CentralCentral PattanaPattana Plc.Plc. Property Development & Investment Opportunity Day Presentation : 2Q 2009 The Stock Exchange of Thailand, 25th August 2009

1 Important Notice

ƒ 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.

ƒ 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.

ƒ 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, 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.

ƒ 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.

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2 Content

Business Highlights

Operations

Developments

Financial Highlights

Appendix

3 Business Highlight 2Q 2009 Business Highlights

Leading Position in Bangkok Retail Space (2) ƒ CentralPlaza Chaengwattana opened on 27 Nov 08. ƒ CentralFestival Pattaya Beach launched on 23 Jan 09. ƒ CentralPlaza Udon Thani was acquired on 8 April 09. CPN 24%

ƒ CentralPlaza Chonburi commenced on 29 May 09. The Mall Group 11% ƒ CentralPlaza Khon Kaen sales progress (retail space) reached Development Future Park Rangsit 76%. The shopping complex is scheduled to open in Dec 09. 5% Siam Paragon Others 5% 36% Seacon Square (1) 5% ƒ 2Q 2009 total revenue grew by 31% y-o-y to 2,978 MB, from MBK four new projects - CentralPlaza Chaengwattana, CentralFestival 2% Siam Future Seri Center Fashion Island 6% Pattaya Beach, CentralPlaza Udon Thani, and CentralPlaza 2% 4% Chonburi. ƒ 2Q 2009 net profit increased by 13% y-o-y to 587 MB, from additional operating costs and depreciation and amortization of (3) Financial Shareholder’s Value Appreciation the new projects in addition to higher sub-lease payment of 3 Years CPN share price compared to SET Index and Property Index CentralPlaza Lardprao after a renewal of its sub-lease (based price on year 2005)

agreement. Index 450

ƒ Occupancy rate of retail properties stood at 96%, remained 400 SET PROP CPN unchanged from last quarter. The occupancy rate of new 350 projects, CentralPlaza Udon Thani, and CentralPlaza Chonburi., 300 stood at 100% and 83%, respectively. 250 ƒ Effective retail rental rate averaged 1,251 Bt/sqm/month. 200 Excluding the four new projects, effective rental rate averaged 150 1,293 Bt/sqm/month, up 1.5% y-o-y. 100 Operation 50 ƒ Occupancy rate of office properties stood at 85%, reflected a - low take-up rate at the initial stage of the new Chaengwattana’s

office (opened in Mar 09). Jul-05 Jul-06 Jul-07 Jul-08 Jan-05 Apr-05 Oct-05 Jan-06 Apr-06 Oct-06 Jan-07 Apr-07 Oct-07 Jan-08 Apr-08 Oct-08 Jan-09 Apr-09

Note 1: Total Revenue includes rental & service, hotel operation, food & beverage, and other incomes. Excluding interest income and share of profit from investment. 5 Note 2: Based on 4Q06 CB Richard Ellis’s report and company’s estimate as of June 09. Note 3: Retrieved information from SET as of 30 June 09. Operations Operation Performance: Retail

As at 2Q09, 9 of 14 CPN’s shopping centers are located in Bangkok Metropolitan Area (BMA) and its vicinities. The other 5 centers are located in provincial areas.

Bangkok Metropolitan & its vicinity Areas

Leaseable No.of Occupancy Rate (2) CPN Retail Develop- Land area (1) Tenants Properties ment Ownership 2Q09 1Q09 2Q08 (sqm) 2Q09 (1)

1. Ladprao Greenfield Leasehold 55,583 349 97% 97% 99%

2. Ramindra Greenfield Leasehold 17,159 78 100% 99% 99%

3. Pinklao Greenfield Leasehold 54,220 264 98% 97% 91%

4. Rama 3 Greenfield Freehold 18,192 68 100% 99% 100%

5. Bangna Acquisition Freehold 57,533 301 98% 98% 98%

6. Rama 2 Greenfield Leasehold 5,937 34 100% 100% 100%

7. Rattanatibet Acquisition Freehold 77,244 227 97% 98% 98%

8.CentralWorld Acquisition Leasehold 184,592 475 97% 97% 91%

9.Chaengwattana Greenfield Freehold 65,613 402 93% 92% n/a Opened in Nov 08. Target occupancy rate of 95% at the end of 2009. CPN Portfolio in BMA 536,073 2,198 97% 97% 95%

Note 1: Excluding rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines. Note 2: Percentage based on leaseable area. 7 Operation Performance : Retail (Con’t)

Provincial Areas

Leaseable No.of Occupancy Rate (2) CPN Retail Develop- Land area (1) Tenants Properties ment Ownership 2Q09 1Q09 2Q08 (sqm) 2Q09 (1)

1. Pattaya Center Greenfield Leasehold 15,225 135 99% 100% 100%

2. Chiangmai Acquisition Freehold 76,108 533 99% 99% 99% Opened in Jan 09. Target occupancy rate 3. Pattaya Festival Greenfield Freehold 56,020 307 89% 88% n/a of 95% at the end of 2009. 4. Udon Thani Acquisition Freehold 49,354 185 100% n/a n/a Acquired in Apr 09.

