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Central Pattana Plc.Central Pattana Plc.Property Development & InvestmentProperty Development & InvestmentCorporate Presentation: 3Q 2008Corporate Presentation: 3Q 2008

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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 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 reliedupon 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.

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Content

Company Overview & Business Strategy

Thailand in Perspective & Retail Market Update

Operations

Developments

Financial Highlights

Thailand in Perspective & Retail Market Update

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Thailand in Perspective

Source : Bank of Thailand (BOT) and National Economics and Social Development Board (NESDB). Retrieved as of 30 Sep 2008.

BOT’s downward adjustment of GDP growth forecast to 4.3% - 5.0% from 4.8% - 5.8% for the year 2008.

Headline and Core Inflation in 3Q08 lowered to 7.3% and 2.9% yoy, respectively, due to less pressure from oil and food price rise.

Private Consumption expanded by 5.2% yoy in 3Q08 from a growth of 4.0% yoy in 2Q08, as a result of an acceleration in imported consumer goods.

Private Investment grew by 2.6% yoy in 3Q08, a contraction from a growth of 4.3% yoy in 2Q08.

Business Sentiment Index for the 3-month outlook (Sep-Nov 08) displayed at 47.4, denoting concerns on domestic economic impacts from global financial distress, despite lower energy price and inflation.

Export growth in 3Q08 continued at strong level of 25.9% yoy, primarily from improving export volumes.

Tourism in 3Q08 depressed significantly to a negative growth of 1.7% yoy, effecting from high level of oil price, domestic political unrest, and slowdown world economy.

Economic stimulus measure unveiled. It is expected to encourage domestic and foreign consumption and investment, as well as improve consumer and business confidence.

However, continual of controversial political arena create obstacles for upside risks of economic enhancement. It is undeniable that Thai economy hinges on political movements.

Economics

Government’s economic policies

The slowing Thai economy in 3Q08 is in response to domestic and global economic uncertainties. The weakened domestic consumption and investment resulted from political instability and growing concerns on world economic recession. Furthermore, the following indicators can be deemed as the risks of economic enhancement or deterioration.

Bank of Thailand

Bank of Thailand (BOT) raised the policy interest rate twice since the beginning of 2008 from 3.25% p.a. in Dec 07 to 3.75% p.a. as of Nov 2008.

The Monetary Policy Committee (MPC) considered that inflationary pressures remained, despite a decline in risks of surging energy and food price. Moreover, risks of downside economic growth has become a major factor to assess and monitor.

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Retail Market Overview in 3Q08 and Outlook 2009

Retail Industry has experienced a slowdown since late 2Q08 and continued to 3Q08.

Retail Sales reflected a decelerating growth of overall retail industry with an increase by 5.8% yoy and 3.0% yoyin Jul 08 and Aug 08, respectively, a significant drop from a growth of 8.0% yoy in 2Q08.

Domestic Demand remained subdued. Private Consumption Index (PCI) improved slightly, supported by lower cost of living and consumer product which resulted from plunging in oil price.

Consumer sentiment still weak owing to persisting political tension and rising concern on slowdown of the economy.

Consumer Confidence Index (CCI) continued to descend to 69.5 in Sep 2008 from 70.5 in Aug 2008.

In light of lessen energy and agricultural product prices, together with the economic stimulus package, it has led to a belief that those factors should help alleviate the cost of living burden, and eventually shore up the economy and retail industry growth. The assumptions to be deemed are on the basis that:

The government’s measures are implemented as planned including government expenditures on deficit budget reached the target.

Political situation has unwound.

Oil price stays at a lower range level.

Core inflation for 2008 remains in the BOT’s target band of 0% – 3% yoy.

Export growth continues to flourish.

Tourism expands at a satisfactory level.

Retail Market in 3Q08 Outlook for 2009

Source : Bank of Thailand (BOT) and National Economics and Social Development Board (NESDB), retrieved as of 30 Sep 2008.Company’s estimate.

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Bangkok Retail Property Overview

Source : CBRE and Company’s estimate Retrieved as of 30 Sep 2008.

Bangkok retail supply in 2Q08 increased by 79,000 sqm to 4.87 mil sqm.

New supplies are in the forms of shopping malls (51%), community malls (37%), and superstores (12%).

Most of the new supplies located in downtown, wherein supply grew 2.9% yoy, followed by a growth of 1.6% yoyand 1.1% yoy in suburb and midtown area, respectively.

The average vacancy rate in 2Q08 was 6.5%, an increase from 6.1% in 1Q08, due to a steady new supply and lower occupancy rate of newly opened space. Total take-up in 2Q08 increased by 2.1% qoq.

Rental rates have generally been stable since 2H06 due to addition of new supply and tight economic condition. It is also expected to remain steady in the short term and may rise again depending on how promptly the economy and consumer spending improves.

New retail supply in 2008 will be approximately 374,000 sqm, representing an increase of 7.9% yoy and mostly in the forms of shopping/community malls and mixed-use developments (commercial/ residential projects).

4,871

3,9984,336

4,5564,732 4,7925.4%

3.5%

5.4%4.7%

6.1%

6.5%

0

1,000

2,000

3,000

4,000

5,000

6,000

2004 2005 2006 2007 1Q08 2Q080.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Retail Supply Vacancy

1.6% qoq

4,871,000

79,000

2Q08

4,792,000

60,000

1Q08

4,732,000

176,000

2007

4,556,000

220,000

2006

4,336,0003,998,000Total Supply (sqm)

338,00045,000New Supply (sqm)

20052004Year

Sqm (‘000) Vacancy %

Comments Retail Supply

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498 501506

595674 684 689 689

496475428

365

0

100

200

300

400

500

600

700

2004 2005 2006 2007 1Q08 2Q08

Grade A Grade B +1.3% y-o-y

+ 2.8% y-o-y

Bangkok Office Property Overview

Bangkok office supply in 2Q08 slightly increased by 6,000 sqm to a total supply of 7.57 mil sqm.

