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Central Pattana Plc.Central Pattana Plc.Property Development & InvestmentProperty Development & InvestmentCorporate Presentation Corporate Presentation –– 3Q 20073Q 2007

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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 & Market Update

Operations

Developments

Financial Highlights

Thailand in Perspective & Market Update

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Thailand in Perspective

Source : Bank of Thailand (BOT) and National Economics and Social Development Board (NESDB)

After months of experiencing slow down, Thailand’s overall economy has shown signs of improvement, owning to unwinding political uncertainties, economic booster measures and improving sentiment. However, fragility remained due to continuously low sentiment and depressed consumer confidence.

BOT revised GDP growth 2007 to 4.3 – 4.8% from previous forecasted growth of 4 - 5%.

Lower interest rate, which has been cut by 175 bps since the beginning of 2007.

Core Inflation stood at 0.8% yoy in Sep 07, remaining in the official 2007 target range of 0.8 - 1.5%yoy.

Private Consumption showed a positive growth of 0.6%yoy in 3Q 2007.

Private Investment experienced a contraction of 0.6% yoy in 3Q 2007, improving from a 3.3% yoy contraction in 1H 2007.

Business Sentiment Index for the 3-month outlook (Oct-Dec) develops to 51.4, explained by expected improvement of business performance.

Export expanded at satisfactory level of 12.3% yoy in 3Q 2007, though slowing down from 1H 2007 growth of 18.9% yoy.

Tourism growth decelerated to 2.3% yoy in 3Q 2007 from 3.3% yoy in 1H 2007.

The general election has been set to take place on December 23, 2007.

It is supported by the passage of the 2007 Constitution and the three organic laws, as well as the royal endorsement on the Decree.

The setting and push forward for the election should create positive outlook for Thailand in terms of boosting confidence on domestic and foreign consumption and investment.

Swift policy implementations are expected from the next government, which will be likely to continue solving major issues:

Draft of New Foreign Business Act by the Ministry of Commerce. An ongoing amendment process on the draft has created uncertainties, leading to pending business expansion.

Even though BOT has eased the Capital Control measure by providing the option to either fully hedge capital inflow for one year or be subjected to the 30% Unremunerated Reserve Requirement. The imposition of the measure has been seen as a barrier for foreign capital inflows.

Economics Politics

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3Q 2007 Retail Market Overview

Retail Industry in 3Q 2007 has been depressed as a result of a plunge in consumer confidence. Consumer Confidence Index (CCI) fell to 69.2 in Sep 2007, a further decline from 69.5 in Aug 2007, reflecting weak domestic growth.

Retail sales experienced a contraction for three quarters in a row since 4Q 2006.

However, retail sales in July and Aug 2007 displayed growth of 4.4%yoy and 2.1%yoy, respectively. It is noted that the improvement of retail sales growth in the last three months has been in line with better performance of Private Consumption for the past four months.

Revenue of retail operators witnessed a single-digit to zero growth after enjoying double-digit growth rates since the financial crisis.

Luxury goods and high-end products have been affected the most by low consumer consumption, followed by retail fashion which has started to slow down.

Meanwhile food & beverage and entertainment sectors are still performing fairly well.

Unsettled draft of Retail Business Act has discouraged retail growth in 2007. The Draft is to monitor and limit wholesale / retail business expansion in discount store, hypermarket, supermarket, and cash and carry.

Even though a gradual sign of economic recovery has unveiled, confidence has not yet been restored. This can be explained by the expected aftermath of the upcoming election and concerns about the formation of new government. However, the belief of continual recovery in domestic demand and investment, and supportive factors to the improvement of economic circumstances persists. This is based on the assumption that :

Election takes place by the end of 2007 and the newly elected government will be in the office by March 2008.

The mega / infrastructure projects has been initially implemented as planned, and payment for Government’s public spending and budget deficit is on schedule, which would lead to a more dynamic economy.

Core inflation remains in BOT’s target band of 1.0 - 2.0% in 2008.

Interest rate is kept at low level in order to stimulate the economy and domestic demand.

