Central Pattana Plc. Property Development and Investment - - PowerPoint PPT Presentation

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Central Pattana Plc.

Property Development and Investment

CentralPlaza Rama 3

Opportunity Day: FY2016 Performance Review 8 March 2017

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• 8.9%YoY growth of international tourist arrivals
• Government stimulus packages
• Four new malls launched in 2015 and one in 2016
• Asset Enhancement: CentralPlaza Bangna & CentralMarina

Renovation

• Effective space utilization: promotion area, convention halls,

and on-site media

• Continued implementation of cost efficiency program

(THB mn) FY2016 FY2015 %YoY Revenues 29,234 25,713 14% Operating profits 10,814 9,074 19% Normalized Net Profit 9,244 7,746 19% GP Margin (%) 50.1% 48.9% EBITDA Margin (%) 54.4% 52.7% Net D:E (time) 0.28 0.39

FY2016 Performance Overview

2

Key Drivers FY2016 Financial Highlight

30

Shopping Malls

1.6 mn sqm

NLA

94%

• Occ. Rate

14%

• Rev. Growth

19%YoY

Profit* Growth

CPN is recognized in the DJSI Emerging Markets for 3 consecutive years.

Dividend payment Dividend: 0.83 Baht per share XD: 10 Mar 2017 Payment: 19 May 2017 (subject to AGM 2017’s approval)

*Normalized Net Profit

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New Shopping Malls in 2015

3

CentralPlaza Rayong : opened 27 May 2015 CentralPlaza WestGate : opened 28 Aug 2015 CentralFestival EastVille : opened 27 Nov 2015 CentralFestival Phuket : acquired 1 Jun 2015

SLIDE 4

Opened : 28 JULY 2016

Location: South of Thailand Investment Cost(1): THB 1.9 bn GFA(2) 125,000 sqm NLA(3) (CPN Only) 26,000 sqm Joint developer (4) : Robinson Department Store Land: 20 acres (51 rais) (Freehold) Parking: 1,400 cars Leasing Progress: ~80% at the opening

30th

4 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: All project area including CPN’s area, Central Department Store or Robinson Department Store, BUs’ area, and parking building. Note 3: Excludes Central Department Store or Robinson Department Store, BUs’ area Note 4: 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.

New Shopping Malls in 2016

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Asset Enhancement – CentralPlaza Pinklao

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Our company

The Best is Back

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Asset Enhancement-CentralPlaza Bangna

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Facilities for Kids & Family Food Patio

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Asset Enhancement-CentralMarina

Re-launched on 19 December 2016 with the concept of “Fisherman Village”

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Re-launched on 19 December 2016 with the concept of “Fisherman Village”

Asset Enhancement-CentralMarina

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Asset Enhancement-CentralPlaza Chaengwattana

New Food Patio and Food Destination Zone

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Effective Space Utilization

Marketing event & Signature event

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Operational Performance

11

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12 12 (1) Excludes area transferred to CPNRF and CPNCG (2) Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines.

Breakdown: NLA Breakdown: rental income

Retail Property

• No. of

Projects Land NLA (2) (mn sqm) Occupancy Rate (%) Freehold Leasehold Freehold & Leasehold Retail Dept. Store Total 4Q15 3Q16 4Q16 BMA 13 3 7 3 0.68 0.06 0.74 94 94 95 Provinces 17 11 4 2 0.62 0.05 0.67 94 92 94 Total (1) 30 14 11 5 1.30 0.12 1.42 94 93 94 58% 42%

BMA Provinces

Non-core Properties

• No. of Projects

NLA or No. of Units Occupancy Rate (%) 4Q15 3Q16 4Q16 Office in BMA (2) 5 55,315 sqm 97 96 96 Residential in BMA 1 1,568 sqm 30 37 21 Hotel in provincial area 2 561 rooms 76 88 83

Leasable Area and Occupancy

52% 48%

BMA Provinces

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Rental Contracts Type & Upside

13 13

Upside from expirations of long-term lease contracts converted into short term contracts at market rental rate should help increase revenues.

PKO

Types of rental contract (1) % of expired area to total long-term lease area (2)

Potential higher revenue

Growth

Reliable contract structure

Source: Company estimate as of 31 December 2016. (1) Percentage based on occupied area. (%) 4Q15 figure (2) Total long-term lease area is 163,157 sq.m. with less than 4% rental income contribution.

3 3 3 4 26 12 17 31

• 20

40 60

FY2016 '17 '18 '19 '20 ≥'21

Retail shops Department Stores in Acquired Projects

% 47% 36% 17% Long-term Lease Fixed Rent Consignment (48%) (34%) (18%)

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New Mall Expansion

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Property Locations

Note: As of September 2016.

