#12EN centralw rld SFW centralp CENTER OF LIFE CENTRAL FOOD HALL Investor Presentation CPN PROPERTY DEVELOPMENT & INVESTMENT A Member of Central Group MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM CPN Head Office February 2018 Bangkok, Thailand Central Pattana Public Company Limited#2CPN Company Overview Agenda Topics of Discussion CPN Strategy 2018-2022 Business Update Prepared by CPN Investor Relations 2018 Guidance Company Overview Page 2#3CPN 11th CPN at a Glance The largest mixed-use property developer in Thailand 92% 1.7m Largest PCL in Thailand* Total Net Leasable Area (NLA)** Average Occupancy Rate** 4 Consecutive years member on DJSI 32 .. "To be the most admired and dynamic regional retail property developer with world-class experience” Iconic Shopping Centers centralw centralplaza rld centralfestival centralmarina 1 Holistic Mixed-use Development Residential 7 Central City Residence Offices @ Bangna Hotels 2 Strategic Investments CPNREIT 2 27% Hilton Pattaya Centara Udonthani Lardprao CentralWorld Pinklao Tower A & B Chaengwattana Bangna Rama 9 25% 8 Retail, Office and Hospitality Projects CPNCg CPN Commercial Growth Leasehold Property Fund The Offices at CentralWorld ** Market capitalization as of 29 December 2017 Includes areas owned by CPN and CPNREIT Prepared by CPN Investor Relations Company Overview Page 3#4CPN CPN Shareholding Structure Strong support from major shareholders: The Central Group Central Group, the leader of retail industry in Thailand, as the main pillar of CPN... Local Institutions/ Retail/Others 12% 26% Central Group 4,488 Foreign Institutional 35 million shares % Investors 27% Chirathivat Family ...brings forth a collective haven in retail and commerce solutions to the market Department Store Food Retail Group Property Dev & Mgt Central R ROBINSON SUPERSports ZEN ILLUM la Rinascente Alsterhaus HAMBURG centralworld centralplaza centralfestival centralmarina Tops FamilyMart CENTRAL market FOOD HALL Tops Tops super daily Eathai O CENTRAL WINE CELLAR Restaurant Group¹ Hotel & Resort¹ Marketing cmg CENTRAL MARKETING GROUP G2000 FURLA MANGO laura mercier ~H2O+ agnis b TOPSHOP CLARINS Lee Cooper CENTARA HOTELS & RESORTS Enter Erstere STUS SULTON centra HOTELS & RESORTS COSI hotels.com Live the COSI Life CRG GENTRAL STAURANTS SEQU ちゃぶ屋とんこつらぁ麺 -CHABUTON- mister Donut Auntie Anne's 吉野家 YOSHINOYA | 大户屋 OOTOYA COLD STONE Market Capitalization (MTHB) 372,504 Share Price (THB/share) 83.00 Prepared by CPN Investor Relations Hardline Group ไทวัสดุ THAI WATSADU 9 hw homeWorks baan & BEYOND B2B Market Specialty 2 VN Group CENTRAL Group VIETNAM Note: All business units are 100% owned by the Central Group except for (1) Hotel & Resort and Restaurant Group under CENTEL at 65%; (2) COL at 50% Source: Thailand Securities Depository (TSD) as of 30 September 2017; share price and market capitalization as of 31 January 2018 Company Overview COL Office Mate B2S meb mobile e-books Page 4#5CPN Development & Management Structure Viable structure to maximize economic value Joint-Developer Area Central R ZEN ROBINSON B2S hw Tops homeWorks Books Music-Stationery SUPERSports Power Buy CENTRAL FOOD HALL Comprises Central Group dept. store and BUS Shares cost of landscaping mister Donut RePPER Lunch CPN Developed & Managed Area SSS نانى and surrounding facilities Samsonite Invests in its own assets where CRG & 12% CPN is not a beneficiary CMG 88% Third Party Tenants Note: CRG Central Restaurant Group; CMG = Central Marketing Group Prepared by CPN Investor Relations Company Overview CPN Comprises anchor and assorted tenants Standard contractual and pricing terms Includes common area Page 5#6CPN Where We Operate in Thailand 32 strategic locations to bolster our leadership position :.....: M M 2 WW BMA UPC N NE E S central plaza 24 12 12 4 4 2 2 centralfestival 6 1 5 1 1 3 centralworld 1 centralmarina 1 1 1 M Purple Line (Bangsue - Bangyai) Aug 2016 Bangyai Bangkok Metropolitan Area (BMA) WestGate Salaya Dark Red Line (Bangsue - Rangsit) 2019 Chaengwattana Khaerai Rangsit Kukot Ramindra Green Line Extension (Mochit-Kukot) 2020 Ladprao Rattanathibet EastVille Bangsue Machit Pinklao Bangkhunnont Blue Line Extension (Bangsue Tha Phra) Thapra 2019 Equity-owned (CPN) Pure-managed (CPNRF) Bangkhae Blue Line Extension (Hualampong Bangkhae) 2019 - Under construction As of December 2017 Prepared by CPN Investor Relations Rama2 Existing Lines Extension Lines Bang Wa Hualampong Grand Rama 9 centralw rld Bangna Bearing Rama3 Company Overview Pink Line (Khaerai - Minburi) 2016 bidding Minburi Samutprakarn Orange Line (Bangkhunnont Minburi) 2016 bidding BKK Airport Green Line Extension (Bearing Samutprakan) 2020 Page 6#7CPN Our Growth Strategy in 2018-2022 The Center of Life Strategy "To be a top 5 diversified regional developer" Growth through asset Diversification and international expansion ~13% Revenue CAGR 2018 Prepared by CPN Investor Relations Other assets New Malls Asset Enhancement Organic Growth 2022 The new living space Key Drivers 3-5 projects / year in the pipeline Domestic Oversea 2018 CentralPhuket Central i-City (Malaysia) 1 new mall 2019-'22 Ongoing: study possibility of expansion into SE Asia countries, with Vietnam as a leading prospect 2-3 new projects / year Ongoing renovation program 2-3 existing projects / year to optimize design, format, tenant mix, thus occ. rate and NLA