CPN Retail Growth Leasehold REIT. Invest ASEAN Singapore March 2018

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1 CPN Retail Growth Leasehold REIT Invest ASEAN Singapore March 2018

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 units in CPN Retail Growth Leasehold REIT (CPNREIT and units in CPNREIT, Units ) in any jurisdiction nor should it or any part of it form the basis of, or be relied upon in any connection with, any contract or commitment whatsoever. This presentation may include information which is forward-looking in nature. Forward-looking information involve known and unknown risks, uncertainties and other factors which may impact on the actual outcomes, including economic conditions in the markets in which CPNREIT operates and general achievement of CPNREIT business forecasts, which will cause the actual results, performance or achievements of CPNREIT to differ, perhaps materially, from the results, performance or achievements expressed or implied in this presentation. This presentation has been prepared by the CPN REIT Management Company Limited as the REIT Manager of CPNREIT. The information in this presentation has not been independently verified. No representation, warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information and opinions in this presentation. None of the REIT Manager or Property Manager or any of its agents or advisers, or any of their respective affiliates, advisers or representatives, shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. This presentation is made, furnished and distributed for information purposes only. No part of this presentation shall be relied upon directly or indirectly for any investment decision-making or for any other purposes. This presentation and all other information, materials or documents provided in connection therewith, shall not, either in whole or in part, be reproduced, redistributed or made available to any other person, save in strict compliance with all applicable laws. Disclaimer Page 2

3 Agenda CPNREIT Investment Proposition Growth Strategy Investment Updates Agenda Page 3

2 3 Strong professional network comprising leaders in mixed-use property development and asset management industries 7.2 6.4 4.1 3.

4 Why invest in CPNREIT? 1 The largest retail REIT in Thailand with over THB 44 billion worth of invested properties 44.3 Invested properties size of Thailand s retail PFs/REITs (1) Unit: THB bn 2 Top-class assets in prime locations diversified throughout Bangkok and major provinces in Thailand Strong professional network comprising leaders in mixed-use property development and asset management industries CPNREIT TLGF FUTUREPF LHSC CRYSTAL MJLF Solid performance track record in both financial and operating results 4 Flexible funding capacity for expansion investments through leveraged financing 5 Consistently high distribution yields and reward sustainable returns to unitholders 6 Note: (1) Based on announcements of latest financial results for Property Funds and REITs on the Stock Exchange of Thailand CPNREIT Proposition Page 4

Establishment and investment track record A robust and diversified portfolio of high-quality assets 5 Shopping Centers 2 Office Buildings 1 Hotel 2017 Conversion of

CentralPlaza Pinklao Acquisition of CentralPlaza Chiangmai Airport 2014 2 nd Follow-on Offering Acquisition of CentralFestival Pattaya Beach Hilton Pattaya Hotel Note:

5 Establishment and investment track record A robust and diversified portfolio of high-quality assets 5 Shopping Centers 2 Office Buildings 1 Hotel 2017 Conversion of CPNRF to CPNREIT (2) Acquisition of CentralPlaza Rama 2 CentralPlaza Rama Initial Public Offering of CPNRF (1) st Follow-on Offering Acquisition of CentralPlaza Pinklao Acquisition of CentralPlaza Chiangmai Airport nd Follow-on Offering Acquisition of CentralFestival Pattaya Beach Hilton Pattaya Hotel Note: (1) CPN Retail Growth Leasehold Property Fund (2) The conversion of CPNRF to CPNREIT, along with the two assets acquired, was completed on December 1, 2017 CPNREIT Overview Page 5

Top-class assets at prime locations Front-running

locals and tourists CentralPlaza Pinklao Pinklao Tower A

2009 Lease end Dec-2024 Lease end Dec-2024 CentralPlaza

2014 NLA (sqm) 27,611 NLA (sqm) 34,031 Lease end

2005 Lease end Aug-2025 NLA (sqm) 82,746 Occ.

6 Top-class assets at prime locations Front-running properties in Greater Bangkok and major provinces for locals and tourists CentralPlaza Pinklao Pinklao Tower A & B Year acq Year acq Lease end Dec-2024 Lease end Dec-2024 CentralPlaza Chiangmai Airport Year acq NLA (sqm) 27,611 NLA (sqm) 34,031 Lease end Apr-2044 Occ. rate 99% Occ. rate 85% NLA (sqm) 37,490 Occ. rate 93% CentralPlaza Rama 2 Year acq Lease end Aug-2025 NLA (sqm) 82,746 Occ. rate 94% Chiangmai Thailand Pattaya CentralFestival Pattaya Beach Year acq Bangkok Metropolitan Area Lease end Aug-2037 NLA (sqm) 29,404 Occ. rate 98% Hilton Pattaya 2 CentralPlaza Rama 3 Year acq Lease end Aug-2037 Year acq Rooms 302 Lease end (1) Aug-2095 Occ. rate 93% NLA (sqm) 36,285 Occ. rate 78% Note: Asset information as of December 31, 2017 (1) Includes option to extend lease 2 more times at 30 years each. (2) Property subleased to CPN Pattaya Hotel Co., Ltd.in which CPNREIT earns rental income CPNREIT Overview Page 6

