Central Pattana Plc.Property Development and InvestmentProperty Development and Investment

Corporate Presentation: FY2012 Performance Review

CentralPlaza Lampang

Disclaimer

“This document does not constitute or form part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or as an inducement to enter into investment activity. No part of this document, nor the fact of its distribution, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This document is not financial, legal, tax or other product advice.

This document has been prepared by the Company based on information available to them for use at a non deal road show presentation by theThis document has been prepared by the Company based on information available to them for use at a non-deal road show presentation by the Company for selected recipients for information purposes only and does not constitute a recommendation regarding any securities of the Company. The information has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with the document.

This document is highly confidential and being given solely for your information and for your use and may not be retained by you nor may this document, or any portion thereof, be shared, copied, reproduced or redistributed to any other person in any manner.

The statements contained in this document speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement, amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events conditions or circumstances on which any such statements are based By preparing this presentation none of the Companychange in events, conditions or circumstances on which any such statements are based. By preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent.

This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration.

This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, recipients of this document are cautioned not to place undue reliance on these forward-looking statements.g

Any reference herein to "the Company" shall mean, collectively, Central Pattana Public Company Limited and its subsidiaries and investments."

2Note: All currency figures within this presentation are presented in Thai Baht unless otherwise stated.

Agenda

► Company Overview

► Operational Performance

► Future Developments

► Financial Performance

► Future Developments

3

Company OverviewCompany Overview

4

Business Overview

Honored the company’s outstanding corporate governance report for the 2nd

Highlights Recent Achievements

CPN is a leading retail property developer and investor in Thailand with a 22% market share in

consecutive year and the third time since 2008.

Honored the company’s corporate governance performance in 2012 which i th 4th ti i 2009

Bangkok’s mall leasable area.

CPN manages 20 shopping centers, 7 office towers, 2 hotels, and 2 residential properties in Thailand.

CPN continuously achieves strong growth of shopping

Top Corporate Governance Report

Excellence is the 4th consecutive year since 2009

Honored the outstandingcontributions to energy savings of CentralPlaza Rattanathibet.

y g g pp gcomplex through green-field developments, acquisition & redevelopments and asset enhancement projects.

CPN is a fully-integrated retail developer with strong synergies with its major shareholder, Central Group, and i ifi t fi i bilit th h it t f d

ASEAN Energy Awards 2012

Excellence CG Scoring

Honored the Excellent Energy Control by the Ministry of Energy.

significant financing capability through its property fund.

CPN is the largest retail property developer on Stock Exchange of Thailand (SET) with a market capitalization of approx 178.1 Bt. bn (1).

Energy Awards 2012

Thailand Energy Awards 2012

Honored for the third consecutive year of CentralPlaza Chiangmai Airport by Thailand Productivity Institute.

CPN is the property manager and largest shareholder in Thailand’s leading REITs, 28% in CPN Retail Growth Leasehold Property Fund (CPNRF) and 25% in CPN Commercial Growth Leasehold Property Fund (CPNCG).

On 30 No ember 2012 CPN as added to the MSCI

Thailand QualityClass Award

Affirmed with positive outlook by TRIS Rating in February 2012.

On 30 November 2012, CPN was added to the MSCI Global Index, which is a widely tracked global equity benchmark and serves as the basis for over 500 exchanged traded funds throughout the world. A+ Credit Rating

5(1) Source: SetSmart as of 31 December 2012.

Strong Development & Acquisition Pipeline

2011 Opened “CentralPlaza Chiangrai”,

“CentralPlaza Phitsanulok“ and “CentralPlaza Grand Rama 9”

1980Established under “CentralPlaza Co., Ltd.”

1995 Opened “CentralPlaza Pinklao” and “Central Center Pattaya” 2002

O d

2009 Opened “CentralFestivalPattaya Beach”, “CentralPlaza Chonburi” and “CentralPlaza KhonKaen”

2010 Opened “Hilton Pattaya Beach Hotel”pm

ent

1982 Opened “CentralPlaza Ladproa”

The first integrated shopping complex in Thailand

1997 Opened “CentralPlazaRatchada Rama 3”

Opened “CentralPlaza Rama 2”

2008

Opened

2012 Opened ”CentralPlaza Suratthani”and “CentralPlaza Lampang”

2013 Open “CentralPlazaUbonratchathani”, fie

ld D

evel

op

1993

Opened “CentralPlaza Ramindra”

Opened “CentralPlaza Chaengwattana”

“CentralFestival Hatyai” and“CentralFestival Chiangmai”

Gre

en-f

2015 Open ”CentralWestGate(Bangyai)”

1996

Acquired full equity stake in “CentralPlaza ChiangmaiAirport”

2000 20022006

Completed

2009

Acquired “CentralPlaza Udon

2012

Opened “CentralPlaza Udonthani”elop

men

t

Completed “CentralPlaza Chiangmai Airport Phase 2A”

2001

Acquired full equity stake in “CentralPlaza Bangna”

Acquired “CentralWorld”(Formerly World Trade Center)

2004

Completed “The Offices at CentralWorld”

p“CentralWorld”

CPN current portfolio:20 Shopping Centers7 Office Towers

CentralPlaza UdonThani” (formerly Charoensri Complex)

Opened CentralPlaza Udonthani (Phase 2)

on &

Red

eve

CentralPlaza Bangna2003

Acquired “CentralPlaza Rattanathibet” (Formerly Siam Jusco Rattanathibet) AND completed

“CentralPlaza Chiangmai Airport Phase 2B”Acq

uisi

tio

6Source: Company data and company estimates as of 31 December 2012.