Maintain leadership position as “Center of Life” - Roll out "destination" concepts - Integration of digitalized features to promote 020 interactivity and customer engagement - Space utilization CPN Strategy Page 7#8CPN Expanding Net Leasable Area Supported by strong rental contract foundation Robust contract structure with potential upside from expiring long-term leases Total Retail NLA (mil. sq.m.) 2.6 NLA +38% Fixed Rent Consign- 2.2 ment 37% 46% (47%) (36%) 2.3 2.1 New 2.0 1.9 1.8 1.8 1.7 Base 1.4 17% (17%) Long-term Lease 1.0 2017A 2018F 2019F 2020F 2021F 2022F % Long-term lease expiration schedule Number of retail projects operated and managed by CPN 62% Base 30 32 35 38 41 44 35% 33% New 2 3 3 3 3 Total 32 35 38 41 44 47 3% 30% 29% 3% 5% < 1 year ■ Retail Dept Store in Acquired Projects Resident Other 1-3 years > 3 years Number of mixed-use projects operated and managed by CPN 1 4 1 1 3-5 additional / year 1-3 additional / year Source: Company estimate as of 31 December 2017 (1) Percentage based on occupied area as of 31 December 2017 at 92%. (%) = YE16 figure (2) Total long-term lease area is 154,027 sq.m. with less than 4% rental income contribution. Prepared by CPN Investor Relations CPN Strategy Page 8#9CPN 25 25 Unit: billion THB Capital Expenditure Plan Mainly focus on expansion of core business (i.e., malls) 22.4 20 19.4 19.3 20 17.6 16.0 10.1 1.9 15.0 15 3.6 3.4 10.3 9.8 7.1 New Potential 3.4 10 4.0 7.2 2.4 3.5 2.4 Residential 5 6.8 5.3 3.7 3.6 2.5 New Malls 5.1 3.0 2.1 2.5 3.0 3.0 Enhancement 0 2017A 2018F 2019F 2020F 2021F 2022F Nakhon Ratchasima CentralPhuket New TH / Mahachai 1 New 2-3 projects/year Malls IN i-City (MY) Chiangrai, Chonburi, CentralWorld, Pattaya MJ Rama 3* Beach* ΑΕΙ MN Rama 2*, Phuket, Chiangmai Airport* Phuket Lardprao 2-3 projects/year TH = Thailand; IN = International; MJ/MN = major/minor enhancement program * Assets under the ownership of CPNREIT, except for Central Festival Pattaya Beach (renovation work does not include areas transferred to CPNREIT) Prepared by CPN Investor Relations CPN Strategy Page 9#10CPN Prudent Financial Management Solid balance sheet amidst business expansion Not only that maintenance CAPEX is adequately covered by internal cash flow... Estimated Annual Cash Flow¹ Unit: bn THB ...but CPN's favorable capital structure also allows to fund new investments Well-Balanced Debt Maturity Profile³ -15 Operating Cash Flow Robust Capital Structure Unit: bn THB Funding Through... Net D/E (x) 0.28 0.07 Unit: bn THB 4.3 Loan 3.3 Cash & Flexible .. ST Investment Bond 0.9 Net Debt 63.9 1.9 4.3 53.0 3.1 Equity 5.4 2.4 1.9 14.8 -11 Committed 2016 2017 Avg. Cost of Debt² 3.23% 2.81% CAPEX Avg. Loan Life (Yrs.) 2.91 2.64 <1 Year 1-3 Years >3 Years Evenly-spread repayment schedule allows CPN to manage its cash flow effectively without affecting its investment plan and ability to pay dividend to shareholders Strong Credit Rating CPN's corporate rating and rating of senior unsecured debentures are rated "AA" with "Stable" outlook by the Thailand Rating and Information Services (TRIS) on 22 September 2017 (1) 2017 operating cash flow before changes in net working capital (ex. non-recurring). (2) Annual CAPEX based on average forecasted figures during 2018-2022. Flexible CAPEX comprises new potential investments Cost of debt was derived from interest expenses including interest capitalization for projects under development (3) Debt maturity profile based on gross outstanding interest-bearing debt as of YE17 Prepared by CPN Investor Relations CPN Strategy Page 10#11CPN centralplas centralpla MARYEY market New Retail Destination CPN Strategic Direction Focus areas with emphasis on asset diversification CENTER Diversified Assets OF LIFE Prepared by CPN Investor Relations ESCE Pulm KRUNGTHEP THARA ความเพ centralplaza NAKHON RATCHASIMA THE 1 CARD ดินฟรี 14 ร้านดัง f You Tube CPN CPNL CPNL CPN CPNL CPN Focused Portfolio Management Operational Excellence CAC COLLECTIVE THAILAND'S PRIVATE SECTOR COALITION AGAINST CORRUPTION entralpla MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM < Web Application Mobile Application CPN Strategy BIG DATA Page 11#12CPN Enlarge the Asset Base Maintain growth momentum in domestic market CentralPlaza Nakhon Ratchasima Open Date CentralPhuket 3-Nov-17 Exp. Open Date 1H18 Investment (THB) ~5.00 bn Investment (THB) -6.65 bn NLA² (sq.m.) ~49,210 NLA² (sq.m.) ~63,000 Joint developer³ Central Joint developer³ Central Land type Freehold Land type Leasehold The largest mixed-use project in Isan region Occ. Rate -85% Where lifestyle meets luxury at one destination in Phuket Lease Progress -50% CentralPlaza Mahachai 1 new mall Open Date 23-Nov-17 To be announced in 2Q18 Investment (THB) ~3.20 bn centralpla NLA² (sq.m.) ~25,600 Joint developer³ Robinson Land type Freehold The best highway destination in southwest Bangkok Occ. Rate ~85% 2017 +2 2018 +2 up to 11 additional projects in potential areas in BMA and Upcountry 2019 - 2022 Note 1: Includes land and construction cost of shopping center and parking building. Excludes Central Department Store or Robinson Department Store, and BUs' area. Note 2: Excludes Central Department Store or Robinson Department Store, BUs' area 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. Prepared by CPN Investor Relations Business Update Page 12#13CPN AFOOD Create Retail Destination Roll out 'Destination Concept' Fish Market Market-Market Government Center Co-working Space FOODPARK. Government Center putene wi SUPERSports Food Destination Family Destination Sport Destination Think Space Prepared by CPN Investor Relations Business Update Page 13#14CPN Commemorations of King Rama IX Create Retail Destination Continued quality events AIS BANGKOK COUNTDOWN-2018 centralwrld CPN 2018 New Year Countdown cairu wri Central 422 ชวนพ่อหนีเที่ยว ช้อปสินค้าคุณภาพดีไม่งาน 'โครงการหลวง ๔๔ ri Central Plaza Bangna KRUNGTHEP THARA souwarun พ.