CPN Retail Growth Leasehold REIT Analyst Meeting 2Q20 19 August - - PowerPoint PPT Presentation

CPN Retail Growth Leasehold REIT

Analyst Meeting 2Q20 19 August 2020

Page 2 Disclaimer

• The information contained in this presentation is for information purposes only and does not constitute an offer
• r invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for units in CPN Retail

Growth Leasehold REIT (CPNREIT and units in CPNREIT, “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 on the actual outcomes, including economic conditions in the markets in which CPNREIT operates and general achievement of CPNREIT business forecasts, which will cause the actual results, performance or achievements of CPNREIT to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.

• This presentation has been prepared by the CPN REIT Management Company Limited as the REIT Manager of
• CPNREIT. 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

• r correctness of the information and opinions in this presentation. None of the REIT Manager or Property

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 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. Prepared by Investor Relations, CPN REIT Management Co., Ltd.

Disclaimer

Page 3 Agenda Prepared by Investor Relations, CPN REIT Management Co., Ltd.

Agenda

Operation Highlights Key Financial Highlights Business Updates

Page 4

Business Updates

Prepared by Investor Relations, CPN REIT Management Co., Ltd. Agenda

Page 5

Impact from COVID-19 in 2Q20

Shopping Centers

• Adjusting operating hours to be 11am-8pm
• Only the supermarket, c-stores, drug stores,

F&B (delivery & take-out only) and bank branches were opened within malls. Office Buildings

• Operating as normal
• Temporary closure of non-essential businesses

i.e. tutoring centers, spas, aesthetic clinics Hilton Pattaya

• Operating as normal in Jan-Mar 2020
• Temporary closure from Apr 2020
• Accelerating the renovation to start in Apr

2020 and expecting to complete in Oct 2020 CPNREIT measures:

• Provided rent waiver to tenants that cannot

be opened for business

• Provided rental discount to affected tenants
• Facilitated safety and convenience for

visitors by arranging areas for F&B delivery and take-away by adopting the best practices for social distancing and call center system, pick-up counters and drive- thru services.

NORTHERN THAILAND [1] Chiangmai Airport 23 Mar – 16 May 2020 BANGKOK METRO AREA (BMA) [3] Rama 2 Rama 3 Pinklao 22 Mar – 16 May 2020

5 malls & 1 Hotel temporarily closed

Prepared by Investor Relations, CPN REIT Management Co., Ltd. Impact from COVID-19

EASTHERN THAILAND [2] Pattaya Beach Hilton Pattaya 25 Mar – 16 May 2020 1 Apr until further notice (Renovation : Apr-Oct 2020)

Note: [ ] Number in bracket is number of project located in the that area

Page 6

Traffic: Re-opening on 17 May 2020

Prepared by Investor Relations, CPN REIT Management Co., Ltd. Impact from COVID-19

• 10,000

20,000 30,000 40,000 50,000 60,000 70,000 80,000

TRAFFIC

RM2 RM3 PKO CMA PTB

(Phase 2 Easing Restriction, curfew 23pm-4am)

Page 7

Traffic: Re-opening on 17 May 2020

Prepared by Investor Relations, CPN REIT Management Co., Ltd. Impact from COVID-19 (Phase 3 Easing Restriction & Curfew 23pm-3am)

• 10,000

20,000 30,000 40,000 50,000 60,000 70,000 80,000

TRAFFIC - JUN 2020

RM2 RM3 PKO CMA PTB

Page 8

Traffic: Re-opening on 17 May 2020

Prepared by Investor Relations, CPN REIT Management Co., Ltd. Impact from COVID-19 (Phase 4 Easing Restriction – Operating Hours 10am-21pm)

• 10,000

20,000 30,000 40,000 50,000 60,000 70,000 80,000

TRAFFIC - 15-30 JUN 2020

RM2 RM3 PKO CMA PTB

Page 9

Rental Discount Policy

Prepared by Investor Relations, CPN REIT Management Co., Ltd. Impact from COVID-19

Tenants Temporary Closure 22 Mar-16 May 2020 Re-opening 17 May 2020 onwards Food/Non – Food Free Rent Average 40-50% Depends on % of Sales Growth Bank/Non-Bank/Service Provider ~40% ~20% Closed due to the government order Free Rent Free Rent

50% 87% 63% 39% 0% 20% 40% 60% 80% 100% Mar-20 Apr-20 May-20 Jun-20

% Rental Discount (exclude NTG, UHG)

Page 10

Operation Highlights

Agenda Prepared by Investor Relations, CPN REIT Management Co., Ltd.