Leading Market Share of Mall Retail Space in BMA

CPN is the leading retail property developer and investor in Thailand with approximately 22% market share in Bangkok Metropolitan Area by mall leasable space.

22%

The Mall 9%

Future Park 4%

Others 45%

Siam Paragon 4%

Seacon Square7%SFFashion Island 7%SF

6%Fashion Island

3%

7Source: Company estimate as of 30 June 2011.

Strategic Shareholders

CPN is one of the flagship businesses of the Central Group (Chirathivat Family). As a strong and supportive shareholder, the Chirathivat family brings to CPN a wealth of retail-related expertise through the family’s long record and successful leadership in Thailand’s dynamic and competitive landscape of shopping mall developments and department store / specialty store operationsshopping mall developments and department store / specialty store operations.

ForeignLocal Funds

Individual 10%

Chirathivat Family 32%

Central

Freefloat 41%

Foreign Funds 65%

Funds 25%

Central Group 27%

8Source: Company estimate as of 28 November 2012.

Strategic Shareholder: Central Group

CPN’s strong synergy with the Central Group helps CPN to attract dynamic tenants, increase people traffic and command higher rents.

The Central Group and Chirathivat Family

Central Retail Corporation Centara Hotel Central Marketing Group Central Pattana

100%59% 67% 100%

p y

(CRC) (CENTEL) (CMG)(CPN)

Owner of Centara hotel and resorts, owning 15 hotels and

managing 46 hotels

Also franchisees of 12 fast-food retail chains

Owner, developer, and manager of shopping centers

and mix-used complex

Owner of more than 100 international retail

franchisees for:

Owner of leading retail chains

9

Property Development and Management

Shopping Mall Department Store

CRG

Other Tenants

Other Tenants

Other Tenants

Other Tenants

CMG CRC

TenantsTenants Joint developersJoint developersProperty Developer& Property ManagerProperty Developer& Property Manager

Tenants• ~10% of total leasable areas and

also in term of total revenue• Pricing criteria as same as others

Tenants• ~10% of total leasable areas and

also in term of total revenue• Pricing criteria as same as others

Joint developers• Sharing cost of land and common

area• Owning its investment cost and assets

Joint developers• Sharing cost of land and common

area• Owning its investment cost and assets

10

Integrated Business Platform

CPN is the only retail developer in Southeast Asia with an integrated business platform that will allow it to expand on a sustainable basis and achieve operational enhancements and success with its synergies with the Central Group of companies.

CPN intends to use this integrated business platform to expand further throughout Thailand, maintaining market share in Bangkok while increasing market share in the provincial areas. CPN also intends to utilize this optimal business platform in its expansion into neighboring countries.

Central Group Leading Property Fund(CPNRF and CPNCG)

CPN

CPNRF and CPNCG are property funds in Thailand

Provide optimal funding source:

Unlock CPN’s asset value

Free up capital for business

Leading retail developer, property manager and investor in Thailand with market share of 22% of Bangkok’s mall saleable area

Integrated development, leasing and

Largest and most popular among the retail chains in Thailand

Guarantee space take-up with successful brands and store concepts p p

expansion

Lower leverage and avoid dilution

Create fee base income

Improve CPN’s financial position:

property management teams have ensured continuous success for over 30 years

Strategic location

Optimal tenant mix

Increase people traffic

Most successful and most experienced among the retail companies in Thailand

Attract tenants to locate in CPNTax benefit

Capital redeployment to projects with higher return

p

World class standard

Branded malls to ensure innovative designs and functionality to suit customer needs

Attract tenants to locate in CPN shopping centers

Allow CPN to achieve higher rental rates than others

11

Key Success Factors

A Leading Player in the Retail Property Development Industry

Business alliances and joint

Central’s Group Synergy

jdevelopers, building confidence among

prospects and attracting shoppers

Over 30-years experience in t il t d l t &Recurring income from Hi h R

Experienced & Hands-on

Management

retail property development & management

Recurring income from monthly rent with proven sustainable rental growth

Site selection, merchandizing mix, and retail business know-

how

High Revenue Generating

Capability at Sustainable Growth Rate

Focus on Retail Property

Development in Prime Locations

Prudent Financial

Management

how

Prime Locations with Solid Operating

PerformanceDynamically Innovative &

and Financial Flexibility

High quality shopping centers: high occupancy & traffic flow and sustainable rental growth

Enhanced funding capability through REIT vehicle. Business growing at a low gearing

DiversifiedStep-up rental structure. Well diversified portfolio in 19 high traffic growth areas

