CPN Re ta il Growth L e a se hold RE IT Inve stor Pre se nta tion - - PowerPoint PPT Presentation

CPN Re ta il Growth L e a se hold RE IT

Inve stor Pre se nta tion Q4 2017 Ma rc h 2018

Pa g e 2 Disc la ime r

• T

he info rma tio n c o nta ine d in this pre se nta tio n is fo r info rma tio n purpo se s o nly a nd d o e s no t c o nstitute a n o ffe r

• r invita tio n to se ll o r the so lic ita tio n o f a n o ffe r o r invita tio n to purc ha se o r subsc ribe fo r units in CPN Re ta il

Gro wth L e a se ho ld RE IT (CPNRE IT a nd units in CPNRE IT , “Units”) in a ny jurisd ic tio n no r sho uld it o r a ny pa rt o f it fo rm the b a sis o f, o r b e re lie d upo n in a ny c o nne c tio n with, a ny c o ntra c t o r c o mmitme nt wha tso e ve r.

• T

his pre se nta tio n ma y inc lude info rma tio n whic h is fo rwa rd -lo o king in na ture . F

• rwa rd -lo o king info rma tio n

invo lve kno wn a nd unkno wn risks, unc e rta intie s a nd o the r fa c to rs whic h ma y impa c t o n the a c tua l o utc o me s, inc lud ing e c o no mic c o nd itio ns in the ma rke ts in whic h CPNRE I T

• pe ra te s a nd g e ne ra l a c hie ve me nt o f CPNRE

IT b usine ss fo re c a sts, whic h will c a use the a c tua l re sults, pe rfo rma nc e o r a c hie ve me nts o f CPNRE IT to d iffe r, pe rha ps ma te ria lly, fro m the re sults, pe rfo rma nc e o r a c hie ve me nts e xpre sse d o r implie d in this pre se nta tio n.

• T

his pre se nta tio n ha s b e e n pre pa re d b y the CPN RE IT Ma na g e me nt Co mpa ny L imite d a s the RE IT Ma na g e r o f CPNRE IT . T he info rma tio n in this pre se nta tio n ha s no t b e e n ind e pe nd e ntly ve rifie d . No re pre se nta tio n, wa rra nty, e xpre ss o r implie d , is ma d e a s to , a nd no re lia nc e sho uld b e pla c e d o n, the fa irne ss, a c c ura c y, c o mple te ne ss

• r c o rre c tne ss o f the info rma tio n a nd o pinio ns in this pre se nta tio n. No ne o f the RE

IT Ma na g e r o r Pro pe rty Ma na g e r o r a ny o f its a g e nts o r a d vise rs, o r a ny o f the ir re spe c tive a ffilia te s, a d vise rs o r re pre se nta tive s, shall ha ve a ny lia b ility (in ne g lig e nc e o r o the rwise ) fo r a ny lo ss ho wso e ve r a rising fro m a ny use o f this pre se nta tio n o r its c o nte nts o r o the rwise a rising in c o nne c tio n with this pre se nta tio n.

• T

his pre se nta tio n is ma d e , furnishe d a nd d istrib ute d fo r info rma tio n purpo se s o nly. No p a rt o f this pre se nta tio n sha ll b e re lie d upo n d ire c tly o r ind ire c tly fo r a ny inve stme nt d e c isio n-ma king o r fo r a ny o the r purpo se s.

• T

his pre se nta tio n a nd all o the r info rma tio n, ma te ria ls o r d o c ume nts pro vid e d in c o nne c tio n the re with, shall no t, e ithe r in who le o r in pa rt, b e re pro d uc e d , re d istrib ute d o r ma d e a va ila ble to a ny o the r pe rso n, sa ve in stric t c o mplia nc e with a ll a pplic a b le la ws. Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Disc laime r

Pa g e 3 Ag e nd a

CPNRE IT Inve stme nt Proposition Growth Stra te g y Inve stme nt Upda te s

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Age nda

Pa g e 4 CPNRE IT Pro po sitio n

T he lar ge st r e tail RE IT in T hailand

with o ve r T HB 44 b illio n wo rth o f inve ste d pro pe rtie s

1

T

• p- c lass asse ts in pr

ime loc ations

dive rsifie d thro ug ho ut Ba ng ko k a nd ma jo r pro vinc e s in T ha ila nd

2

Str

• ng pr
• fe ssional ne twor

k

c o mprising le a de rs in mixe d-use pro pe rty de ve lo pme nt a nd a sse t ma na g e me nt industrie s