Tourism continues to flourish as the Tourism Authority set a target growth of 8% yoy.

Retail in 3Q 2007 Outlook for 2007 – 2008

Source : Bank of Thailand (BOT) and National Economics and Social Development Board (NESDB)

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Bangkok Retail Property Overview

Source : CBRE and Company’s estimate

CommentsBangkok retail supply in 2Q07 increased by 33,500 sqm or 5.3% yoy to 4.68 mil sqm. Most of new spaces came in the form of shopping mall, of which supply increased by 9.6% yoy to 2.36 mil sqm. Major supply operational in 2Q07 are:

SC Plaza (13,000 sqm)

Home Pro Ramindra (6,000 sqm)

The Mall Tha Pra (expansion - 14,500 sqm)

The average vacancy rate in 2Q07 was 6.0%, an increase from 3.5% in 4Q06 and 5.0% in 1Q07, mainly due to a drop in occupancy rates in mid-town and suburb.

Rental rates have generally been stable since 2H05 due to steady new leaseable retail area addition to the market. It is also expected to remain steady in the short-term and may rise again depending on how quickly the country’s economic condition improves.

New retail supply in 2007 will be approximately 131,000 sqm or an increase of 2.9% yoy, mostly from mid-town shopping malls.

Retail Supply

4,6804,5754,355

4,0173,972

6.0%

5.1%

3.5%

5.4%

4.7%

0.00

1,000.00

2,000.00

3,000.00

4,000.00

5,000.00

6,000.00

2003 2004 2005 2006 2Q070.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Retail Supply Vacancy

5.1% 2.3%

4,575,000

220,000

2006

4,679,7904,355,0004,017,000Total Supply (sqm)

104,790338,00045,000New Supply (sqm)

1H0720052004Year

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Bangkok Office Property Overview

Comments Office SupplyBangkok office supply in 2Q07 increased by 8,300 sqmto 7.47 mil sqm owing to the completion of PipatanasinBuilding (Grade B in mid-town area). Slow growth in office supply is due to fragile economy, political instability, and the draft of foreign ownership regulations.

The average vacancy rate for Grade A decreased from 6.0% in 1Q07 to 5.7% in 2Q07 due to limited new supply, while that of Grade B slightly increased from 15.0% in 1Q07 to 15.3% in 2Q07.

Rental rate of Grade A was up 2.0% yoy, while that of Grade B grew by 9.8% yoy, compared to office rent’s average annual growth of 11.8% during 2000 to 2006. As a result of continuous increase in demand for office space, we expect rental rate to increase at a moderate pace.

New office supply of approximately 142,000 sqm are expected to come in 2H07 (Grade A:20%, Grade B:80%) or an increase of 1.9% yoy. The only new Grade A office in CBD is the Athenee Tower, expected to commence operation in 4Q07.

5,354

2,1172,1171,9672,4712,376

4,740 4,7145,243 5,346

5.7%

10.2%

4.8% 7.2%

13.5%

15.3%16.0%16.4%

20.9%25.0%

0500

1,0001,5002,0002,5003,0003,5004,0004,5005,0005,500

2003 2004 2005 2006 2Q070.0%

4.0%

8.0%

12.0%

16.0%

20.0%

24.0%

28.0%

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

Sqm (‘000) Vacancy %

Office Rental Rate

Bt/sqm

Source : CBRE and Company’s estimate

7,463,000

253,000

2006

7,471,3007,210,0007,185,000Total Supply (sqm)

8,30025,00070,000New Supply (sqm)

1H0720052004Year

488431

506

595

674 679

475428

365311

0

100

200

300

400

500

600

700

2003 2004 2005 2006 2Q07Grade A Grade B

0.7%

+ 2.7%

Company Overview &Business Strategy

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Business Overview

Highlights Recent Achievements

Shareholder’s Value Creation(1)

CPN was rated among “Asia’s Best under a Billion” by FORBES Magazine.

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

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

CPN is included in MSCI Index in May 2006.