12

Operational PerformanceOperational Performance

13

Property Locations

Existing Projects:Shopping Centers: 20

World Format 1 (BMA)Plaza Format 17 (9 - BMA)

(8 P i ) Equity owned (CPN)

Thailand

(8 - Province) Center Format 1 (Province)Festival Format 1 (Province)

Offices: 7 (BMA)Hotel: 2 (Province)

Pure-managed (CPNRF)

Equity-owned (CPN)

Under constructionHotel: 2 (Province)

Pipeline Projects:

Bangkok Metropolitan Area (BMA)

p jShopping Centers:BMA: 1

- Bangyai (Nonthaburi)

Provinces: 3Provinces: 3- Ubonratchthani- Hatyai (Songkhla)- Chiangmai

14Note: As of 31 December 2012.

Leasable Area and Occupancy: Bangkok Retail

Retail Properties in BMA

As of 4Q12, CPN manages 20 premium shopping centers – 10 in the Bangkok Metropolitan Area (BMA) and its vicinities and 10 in provincial areas. In 4Q12, occupancy of the BMA shopping centers stood at 96%. Retail Properties in BMA

CPN Retail Properties Development Land

Ownership

Leasable Area(1) (sq.m.) Occupancy Rate (2)

Retail Department Store Total 4Q12 3Q12 4Q11Store

1. Lardprao Greenfield Leasehold 48,140 - 48,140 100% 100% 100%

2. Ramindra Greenfield Leasehold 17,156 - 17,156 100% 100% 98%

3. Pinklao (3) Greenfield Leasehold 35,818 - 35,818 99% 100% 98%

Under renovation.

4. Rama 3 (3) Greenfield Freehold 18,192 - 18,192 85% 85% 100%

5. Bangna Acquisition Freehold 58,112 - 58,112 89% 91% 97%

6. Rama 2 (3) Greenfield Leasehold 5,937 - 5,937 100% 100% 100%

7 R tt thib t A i iti F h ld 59 680 17 558 77 238 100% 100% 99%Underwent a major

renovation during

May 10 – Nov 11.

7. Rattanathibet Acquisition Freehold 59,680 17,558 77,238 100% 100% 99%

8. CentralWorld Acquisition Leasehold 141,029 18,970 187,054 96% 98% 90% 27,055

9.Chaengwattana Greenfield Freehold 64,857 - 64,857 93% 95% 95%

Opened in Dec11. 10.Grand Rama 9 Greenfield Leasehold 59,505 59,505 99% 99% 93%

CPN Portfolio in BMA 508,426 63,583 572,009 96% 95% 95%

15Note 1: Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines. Note 2: Percentage based on leasable area. Note 3: Excludes areas transferred to CPNRF.

Leasable Area and Occupancy: Provincial Retail

10 shopping centers are strategically located in high traffic growth areas in provinces. Occupancy rate in 4Q12 averaged 97%.

Retail Properties in Provincial Areas

CPN Retail Properties

Develop-ment

Land Leasable Area (1) (sq.m.) Occupancy Rate (2)

Ownership Retail Department Store Total 4Q12 3Q12 4Q11

Retail Properties in Provincial Areas

1. Pattaya Center Greenfield Leasehold 15,226 - 15,226 96% 97% 97%

2. Chiangmai Acquisition Freehold 45,140 30,751 75,891 99% 99% 99%

3. Pattaya Festival Greenfield Freehold 57,161 - 57,161 96% 96% 98%Underwent a major renovation

4. Udonthani Acquisition Freehold 45,166 23,640 68,806 99% 99% 90%

5. Chonburi Greenfield Freehold 40,386 - 40,386 96% 96% 97%

6. Khonkaen Greenfield Freehold 50,146 - 50,146 95% 95% 96%

7 Chi i G fi ld F h ld 21 459 21 459 99% 98% 98%

Underwent a major renovation

during Jun 11 – Mar 12.

Opened in Oct 11.

7. Chiangrai Greenfield Freehold 21,459 - 21,459 99% 98% 98%

8. Phitsanulok Greenfield Freehold 24,974 - 24,974 99% 100% 100%

9. Suratthani Greenfield Freehold 30,104 - 30,104 96% n/a n/a

10. Lampang Greenfield Leasehold 21,612 - 21,612 99% n/a n/a

Opened in Oct 12.

Opened in Nov 12.

CPN Portfolio in Provinces 351,374 54,391 405,765 97% 98% 97%

Total CPN Portfolio for Retail Properties 859,800 117,974 977,774 97% 98% 95%

16Note 1: Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines. Note 2: Percentage based on leasable area.

Leasable Area and Occupancy: Office

Office property is considered a non-core business, complementing shopping center business and adding value to the overall project. As of 4Q12, CPN owned five office towers located in the BMA with an average occupancy rate of 93%.

Office DevelopmentLand

Ownership

Leasable Area (1)

(sq.m.)