Shopping Centers (13 BMA, 17 Provinces) Offices (7) Hotels (2)

Bangkok Metropolitan Area (BMA)

Existing Projects (30)

Residence (1)

1 (BMA) 23 (11 BMA, 12 Provinces) 6 ( 1 BMA, 5 Provinces)

WestGate Pinklao Rama2 Rama3 Salaya Rattanathibet Chaengwattana Ramindra Ladprao Bangna Grand Rama 9 EastVille

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16 16

2017

Investment cost (1) : THB6.65bn NLA (2) : 63,000 sqm Joint developer (3) : - Land Size : 22 acres (57 rais) (Leasehold) Parking : 3,000 cars

Central Phuket

Investment cost (1) : THB5.00bn NLA (2) : 56,000 sqm Joint developer (3) : Central Department Store Land Size : 26 acres (65 rais) (Freehold) Parking : 3,500 cars

CentralPlaza Nakhon Ratchasima

Domestic expansion continues

2021

Investment cost (1) : THB3.20bn NLA (2) : 28,850 sqm Joint developer (3) : Robinson Department Store Land Size : 40 acres (100 rais) (Freehold) Parking : 1,500 cars

CentralPlaza Mahachai

11

additional projects ′18-′21 (BKK:Provinces = 50:50)

Sep-17 2018

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.

Nov-17

MAHACHAI

Dec-17

BANGKOK

Growth

SLIDE 17

International project in Malaysia

Investment Cost

( 1 )

THB8.3bn Joint venture I-R&D Sdn Bhd (“IRD”), an I-Berhad wholly-owned subsidiary CPN holds 60% stake and IRD holds 40% stake CPN will lead in the development and management of the shopping mall Program: GFA 278,000 sqm NLA 89,700 sqm (including department store) Land size 11 acres (27 rais) (Freehold) Location i-City, Shah Alam, Selangor Darul Ehsan, Malaysia Opening (Tentative) October 2018

(1) Includes land and construction cost of shopping center and parking building.

Central i-City Project progress:

• 100% completion of Anchor Leasing

(Department Store, Supermarket, and Cinema)

17

Growth

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Potential expansion in neighboring countries

18

Thailand Malaysia Indonesia Vietnam

Completed JV Agreement Potential Locations

Malaysia

√ Realistic land prices and freehold ownership √ Moderate competition and fragmented market √ High spending power with customer profile similar to Thailand

Vietnam

√ Large population √ Low competition with few major players √ Strong growth in disposable income/low spending power

Indonesia

√ Large population √ Rapidly growing middle class population with increasing spending power √ Sophisticated market but strong competition from existing players √ High cost of fund and unrealistic land price with limited infrastructure

Investment strategy

√ Joint venture with local partners with focus on retail properties √ To be a property manager

Growth

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Asset Enhancement

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2016 2017

4 Projects in 2016

• CentralPlaza Bangna
• CentralPlaza Marina Pattaya
• CentralFestival Phuket
• CentralPlaza Chaengwattana

Asset enhancement projects

Modernize malls to enhance asset value and draw traffic

5 Projects in 2017

• CentralWorld
• CentralPlaza Rama3
• CentralPlaza Rama2
• CentralPlaza Chiangmai Airport
• CentralFestival Phuket

Growth

CentralPlaza Marina CentralPlaza Rama 3

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RAMA 3 Renovation Period: 4Q16 – 1Q18 Investment Cost: THB 2.00 bn Renovation Period: TBA Investment Cost: THB 1.00 bn

• Enhance circulation and simplified navigation
• Re-zone merchandise & create new retail concepts

to suit current target market (new magnets)

• Enhance customer experience through new design
• Enhance facilities to improve customer services

such as Skywalk & basement parking improvements

Asset enhancement in 2017

Growth

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Asset Enhancement in 2017 - CentralFestival Phuket

New Food Destination Zone will be finished in 2Q17

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Mixed Use Development

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• maximize value creation from outstanding mall locations ;
• 3 key projects in high-growth provinces: Chiangmai, Rayong, and Khonkaen
• To be completed in 2018

Growth

Value-added condominium projects in key domestic market

Residential projects

ESCENT Chiangmai 400 Units 26-storey condo 100% pre-sales ESCENT Khonkaen 408 Units 24-storey condo 100% pre-sales ESCENT Rayong 419 Units 25-storey condo 100% pre-sales

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• 3 new projects : Chiangmai, Chiangrai, and Nakhon Ratchasima

Growth

Residential projects

ESCENT Chiangmai 470 Units 8-storey condo ESCENT Chiangrai 312 Units 8-storey condo ESCENT Nakhon Ratchasima 380 Units 21-storey condo

Value-added condominium projects in key domestic market

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Looking Ahead

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“Smart Development & Sustainable growth toward mixed-use development”

• 1. Shopping mall business:
• New malls
• Asset Enhancement
• New Formats & Concepts
• Space utilization

2017 CentralPlaza Nakhon Ratchasima CentralPlaza Mahachai CentralPhuket CentralWorld CentralPlaza Rama 3 CentralPlaza Rama 2 CentralPlaza Chiangmai Airport CentralFestival Phuket 1

New Malls Enhanced Malls

2018 Central i-City 2 Unannounced Malls 2019 2 - 3 projects 2 - 3 projects 3 projects

2017 Strategic Directions

Condominium

Escent Chaingmai, Khonkaen, Rayong 3 projects

SMART DEVELOPMENT

• 2. Mixed-use development
• Residential development

High growth potential in 2018 is expected, driven by new malls, AEI, and Residential properties.