CPN is the leading retail developer and investor in Thailand with a 23% market share in Bangkok’s mall leaseable area.

CPN owns/manages 10 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 1.8 bn (1).

CPN is the property manager and largest shareholder (33%) in Thailand’s largest REIT - CPN Retail Growth Property Fund (Approx. USD 380 mil).

Note 1: Source from SetSmart as of 28 Sep 2007, CPN share price at Bt27.75 per share, FX rate at Bt34.38 per $USD

49,241

31,375

16,802

60,462

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

31 Dec 2004 31 Dec 2005 29 Dec 2006 28 Sep 2007

Bt mn

86.7%

56.9%

22.8%

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Strong Development & Acquisition Pipelines

1980 - Established under “Central Plaza Co., Ltd.”

Past Developments (Core Growth)

Acquisitions and Redevelopments (Opportunity Growth)

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

1993 - Opened “Central Plaza Ramindra”

1995 - Opened “Central Plaza Pinklao”AND “Central Festival Pattaya”

1996 – Acquired full equity stake in “Central Airport Plaza Chiangmai”

1997 - Opened “Central Plaza Ratchada Rama 3”

2001 – Acquired full equity stake in “Central City Bangna”

2000 – Completed “Central Airport Plaza Chiangmai Phase 2A

2002 - Opened “Central Plaza Rama 2”

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

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

2004 – Completed “The Offices at CentralWorld”

2005 – Completed “Central Plaza Rattanathibet”

2008 - Open“Central Plaza Chaengwattana”

2011 - Open“Central Plaza Rama 9

2006 – Complete“CentralWorld

Future Growth

Throughout its 27 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)

CPN Current Portfolio:10 - Shopping Centers5 – Office Towers

2009 - Open“Central Pattaya Beach”AND “Central Chonburi”AND “Central KhonKaen”

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Leading Market Share of Mall Retail Space in BMACPN is the leading retail property developer and investor in Thailand with approximately 23% market share in Bangkok Metropolitan Area’s mall saleable space.

Source : Updated by CPN as of 30 September 2007. Based on NSCB Richard Ellis report dated February 2002 and 1Q 2007.

CPN23%

The Mall Group11%

Future Park Rangsit8%

Others33%

MBK3%

Seri Center3%

Fashion Island4%

Siam Future5%

Seacon Square5%

Siam Paragon5%

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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, and Success of Partners

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Chirathivat Family33%

Central Holding27%

Other35%

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 9 April 2007

The Central Group 60%

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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

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%60% 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 23% of Bangkok’s mall saleable area

Integrated development, leasing and property management teams have ensured continuous success for over 25 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: 10

- World 1 (BMA)- Plaza 8 (BMA – 7)- Festival 1 (Province)

Offices: 5 (BMA)

Pipeline Properties – 3-5 Yrs:Shopping Centers: 7(Bangkok Metropolitan Area)

- Chaengwattana- Rama 9- Suanlum Night Bazaar

(Province)- Khon Kaen- Chonburi- Pattaya Beach-2

(Overseas)

Offices: 1 (BMA)

Existing Properties

Chiangmai(Plaza)

Lardpro(Plaza)

CentralWorld(World)

Ramindra(Plaza)

Rattanathibet(Plaza)

Pinklao(Plaza)

Bangna(Plaza)

PattayaFestival (1)

9

6

4

3

2

1

7

10

Rama2(Plaza) 8

Rama3(Plaza) 5

Properties in CPNRF

New Projects

(Land Bank)

Rama 9

Chaeng-wattana

Khon-kaen

PattayaBeach (2)

Chonburi

Projects under

development

Suanlum

Potential Projects

Overseas

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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: Rama II and Rama III leaseable areas are under CPNRF including rental agreements < 1 year such as kiosk, carts, ATMs and coin machines

and CPN acts as the property manager.