สอน น พ น Shopping & Recreational Activities @ CPN malls LIGHT UP CHRISTMAS TREE CELEBRATION "Light Up" Christmas Celebration cr Prepared by CPN Investor Relations Business Update Page 14#15CPN International Expansion Opportunities in regional markets Vietnam - CPN's next focus area High growth potential in retail market - Large population - Low competition with few major players - Strong growth in disposable income albeit still with low spending power Central Group companies present in Vietnam: Big NguyenKim S L ROBINS SUPERSports SUPERCENTER LAN CHI MART Niềm tin của mọi nhà B2S - Malaysia - cautiously progressive Realistic land prices and minimal restriction on freehold ownership - Moderate competition with fragmented market High spending power with consumer profile similar to that of Thailand Indonesia - high potential and risk Large and rapidly growing population, especially amongst middle class - Strong competition in sophisticated market - High cost of fund and unrealistic land prices with underdeveloped infrastructure Prepared by CPN Investor Relations Business Update Page 15#16CPN Regional Expansion Update Central i-City (i-City, Shah Alam, Selangor Darul Ehsan, Malaysia) central i-city Exp. Open Date Investment (THB) NLA² (sq.m.) 4Q18 ~8.30 bn Project progress: JV partner ~89,000 I-R&D Sdn Bhd. 3 100% completion of Anchor Leasing (Department Store, Supermarket, and Cinema) Secured fashion anchors and fitness CPN role in project 60% ownership; operator Land type Freehold Note 1: Includes land and construction cost of shopping center and parking building. Note 2: Includes department store area (Department Store Operator TBA) Note 3: A wholly owned subsidiary of I-Berhad and holds 40% stake in the joint-venture. Prepared by CPN Investor Relations First project in Malaysia THAILAND Kuala Lumpur (KL) i-City, Shah Alam (30km SW of KL) Business Update Page 16#17CPN - Residential - 2 completed (i-Residence, i-Soho) 4 to launch/open (i-Suites, Liberty, Hyde, Parisien) - Retail - Central i-City (op. 4Q18) i-City Development Ultrapolis masterpiece across 72 acres of freehold land Source: i-City website Prepared by CPN Investor Relations - Leisure Park - - Mixed Use - The Jewel - Hotels - 1 completed (Best Western) 1 to launch/open (Hilton) - Offices - 2 completed (i-SOVO, CyberOffices) 2 to launch/open (Central Offices, Towers) Business Update Page 17#18CPN Announced projects in 2016 (transfer in 2018) Rayong Chiangmai ESCENT ESCENT Residential Projects 3-5 projects per year Announced projects in 2017 (transfer in 2019) Khonkaen Nakhon Ratchasima Chiangrai Chiangmai (2) ESCENT ESCENT ESCENT VILLE ESCENT VILLE Pre-sale 100% Pre-sale Transfer 1Q18 Transfer Units 400 Units 100% Pre-sale 1Q18 Transfer 419 100% Pre-sale 100% Pre-sale 2Q18 Transfer Units 408 Units 3Q19 Transfer 380 Units -80% Pre-sale 2Q19 Transfer -60% 2Q19 312 Units 450 Bldgs. 1 Bldgs. 1 Bldgs. 1 Bldgs. 2 Bldgs. 2 Bldgs. 2 Stories 26 Stories 25 Stories 24 Stories 22/17 Stories 8/8 Stories 8/8 ~2.8 bn THB total value Prepared by CPN Investor Relations ~2.2 bn THB total value Business Update Page 18#19CPN 2 New Residential Projects in 2018 Diversified housing projects within CPN catchment area Pahol Yothin 34 Condominium Near Pre-sale start Transfer Type Prepared by CPN Investor Relations Baromrajchonnee Housing Project CentralPlaza Lardprao Near 3Q18 Sale start 4Q19 Transfer Low-rise condominium Type BAROMRAJCHONNEE SIG CPN Pinklao & Salaya 3Q18 4Q18-2019 Single-detached House Business Update Page 19#20CPN Completed in 2017 Asset Enhancement Initiatives Continued value-accretive renovation programs CentralPlaza Rama 31 WHERE NATURE MEET URBAN LIVING PALL 2017 2018 CentralWorld² Ongoing since 2017 Commence in 2018 Note 1: Renovation program not including area transferred to CPNREIT Completed minor renovation projects¹ බාගණය න CENTRAL "Kad Luang" Market central plaza CHIANGMAI AIRPORT central plaza RAMA 2 2019 CentralPlaza Chiangrai CentralPlaza Chonburi CentralFestival Pattaya Beach¹ CentralFestival Phuket CentralPlaza Lardprao 2020 Note 2: Central World resumed normal operation during December 2017 - February 2018 to accommodate the festive season. Hence, renovation work will resume thereafter. Prepared by CPN Investor Relations Business Update Page 20#21CPN Asset Enhancement Projects Ongoing renovation @ Central World centralworld "Central to Your World" Examples of Enhancement Features DREAMWORKS Enhancement Type Major REAMPLAY LAY CREATE LE All-new food destination 4Q16 Start Program New anchors and lifestyle hubs 3Q18 Est. Completion Est. Total Cost (THB) ~2.00 bn • Key Enhancement Activities Enhance circulation and simplified navigation Re-zone merchandise to suit current market Major anchors & entertainment addition • Enhance customer experience through new retail concept design transportation