CPN : Opp day Nov 21, 2012

1. Central Pattana Plc.
Property Development and Investment
Corporate Presentation: 3Q12 Performance Review
Central Suratthani
CentralPlaza Suratthani

2. Disclaimer
 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 operates and general achievement of CPN business forecasts, which will cause the actual results, performance or achievements of
CPN to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation.
 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 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.
Note: All currency figures within this presentation are presented in Thai Baht unless otherwise stated.
2

3. Agenda
► Company Overview
► Operations
► Future Developments
► Financial Highlights

4. Company Overview

5. 3Q12 Overview
Operations
• CentralPlaza Suratthani resumed its operations on October 11, 2012
an Occupancy Rate of approximately 93%.
• Shopping centers achieved 3Q12 same store effective rental rate +12% yoy (1).
Financials
– Overall performance :
– 3Q12 Revenues + 42% yoy
– 3Q12 Operating Profit +150% yoy
– 3Q12 Net Profit +220% yoy
– 3Q12 Net Profit (Include non-recurring) +632% yoy
– For a same store basis(1) :
– 3Q12 Revenues +11% yoy
– Net D/E stood at 0.88 times.
•
Expansion
– CentralPlaza Lampang will be launched on November 30 with approximately 90%
occupancy rate.
– Development of future projects – CentralPlaza Ubonratchathani and CentralFestival
Hatyai and CentralFestival Chiangmai is on progress.
Note 1:.Excludes CentralPlaza Udonthani, CentralPlaza Lardprao, CentralPlaza Pitsanulok, and CentralPlaza Grand Rama9.
5

6. Operational Performance

7. Property Locations
Existing Projects: Thailand
Shopping Centers: 19
World Format 1 (BMA)
Plaza Format 16 (9 - BMA)
(7 - Province) Equity-owned (CPN)
Center Format 1 (Province)
Pure-managed (CPNRF)
Festival Format 1 (Province)
Offices: 7 (BMA) Under construction
Hotel: 2 (Province)
Bangkok Metropolitan Area (BMA)
Pipeline Projects:
Shopping Centers:
BMA
- Suan Lumpini (Pre-Cadet School)
Provinces
- Lampang
- Ubonratchthani
- Hatyai (Songkla)
- Chiangmai
Note : As of 30 September 2012.
7

8. Leasable Area and Occupancy: Bangkok Retail
As of 3Q12, CPN manages 18 premium shopping centers – 10 in Bangkok Metropolitan Area (BMA) and its vicinities
and 8 in provincial areas. In 3Q12, occupancy of the BMA shopping centers stood at 97%.
Retail Properties in BMA
Leaseable area(1) (sqm) Occupancy Rate (2)
CPN Retail Develop- Land
Properties ment Ownership Department
Retail Total 3Q12 2Q12 3Q11
Store
1. Lardprao Greenfield Leasehold 48,140 - 48,140 100% 100% 97%
2. Ramindra Greenfield Leasehold 17,156 - 17,156 100% 100% 98%
3. Pinklao (3) Greenfield Leasehold 35,575 - 35,575 100% 100% 99%
4. Rama 3 (3) Greenfield Freehold 18,192 - 18,192 85% 100% 100%
Under renovation.
5. Bangna Acquisition Freehold 58,112 - 58,112 91% 96% 95%
6. Rama 2 (3) Greenfield Leasehold 5,937 - 5,937 100% 100% 100%
7. Rattanathibet Acquisition Freehold 59,680 17,558 77,238 100% 98% 98%
Underwent a major
18,970
8. CentralWorld Acquisition Leasehold 141,029 187,054 98% 98% 88% renovation during
27,055
May 10 – Nov 11.
9.Chaengwattana Greenfield Freehold 64,458 - 64,458 95% 95% 96%
10.Grand Rama 9 Greenfield Leasehold 59,505 23,432 82,937 99% 99% n/a Opened in Dec11.
(4)
CPN Portfolio in BMA 507,784 87,015 594,799 97% 98% 94%
Note 1: Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines.
Note 2: Percentage based on leaseable area. 8
Note 3: Excludes areas transferred to CPNRF.