Page 11 Operation Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

NLA and Occupancy Rates

Note: (1) Anchor and in-line tenants only

225 249 249 327 100 200 300 400 2014 2015 2016 2017 2018 2019 1Q20 2Q20 218 224 248 249 ‘000 sqm NLA (1)

96 96 96 96 95 94 94 96 96 97 97 97 99 97 98 99 99 99 90 91 89 89 88 86 94 94 94 95 95 94 97 98 98 99 99 97 93 90 89 84 61 94 89 100 100

95 95 95 96 95 94

50 60 70 80 90 100 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

Rama 2 Rama 3 Pinklao (Retail) Pinklao (A&B) Chiangmai Airport Pattaya Beach Hilton Pattaya The Ninth Towers Unilever House Total (Excl.Hilton)

Average Occ. Rate (1) (%) Existing Projects Acquired Projects

CentralPlaza Chiangmai Airport CentralFestival Pattaya Beach

181 218 327

The Ninth Towers & Unilever House

Page 12 Operation Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

Tenant Mix by Area

Category by Area RM2 RM3 PKO CMA PTB 2Q20 1Q20 Fashion 22% 13% 36% 29% 23% 24% 24% Food & Beverage 21% 25% 27% 20% 17% 22% 23% Entertainment Service 14% 27% 11% 18% 40% 21% 20% Technology 13% 5% 9% 8% 5% 8% 8% Specialty 9% 12% 5% 11% 6% 9% 9% Beauty & Clinic Service 12% 9% 7% 5% 5% 8% 8% Other 9% 9% 7% 7% 5% 8% 8% Total 100% 100% 100% 100% 100% 100% 100%

Page 13 Operation Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd. 100

Pinklao Tower A&B

% of occupied area

Fixed Rent % of Tenant Sales

Note: Information as of 30 June 2020

Rental Structure

41 59 51 49 62 38 64 36 62 38 100

68 32 53 47

CPNREIT (Plaza)

100

CPNREIT (Office)

Page 14 Operation Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

New and Renewed Leases

Project From 1 April to 30 June 2020 Renewals and New Leases/1

• No. of Leases

Area (sqm) % of Total /2 CentralPlaza Rama 2 17 2,074 6% CentralPlaza Rama 3 2 351 2% CentralPlaza Pinklao 1 109 1% Pinklao Tower A and B 5 793 3% CentralPlaza Chiangmai Airport 15 2,242 9% CentralFestival Pattaya Beach 3 252 1% The Ninth Towers 11 10,447 20% Total/Average 54 16,267 8%

Note: /1 Exclude rental agreements < 1 year and Anchor tenants

/2 Percentage of in-line tenants' leasable area as of 30 June 2020

Page 15 Operation Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd. % of occupied area and expiry by year

Note:Information as of 30 June 2020 Lease expiry excludes rental agreements < 1 year

Lease Expiry Profile

SFX Cinema

36% 13% 8% 43% 22% 58% 13% 7% 11% 35% 36% 18% 28% 40% 24% 9% 31% 32% 27% 10% 9% 37% 11% 43%

43% 18% 10% 29% 0% 0% 0% 100%

27% 27% 15% 31% 2H20 Y2021 Y2022 BEYOND Y2022 CentralPlaza Rama 2 CentralPlaza Rama 3 CentralPlaza Pinklao (Retail) Pinklao Tower A&B CentralPlaza Chiangmai Airport CentralFestival Pattaya Beach The Ninth Tower Unilever House CPNREIT

CDS Y2025 Unilever Y2034

Page 16

Key Financial Highlights

Agenda Prepared by Investor Relations, CPN REIT Management Co., Ltd.