3

Solid pe r for manc e tr ac k r e c or d

in b o th fina nc ia l a nd o pe ra ting re sults

4

F le xible funding c apac ity for e xpansion

inve stme nts thro ug h le ve ra g e d fina nc ing

5

Consiste ntly high distr ibution yie lds

a nd re wa rd susta ina b le re turns to unitho lde rs

6

44.3

30.2 7.2 6.4 4.1 3.8

CPNREI T T L GF F UT URE PF L HSC CRYST AL MJL F

Inve ste d pr

• pe r

tie s size

• f T

hailand’s r e tail PF s/ RE IT s (1)

Unit: T HB b n

No te : (1) Ba se d o n a nno unc e me nts o f la te st fina nc ia l re sults fo r Pro pe rty F unds a nd RE I T s o n the Sto c k E xc ha ng e o f T ha ila nd

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Why inve st in CPNRE IT ?

Pa g e 5 CPNRE IT Ove rvie w

2017

Co nve rsio n o f CPNRF to

CPNRE IT (2)

2009

1st F

• llo w-o n

Offe ring

2005

Initia l Pub lic Offe ring o f CPNRF (1)

Ac quisition of

Ce ntralPlaza Rama 2 Ce ntralPlaza Rama 3

2014

2nd F

• llo w-o n

Offe ring

Ac quisition of

Ce ntralPlaza Pinklao

Ac quisition of

Ce ntralPlaza Chiang mai Airpo rt

Ac quisition of

Ce ntralF e stival Pattaya Be ac h Hilto n Pattaya Ho te l

A robust a nd dive rsifie d portfolio of hig h- qua lity a sse ts

No te : (1) CPN Re ta il Gro wth L e a se ho ld Pro pe rty F und (2) T he c o nve rsio n o f CPNRF to CPNRE I T , a lo ng with the two a sse ts a c q uire d, wa s c o mple te d o n De c e mb e r 1, 2017

Shopping Ce nte rs

5

Hote l

1

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

E stablishme nt and inve stme nt tr ac k r e c or d

Offic e Building s

2

Pa g e 6

Ce ntra lPla za Chia ng ma i Airport

Ye a r a c q . 2014 L e a se e nd Apr-2044 NL A (sq m) 37,490 Oc c . ra te 93%

Hilton Pa tta ya 2

Ye a r a c q . 2017 L e a se e nd Aug -2037 Ro o ms 302 Oc c . ra te 93%

Ce ntra lF e stiva l Pa tta ya Be a c h

Ye a r a c q . 2017 L e a se e nd Aug -2037 NL A (sq m) 29,404 Oc c . ra te 98%

F r

• nt-r

unning pr

• pe r

tie s in Gr e a te r Ba ng kok a nd ma jor pr

• vinc e s for

loc a ls a nd tour ists

Ce ntra lPla za Pinkla o Pinkla o T

• we r A & B

Ye a r a c q . 2009 Ye a r a c q . 2009 L e a se e nd De c -2024 L e a se e nd De c -2024 NL A (sq m) 27,611 NL A (sq m) 34,031 Oc c . ra te 99% Oc c . ra te 85%

Ce ntra lPla za Ra ma 2

Ye a r a c q . 2005 L e a se e nd Aug -2025 NL A (sq m) 82,746 Oc c . ra te 94%

Ce ntra lPla za Ra ma 3

Ye a r a c q . 2005 L e a se e nd (1) Aug -2095 NL A (sq m) 36,285 Oc c . ra te 78%

Bangkok Me tr

• politan

Ar e a T hailand

Chia ng ma i Pa tta ya

CPNRE IT Ove rvie w

No te : Asse t info rma tio n a s o f De c e mb e r 31, 2017 (1) Inc lude s o ptio n to e xte nd le a se 2 mo re time s a t 30 ye a rs e a c h. (2) Pro pe rty sub le a se d to CPN Pa tta ya Ho te l Co ., L td.in whic h CPNRE I T e a rns re nta l inc o me

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

T

• p- c lass asse ts at pr

ime loc ations

Pa g e 7 CPNRE IT Ove rvie w

Unitholde r s RE IT Manage r Hote l Manage r Hilton Pattaya 5 Shopping Ce nte r s & 2 Offic e Buildings CPN Pattaya Hote l Co., L td. T r uste e RE IT and its unde r lying asse ts ar e manage d by pr