9. Leasable Area and Occupancy: Provincial Retail
8 shopping centers are strategically located in high traffic growth areas in provinces.
Occupancy rate in 3Q12 averaged 98%.
Retail Properties in Provincial Areas
Land Leaseable area (1) (sqm) Occupancy Rate (2)
CPN Retail Develop-
Properties ment Department
Ownership Retail Total 3Q12 2Q12 3Q11
Store
1. Pattaya Center Greenfield Leasehold 15,226 - 15,226 97% 97% 93%
2. Chiangmai Acquisition Freehold 45,140 30,751 75,891 99% 98% 99%
3. Pattaya Festival Greenfield Freehold 57,161 - 57,161 96% 96% 97%
4. Udonthani Acquisition Freehold 45,196 23,640 68,836 99% 98% 91% Underwent a major renovation
5. Chonburi Greenfield Freehold 40,386 - 40,386 96% 94% 96% during Jun 11 – Mar 12.
6. Khonkaen Greenfield Freehold 50,146 - 50,146 95% 96% 93%
7. Chiangrai Greenfield Freehold 21,459 - 21,459 98% 98% 98%
8. Phitsanulok Greenfield Freehold 24,974 - 24,974 100% 100% n/a Opened in Oct 11.
CPN Portfolio in Provinces 299,688 54,391 354,079 98% 97% 96%
Total CPN Portfolio for Retail Properties 807,472 141,406 948,878 98% 98% 95%
Note 1: Excludes rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines.
Note 2: Percentage based on leaseable area. 9
Note 3: CentralPlaza Suratthani opened in October 2012 with an occupancy rate 93%

10. Leasable Area and Occupancy: Office
Office property is considered as non-core business, complementing shopping center business and adding value to the
overall project. As of 3Q12, CPN owned five office towers located in BMA with an average occupancy rate of 96%.
Leaseable Occupancy Rate (2)
Develop- Land
Office area (1)
ment Ownership 3Q12 2Q12 3Q11
(sqm)
1. Lardprao Greenfield Leasehold 16,250 96% 99% 22% Completed its major renovation in 1Q11.
2. Bangna Acquisition Freehold 10,007 94% 97% 99%
3. CentralWorld Acquisition Leasehold 82,796 98% 97% 89% Divested to CPNCG in Sep 12.
4. Chaengwattana Greenfield Freehold 19,867 84% 85% 56%
5. Grand Rama 9 Greenfield Leasehold 13,163 95% 94% n/a Opened in Dec 11.
Total 142,082 96% 95% 76%
Note 1: Excludes storage.
Note 2: Percentage based on leaseable area. 10

11. Occupancy: Residential and Hotel
Residential property and hotel are non-core businesses. These businesses complement that of the
shopping center and add value to the project.
Residential
Leaseable area (1) Occupancy Rate (2)
Residential
(sqm) 3Q12 2Q12 3Q11
1. Bangna 1,907 47% 47% 49% Strata title. Asset for sales.
2. Langsuan 4,466 61% 65% 64% 50-unit furnished apartment.
Total 6,373 57% 60% 60%
Hotel
No. of Occupancy Rate %
Hotel Available
Room 3Q12 2Q12 2Q11
Centara Udonthani 259 56% 53% n.a Closure for refurbishment during Jun 11 – Dec 11. Managed by Central Plaza Hotel Plc.
Hilton Pattaya 302 63% 76% 59% Launched in Dec 10. Managed by Hilton Hotel Corporation
Total 561 60% 66% 59%
Note 1: Includes retail space. Excludes storage.
Note 2: Percentage based on leaseable area. 11

12. Operation Performance: CPNRF
In 3Q12, CPN Retail Growth Leasehold Property Fund (“CPNRF”) owns three shopping centers and two office towers.
CPNRF is managed by SCB Asset Management, Fund Manager. Its properties are managed by CPN, Property Manager.
Leaseable Occupancy Rate (2)
CPNRF Retail Develop- Land
area (1)
Properties ment Ownership 3Q12 2Q12 3Q11
(sqm)
1. Rama 2 Greenfield Leasehold 88,945 100% 99% 100%
2. Rama 3 Greenfield Freehold 37,053 99% 100% 96%
3. Pinklao Greenfield Leasehold 21,706 99% 98% 94%
CPNRF Retail Properties 147,704 100% 99% 98%
Leaseable Occupancy Rate (2)
CPNRF Office Develop- Land
area (1)
Properties ment Ownership 3Q12 2Q12 3Q11
(sqm)
Pinklao Tower
Greenfield Leasehold 33,760 97% 98% 97%
A&B
CPNRF Portfolio 181,464 99% 98% 97%
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 leaseable area. 12