Occupancy Rate (2)

4Q12 3Q12 4Q11

1. Lardprao Greenfield Leasehold 16,250 97% 96% 94%

2. Bangna Acquisition Freehold 10,007 98% 94% 92%

3 CentralWorld Acquisition Leasehold 2,230 98% 98% 93%

Completed its major renovation in 1Q11.

The NLA of 80,566 sq.m. was subleased to CPNCG i S 123. CentralWorld Acquisition Leasehold 2,230 98% 98% 93%

4. Chaengwattana Greenfield Freehold 19,867 85% 84% 67%

5. Grand Rama 9 Greenfield Leasehold 6,454 95% 95% 48%

Total 54 808 93% 96% 85%

Opened in Dec 11.

CPNCG in Sep 12

Total 54,808 93% 96% 85%

17Note 1: Excludes storage.Note 2: Percentage based on leasable area.Note 3: Excludes areas transferred to CPNCG.

Occupancy: Residential and Hotel

R id ti l

Residential property and hotel are non-core businesses. These businesses complement the shopping center and add value to the project.

Residential Leasable Area (1)

(sq.m.)

Occupancy Rate (2)

4Q12 3Q12 4Q11

Residential

1. Bangna 1,907 50% 47% 43%

2. Langsuan 4,466 63% 61% 56%

Total 6,373 59% 57% 52%

50-unit furnished apartment.

Strata title. Asset for sales.

Hotel No. of Available Room

Occupancy Rate %

4Q12 3Q12 4Q11

Hotel

4Q12 3Q12 4Q11

Centara Udonthani 259 70% 56% 33%

Hilton Pattaya 302 80% 63% 56%

Closure for refurbishment during Jun 11 – Dec 11. Managed by Centara International Management (Thailand) Co., Ltd. Launched in Dec 10. Managed by Hilton International Manage LLC.

Total 561 76% 60% 46%

18Note 1: Includes retail space. Excludes storage.Note 2: Percentage based on leasable area.

Operational Performance: CPNRF and CPNCG

In 4Q12, CPN Retail Growth Leasehold Property Fund (“CPNRF”) owns three shopping centers and two office towers. In Sep12, CPN Commercial Growth Leasehold Property Fund (“CPNCG”) was launched and currently owns one office.

CPNRF d CPNCG d b SCB A t M t F d M Th i tiCPNRF and CPNCG are managed by SCB Asset Management, Fund Manager. Their properties are managed by CPN, Property Manager.

CPNRF Retail Properties05 Development Land Leasable Area(1) Occupancy Rate (2)

Properties05 Development Ownership (sq.m.) 4Q12 3Q12 4Q11

1. Rama 2 Greenfield Leasehold 88,945 100% 100% 99%

2. Rama 3 Greenfield Freehold 37,053 99% 99% 98%

3 Pinklao Greenfield Leasehold 21 720 99% 99% 96%3. Pinklao Greenfield Leasehold 21,720 99% 99% 96%

CPNRF Retail Properties 147,718 100% 100% 98%

CPNRF Office Properties Development Land

OwnershipLeasable Area (1)

(sq.m.)Occupancy Rate (2)

4Q12 3Q12 4Q114Q12 3Q12 4Q11

Pinklao Tower A & B Greenfield Leasehold 33,760 98% 97% 97%

Total CPNRF Portfolio 181,478 99% 98% 98%

CPNCG Office Property Development Land

OwnershipLeasable Area (1)

(sq.m.)Occupancy Rate (2)

4Q12 3Q12 4Q11

CentralWorld Acquisition Leasehold 80,566 98% 98% n/a

19Note 1: Includes rental agreements < 1 year such as kiosk, carts, ATMs and coin machines and CPN acts as the property manager.Note 2: Percentage based on leasable area.

Rental Contract Type : By Area

• Tenants: food centers, cineplex(up to 3 years)Monthly basis collection% of Sales

24%

Monthly basis collection

pand international brands such as “McDonalds”, “KFC”

• Range of percentage: 10% - 30% of sales

• With minimum guaranteesFi d R t

• Increase rental rate approx 5% p.a.

• Approx 1/3 of rental contract

(up to 3 years)Monthly basis collection • With minimum guaranteesFixed Rent

48%

Long-term lease 28%

• Approx. 1/3 of rental contract expired every year

(up to 30 years)Up-front collection

• Up-front payment – realize throughout lease contract period on straight-line basis p g

Note: In addition to space rental fee, service p ,& utility fees are collected on a monthly basis

20Note: Percentage based on occupied area. Source: Company estimate as of 30 September 2012.

Effective Rental Rate(1)

Overall effective rental rate declined in 2009 – 2011 from new malls in provinces. 4Q12 same store rental rate grew 17% YoY.