A More convenient public and parking accesses • Enhance linkage to public . Better service & more convenience Unique experience & identity on each floor Vertical access alignment Prepared by CPN Investor Relations Business Update Page 21#22CPN Higher Customer Satisfaction Customer Services Sustainability Engagement with stakeholders CUSTOMER ENGAGEMENT Customers Tourists Tenants Educated Tenants Tenant and Local SMEs development program Crinas THUNGTI OUNCE VINTEL BUN101 CAMP RSSY Government Services Tourist Services Cross boarder promotions with oversea partners Customer and tenant experience fulfillment Through digitalized engagement CPN AMP CPNlead TOP SMES CPN Lead & SME marketplace Award Convenience through mobile application Prepared by CPN Investor Relations CPN Strategy Tenant Relationships H STORE OPENING AT CENTRAL WESTGATE BRANDHOUSE THE THE 1 CARD MEMBERS GET 15% DISCOUNT CARD JAMES CHEESE THE 1 CARD Tasññ amas Cheese Exclusive campaigns and T1C offers Page 22#23CPN Energy conservation initiatives Sustainability Engagement with stakeholders SOCIAL AND COMMUNITY ENGAGEMENT WITH Heritage adaptation and community engagement Shareholders Public Solar rooftop at malls Sustainable Profitability centralplaza Transparency and Integrity Local landmark Adoption of LED lighting Dow June Sustainability Indexes Corporate governance and sustainable development DJSI Emerging Markets, SET SD Award - Rising star, Thailand Sustainability Investment Achieved 1.3% energy saving (usage) CAC CERTIFIED CPNLife a You Tube LINE Social media integration Prepared by CPN Investor Relations MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM < Pledge to anti-corruption CPN Strategy Page 23#24CPN Financial Performance $ Capital Management CG & SD 2018 Performance Guidance Significant revenue growth from residential projects 2018 Revenue Growth -20% Gross Profit Margin CAPEX Net D/E Ratio DJSI Status ◉ Key Drivers Residential projects (CMI, KKN, RYG) ■ New malls (NKM, MHC, PKT2, i-City) ■ Recovered Occ. Rate & ARR ☐ Slightly lower vs. 2017 ☐ ~17-18 bn THB ~0.5x ◉ Asset Enhancement Space Utilization Slight impact from lower margin residential projects Incremental cost savings initiatives (e.g., utility) Efficiency improvement through data analytics Operating cash flow of 15-16 bn THB ■ Debt financing ☐ ▪ Ample debt headroom to fund prudently reviewed investments plan ▪ Remain comfortably below policy level of 1.0x ■ Increase DJSI score to strengthen position on the index Listed 5 consecutive years CG Rating > SET50 Average ■ Maintain high level of CG practice standard with focus on sound business ethics, transparency and anti-corruption commitment Prepared by CPN Investor Relations 2018 Guidance Page 24#25CPN End of Presentation For more information, please contact: Investor Relations Department Central Pattana Public Company Limited Central Pattana Public Company Limited 31st Fl, the Offices at Central World 999-9 Rama | Rd., Patumwan District Bangkok 10330 Thailand +662 667 5555 ext. 1614, 1632, 1688 or 1689 Facsimile: +662 264 5593 @ [email protected] http://www.cpn.co.th Prepared by CPN Investor Relations Q&A Page 25#26CPN Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for share in Central Pattana Public Company Limited ("CPN" and shares in CPN, "shares") in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which CPN operates and general achievement of CPN business forecasts, which will cause the actual results, performance or achievements of CPN to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation. This presentation has been prepared by the CPN. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the CPN or any of its agents or advisers, or any of their respective affiliates, advisers or representatives, es, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon directly or indirectly for any investment decision making or for any other purposes. This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all-- applicable laws. Prepared by CPN Investor Relations Disclaimer Page 26#27Appendices#28CPN History of CPN's Shopping Malls Strong track record of development & acquisitions High-quality assets of 32 shopping malls (14 in BMA and 18 in provincial areas) 1980s 1990s 2000s 2010s 1980 Established under Bangkok (3): Bangkok (2): Bangkok (5): Central Plaza Co.,Ltd. 1993 CPZ Ramindra 2002 CPZ Rama 2 2011 CPZ Grand Rama 9 1995 CPZ Pinklao 2008 CPZ Chaengwattana 2014 CPZ Salaya Bangkok (1): 1997 CPZ Rama 3 2015 CPZ WestGate 1982 CPZ Lardprao Provinces (1): Provinces (3): 2015 CFV EastVille 2017 CPZ Mahachai 1995 CPZ Pattaya (1) 2009 CFV Pattaya Beach 2009 CPZ Chonburi Provinces (10): 2009 CPZ Khonkaen 2011 CPZ Chiangrai 2011 CPZ Phitsanulok 2012 CPZ Suratthani 2012 CPZ Lampang 2013 CPZ Ubonratchathani CentralPlaza Lardprao 2013 CFV Chiangmai 2013 CFV Hatyai 2014 CFV Samui 2015 CPZ Rayong 2016 CPZ Nakhon Si Thammarat 2017 CPZ Nakhon Ratchasima Acquisitions & Redevelopment Greenfield development Provinces (1): 1996 Bangkok (3): Bangkok: CPZ Chiangmai Airport (acquired) 2001 CPZ Bangna 2013 2002 CentralWorld (acq.) 2015 CPZ Bangna (redev.) CPZ Pinklao (redev.) 