13. Rental Contract Type : By Area
% of Sales Monthly basis collection
24% (up to 3 years)
• Tenants: food centers, cineplex and
international brands such as
“McDonalds”, “KFC”
Fixed rent • Range of percentage: 10% - 30%
48% of sales
Monthly basis collection
(up to 3 years) • With minimum guarantees
• Increase rental rate
approx 5% p.a.
• Approx. 1/3 of rental contract Long-term lease
expired every year 28%
Up-front collection
(up to 30 years)
• Up-front payment – realize throughout lease contract
period on straight-line basis
Note:
On top of space rental fee, service & utility fees
are collected on a monthly basis
Note1: Percentage based on occupied area.
Source: Company estimate as of 30 September 2012. 13

14. Effective Rental Rate (1)
Overall effective rental rate declined in 2009 – 2011 from new malls in Same store rental rate of matured malls
provinces. 3Q12 same store rental rate grew 12% y-o-y. (Bt/sm/mth)
1,600
1,443 1,422
Same Store 1,400 1,298
1,253
1,200
(Bt/sm/mth) Rental + 12% YoY
1,000
1,600 800
1,455
1,441 600
1,430 1,369 3Q11 3Q12 9M/11 9M/12
1,400 1,356
1,274 1,254 1,248
1,225 1,218 1,206 Excludes , CentralPlaza Lardprao, and malls
launched during 2008-2012 (2)
1,200
Same store rental rate of new malls (2)
1,000 (Bt/sm/mth)
1,400
1,233 1,236
1,200 1,109 1,128
800
1,000
800
Excludes CentralPlaza Udonthani, 600
All projects CentralPlaza Lardprao, 3Q11 3Q12 9M/11 9M/12
and new malls launched in 2H 2011
Excludes CentralPlaza Udonthani,
malls launched in 2H 2011 (3)
Note 1 : The figures are effective rental rates for retail tenants (occupied space < 1,000 sqm) and net of special rental discounts.
Note 2 : Malls which have been operating less than 3 - 4 years – CentralPlaza Chaengwattana, CentralFestival Pattaya Beach, CentralPlaza Udonthani, 14
CentralPlaza Chonburi, CentralPlaza Khonkaen, and newly launched malls opened in 2011.
Note 3 : CentralPlaza Udonthani, CentralPlaza Phitsanulok, and CentralPlaza Grand Rama 9.
Source: Company estimate as of 30 September 2012.

15. Expiration of Long term lease contract (1)
Long term lease contract will be expired in each following year from now. At that day, these area will be
converted to short term contract at market rental rate which could be increased the company’s revenues.
The expiration area and expiration period are shown below :
Year Retail Anchor Retail + Anchor
2013 11,781 - 11,781
2014 5,497 25,956 31,453
2015 23,464 - 23,464
2016 4,573 - 4,573
2017 4,556 26,270 30,826
2018 4,414 - 4,414
2019 7,150 18,970 26,120
2020 359 27,056 27,415
2021 onward 45,204 24,919 70,123
Total 106,996 123,171 230,167
.Source: Company estimate as of 30 September 2012.
15

16. Future Developments

17. Secured Future Locations
CentralFestival Chiangmai
CentralPlaza Lampang NLA: 46,700 sqm
NLA: 16,100 sqm Opening in 4Q 2013
Opening in 30 Nov 2012
CentralPlaza Ubonratchathani
NLA: 25,300 sqm
Opening in 2Q 2013
CentralFestival Hatyai
NLA: 50,100 sqm
Opening in 4Q 2013
Note: As of 30 September 2012.
17

18. CentralPlaza Lampang
Project Highlights
Investment Cost (1) 1,100 MB
Program
Shopping Center (N.L.A.) 16,100 sqm (2)
Parking (G.A) 800 cars
Joint- Developer Robinson Department Store (3)
Location 39 rais, Lampang Province
North of Thailand
Construction Progress 92% of construction (As of Oct 12)
Opening 30 Nov 2012
Note1: Includes land and construction cost of shopping center and parking building. Excludes those of department store.
Note2: Excludes CRC’s area (Robinson Department Store). 18
Note3: Area will be developed and owned by the joint developer. However the store will be magnet to draw traffic into CPN’s plaza area.