• fe ssional le ade r

s in the industr y

Sub le ase Ag re e me nt

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Re gionally ac c laime d pr

• pe r

ty manage r E xpe r ie nc e d RE IT manage r Wor ld- c lass hote l manage r

Hig h c a lib e r pro fe ssio na ls with e xte nsive e xpe rie nc e in re ta il a sse t inve stme nt a nd ma na g e me nt Ove r 30 ye a rs o f e xpe rie nc e a nd o ne o f So uthe a st Asia ’ s la rg e st pro pe rty de ve lo pe r a nd ma na g e r fo r 32 wo rld c la ss mixe d-use de ve lo pme nt pro je c ts in T ha ila nd Ne a rly a c e ntury o f ho te l

• pe ra to rship a nd o ne o f the

le a ding g lo b a l ho spita lity b ra nds

Pr

• pe r

ty Manage r

Str

• ng r

e lationship with industr y le ade r s

Pa g e 8 CPNRE IT Ove rvie w

Unitholde r s RE IT Manage r Pr

• pe r

ty Manage r Hote l Manage r Hilton Pattaya CPN Pattaya Hote l Co., L td. T r uste e Str

• ng suppor

t fr

• m r

e tail and institutional unitholde r s, as we ll as fr

• m Ce ntr

al Pattana PCL (CPN) as the Sponsor

E xpe r ie nc e d T r uste e

SCB Asse t Ma na g e me nt Co ., L td. ma na g e d CPNRF fo r ne a rly 10 ye a rs a nd is

• ne
• f

the la rg e st, mo st e xpe rie nc e d a nd a c c o mplishe d a sse t ma na g e me nt c o mpa nie s in T ha ila nd.

30.7 29.6 26.7 13.0

Unit: % o f to tal units o utstanding millio n units

• utsta nding

2,122.48

F

• r

e ign Institutions Re tail L

• c al

Institutions

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Mar ke t Capitalization (T HB mn) 48,896 Unit Pr ic e (T HB/ shar e ) 22.10

So urc e : SE T SMART a s o f Ma rc h 9, 2018 T SD b o o king re c o rd a s o f F e b rua ry 7, 2017

Dive r sifie d unitholde r str uc tur e

5 Shopping Ce nte r s & 2 Offic e Buildings

Pa g e 9 CPNRE IT Ove rvie w

248 91 % 98 % 93 %

High oc c upanc y le ve ls ac r

• ss

all pr

• pe r

tie s Outstanding pe r for manc e s of ne wly ac quir e d pr

• pe r

tie s

Hilton Pa tta ya Ce ntra lF e stiva l Pa tta ya Be a c h

~ma inta in Yo Y

2.71 3.31 3.14 3.53 3.53

2013 2014 2015 2016 2017 He althy r e ve nue ge ne r ate d fr

• m ope r

ations

Unit: T HB b n

12.09 14.01 14.82 15.19 21.27

2013 2014 2015 2016 2017 Gr

• wing T

AV fr

• m highe r

pr

• pe r

ty value and ac quisition

Unit: T HB / unit ~7% 4Y CAGR ~15% 4Y CAGR

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Solid ope r ating pe r for manc e tr ac k r e c or d

No te : Asse t info rma tio n a s o f De c e mb e r 31, 2017

Pa g e 10 CPNRE IT Ove rvie w 17,827 27,690 29,242 29,993 29,462 19,780 30,991 32,784 33,604 47,056

Borrowing a nd Ge a ring L imit

Bo rro wing NAV L ia b ilitie s % Ge a ring

Pr

• pe r

ty F und Ge a r ing L imit 0.10x of NAV R E IT Ge a r ing L imit (IG) 60% of T AV R E IT Ge a r ing L imit (non- IG) 35% of T AV

CPNRF Rig hts Offe ring Co nve rsio n to CPNRE IT Unit: T HB mn

CPNRE IT De bt Pr

• file

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td . 13% 87%

14,454

T HB mn

58% 42%

T

• tal

available c r e dit fac ilitie s

Unuse d Use d F ixe d inte re st; Ma turity < 1Y F lo a ting inte re st; Ma turity > 1Y E ffe c tive Annua l I nte re st Ra te Ave ra g e L