Page 17 Key Financial Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

TFRS 16: Right-of-Use Asset & Lease Liability

Thai Financial Reporting Standard 16 (“TFRS 16”) “Leases”

• Lease over 1-year period is recognized as a rights-of-use asset and corresponding lease
• liability. Each lease payment is allocated between the liability and finance cost. The finance

cost is charged to P&L over the lease period.

• The rights-of-use assets are measured at fair value and recorded under the investments in

leasehold properties.

• The lease payment is discounted using the interest rate implicit in the lease, or the lessor’s

incremental borrowing rate is used if no interest rate implicit in the lease. TFRS 16 Balance Sheet Profit & Loss Statements Lease of the wastewater treatment of CentralPlaza Rama 2 + Assets: rights-of-use asset + Liabilities: lease liability + Expense: (non-cash item) finance cost is charged over the lease period Lease of CentralPlaza Rama 2 (Renewal Period) + Asset: rights-of-use asset + Liabilities: lease liability + Expense: (non-cash item) finance cost is charged over the pre-lease renewal period (Apr 2020-Aug 2025)

Page 18 Key Financial Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

TFRS 16: Straight-line Rental Income & Discount

Thai Financial Reporting Standard 16 (“TFRS 16”) “Leases”

• Rental income and discount from lease over 1-year period is recognized by the lessor on a

straight-line basis over the lease term.

• In the early period of the contract, rental income would be higher than the actual revenue as

it includes the future rate increases. Towards the end of the period, the positions become inverted.

• Discount amortization may vary based on the best estimated amount provided to tenants at a

certain point in time. TFRS 16 Balance Sheet Profit & Loss Statements Rental income +Assets: Rental and service receivable The discrepancy between rental income based on contract and straight-line income totaled Baht 17.0 million + Rental & service income: (adjustment item) Lessor recognizes rental income on a straight-line basis totaled Baht 17.0 million Rental discount +Assets: Rental and service receivable The discrepancy between actual rental discount and straight-line rental discount totaled Baht 164.9 million + Rental & service income (adjustment item) Rental discount on a straight-line basis totaled Baht 164.9 Million (Lower actual rental discount of Baht 634.2 million to Baht 469.2 million)

Page 19 Key Financial Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

TFRS 16: Straight-line Adjustment

2Q20 (THB mn) Mall & Office Hotel NTG & UHG P&L Rental & service income 332.7 55.9 158.5 547.1

• Contract

966.9 55.9 158.5 1,181.3

• Actual discount

(634.2)

• (634.2)

Straight-line adjustment for lease over 1-year term

• Rental income

6.0 4.2 6.8 17.0

• Rental discount

164.9

• 164.9

Total 503.6 60.1 165.3 729.0 As at 30 June 2020 Mall & Office Hotel NTG & UHG BS Rental & service receivable 308.2

• 26.4

334.6 AR from straight- line 179.8 64.9 9.1 253.8 Total 488.0 64.9 35.5 588.4

Page 20 Key Financial Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

Straight-line Rental Income from Hotel Business

TFRS 16: Lease Standard, stated that “lease income from operating leases is recognized by the lessor on a straight-line basis over the lease term”

(Baht mn)

Full Year Total Fixed Rent Straight-line Income Revenue Increase (Decrease) 2018 210.0 241.9 31.9 2019 217.4 241.9 24.6 2020 225.0 241.9 17.0 2021 232.8 241.9 9.1 2022 241.0 241.9 1.0 2023 249.4 241.9 (7.5) 2024 258.1 241.9 (16.2) 2025 267.2 241.9 (25.2) 2026 276.5 241.9 (34.6) 2,177.4 2,177.4 0.0

Page 21 Key Financial Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

Balance Sheet

% QoQ 30 Jun 19 30 Sep 19 31 Dec 19 31 Mar 20 30 Jun 20 Change Investment at fair value Central Rama 2 6,962 6,962 6,359 6,393 6,393 0.0% Central Rama 2 (Renewal)