It is noted that new supply was solely from the conversion of some retail parts of Central Silom Department Store into office spaces.

The slow growth in office supply was mainly due to concerns about fragile economy, political unsettlement, and the pending draft of foreign ownership regulations.

Average vacancy rate declined for both Grade A and Grade B due to limited new supply.

Grade A decreased from 6.0% in 1Q08 to 5.6% in 2Q08.

Grade B declined from 14.2% in 1Q08 to 13.8% in 2Q08.

Rental rate growth in 2Q08 was relatively slow:Grade A slightly increased by 1.3% yoy.

Grade B rose by 2.8% yoy.

As a result of pending demand, it is expected that rental rate will increase at a moderate pace.

New office supply of approximately 250,000 sqm are expected to come in 2008 (Grade A:54%, Grade B:46%) or an increase of 3.3% from 2007.

5,415

2,4711,967 2,117 2,155 2,155 2,155

5,4095,3925,3465,2434,714

5.6%

10.2%

6.6%7.2%4.8%

6.1%

13.8%

20.9%16.4%

16.0% 14.7% 14.2%

0

1,000

2,000

3,000

4,000

5,000

6,000

2004 2005 2006 2007 1Q08 2Q080.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Grade A Grade B & C Vacancy - A Vacancy - B & C

Sqm (‘000)Vacancy %

Office Rental Rate

Bt/sqm/month

Source : CBRE and Company’s estimate Retrieved as of 30 Sep 2008.

7,570,000

6,000

7,564,000

17,000

7,547,000

84,000

7,463,000

253,000

7,210,0007,185,000Total Supply (sqm)

25,00070,000New Supply (sqm)

Comments Office Supply

Company Overview &Business Strategy

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Business Overview

Highlights Recent Achievements

Shareholder’s Value Appreciation(1)

CPN is included in SET50 on the Stock Exchange of Thailand (SET).

CPN is included in FTSE SET Large Cap Index since April 2008.

CPN was ranked in the Top Quartile category for Good Corporate Governance of Thai listed companies.

CPN’s credit rating was affirmed at “A+” by TRIS Rating in July 2008.

CPN was granted one of the top-ten Corporate Governance Report Awards 2008 hosted by SET.

CPN is the leading retail developer and investor in Thailand with a 24% market share in Bangkok’s mall leaseable area.

CPN owns/manages 11 shopping centers, 5 office towers and 2 apartments in Thailand.

CPN continuously achieves strong growth through green field developments, acquisition & redevelopments and asset enhancement projects.

CPN is a fully integrated retail developer with unparallel synergies with its major shareholders, Central Group and Thailand Equity Fund, and unmatched financing capability through its property fund.

CPN is the largest retail developer on Stock Exchange of Thailand (SET) with a market capitalization of approx. USD 1.05 bn (1).

CPN is the property manager and largest shareholder (33%) in Thailand’s largest REIT - CPN Retail Growth Property Fund (approx. USD 275 mil) (1).

Note 1: Source: SetSmart and BOT as at 30 Sep 2008. CPN share price at Bt16.50 per share. CPNRF unit price at Bt8.60 per unit. FX rate at Bt34.1752 per $USD

3 Years CPN share price compared to SET Index and Property Index (based price on year 2005)

-

50

100

150

200

250

300

350

400

450

Jan-

05

Mar

-05

May

-05

Jul-05

Sep-

05

Nov

-05

Jan-

06

Mar

-06

May

-06

Jul-06

Sep-

06

Nov

-06

Jan-

07

Mar

-07

May

-07

Jul-07

Sep-

07

Nov

-07

Jan-

08

Mar

-08

May

-08

Jul-08

Sep-

08

Index

SET PROP CPN

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Strong Development & Acquisition Pipelines

1980 - Established under “CentralPlaza Co., Ltd.”

Past Developments (Core Growth)

Acquisitions and Redevelopments (Opportunity Growth)

1982 - Opened “CentralPlaza Lardprao”, the first integrated shopping complex in Thailand

1993 - Opened “CentralPlaza Ramindra”

1995 - Opened “CentralPlaza Pinklao”AND “Central Center Pattaya”

1996 – Acquired full equity stake in “CentralPlaza Chiangmai Airport”

1997 - Opened “CentralPlazaRatchada Rama 3”

2001 – Acquired full equity stake in “CentralPlaza Bangna”

2000 – Completed “CentralPlazaChiangmai Airport Phase 2A

2002 - Opened “CentralPlaza Rama 2”

2002 – Acquired “Centralworld (World Trade Center”, a mix-used complex

2003 – Completed “CentralPlaza Chiangmai Airport Phase 2BAND Acquired “Central Plaza Rattanathibet(Formerly Siam Jusco Rattanathibet”

2004 – Completed “The Offices at CentralWorld”

2005 – Completed “CentralPlaza Rattanathibet”

2008 - Open“CentralPlaza Chaengwattana”

2012 - Open“CentralPlaza Rama 9

2006 – Complete“CentralWorld

Future Growth

CPN Current Portfolio: 11 - Shopping Centers and 5 – Office TowersThroughout its 28 years, CPN not only achieved success in its own green field projects but also success in its acquisition and redevelopment projects.