19. CentralPlaza Ubonratchathani
Project Highlights
Investment Cost (1) 1,800 MB
Program
Shopping Center (N.L.A.) 25,300 sqm (2)
Parking (G.A) 1,500 cars
Joint- Developer Robinson Department Store (3)
Location 76 rais, Ubonratchathani Province
Northeast of Thailand
Construction Progress 42% of construction (As of Oct 12)
Opening (tentative) 2Q 2013
Note1: Includes land and construction cost of shopping center and parking building. Excludes those of department store.
Note2: Excludes CRC’s area (Robinson Department Store). 19
Note3: Area will be developed and owned by the joint developer. However the store will be magnet to draw traffic into CPN’s plaza area.

20. CentralFestival Hatyai
Project Highlights
Investment Cost (1) 4,500 MB
Program
Shopping Center (N.L.A.) 50,100 sqm (2)
Multi-purposed Hall 4,800 sqm
Parking (G.A) 2,100 cars
Joint- Developer Central Department Store (3)
Location 50 rais, Hatyai Province
South of Thailand
Construction Progress 7% of construction (As of Oct 12)
Opening (Tentative) 4Q 2013
Note1: Includes land and construction cost of shopping center and parking building. Excludes those of Central Department Store.
Note2: Excludes CRC’s area (Central Department Store). 20
Note3: Area will be developed and owned by the joint developer. However the store will be magnet to draw traffic into CPN’s plaza area.

21. CentralFestival Chiangmai
Project Highlights
Investment Cost (1) 3,100 MB
Program
Shopping Center (N.L.A.) 46,700 sqm (2)
Parking (G.A) 1,500 cars
Joint- Developer Central Department Store (3)
Location 68 rais, Chiangmai Province
North of Thailand
Development Progress 5% of construction (As of Oct 12)
Opening (tentative) 4Q 2013
Note1: Includes land and construction cost of shopping center and parking building. Excludes those of Central Department Store.
Note2: Excludes CRC’s area (Central Department Store). 21
Note3: Area will be developed and owned by the joint developer. However the store will be magnet to draw traffic into CPN’s plaza area.

22. Future Leaseable Area & Occupancy Rate
Assets under management 2006 2007 2008 2009 2010 2011 2012F 2013F 2014F 2015F
No.of project 10 10 11 15 15 18 20 23 27 30
Retail space (NLA in sqm) 684,587 697,038 761,111 967,430 964,612 1,085,774 1,142,350 1,264,450 1,419,450 1,537,450
Office space (NLA in sqm) 145,700 144,791 144,791 164,253 163,991 175,831 175,831 175,831 175,831 175,831
Hotel (rooms) 255 557 561 561 561 561 561
Residential (units) 62 62 62 62 62 62 62 62 62 62
Source: Company estimate as at 30 September 2012.
Includes leaseable area of CentralPlaza Rama 2, CentralPlaza Rama 3, and CentralPlaza Pinklao which were partially transferred to CPNRF, but still 22
under CPN’s management.

23. Capital Expenditure
Major capital expenditure will be used to develop new projects. Financing plan for future expansion includes:
cash flow from operation, bond issuance and/or project finance, and property fund vehicle.
(Unit: MB)
Source: Company estimate as of 30 September 2012.
Note 1: Tentative development projects. 23

24. 3Q12
Financial Performance

25. Financial Summary 6-mth closure of
CentralPlaza Lardprao
(Bt.mil) 6-mth closure
of CentralWorld
15,000
13,089
12,766
12,500 11,755
11,388
10,000 9,271
8,282
7,500
5,079
5,000 4,499 4,432 4,495
2,991 3,112 3,158 2,843
2,404 2,442 2,620
2,500 1,541 1,550
619 1,171
1,569 2,158 2,292 1,552 1,871 3,478 389 1,242
0
2007 2008 2009 2010 2011 9M12 3Q11 2Q12 3Q12
/1
Total revenues Operating profit Net profit Net profit inc. non-recurring
Excludes non-recurring items.
Note1: Total Revenue includes rental & service, hotel operation, food & beverage, and other incomes. 25
Excludes interest income and share of profit from investment.
.