5. Chonburi Greenfield Freehold 39,503 242 83% n/a n/a Opened in May 09. Target occupancy rate of 92% at the end of 2009. CPN Portfolio in Provinces 236,210 1,402 94% 95% 99%

Total CPN Portfolio for Retail Properties 772,283 3,600 96% 96% 95%

CPNRF Properties

CPNRF Retail Properties

1. Rama 2 Greenfield Leasehold 93,338 321 99% 99% 96% Please see CPNRF.

2. Rama 3 Greenfield Freehold 39,975 226 96% 96% 94% Please see CPNRF.

Total CPNRF Portfolio 133,313 547 98% 98% 98%

Note 1: Excluding rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines. Excluded leaseable area of newly opened CentralFestival Pattaya Beach . Note 2: Percentage based on leaseable area. Note 3: Leaseable area of Rama II and Rama III, which are under CPNRF, include rental agreements < 1 year such as kiosk, carts, ATMs and coin machines 8 and CPN acts as the property manager. Operation Performance : Office

Leaseable No.of Occupancy Rate (2) Develop- Land Office area (1) Tenants ment Ownership 2Q09 1Q09 2Q08 (sqm) 2Q09 (1)

1. Ladprao Greenfield Leasehold 17,719 55 96% 97% 99%

2. Pinklao A Greenfield Leasehold 22,426 45 93% 92% 94%

3. Pinklao B Greenfield Leasehold 11,334 38 87% 92% 89%

4. Bangna Acquisition Freehold 10,007 25 92% 92% 100%

5. CentralWorld Acquisition Leasehold 82,796 102 94% 95% 94%

Opened in Mar 09. Target occupancy rate 6. Chaengwattana Greenfield Freehold 19,462 15 20% 8% n/a of 50% at the end of 2009. Total 163,744 280 85% 84% 95%

Note 1: Including retail space. Excluding storage. Note 2: Percentage based on leaseable area. 9 Operation Performance : Residential & Hotel

Leaseable area (1) Occupancy Rate (2) Residential (sqm) 2Q09 1Q09 2Q08

1. Bangna 1,907 47% 55% 61% Strata title, Asset for sales

2. Langsuan 4,466 74% 75% 75% Furnished apartment

Total 6,373 66% 69% 71%

No. of Occupancy ARR Rev Par Hotel Available Room Rate % (Bt/night) (Bt/night)

1. Centara Acquired in Apr 09. 255 83% 888 737 Udon Thani Managed by Centara Hotel

Total 255 83% 888 737

Note 1: Including retail space. Excluding storage. Note 2: Percentage based on leaseable area. 10 Contract Types

Fixed Rent Long-term Lease

Monthly basis collection 53% Up-front collection (up to 3 years) (up to 20 years) • Increase rental rate by 25% • Up-front payment realize approx 5% p.a. throughout lease contract • Approx. 1/3 of rental contract 22% period on straight line basis expires every year

% of Sales

Monthly basis collection (up to 3 years) Note: • Tenants: Food centers, Cineplex and On top of space rental fee, international brands such as “Mac Donalds, service & utility fees are collected and KFC ...” realized on monthly basis • Percentage ranges from 10% - 30% of sales • Includes minimum guarantees

Note 1: Percentage based on occupied area. Source: Company estimates as of 30 June 2009. 11 Effective Rental Rate (for Retail Tenants)

2Q09 Effective Rental Rate Growth for Same Spaces of 1.5% yoy /1

For 2Q09, effective rental rate for retail space averaged 1,251 Bt/sqm/month, including all projects. Excluding the newly opened CentralPlaza Chaengwattana, CentralFestival Pattaya Beach, CentralPlaza Udon Thani, and CentralPlaza Chonburi 2Q09 effective rentral rate averaged 1,293 Bt/sqm/month, up 1.5% yoy.

y yo 1. % .4% 8% .5 1,350 7 yoy 1 GR CA 1,293 1,300 1,274 1,274 1,259 1,251 1,250 1,220