2002 – Acquired “CentralWorld”(Formerly World Trade Center)

2009 - Open“CentralFestival Pattaya Beach”AND “CentralPlaza Chonburi”AND “CentralPlaza KhonKaen”

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Leading Market Share of Mall Retail Space in BMA

Source : Company’s estimate as at 30 Sep 2008, including newly opened CentralPlaza ChaengwattanaBased on CBRE report as at 31 December 2006.

Siam Paragon5%

Seacon Square5%

Siam Future6%Fashion Island

4%

Seri Center2%

MBK2%

Others36%

Future Park Rangsit5%

The Mall Group11%

CPN24%

CPN is the leading retail property developer and investor in Thailand with approximately 24% market share in Bangkok Metropolitan Area’s mall leaseable space.

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Vision and StrategyVision

To be the leading retail developer with world-class experience.

MissionTo constantly achieve a sustainable growth with maximum satisfaction for all stakeholders.

Core Business Growth StrategyDevelop new shopping centers with multi formats both in country and overseas.Retain and extend the shopper customers.Develop new retail tenants.

Organization Development StrategyImprove business processes.Provide effective human capital align with company growth.Deploy new management tools and initiatives in organization development.

ValuesInnovative, Experience, Trustworthiness, Excellence, Success of Partners

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Chirathivat Family32%

Central Holding27%

Other36%

Lombard's Thailand Equity Fund

5%

Strategic Shareholders CPN is one of the flagship businesses of the Central Group (Chirathivat Family). As a strong and supportive shareholder, the Chirathivat family brings to CPN a wealth of retail-related expertise through the family’s long record and successful leadership in Thailand’s dynamic and competitive landscape of shopping mall developments and department store / specialty stores operations.

As a strategic investor, Lombard’s Thailand Equity Fund(1) brings to CPN a wealth of financial advisory, international shopping center knowledge, corporate governance initiatives and many other business know-how’s.

Note1: Lombard’s Thailand Equity Fund is a US$245 million private equity fund sponsored by Lombard Investments, Inc., headquartered in San Francisco, and the International Finance Corporation ("IFC"), part of the World Bank Group. The fund was formed with the support of the Government of the Kingdom of Thailand in order to make private equity investments in operationally competitive Thai businesses and is managed by MFC Asset Management. Investors in the fund include the IFC, California Public Employees'Retirement System ("CalPERS"), Asian Development Bank, DEG (a member of Germany's KfW Group), the Ministry of Finance of the Government of Thailand, and ten leading Thai banks and other institutions.

As of 19 November 2008

The Central Group 59%

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Strategic Shareholder: Central Group

Owner of Centara hotel, resorts, and convention

centers, and also franchisees of fastfoodretail chains including KFC, Pizza Hut, Baskin Robbins, Mister Donut, Auntie's Anne, Pepper

Lunch

Owner and developer of Shopping Centers and Mix-

Used Complex

Owner of retail chains including

Central Department Stores, Robinson Department

Stores, ZEN Department Store, Power Buy, Super

Sports, B2S, Home-works, Tops Supermarket, Office

Depot, etc.

Owner of international retail franchisees for; - Cosmetics : Clarins,

Elizabeth Aden, Payot...- Apparel : G2000, U2,

S'fare, John Henry, Daniel Hechter, Hush Puppies, Jockey, Wrangler, Lee, FCUK, Energy, Miss Sixty...

- Others : Samsonite, Pentax, Guess watch, Casio....

CPN’s strong synergy with the Central Group helps CPN to attract dynamic tenants, increase people traffic and command higher rents.

The Central Group and Chirathivat Family

Centara Hotel

(CENTEL)

Central Pattana

(CPN)

Central Retail Corporation

(CRC)

Central Marketing Group(CMG)

100%59% 67% 100%

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CPN is the only retail developer in Southeast Asia with a fully integrated business platform that will allow it to expand on a sustainable basis and achieve operational enhancements and success with its synergies with the Central Group of companies.

CPN will use this integrated business platform to expand further throughout Thailand, maintaining market share in Bangkok while increasing market share in the Provincial area. CPN will also utilize this optimal business platform in its expansion into neighboring countries.

Central Group CPNRF – Property FundCPNProvide optimal funding source:

Unlock CPN’s asset value

Free up capital for businessexpansion

Lower leverage and avoid dilution

Create fee base income

Improve CPN’s financial position:

Tax benefit

Capital redeployment to projects with higher return

Leading retail developer, property manager and investor in Thailand with market share of 24% of Bangkok’s mall saleable area

Integrated development, leasing and property management teams have ensured continuous success for over 28 years

Strategic location

Optimal tenant mix

World class standard

Branded malls to ensure innovative designs and functionality to suit customer needs

Largest and most popular retail chains in Thailand

Guarantee space take-up with successful brands and store concepts

Increase people traffic

Most successful and most experienced retail company in Thailand

Attract tenants to locate in CPN shopping centers

Allow CPN to achieve higher rental rates than others

Fully Integrated Business Platform

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Key Success Factors

Central’s Group Synergy

Experienced & Hands-on

Management

High Revenue Generating

Capability at Sustainable Growth Rate

Focus on Retail Property

Development in Prime Locations

with Solid Operating

PerformanceDynamically Innovative &

Diversification

Prudent Financial Management and

Financial Flexibility

“Unrivalled Leading Player in the Retail Property Development Industry”

Operations

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Existing and New Property Locations