2003 2000 CPZ Chiangmai Airport (redev. Phase 2A) CPZ Rattanathibet 2004 The Offices at CTW 2006 CentralWorld (redev.) Provinces (1): 2012 Provinces (1): 2015 2003 CPZ Chiangmai Airport 2016 CPZ Udonthani (redev. Phase 2) CFV Phuket CentralMarina (1) (redev. Phase 2B) 2009 CPZ Udonthani Note: CPZ CentralPlaza ; CFV = CentralFestival Prepared by CPN Investor Relations (1) Central Pattaya Center was re-opened as CentralMarina Appendices NEW NEW Page 28#29CPN 1 20-yrs lease PTB & Hitlon CPN THB 11,908 mn 1 CPNREIT Accounting Impact Transactions on transfer of assets at Pattaya Beach CPNREIT Sublease 3+3+3 yrs a SPV Hilton Rental expense Revenue from Hotel PATTAYA Accounting Record immovable asset sales Dr. Cash Withholding Tax Cr. Unearned income Record movable asset sales Dr. Cash 75 mn 35 mn Gain on movable asset sales 40 mn Cr. Equipment Balance Sheet: Assets Cash 11,316 mn 11,241 mn Other AR (WHT) 592 mn 592 mn Equipment (34) mn 11,833 mn Liabilities CL Advance received from rental income 592 mn Non-CL Unearned income 11,241 mn Income & Expense occurred from asset transfer P&L: Other income Gain on movable asset sales Acquisition Fee (1.5% of new asset) Prepared by CPN Investor Relations Other expenses (34.5mn) FA Fee Legal Fee Auditor Fee Pre-AGM, AGM Appendices 40 mn Page 29#30CPN 20-yrs lease PTB & Hitlon CPN 4 THB 11,908 mn & Management fee P&L Revenue Rental and service income . Realized income • Revenue from hotel CPNREIT Accounting Impact P&L of CPN and CPNREIT after the asset transfers CPNREIT Sublease 3+3+3 yrs a 3 SPV 2 Hilton Rental expense Revenue from Hotel PATTAYA Accounting treatment as Operating Lease CPN CPNREIT Decrease from PTB Increase from PTB & rental income on Hilton from SPV Increased from Unearned income amortized over 20-yrs lease term unchanged Cost • Cost of rental and service income • Cost of hotel business Management Income (Other income) ⚫ REIT Management Fee • Property Management Fee SG&A • Rental expense from SPV to CPNREIT Share of Profit Corporate Income Tax Decrease from PTB unchanged Increase 0.275% of total asset value (old+ new assets) 0.28% of appraisal value (old + new assets) Increase from Fixed: 65% of hotel income, 3.5% increase every year Variable: 90% of Net EBITDA & not >50% of fixed rent Increase from performance from old + new assets Increase from 20% of dividend from CPNREIT Depreciation Prepared by CPN Investor Relations unchanged SPV Hotel Income Increase from PTB Cost of hotel Increase from new assets n/a Appendices Increase Rental expense paid to CPNREIT n/a Page 30#31CPN CPNREIT Accounting Impact Projected impact to P&L in 2018 CPNREIT + Unit: ‘000 Baht Investment Income Shopping Malls and Office Buildings Rental and service income Other income Total income-Shopping Malls and Office Buildings CPNRF CPNREIT new assets 3,922,605 3,922,605 208,384 4,130,989 208,384 4,130,989 4,563,765 238,385 4,802,150 217,436 Hotel Fixed rental income 3 Variable rental income 77.096 Total income-Hotel 294,532 Total gross income Interest income 4,130,989 6,753 Total income 4,137,742 4,130,989 5,961 4,136,950 5,096,682 7,553 5,104,235 Fund/REIT expenses Property management expenses (234,843) (234,843) (263.088) Fund/REIT management fees and administrative expenses (48,890) (142,329) (181,952) 4 Property management fee (381,812) (380,591) (461,860) Amortization of issuance and offering costs (20) (93) Finance cost (103,204) (78,239) (415,115) Total expenses (768,749) (836,022) Net investment income before adjustments 3,368,993 3,300,928 (1,322,107) 3,782,127 Add: Excess liquidity from amortization of issuance and offering costs 20 Less: Non-cash rental and service income Net cash available for distribution/distribution of benefit 3,368,993 3,300,948 93 (7,436) 3,774,784 Projected distribution/distribution of benefits (%) Number of investment units/trust units (Millions of Units) Projected distribution/distribution of benefits Distribution/distribution of benefits per unit (THB) 90.1 2,212 98.7 2,212 98.2 2,212 3,035,355 1.3719 3,259,638 1.4733 3,705,844 1.6750 Prepared by CPN Investor Relations Appendices Page 31#32CPN CPNREIT Sublease 3+3+3 yrs 3 SPV Rental expense CPNREIT Accounting Impact SPV - Rental Expense paid to CPNREIT CPNREIT will gain the benefits in form of fixed rent and variable rent from the sublessee of the assets under the conditions specified in the sublease agreement. Year Fixed Rent (Bt mn) Variable Rent 2018 210.0 2019 217.4 2020 225.0 2021 232.8 2022 241.0 90% of Net EBITDA of Hilton Pattaya and not more than 50% of accumulated fixed rent 2023 249.4 2024 258.1 2025 267.2 2026 276.5 *Net EBITDA = Total revenue - Total cost & expenses – Reserves for repairs, improvement, procurement - Fixed rent Prepared by CPN Investor Relations Appendices Page 32#33CPN CPNREIT Accounting Impact CPNREIT - Fee expenses 4 Fee expense Property Management Fees - to CPN - Property Management Fees Commission for securing tenants Rent collection fee - Incentive fee - Purchase and sale of property Construction management Fee for improvement/development Annual Management fee - to SCBAM or REIT Management Fee - to RM CPNRF CPNREIT Not > 0.30% of NAV Not > 0.28% of appraisal value of investment properties ex hotel Calculate from monthly rental rate Not > 3% of total net rental income Not > 2.35% of Net Property Income 1.5% of acquired property value and 0.75% of sold property value 2% of total cost of improvement Not > 1% of NAV Not >1% of Total asset values (floor not < Bt 15 mn in 2018), and increase 3% per year (0.275% of Total asset values) Actual payment, not > 0.5% of NAV Advertising, PR, Sale