1,200 1,164

1,150

1,100 1,040 1,050

1,000

Bt per sqm per month per sqm per Bt 945 950

900

850

800 2004 2005 2006 2007 2008 2Q08 2Q09 2Q08 2Q09 All Projects Excluding four newly opened projects/2

Note 1 : The figures are effective rental rates for retail tenants with space < 1,000 sqm and net of special discounts given to groups of tenants at CentralWorld and the newly opened CentralPlaza Chaengwattana, CentralFestival Pattaya Beach, and CentralPlaza Chonburi projects during the initial stage. Note 2 : For comparative purpose, excluding foue new projects :- CentralPlaza Chaengwattana, CentralFestival Pattaya Beach, CentralPlaza Udon Thani and CentralPlaza Chonburi 12 Source: Company estimates as of 30 June 2009. Developments Newly Opened Project – CentralPlaza Chonburi

Project Highlights Investment Cost (1) 2,400 MB Program - Shopping Center (N.L.A) 48,500 sqm (2) Anchors Tops Market, SuperSports, B2S, PowerBuy, Office Depot, 7-screens SF Cinema City Retails 200 retail shops Food Park and 50 F&B outlets - Joint developers (3) Robinson Department Store, Carrefour

- Parking (G.A) 48,000 sqm (1,700 cars)

Opening date 29 May 2009 Occupancy rate 80% at the opening

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Note 1: Including land and construction cost of CPN’s shopping center and parking building. Excluding those of Robinson Department Store and Carrefour. Note 2: Excluding joint-developers’ area (Robinson Department Store and Carrefour). 14 Note 3: Areas do not belong to CPN, however the stores will contribute to people traffic into CPN’s plaza area. Acquisition Project – CentralPlaza Udon Thani

Project Highlights - Shopping Plaza Location Udon Thani Province Notheast of Thailand Program - Shopping Center (N.L.A) 49,000 sqm Anchors Robinson Department Store 7-screen Major Cineplex Retails 400 retail shops - Parking (G.A) 13,500 sqm (1,200 cars)

Acquisition Date 8 April 2009 Occupancy rate Occupancy 99%100%

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Note 1: Including land and construction cost of shopping center and parking building. Note 2: Hotel will be managed by Centara Hotel (CENTEL). 15 Acquisition Project – Centara Udon Thani Hotel

Project Highlights - Hotel Program - Hotel (G.A) 38,000 sqm (255 Guest Rooms) - Facilities Convention Hall, Meeting Rooms, Fitness Swimming Pool, Fitness and Spa

Acquisition Date 8 April 2009 Occupancy rate Occupancy 83% Hotel Manager Centara

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16 Future Projects – CentralPlaza Khon Kaen

Project Highlights Development Process Status / Time line

Investment Cost (1) 3,260 MB Construction Period May 2008 to Dec 2009 Program Construction Progress 67% of total construction - Shopping Center (N.L.A) 48,700 sqm (2) Leasing Progress Jan 2008 to Dec 2009 - Parking (G.A) 57,500 sqm (1,500 cars) - Confirmed anchors Tops Supermarket, SuperSports, (3) - Joint Developer Robinson Department Store B2S, PowerBuy, SF Cinema, Location Khon Kaen Province Fitness First Northeast of Thailand - Confirmed retails 76% of leaseable area (Business and education center Opening December 2009 of the northeast region)

Note 1: Including land and construction cost of CPN’s shopping center and parking building. Excluding those of Robinson Department Store. Note 2: Excluding CRC’s area (Robinson Department Store). 17 Note 3: Area will be developed and owned by the joint developer. However the store will be magnet to draw traffic into CPN’s plaza area. Future Projects – The Hilton Pattaya Beach Hotel

Project Highlights

Investment Cost (1) 2,000 MB Program - Hotel (G.A) 40,000 sqm (300 rooms) Location Pattaya Beach, Chonburi Province (Tourist destination and approximately 1.5 hours drive east of Bangkok) Construction Period 3Q09 to 3Q10 Construction Progress 16% of total construction Opening 3Q 2010 (Tentative)

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Note1: Excluding land cost. Hilton Pattaya Beach Hotel is the hotel component of the CentralFestival Pattaya Beach Project. Shopping mall component was opened in Jan 09. 18 Future Projects – CentralPlaza Rama 9

Project Highlights

Investment Cost (1) 4,500 - 5,000 MB Program Shopping center / Department Store / Office Building / Parking - Under Study Location 5 km from Bangkok CBD area Construction Period Tentative 4Q 2008 - 2Q 2012 Progress Entered into a 30-year land lease agreement with the first right to renew the contract for 10 years. Construction permit approved / Under detail feasibility study

Opening 2Q 2012 (Tentative)

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Note1: Including land and construction cost of shopping center and parking building. 19 Potential Sites

Potential Sites

ƒ Project : Pre-Cadet School ƒ Location : Rama 4 Road & Wireless Road (Bangkok CBD area) ƒ Progress : The Crown Property Bureau announced that CPN was awarded a 30-year lease to develop a 40-rai land plot of the former Pre-Cadet School on Rama IV Rd. CPN will enter into lease agreement after site clearing completion.