Bangkok Metropolitan Area (BMA)Thailand & Overseas

Existing Properties:Shopping Centers: 11

- World 1 (BMA)- Plaza 9 (BMA – 8)- Center 1 (Province)

Offices: 5 (BMA)

Pipeline Properties in 2012:Shopping Centers: 7Bangkok Metropolitan Area

- Rama 9- Suan Lumpini (Pre-Cadet School)

Provinces- Pattaya Festival Beach- Chonburi- Khon Kaen- Chiangmai 2

Overseas

Office: 1 (BMA)- Chaengwattana

Existing Properties

Chiangmai(Plaza)

Lardpro(Plaza)

CentralWorld(World)

Ramindra(Plaza)

Rattanathibet(Plaza)

Pinklao(Plaza)

Bangna(Plaza)

PattayaCenter (1)

9

6

4

3

2

1

7

10

Rama2(Plaza) 8

Rama3(Plaza) 5

Properties in CPNRF Land Bank

PattayaBeach (2)

Chonburi

Projects under

development

Suanlum

Potential Projects

KhonKaen

Rama 9

Chiangmai 2

Changwattana(Plaza) 11

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Leaseable Area and Occupancy: Retail

Note 1: Excluding rental agreements < 1 year, such as kiosk, carts, ATMs and coin machines.Note 2: Percentage based on leaseable area. Note 3: Leaseable area of Rama II and Rama III, which are under CPNRF, include rental agreements < 1 year such as kiosk, carts, ATMs and coin machines

and CPN acts as the property manager.

95%96%96%22740,045FreeholdGreenfield2. Rama 3

99%99%99%32393,331LeaseholdGreenfield1. Rama 2

100%100%100%345,937LeaseholdGreenfield8. Rama 2

100%100%100%6918,192FreeholdGreenfield5. Rama 3

CPNRF Retail Properties (3)

Total CPN Portfolio

10.CentralWorld

9. Rattanatibet

7. Bangna

6. Chiangmai

4. Pattaya

3. Pinklao

2. Ramindra

1. Ladprao

CPN Retail

Properties

90%91%92%462184,592LeaseholdAcquisition

95%95%97%2,480563,004

100%100%100%14015,227LeaseholdGreenfield

Total CPNRF Portfolio

Acquisition

Acquisition

Acquisition

Greenfield

Greenfield

Greenfield

Develop-

ment

Freehold

Freehold

Freehold

Leasehold

Leasehold

Leasehold

Land

Ownership

97%98%98%550133,376

96%98%99%22376,978

99%98%98%30357,392

98%99%99%52476,321

92%91%99%27255,644

92%99%99%7817,159

100%99%99%37555,562

3Q072Q083Q08

Occupancy Rate (2)No.of

Tenants

3Q08 (1)

Leaseable

area (1)

(sqm)

Higher occupancy rate from new retail shops after the completion of major renovation in Dec 06.

Continuous increase in occupancy rate afterthe full opening in Dec 06. Target occupancy rate at 95% for the year end 2008.

Comments

Higher occupancy rate from new retail shops after the completion of asset enhancement in Dec 06.

Occupancy rate increased from the entry of two new anchors and other retailers as a result of tenant mixed change.

Please see CPNRF.

Please see CPNRF.

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Leaseable Area and Occupancy: Office & Residential

Note 1: Including retail space. Excluding storage.Note 2: Percentage based on leaseable area.

Total

5. CentralWorld

4. Bangna

3. Pinklao B

2. Pinklao A

1. Ladprao

Office

Acquisition

Acquisition

Greenfield

Greenfield

Greenfield

Develop-

ment

75%84%84%3811,334Leasehold

Leasehold

Freehold

Leasehold

Leasehold

Land

Ownership

93%94%94%282144,280

94%94%96%11082,794

96%100%100%3010,007

92%94%86%4922,426

96%99%99%5517,719

3Q072Q083Q08

Occupancy Rate (2)No.of

Tenants

3Q08 (1)

Leaseable

area (1)

(sqm)

Total

2. Langsuan

1. Bangna

Residential

52%71%75%6,373

55%75%81%4,466

44%61%61%1,907

3Q072Q083Q08

Occupancy Rate (2)Leaseable area (1)

(sqm)

Comments

Opened in 1Q06 after completion its conversion from residential to Grade B office building.

Leasehold serviced apartment. Continuous increase in occupancy rate after completion of its renovation in Dec 07.

Strata title. Asset for sales.

An anchor moved to CentralPlaza Pinklao

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Contract Types

Note1: Percentage based on occupied area.Note2: Company estimates as of 30 Sep 2008.

Short term rent(up to 3 years)

Monthly basis collection

Long term lease(up to 20 years)

Up-front collection

Up-front payment

• realize throughout leasecontract period on straight line basis

Service & Utility fees

• Collect and realize onmonthly basis

72%

28%

Types Revenue recognition

Rental income

• realize on monthly basis

Service fee

• realize on monthly basis

Utility fee

• realize on monthly basisContracts

% of Sales • Tenants: Food centers,

Cineplex and international brands such as “Mac Donalds, KFC ...”

• Percentage ranges from 10% - 30% of sales

• Includes minimum guarantees

28%

72%Fixed Rent

• Increase rental rate by6-8% p.a.

• Approx. 1/3 of rental contractexpires every year

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1,269

1,198

1,281

1,2161,220

1,164

1,040

945

800

850

900

950

1,000

1,050

1,100

1,150

1,200

1,250

1,300

1,350

2004 2005 2006 2007 3Q07 3Q08 3Q07 3Q08

Bt p

er s

qm

per

mo

nth

Effective Rental Rate

1 0%yo

y1 2

%yoy

5%yo

y

6%yo

y

Note 1 : Company estimates as of 30 Sep 2008. Effective retail rental rates after discount.