• a n L

ife

2.39 % 1.8 Yr

s

No te : De b t pro file a s o f De c e mb e r 31, 2017

F le xible funding c apac ity for por tfolio e xpansion

2% 7% 6% 7% 31% o f T

AV

• f NAV
• f NAV
• f NAV
• f NAV

2013 2014 2015 2016 2017

Pa g e 11 CPNRE IT Ove rvie w 6.7% 5.8% 5.6% 5.9%

5.1%

1% 2% 3% 4% 5% 6% 7% 8%

0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40

2013 2014 2015 2016 2017

Distribution pe r Unit a nd Yie ld

1Q 2Q 3Q 4Q 1.2283 1.3260 1.0081 1.1528

1.1371 (1)

T HB/ unit

CPNR F / CPNR E IT Distr ibution Yie ld Se c tor Ave r a g e (2)

So urc e : CPNRF a nd CPNRE I T a nno unc e me nts; SE T SMART No te : Yie ld o n unit distrib utio n b a se d o n la st twe lve mo nths’ a c c umula te d distrib utio n a nd the pre -re c o rd da te tra de pric e (1) 4Q17 distrib utio n wa s a nno unc e d a s a c a pita l re duc tio n due to the a b so rptio n o f CPNRF ’ s re ta ine d e a rning s into CPNRE I T ’ s unit c a pita l

minimum pa yo ut o f distrib uta b le inc o me

90 %

time s pe r ye a r distrib utio n to unitho lde rs

4

Distr ibution Polic y

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Consiste ntly high distr ibution yie lds

Pa g e 12

Ge ogr aphic al e xpansion

CPNRE IT Stra te g y Pre pa re d b y Inve sto r Re la tio ns, CPNRE IT Ma na g e me nt Co ., L td .

Or ganic Gr

• wth

M&A

Re me rc ha nd izo ng te na nt mix a nd impro ve zo ning o f ma lls Optimize NL A a nd c o mmo n a re a utiliza tio n Impro ve a c c e ssib ility to inc re a se sho ppe r tra ffic Upg ra d e a me nitie s fo r b e tte r c o nve nie nc e Se c ure ne w te na nts a nd le a se re ne wa ls De ve lo p stro ng te na nt re la tio nships Optimize re nta l c o ntra c t mix

Maximize

• c c upanc y le ve ls

with minimal busine ss inte r r uption Ste ady r e ntal r ate gr

• wth

with upside pote ntial Asse t dive r sific ation

Co ntinuo us e ffo rt to id e ntify, stud y, a sse ss a nd re vie w, jo intly with the RE IT Ma na g e r a nd Pro pe rty Ma na g e r, ne w inve stme nt o ppo rtunitie s Pro vid e lo ng -te rm re turns to unitho ld e rs

Asse t E nhanc e me nt Initiative s (AE I)

Gr

• wth str

ate gy and foc us ar e as

Pa g e 13 Inve stme nt Upd a te s Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

RE T AIL JUNGL E

Co nne c t E ve ry L ife style with We lc o ming o f Na tura l Cha rm

Sta rt Jun 2017 Co mple tio n Pha se 1: De c 2017 Pha se 2: Q2 2018 Budg e t T HB 675 mn PHASE 1 Comple te d in De c e mbe r 2017

• Impro ve me nt o f c o mmo n a re a
• Impro ve me nt o f de c o ra tio n
• Ne w fa ç a de de sig n
• Re -me rc ha ndising mix
• Impro ve me nt o f tra ffic

c irc ulatio n b y insta lling mo re e sc a la to rs

• Inc re a sing re st a re a a nd inte rio r

g a rde n

• Impro ve me nt o f pa rking a re a

a nd la ndsc ape to a vo id tra ffic pro b le m a nd a c c o mmo da te c usto me rs

AE I @ Ce ntr alPlaza Rama 3

Pa g e 14 Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Conve r sion of va c a nt spa c e to ba nk zone a nd F a shion Plus zone Impr

• ve me nt of “Ka d L

a ung ” – loc a l foods a nd souve nir zone Impr

• ve me nt of F

a shion Plus zone Comple te d in 2017 Comple te d in 2017

Inve stme nt Upd a te s

AE I: minor r e novations

Pa g e 15 Q&A

F

• r

mor e infor mation, ple ase c ontac t: I nve sto r Re la tio ns CPN Re ta il Gro wth L e a se ho ld RE I T (CPNRE IT )

