Investor Presentaiton

CPN (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

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