96%95%95%27739,201FreeholdGreenfield2. Rama 3

99%99%99%31893,567LeaseholdGreenfield1. Rama 2

100%100%100%395,937LeaseholdGreenfield8. Rama 2

88%100%100%7018,037FreeholdGreenfield5. 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

51%90%90%382185,068LeaseholdAcquisition

81%95%95%2,436564,835

100%100%100%14215,227LeaseholdGreenfield

Total CPNRF Portfolio

Acquisition

Acquisition

Acquisition

Greenfield

Greenfield

Greenfield

Develop-

ment

Freehold

Freehold

Freehold

Leasehold

Leasehold

Leasehold

Land

Ownership

98%98%98%595132,768

99%95%96%20677,191

100%99%99%32657,728

99%98%98%53376,410

96%92%92%30055,638

65%90%92%6418,046

99%100%100%37455,553

3Q062Q073Q07

Occupancy Rate (2)No.of

Tenants

3Q07 (1)

Leaseable

area (1)

(sqm)

Higher occupancy rate after the completion of major renovation in Dec 2006.

Target occupancy rate at 94% for year end 2007.

Comments

Higher occupancy rate after the completion of asset enhancement in Dec 2006 with new retail space for new retail tenants.

Undergoing tenants mixed changes.

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

52%65%75%3311,335Leasehold

Leasehold

Freehold

Leasehold

Leasehold

Land

Ownership

90%91%93%261145,511

90%93%94%10083,686

98%98%96%279,796

97%92%92%5622,560

100%97%96%4518,134

3Q062Q073Q07

Occupancy Rate (2)No.of

Tenants

3Q07 (1)

Leaseable

area (1)

(sqm)

Total

2. Langsuan

1. Bangna

Residential

62%50%52%6,373

68%53%55%4,466

49%44%44%1,907

3Q062Q073Q07

Occupancy Rate (2)Leaseable area (1)

(sqm)

Comments

Opened in 1Q 2006 after completion its conversion from residential to Grade B office building. Higher occupancy rate from the opening of new tenants; education, music, and language schools.

Completed renovation on phase 1 and undergoing asset enhancement on phase 2.

Asset for sales.

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Contract Types

Note1: Percentage based on leaseable area.Note2: Company estimates as of 30 September 2007.

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%

• Includes minimum guarantees

29%

71%Fixed Rent

• Increase rental rate by6 - 8% p.a.

• Aprox. 1/3 of rental contractexpires every year

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1,193

1,147

1,213

1,1371,164

1,040

945

800

850

900

950

1,000

1,050

1,100

1,150

1,200

1,250

2004 2005 2006 9M06 9M07 9M06 9M07

Bt p

er s

qm

per

mo

nth

1 0%y

oy

1 2%y

oy

7%yo

y

4%yo

y

Effective Rental Rate

Note 1 : Company estimates. Average retail rental rates after discount.

Average Rental Rates (Retail Space Only)(1)

Average rental rates was Bt 1,216 per sqm per month for 3Q07 and Bt 1,213 per sqm per month for 9M07. Rental rates have steadily increased over the past years with a growth of 12% yoy in 2006 and 7.0% yoy in 9M07. The below figures are effective rental rates (net discount given to selected stores at CentralWorld during its initial stage).

Excluding CentralWorld Project

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People Traffic Flow

Note 1 : Company estimates.

Traffic By Properties(1)

Substantial increase in traffic at CentralWorld due to the newly opened phase and more variety of F&B and shops after completion of its major renovation in Dec 06.

Significant increase in traffic at Rama 3 due to completion of overpass in front of the property, and newly opened anchorsand education zone.

Increase in Ladprao traffic due to the completion of new flyover route in front of the property creating more convenient for traffic flow to the mall.

Decrease at Pattaya upon the changes in collecting parking fees method.