CPN RE I T Ma na g e me nt Co mpa ny L imite d 31st F l, the Offic e s a t Ce ntra lWo rld 999-9 Ra ma I Rd ., Pa tumwa n Distric t Ba ng ko k 10330 T ha ila nd +662 667 5555 e xt. 1660

@

ir_c pnre it@ c pn.c o .th http :/ / www.c pnre it.c o m Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

E nd of pr e se ntation

Appe ndic e s

Pa g e 17 Appe nd ic e s Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

E na b le s hig he r g e a ring ra tio a nd le ve ra g e b a se Be tte r a c c e ssib ility to mo ne y a nd c a pita l ma rke ts Ca n inve st in multitude s o f a sse t type a nd lo c a tio n Gro wth in NAV a nd divide nd to c o mpe nsa te hig he r ta x o n divide nd fo r so me type s o f unitho lde rs

Pr

• pe r

ty F und

• 10% o f NAV

R E IT

• 35% o f T
• ta l Asse t Va lue fo r

unra te d de b e nture a nd 60% o f T

• ta l Asse t Va lue fo r inve stme nt

g ra de -ra te d de b e nture

Pr

• pe r

ty F und

• No lo ng e r a llo we d to issue ne w

c a pita l fo r inve stme nts

R E IT

• Allo we d to issue ne w c a pita l fo r

inve stme nts a s we ll a s de b t fina nc ing a t IPO

Pr

• pe r

ty F und

• L

imite d to c e rta in do me stic inc o me -g e ne ra ting a sse ts (re ta il, wa re ho use , o ffic e , ho te l a nd se rvic e a pa rtme nt)

• Ca n o nly inve st in pro pe rtie s a t

>80% c o mple tio n

R E IT

• Ca n inve st in do me stic a nd
• ffsho re pro je c ts with to ta l va lue

hig he r tha n T HB 500 mn

• Ca n inve st in a sse ts unde r

de ve lo pme nt with a mo unt ne e de d fo r c o mple tio n no t mo re tha n 10%

• f NAV

Pr

• pe r

ty F und

• L

iste d c o : 0% if ho ld 3 mo nths pre a nd po st b o o k c lo sing da te

• No n-liste d c o : ha lf o f Co rpo ra te

Inc o me T a x ra te if ho ld 3 mo nths pre a nd po st b o o k c lo sing da te

• No n-re side nt: 0%
• Individua l: 10% Withho lding T

a x

R E IT

• L

iste d c o : Co rpo ra te Inc o me T a x ra te

• No n-liste d c o : Co rpo ra te Inc o me

T a x ra te

• No n-re side nt: 10% Withho lding T

a x

• Individua l: 10% Withho lding T

a x

So urc e : Re g ula tio ns o n pro pe rty fund a nd RE IT a s o utline d b y the Sto c k E xc ha ng e o f T ha ila nd (SE T ) a nd the Se c uritie s a nd E xc ha ng e Co mmissio n o f T ha ila nd (SE C)

RE IT

• vs. Pr
• pe r

ty F und

Pa g e 18 Appe nd ic e s

R E IT Ma na g e r T r uste e Pr

• pe r

ty Ma na g e r

Inve stme nt in CPNRE IT Inve st in Asse ts

HIL T ON PAT T AYA

Hote l Ma na g e r

Ma na g e me nt F e e Ma na g e me nt Se rvic e s Distrib utio n Ne t Pro pe rty Inc o me T ruste e F e e Re pre se nts Inte re st o f Unitho lde rs

CPN Pa tta ya Hote l Co., L td.

Sub le a se s Re nta l Inc o me Pro pe rty Ma na g e me nt F e e

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

CPNRE IT tr anspar e nt manage me nt str uc tur e

Pro pe rty Ma na g e me nt Se rvic e s

Pa g e 19 Appe nd ic e s

Rama 2 Rama 3 Pinklao Chiangmai Air por t Pattaya Be ac h Hilton Pattaya

L

• c ation

Ba ng ko k Ba ng ko k Ba ng ko k Chia ng mai Pa tta ya , Cho nb uri Pa tta ya , Cho nb uri

Gr

• ss F

loor Ar e a inc l. Par king

(sq m) 251,182 169,740 188,345 122,991 70,095 49,686

Ne t L e asable Ar e a (sq m)