• 3. Acquiring land bank both domestic and overseas & seeking for

acquisition opportunities

Growth

2017 Direction

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Operation

• Cost efficiency improvement
• Tenants Management
• Customers Experiences
• Space utilization efficiency management
• Online social community

Financial

2017 Guidance:

• Top-line growth +6-8%
• Maintain Gross Margin and EBITDA margin at high level

Funding

• CAPEX ≈ THB 17.0 bn (Operating Cash Flow THB 15.0 – 16.0 bn)
• REIT SETUP: Alternative source of funding
• Finished by 2Q17-3Q17
• New asset injection under study

2017 Strategic Directions

CG & SD

• Increase DJSI score
• Focus on ESG toward 3 Concentration areas
• Education program
• Reduction in Carbon Footprint
• Community centrality

Growth

2017 Direction

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Additional CAPEX to drive future growth

29

Capex will continue to focus on core business Capex 2016-2020F

Financing

Source: Company estimate as of 30 December 2016.

(THB bn) FY2016 ‘17F ‘18F ‘19F ‘20F Under construction 6.0 8.0 5.8 2.1 0.5 Enhancement 2.7 2.5 2.6 1.9 1.4 Potential 0.0 5.1 4.4 9.1 12.5 Total Malls 8.7 15.6 12.8 13.1 14.4 Residential 0.5 1.7 2.6 3.2 3.5 Total Capex 9.2 17.3 15.5 16.2 17.8

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Solid balance sheet despite expansion

30

Financing

Balance sheet and D:E Finance Costs and cost of debt (1)

(1) Cost of debt was derived from interest expenses including interest capitalization for projects under development

1.19 0.82 0.49 0.29 0.39 0.28

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4

• 10

20 30 40 50 60 FY2011 '12 '13 '14 '15 16

Cash&current investment Interest bearing debts Equity RS: Net D:E THB bn

4.4 4.3 3.9 3.3 3.1 3.3 3.2 3.1

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0

• 0.2

0.4 0.6 0.8 1.0 1.2

Finance Costs RS: Cost of debt THB bn

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CPNRF conversion into REIT

31 (1) as of 31 December 2016

CPNRF

• No. of project: 5

Listed date: 23 August 2005 NAV(1) : THB 13.55 per unit NAV(1) : THB 29.99 bn Units: 2.21 bn

• Thai corporates and foreign investors will lose tax benefits from dividend exemption.
• No impact on Thai retail investors.
• Thai corporates will be subject to 20% corporate tax
• Foreign investors will be subject to 10% withholding tax

Tax on dividends

• Higher gearing under REIT structure should compensate lower yield from tax issue (REIT = 35-60%
• vs. Property Fund = 10%)

Gearing

• Approximately 6-8 months

Tentative Timeline

Growth

2017 Direction

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32

Financial Performance

SLIDE 33

5,590 7,345 8,447 9,074 10,814 2,000 4,000 6,000 8,000 10,000 12,000 14,000 2012 2013 2014 2015 2016

Operating profit

(THB mn) 33

/1 Total revenue includes rental & service, hotel operation, food & beverage, and other incomes, excluding interest income, share of profit from investment. /2 Excl. CentralPlaza Ubonratchathani, CentralFestival Chiangmai, CentralFestival Hatyai, CentralFestival Samui, CentralPlaza Salaya, and CentralPlaza Chiangmai Airport. /3 Excl. CentralPlaza Chiangmai Airport, CentralPlaza Pinklao, CentralFestival Samui, CentralPlaza Salaya, CentralPlaza Rayong, CentralFestival Phuket, CentralPlaza WestGate, and CentralFestival EastVille. /4 Excl. CentralPlaza Rayong, CentralFestival Phuket, CentralPlaza WestGate, CentralFestival EastVille, CentralPlaza Nakhon Si Thammarat, CentralPlaza Pinklao, CentralPlaza Pattaya, and CentralPlaza Chaengwattana.

Financial Summary

17,687 21,234 23,668 25,713 29,234 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 32,000 34,000 36,000 38,000 40,000 2012 2013 2014 2015 2016

Total revenues (excl non-recurring items)

(THB mn)

4,413 5,991 7,231 7,746 9,244 6,189 6,293 7,307 7,880 9,244

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 2012 2013 2014 2015 2016

Normalized Net profit Net profit

(THB mn)

% YoY Growth 2012 2013 2014 2015 2016 Total revenues (Exc. non-recurring items) /1 39% 19% 13% 9% 14% Operating profit (Exc. non-recurring items) 113% 31% 15% 7% 19% Normalized Net profit 136% 36% 21% 7% 19% Net profit 201% 2% 16% 8% 17% Same store revenue growth 29% 12% 4% /2 2% /3 2% /4 Gross Profit Margin (Exc. Other Income)(%) 44% 47% 48% 48% 49% EBITDA Margin (%) 54% 52% 53% 53% 54%

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21,234 23,668 25,713 29,234 7,114 7,319 7,487 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2013 2014 2015 2016 4Q15 3Q16 4Q16 (THB mn)

Retail Office F&B Hotel Management fee Other income

Revenue Breakdown

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

4Q16 Revenue breakdown

FY2016 total revenues /1 +14% from 2015 or THB 3,521 mn YoY mainly contributed by Rent and services +14%

• Contributions from 4 new projects launched in

2015 and CentralPlaza Nakhon Si Thammarat (NKR) in 2016.