Strong relationship with industry leaders REIT and its underlying assets are managed by professional leaders in the industry Unitholders Experienced REIT manager Trustee High caliber

Pattaya Hotel Manager Over 30 years of experience and one of Southeast Asia s largest property developer and manager for 32 world class mixed-use development projects in Thailand

7 Strong relationship with industry leaders REIT and its underlying assets are managed by professional leaders in the industry Unitholders Experienced REIT manager Trustee High caliber professionals with extensive experience in retail asset investment and management REIT Manager Regionally acclaimed property manager 5 Shopping Centers & 2 Office Buildings Hilton Pattaya Hotel Manager Over 30 years of experience and one of Southeast Asia s largest property developer and manager for 32 world class mixed-use development projects in Thailand Property Manager Sublease Agreement CPN Pattaya Hotel Co., Ltd. World-class hotel manager Nearly a century of hotel operatorship and one of the leading global hospitality brands CPNREIT Overview Page 7

Diversified unitholder structure Strong support from retail and institutional unitholders, as well as from Central Pattana PCL (CPN) as the Sponsor Unitholders Unit: % of total units outstanding

6 Market Capitalization (THB mn) 48,896 Unit Price (THB/share) 22.10 Property Manager CPN Pattaya Hotel Co., Ltd.

8 Diversified unitholder structure Strong support from retail and institutional unitholders, as well as from Central Pattana PCL (CPN) as the Sponsor Unitholders Unit: % of total units outstanding Trustee Foreign Institutions 2, REIT Manager million units outstanding 30.7 Retail 5 Shopping Centers & 2 Office Buildings Hilton Pattaya Hotel Manager Local Institutions 29.6 Market Capitalization (THB mn) 48,896 Unit Price (THB/share) Property Manager CPN Pattaya Hotel Co., Ltd. Source: SETSMART as of March 9, 2018 TSD booking record as of February 7, 2017 Experienced Trustee SCB Asset Management Co., Ltd. managed CPNRF for nearly 10 years and is one of the largest, most experienced and accomplished asset management companies in Thailand. CPNREIT Overview Page 8

Solid operating performance track record High occupancy levels across all properties

CentralFestival Pattaya Beach 98% 93% Hilton Pattaya Note: Asset information as of

Growing TAV from higher property value and acquisition Unit: THB / unit ~15% 4Y CAGR 2.

9 Solid operating performance track record High occupancy levels across all properties ~maintain 248 YoY 91% Outstanding performances of newly acquired properties CentralFestival Pattaya Beach 98% 93% Hilton Pattaya Note: Asset information as of December 31, 2017 Healthy revenue generated from operations Unit: THB bn ~7% 4Y CAGR Growing TAV from higher property value and acquisition Unit: THB / unit ~15% 4Y CAGR CPNREIT Overview Page 9

10 Flexible funding capacity for portfolio expansion Borrowing and Gearing Limit Unit: THB mn Borrowing NAV Liabilities % Gearing 47, CPNRF Rights Offering 19,780 17,827 30,991 27,690 Conversion to CPNREIT 32,784 33,604 29,242 29,993 29,462 31% of TAV REIT Gearing Limit (IG) 60% of TAV REIT Gearing Limit (non-ig) 35% of TAV Property Fund 5000 Gearing Limit 0.10x of NAV 0 2% of NAV 7% of NAV 7% of NAV 6% of NAV CPNREIT Debt Profile Unused 42% Total available credit facilities 58% Used Fixed interest; Maturity < 1Y 13% 14,454 THB mn 87% Floating interest; Maturity > 1Y 2.39% Effective Annual Interest Rate 1.8Yrs Average Loan Life Note: Debt profile as of December 31, 2017 CPNREIT Overview Page 10

11 Consistently high distribution yields Distribution per Unit and Yield THB/unit 1Q 2Q 3Q 4Q % % % (1) 5.9% 5.1% 8% 7% 6% CPNRF/CPNREIT 5% Distribution Yield % Sector Average (2) % % % Distribution Policy 90% minimum payout of distributable income 4 times per year distribution to unitholders Source: CPNRF and CPNREIT announcements; SETSMART Note: Yield on unit distribution based on last twelve months accumulated distribution and the pre-record date trade price (1) 4Q17 distribution was announced as a capital reduction due to the absorption of CPNRF s retained earnings into CPNREIT s unit capital CPNREIT Overview Page 11