Chiangm ai Map ƒ Project : Chiangmai 2 ƒ Location : Super highway (North of Chiangmai)

New land bank ƒ Progress : In April 08 CPN has acquired a 68-rai freehold land plot on Super Highway (next to Doi Saket Road). The site is approximately 15-minute drive east of existing CentralPlaza Chiangmai Airport. C e n tra lP la za Chiangm ai Airport : Construction permit approved. Under detail feasibility study. Overseas

ƒ Rationale : Geographic and income diversifications. : Opportunities to share region’s growth in retail sector through cautious investment. /2 ƒ Location : China, India, Vietnam, etc.

20 Capital Expenditure Profile

„ Major capital expenditure will be used to develop new projects, renovate existing shopping centers, and arrange for potential projects. „ Financing plan for future expansion includes:

„ Cash flow from operation

„ Loan: debenture and/or project financing „ Property fund (Bt mil)

Properties 2008 2009 2010 2011 2012 CentralWorld (Phase 1 & 2) 460 130 CentralPlaza Chaengwattana 1,960 1,120 CentralFestival Pattaya Beach (1) 1,610 1,700 1,200 CentralPlaza Chonburi 950 880 100 CentralPlaza Khon Kaen 730 800 600 CentralPlaza Rama 9 400 660 1,240 1,800 600 Enhancement Projects 500 2,900 2,000 1,700 500

Potential Projects 660 500 700 1,640 3,500

Total 7,270 8,690 5,800 5,140 4,600

Source: Company estimates as at 30 June 2009. Note 1: Including an approximate investment cost of shopping complex and hotel 21 Future Leaseable Area & Occupancy Rate

Shopping Center Leaseable Area and Occupancy Rate (1)

row area g seable tail lea o 2012 Re 2008 t from by 32%

Ram a 9 97% 1,200,000 96% 96% 100% 95% 97% 95% 95% 95% 94% 95% 93% 92% Udornthani Average Occupancy rate (%) 1,000,000 90% Pattaya Beach

800,000 Khon Kae n 80% 600,000 Chonburi

70% Chaengwattana 400,000 CentralWorld - 60% 200,000 new retail space

Retail Leasable Area(sqm) Exis t in g ar e a

0 50% (2) Occupancy rate 2001 2002 2003 2004 2005 2006 2007 2008 2009F 2010F 2011F 2012F (%)

Leaseable area (Sq.m.) 2001 2002 2003 2004 2005 2006 2007 2008 2009F 2010F 2011F 2012F Shopping Center (1) 281,623 518,894 598,587 591,007 617,299 684,587 709,489 760,636 961,629 961,629 961,629 1,006,807 Office Building 49,833 49,833 49,833 134,099 134,038 145,700 144,791 144,791 164,321 164,321 164,321 164,321 Hotel 0 0 0 0 0 0 0 0 38,000 38,000 38,000 38,000 Residential 16,825 16,825 16,336 16,336 6,373 6,373 6,373 6,373 6,373 6,373 6,373 6,373 Total 348,281 585,552 664,756 741,442 757,710 836,660 860,653 911,800 1,170,323 1,170,323 1,170,323 1,215,501

Note1: Company estimates as at 30 June 2009. Including leaseable area of Rama 2 & 3 which were partially transferred to CPNRF, but still under CPN’s management. 22 Note2: Including CentralWorld’s original space. Financial Highlight Consolidated Performance

Bt mil 6,000 5,735

5,000 4,510

4,000

2,978 3,000 2,757 2,277

2,000 1,560 1,760 1,137 1,190 872 889 1,000 741 603 519 587

0 2Q08 1Q09 2Q09 1H08 1H09

Total revenue Operating profit Net profit

Growth (% Y-o-Y) 2005 Adj (2) 2006 2007 (3) 2008 2Q09 Q-o-Q 2Q09 Y-o-Y 1H09 Y-o-Y Total revenue (1) 11% 7% 14% 12% 8% 31% 27% Operating profit 10% 8% (7%) 26% 2% 20% 13% Net profit 7% 17% (7%) 39% (3%) 13% 5%