Same Store Rental 1,443 1,458 1,431 1,600

(Bt/sq.m./mth)

Same store Rental Rate of Matured Malls

1 4411,600

(Bt/sq.m./mth)

+ 17% YoY 2% QoQ

Same Store Rental 13%

1,259 1,254

800

1,000

1,200

1,400

1,274 1,254 1,225

1,248

1,447 1,430 1,441

1,455 1,462

1,198

1,369 1,396

1,206

1,366

1,200

1,400

Excludes , CentralPlaza Lardprao, and malls launched during 2008-2012 (2)

600 4Q11 3Q12 4Q12 FY11 FY12

800

1,000

2008 2009 2010 2011 2012 1Q12 2Q12 3Q12 4Q12 4Q11 3Q12 4Q12 FY11 FY121,233 1,271 1,245

1,400

(Bt/sq.m./mth)

Same store Rental Rate of New Malls(2)

2008 2009 2010 2011 2012 1Q12 2Q12 3Q12 4Q12 4Q11 3Q12 4Q12 FY11 FY12 1,113 1,124

600

800

1,000

1,200

All ProjectsExcludes CentralPlaza Udonthani,

CentralPlaza Lardprao,

and new malls

Excludes CentralPlaza Udonthani andmalls launched in 2H 2011 (3)

4Q11 3Q12 4Q12 FY11 FY12and new malls

launched in 2H 2011

21Note 1: The figures are effective rental rates for retail tenants (occupied space < 1,000 sq.m.) and net of special rental discounts.Note 2: Malls which have been operating less than 3 - 4 years – CentralPlaza Chaengwattana, CentralFestival Pattaya Beach, CentralPlaza Udonthani,

CentralPlaza Chonburi, CentralPlaza Khonkaen, and newly launched malls opened in 2011.Note 3: CentralPlaza Udonthani, CentralPlaza Phitsanulok, and CentralPlaza Grand Rama 9.Source: Company estimate as of 31 December 2012.

Expiration of Long-term Lease Contracts(1)

Long term lease contract will expire in each of the following years. This area will then be converted to a short term contract at market rental rates which could increase the company’s revenues.

The expiration area and expiration period are shown below :

Year Retail Space(sq.m.)

Anchor Space(sq.m.)

Total Space(sq.m.)

2013 11 781 0 11 781

The expiration area and expiration period are shown below :

2013 11,781 0 11,781

2014 5,497 0(2) 5,497(2)

2015 23,464 0 23,464

2016 4,573 0 4,573

2017 4,556 26,270 30,826

2018 4 414 0 4 4142018 4,414 0 4,414

2019 7,150 18,970 26,120

2020 359 27,056 27,415

2021 onward 45,204 24,919 70,123

Total 106,996 97,215 204,211

22(1) Source: Company estimate as of 31 December 2012(2) Excluding the area of Big C at Central Center Pattaya. The upside from short-term contract renewal is subject to the renewal of the land lease of Central

Center Pattaya in 2014.

Future DevelopmentsFuture Developments

23

Secured Future Locations

CentralFestival ChiangmaigNLA: 46,700 sq.m.Opening in 4Q 13

CentralPlaza UbonratchathaniNLA: 25,300 sq.m.Opening in 2Q 13CentralWestGate (Bangyai)

NLA: 75 000 sq mNLA: 75,000 sq.m.Opening in 2015

CentralFestival HatyaiNLA: 50,100 sq.m.

Opening in 4Q 13

24Source: Company estimate as of 31 December 2012

CentralPlaza Ubonratchathani

Project Highlights

Estimated Investment Cost (1) 1,700 Bt. mil PProgram

Shopping Center (N.L.A.) 25,600 sq.m. (2)

Parking (G.A) 1,500 cars Joint- Developer Robinson Department Store (3)

Location 76 rais (4)Location 76 raisUbonratchathani ProvinceNortheast of Thailand

Construction Progress 70% of construction (as of Dec12)Leasing Progress 98%Opening (tentative) April 2013

25Note 1: Includes land and construction cost of shopping center and parking building. Excludes those of department store.Note 2: Excludes CRC’s area (Robinson Department Store).Note 3: Area will be developed and owned by the joint developer. However the store will serve as a magnet to draw traffic into CPN’s plaza area.Note 4: 1 rai = 1,600 sq.m.

CentralFestival Chiangmai

Project Highlights

Estimated Investment Cost (1) 4,500 Bt. mil PProgram

Shopping Center (N.L.A.) 54,500 sq.m. (2)

Parking (G.A) 1,500 cars Joint- Developer Central Department Store (3)

Location 68 rais (4)Location 68 raisChiangmai ProvinceNorth of Thailand

Construction Progress 21% of construction (as of Dec12)Leasing Progress 60%Opening (tentative) November 2013

26Note 1: Includes land and construction cost of shopping center and parking building. Excludes those of Central Department Store.Note 2: Excludes CRC’s area (Central Department Store).Note 3: Area will be developed and owned by the joint developer. However the store will serve as a magnet to draw traffic into CPN’s plaza area.Note 4: 1 rai = 1,600 sq.m.