ChangeYoY3Q06/3Q07 29% 6% 8% 30% 5% 162% 9% (13%) 12% 18%

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

3Q2006 2Q2007 3Q2007

pers

on p

er d

ay (a

vera

ge)

Developments

26

Future Projects – Chaengwattana (PLAZA)

Note1: Including land and construction costNote2: Excluding Central Group’s area (department store and CRC specialty stores)

/2

Project HighlightsInvestment Cost (1) 4,500 - 5,400 MB

Program- Shopping Center (N.L.A) 64,000 sqm (2)

- Office (G.A) 27,000 sqm- Parking (G.A) 106,000 sqm (3,218 cars)

Location Suburb of Bangkok (Vicinitywhere 28 government agencieswill be relocated to)

Development Process Status / Time lineConstruction Period Sep 2006 to Dec 2008Progress

- Structural work 27% of total construction

Leasing Start March 2007- Confirm anchors Central Department Store, B2S

Tops Supermarket, SuperSports, PowerBuy, Office DepotSFX Cinema, Fitness First

Opening- Shopping Center December 2008- Office Building April 2009

27

Future Projects – Pattaya (FESTIVAL)

Note1: Including land and construction cost of shopping center and parking building.Note2: Excluding Central Group’s area (department store and CRC specialty stores)Note3: Hotel and service apartment under consideration to sub-lease

/2

Project HighlightsInvestment Cost (1) 3,500 - 4,200 MB

Program- Shopping Center (N.L.A) 55,000 (2)

- Hotel (G.A) 40,000 sqm (3)

- Parking (G.A) 66,000 sqm (1,935 cars)

Location Pattaya, Chonburi ProvinceApproximately 1 1/2 hoursdrive east of Bangkok

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

- Structural work 10% of total construction

Leasing Start January 2007- Confirm anchors Central Department Store, B2S

Tops Supermarket, SuperSports, PowerBuy, Food Loft, SFX Cinema, True Fitness

Opening February 2009

28

Future Projects – Khon Kaen and Chonburi

Note1 : Total investment cost including land and construction costNote2: Excluding Central Group’s area (department store and CRC specialty stores)

/2

Khon KaenInvestment Cost (1) : 1,500 to 2,000 MBProgram : Shopping center (N.L.A) – 48,700sqm (2)

: Parking (G.A) – 92,716sqm (2,235 cars)Location : Northeastern ThailandConstruction Period : 1Q 2008 – 3Q 2009Progress : Construction permit approved

: Designing phase / Detailed feasibility studyOpening : August 2009

ChonburiInvestment Cost (1) : 1,500 to 2,000 MBProgram : Shopping center (N.L.A) – 39,700sqm (2)

: Parking (G.A) – 52,500sqm (1,500 cars)Location : 1 hour drive east of BangkokConstruction Period : 4Q 2007 – 2Q 2009Progress : Construction permit approved / Site clearing

: Designing phase / Detailed feasibility studyOpening : April 2009

Chonburi ProjectKhon Kaen Project

29

Future Projects – Rama 9, and Potential Sites

Note1 : Total investment cost including land and construction cost

/2

Rama 9 Investment Cost (1) : 4,000 to 4,500 MBProgram : Shopping center/Dept. Store – Under study

: Parking – Under studyLocation : 5 km from Bangkok CBD areaConstruction Period : Tentative 4Q 2008 – 2Q 2011Progress : Entered into a 30-year land lease agreement with the first right to renew

the contract for 10 years./ Construction permit approved. / Detailed feasibility study.Opening : 2Q 2011 (Tentative)

Pre-Cadet School (Suan Lumpini)Location : Bangkok CBD areaProgress : 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 relocation of existing tenants.

Overseas Rationale : Geographic and income diversifications.

: Opportunities to share region’s growth in retail sector through cautious investment.Location : Vietnam

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Capital Expenditure Profile

5502,2801,000430230Rama 9

3,0506,8304,9808,4204,250Total

2,0004,0501,8501,1003 New Projects (1)

500500500500300Enhancement Projects

10071040Chonburi2201,120310Khon Kaen5201,820920Pattaya Beach (Festival)7902,1001,450Chaengwattana

6401,000CentralWorld (Phase 1 & 2)

20112010200920082007Properties(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 – project financingProperty fund

Source: Company estimates at 30 September 2007.Note1: Tentative development projects

31

96%97%95%95%98%

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

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

2001 2002 2003 2004 2005 2006 2007 F2008 F2009 F2010 F2011 F

sqm

50%

60%

70%

80%

90%

100%

% OccupancyRama 9

Pattaya Beach

Khon Kaen

Chonburi

Chaengwattana

CentralWorld - new retail spaceExisting area

Occupancy rate(%)

Future Leaseable Area & Occupancy Rate

Note1: Company estimates at 30 September 2007. Including leaseable area of Rama 2 & 3 which were partially transferred to CPNRF, however still under CPN’s management.Note2: Including CentralWorld’s original space.