82,746 36,285 61,643 37,490 29,404 302 ro o ms

L and Ar e a

(ra i-ng a n-sq w) 53-2-38.4 12-2-44.6 24-2-84 32-3-56.85

• L

and T e nur e

L e a se ho ld te nure o f 20 ye a rs e nding 15 Aug 2025 L e a se ho ld te nure o f 30+30+30 ye a rs e nding 15 Aug 2095 L e a se ho ld te nure o f a ppro ximate ly 15 ye a rs e nding 31 De c 2024 L e a se ho ld te nure o f 15 ye a rs e nding 22 Apr 2044

• Building & Utility

Syste ms

L e a se ho ld te nure o f 20 ye a rs e nding 15 Aug 2025

• Building –

L e a se ho ld sa me te nure a s la nd

• Utility Syste ms

– Owne rship L e a se ho ld te nure o f a ppro ximate ly 15 ye a rs e nding 31 De c 2024 L e a se ho ld te nure o f 15 ye a rs e nding 22 Apr 2044 L e a se ho ld te nure o f a ppro ximate ly 20 ye a rs e nding 31 Aug 2037 L e a se ho ld te nure o f a ppro ximate ly 20 ye a rs e nding 31 Aug ust 2037

Movable Asse ts

Owne rship Owne rship Owne rship Owne rship Owne rship Owne rship

Valuation

As a t 31 De c e mb e r 2017 (T HB millio n) 7,186 9,179 5,543 10,494 8,154 3,754

No te : Asse t info rma tio n a s o f De c e mb e r 31, 2017

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Asse t infor mation

Pa g e 20 Appe nd ic e s Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

F inanc ial position

Unit: T HB mn

CPNREIT 31 Dec 16 31 Ma r 17 30 Jun 17 30 Sep 17 31 Dec 17

I nvestm ents in p ro p erties a t fa ir va lue 32,309.0 31,820.0 32,402.0 32,402.0 44,310.0 Ra m a 2 6,705.0 6,520.0 7,184.0 7,186.0 7,186.0 Ra m a 3 9,156.0 9,540.0 9,192.0 9,179.0 9,179.0 Pinkla o 5,495.0 5,180.0 5,495.0 5,543.0 5,543.0 C hia ng m a i Airp o rt 10,953.0 10,580.0 10,531.0 10,494.0 10,494.0 Pa tta ya B e a c h 0.0 0.0 0.0 0.0 8,153.8 Hilto n Pa tta ya 0.0 0.0 0.0 0.0 3,754.2 I nvestm ent in sec urities a t fa ir va lue 662.9 796.8 897.0 941.0 990.0 C a sh o n ha nd a nd a t b a nks 464.6 339.7 236.5 273.4 1,052.4 Renta l a nd servic e rec eiva b les 88.6 113.6 107.7 92.6 188.6 Ac c rued interest inc o m e 0.3 0.5 0.2 0.4 0.1 Other a ssets 78.4 39.7 54.3 63.1 514.5

T

• ta l a ssets

33,603.8 33,110.2 33,697.6 33,772.4 47,055.6

Ac c o unt p a ya b le a nd a c c rued exp en 386.6 356.0 370.1 266.5 1,465.8 Dep o sits rec eived fro m c usto m ers 1,138.0 1,130.9 1,142.4 1,184.3 1,424.1 U nea rned lea se a nd servic e inc o m e 48.3 80.9 73.2 73.0 51.5 B

• rro w ing

1,874.6 1,852.9 1,831.3 1,917.8 14,453.7 Other lia b ilities 163.7 168.3 176.2 191.4 198.4

T

• ta l lia bilities

3,611.2 3,588.9 3,593.2 3,632.9 17,593.4 Net a ssets 29,992.6 29,521.3 30,104.4 30,139.5 29,462.1

C a p ita l rec eived fro m unitho ld ers 24,406.2 24,406.2 24,406.2 24,406.2 29,653.4 E q ua lisa tio n a c c o unt 0.0 0.0 0.0 0.0 216.1 Reta ined E a rning s 5,586.4 5,115.1 5,698.2 5,733.3 (407.3)