26. Retail & office +44% YoY, mainly from:
Revenues Breakdown
• Strong increases in rental rates and
decrease of discount at most of retail
properties.
16,000 (Bt.mil) +42% YoY
13,100 +1% QoQ • Contributions from new projects –
12,000 CentralPlaza Phitsanulok, CentralPlaza
9,216
Grand Rama 9 – launched in 2011.
8,000
4,437 4,495 • The completion of CentralPlaza Udonthani
4,000 3,158
expansion and renovation in March 2012
0
• The re-launch of CentralPlaza Lardprao in
9M11 9M12 3Q11 2Q12 3Q12
August 2011.
Other income Hotel F&B Office Retail
• Continuous improvement of CentralWorld.
Hotel revenues +70% YoY, due to re-launch
3Q12 Revenue breakdown of Centara Hotel & Convention Center
Udonthani and continuous improvement of
Retail Hilton Pattaya Hotel.
Office Office
5% F&B sales +14% YoY from
F&B F&B
4%
Hotel • Higher sales at CentralFestival Pattaya
Retail
82% Hotel
Other income
Beach.
4%
Other income • Contributions from the new food centers at
5% the CentralPlaza Udonthani and
CentralPlaza Phitsanulok.
Excludes non-recurring income.
Note1: Includes revenues from residential projects and water & amusement park, and property management fees from CPNRF. 26

27. Costs Breakdown
Cost of retail & office +19% YoY from:
• Costs of the newly launched projects.
(Bt.mil)
• Higher amortizations of CentralPlaza
10,000
Lardprao after renovation.
8,000 6,855 +25% YoY
+3% QoQ
• Depreciations of the newly launched
5,718
6,000 projects.
4,000
2,300 2,370
1,893
2,000 Cost of hotel business +61% YoY from the
increased income from hotel operations.
0
9M11 9M12 3Q11 2Q12 3Q12
Others Hotel F&B Office Retail F&B costs +12% YoY from
3Q12 Cost breakdown
• Higher F&B sales. The change in costs was
in-line with that of F&B sales.
Office • Costs of the new food centers at the
6%
F&B CentralPlaza Udonthani and CentralPlaza
6%
Phitsanulok.
Hotel
Retail
3%
85%
Others
0%
Note1: Excludes non-recurring items.
27

28. SG&A Expenses Breakdown
(Bt.mil)
Personnel expenses +14% YoY from:
3,000
+6% YoY • Increased number of employees to support
2,500 1,782 -2% QoQ business expansion and increased
1,632
2,000 minimum based salary.
1,500
1,000
608 Advertising & promotion -10% YoY, due to
553 593
500 the effective cost management thru top-line
0 driven basis
9M11 9M12 3Q11 2Q12 3Q12
Others Depreciation Advertising & promotion Personnel
3Q12 SG&A breakdown
Advertising &
promotion
15%
Personnel
50%
Depreciation
16%
Others
19%
Note1: Excludes non-recurring items.
28

29. Debt Analysis
Outstanding Borrowings 26,492mil (THAI BAHT) Fixed vs. Floating Interest Rate Mix
Floating
17%
Long-term loan
47%
Short-term bond
12%
Long-term bond Short-term loan
32% 9%
Fixed
83%
Financing Cost
(Bt.mil)
1,400 5.5% 6%
5.2%
1,200 4.7%
4.4% 4.3% 4.4% 4.4% 5%
4.2%
1,000
874 4%
745
800 688
581 543 3%
600
336 2%
400 254
235
200 1%
0 0%
2007 2008 2009 2010 2011 3Q11 2Q12 3Q12
/1
Interest expenses Weighted average cost of debt (RHS)
Note 1 : Weighted average interest rate was derived from interest expenses including interest capitalization for projects under development.
29

30. Capital Structure
CPN’s net D/E stood at 1 times, against its debt covenant of 1.75 times.
(Bt.mil) (Times)
30,000 1.40
25,245 25,847 26,870 26,492
24,765 1.20
25,000
21,522 21,905
1.19 1.14
19,085 18,918 1.00
19,008 20,448 1.12
20,000
16,445 16,669
0.92 0.88 0.80
15,000 13,639 15,173
12,045 0.84 0.74 0.60
10,000 0.59
0.40
3,983 4,704
5,000 3,677
2,541 1,884 0.20
1,632 945 1,685
0 -
2007 2008 2009 2010 2011 1Q12 2Q12 3Q12
Cash & current investment Interest bearing debts Equity Net D/E
30

