Central Pattana Public Company Limited The lease agreement of Central Plaza Ladprao with The State Railway of Thailand March 20, 2003 Subject : Clarification of progress on the lease agreement of Central Plaza Ladprao with The State Railway of Thailand To : The President The Stock Exchange of Thailand According to the resolution of the Board of The State Railway of Thailand (SRT) on March 19, 2003, The Management of SRT will notify a cancellation of land lease agreement to Central Inter Pattana Co.,Ltd., as they has claimed that Central department store and Hotel buildings have been renovated and modified without any consent from SRT resulting in return of all building in the land lease to SRT. Central Pattana Public Company Limited ("Company"), the sub-lessee from Central Inter Pattana Co.,Ltd., would like to inform that we totally invested on construction of the buildings in project. The renovations and modification in the buildings and land lease, which is belong to the Company, is only for modernize the Center in order to survive in the high competitive market as present. We actually do it with no other intention except for commercial purpose and in accordance with the land lease agreement. The claim by SRT that Central Inter Pattana Co.,Ltd. has breached the lease agreement, have not finalized yet. The Company has been inform by Central Inter Pattana Co.,Ltd that this issue may be submitted to court and finalized by court. So, STR is currently no right to take over all buildings in the Ladprao project. The Company would like to inform you and investors that Central Plaza Ladprao is still belong to the Company until the court delivered other judgement. Please be informed accordingly Yours Faithfully, Naris Cheyklin Secretary to the Board of Director