Growth strategy and focus areas M&A Geographical expansion Asset diversification Continuous effort to identify, study, assess and review, jointly with the REIT Manager and Property Manager, new

Improve accessibility to increase shopper traffic Upgrade amenities for better convenience Organic Growth Maximize occupancy levels with minimal business interruption Steady rental rate growth with

12 Growth strategy and focus areas M&A Geographical expansion Asset diversification Continuous effort to identify, study, assess and review, jointly with the REIT Manager and Property Manager, new investment opportunities Provide long-term returns to unitholders Asset Enhancement Initiatives (AEI) Remerchandizong tenant mix and improve zoning of malls Optimize NLA and common area utilization Improve accessibility to increase shopper traffic Upgrade amenities for better convenience Organic Growth Maximize occupancy levels with minimal business interruption Steady rental rate growth with upside potential Secure new tenants and lease renewals Develop strong tenant relationships Optimize rental contract mix Prepared by Investor Relations, CPNREIT Management Co., Ltd. CPNREIT Strategy Page 12

13 CentralPlaza Rama 3 PHASE 1 Completed in December 2017 RETAIL JUNGLE Connect Every Lifestyle with Welcoming of Natural Charm Start Jun 2017 Completion Phase 1: Dec 2017 Phase 2: Q Budget THB 675 mn Improvement of common area Improvement of decoration New façade design Re-merchandising mix Improvement of traffic circulation by installing more escalators Increasing rest area and interior garden Improvement of parking area and landscape to avoid traffic problem and accommodate customers Investment Updates Page 13

14 AEI: minor renovations Completed in 2017 Completed in 2017 Improvement of Kad Laung local foods and souvenir zone Conversion of vacant space to bank zone and Fashion Plus zone Improvement of Fashion Plus zone Investment Updates Page 14

End of presentation For more information, please

REIT (CPNREIT) CPN REIT Management Company Limited 31st

, Patumwan District Bangkok 10330 Thailand @

15 End of presentation For more information, please contact: Investor Relations CPN Retail Growth Leasehold REIT (CPNREIT) CPN REIT Management Company Limited 31st Fl, the Offices at CentralWorld Rama I Rd., Patumwan District Bangkok ir_cpnreit@cpn.co.th ext Q&A Page 15

16 Appendices

17 REIT vs. Property Fund Enables higher gearing ratio and leverage base Better accessibility to money and capital markets Property Fund - 10% of NAV REIT - 35% of Total Asset Value for unrated debenture and 60% of Total Asset Value for investment grade-rated debenture Property Fund - No longer allowed to issue new capital for investments REIT - Allowed to issue new capital for investments as well as debt financing at IPO Can invest in multitudes of asset type and location Growth in NAV and dividend to compensate higher tax on dividend for some types of unitholders Property Fund - Limited to certain domestic income-generating assets (retail, warehouse, office, hotel and service apartment) - Can only invest in properties at >80% completion REIT - Can invest in domestic and offshore projects with total value higher than THB 500 mn - Can invest in assets under development with amount needed for completion not more than 10% of NAV Property Fund - Listed co: 0% if hold 3 months pre and post book closing date - Non-listed co: half of Corporate Income Tax rate if hold 3 months pre and post book closing date - Non-resident: 0% - Individual: 10% Withholding Tax REIT - Listed co: Corporate Income Tax rate - Non-listed co: Corporate Income Tax rate - Non-resident: 10% Withholding Tax - Individual: 10% Withholding Tax Source: Regulations on property fund and REIT as outlined by the Stock Exchange of Thailand (SET) and the Securities and Exchange Commission of Thailand (SEC) Appendices Page 17

18 CPNREIT transparent management structure Investment in CPNREIT Distribution REIT Manager Management Fee Trustee Fee Trustee Property Management Services Management Services Invest in Assets Net Property Income Represents Interest of Unitholders Property Manager Property Management Fee Hotel Manager HILTON PATTAYA Subleases Rental Income CPN Pattaya Hotel Co., Ltd. Appendices Page 18