Same store growth (4) 10% 13% 14% 11% 3% 7% 6%

Note1: Total Revenue includes rental & service, hotel operation, food & beverage, and other incomes. Excluding interest income and share of profit from investment. Note2: Excluding gain from CPNRF of Bt2,885 mil and impairment of Bt406.6mil in 2005 performance. Note3 :Excluding one-time income of Bt214.3 mil in 4Q07 and FY07. Note4: For 2Q09 and 1H09, excluding CentralPlaza Chaengwattana, CentralFestival Pattaya Beach, CentralPlaza Udon Thani, Centara Udon Thani Hotel, and 24 CentraPlaza Chonburi . Revenue Breakdown

Revenues Comments (2Q08 vs. 2Q09)

„ Revenue increased by 29% y-o-y. Y Bt mil Yo 7% 5,735 6,000 2 Retail „ The increase was mainly due to • Additional revenues from the new projects - CentralPlaza Chaengwattana, CentralFestival Pattaya 5,000 4,510 Beach, CentralPlaza Udon Thani and CentralPlaza Chonburi Y Yo 4,000 31% • Rental growth achieved at all properties.

2,978 „ Revenue increased by 5% y-o-y. 2,757 3,000 „ The increase was mainly due to 2,277 Office • Additional revenues from the new office building 2,000 opened in Mar 09 at Chaengwattana project. • Higher rental rate for new and renewed contracts signed at The Offices at CentralWorld. 1,000 • Rental rate growth from other office properties.

0 „ Revenue increased by 47% y-o-y. 2Q08 1Q09 2Q09 1H08 1H09 F&B „ This was mainly driven by • Additional revenues from food centers at the new 2Q08 1Q09 2Q09 % YOY 1H08 1H09 projects - CentralPlaza Chaengwattana, Retail 1,785 2,225 2,302 29% 3,558 4,527 CentralFestival Pattaya Beach, CentralPlaza Udon Office 216 219 226 5% 428 445 Thani and CentralPlaza Chonburi F&B 123 147 181 47% 220 328 Hotel 0 0 36 n/a 0 36 „ Revenue from Centara Udon Thani, acquired in Apr 09. (1) Other rental 8 7 7 (13%) 16 14 Hotel (2) Other income 145 159226 57% 287 385

Note1: Other rental includes revenue from residential projects and water & amusement park. Note2: Other income includes property management fees from CPNRF. 25 Cost of Rental and Service Breakdown

Cost of Rental & Service Comments (2Q08 vs. 2Q09) Bt mil

3,500 „ Cost increased by 45% y-o-y. Retail „ The increase was due to Y 3,184 Yo % „ Additional depreciation and amortization of the new 3,000 37 projects-CentralPlaza Chaengwattana, CentralFestival Pattaya Beach, CentralPlaza Udon Thani and 2,500 2,333 CentralPlaza Chonburi Y Yo % „ Higher sub-lease payment of CentralPlaza Lardprao 41 2,000 after renewal of its sub-lease agreement. 1,666 1,517 1,500 „ Cost decreased by 1% y-o-y. „ The decrease was partly from an energy saving program. 1,179 Office 1,000

500 „ Cost increased by 49% y-o-y. F&B „ The increase was in line with the increase in F&B sales. 0 2Q08 1Q09 2Q09 1H08 1H09

2Q08 1Q09 2Q09 % YOY 1H08 1H09 Retail 940 1,249 1,364 45% 1,875 2.613 „ Cost from hotel operations of 15.3 MB from the newly Hotel acquired Centara Udon Thani. Office 133 141 131 (1%) 269 272 F&B 99 121 148 49% 176 269 Hotel 0 0 15 n/a 0 15 Others 7 6 8 11% 14 14

26 Selling and Administration Expenses Breakdown

Selling and Administration Expenses Comments (2Q08 vs. 2Q09)

„ Personnel expenses increased by 25% y-o-y. Bt mil People „ This was mainly due to an increase in number of Y 864 900 Yo employees to support the new projects. 28% 800

677 700 oY „ Marketing expenses was flat y-o-y. %Y 600 16 Ads & Promo 500 453 411 392 400

300

200

100

0 2Q08 1Q09 2Q09 1H08 1H09 2Q08 1Q09 2Q09 % YOY 1H08 1H09

People 153 183 192 25% 305 375 Ads&Promo 152 135 152 0% 212 287 Depreciation 18 23 27 55% 35 51 Others 69 69 82 18% 126 151