• Increased revenues from CentralPlaza Pinklao

(PKO) with higher rate and occupancy after completing renovation

• Existing projects nationwide experiencing
• perational movement.

Hotel +1%

• Due to good performances from both Hilton

Pattaya Hotel and Centara Hotel & Convention Centre Udonthani, even some impact from cancellation during morning period in 4Q16. F&B sales +30%

• Higher revenues from strong performances of
• ur food courts in Bangkok and provincial malls.
• Contributions from new food courts launched in

2015 and 2016, new Food Destination at PKO and CentralPlaza Bangna (BNA), and some existing projects.

• Rent from shops
• Promotion Area

(Events)

• Service income
• Convention Hall
• Onsite Media

+ 14% YoY +5% YoY +2% QoQ

Implementing strategic marketing activities:

• In collaboration with business partners, holding

promotional campaigns to encourage more spending from local customers and cater for expanding foreign tourists visiting Thailand.

Retail 84% Office 2% F&B 5% Hotel 3%

Management fee 1% Other income 4%

SLIDE 35

10,542 11,616 12,634 14,041 3,505 3,511 3,639 4,000 8,000 12,000 16,000 20,000 2013 2014 2015 2016 4Q15 3Q16 4Q16 (THB mn)

Retail Office F&B Hotel Others

35 Note: Excludes non-recurring items.

4Q16 Cost breakdown

2015 total costs +11% from 2015 or THB 1,407 mn YoY mainly due to: Cost of Rent and Services +10%

• Operating costs and depreciation of projects

launched in 2015 and 2016, as well as PKO after its renovation.

• Increased repair and maintenance costs and

personnel expenses in general. Cost of Hotel Business -2%

• Lower cost of F&B which was in line with

lower revenue of F&B, and lower personnel expense from vacant positions. Cost of F&B +27%

• In line with a 30% revenue growth, derived

from new malls launched in 2015 and 2016, new food courts at PKO and BNA after renovation, and existing projects.

+ 4% YoY + 4% QoQ + 11% YoY

Focusing on efficient cost management:

• Continuing implementation according to energy

conservation measures, thus less consumption unit in addition to lower Ft charges during quarter, led to lower utilities costs.

Cost Breakdown

Retail 88% Office 2% F&B 8% Hotel 2%

SLIDE 36

3,446 3,667 4,030 4,406 1,349 1,091 1,329

1,000 2,000 3,000 4,000 5,000

2013 2014 2015 2016 4Q15 3Q16 4Q16 (THB mn)

Personnel Advertising & promotion Depreciation Others

4Q16 SG&A breakdown

36

2016 SG&A expenses +9% from 2015 or THB 376 mn mainly due to:

• Hike in personnel expenses due to the addition
• f staff accommodating new mall expansion.
• Higher depreciation operating expenses at new

shopping malls in 2015 and 2016

• Higher marketing and promotion expenses for

new shopping malls and relaunched

• f

renovated malls.

• However, SG&A to total revenues declined

from 16% in 2015 to 15% in 2016.

Note: Excludes non-recurring items.

• 1% YoY

+ 22% QoQ

Ability to control expenses:

• Continuous pooled mechanism with Central

Group to achieve economies of scale

• Marketing campaign
• Supply chain management

+ 9% YoY

SG&A Expenses Breakdown

Personnel 44% Advertising & promotion 26% Depreciation 10% Others 20%

SLIDE 37

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

Outstanding Borrowings THB 17,904 mn Fixed vs. Floating Interest Rate Mix Financing Cost

AA- Credit Rating

• Affirmed “AA-” ratings with “Stable” outlook by

TRIS Rating in 23 June 2016

• All borrowings are denominated in THB

Debt Analysis

Long-term loan 26% Short-term loan 9% Short-term bond 17% Long-term bond 48% Fixed 72% Floating 28%

1,057 813 677 509 633 4.4% 4.3% 3.9% 3.3% 3.1%

0% 1% 2% 3% 4% 5% 6%

• 200

400 600 800 1,000 1,200

2012 2013 2014 2015 2016

Interest expenses RS: Weighted average cost of debt (THB mn) 169 155 132 3.33% 3.23% 3.14% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00%

• 200

400 600 800 1,000 1,200

4Q15 3Q16 4Q16

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CPN’s net D/E stood at 0.28 times, against its debt covenant of 1.75 times.

Capital Structure

945 4,207 1,869 3,773 4,326 5,358 2,172 3,118 3,204 25,245 25,568 19,842 16,019 22,623 21,567 20,661 19,646 17,904 20,448 25,900 36,824 41,748 46,801 49,221 48,393 50,762 53,005 1.19 0.82 0.49 0.29 0.39 0.33 0.38 0.33 0.28

0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 10,000 20,000 30,000 40,000 50,000 60,000 2011 2012 2013 2014 2015 1Q16 2Q16 3Q16 4Q16 Cash & current investment Interest bearing debts Equity RS: Net D/E

(THB mn) (Times)

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(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 167,688 mn

(THB 157,100 mn: December 2015), stated in the disclosure notes to the main financial statement no. 12 under “Investment Properties”.