31. Share Price Performance and Dividend
CPN Share Performance (5-Yr)
70 30,000,000.00
60 25,000,000.00
50
(Baht/share)
20,000,000.00
40
15,000,000.00
30
10,000,000.00
20
10 5,000,000.00
0 0.00
Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12
Volume (RHS) CPN Price (LHS)
Share overview Dividend policy is 40% of normal net profit.
Par Value (Bt) 1.00 2011 2010 2009 2008 2007
Stock Price (Bt) 60.00
Par Value (Bt) 1.00 1.00 1.00 1.00 1.00
FY12 core EPS (Bt/share) /1 1.96
Dividend (Bt/share) 0.37 0.25 0.58 0.33 0.33
P/E (Times)/1 35.1
Dividend Paid (Bt mil) 806 545 1,264 719 719
EV/EBITDA (Times)/1 21.4
Dividend Payout Ratio 39% 48% 25%/1 33% 40%
Market Capitalization (Bt bn.) 130.7
Remarks: Dividend policy is paid annually not less than 40% of net profit (unless there is a
Share Capital (mil.shares) 2,178.8 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.
Source: Factset as of 30 September 2012.
Note 1: Bloomberg’s consensus as of 7 November 2012. 31

32. Appendix

33. Balance Sheet
33

34. Income Statement
3Q11 2Q12 3Q12 % YoY % QoQ
Consolidated earnings (MB)
Change Change
Revenues from rental and service 2,710 3,792 3,915 44% 3%
Retail 2,511 3,549 3,666 46% 3%
Office 195 238 245 26% 3%
Other supportive businesses 5 5 4 (16%) (16%)
Hotel operations 100 163 170 70% 4%
Food & beverage sales 150 180 170 14% (5%)
Other income 198 298 239 21% (20%)
Total revenues 3,158 4,432 4,495 42% 1%
Costs of rental and service 1,817 2,085 2,157 19% 3%
Retail 1,676 1,930 2,003 19% 4%
Office 137 150 150 9% (0%)
Other supportive businesses 5 5 5 (2%) (2%)
Hotel operations 43 64 69 61% 8%
Food & beverage sales 128 151 144 12% (5%)
Total costs 1,988 2,301 2,370 19% 3%
Operating profit 619 1,541 1,550 150% 1%
Net profit 389 1,171 2,843 632% 143%
Net profit excluding non-recurring items 389 1,171 1,242 220% 6%
EPS (Bt) excluding non-recurring items 0.18 0.54 0.57 217% 6%
EPS (Bt) including non-recurring items 1.31
34

35. CPN Retail Growth Leasehold Property Fund
3rd Quarter 2012 Financial Results
21st November 2012

36. 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
on 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
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.

37. Contents
Page
1. Operations 5
2. Financial Highlights 11
3. Q&A

38. 1. Operations

39. Leasable Area and Occupancy
Occupancy rate of CPNRF Portfolio slightly increased QoQ
Area (sqm) Occupancy Rate
Leaseable Number of
Gross Area 31 Dec 11 31 Mar 12 30 Jun 12 30 Sep 12
Area Tenants/1
Rama 2 251,182 93,658 322 98.9% 98.8% 98.1% 98.7%
Rama 3 169,740 39,587 236 97.8% 98.6% 98.3% 98.1%
PinKlao (Plaza) 135,018 24,592 118 95.6% 96.7% 96.3% 98.1%
Pinklao Office Tower
50,653 33,760 97 96.5% 97.3% 97.3% 97.1%
A&B
Total 606,593 191,597 773 97.8% 98.2% 97.7% 98.2%
Source: CPN
Note:
/1 Number of tenants excluding those with long-term lease with upfront rent, kiosks, carts, ATMs and coin machines as at 30 September 2012

40. New and Renewed Lease Profile
Rental rates for the 3 malls have continued to grow by 7.6%
From 1 January to 30 September 2012/1
Renewal and New Leases/1 Increase / (Decrease)
No. of Leases Area (sqm) % of Total/2 in Rental Rate (p.a.)/3
Rama 2 74 4,084 4.4% 10.3%
Rama 3 47 5,370 13.6% 6.5%
Pinklao (Plaza) 28 3,393 13.8% 11.3%
Pinklao Office Tower A & B 24 5,719 % 4.4%
Total 173 18,566 9.7% 7.6%
Source: CPN
Note:
/1 Exclude rental agreements < 1 year
/2 Percentage of leasable area as at 30 September 2012
/3 Exclude rental agreements with revenue sharing clause