NAV per unit (in Ba ht) 13.5561 13.3431 13.6066 13.6225 13.3164 CPNRF

Pa g e 21 Appe nd ic e s Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Pr

• fit and loss

Unit: T HB mn

C PNRE I T C PNRF

F Y2017 / 1 CPNRF

C hg C PNRE I T C PNRF

4Q17 / 2 3Q17

C hg

CPNRF

C hg 29 No v 1 Ja n

F Y2016

Yo Y 29 No v 1 Oc t Qo Q

4Q16

Yo Y

• 31 Dec
• 4 Dec
• 31 Dec
• 4 Dec

(1) (2)

(1)+(2)

(3) (4)

(3)+(4)

Investment inc ome

Renta l a nd servic e inc o m e 369.5 3,040.7 3,410.1 3,425.2 (0%) 369.5 539.5 908.9 804.8 13% 887.5 2% Other inc o m e 8.4 103.3 111.7 99.5 12% 8.4 18.1 26.5 27.5 (4%) 22.4 18% I nterest inc o m e 0.5 3.6 4.1 6.1 (33%) 0.5 0.8 1.4 1.2 18% 1.5 (5%)

T

• ta l inc ome

378.4 3,147.6 3,525.9 3,530.7

(0%)

378.4 558.4 936.8 833.4

12%

911.4

3%

Expenses

C o st o f renta l a nd servic es 16.5 125.3 141.8 119.6 19% 16.5 26.3 42.8 32.7 31% 32.0 34% Selling a nd a d m inistra tive exp enses 23.1 59.8 82.9 64.8 28% 23.1 8.2 31.3 17.1 83% 22.2 41% Pro p erty m a na g em ent fee 68.9 358.0 426.9 399.4 7% 68.9 65.8 134.7 91.0 48% 105.4 28% Other exp enses 0.0 0.0 0.0 0.0 2% 0.0 0.0 0.0 0.0 185% 0.0 426% Other m a na g em ent fees a nd exp ens 15.9 39.5 55.4 43.8 27% 15.9 7.4 23.3 10.7 117% 11.1 110% F ina nc e c o sts 30.1 64.8 94.9 72.4 31% 30.1 12.1 42.2 17.5 141% 18.0 134%

T

• ta l expense

154.6 647.3 802.0 699.9

15%

154.6 119.8 274.4 169.1

62%

188.7

45%

Net investment inc ome 223.7 2,500.2 2,724.0 2,830.8

(4%)

223.7 438.6 662.4 664.3

(0%)

722.7

(8%) Net rea lised g a in (lo ss) o n investm en (25.3) (3.7) (25.3) 0.2 (0.6) Net unrea lised g a in (lo ss) investm ent (605.8) 335.6 (605.8) (35.8) (32.8)

Net inc rea se in net a ssets (407.3) 3,162.7 (407.3) 628.7 689.3

Pa g e 22 Appe nd ic e s Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

No te : (1) Anc ho r a nd in-line te na nts o nly

181 218 100 200 300

2013 2014 2015 2016 2017

180 218 224 224 247

‘ 000 sq m NL A (1)

96 97 96 87 94 98 94 92 90 78 100 98 67 96 99 98 96 97 90 85 99 97 97 93 98

97 97 92 91 91

50 60 70 80 90 100

50 60 70 80 90 100

2013 2014 2015 2016 2017

Ra ma 2 Ra ma 3 Pinkla o (Re ta il) Pinkla o (A&B) Chia ng ma i Airpo rt Pa tta ya Be a c h T

• ta l

Oc c . Ra te (1) (%)

E xisting Pr

• je c ts

Ac quir e d Pr

• je c ts

Ce ntra lPla za Chia ng ma i Airpo rt Ce ntra lF e stiva l Pa tta ya Be a c h Ma jo r Re no va tio n @ Ce ntra lPla za Pinkla o Ma jo r Re no va tio n @ Ce ntra lPla za Ra ma 3

5Y (2013- 2017) NL A and oc c upanc y r ate s

Pa g e 23 Appe nd ic e s Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

No te : (1) E xc lude re nta l a g re e me nts < 1 ye a r (2) Pe rc e nta g e o f le a sa b le a re a a s a t 31 De c e mb e r 2017 (3) Re ne wa ls a nd ne w le a se s fro m pe rio d o f 1 De c e mb e r 2017 – 31 De c e mb e r 2017

Pr

• je c t

F r

• m 1 Januar

y to 31 De c e mbe r 2017 Ne w and r e ne we d le ase s (1) # of le ase s Ar e a (sqm) % of NL A (2)