promotion expense Not > 0.5% of NAV Trustee fee - SCBAM Registrar fee Not > 0.05% of NAV Not > 1% of Total asset values (floor of not < Bt 20 mn) Not > 0.05% of NAV As specified by the registrar Prepared by CPN Investor Relations Appendices Page 33#34CPN 1) Property management expenses • Property tax • Insurance expenses Advertising and other expenses 2) REIT Management fees • REIT Management fee • Trustee fee CPNREIT Accounting Impact CPNREIT - Other expenses • • Registrar fee 3) Administrative expenses including annual listing fee in the SET, Annual report filing fees, Audit and advisory fees, Asset appraisal fees, Media and publishing and admin expenses 4) Property Management fee • Rental and service collection fee • Leasing commission • PM base fee • PM incentive fee Fee for overseeing the renovation Prepared by CPN Investor Relations Appendices Page 34#35CPN Leasable Area and Occupancy Land NLA (1)(2) (mn sqm) Occupancy Rate (¹) Retail Properties No. of Projects Freehold & Department Freehold Leasehold Retail Total 4Q16 3Q17 4Q17 Leasehold Store BMA 14 4 7 3 0.70 0.06 0.77 95% 91% 91% Provinces 18 12 4 2 0.63 0.06 0.68 94% 93% 93% Total(¹) 32 16 11 5 1.33 0.12 1.45 94% 93% 92% Provinces 47% NLA split by region Rent revenue split by region BMA -53% Provinces 42%- BMA 58% Non-core Properties No. of Projects Occupancy Rate (¹) (%) NLA (sqm) 4Q16 3Q17 4Q17 Office in BMA (1) (2) 5 56,239 96% 93% 93% Residential in BMA 1 1,568 21% 21% 21% Hotel in provincial area 2 561 rooms 83% 88% 85% Excludes area transferred to CPNREIT and CPNCG (2) Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines. Prepared by CPN Investor Relations Appendices Page 35#36CPN (THB mn) Total revenues (excl non-recurring items) (THB mn) 30,875 29,234 25,713 23,668 21,234 Operating profit Financial Summary (THB mn) 11,314 10,814 9,074 8,447 7,345 Normalized Net profit Net profit 9,893 9,2449,244 7,231 7,3077,746 7,880 5,991 6,293 13,568 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 % YoY Growth 2013 2014 2015 2016 2017 Total revenues (Exc. non-recurring items)/1 19% 13% 9% 14% 6% Operating profit (Exc. non-recurring items) 31% 15% 7% 19% 5% Normalized Net profit 36% 21% 7% 19% 7% Net profit 2% 16% 8% 17% 47% Same store revenue growth 12% 4% 2% 2% 3.5%12 Gross Profit Margin (Exc. Other Income)(%) 47% 48% 48% 49% 50% EBITDA Margin (%) 52% 53% 53% 54% 54% /1 Total revenue includes rental & service, hotel operation, food & beverage, and other incomes, excluding interest income, and share of profit from investment. /2 Excl. CentralWorld, CentralPlaza Rama 3, CentralMarina, CentralPlaza Nakhon Si Thammarat, CentalPlaza Nakhon Ratchasima and CentralPlaza Mahachai Prepared by CPN Investor Relations Appendices Page 36#37CPN (THB mn) 35,000 30,875 29,234 30,000 25,713 25,000 23,668 21,234 20,000 15,000 10,000 5,000 0 2013 2014 2015 2016 2017 2017 Breakdown Retail 82% • Rent from shops (Events) Promotional Area • Service income • Convention hall On site media Revenue Breakdown +6% YoY Office 2% F&B 5% Hotel 4% FY17 total revenues /1 +6% YoY mainly contributed by Rent and services +3% YoY • Contributions from new shopping malls in 2016, CentralPlaza Nakhon Si Thammarat, and in 2017, CentralPlaza Nakhon Ratchasima and CentralPlaza Mahachai • Contributions from fully-resumed operation after major renovations at CentralMarina and CentralPlaza Pinklao • Strong performances of existing shopping malls: EastVille, WestGate, Grand Rama 9, Chiangrai, Khonkaen, Ubonratchathani, Suratthani and Phitsanulok Hotel +10% YoY • Higher occupancy rates and room rates at Hilton Pattaya and higher room rate from Centara Hotel & Convention Centre Udonthani F&B sales +17% YoY • New food courts launched in 2016 at Nakhon Si Thammarat, Bangna, CentralMarina and Chaengwattana, and in 2017 at Nakhon Ratchasima, Mahachai and Phuket • Strong performances with double digit sales growth from East Ville, WestGate and Samui Management fee 1% Active marketing and promotional events throughout the year Collaboration with business partners, holding promotional campaigns to encourage more spending from local customers and cater for expanding foreign tourists visiting Thailand, are vital to the strong revenue performance throughout the year. Other income 5% Note: /1 Includes revenues from residential projects and water & amusement park, and property management fees from CPNREIT & CPNCG. Excludes non-recurring items. Prepared by CPN Investor Relations Appendices Page 37#38CPN (THB mn) 16,000 14,041 12,634 11,616 12,000 10,542 8,000 4,000 Cost Breakdown +3% YOY 14,518 2017 FY17 total costs +3% YoY mainly contributed by Cost of rent and services +2% YoY • Full year recognition of operating and depreciation costs of new and renovated projects in 2016: CentralPlaza Nakhon Si Thammarat, CentralMarina and CentralPlaza Pinklao, as well as operating and depreciation costs of newly opened projects in 2017: CentralPlaza Nakhon Ratchasima and CentralPlaza Mahachai. • • Higher maintenance, repair and personnel expenses to support the expansion of new shopping malls Higher energy efficiencies at shopping malls result in reduction of utility costs by approx. 