Investor Issue no.1 September 2008 Newsletter

Growth 12% 4,223 3,765 (MB) (MB) CFO's Message Growth 19% 1,560 Growth 34% CPN overall performance 1,312 (MB) 1,137 (MB) 851 (MB) in 1H 2008 (MB) Public Company Limited ("CPN") reported 1H 2008 1H 2007 1H 2008 consolidated net profit of 1,137 MB, Revenue Operating Profit Net Profit up 34% yoy, whilst consolidated total revenue was registered at 4,223 MB, up 12% yoy. These were mainly attributed to higher contribution from CentralWorld, continuous increases in Did you know? rental rates at all properties, higher • The Offices at CentralWorld service income after adjustment of has been awarded for the common area, air-conditioning and Four projects under development prestigious Thailand Energy Award maintenance ("CAM charge") rate in in Chaengwattana, Pattaya Beach, 2008 in a category of Building January 2008, and stronger Chonburi, and Khon Kaen, which are Energy Management. The Offices at CentralWorld was one of the occupancy rates at CentralPlaza expected to open in 2008 and 2009, three honored buildings among Ramindra and CentralPlaza are progressing as per schedule in contestants from all over the Rattanathibet after completion of terms of construction and space country those participated in their enhancement projects in 2006. leasing. Thailand Energy Award 2008 project of Department of Alternative Energy Development Furthermore, one of key external CPN hopes that the content of and Efficiency, Ministry of factors to CPN's performance is this newsletter will provide useful Energy. domestic economic situation. It can information for your analysis and be seen that a sentiment had update. Should you wish to make • CPN has continually given improved since 4Q 2007, despite a further inquiries, suggestions and/or importance to social responsibility by including energy conservation in setback in late 2Q 2008 on comments, please feel free to our CG principal. As part of energy inflationary pressure. In light of contact our IR directly. saving campaign, "CPN Green easing energy prices and economic Experience project" was initiated to growth at a satisfactory level, engage our staffs in caring for the challenges for 2H 2008 remain on Sincerely Yours, environment, which has been applied to our daily operation. continued momentum of economic Naris Cheyklin CPN's green activities can be recovery and improving consumer (SEVP-Finance & Accounting & followed in the next investor confidence which undeniably hinge Property Management, CFO) newsletter. on political climates.

CPN's corner Mission Vision Core Values Corporate Governance • To constantly achieve a sustainable • The leading retail developer • Innovative experience • Integrity growth with maximum satisfaction with world-class experience • Trustworthiness • Disclosure and transparency for all stakeholders • Excellence • Treat people equally • Success of Partners • Fair to all • Keep promises and confidentiality • Care for people and society Financial Information

As end of 1H 2008 1H 2007 Yr 2007 Yr 2006 Consolidated Financial Results Unit : Million Baht Revenue of Rental & Service and Food & Beverage 4,223 3,765 7,895 6,706 Cost Of Rental & Service and Food & Beverage 2,333 2,197 4,473 3,783 Gross Profit 1,890 1,569 3,422 2,923 Operating Profit 1,560 1,312 2,619 2,590 Net Profit 1,137 851 1,783 1,685 EPS (Baht/share) 0.52 0.39 0.82 0.77 DPS (pay in the following year) (Baht/share) - - 0.33 0.31

Consolidated Financial Position Unit : Million Baht Total Assets 37,430 35,759 37,205 34,336 Total Liabilities 23,288 23,007 23,565 21,762 Interest Bearing Debt 12,305 12,555 12,045 11,112 Shareholders's Equity 14,142 12,752 13,639 12,574 Retained Earning 9,258 7,903 8,721 7,727 Issued and Paid-up Capital 2,179 2,179 2,179 2,179

Consolidated Financial Ratios Gross Profit Margin (%) 44.7 41.4 41.8 43.6 Net Profit Margin (%) 22.5 20.6 18.7 22.6 Return on Asset (%) 5.6 5.0 4.4 5.0 Return on Equity (%) 15.3 13.8 12.5 14.3 Net Interest Bearing Debt to Equity (times) 0.8 0.6 0.6 0.6

Note : Financial performance in 2007 included non-recurring item amount 214.3MB.

Food and Other Future Projects Beverage Income Office 5% 6% 10% CentralPlaza Chaengwattana Investment cost: Bt5.3bn Retail Leaseable area: 64,000 sqm. 79% Opening: November 2008 Reven down ue Break CentralFestival Pattaya Beach Investment cost: Bt4.2bn Leaseable area: 54,000 sqm. Opening: January 2009 Dividend Policy CPN has a policy to pay dividends at a rate of approximately 40 percent CentralPlaza Chonburi of annual normal net profit (unless there is a compelling reason against this). Investment cost: Bt1.5-2.0bn Leaseable area: 39,700 sqm. Core Business Growth Strategy Opening: July 2009 • Develop and manage shopping complexes and expand into multi formats proactively. CentralPlaza Khon Kaen • Retain CPN's market base and enter into new markets. Investment cost: Bt2.6bn • Focus on enhancing capabilities in development and management of Leaseable area: 48,700 sqm. shopping complexes in order to achieve world-class standard. Opening: December 2009 • Emphasize the leadership in gaining outstanding and differentiating shopping experiences. • Develop excellent personnel with expertise in the retail business. • Strengthen the sustained relationships with tenants and business partners. Central Pattana Public Company Limited Operational Information