Statement of Financial Position

Current assets Cash and current investments 4,326 3,118 3,204 3% (26%) Other current assets 2,811 3,341 3,455 3% 23% Total current assets 7,137 6,459 6,659 3% (7%) Non-current assets Investment properties (1) 74,796 75,089 76,700 2% 3% Leasehold rights 11,644 10,886 10,647 (2%) (9%) Property & equipment (PP&E) 1,939 1,805 1,797 (0%) (7%) Other non-current assets 7,528 8,202 8,724 6% 16% Total non-current assets 95,908 95,982 97,868 2% 2% Total assets 103,045 102,441 104,527 2% 1% Current liabilities 15,530 14,945 14,878 (0%) (4%) Non-current liabilities 40,714 36,734 36,644 (0%) (10%) Total liabilities 56,244 51,679 51,523 (0%) (8%) Total equity 46,801 50,762 53,005 4% 13%

Financial Position (THB mn) 4Q15 % Change QoQ 3Q16 % Change YoY 4Q16

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Statement of Comprehensive Income

Revenue from rent and services 6,033 6,323 6,492 3% 8% 22,231 25,247 14% Retail 5,865 6,155 6,323 3% 8% 21,584 24,579 14% Office 167 168 168 (0%) 1% 638 667 5% Other supportive businesses 0.3 0.3 0.2 (19%) (19%) 9.5 1.0 (89%) Revenue from hotel operations 264 248 247 (0%) (7%) 983 998 1% Revenue from food and beverage 306 359 362 1% 18% 1,068 1,389 30% Other income 511 389 386 (1%) (24%) 1,565 1,600 2% Total revenues 7,113 7,319 7,487 2% 5% 25,847 29,234 13% Total revenues excluding non-recurring items 7,113 7,319 7,487 2% 5% 25,713 29,234 14% Cost of rent and services 3,175 3,148 3,273 4% 3% 11,450 12,630 10% Retail 3,103 3,079 3,201 4% 3% 11,158 12,349 11% Office 72 69 72 4% (1%) 280 279 (0%) Other supportive businesses 0.3 0.4 0.3 (14%) 0% 11.5 1.1 (90%) Cost of hotel operation 83 84 79 (6%) (5%) 332 325 (2%) Cost of food and beverage 246 280 288 3% 17% 852 1,086 27% Total costs 3,505 3,511 3,639 4% 4% 12,634 14,041 11% Operating profit 2,265 2,725 2,522 (7%) 11% 9,208 10,814 17% Operating profit excluding non-recurring items 2,265 2,725 2,522 (7%) 11% 9,074 10,814 19% Net profit 1,911 2,342 2,219 (5%) 16% 7,880 9,244 17% Net profit excluding non-recurring items 1,911 2,342 2,219 (5%) 16% 7,746 9,244 19% EPS (Bt) 0.43 0.52 0.49 (5%) 15% 1.76 2.06 17% EPS (Bt) excluding non-recurring items 0.43 0.52 0.49 (5%) 16% 1.73 2.06 19% Gross Profit Margin (excl. other income) 47% 49% 49% (1%) 2% 48% 49% 1% Operating Profit Margin 32% 37% 34% (4%) 2% 35% 37% 2%

4Q16 Consolidated Earnings (THB mn) 4Q15 3Q16 FY2015 FY2016 % Change YoY % Change QoQ % Change YoY

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Member of Dow Jones Sustainability Indices (DJSI) Emerging Markets 2016 for three consecutive years “Thailand’s Top Corporate Brand 2016” honored CPN for superior corporate brand value of THB 141 bn for property development sector for three consecutive years “Thailand Energy Awards 2016” honoured companies with outstanding performance in both energy conservation and renewable energy development: (CRI, RTB, UDN, RM9) “SET Thailand Sustainability Investment (THIS)” confirm CPN’s commitment towards sustainable growth and focus on environmental, social and governance (ESG) factors “People’s Choice Awards Thailand Voted by Chinese Tourists” CentralWorld was voted by to be the most favorite shopping mall among Chinese tourists “Thailand Mice Standard 2016” awarded CPN as a preferred destination for meetings, incentives, conventions and exhibitions in ASEAN “Asia Pacific Property Awards 2016” organized by International Property Awards,granted CPN the highest levels of achievement in ‘Retail Development’ Thailand ‘5 Stars’ Best Retail Development Thailand CentralPlaza Rayong ‘Highly Recommended’ Retail Development Thailand CentralPlaza Westgate

2016 Awards and Achievement

SLIDE 42

Note 1: SetSmart as of 30 December 2016. Note 2: 4Q16 Performance. EPS excluding non-recurring items Note 3: Market Cap. USD 7.09 bn (BOT exchange rate THB 35.82/USD) 42

Dividend Dividend policy is paid annually approximately 40% of net profit

(unless there is 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. Note 3: Par split to THB 0.50 per share effective on 7 May 2013 Note 4: Subject to Board approval on 27 February 2017, and Dividend payment will be proposed to the 2017 AGM on 24 April 2017 for approval

Key Trading Statistics

Key Metrics THB Par Value 0.50 Stock Price (THB) (1) 56.75 EPS (2) 0.49 P/E (x)(1) 28.50 Market Capitalization (THB bn)(3) 254 Authorized Share Capital (mn shares) 4,488 Key Metrics 2016 2015 2014 2013 2012 2011 2010 Par Value (THB) 0.50(3) 0.50(3) 0.50(3) 0.50(3) 1.00 1.00 1.00 Dividend (THB/Share) 0.83(4) 0.70 0.65 0.55 0.475 0.37 0.25 Dividend Paid (THB mn) 3,725 3,142 2,917 2,468 2,070 806 545 Dividend Payout Ratio 40% 40% 40% 39% 33%(2) 39% 48%

Key Trading Statistics and Dividend

SLIDE 43

43 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.