3Q08 Effective Rental Rates Growth of 5% yoy (retail tenant only)(1)

For 3Q08, effective rental rate for retail space averaged Bt1,281 per sqm per month, representing a growth of 5.3% yoy and 0.5% qoq. The below figures are effective rental rates (net discount given to groups of tenants at CentralWorld during its initial stage).

Excluding CentralWorld Project

5%yo

y

Including CentralWorld Project

24

People Traffic Flow By Properties

Note 1 : Company estimates as at 30 Sep 2008.

3Q08 overall traffic flow increased by 12% yoy(1)

Strategic marketing events and on-going sale promotions, in addition to expanding surrounding residential community helped driving traffic flow to Rama 2.

Continuous increase in traffic at Rama 3 due to completion of its asset enhancement, opening of new food park, and strategic marketing activities in cooperation with tenants’ sale promotions.

Significant increase in traffic at Rattanathibet and Ramindra owning to openings of new F&B and retail fashion shops after completion of their renovations, as well as growing surrounding community.

% YoYGrowth 4% 12% 5% 27% 48% (7%) 15% 2% 2% 22%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Lardprao Pinklao Bangna Rama 3 Rama 2 CentralWorld Ram Indra Pattaya ChiangMai Rattanathibet

3Q2007 2Q2008 3Q2008

pers

on p

er d

ay (a

vera

ge)

Decrease in traffic at CentralWorld as a result of imposition of emergency decree in Sep 08 and road blocks political gatherings in nearby area.

Developments

26

Newly Opened Project – CentralPlaza Chaengwattana

/2

Note1: Including land and construction costNote2: Excluding Central Group’s area (department store and CRC specialty stores), however those stores will contribute to people traffic into the shopping center.

Project HighlightsInvestment Cost (1) 5,300 MBProgram

- Shopping Center (N.L.A) 63,000 sqm (2)

- Office (G.A) 27,000 sqm- Parking (G.A) 110,000 sqm (3,200 cars)

Location Suburb of Bangkok (5 km from new government center)

Construction Period Sep 2006 to Nov 2008

Opening- Shopping Center 27 November 2008- Office Building April 2009

Stores and ServicesUnrivaled 8 mega-stores and more than 300 retail shops- Shopping - Dining

Central Department Store, Over 50 restaurantsTops Marketplace, Food Park 700 seatsSuperSports, PowerBuy, - EntertainmentOffice Depot, B2S SFX Cinema 10 theaters

Fitness First

Occupancy rate at the opening approximately 85%

27

Future Projects – CentralFestival Pattaya Beach

/2

Note1: Including land and construction cost of shopping center and parking building. Excluding construction cost of hotel which is under consideration to sub-lease.Note2: Excluding Central Group’s area (department store and CRC specialty stores).Note3: Area does not belong to CPN, however the stores will contribute to people traffic into the shopping center.

Project HighlightsInvestment Cost (1) 4,200 MBProgram

- Shopping Center (N.L.A) 54,000 sqm (2)

- Hotel (G.A) 27,000 sqm (1) (340 rooms)- Parking (G.A) 66,000 sqm (1,935 cars)

Location Pattaya Beach, Chonburi Province (Tourist destination andapproximately 1 1/2 hoursdrive east of Bangkok)

Development Process Status / Time lineConstruction Period Jan 2007 to Jan 2009

Construction Progress 81% of total construction

Leasing Progress Start January 2007- Confirmed joint developers (3) Central Department Store,

Tops Supermarket

- Confirmed anchors SuperSports, PowerBuy, Food LoftB2S, SFX Cinema, True Fitness

- Confirmed retails 90% of leaseable area

Opening- Shopping Center January 2009- Hotel February 2010

28

Future Projects – CentralPlaza Chonburi

/2

Project HighlightsInvestment Cost (1) 1,500 - 2,000 MBProgram

- Shopping Center (N.L.A) 39,700 sqm (2)

- Parking (G.A) 53,000 sqm (1,514 cars)

Location Chonburi Province(Vicinity of industrail parks and1 hour drive east of Bangkok)

Note1: Including land and construction cost of shopping center and parking building.Note2: Excluding areas belonged to co-developers; Robinson Department Store and Carrefour.Note3: Area does not belong to CPN, however the stores will contribute to people traffic into the shopping center.

Development Process Status / Time lineConstruction Period Jan 2008 to July 2009

Construction Progress 34% of total construction

Leasing Progress Start January 2008- Confirmed joint developers (3) Robinson Department Store,

Carrefour

- Confirmed anchors Tops Supermarket, SuperSports, B2S, PowerBuy, SF Cinema,True Fitness

- Confirmed retails 69% of leaseable area

Opening April 2009

29

Future Projects – CentralPlaza Khon Kaen and Rama 9

Note1 : Including land and construction costNote2: Excluding Central Group’s area (department store and CRC specialty stores), however those stores will contribute to people traffic into the shopping center.