As end of 1H 2008 1H 2007 Yr 2007 Yr 2006

Operating Results Leaseable Area (square metres) 713,055 717,389 715,833 711,308

Occupancy Rate (%) Retail 95% 95% 96% 91% Ladprao 99% 100% 100% 100% Ramindra 99% 90% 99% 76% Pinklao 91% 92% 91% 98% Pattaya 100% 100% 99% 100% Rama 3 100% 100% 100% 100% Chiangmai 99% 98% 98% 99% Bangna 98% 99% 99% 99% Rama 2 100% 100% 100% 100% Rattanathibet 98% 95% 99% 90% CentralWorld 91% 90% 93% 81% Office 94% 91% 93% 89% Ladprao 99% 97% 86% 100% Pinklao A 94% 92% 91% 92% Pinklao B 84% 65% 75% 60% Bangna 100% 98% 98% 97% CentralWorld 94% 93% 95% 90% Average Rental Rate for Retail* (Bt/sqm./month) 1,265 1,212 1,220 1,164

Average Traffic Flow of Ten Properties (visitors per day) 979,000 893,000 913,000 794,000

Note: *For tenants occupy leaseable area not exceed 1,000 sqm. and it was net rental rate after given discount. Asset Enhancements As for operational performance in 1H 2008 amidst sluggish economy and domestic consumption, CPN's retail space was well managed. Occupancy rate was maintained at 95% as at the end of 1H 2008. After the recently completed enhancement projects in late 2006; namely CentralPlaza Ramindra and CentralPlaza Rattanathibet, occupancy rates have continuously improved. Furthermore, an increase occupancy rate at CentralWorld resulted from the openings of food and beverage and fashion shops. CPN transformed the appearance of new Occupancy rate for office spaces averaged 94% Food Parks at CentralPlaza Pinklao and as at the end of 1H 2008, up from 91% as at the end of CentralPlaza Rama 3 to the latest concept of 1H 2007. This was mainly due to an increased in take-up "Lifestyle Dining Experience" to meet customers' rates at all office properties. lifestyle and expectation. CPN hopes it will Rental rate of retail space in 1H 2008 climbed to increase visitor traffic to the shopping malls by an average Bt1,265 per sqm. per month, up 4.4% from more than 10%. the same period of last year. With the total investment over 150 MB on new look of food parks at both shopping malls, Food Park at CentralPlaza Pinklao was designed to a Moreover, visitor traffic flows of CPN's ten green forest concept while that of CentralPlaza Rama 3 was featured in an shopping malls in 1H 2008 rose 10% from 1H 2007 as a underwater world atmosphere. It took six to seven months to completely result of our efficient management; for redesign and develop areas of 1,700 sqm. and 1,600 sqm. on the fifth floor instance, project enhancement, merchandising mix, and at CentralPlaza Pinklao and CentralPlaza Rama 3, respectively. Each interesting promotion and marketing activities. remarkable and modern food park serves over 700 seats to provide our Consequently, CPN's shopping malls have provided customers best services and comfort with a wide variety of food and visitors and shoppers rewarding experience with variety beverage to meet the needs and lifestyle of people nowadays. and complete range of services while meeting everyone's lifestyle. Central Pattana Public Company Limited Investor Information

Today with... Mr. Terachart Numanit (Executive Vice President- Construction Management) … CPN's Energy Saving Program … “Our executives have continuously given great emphasis on energy saving. We do not only consider lower electricity costs, but it is also our duty and obligation to save environment and community by contributing our part to stop global warming. Hence, CPN has set up a committee to study and determine energy saving measures. Besides, CPN also corroborates with to share experience and management know-how in energy saving. Of course, it will let our future energy management move into the same direction. One of energy saving programs is "Green Building", for which we have hired advisor to examine our ten shopping malls on energy employment by inspecting all high energy utilization tools. It was eventually found that chiller is the highest energy consumption equipment. Therefore following the given recommendation, chillers in five shopping malls - CentralWorld, Ramindra, Rattanathibet, Bangna and Chiangmai - have been replaced in phase one, which should be completed within this year. Phase two of chiller replacement is expected to be completed in the following year. The great benefits from our energy saving program are both direct and indirect. Investing in new chillers will not only yields lower electricity costs, but also will lessen carbon dioxide. Currently we are contacting a carbon credit trading agent to sell our carbon credit overseas tentatively in the next two to three years.”

Corporate Governance CPN Market Capitalization Contact Us CPN's share capital summary Investor Relations Division (As end of 2Q 2008) Investor Relations: ìIntegrityî CPN share price (Bt/share) 23.40 Ms.Choenporn Subhadhira One of six corporate governance principles Issued and paid-up Capital (Mil shares) 2,179 Ms.Kalvalee Thongsomaung CPN market capitalization (MB) 50,984 Address: Historical Share Price Movement Central Pattana Public Company Limited 31st The Offices at CentralWorld 6 Months 3 Years 5 Years 999/9 Rama 1 Rd., Patumwan 10330, Thailand CPN (6%) 198% 363% SET Index (10%) 28% 141% Telephone: +66(0) 2667 5555 ext. 1614, 1669 Property Index (14%) 8% 46% Facsimile: +66(0) 2264 5593

Email: [email protected]

Corporate Website: www.cpn.co.th CPN Securities Information: Common shares of Central Pattana Public Company CG "easy to do and we can do" Limited were listed and traded on the Stock Exchange of Thailand under the abbreviated security name of "CPN".

Disclaimers: • The information contained in this document 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") 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. Rewarding Experience • This document and all other information, materials or documents provided in connection therewith, shall not, either in whole Created by Investor Relations Division or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws. Central Pattana Public Company Limited