26 February 2007

) MD&A Q4/06

CentralWorld World 185,851 81% 51% 75% Total 684,338 92% 84% 93% Offices Net leaseable Occupancy (%) area (sq.m.) 4Q06 3Q06 4Q05 Ladprao 18,134 100% 100% 98% Pinklao A 22,560 92% 97% 99% Pinklao B 11,335 60% 52% n/a Bangna 9,796 97% 98% 99% CentralWorld 83,876 90% 90% 74% Total 145,701 89% 90% 83% Note: /1 Pinklao Tower B completed its conversion of apartment building into office building in 1Q06.