/2

CentralPlaza Khon KaenInvestment Cost (1) 2,600 MBProgram

- Shopping Center (N.L.A) 48,700 sqm (2)

- Parking (G.A) 57,500 sqm (1,500 cars)

Location Khon Kaen Province Northeast of Thailand(Business and education center of the northeast region)

Construction Period May 2008 to Dec 2009

Construction Progress Foundation and piling work Designing phase

Opening December 2009 (Tentative)

CentralPlaza Rama 9

Investment Cost (1) 4,000 - 4,500 MB

Program Shopping center / Department Store / Parking - Under Study

Location 5 km from Bangkok CBD area

Construction Period Tentative 4Q 2008 - 2Q 2012

Progress Entered into a 30-year land lease agreement with the first right to renew the contract for 10 years.Construction permit approved / Under detail feasibility study

Opening 2Q 2012 (Tentative)

30

Potential Sites

Potential Sites

/2

Project : Pre-Cadet SchoolLocation : Rama 4 Road & Wireless Road

(Bangkok CBD area)

Progress : The Crown Property Bureau announced that CPN was awarded a 30-year lease to develop a 40-rai land plot of the former Pre-Cadet School on Rama IV Rd. CPN will enter into lease agreement after site clearing completion.

Overseas

Rationale : Geographic and income diversifications.: Opportunities to share region’s growth in retail sector through cautious investment.

Location : China, India, Vietnam, etc.

Project : Chiangmai 2Location : Super highway (North of Chiangmai)

Progress : In April 08 CPN has acquired a 68-rai freehold land plot on Super Highway (next to Doi Saket Road). The site is approximately 15-minute drive east of existing CentralPlaza Chiangmai Airport.

: Construction permit approved. Under detail feasibility study.

C h ia n g m a i M a p

C e n t r a lP la z aC h ia n g m a i A i r p o r t

N e w la n d b a n k

31

Capital Expenditure Profile

5,110

3,040

500

1,570

2011

730950CentralPlaza Chonburi

6001,420270400CentralPlaza Rama 9

4,8503,1304,6707,160Total

3,750740190660New Projects (1)

500500300500Enhancement Projects

470990730CentralPlaza Khon Kaen

9801,500CentralFestival Pattaya Beach

1,1201,960CentralPlaza Chaengwattana90460CentralWorld (Phase 1 & 2)

2012201020092008Properties

(Bt mil)

Major capital expenditure will be used to develop 8 new projects (8 shopping centers and 1 office) and renovate 6 existing shopping centers.Financing plan for future expansion includes:

Cash flow from operationLoan: debenture and/or project financingProperty fund

Source: Company estimates as at 30 Sep 2008.Note1: Tentative development projects

32

Leaseable area (Sq.m.) 2001 2002 2003 2004 2005 2006 2007 2008 F 2009 F 2010 F 2011 F 2012 F

Shopping Center 281,623 518,894 598,587 591,007 617,299 684,587 709,489 759,719 902,119 902,119 902,119 992,119

Office Building 49,833 49,833 49,833 134,099 134,038 145,700 144,791 144,791 171,791 171,791 171,791 171,791

Residential 16,825 16,825 16,336 16,336 6,373 6,373 6,373 6,373 6,373 6,373 6,373 6,373

Total 348,281 585,552 664,756 741,442 757,710 836,660 860,653 910,883 1,080,283 1,080,283 1,080,283 1,170,283

95% 94% 95% 95% 93% 92%96% 96% 94%

98% 98% 95%

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

2001 2002 2003 2004 2005 2006 2007 2008 F 2009 F 2010 F 2011 F 2012 F

sqm

50%

60%

70%

80%

90%

100%

% Occupancy Rama 9

Pattaya Beach

Khon Kaen

Chonburi

Chaengwattana

CentralWorld - new retail spaceExisting area

Occupancy rate(%)

Future Leaseable Area & Occupancy Rate

Note1: Company estimates as at 30 Sep 2008. Including leaseable area of Rama 2 & 3 which were partially transferred to CPNRF, but still under CPN’s management.

Note2: Including CentralWorld’s original space.

Retail leaseable area growth

by 31% from 2008 to 2012

Retail Leaseable Area and Occupancy Rate (Shopping Center Only)(1)

(1)

(2)

Financial Highlight

34

2,084 2,277 2,377

6,144

6,887

519

1,955

841741643

2,401

1,263573

412

1,709

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

3Q07 2Q08 3Q08 9M07 9M08

Bt mil

Total revenue Operating profit Net profit

Consolidated Performance

Note1: Total Revenue includes rental & service income, food & beverage income, and other income. Excluding interest income and share of profit from investment.Note2: Excluding gain from CPNRF of Bt2,885 mil and impairment of Bt 406.6mil in 2005 performance.Note3: Same store growth 2006 compare with 2005 excludes revenue from Rama2 & Rama3.Note4 :Excluding one-time income of Bt214.3 mil in 4Q07.

Growth (% Y-o-Y) 2005 Adj (2) 2006 2007 2007 Adj (4) 3Q08 Y-o-Y 3Q08 Q-o-Q 9M08 Y-o-Y

Total revenue (1) 11% 7% 17% 14% 14% 4% 12% Operating profit 10% 8% 1% 7% 31% 14% 23% Net profit 7% 17% 6% 7% 39% 10% 35%

Same store growth (3) 10% 13% 17% 14% 14% 4% 12%

35

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

3Q07 2Q08 3Q08 9M07 9M08

Bt mil

Revenue Breakdown

6,887

6,144

2,2772,084

14%YoY

Revenues

Note1: Other rental includes revenue from residential projects and water & amusement park.Note2: Other income in 3Q08 includes a Bt40mil one-time income from sharing renovation cost (cost charge back to tenants) at CentralPlaza Bangna.

Comments (3Q07 vs. 3Q08)

Revenue increased by 12% y-o-y.The increase was mainly due to • Increased service income after adjustment of CAM

charge rate in Jan 08. • Higher contribution from CentralWorld upon cutting

down special discount given to selected tenants at CentralWorld.