27 Key Ratios

Corporate Performance

Key ratios 2005 Adj. 2006 2007 (1) 2008 2Q08 1Q09 2Q09 Gross profit margin (%) 42.7% 40.1% 38.7% 39.8% 41.9% 39.2% 36.5% Operating profit margin (%) 26.9% 26.4% 21.7% 26.2% 26.8% 24.3% 22.3% Net profit margin (%) 20.7% 21.7% 18.0% 22.2% 21.7% 20.9% 19.0% ROA (%) 4.7% 5.0% 4.4% 5.4% 5.6% 5.4% 4.9% ROE (%) 14.7% 14.5% 12.5% 15.9% 15.3% 16.3% 15.6%

Business Line Performance

Gross Profit Margin (%) 2005 Adj. 2006 2007 (1) 2008 2Q08 1Q09 2Q09 Retail 51.2% 47.9% 44.6% 42.1% 47.4% 43.9% 40.7% Office 5.8% 24.6% 29.9% 37.4% 38.5% 35.5% 42.1% F&B 23.1% 23.4% 23.8% 18.2% 19.1% 17.5% 18.2% Hotel n/a n/a n/a n/a n/a n/a 57.9%

Note1: Excluding non-recurring income of Bt214.3mil in 4Q07 and FY07. 28 Capital Structure

Bt mil Net D/E (Times) 20,000 19,311 1.2 16,445 15,173 16,000 1.1 15,031 1.0 13,639 12,574 11,789 12,045 0.8 12,000 11,041 11,112 0.8 0.6 8,000 6,140 0.6 0.6 0.5 0.4 3,691 3,983 3,677 4,000 2,792 0.2

0 0.0 2005 2006 2007 2008 2Q 2009 Cash and Current Investment Interest Bearing Debt Equity Net Interest Bearing Debt to Equity

“ CPN’s Policy is to Maintain Net Debt to Equity at Lower Than 1.0 ”

Key ratios 2005 Adj. 2006 2007 (2) 2008 2Q08 1Q09 2Q09 Net interest bearing debt to equity (times) (1) 0.5 0.6 0.6 0.8 0.8 0.8 1.1 Total debt to equity (times) 1.8 1.7 1.7 1.9 1.6 1.9 2.3 Interest coverage (times) 6.0 6.0 7.2 7.2 8.0 6.7 10.2

Note1: Interest bearing debt excludes loans from related parties. Note2: Excluding non-recurring income of Bt214.3mil in 4Q07 and FY07. 29 Debt Analysis

Outstanding Borrowings Bt 19,311 mil (1) Financing Cost Bt mil

700 Interest Expense ST-Loan 621 LT-Bond 581 53% 12% 600 543 543 500

400

300 218 192 200 LT-Loan 122 35% 100

As of 30 June 2009 0 (3) Weighted Avg. 2005 2006 2007 2008 2Q08 1Q09 2Q09 Interest Rate 5.3% 5.6% 5.5% 5.2% 5.1% 4.8% 4.5% Fixed vs. Floating Mix of Existing Borrowings (2)

Bt m il Fix e d Floa ting 20,000 17,341 16,445 14,821 15,000 12,045 36% 11,112 35% 11,345 37% 10,000 38% 33% 39% 5,000 65% 64% 62% 63% 61% 67% 0 2006 2007 2008 2009FFF 2010 2011 Fixed Rate 5.4% 5.1% 4.8% 4.7% 4.6% 4.5% Floating rate MLR-1.35% MLR-1.39% MLR-1.65% MLR-1.72% MLR-1.77% MLR-1.82%

Note 1 : Excluding loans from related parties of Bt3.49mil as at 30 June 2009. Note 2: At year end. 30 Note 3: Weighted average interest rate was derived from interest expenses including interest capitalization for projects under development. Share and Dividend Performance

CPN Share price and Volume Share Price Movement Share Price Volume (Bt/share) ('000 shares) 40 30,000

35 25,000 30 Close Volume 1H09 1Yr 3Yr 20,000 25 20 15,000 CPN 32% (16%) 3% 15 10,000 10 Property Index 35% (24%) (19%) 5,000 5 SET Index 25% (22%) (12%) 0 0 Jul-07 Jan-03 Jun-03 Oct-03 Jan-05 Jun-05 Apr-06 Apr-08 Mar-04 Sep-06 Feb-07 Sep-08 Feb-09 Aug-04 Nov-05 Nov-07

Share Overview Dividend Summary

Par Value (Bt) 1.00 2005 2006 2007 2008 Stock Price (Bt) 19.60 Par Value (Bt) 1.00 1.00 1.00 1.00 EPS 2Q09 (Bt/share) 0.27 Dividend (Bt/share) 0.40 0.31 0.33 0.33 EPS 1H09 (Bt/share) 0.55 Dividend Paid (Bt mil) 872 675 719 719 /1 P/E (Times) 17.82 Dividend Payout Ratio 26%* 40% 40% 33% P/BV (Times) 2.84 Notes: Dividend policy is paid annually not less than 40% of net profit Market Capitalization (Bt mil) 42,705 (unless there is a compelling reason against this). : Dividend payout ratio of 26% in 2005 was derived from 40% of profit excluded Share Capital (Shares) 2,178,816,000 extra gain (Bt530mil) plus 18% of gain from transferring assets into CPNRF(Bt362mil).