• 16,714

16,787 0.4% Central Rama 3 10,698 10,698 11,447 11,447 11,447 0.0% Central Pinklao 5,678 5,678 5,216 5,216 5,216 0.0% Chiangmai Airport 10,658 10,658 10,655 10,655 10,655 0.0% CentralFestival Pattaya Beach 7,289 7,289 7,290 7,290 7,290 0.0% Hilton Pattaya 3,465 3,465 3,505 3,505 3,505 0.0% The Ninth Towers

• 6,107

6,107 0.0% Unilever House

• 1,673

1,673 0.0% Total investment in properties 44,750 44,750 44,472 69,001 69,074 0.1% Investment in securities 1,006 1,850 902 968 768 (20.7%) Cash on hand and at banks 428 228 510 182 231 26.9% Rental and service receivables 153 184 200 298 588 97.3% Refundable value added tax 393 393 393 771 763 (1.0%) Other assets 226 208 210 162 148 (8.6%) Total assets 46,956 47,613 46,687 71,382 71,572 0.3% Deposits received from customers 1,557 1,572 1,584 1,703 1,697 (0.4%) Lease liability

• 16,533

16,980 2.7% Borrowings

• 726
• 8,163

8,373 2.6% Debentures 14,522 14,523 14,524 14,525 14,526 0.0% Other liabilities 853 763 878 853 947 11.0% Total liabilities 16,932 17,584 16,986 41,777 42,523 1.8% Net Asset 30,024 30,029 29,701 29,605 29,049 (1.9%) Capital received from unitholders 29,016 29,016 29,016 29,016 29,016 0.0% Equalisation account 216 216 216 216 216 0.0% Retained earning (deficit) 790 796 469 371 (183.0) (149.3%) NAV per unit (in Baht) 13.5697 13.5725 13.4244 13.3804 13.1297 (1.9%) Unit: Baht Million CPNREIT

Page 22 Key Financial Highlights

CPNREIT Debt Profile

Prepared by Investor Relations, CPN REIT Management Co., Ltd. 12% 33% 12% 15% 54% 46% Total available credit facilities

Unused Used

Note: Debt profile as of 30 June 2020. (1) All loans from financial institutions are under fixed and float rate with an average cost of debt at 1.78%

Flexible funding capacity for portfolio expansion

37% 63%

Loans from Financial Institutions(1) Corporate Debentures 2Y Tenure 10Y Tenure

22,898

THB mn

3.31%

• avg. cost of

debentures 3Y Tenure 4Y Tenure 14,454 14,499 14,524 22,898 29,462 29,995 29,701 29,049

47,056 46,850 46,687 71,572

• 10,000

20,000 30,000 40,000 50,000 60,000 70,000 80,000

Borrowing and Gearing Limit

Borrowing NAV Liabilities % Gearing

Property Fund Gearing Limit 0.10x of NAV REIT Gearing Limit (IG) 60% of TAV REIT Gearing Limit (non-IG) 35% of TAV

Conversion to CPNREIT Unit: THB mn 2017 2018 2019 31% of TAV 2Q2020 32% of TAV 6%

• f NAV

Asset Acquisition 32% of TAV

Lease liabilities

Page 23 18% 10% 18% 8% 7% 10% 22% 7% Key Financial Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