• Continuous increase in rental rates at all properties.• Stronger occupancy rates at CentralPlaza Pinklao

and CentralPlaza Rattanathibet after completion of their enhancement projects.

Office

Revenue increased by 7% y-o-y.The increase was mainly higher rental rate for newand renewed contracts signed at The Offices at CentralWorld.

F&B

Revenue increased by 26% y-o-y.This was mainly driven by the addition of new food park at CentralPlaza Ratchada-Rama3 and higher contributions from food center at CentralPlaza Bangna.

217

8

112

220

1,821

3Q08

242120%86

33228026%12389

6486057%216205

5,3794,79012%1,7851,631

9M089M07%YoY2Q083Q07

448 504154 145 41%Other income

Other rental

F&B

Office

Retail

Retail

(1)

2,377

12%YoY

(2)

36

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

3Q07 2Q08 3Q08 9M07 9M08

Bt mil

Cost of Rental and Service Breakdown

3,3313,557

1,134 1,179

Others

F&B

Office

Retail

8

94

134

989

3Q08

2126(13%)79

27021337%9968

403419(5%)133141

2,8632,6758%940916

9M089M07%YoY2Q083Q07

7%YoY

8%YoY

Cost of Rental & Service Comments (3Q07 vs. 3Q08)

Office

F&B

Cost increased by 8% y-o-y.The increase was due to

Higher depreciation and amortization upon the further completion of CentralWorld. The additional property tax at CentralWorld.

Cost decreased by 5% y-o-y.The continuous decrease was due to lower utility cost benefiting from the implementation of energy saving program.

Cost increased by 37% y-o-y.The increase was a result of increased supply cost.

1,224

Retail

37

0

200

400

600

800

1,000

1,200

3Q07 2Q08 3Q08 9M07 9M08

Bt mil

Selling and Administration Expenses Breakdown

Comments (3Q07 vs. 3Q08)

335392

934

1,037

Selling and Administration Expenses

80

19

103

158

3Q08

20518823%6964

544925%1815

315308(15%)152121

46338918%153134

9M089M07%YoY2Q083Q07

Others

DepreciationAds&Promo

People

People

Ads & Promo

Personnel expenses increased by 18% y-o-y.This was mainly due to increase in number of employees to support business expansion.

Marketing expenses decreased by 15% y-o-y.It was managed through top-line driven basis within a 2008 budget of 5.0% of total revenues. Advertising and promotion expenses in 3Q08 represented 4.8% of total revenues.

7%YoY

360

11%YoY

38

Key Ratios

Corporate Performance

Business Line Performance

Note1: Excluding non-recurring income of Bt214.3mil in 4Q07.

Gross Profit Margin (%) 2005 Adj. 2006 2007 (1) 3Q07 2Q08 3Q08

Retail 51.2% 47.9% 44.6% 43.8% 47.4% 45.7% Office 5.8% 24.6% 29.9% 31.0% 38.5% 39.0% F&B 23.1% 23.4% 23.8% 22.9% 19.1% 16.3%

Key ratios 2005 Adj. 2006 2007 (1) 3Q07 2Q08 3Q08

Gross profit margin (%) 45.5% 43.6% 41.8% 41.2% 44.7% 43.3%Operating profit margin (%) 26.9% 26.4% 21.7% 22.1% 26.8% 29.4%Net profit margin (%) 20.7% 21.7% 18.0% 18.9% 21.7% 22.8%ROA (%) 4.7% 5.0% 4.4% 4.6% 5.6% 5.9%ROE (%) 15.4% 14.3% 12.5% 13.3% 15.3% 16.6%

39

Capital Structure

“ CPN’s Policy is to Maintain Net Debt to Equity at Lower Than 1.0 ”

Note1: Interest bearing debt excludes loans from related parties.

Key ratios 2005 Adj. 2006 2007 3Q07 2Q08 3Q08

Net interest bearing debt to equity (times) (1) 0.5 0.6 0.6 0.6 0.8 0.8 Total debt to equity (times) 1.7 1.7 1.7 1.7 1.6 1.7 Interest coverage (times) 6.0 6.0 7.3 5.1 8.0 10.1

6,140

3,691 3,9832,983

14,702

11,112 12,045

14,250

11,041

13,63911,789

12,574

0.4

0.6 0.6

0.8

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2005 2006 2007 3Q080.0

0.2

0.4

0.6

0.8

1.0

Cash and Current Investment Interest Bearing DebtEquity Net Interest Bearing Debt to Equity

Bt mil Net D/E (Times)

40

543

621581

127 122 129

0

100

200

300

400

500

600

700

2005 2006 2007 1Q08 2Q08 3Q08

Bt mil

Interest Expense

0 2,000 4,000 6,000 8,000

10,000 12,000 14,000

2005 2006 2007 2008 2009 2010

Bt mil Fixed Floating

Debt Analysis

Outstanding Borrowings Bt 14,250 mil (1) Financing Cost

Fixed vs. Floating Mix (2)

MLR-1.53%MLR-1.41%MLR-1.41%MLR-1.39%MLR-1.35%MLR-0.5%Floating rate

4.7%4.9%5.0%5.1%5.4%4.8%Fixed Rate

11,041

93%

7%

11,112

61%

39%

12,045

68%

32%

12,795

75%

25% 9,175

76%

24% 6,854

76%

24%

Weighted Avg. Interest Rate 5.3% 5.6% 5.5% 5.2% 5.1% 5.0%

As of 30 Sep 2008

F F F

Note 1 : Excluding loans from related parties of Bt3.4mil.Note 2: At year end.Note 3: Weighted average interest rate was derived from interest expenses including interest capitalization for project under development.