Source: SETSmart and Company data as of 30 June 2009. Note 1: Earnings per share (EPS) based on forecasted FY2009 EPS of Bt1.10 per share 31 Appendix Balance Sheet Summary

Bt million 2Q08 1Q09 2Q09 FY07 FY08 Cash & cash equivalent 854 1,951 1,952 1,026 2,407 Current investment 644 836 840 2,957 1,269 Other current assets 1,384 1,700 1,424 1,239 1,716 Investment in associate 2,308 2,362 2,362 2,306 2,355 Property & equipment, net 31,191 38,412 36,703 28,795 34,973 Other non-current assets 1,048 1,099 5,937 881 1,063 Total assets 37,430 46,361 49,218 37,205 43,784 Current portion of long-term debt 4,220 2,320 820 1,234 3,320 Short-term loan 0 1,400 1,560 0 1,450 Other current liabilities 2,610 4,573 5,024 3,235 3,580 Long-term debt 8,085 12,440 16,931 10,811 11,675 Unearned rental / service income 4,854 4,787 4,709 4,893 4,817 Deposits received from customers 2,617 2,916 3,001 2,405 2,858 Other non-current liabilities 903 2,150 2,143 987 910 Total liabilities 23,288 30,587 34,188 23,565 28,610 Issued and Paid-up Share Capital 2,179 2,179 2,179 2,179 2,179 Retained Earnings 9,258 10,910 10,778 8,721 10,307 Total equities 14,142 15,774 15,031 13,639 15,173

33 Income Statement Summary

Bt million 2Q08 1Q09 2Q09(1) 1H08 1H09 Rental & service income and F & B sales 2,132 2,598 2,752 4,223 5,350 Rental & service income 2,009 2,451 2,535 4,003 4,986 F & B sales 123 147 181 220 328 Revenue from hotel operations 0 0 36 0 36 Cost of rental & service and F & B 1,179 1,517 1,666 2,333 3,184 Cost of rental & service 1,080 1,396 1,503 2,157 2,899 Cost of F & B sales 99 121 148 176 269 Cost of hotel operations 0 0 15 0 15 Gross profit 953 1,081 1,086 1,890 2,166 Other income 145 159 226 287 385 Interest income 35 42 30 61 72 Administrative expenses 392 411 453 677 864 Operating profit 741 872 889 1,560 1,760 Share of profit (loss) from investments 77 86 84 155 169 Interest expense 122 192 218 249 410 Income tax expense 175 152 168 323 320 Net loss (gain) of minority interest (1) (11) 1 (8) (10) Net profit 519 603 587 1,137 1,190

EPS (Bt) 0.24 0.28 0.27 0.52 0.55

Note1: Excluding non-recurring income of Bt214.3mil in 4Q07 and FY07. 34 Borrowings: 30 June 2009 TRIS Rating Co., Ltd. has affirmed CPN’s senior debentures at “A+” with “Stable Outlook” in June 2009.

Loan (Issued Date) Bt mil Terms

Bill of Exchange 760 6 – 8 month, 3.21% Promissory Note 800 3 month - fixed deposit rate Unsecured Bond (Mar’04) 1,500 6.8 years, 5.24% Unsecured Bond (Jun’07) 3,000 5 years, 4.25% Unsecured Bond (Sep’08) 1,500 3 years, 4.80% Unsecured Bond (May’09) 2,000 4 years, 4.50% Unsecured Bond (May’09) 1,000 5 years, 4.75% Unsecured Bond (Jun’09) 1,200 4 years, 4.50% Property Fund Pinklao (Dec’02) 389 10 years, MLR-0.5%(amortising) Property Fund Pinklao (Dec’02) 130 10 years, 7% (amortising) Property Fund Centralworld (Jun’03) 1,205 10 years, MLR-1.25% (amortising) Property Fund Centralworld (Jun’03) 803 10 years, 6.125% (amortising) Property Fund Bangna (Mar’03) 707 15 years, MLR-1.25% (amortising) Property Fund Bangna (Mar’03) 167 15 years, 6% (amortising) Project Finance – Chaengwattana (Oct’08) 2,500 7 years (covered grace period of 2 yrs), MLR-2% (amortising) Project Finance – Festival Pattaya Beach (Feb’09) 1,000 7 years (covered grace period of 2 yrs), MLR-2% (amortising) Project Finance – Khon Kaen (Apr’09) 650 7 years (covered grace period of 2 yrs), MLR-2% (amortising) Total (Long Term Borrowings & Current Portion) 19,311 Less Cash and Current Investments (2,792) Net 16,519