3% YoY Cost of hotel operations +6% YOY • In line with revenues of hotel business mainly from effective cost management and control in the operations Cost of F&B sales +18% YoY . Higher from newly opened and renovated food courts launched in 2016 and 2017 0 2013 2014 2015 Retail Office ■F&B 2016 ■ Hotel ■ Others 2017 Breakdown Office 2% Hotel Continued focus on efficient cost management Implementation of energy conservation initiatives at shopping malls to yield lower electricity unit consumption, in face of rising unit cost, is actively carried out to maintain or increase overall gross profit margin. F&B 9% Retail 87% Note: Excludes non-recurring items. Prepared by CPN Investor Relations 2% Appendices Page 38#39CPN (THB mn) 6,000 SG&A Expenses Breakdown +15% YoY FY17 SG&A expenses +15% YoY mainly contributed by . • Higher personnel expenses due to an increase in headcount to support business expansion Higher marketing expenses for the opening of new and renovated shopping malls in 2016 and 2017, namely CentralPlaza Nakhon Si Thammarat, Central Plaza Nakhon Ratchasima, CentralPlaza Mahachai, CentralPlaza Pinklao and CentralPlaza Rama 3 Higher promotional and event-based expenditures due to higher magnitude of activities in the festive seasons during the year 5,066 5,000 4,406 4,030 3,667 4,000 3,446 3,000 2,000 1,000 0 2013 2014 2015 2016 2017 Personnel Advertising & promotion ■Depreciation ■Others Advertising & promotion 22% Balancing overhead expenses with business plan Close monitoring of operating performance and maintain optimal SG&A expenses level according to business requirements with potential incremental savings from 1) synergy with Central Group in marketing activities and supply chain management 2) preparing organizational readiness for future growth 2017 Breakdown Personnel 48% Note: Excludes non-recurring items. Prepared by CPN Investor Relations Others 18% Depreciation 12% Appendices Page 39#40CPN (THB mn) Debt Analysis Low finance cost and strong credit rating Finance cost and average cost of debt YE17 Outstanding Debt Breakdown Short-term bond 20% 900 6% 813 800 Short-term 677 5% loan 700 633 4% -43% YoY 9,529 600 509 -52% YoY 4% 4.25% Long-term loan THB mn Long-term bond 70% 500 3.89% 364 3% 6% 400 3.47% 3.23% 3.15% 300 2.81% 2.63% 2.79% 2% 200 132 1% 97 100 64 Fixed 100% 0 0% 2013 2014 2015 2016 2017 Interest expenses 4Q16 3Q17 4Q17 RS: Weighted average cost of debt 9,529 THB mn TRIS AA RATING Corporate credit Senior unsecured debenture Credit Rating Stable Rating Outlook Note: Weighted average interest rate was derived from interest expenses including interest capitalization for projects under development. All borrowings at denominated in THB Prepared by CPN Investor Relations Appendices Page 40#41CPN Capital Structure CPN's net D/E ratios are historically below its debt covenant of 1.75x (THB mn) (Times) 70,000 1.40 63,880 60,000 a 1.19 53,005 50,000 46,801 41,748 40,000 0.82 36,824 30,000 25,245 25,568 0.49 25,900 20,448 20,000 10,000 945 2011 1.20 1.00 0.80 0.60 22,623 17,904 0.39 16,019 19,842 0.29 4,207 4,326 1,869 3,773 2012 2013 0.40 0.28 9,529 5,36 0.20 3,204 0.07 0.00 2014 2015 2016 2017 Cash & current investment Prepared by CPN Investor Relations Interest bearing debts Appendices Equity ---RS: Net D/E Page 41#42CPN Rental Contract Structure Upside from long-term lease contract expirations to convert into short term contracts at market rental rate should help increase revenues Rental contract composition by area(1) Fixed Rent 46% (47%) Long-term lease contracts expiration (2) Consignment 37% (36%) 2022+ 29% 33% 2021 < 1% 2020 18% 2019 5% 12% 2018 3% Long-term Lease 17% (17%) 0% 10% 20% 30% ■Retail Shops 40% 50% 60% Department Stores 70% Source: Company estimate as of 31 December 2017 (1) Percentage based on occupied area. (%) YE16 figure (2) Based on total long-term lease area of 154,027 sq.m. with less than 4% rental income contribution. Prepared by CPN Investor Relations Appendices Page 42#43CPN Statement of Financial Position % Change % Change Financial Position (THB mn) End of 4Q16 End of 3Q17 End of 4Q17 QoQ YOY Current assets Cash and current investments 3,204 1,975 5,361 171% 67% Other current assets 3,455 5,305 7,753 46% 124% Total current assets 6,659 7,279 13,114 80% 97% Non-current assets Investment properties (1) 76,700 81,111 84,972 5% 11% Leasehold rights 10,647 11,240 11,207 (0%) 5% Property & equipment (PP&E) 1,797 1,698 1,676 (1%) (7%) Other non-current assets 8,724 11,027 9,604 (13%) 10% Total non-current assets 97,868 105,075 107,459 2% 10% Total assets 104,527 112,354 120,574 7% 15% Current liabilities 14,878 17,750 14,354 (19%) (4%) Non-current liabilities 36,644 33,863 42,340 25% 16% Total liabilities 51,523 51,613 56,694 10% 10% Total equity 53,005 60,741 63,880 5% 21% (1) Investment Properties are booked at cost and depreciated with the straight-line basis over the life of the assets. The estimated fair value is 180,409 mn (THB 167,688mn in December 2016), stated in the disclosure notes to the main financial statement no. 9 under "Investment Properties". Prepared by CPN Investor Relations Appendices Page 43#44CPN Statement of Comprehensive Income % Change % Change Consolidated Earnings (THB mn) 4Q16 3Q17 4Q17 FY2016 FY2017 QoQ YoY % Change YOY Revenue from rent and services 6,492 6,422 6,587 3% 1% 25,247 26,057 3% Retail Office Other supportive businesses 6,323 6,249 6,415 3% 1% 24,579 25,367 3% 168 173 172 (1%) 2% 667 690 3% 0.2 0.2 0.2 (6%) (23%) 1 1 (29%) Revenue from hotel operations 247 274 290 6% 18% 998 1,097 10% Revenue from food and beverage 362 