41. Lease expiry profile
Well balanced lease expiry profile
40% 38%
35% 33%
32%
30%
30% 28% 28%
25% 22% 22%
21% 19% 20% 20%
18% 18% 18% 17% 19%
20%
Central 15%
15% 12% 11%
10% 10% Department
10% Store lease
expiring 2025
5%
0%
Oct - Dec Y2012 Y2013 Y2014 Y2015 - Y2024 CDS Y2025
Rama II Rama III Pinklao (Plaza) Pinklao Office Tower A & B Total Portfolio
Source: CPN
Note:
1. Percentage of total occupied area as at 30 September 2012
2. Exclude rental agreements < 1 year

42. Rental Structure Profile
100%
100%
90%
90%
78%
% of Occupied Area
80%
70%
60% 52%
48%
50%
40%
30% 22%
20%
10%
10%
0%
0%
Rama II Rama III Pinklao (Plaza) Pinklao Office Tower A & B
Fixed Rent % of Sales Rent
Note:
1. % of total occupied area excluding those with long-term lease with upfront rent as at 30 September 2012
2. % of total number of tenants excluding those with long-term lease with upfront rent, kiosks, carts, ATMs and coin machine as at 30 September 2012

43. High Quality Tenants (Plaza)
Expiry Area (sqm) % of Total
Anchor Tenant /1 Trade Sector
Year Leasable Area /2
Rama 2 Rama 3 Pinklao Total
Central Department Store Department
/4 Aug 2025 27,000 27,000 17.1%
Store
Dec 2012,
Major Cineplex /4 Entertainment 5,518 6,530 12,048 7.6%
Apr 2015
Homework Furnishing Dec 2012 7,765 7,765 4.9%
Sports & Apr 2015,
Fitness First 2,333 2,975 5,308 3.4%
Fitness Jul 2014
TOPS Supermarket Supermarket Dec 2017 4,961 4,961 3.1%
Major Bowl Entertainment Dec 2012 2,665 2,665 1.7%
Office Depot Specialties Mar 2013 1,045 1,045 0.7%
IT City Computer Aug 2015 1,026 1,026 0.7%
Total Area of Anchor Tenants 48,954 9,889 2,975 61,818 39.2%
Total Leasable Area 93,658 39,587 24,592 157,837 100.0%
Note:
/1 Anchor tenant is a shop with space from 1,000 sqm. and above
/2 Based on leasable area as at 30 September 2012
/3 The Fund does not invest in the leasable areas which are the location of CDS and Major Bowl at CentralPlaza Rama III since those are owned by
Ratchada Nonsi Department Store Co., Ltd.
/4 The Fund does not invest in the leasable areas which are the location of CDS and Major Cineplex at CentralPlaza Pinklao since those areas are owned
by Centerl Pinklao Department Store Co., Ltd.

44. 2. Financial Highlights

45. Income breakdown : 3Q12
Good performance across the three assets leads to strong YoY growth for the Fund
Fund's other
income
1%
Pinklao
Rama 2
35%
40% THB 635mn, +2% QoQ and +6% YoY
Rama 3
24%

46. Profit & Loss
Net Investment Income continues to grow, both QoQ and YoY
(Baht Million) 3Q12 2Q12 QoQ Ch. 3Q11 YoY Ch.
Property level
Total income 629 620 +1% 588 +7%
Total expenses (41) (44) -8% (46) -10%
Property management fees (73) (73) +1% (70) +4%
Net income from property level 515 503 +2% 473 +9%
Fund level
Other income 6 6 +8% 11 -42%
Fund management fee and etc. (7) (7) +1% (7) +1%
Interest expenses (6) (6) 0% (6) -4%
Net investment income 508 495 +2% 470 +8%
Net realised (loss)/gain on investments 1 1 +6% - -
Net unrealised (loss) gains from
investment 189 (13) -1525% 120 +58%
Net increase in net assets 698 483 +44% 590 +18%