Retail leaseable ar

ea growth

of 45% in 5 years

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

(1)

(2)

Leaseable area (Sq.m.) 2001 2002 2003 2004 2005 2006 2007F 2008F 2009F 2010F 2011FShopping Center 281,623 518,894 598,587 591,007 617,299 684,587 684,587 748,587 891,987 891,987 991,987 Office Building 49,833 49,833 49,833 134,099 134,038 145,700 145,700 145,700 171,700 171,700 171,700 Residential 16,825 16,825 16,336 16,336 6,373 6,373 6,373 6,373 6,373 6,373 6,373 Total 348,281 585,552 664,756 741,442 757,710 836,660 836,660 900,660 1,070,060 1,070,060 1,170,060

Financial Highlight

33

1,908 2,088 2,084

5,339

6,144

435913 1,099 989

2,6183,121

1,955

699 680 643

2,030

1,263

432 412

1,320

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

3Q06 2Q07 3Q07 9M06 9M07

Bt mil

Total revenue EBITDA Operating profit Net profit

Consolidated Performance

Note1: Total Revenue = Rental & Service Income + Food & Beverage Income + Other IncomeNote2: EBITDA is calculated by taking operating income and adding back depreciation and excluding interest income.

It also includes long-term lease revenue which is a non-cash itemNote3: Same store growth 2006 compare with 2005 excludes revenue from Rama2 & Rama3

Growth (% Y-o-Y) 2005 Adj* 2006 3Q07 Y-o-Y 9M07 Y-o-Y

Total revenue (1) 11% 7% 9% 15% EBITDA (2) 10% 8% 8% 19% Operating profit 10% 8% (8%) (4%)Net profit 7% 17% (5%) (4%)

Same store growth (3) 10% 13% 9% 15%

3Q07 Q-o-Q(0%)(10%)(5%)(5%)

(0%)

34

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

3Q06 2Q07 3Q07 9M06 9M07

Bt mil

6,144

5,339

2,0881,908

9%YoY

15%YoY

Revenue Breakdown

Revenues

Note1: Other Rental includes revenue form Residential and Water & Amusement Park

Comments (3Q06 vs. 3Q07)

Revenue increased by 14% y-o-y.Increase came from the openings of CentralWorld and incremental contribution from CentralPlaza Ramindraand Rattanathibet after completion of their renovation.

OfficeRevenue increased by 8% y-o-y.Increase came from higher occupancy rate and rental rate for new contracts signed at Pinklao Tower B.

F&BRevenue decreased by 4% y-o-y.Decrease came mainly from ceasing of food court operation at CentralWorld.

Other Rental

Revenue decreased by 19% y-o-y.Decrease resulted from lower occupancy rate at the two residential buildings and ongoing renovation at Langsuan.

Other Income

Revenue decreased by 19% y-o-y.Decrease mainly due to that of last year included non-recurring development fee received from Thai Business Fund 4 for construction of CentralWorld.

154

6

89

212

1,624

3Q07

2128(19%)78

280304(4%)9993

6275448%209196

4,7684,03314%1,6131,422

9M079M06YoY %2Q073Q06

431 448191 161 (19%)Other income

Other rental

F&B

Office

Retail

(1)

Retail

2,084

35

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

3Q06 2Q07 3Q07 9M06 9M07

Bt mil

Cost of Rental and Service Breakdown

Comments (3Q06 vs. 3Q07)

2,712

3,331

9581,129

Cost increased by 2% y-o-y.Increase came from higher take-up rate at PinklaoTower B.