CentralFestival Hatyai

Project Highlights

Estimated Investment Cost (1) 5,200 Bt. mil PProgram

Shopping Center (N.L.A.) 67,600 sq.m. (2)

Multi-purposed Hall 4,800 sq.m. Parking (G.A) 2,100 cars Joint- Developer Central Department Store (3)p p

Location 50 rais (4)

Songkhla ProvinceSouth of Thailand

Construction Progress 11% of construction (as of Dec12)Leasing Progress 60%Opening (tentative) December 2013

27Note 1: Includes land and construction cost of shopping center and parking building. Excludes those of Central Department Store.Note 2: Excludes CRC’s area (Central Department Store).Note 3: Area will be developed and owned by the joint developer. However the store will serve as a magnet to draw traffic into CPN’s plaza area.Note 4: 1 rai = 1,600 sq.m.

CentralWestGate

Project Highlights

Estimated Investment Cost (1) 6,400 Bt. mil PProgram

Shopping Center (N.L.A.) 75,000 sq.m. (2) targeted to be the prototype of a “Super Regional Mall” Parking (G.A) 2,000 Cars Joint- Developer Central Department Store (3)

Location 100 rais (4)Location 100 raisBangyai District (the largest gateway of western Bangkok connected with the new MRT line and ring road)

Opening (tentative) 2Q2015

28Note 1: Includes land and construction cost of shopping center and parking building. Excludes those of Central Department Store.Note 2: Excludes CRC’s area (Central Department Store).Note 3: Area will be developed and owned by the joint developer. However the store will serve as a magnet to draw traffic into CPN’s plaza area.Note 4: 1 rai = 1,600 sq.m.

Projects Under Study in South East Asia

Investment Strategies:■ Joint venture with local partners focus on retail properties■ To be a Property Manager■ To be a Property Manager

■ MOU with I-Berhad

29

Financial PerformanceFinancial Performance

30

Financial Summary• Re-opened of CentralWorld

17,68720,000

(Bt. mil) 6-mth closure of CentralPlaza Lardprao

• Re-launch of CentralPlaza Udonthaini

9 271

11,755 11,388 12,766

17,687

12,000

14,000

16,000

18,000 6-mth closure of CentralWorld

9,271

3,550 4,495 4,598

2,991 3,112 2,442 2,620 5,590

915 1,550 1,0912,186

4,952

1 125 2,058

6,189

2,843

1 1092 000

4,000

6,000

8,000

10,000

915 ,550 1,091 2,158 2,292 1,552 1,871 4,413 505 1,242 935

1,125 692 1,109

0

2,000

2008 2009 2010 2011 2012 4Q11 3Q12 4Q12

Total revenues Operating profit Net profit Net profit inc. non-recurring

% YoY Gro th 2008 2009 2010 2011 2012 4Q12 YoY% YoY Growth 2008 2009 2010 2011 2012 4Q12 YoYTotal revenues /1 12% 27% (3%) 12% 39% 30% Operating profit 24% 4% (22%) 7% 113% 19% Net profit 38% 6% (32%) 21% 136% 85% Net profit (inc. non-recurring) 83% 201% 60%

Same store revenue growth 11% 5% 0% 9% 29% 17%

Gross Profit Margin (%)/2 47% 43% 39% 39% 47%EBITDA Margin (%)/2 48% 44% 42% 43% 50%

31Note 1: Total revenue includes rental & service, hotel operation, food & beverage, and other incomes.

Excludes interest income and share of profit from investment.Note 2: Excl. non-recurring items but incl. other income.

Revenue Breakdown

Total revenues +39% YoY or +4,921 Bt.mil YoY mainly driven from Retail & office +4,472 Bt.mil YoY.Retail & office +41% YoY, mainly from:

17,687 18,000

(Bt.mil)

+39% YoY

• Contributions from 2 new projects –CentralPlaza Suratthani: launched in Oct12 and CentralPlaza Lampang: launched in Dec12.

• Continuous increases in rental rates and

12,765

9,000

12,000

15,000 +30% YoY+2% QoQ

Continuous increases in rental rates and decrease percentage of discount on rental rate at most of existing projects.

• Fully re-opened of CentralWorld in Jan12.• Re-launch of CentralPlaza Lardprao in Aug11

ith f ll d d i Y12

3,550 4,162 4,432 4,495 4,598

0

3,000

6,000

2011 2012 4Q11 1Q12 2Q12 3Q12 4Q12 with full year revenue recorded in Y12.• Re-launch of CentralPlaza Udonthani in May

12.Hotel revenues +53% YoY, from

• Strong performance of Hilton Pattaya.

2011 2012 4Q11 1Q12 2Q12 3Q12 4Q12Other income Hotel F&B Office Retail

FY12 Revenue breakdown

Strong performance of Hilton Pattaya.• Full-year contribution of Centara Hotel &

Convention Center Udonthani.F&B sales +15% YoY, from

• Impressive sales growth at CentralPlazaRetail

Office5%F&B4%

Udonthani after refurbishment, CentralFestivalPattaya Beach and CentralPlaza Phitsanulok.

• Contributions from the new food centers at the CentralPlaza Suratthani and CentralPlazaLampang. 

82% Hotel4%

Other income5%

32Note 1: Excludes non-recurring income.Note 2: Includes revenues from residential projects and water & amusement park, and property management fees from CPNRF & CPNCG.

Costs Breakdown

Total Costs +21% YoY or +1,651 Bt.mil YoY significant increased from retail & office +1,506 Bt.mil YoY.