35 Bangkok Retail Property Overview

Comments Retail Supply

Sqm (‘000) Vacancy % Bangkok retail supply in 1Q09 increased by 33,000 ƒ 6,000 9.0% yoy 8.0% sqm or 9.0% yoy to 5.08 mil sqm. 7.4% 7.1% ƒ Most of supplies located in suburb, wherein supply grew 7.0% 5,000 5,045 5,078 9.4% yoy, followed by a growth of 6.8% yoy in downtown 4,732 area, while no new supply in midtown area. 4,556 4,336 6.0% ƒ Retail supplies are in the forms of shopping malls (53%), 5.4% 4,000 department stores (25%), and superstores (22%). 5.0% 5.4% ƒ The average vacancy rate in 1Q09 was 7.1%, a slight decline from 7.4% in 2008, due to a higher take- 3,000 4.0%

up rate at newly opened area and a completion of retail 3.5%

space renovation. Total take-up in 1Q09 increased 3.0% significantly in suburban, whereas a decline in downtown 2,000 and midtown area was observed. 2.0% Rental rates have generally been stable due to tightened ƒ 1,000 economic condition. It is also expected to remain steady 1.0% in the short term and may rise again depending on how promptly the economy and consumer spending improves. 0 0.0% 2005 2006 2007 2008 1Q09 ƒ New retail supply in 2009 will be approximately 350,000 Retail Supply Vacancy sqm, representing an increase of 6.9% yoy and mostly in Year 2005 2006 2007 2008 1Q09 the forms of shopping/community malls and mixed-use New Supply 338,000 220,000 176,000 313,000 33,000 developments complementary to commercial/ residential (sqm)

projects. Total Supply 4,336,000 4,556,000 4,732,000 5,045,000 5,078,000 (sqm)

Source : CBRE and Company’s estimate Retrieved as of June 2009. 36 Bangkok Office Property Overview

Comments Office Supply

Grade A Grade B & C Vacancy - A Vacancy - B & C Bangkok office supply in 1Q09 increased by 67,000 Sqm (‘000) ƒ Vacancy % sqm to a total supply of 7.86 mil sqm. 6,070 20.0% 5,520 6,000 5,243 5,346 5,392 16.4% 16.0% ƒ New office supplies were mostly from CBD area (70% of 14.7% 5,000 14.5% 14.1% 15.0% new supplies in 1Q09). 4,000 11.4% 14.2% 10.0% ƒ The slow growth in office supply mainly resulted from 3,000 2,117 2,155 2,280 1,967 1,794 concerns on global and domestic economic recession. 2,000 7.2% 6.6% 5.0% ƒ Average vacancy rate significantly increased for 1,000 4.8% Grade A due to new supplies which has not been fully 0 0.0% 2005 2006 2007 2008 1Q09 occupied yet. Meanwhile, grade B vacancy rate New Supply 25,000 253,000 84,000 250,000 67,000 slightly decreased. (sqm) Total Supply 7,210,000 7,463,000 7,547,000 7,797,000 7,864,000 ƒ Grade A rose from 11.4% in 2008 to 14.2% in 1Q09. (sqm) ƒ Grade B declined from 14.5% in 2008 to 14.1% in 1Q09. Office Rental Rate ƒ Rental rate growth in 1Q09 was depressed: Grade A Grade B Bt/sqm/month ƒ Grade A decreased by 2.9% yoy, particularly in CBD area - 2.9% y-o-y ƒ Grade B shrank by 1.5% yoy, solely in CBD area 800 -1.5% y-o-y 684 692 700 674 669 ƒ As a result of pending demand, it is expected that rental 595 600 506 506 rate growth will be weakened. 475 496 491 500 428 ƒ New office supply of approximately 186,000 sqm are 400 365 expected to come in 2009, an increase of 2.4% from 300 200 2008. 100 0 2004 2005 2006 2007 2008 1Q09 Source : CBRE and Company’s estimate Retrieved as of June 2009. 37 Note: CBRE has redone the grading classification of Bangkok office supply in 1Q09.