12 การแปลงสภาพ CPNRF เป็น REIT_E - Translation - No. 051/2017/040 21 July 2017 Subject: Information Memorandum regarding the Conversion of CPN Retail Growth Leasehold Property Fund into CPN Retail

Development Company Limited. 5. Expected Benefit 1. Supporting the company’s policy to diversify in to Property Business 2. To enable continuous growth in the Company’s assets, profits, and cash flows. 6

non-recurring items, namely the insurance claim from the terrorism risk protection amounted THB 3,500 mn, the conversion of CPN Retail Growth Leasehold Property Fund (“CPNRF”) into CPN Retail Growth

to increase income by providing services to projects developed by other property developers. The business growth target in 2019 is thus set at 10 - 15%. The gross main income of the Company and

Property Business 2. To enable continuous growth in the Company’s assets, profits, and cash flows. 6. Sources of Funding Internal Working Capital 7. The Board of Directors regarding the transaction. The

), which includes the properties which had been transferred to CPN Retail Growth Leasehold REIT (“CPNREIT”) and CPN Commercial Growth Leasehold Property Fund (“CPNCG”). At the end of 2Q18, CPN has an average

properties which had been transferred to CPN Retail Growth Leasehold REIT (“CPNREIT”) and CPN Commercial Growth Leasehold Property Fund (“CPNCG”). At the end of 1Q18, CPN has an average occupancy rate of its

property to reserve for its expansion projects regarding the committed growth and sustained profitable on such investment to all shareholders as per attached information memorandum regarding the connected

Board of Directors of Fancy Wood Industries Public Company Limited (the “Company”) No. 8/2017 dated September 8, 2017 approved the investment in the property development business by acquiring the entire

property (totaling 11 units), and 3 real estate properties for sale (totaling 1,227 units), which includes the properties transferred to CPN Retail Growth Leasehold REIT (“CPNREIT”) and CPN Commercial Growth