Cost of retail & office +21% YoY from:7 783

9,434 10,000

(Bt.mil)

+21% YoY

Cost of retail & office +21% YoY from:

• Higher depreciations of CentralPlazaUdonthani after completion its renovation and expansion in 2Q12.

• Full-year depreciation of the newly projects in

7,783

4,000

6,000

8,000 +25% YoY+9% QoQ

y p y p j2011.

• Cost of rental and services of the new projects launched in 2012.

Cost of hotel business +40% YoY from the

2,065 2,185 2,300 2,371 2,577

0

2,000

2011 2012 4Q11 1Q12 2Q12 3Q12 4Q12increased income from hotel operations.

F&B costs +13% YoY from higher F&B sales. The change in costs was in-line with that of F&B sales.

Others Hotel F&B Office Retail

FY12 Cost breakdown

Office5%

F&B7%

Retail85%

Hotel3%

33Note: Excludes non-recurring items.

SG&A Expenses Breakdown

SG&A expenses +14% YoY or +331 Bt.mil YoYmainly from personal expenses +20%YoY (+214 Bt. mil YoY) as a result of increasing number of employees to support business expansion.2,410

2,741

2 500

3,000

(Bt.mil)+14% YoY

Advertising & promotion -2% YoY, due to the effective cost management thru top-line driven basis.

,

778959

1 000

1,500

2,000

2,500 +23% YoY+62% QoQ

778 582 608 593

0

500

1,000

2011 2012 4Q11 1Q12 2Q12 3Q12 4Q12

FY12 SG&A breakdown

Others Depreciation Advertising & promotion Personnel

Personnel47%

Advertising & promotion

17%

DepreciationDepreciation14%

Others22%

34Note: Excludes non-recurring items.

22%

Debt Analysis

Floating17%

Outstanding Borrowings 25,565mil (THAI BAHT) Fixed vs. Floating Interest Rate Mix

Long-term loan43%

Short-term bond 43%15%

Short-term l

Fixed83%

Financing Cost

loan 11%

Long-term bond31%

Financing Cost

1,057 5.5% 5.2%

4.7% 4 4% 4.3%

4.4%

4 3% 4 4% 4 4% 4 4% 5%

6%

1 000

1,200

(Bt.mil)

581 543

745 688 874

252 254 335

216

4.4% 4.3% 4.4% 4.4% 4.4%

2%

3%

4%

5%

400

600

800

1,000

216

0%

1%

0

200

2007 2008 2009 2010 2011 2012 1Q12 2Q12 3Q12 4Q12Interest expenses Weighted average cost of debt (RHS)

35Note: Weighted average interest rate was derived from interest expenses including interest capitalization for projects under development.

Capital Structure

CPN’s net D/E stood at 1 time, against its debt covenant of 1.75 times.

(Times)(Bt.mil)

19,085

25,245 25,847 26,870 26,492 25,568

18 918

21,522 21,905 24,765

25,900

1.19 1 12

1.14 1.00

1.20

1.40

25,000

30,000

12,045

16,445 16,669

,

13,639 15,173

19,008 18,918 20,448

0.59

0.84 0.74

0.92

1.12

0.88 0.82

0.60

0.80

00

10 000

15,000

20,000

3,983 3,677 2,541 1,632 945 1,685 1,884

4,704 4,207

-

0.20

0.40

0

5,000

10,000

2007 2008 2009 2010 2011 1Q12 2Q12 3Q12 4Q12

Cash & current investment Interest bearing debts Equity Net D/E

36

Share Price Performance and Dividend

Dividend policy is 40% of normal net profit.Key Trading Statistics

Key Metrics THBPar Value 1 00

Key Metrics 2012 2011 2010 2009 2008Par Value (THB) 1 00 1 00 1 00 1 00 1 00

Remarks: Dividend policy is paid annually not less than 40% of net profit (unless

Par Value 1.00Stock Price 81.75FY12 EPS(1) 2.84P/E (x)(1) 28.78Market Capitalization (Bt. bn) 178.1

Par Value (THB) 1.00 1.00 1.00 1.00 1.00Dividend (THB/Share) 0.95 0.37 0.25 0.58 0.33Dividend Paid (Bt. mil) 2,070 806 545 1,264 719

Dividend Payout Ratio 33%(2) 39% 48% 25%(1) 33%

Remarks: Dividend policy is paid annually not less than 40% of net profit (unless there is a compelling reason against this).

Note 1: Dividend payout ratio of 25% in 2009 was derived from 40% of normal net profit and 14% of gain from transferring assets into CPNRF.

Note 2: Dividend payout ratio of 33% in 2012 was derived from 40% of normal net profit and 17% of gain from transferring assets into CPNCG.

