28 February 2003

OPERATING RESULTS 2002

TRANSLATION The Company would like announce the reason for the company's profit for the year 2002 that increase from 2001 more than 20%. Net profit after tax for the year 2002 increase from 2001 by approximately 319 million Baht or 51% due to full year revenues and profit from the project "Central City Bangna" in 2002. In addition in Q3/2002 a subsidiary company has entered into debt restructuring agreement with its lender which this subsidiary can realize profit from this restructuring amounted to 98 million Baht coupled with the profit for the year 2002 increase from the higher rental and service income received from Central Plaza Lardprao, Central City Bangna and Central Airport Plaza Chiangmai.