Ce ntra lPla za Ra ma 2 144 15,863 19.2% Ce ntra lPla za Ra ma 3 131 12,004 33.1% Ce ntra lPla za Pinkla o 7 869 3.1% Pinkla o T

• we r A&B

59 14,385 42.3% Ce ntra lPla za Chia ng ma i Airpo rt 88 6,629 17.7% Ce ntra lF e stiva l Pa tta ya Be a c h (3) 17 2,168 7.4%

T

• tal

446 51,918 21.0%

Ne w and r e ne we d le ase s

Pa g e 24 Appe nd ic e s Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

34 24 29 13

T

• ta l

Portfolio

19 11 33 37 49 15 35 1 39 47 14 39 38 23 46 29 25 40 24 36

Ce ntr alPlaza Rama 2 Ce ntr alPlaza Rama 3 Ce ntr al F e stival Pattaya Be ac h Ce ntr alPlaza Pinklao Pinklao T

• we r

A&B Ce ntr alPlaza Chiangmai Air por t

% o f o c c upie d a re a a nd e xpiry b y ye a r

E xpire in 2018 E xpire in 2019 E xpire in 2020 E xpire a fte r 2020

No te : Info rma tio n a s o f De c e mb e r 31, 2017 L e a se e xpiry inc lude s c o ntra c ts o f a nc ho rs a nd in-line te na nts

L e ase e xpir y pr

• file

Pa g e 25 Appe nd ic e s Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

60 40

T

• ta l

Portfolio

43 57 58 42 52 48 68 32 100 66 34

Ce ntr alPlaza Rama 2 Ce ntr alPlaza Rama 3 Ce ntr al F e stival Pattaya Be ac h Ce ntr alPlaza Pinklao Pinklao T

• we r

A&B Ce ntr alPlaza Chiangmai Air por t

% o f o c c upie d a re a

F ixe d Re nt % o f T e na nt Sa le s

No te : Info rma tio n a s o f De c e mb e r 31, 2017

Re ntal str uc tur e

Pa g e 26 Appe nd ic e s

Distr ibution Histor y (1) Re c e nt Ke y T r ading Statistic s

Ke y Me tric s T HB

Pa r Va lue 13.4028 Unit Pric e (T HB) 22.10 Ne t Asse t Va lue pe r Unit (T HB) 13.3164 P/ NAV (x) 1.66 Distrib utio n Yie ld (3) (%) 5.1% Ma rke t Ca pita liza tio n (T HB b n) 48,896 Units Outsta nding (mn units) 2,122.48

Ke y Me tric s 2017 2016 2015 2014 2013

Pa r Va lue (T HB) 13.4028(2) 10.00 10.00 10.00 10.00 Distrib utio n (T HB/ unit) 1.1371(3) 1.1528 1.0081 1.3260 1.2283 T

• ta l Distrib utio n (T

HB mn) 2,516 2,551 2,230 2,934 2,718 Ne t I nve stme nt I nc o me (T HB mn) 2,724 2,831 2,422 2,684 2,152 Pa yo ut Ra tio 92% 90% 92% >100% >100%

So urc e : SE T SMART (e xc e pt P/ E a nd P/ BV ra tio s, c a lc ula te d b a se d o n the la te st fina nc ia l re sults), c o mpa ny a nno unc e me nts o n SE T No te : (1) Da ta a s o f 2013-2016 a re b a se d o n CPNRF pe rfo rma nc e s. F

• r 2017, da ta a re b a se d o n CPNRF

pe rfo rma nc e s fro m Ja nua ry 1 to De c e mb e r 4 a nd CPNRE I T pe rfo rma nc e s fro m No ve mb e r 29 to De c e mb e r 31 (2) Pa r va lue o f CPNRE I T is b a se d o n 1:1 unit c o nve rsio n o f CPNRF ’ s c a pita l a nd re ta ine d e a rning s e ffe c tive o n De c e mb e r 1, 2017 (3) Distrib utio ns in 1Q17-3Q17 a re pa id fro m CPNRF . Distrib utio n in 4Q17 wa s pa id fro m CPNRE I T a s a c a pita l re duc tio n

Pre pa re d b y Inve sto r Re la tio ns, CPN RE I T Ma na g e me nt Co ., L td .

Stoc k infor mation