In 4Q16, CPN Retail Growth Leasehold Property Fund (“CPNRF”) had four shopping centers and two

• ffice towers. In Sep12, CPN Commercial Growth Leasehold Property Fund (“CPNCG”) was launched

and currently owns one office. CPNRF and CPNCG are managed by SCB Asset Management, Fund Manager. Their properties are managed by CPN, Property Manager.

Operational Performance: CPNRF and CPNCG

Remaining Life Leasable Area(1) (years) (sq.m.) 4Q15 3Q16 4Q16

• 1. Rama 2 (Retail)

8 Yr & 7 M 87,665 96 87 87

• 2. Rama 3 (Retail)

78 Yr & 7 M 37,346 92 90 90

• 3. Pinklao (Retail)

8 Yr 27,811 67 91 96

• 4. Pinklao Tower A & B (Office)

8 Yr 33,760 97 92 90

• 5. Chiangmai Airport (Retail)

27 Yr & 4 M 37,929 97 94 96 224,511 92 90 91 Occupancy Rate (%) (2) CPNRF Properties Total Remaining Life (years) 4Q15 3Q16 4Q16 CentralWorld (Office) 16 Yr 81,412 99 99 100 Occupancy Rate (%) (2) CPNCG Office Property Leasable Area(1) (sq.m.)

SLIDE 44

44

• 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

• perates 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, 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
• r 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.

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

Disclaimer

SLIDE 45

Investor Relations Address

Central Pattana Public Company Limited 31st Fl, the Offices at CentralWorld 999-9 Rama I Rd., Patumwan District Bangkok 10330 Thailand Tel: +66(0) 2667 5555 ext. 1688, 1689, 1632 Facsimile: +66(0) 2264 5593 Email: ir@cpn.co.th

45

SLIDE 46

46

CPN Retail Growth Leasehold Property Fund

4th Quarter 2016 Financial Results

8th Mar 2017

SLIDE 47

47

Important Notice



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 units in CPN Retail Growth Leasehold Property Fund (CPNRF and units in CPNRF, “Units”) 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

• n the actual outcomes, including economic conditions in the markets in which CPNRF operates

and general achievement of CPNRF business forecasts, which will cause the actual results, performance or achievements of CPNRF to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.



This presentation has been prepared by the CPNRF Property Manager. 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 CPNRF Property Manager or CPNRF Fund Manager 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.



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

• ther 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.

SLIDE 48

48

Contents

Page 1. Operations 4 2. Financial Highlights 9 3. Q&A

SLIDE 49

• 1. Operations

SLIDE 50

50

Leasable Area and Occupancy

Area (sqm) Occupancy Rate/1 Gross Area Leasable Area 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 16 31 Dec 16 Rama 2 251,182 87,665 96.3% 86.9% 86.7% 87.2% 86.7% Rama 3 169,740 37,346 92.4% 91.2% 91.1% 89.9% 90.0% Pinklao (Plaza) 135,018 27,811 66.9% 74.9% 90.0% 91.1% 95.7% Pinklao Office Tower A&B 50,653 33,760 96.8% 96.8% 93.3% 91.5% 90.0% Chiangmai Airport 78,849 37,929 96.7% 96.7% 94.8% 94.0% 96.5% Total 685,442 224,511 92.1% 89.3% 90.2% 89.9% 90.5%

Source: CPN Note:

/1 Anchor and shop tenants only

Occupancy rates maintained above 90% except;

• Rama 2 & Rama 3 - big anchor’s contract expired and in the renovation plan

SLIDE 51

51

New and Renewed Lease Profile

4Q16, renewal and new leases were accounted for 7.1% of total NLA.

From 1 September to 31 December 2016 /1 Renewal and New Leases/1

• No. of Leases

Area (sqm) % of Total/2 Rama 2 25 3,637 4.1% Rama 3 33 2,651 7.1% Pinklao (Plaza)

• Chiangmai Airport

17 2,562 6.8% Pinklao Office Tower A & B 18 6,989 20.8% Total 93 15,839 7.1%

Source: CPN Note:

/1 Exclude rental agreements < 1 year /2 Percentage of leasable area as at 31 December 2016

SLIDE 52

52

Lease expiry profile

Well balanced lease expiry profile

Source: CPN Note:

• 1. Percentage of total occupied area as at 31 December 2016
• 2. Exclude rental agreements < 1 year

SLIDE 53

53

Rental Structure Profile

Note:

• 1. % of total occupied area excluding those with long-term lease with upfront rent as at 31 December 2016

47% 69% 65% 100% 68% 53% 31% 35% 0% 32% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Rama II Rama III Pinklao (Plaza) Pinklao Office Tower A & B Chiangmai Airport % of Occupied Area Fixed Rent % of Sales Rent

