July 4, 2005 Subject : Notification of the Establishment of CPN Retail Growth Property Fund To : The President The Stock Exchange of Thailand The Board of Directors of Central Pattana Public Company Limited ("CPN") at its meeting No.3/2005,held on May 11, 2005,has approved in principle to invest in CPN Retail Growth Property Fund (the "Fund"), which will be established by TMB Asset Management Co,. Ltd. ("TMBAM") with an initial fund size of approximately Baht 12 Billion.CPN will invest 33% of the total issued investment units of the Fund. The objection of the Fund is to raise fund from investors both individual and juristic persons from local and overseas. The proceeds from the offering will be used to invest by purchasing, leasing and/or sublease in real properties. The properties in which the Fund will invest, will be part of Central Plaza Rama II with total area of approximately 251,182 square metres, which is owned by Central Pattana Rama II Co., Ltd. and part of Central Plaza Ratchada-Rama III with total area of approximately 169,740 square metres.Currently the building of Central Plaza Rama II was sold with right to redemption and the land was leased out to Thai Business Fund 1.The Fund has a dividend policy to pay out at least 90% of net profit and no more than 4 times a year. The expected dividend yield is approximately 7%-8% annually for 2006 and 2007 which mainly came from rental contract with fixed rate for the periods of 1-3 years or longer. The projected expenses of the fund have been reviewed by Financial Advisor, Fund Manager and Property Manager who are of an opinion that all assumptions are reasonable. Central Pattana Rama II Co., Ltd. and Central Pattana Rama III Co., Ltd.,the subsidiaries of CPN, as the owner of the properties, will benefit from the proceeds from the sale,lease and/or sublease of its properties to the Fund.The proceeds will be used to develop CPN's future projects. In addition, the Company will receive property management fee as property manager and dividend as unitholder of the Fund. Currently, TMBAM is in the process of seeking approval for the fund establishment from the Office of the Securities and Exchange Commission. The offering is expected to be made in August 2005. CPN will notify detailed information on the assets acquisition and disposition transaction in relation to the establishment of the Fund to the shareholders and the Stock Exchange of Thailand (the "SET")pursuant to the SET regulations after the Board of Directors finally approve the transactions. Yours Faithfully, Central Pattana Public Company Limited (Naris Cheyklin) Secretary to the Board of Directors