Market Capitalization (Bt. bn) 178.1Share Capital (mil) 2,178.8

CPN’s share priceCPN’s share price

60,000,000.00

70,000,000.00

80

90

100

CPN Share Performance (5‐Yr)

20 000 000 00

30,000,000.00

40,000,000.00

50,000,000.00

30

40

50

60

70

80

0.00

10,000,000.00

20,000,000.00

0

10

20

30

Jan‐08 Jan‐09 Jan‐10 Jan‐11 Jan‐12 Jan‐13

Volume (RHS) CPN Price (LHS)

37Source: SetSmart as of 28 December 2012Note 1: EPS is calculated from net profit divided by no of shares.

P/E is derived from stock price as of 28 December 2012 divided by EPS

Volume (RHS) CPN Price (LHS)

AppendixAppendix

38

Statement of Financial Position

Financial Position (Bt. mil) Dec 11 Dec 12 % Charge

Current assets

C h d t i t t 945 4 207 345%Cash and current investments 945 4,207 345%

Other current assets 2,348 2,119 (10%)

Total current assets 3,292 6,326 92%

Non-current assets

Investment proerties(1) 40,743 46,342 14%

Leasehold rights 13,478 10,037 (26%)

Property & Equipment (PP&E) 2,423 2,463 2%

Other non-current assets 4,123 5,115 24%

Total Non current assets 60 767 63 957 5%Total Non current assets 60,767 63,957 5%

Total assets 64,059 70,284 10%

Current liabilities 15,355 14,492 (6%)

Non-current liabilities 28,255 29,892 6%

Total liabilities 43,611 44,384 2%

Total equities 20,448 25,900 27%

39Note: Investment properties are booked at cost and depreciated with the straight-line basis over the life of the assets. The estimated fair value is 89,402 Bt. mil (79,883

Bt. mil in 2011).

Statement of Comprehensive Income

Consolidated Earnings (THB mm) 4Q11 FY11 3Q12 4Q12 FY12 4Q

%YoY %QoQ FY12%YoY

Revenues from rental and service 3,023 10,853 3,915 4,041 15,325 34% 3% 41%service

Retail 2,813 10,062 3,666 3,951 14,513 40% 8% 44%

Office 204 767 245 86 794 (58%) (65%) 4%

Other supportive business 6 23 4 4 18 (33%) (5%) (23%)

Hotel operations 128 465 170 205 712 61% 21% 53%

Food & beverage sales 177 632 170 211 725 20% 24% 15%

Other income 410 1,002 239 141 926 (66%) (41%) (8%)

Total revenues 3,737 12,953 4,495 4,598 17,687 23% 2% 37%

Costs of rental and service 1,862 7,050 2,157 2,325 8,556 25% 8% 21%

Hotel operations 51 192 69 75 269 47% 9% 40%

Food & beverage sales 152 541 144 177 609 16% 23% 12%Food & beverage sales 152 541 144 177 609 16% 23% 12%

Total costs 2,065 7,783 2,370 2,577 9,433 25% 9% 21%

Operating profit 915 2,807 1,550 1,091 5,590 19% (30%) 99%

Net profit 692 2,058 2,843 1,109 6,189 60% (61%) 201%

Net profit excluding non-recurring items 505 1,871 1,242 935 4,413 85% (25%) 136%

EPS (Bt) excluding non-recurring items 0.23 0.86 0.57 0.43 2.03 85% (25%) 136%

40

Borrowing Details as of December 2012

Loan ( Maturity Date) Bt. mil Term (Years)

Term Loan (Jun 14) 900 3.5

T L (S 14) 875 4Term Loan (Sep 14) 875 4

Term Loan (Jan 15) 500 4

Term Loan (Aug 16) 1,000 5

Term Loan (Jan 17) 2,000 7

Term Loan (Jan 17) 1,500 5

Term Loan (Jun 19) 500 7

Term Loan (May 19) 500 7

Term Loan (Jul 17) 500 5

Unsecured Bond (May 13) 2 000 4Unsecured Bond (May 13) 2,000 4

Unsecured Bond (May 14) 1,000 5

Unsecured Bond (Jun 13) 1,200 4

Unsecured Bond (Dec 15) 500 5

Unsecured Bond (Mar 16) 500 5

Unsecured Bond (Apr 16) 1,000 5

41

Borrowing Details as of December 2012 (Cont’d)

Loan ( Maturity Date) Bt. mil Term (Years)

Unsecured Bond (Oct 16) 1,200 5

U d B d (O t 18) 500 7Unsecured Bond (Oct 18) 500 7

Unsecured Bond (Oct 21) 300 10

Unsecured Bond (Jun 15) 1,000 3.5

Unsecured Bond (Jan 17) 1,000 5

Unsecured Bond (Jun 17) 1,000 5

Unsecured Bond (Nov 13) 500 1.3

Project Finance - Chaengwattana (May 14) 674.91 7

Project Finance - Pattaya Hotel (Dec 17) 1,000 7

Project Finance - Khon Kaen (Sep 15) 825 7Project Finance Khon Kaen (Sep 15) 825 7

Project Finance - Chonburi (Dec 15) 599.92 7

Project Finance - Grand Rama 9 (Jul 18) 2,000 7

Property Fund (Feb 18) 396.32 15

Property Fund (Feb 18) 93.62 15

Total 25,564.77

42