SLIDE 54

• 2. Financial Highlights

SLIDE 55

55

Balance Sheet

Unit : Baht Million except indicated 4Q16 3Q16 QoQ Investments in properties at fair value

32,309 32,213 +0.3%

Cash and near cash

1,128 1,128 +0.0%

Receivables

89 94

• 5.4%

Other assets

79 62 +25.9%

Total Assets

33,604 33,497 +0.3%

A/P and accrued expenses

387 275 +40.8%

Deposits received from customers

1,138 1,115 +2.1%

Loan from SCB

1,875 1,896

• 1.1%

Other liabilities

212 222

• 4.5%

Total Liabilities

3,611 3,508 +3.0%

Capital received from unitholders

24,406 24,406 0.0%

Retained earnings

5,586 5,583 +0.1%

Net Asset Values

29,993 29,989 +0.0%

NAV per unit (Baht)

13.5561 13.5545 +0.0%

SLIDE 56

56

Profit & Loss

Unit : Baht Million 4Q16 3Q16 QoQ 4Q15

YoY

YTD 2016 YTD 2015 Property level Total income

910 887 +3% 779 +16.8% 3,525 3,130

Total expenses

(54) (36) +53% (58)

• 6.2%

(182) (173)

Property management fees

(105) (98) +7% (144)

• 26.8%

(399) (425)

Net income from property level

750 753

• 0.3%

577 +30.0% 2,944 2,532

Fund level Other income

1.4 1.6

• 12%

1.2 +12.2% 5 5

Fund management fee and etc.

(11.1) (11.1) 0% (10.8) +2.9% (46) (42)

Interest expenses

(18.0) (18.2)

• 1%

(18.5)

• 2.2%

(73) (73)

Net investment income

723 725

• 0.3%

549 +31.6% 2,831 2,422

Net realized (loss)/gain on investments

(1) (2)

• 75%

(0) +49.7% (4) (5)

Net unrealised (loss) gains from investment

(33) 124

• 126%

179 +118.3% 336 1,563

Net increase in net assets

689 847

• 19%

728

• 5.3%

3,163 3,980

SLIDE 57

57

Distribution Summary

Remark:

/1

Based on unit price of 19.20 Baht as of 1st Mar 2017 (for the current quarter and next 12 months.) Unit : Baht Million except indicated

4Q16 3Q16 QoQ 4Q15 YoY

Net investment income 723 725

• 0.3%

549 +31.6% Actual distribution via Dividend 648 686

• 5.5%

549 +18.1% Baht per unit 0.2930 0.3100

• 5.5%

0.2305 +18.1% via Par Reduction

• Baht per unit

Total distribution 648 686

• 5.5%

510 +27.1% Baht per unit 0.2930 0.3100

• 5.5%

0.2305 +27.1% % of Net investment income 90% 95%

• 5.2%

93%

• 3.4%

Annualized distribution yield /1 6.1% 6.5%

• 5.5%

4.8% +27.1%

SLIDE 58

58

Shareholder Structure and Dividend

Unitholders Information

(as at 7th Feb 2017)

Dividend Policy

• 4 times a year
• Pay out a minimum of 90% of distributable

income

Note:

/1 2013 dividend for operating period from 1Jan - 15 Dec 2013 /2 2014 dividend for operating period from 16 Dec 2013 - 31 Dec 2014 /3 Based on unit price as at the end of each period /4 2016 dividend for operating period from 1 Jan – 31 Dec 2016 only, and annualized

yield has calculated based on unit price as of 30 Dec 2016 at 19.50 Baht/unit.

Listed on the SET 23 August 2005 Units Outstanding 2,212.5M Units Registered Fund Size Baht 24,406.2M NAV (Sep 2016) Baht 13.5545

2008 2009 2010 2011 2012 2013/1 2014/2 2015 2016/4 Annualize d Yield/3 11.17 % 9.95% 8.33% 7.99% 5.94% 7.82% 8.24% 5.90% 7.88%

THAI 86.64% CPN

30.81%

Institution

34.12%

Individual

35.07%

FOREIGN 13.36% Institution

97.39%

Individual

2.61%

DPU

SLIDE 59

59

CPNRF Fund Structure

Lease of land 90-2-9.3 Rai (Principle Leasing Contract) Lease of land 90-2-9.3 Rai (Principle Leasing Contract)

CPN Retail Growth Leasehold Property Fund (CPNRF)

SLIDE 60

60

CPNRF Fund Structure

SLIDE 61

61

CPN Commercial Growth Leasehold Property Fund

4th Quarter 2016 Financial Results

8th Mar 2017

SLIDE 62

62

Important Notice



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 units in CPN Commercial Growth Leasehold Property Fund (CPNCG and units in CPNCG, “Units”) 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

• n the actual outcomes, including economic conditions in the markets in which CPNCG operates

and general achievement of CPNCG business forecasts, which will cause the actual results, performance or achievements of CPNCG to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.



This presentation has been prepared by the CPNCG Property Manager. 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 CPNCG Property Manager or CPNCG Fund Manager 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.



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

• ther 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.