Profit and Loss

2Q20 Income Contribution by Assets

Change Change Change YoY YoY QoQ Property income 1,913.5 2,586.7 (26.0%) 735.8 1,274.6 (42.3%) 1,177.6 (37.5%) Rental and service income 1,900.7 2,576.7 (26.2%) 729.0 1,268.9 (42.5%) 1,171.7 (37.8%) Other income 12.8 10.1 27.3% 6.8 5.8 18.3% 6.0 13.7% Interest income 5.5 1.7 228.5% 2.6 1.0 157.2% 2.9 (9.1%) Total income 1,919.0 2,588.4 (25.9%) 738.5 1,275.6 (42.1%) 1,180.5 (37.4%) Property expenses 291.6 353.2 (17.5%) 104.1 173.9 (40.1%) 187.4 (44.4%) Cost of rental and service 74.4 63.8 16.8% 30.0 32.6 (8.1%) 44.5 (32.6%) Selling and administrative expenses 35.9 52.0 (30.9%) 2.1 27.2 (92.4%) 33.8 (93.9%) Property management fee 181.2 237.5 (23.7%) 72.1 114.0 (36.8%) 109.1 (33.9%) Interest expense 290.5 252.1 15.2% 158.0 122.4 29.1% 132.5 19.3% Interest of lease liability 373.5 0.0 100.0% 373.5 0.0 100.0% 0.0 100.0% Other management fees and expenses 96.5 87.6 10.2% 50.7 44.1 15.0% 45.8 10.7% Total expense 1,052.1 693.0 51.8% 686.4 340.3 101.7% 365.7 87.7% Net investment income 866.9 1,895.5 (54.3%) 52.0 935.3 (94.4%) 814.8 (93.6%) 1.4 (8.2) 117.4% 1.3 (8.2) 115.4% 0.2 637.0% (22.9) (41.5) 44.8% (8.9) (14.6) 39.2% (14.1) 37.0% Net increase in net assets from operations 845.3 1,845.7 (54.2%) 44.4 912.5 (95.1%) 800.9 (94.5%) Income available for distribution 866.9 1,895.5 (54.3%) 52.0 935.3 (94.4%) 814.8 (93.6%) Distribution 598.9 1,794.3 (66.6%) 0.0 897.2 (100.0%) 598.9 (100.0%) Distribution per unit (in Baht) 0.2707 0.8110 (66.6%) 0.0000 0.4055 (100.0%) 0.2707 (100.0%) Net property income margin 84.8% 86.3% (1.5%) 85.8% 86.4% (0.6%) 84.1% 1.7% Net investment income margin 45.3% 73.3% (28.0%) 7.1% 73.4% (66.3%) 69.2% (62.1%) NII Margin (ex interest from lease liability) 64.8% 73.3% (8.5%) 57.8% 73.4% (15.5%) 69.2% (11.4%) Net unrealised gain (loss) from changes in investment value Net realised gain (loss) from changes in investment value 6M19 1Q20 2Q20 2Q19 6M20 Unit: Baht Million

Page 24 Key Financial Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

2Q20 F/S vs Core Performance

Balance Sheet 2Q 20 (in thousand Baht)

• Excl. TFRS 16

Income Rental and service income 729,018 547,087 181,931 33.3% Interest income 2,630 2,630

• 0.0%

Other income 6,806 6,806

• 0.0%

Total income 738,455 556,524 181,931 32.7% Expenses Property management fee 29,966 29,966

• (0.0%)

Management fee 38,687 38,687

• 0.0%

Trustee fee 10,551 10,551

• (0.0%)

Registrar fee 1,035 1,035

• 0.0%

Professional fee 72,111 72,111

• 0.0%

Costs of rental and services 452 452

• 0.0%

Administrative expense 2,057 2,057

• 0.0%

Interest on lease liability 373,545

• 373,545

N/A Finance cost 158,007 158,007

• 0.0%

Total expenses 686,413 312,868 373,545 119.4% Net profit on investments 52,042 243,656 (191,615) (78.6%) Net gain (losses) on investments Net gain on investments 1,262 1,262

• 0.0%

Net losses on change in fair value of investments (8,870) (8,870)

• 0.0%

Total net losses on investments (7,608) (7,608)

• 0.0%

Net increase in net assets resulting from operations 44,434 236,048 (191,615) (81.2%) 2Q 20 FS Change %

Page 25

Distribution Summary

Distribution Period 1 April – 30 June 2020 Distribution Per Unit Postponement of distribution to be considered in the following quarter Payout Ratio 90% of the adjusted net profit

0.3795 0.4055 0.4157 0.4163 0.4055 0.4055 0.4060 0.4060 0.2707

• 0.0200

0.0300 0.0800 0.1300 0.1800 0.2300 0.2800 0.3300 0.3800 0.4300 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 Key Financial Highlights Prepared by Investor Relations, CPN REIT Management Co., Ltd.

Page 26

Asset Enhancement Investment in 2020

CentralPlaza Rama 2 Renovation

• Renovation period: Jul 2020 – Oct 2021
• Investment cost: Baht 1.1 billion
• Credit Facilities : Bank loan
• GFA

~18,000 sq.m.

