Mr.Suthichai Chirathivat Director 0.48 Director 0.00 (Holds thru Central 4.46 (Hold thru Harng Central 20.84 Holding Co.,Ltd.) Department Store Co.,Ltd) 5.Mr.Suthilaksh Chirathivat - 0.60 - - (Holds thru Central 1.86 (Hold thru Harng Central 5.19 Holding Co.,Ltd.) Department Store Co.,Ltd) 6.Mr.Suthichart Chirathivat - - President & CEO 0.00 (Holds thru Central 0.60 (Hold thru Harng Central 9.50 Holding Co.,Ltd.) Department Store Co.,Ltd) 7.Mr.Suthiporn Chirathivat - - Director 0.00 (Holds thru Central 0.55 (Hold thru Harng Central 5.00 Holding Co.,Ltd.) Department Store Co.,Ltd) 8.Mrs.Wanida Chirathivat - 1.21 - - (Hold thru Harng Central 4.94 Department Store Co.,Ltd) 9.Mrs.Nateanong Chirathivat - 2.11 - - (Hold thru Harng Central 0.70 Department Store Co.,Ltd) 10.Mrs.Suvimol Chirathivat - 3.87 - - (Hold thru Harng Central 1.03 Department Store Co.,Ltd) 11.Mr.Narongritt Chirathivat - 0.48 - - (Hold thru Harng Central 2.50 Department Store Co.,Ltd) Total 52.55 58.11 ( Mr. Naris Cheyklin ) Secretary to the Board of Director