47. Balance Sheet
unit : Baht Million except
indicated Sep-12 Jun-12 QoQ
Investments in properties at fair
17,720 17,505 +1%
value
Cash and near cash 1,004 983 +2%
Other assets 207 200 +3%
Total Assets 18,931 18,688 +1%
A/P and Accrued expenses 110 107 +2%
Deposits received from customers 788 785 +0%
Loan from SCB 455 460 -1%
Other liabilities 168 164 +3%
Total Liabilities 1,522 1,516 +0%
Capital received from unitholders 15,764 15,764 0%
Retained Earnings 1,645 1,408 +17%
Net Asset Values 17,409 17,172 +1%
NAV per unit (Baht) 10.6389 10.4944 +1%

48. Distribution Summary
3Q2012 DPU of Bt 0.2863, increases by 1% QoQ and 8% YoY
3Q12 2Q12 QoQ 3Q11 YoY
Net investment income 508 495 +2% 470 +8%
Distributable income /1
via Dividend 509 483 +5% 470 +8%
via Par Reduction /2 - 13 -100% - -
Total distributable income 509 497 +3% 470 +8%
Actual Distribution
via Dividend 468 462 +1% 433 +8%
0.264
Baht per unit 0.2863 0.2823 +1% 4 +8%
via Par Reduction - - - - -
Baht per unit - - - - -
Total Distribution 468 462 +1% 433 +8%
0.264
Baht per unit 0.2863 0.2823 +1% 4 +8%
% of Net investment income 92% 93% -1% 92% +0.2%
Annualised Distribution Yield /3 6.9% 6.8% +0.1% 6.4% +0.5%
/1 Distributable income includes Net realised gain/loss on investments
/2 SEC regulation mandates non-cash expenses (e.g. unrealized loss) to be distributed only via par reduction, not dividend
/3 Based on unit price of 16.60 Baht as at 17 Oct 2012 (For the current quarter and next 9 months)

49. Shareholder Structure and Dividend
Listed on the SET 23 August
2005 Dividend Policy
Units Outstanding 1,636.3M • 4 times a year
Units • Pay out a minimum of 90% of net Investment Income
Registered Fund Size Baht
15,764.0M
NAV (Sep 2012) Baht 10.6389
DP
Unitholders Information U
(as at 7 November 2012)
0.9910 1.0230
0.9201
THAI 86.66% 0.8230 0.8716
CPN 27.80%
0.2723 0.2823 0.2863
Institution 19.43%
Individual 39.43% Y2007 Y2008 Y2009 Y2010 Y2011 1Q12 2Q12 3Q12
FOREIGN 13.34%
2007 2008 2009 2010 2011 1Q12 2Q12 3Q12
Institution 13.20%
Annualize
9.09% 11.17% 9.95% 8.26% 7.75% 7.72% 7.27% 6.69%
d Yield/1
Individual 0.14%
Note:
/1 Based on unit price as at the end of each period (For the previous 12 months)

50. CPNRF Fund Structure
Land Owner Land Owner
Lease of land Lease of land
90-2-9.3 Rai 90-2-9.3 Rai
(Principle Leasing Contract) (Principle Leasing Contract)
Central Central Central Pattana Plc.
Pattana Rama Central Pattana
Pattana Rama (Central Plaza Plc.
2 Co., Ltd 3 Co., Ltd Pinklao)
Sublease of Lease of Sublease of Lease of
Lease of land
land building shopping
and building land
and parking complex and Property Manager
53-2-39.4 Rai 30 + 30 + 30 24-02-84 Rai
20 years office building
20 Years years 15 Years 15 years
CPN Retail Growth Leasehold Property Fund (CPNRF)

51. CPNRF Fund Information
Name CPN Retail Growth Leasehold Property Fund (“CPNRF”)
Property Manager Central Pattana Public Company Limited (“CPN”)
Fund Manager SCB Asset Management Company Limited
Trustee Kasikorn Bank Public Company Limited
Registrar SCB Public Company Limited
CentralPlaza Rama 2, CenteralPlaza Ratchada-Rama 3,
Assets
CentralPlaza Pinklao
Type Property Fund Type I (Indefinite Life)
Total Fund Size Baht 15,764.0 MB
Fund Registered Date 11 August 2005
15 August 2005 for CentralPlaza Rama 2
Fund Investing Date 16 August 2005 for CentralPlaza Ratchada-Rama 3
4 November 2009 for CentraPlaza Pinklao
Fund Listed Date 23 August 2005
Secondary Market The Stock Exchange of Thailand (“SET”)