• GLA

~10,000 sq.m.

Prepared by Investor Relations, CPN REIT Management Co., Ltd.

Hilton Pattaya Renovation

• Renovation period: Apr - Oct 2020
• Investment cost: Baht 437 million
• CPNREIT investment cost: Baht 320 million
• Credit facilities: Bank loan
• No of Room 304 Rooms (+2 Rooms)
• Sustaining and maintaining Hilton’s

position in market especially with new competition entering the market

• Competitors focus on upgrading their

existing products

• Fixing operational design flows to improve

guest experience and product efficiency

• To be one of the biggest regional malls in

southern Bangkok

• Retail expansion
• New parking building
• Reconfigure existing mall area
• Upgrade lifestyle mer-mixed & uplift

fashion brands

• New food destination

Business Update

Page 27

Hilton Pattaya – Rental Postponement

Prepared by Investor Relations, CPN REIT Management Co., Ltd. Business Outlook

Rental Baht mn 1Q20 2Q20 3Q20 4Q20 Fixed 225.0 56.0 56.0 56.0 56.0 Variable ≤ 50% of fixed 3.0

• TBC

Total Fixed + Variable 59.0 56.0 56.0 56.0+TBC Rental Postponement Force Majeure

• The postponed rental is calculated as per the specified formula.
• Rental payment will be paid once return to normal operation,

the sequence of payment will be after fixed and variable rent of such quarter. Baht mn 1.2 Renovation (Apr-Oct 2020) Rental payment can be postponed but paid within the year. Baht mn 56.0 56.0 19.0

Page 28 Assets Lease term ~15 years end 30 Apr 2035 ~22 years end 16 Dec 2041 30 years 30 years Invested GFA (sq.m.) 29,190 31,723 56,444 48,265 Invested GLA (sq.m.) 13,726 15,863 26,294 25,168 Investment Value (Bt mn) ≤2,768 ≤3,098 ≤9,039 ≤8,261

Investment in Additional Assets of CPN

Prepared by Investor Relations, CPN REIT Management Co., Ltd. Asset Acquisition

Tentative Timeline for Capital Increase & Acquisition

Option 2 Completed in Feb 2021 Option 1 Completed in Dec 2020

• Revise Filing with Q2/2020 update
• Filing submission
• SEC approval process
• Effective Filing

Sep Oct 2019 Nov 2020 Dec Jan Aug Feb 2021

• Subscription period
• Asset Transfer
• New units to be traded
• Revise Filing with Q3/2020 update
• Filing submission
• SEC approval process
• Effective Filing
• Subscription period
• Asset Transfer
• New units to be traded

Page 29

CPNREIT Credit Rating by TRIS Rating

Prepared by Investor Relations, CPN REIT Management Co., Ltd. Credit Rating

• On 22 July 2020, TRIS Rating affirmed the company rating of CPNREIT

and the ratings on its senior unsecured debentures at “AA”, and downward the rating outlook to “Negative” from “Stable”

• Key Rating Considerations:

➢ Largest REIT in Thailand ➢ Rental income from retail property to plummet by 40% in 2020 ➢ Mild impact from hotel property in 2020 ➢ Gradual recovery of shopping centers in the 2H2020 ➢ Pending asset acquisition plan from CPN and equity injection ➢ Leverage elevated from delayed capital increase and temporary lease obligation ➢ Adequacy liquidity in 2020

• Rating Sensitivities:

➢ Revise downward if the impact from COVID-19 to CPNREIT performance deeper than expected ➢ Revise upward if the success of fund raising and improvement of leverage level to stay below 35%, and debt/EBITDA stays below 5 times

Page 30 Q&A

For more information, please contact:

Investor Relations CPN Retail Growth Leasehold REIT (CPNREIT)

CPN REIT Management Company Limited 31st Fl, the Offices at CentralWorld 999-9 Rama I Rd., Patumwan District Bangkok 10330 Thailand +662 667 5555 ext. 1660

@

ir_cpnreit@cpn.co.th http://www.cpnreit.com Prepared by Investor Relations, CPN REIT Management Co., Ltd.

End of presentation