Cost increased by 24% y-o-y.

Increase came from additional depreciation of the expansion phase of CentralWorld, and new parking and additional retail space of CentralPlaza Rattanathibet.

Cost decreased 4% y-o-y.Decrease came from the closure of food court at CentralWorld.

Others

F&B

Office

Retail

Office

F&B

Retail

1,134

9

68

143

914

3Q07

2624(3%)99

213233(4%)7571

4254042%144141

2,6682,05124%901737

9M079M06YoY %2Q073Q06

Cost of Rental and Service

23%YoY

18%YoY

36

0

100

200

300

400

500

600

700

800

900

1,000

3Q06 2Q07 3Q07 9M06 9M07

Bt mil

Selling and Administration Expenses Breakdown

Comments (3Q06 vs. 3Q07)

288302

702

934

335

Selling and Administration Expenses

64

15

121

134

3Q07

18816212%6657

49430%2015

30818515%88105

38931122%128110

9M079M06YoY %2Q073Q06

Others

DepreciationAds&Promo

People

33%YoY

16%YoY

People

Ads & Promo

Expenses increased by 22% y-o-y.Increase came from organization restructuring, salary base adjustment, and increase in personnelto support business expansion.

Expenses increased by 15% y-o-y.Increase came from marketing activities after the opening of CentralWorld’s expansion phase.

37

Key Ratios

Corporate Performance

Business Line Performance

Key ratios 3Q06 2Q07 3Q07 YoY Chg QoQ ChgGross profit margin (%) 44.2% 41.4% 41.2% (3.0%) (0.2%) Operating profit margin (%) 34.1% 31.0% 27.8% (6.3%) (3.2%) EBITDA margin (%) 46.9% 52.1% 46.8% (0.1%) (5.3%) Net profit margin (%) 22.2% 20.6% 19.5% (2.7%) (1.1%) ROA (%) 5.2% 5.0% 4.6% (0.6%) (0.4%) ROE (%) 15.1% 14.1% 13.3% (1.8%) (0.8%)

Gross Profit Margin (%) 3Q06 2Q07 3Q07 YoY Chg QoQ Chg

Retail 48.2% 44.1% 43.7% (4.4%) (0.4%) Office 28.0% 30.9% 32.4% 4.4% 1.5% F&B 22.8% 24.2% 22.9% 0.1% (1.2%)

38

Capital Structure

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

Key ratios 3Q06 2Q07 3Q07 YoY Chg QoQ Chg

Net interest bearing debt to equity (times) 0.6 0.6 0.6 0.0 0.0 Total debt to equity (times) 1.7 1.8 1.7 0.0 (0.1) Interest coverage (times) 6.2 8.2 5.1 (1.2) (3.1)

3,9625,005

4,327

12,55512,300

11,331

13,16812,223 12,752

0.6

0.6 0.6

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

3Q06 2Q07 3Q070.0

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)

39

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

543621

184 154 177

0

100

200

300

400

500

600

700

2005 2006 3Q06 2Q07 3Q07

Bt mil

Interest Expense

Debt Analysis

Outstanding Borrowings Bt 12,300 mil Financing Cost

Fixed vs Floating Mix (1)

MLR-1.59%MLR-1.45%MLR-1.44%MLR-1.39%MLR-1.35%MLR-0.5%Floating rate

4.6%4.9%5.0%5.1%5.4%4.8%Fixed Rate

11,041

93%

7%

11,112

61%

39%

12,045

68%

32%

11,025

70%

30% 7,705

71%

29%5,384

68%

32%

Weighted Avg. Interest Rate 5.3% 5.6% 5.6% 5.2% 5.3%

As of 30 September 2007

F F F F

Note1: At year end.