(3)

LT-Loan24%

ST-Bond17%

ST-Loan17%

LT-Bond42%

41

CPN Share price and Volume

0

5

10

15

20

25

30

35

40

Jan-

03

Jun-

03

Oct

-03

Mar

-04

Aug

-04

Jan-

05

Jun-

05

Nov

-05

Apr

-06

Sep-

06

Jan-

07

Jun-

07

Nov

-07

Apr

-08

Sep-

08

Share Price (Bt/share)

0

5,000

10,000

15,000

20,000

25,000

30,000

Volume ('000 shares)

Close Volume

Share and Dividend Performance

Share Overview Dividend Summary

1.0016.50

0.2615.87

2.4535,950

2,178,816,000

Par Value (Bt)Stock Price (Bt)EPS 3Q 2008 (Bt/share) P/E (Times)P/BV (Times)Market Capitalization (Bt mil)Share Capital (Shares)

Source: SETSmart and Company data as of 30 Sep 2008.Note 1: Earnings per share (EPS) based on annualized expected 2008 EPS of Bt1.04 per share

2005

1.000.40872

26%*

2006

1.000.31675

40%

2007

1.000.33719

40%

Par Value (Bt)Dividend (Bt/share)Dividend Paid (Bt mil)Dividend Payout Ratio

Notes: Dividend policy is paid annually not less than 40% of net profit.: Dividend Yield ~ 1.5% - 2.0% in last 3 years.: Dividend payout ratio of 26% in 2005 was derived from 40% of profit excluded

extra gain (Bt 530 mil) plus 18% of gain from set up CPNRF(Bt 362 mil).

Share Price Movement 5 years growth of 72%

6M

(42%)(27%)(36%)

3Yr

56% (18%)(23%)

5Yr

72%3%

(48%)

CPNSET IndexProperty Index

Source: SETSmart as of 30 Sep 2008

(1)

Appendix

43

Balance Sheet Summary

Bt million FY07 2Q08 3Q08

Cash & cash equivalent 1,026 854 1,194 Current investment 2,957 644 1,789 Other current assets 1,239 1,384 1,271 Investment in associate 2,306 2,308 2,313 Property & equipment, net 28,795 31,191 32,326 Other non-current assets 881 1,048 1,041 Total assets 37,205 37,430 39,934

Current portion of long-term debt 1,234 4,220 3,370 Other current liabilities 3,235 2,610 2,600 Long-term debt 10,811 8,085 9,380 Unearned rental / service income 4,893 4,854 4,714 Deposits received from customers 2,405 2,617 2,778 Other non-current liabilities 987 903 890 Total liabilities 23,565 23,288 25,232 Issued and Paid-up Share Capital 2,179 2,179 2,179 Retained Earnings 8,721 9,258 9,831 Total equities 13,639 14,142 14,702

44

Income Statement Summary

Bt million 3Q07 2Q08 3Q08 9M07 9M08Rental & service income and F & B sales 1,931 2,132 2,160 5,696 6,383

Rental & service income 1,842 2,009 2,048 5,416 6,051 F & B sales 89 123 112 280 332

Cost of rental & service and F & B 1,134 1,179 1,224 3,331 3,557 Cost of rental & service 1,066 1,080 1,131 3,119 3,287 Cost of F & B sales 68 99 94 213 270

Gross profit 796 953 936 2,365 2,826 Other income 154 145 217 448 504 Interest income 29 35 48 76 108 Administrative expenses 335 392 360 934 1,037 Operating profit 643 741 841 1,955 2,401 Share of profit (loss) from investments 70 77 84 210 239 Interest expense 177 122 129 495 377 Income tax expense 121 175 221 401 544 Net loss (gain) of minority interest (4) (1) (2) (6) (10) Net profit 412 519 573 1,263 1,709

EPS (Bt) 0.19 0.24 0.26 0.58 0.78

45

Borrowings: 30 September 2008

Bill of Exchange

Promissory Note

Unsecured Bond (Mar’04)

Unsecured Bond (Mar’04)

Unsecured Bond (Jun’06)

Unsecured Bond (Jun’07)

Unsecured Bond (Sep’08)

Property Fund Pinklao (Dec’02)

Property Fund Pinklao (Dec’02)

Property Fund Centralworld (Jun’03)

Property Fund Centralworld (Jun’03)

Property Fund Bangna (Mar’03)

Property Fund Bangna (Mar’03)

Project Finance - Chiangmai 2B(Dec’02)

Total(Long Term Borrowings & Current Portion)

Less Cash and Current Investments

Net

1,000

684

1,000

1,500

1,500

3,000

1,500

500

167

1,436

957

774

183

49

14,250

(2,983)

11,267

3 – 6 mth, 3.85%

3 mth, fixed deposit rate, 3.70%

5 years, 4.2%

6.8 years, 5.24%

3 years, 6.39%, MLR-1.55%

5 years, 4.25%

3 years, 4.80%

10 years, MLR–0.75%(amortising)

10 years, 7% (amortising)

10 years, MLR - 1.25% (amortising)

10 years, 6.125% (amortising)

15 years, MLR-1.25% (amortising)

15 years, 6% (amortising)

7 years, 5.75% (amortising)

Loan (Issue Date) Bt mil Terms

TRIS Rating Co., Ltd. has affirmed CPN’s senior debentures at “A+” in July 2008.