SLIDE 63

63

Contents

Page 1. Operations 4 2. Financial Highlights 8 3. Q&A

SLIDE 64

• 1. Operations

SLIDE 65

65

Leasable Area and Occupancy

Source: CPN

Occupancy rate of CPNCG as of 31 Dec 2016 was 99.7%

Area (Sqm) Occupancy Rate Gross Area Leasable Area Number of Tenants 31 Dec 15 31 Mar 16 30 Jun 16 30 Sep 1631 Dec16 The Offices @ CentralWorld 121,989 81,412 78 99.1% 99.2% 98.9% 99.3% 99.7% CPNCG 121,989 81,412 78 99.1% 99.2% 98.9% 99.3% 99.7%

SLIDE 66

66

Lease expiry profile

Note:

• 1. Percentage of total occupied area as at 31 December 2016
• 2. Exclude rental agreements < 1 year

Source: CPN

Well balanced lease expiry profile

12% 34% 11% 43% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

2020 2019 2018 2017

The Offices @ CentralWorld 2017 2018 2019 2020

SLIDE 67

67

High Quality Tenants

Note:

/1 Based on leasable area as at 31 December 2016

Anchor Tenant % of Total Leasable Area /1

Nestle (Thailand) 15% Central Pattana 10% AGODA 9% Central Trading 6% Maybank KimEng 6% Ogilvy 6% FINANSIA SYRUS 4% Surv Corp 3% MSD (Thailand) 3% Henkel (Thailand) 3%

Total Area of Anchor Tenants 64%

SLIDE 68

• 2. Financial Highlights

SLIDE 69

69

Profit & Loss

Unit : Baht Million 4Q16 3Q16 QoQ 4Q15 YoY 2016 2015 Property level Total income

141 142

• 0.6%

142

• 0.5%

566 557

Total expenses

(23) (20) 12.9% (24)

• 3.4%

(92) (95)

Property management fees

(18) (10) 73.7% (10) 85.9% (47) (38)

Net income from property level

100 111

• 10.0%

108

• 7.7%

427 423

Fund level Other income

1 1 50.3% 1 69.2% 4 4

Fund management fee and etc.

(1) (2)

• 5.3%

(2)

• 1.8%

(6) (6)

Interest expenses

(3) (3)

• 2.2%

(4)

• 13.1%

(14) (16)

Net investment income

97 107

• 9.8%

104

• 6.9%

412 406

Net realized (loss)/gain on investments

(0) 1

• 100.9%

(0)

• 82.4%

2 (0)

Net unrealized (loss)/gain from investments

(87) 30

• 393.5%

13.3

• 753.2%

(170) 78

Net increase in net assets

10 137

• 92.9%

117

• 91.7%

244 484

SLIDE 70

70

Balance Sheet

Unit : Baht Million except indicated 4Q16 3Q16 QoQ Investments in properties at fair value

5,310 5,415

• 1.9%

Cash and near cash

104 79 32.2%

Other assets

5 7

• 28.0%

Total Assets

5,420 5,501

• 1.5%

A/P and accrued expenses

31 18 70.9%

Deposits received from customers

192 189 1.4%

Loan from SCB

303 310

• 2.2%

Other liabilities

6 6

• 4.9%

Total Liabilities

532 524 1.6%

Capital received from unitholders

4,394 4,394 0.0%

Retained earnings

493 583

• 15.4%

Net Asset Values

4,887 4,977

• 1.8%

NAV per unit (Baht)

11.4556 11.6656

• 1.8%

SLIDE 71

71

Distribution Summary

Note: /1 Based on unit price as at the end of each period /2 Based on unit price of 15.30 Baht as of 25 October 2016 (For the current quarter and previous 3 quarters.) Unit : Baht Million except indicated 4Q16/1 3Q16/2 QoQ Net investment income

97 107

• 9.8%

Actual distribution via Dividend

99 99 0.1%

Baht per unit

0.2331 0.2328 0.1%

via Par Reduction

• Baht per unit
• Total distribution

99 99 0.1%

Baht per unit

0.2331 0.2328 0.1%

% of Net investment income

103.0% 92.8% 11.0%

Annualized distribution yield

6.3% 6.1% 4.2%

SLIDE 72

72

Shareholder Structure

Unitholders Information

(as of 7 Feb 2017) THAI

99.57%

CPN

25.00%

Institution

38.22%

Individual

36.35%

FOREIGN

0.43%

Institution

0.33%

Individual

0.10%

Listed on the SET 21 Sep 2012 Units Outstanding 426.64M Units Registered Fund Size Baht 4,394.4M NAV (December 2016) Baht 11.4556 Dividend Policy

• 4 times a year
• Pay out a minimum of 90% of distributable

income

CPN 25% Institution 38.55% Individual 36.45%

SLIDE 73

73

CPNCG Fund Information

Name CPN Commercial Growth Leasehold Property Fund (“CPNCG”) Property Manager Central Pattana Public Company Limited (“CPN”) Fund Manager SCB Asset Management Company Limited Trustee Kasikorn Bank Public Company Limited Registrar The Siam Commercial Bank Public Company Limited Assets The Offices@Central World Type Property Fund Type I (Indefinite Life) Total Fund Size (Registered) THB 4,394.4 MB Fund Registered Date 13 September 2012 Fund Investing Date 14 September 2012 Fund Listed Date 21 September 2012 Secondary Market The Stock Exchange of Thailand (“SET”)