ST-Loan10%

LT-Bond57%

LT-Loan33%

40

0

5

10

15

20

25

30

35

40

03/01

/06

15/02

/06

29/03

/06

19/05

/06

07/04

/06

17/08

/06

29/09

/06

13/11

/2006

27/12

/2006

09/02

/07

26/03

/07

14/05

/07

26/06

/07

08/08

/07

20/09

/07

Close Price (Bt)

0

5,000

10,000

15,000

20,000

25,000

30,000Volume ('000 share)

Volume ('000 shares) Close Price (Bt)

Share and Dividend Performance

Share Overview Dividend Summary

1.0027.75

0.1936.04

4.5960,462

2,178,816,000

Par Value (Bt)Stock Price (Bt)EPS – 3Q 2007 (Bt/share) P/E (1) (Times)P/BV (Times)Market Capitalization (Bt mil)Share Capital (Shares)

Source: SETSmart as of 28 September 2007.Note1: Earning per share (EPS) based on 2007E EPS of Bt 0.77 per share

2004

1.000.25545

40%

2005

1.000.40872

26%*

2006

1.000.31675

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 ~ 2.0% - 2.5% in last 3 years.: 40% of profit excluded extra gain (Bt 530 mil) plus 18% of gain from set up CPNRF(Bt 362 mil).

Share Price Movement

9M 2007 growth

of 23%1M

(9.0%)3.9%2.4%

3M

3.7%8.4%5.2%

12M

44.5%23.2%19.3%

CPNSET IndexProperty Index

Source: SETSmart as of 28 September 2007

Appendix

42

Balance Sheet SummaryUnit : Bt mil

Bt million 3Q06 2Q07 3Q07 9M06 9M07

Cash & cash equivalent 3,308 2,178 2,067 3,308 2,067 Current investment 654 2,827 2,260 654 2,260 Other current assets 790 1,145 1,091 790 1,091 Investment in associate 2,232 2,245 2,240 2,232 2,240 Property & equipment, net 25,096 26,443 27,304 25,096 27,304 Other non-current assets 1,245 921 955 1,245 955 Total assets 33,326 35,759 35,917 33,326 35,917

Current portion of long-term debt 2,225 1,234 1,234 2,225 1,234 Other current liabilities 1,889 2,055 1,900 1,889 1,900 Long-term debt 9,107 11,321 11,066 9,107 11,066 Unearned rental / service income 4,847 5,169 5,232 4,847 5,232 Deposits received from customers 2,003 2,272 2,385 2,003 2,385 Other non-current liabilities 1,033 957 932 1,033 932 Total liabilities 21,103 23,007 22,749 21,103 22,749 Issued and Paid-up Share Capital 2,179 2,179 2,179 2,179 2,179 Retained Earnings 7,362 7,903 8,200 7,362 8,200 Total equities 12,223 12,752 13,168 12,223 13,168

43

Income Statement SummaryUnit : Bt mil

Bt million 3Q06 2Q07 3Q07 9M06 9M07Rental & service income and F & B sales 1,718 1,927 1,931 4,908 5,696 Cost of rental & service and F & B 958 1,129 1,134 2,711 3,331 Gross profit 759 798 796 2,197 2,365 Other income 191 161 154 431 448 Interest income 37 22 29 106 76 Administrative expenses 288 302 335 703 934 Operating profit 699 680 643 2,030 1,955 Share of profit (loss) from investments 72 70 70 213 210 Interest expense 184 154 177 464 495 Income tax expense 162 159 121 474 401 Net loss (gain) of minority interest 8 (2) (4) 15 (6) Net profit 432 435 412 1,320 1,263

EPS (Bt) 0.20 0.20 0.19 0.61 0.58

44

Borrowings: 30 September 2007

Bill of Exchange & Promissory Note

Unsecured Bond (Mar’04)

Unsecured Bond (Mar’04)

Unsecured Bond (Jun’06)

Unsecured Bond (Jun’07)

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

Net

214

1,000

1,500

1,500

3,000

648

216

1,744

1,162

863

204

249

12,300

(2,067)

10,233

3-mth fixed deposit rate

5 years, 4.2%

6.8 years, 5.24%

3 years, 6.39%

5 years, 4.25%

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 Bt mil Terms

TRIS Rating Co., Ltd. has rated the Company’s senior debentures as “A+” in May 2007.