407 433 6% 20% 1,389 1,633 17% Other income 386 4,096 743 (82%) 92% 1,600 5,809 263% Total revenues 7,487 11,198 8,053 (28%) 8% 29,234 34,596 18% Total revenues excluding non-recurring items 7,487 7,698 7,834 2% 3% 29,234 31,096 6% Cost of rent and services 3,273 3,249 3,387 4% 3% 12,630 12,894 2% Retail 3,201 3,181 3,319 4% 4% 12,349 12,627 2% Office 72 68 68 (0%) (5%) 279 267 (5%) Other supportive businesses 0.3 0.1 0.3 121% 3% 1 1 (51%) Cost of hotel operation 79 89 91 2% 15% 325 344 6% Cost of food and beverage 288 323 341 6% 19% 1,086 1,280 18% Total costs 3,639 3,661 3,819 4% 5% 14,041 14,518 3% Operating profit 2,522 6,386 2,540 (60%) 1% 10,814 14,989 39% Operating profit excluding non-recurring items 2,522 2,886 2,365 (18%) (6%) 10,814 11,314 5% Net profit 2,219 5,983 2,326 (61%) 5% 9,244 13,568 47% Net profit excluding non-recurring items 2,219 2,483 2,151 (13%) (3%) 9,244 9,893 7% EPS (Bt) 0.49 1.33 0.52 (61%) 5% 2.06 3.02 47% EPS (Bt) excluding non-recurring items 0.49 0.55 0.48 (13%) (3%) 2.06 2.20 7% Gross Profit Margin (excl. other income) 49% 48% 48% (1%) (1%) 49% 50% 0% Operating Profit Margin (exc. non-recurring item) 34% 37% 30% (7%) (3%) 37% 37% (0%) Prepared by CPN Investor Relations Appendices Page 44#45CPN MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM consecutive 4 years (2014-17) Member of Dow Jones Sustainability Indices (DJSI) Emerging Markets 2017 showcases a track record of excellence in performance, governance, social and environmental development 4 consecutive years (2014-17) Thailand's Top Corporate Brands CHULALONGHORN BUGNESS SCHOOL THAILAND'S TOP CORPORATE BRAND VALUES 2017 for property development sector in recognition of the most widely regarded brand amongst customers, investors and the general public. 2017 Awards and Achievements Sustainable Retail Property Developer and Manager 3 consecutive years (2015-17) SET THS The Stock Exchange of Thailand THAILAND SUSTAINABILITY INVESTMENT 2017 SET Thailand Sustainability Investment 2017 listing confirms CPN's commitment towards sustainable growth and focus on environmental, social and governance (ESG) factors Top-Class Operator Accredited Energy Conserver ASIA PACIFIC PROPERTY AWARDS CentralPlaza Nakhon Si Thammarat CentralFestival Eastville Prepared by CPN Investor Relations Asia Pacific Property Awards 2017 organized by International Property Awards, recognizes CPN amongst the highest levels of achievement in the category 'Retail Development - Thailand' for 2 shopping centers ICSC Appendices CentralPlaza Suratthani CentralPlaza Chonburi Thailand Energy THAILAND ENERGY AWARDS 2917 Awards 2017 honors CPN on developing and promoting energy conservation retail facilities at 2 shopping centers. The 2017 ICSC Asia-Pacific Shopping Center Silver Award New Development was presented in recognition of the exemplary design innovation for Central Festival Eastville Page 45#46CPN CPN Shares Trading Statistics Key Trading Statistics as of YE17 Dividend History Key Metrics Par Value THB Key Metrics 2017 2016 2015 2014 2013 2012 2011 0.50 Par Value (THB) 0.50 0.50 0.50 0.50 0.50(2) 1.00 1.00 Share Price (THB) 85.25 Dividend (THB/Share) 1.40(3) 0.83 0.70 0.65 0.55 0.475 0.37 Earnings per Diluted Share (THB) 3.02 Dividend Paid (THB mn) 6,283 (3) 3,725 3,142 2,917 2,468 2,070 806 P/E (x) 28.23 Dividend Payout Ratio 46%(3) 40% 40% 40% 39% 33%(1) 39% P/BV (x) 5.99 Dividend Yield (3) (%) 1.6% Dividend policy is paid annually approximately 40% of net profit (unless there is compelling reason against this). Market Capitalization (THB bn) 383 Note 1: Dividend payout ratio of 33% in 2012 was derived from 40% of normal net profit and 17% of gain from transferring assets into CPNCG. Note 2: Authorized Share Capital (mn shares) 4,488 Note 3: Par split from THB 1.00 to THB 0.50 per share effective on May 7, 2013 Subject to the approval of shareholders at the 2018 Annual General Meeting of Shareholders on April 27, 2018 Source: SETSMART (except P/E and P/BV ratios, calculated based on the latest financial results), company announcements on SET Prepared by CPN Investor Relations Appendices Page 46#47CPN CPNREIT and CPNCG Operational performance On December 1, 2017, CPNRF was converted into CPNREIT, which also leased additional assets in Central Festival Pattaya Beach and Hilton Pattaya. At the end of 4Q17, CPNREIT has five retail properties and two office towers in its portfolio, with CPN REIT Management Co., Ltd., as the REIT manager and CPN as the property manager. CPNCG was established in September 2012 and currently owns one office with SCB Asset Management Co., Ltd. as the fund manager and CPN as the property manager. CPNREIT Properties Remaining Life (years) Leasable Area (1) Occupancy Rate (%) (2 (2) (sq.m.) 4Q16 3Q17 4Q17 1. Rama 2 (Retail) 7 Yr & 7 M 82,746 87 92 94 2. Rama 3 (Retail) 77 Yr & 7 M 36,285 90 3. Pinklao (Retail) 7 Yr 27,611 96 96 00 59 །ཥྭ། 78 98 99 4. Pinklao Tower A & B (Office) 7 Yr 34,031 90 85 85 5. Chiangmai Airport (Retail) 26 Yr & 4 M 37,490 96 93 93 6. Pattaya Beach (Retail) 19 Yr & 8 M 29,404 n/a n/a 98 Total 247,567 91 86 91 97 CPNCG Office Property Remaining Life (years) Occupancy Rate (%) (2 (2) Leasable Area (¹) (sq.m.) 4Q16 3Q17 4Q17 15 Yr & 3 M 81,400 100 98 99 Central World (Office) Note 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. Prepared by CPN Investor Relations Appendices Page 47