19 Asset information Rama 2 Rama 3 Pinklao Chiangmai Airport Pattaya Beach Hilton Pattaya Location Bangkok Bangkok Bangkok Chiangmai Pattaya, Chonburi Gross Floor Area incl. Parking (sqm) Net Leasable Area (sqm) Land Area (rai-ngan-sqw) Land Tenure Building & Utility Systems Pattaya, Chonburi 251, , , ,991 70,095 49,686 82,746 36,285 61,643 37,490 29, rooms Leasehold tenure of 20 years ending 15 Aug 2025 Leasehold tenure of 20 years ending 15 Aug 2025 Leasehold tenure of years ending 15 Aug 2095 Building Leasehold same tenure as land Utility Systems Ownership Leasehold tenure of approximately 15 years ending 31 Dec 2024 Leasehold tenure of approximately 15 years ending 31 Dec 2024 Leasehold tenure of 15 years ending 22 Apr 2044 Leasehold tenure of 15 years ending 22 Apr Leasehold tenure of approximately 20 years ending 31 Aug 2037 Leasehold tenure of approximately 20 years ending 31 August 2037 Movable Assets Ownership Ownership Ownership Ownership Ownership Ownership Valuation As at 31 December 2017 (THB million) 7,186 9,179 5,543 10,494 8,154 3,754 Note: Asset information as of December 31, 2017 Appendices Page 19

20 Financial position Unit: THB mn CPNRF CPNREIT 31 Dec Mar Jun Sep Dec 17 Investments in properties at fair value 32, , , , ,310.0 Rama 2 6, , , , ,186.0 Rama 3 9, , , , ,179.0 Pinklao 5, , , , ,543.0 Chiangmai Airport 10, , , , ,494.0 Pattaya Beach ,153.8 Hilton Pattaya ,754.2 Investment in securities at fair value Cash on hand and at banks ,052.4 Rental and service receivables Accrued interest income Other assets Total assets 33, , , , ,055.6 Account payable and accrued expen ,465.8 Deposits received from customers 1, , , , ,424.1 Unearned lease and service income Borrowing 1, , , , ,453.7 Other liabilities Total liabilities 3, , , , ,593.4 Net assets 29, , , , ,462.1 Capital received from unitholders 24, , , , ,653.4 Equalisation account Retained Earnings 5, , , ,733.3 (407.3) NAV per unit (in Baht) Appendices Page 20

21 Profit and loss Unit: THB mn CPNREIT CPNRF FY2017 /1 CPNRF Chg CPNREIT CPNRF 4Q17 /2 3Q17 Chg CPNRF Chg 29 Nov 1 Jan FY2016 YoY 29 Nov 1 Oct QoQ 4Q16 YoY - 31 Dec - 4 Dec - 31 Dec - 4 Dec (1) (2) (1)+(2) (3) (4) (3)+(4) Investment income Rental and service income , , ,425.2 (0%) % % Other income % (4%) % Interest income (33%) % 1.5 (5%) Total income , , ,530.7 (0%) % % Expenses Cost of rental and services % % % Selling and administrative expenses % % % Property management fee % % % Other expenses % % % Other management fees and expens % % % Finance costs % % % Total expense % % % Net investment income , , ,830.8 (4%) (0%) (8%) Net realised gain (loss) on investmen (25.3) (3.7) (25.3) 0.2 (0.6) Net unrealised gain (loss) investment (605.8) (605.8) (35.8) (32.8) Net increase in net assets (407.3) 3,162.7 (407.3) Appendices Page 21

22 5Y ( ) NLA and occupancy rates 000 sqm NLA (1) CentralPlaza Chiangmai Airport CentralFestival Pattaya Beach Acquired Projects Existing Projects Occ. Rate (1) (%) Rama 2 Rama Pinklao (Retail) Pinklao (A&B) Chiangmai Airport Pattaya Beach Total Major CentralPlaza Pinklao Major CentralPlaza Rama 3 Note: (1) Anchor and in-line tenants only Appendices Page 22

23 New and renewed leases Project From 1 January to 31 December 2017 New and renewed leases (1) # of leases Area (sqm) % of NLA (2) CentralPlaza Rama , % CentralPlaza Rama , % CentralPlaza Pinklao % Pinklao Tower A&B 59 14, % CentralPlaza Chiangmai Airport 88 6, % CentralFestival Pattaya Beach (3) 17 2, % Total , % Note: (1) Exclude rental agreements < 1 year (2) Percentage of leasable area as at 31 December 2017 (3) Renewals and new leases from period of 1 December December 2017 Appendices Page 23

24 Lease expiry profile % of occupied area and expiry by year Total Portfolio CentralPlaza Rama CentralPlaza Rama Expire in 2018 Expire in 2019 Expire in 2020 Expire after CentralPlaza Pinklao Pinklao Tower A&B CentralPlaza Chiangmai Airport Central Festival Pattaya Beach 39 Note: Information as of December 31, 2017 Lease expiry includes contracts of anchors and in-line tenants Appendices Page 24

25 Rental structure % of occupied area 40 Total Portfolio 60 CentralPlaza CentralPlaza 57 Rama 2 Rama 3 58 Fixed Rent % of Tenant Sales 32 CentralPlaza Pinklao 68 Pinklao Tower A&B 34 CentralPlaza Chiangmai Airport Central Festival Pattaya Beach Note: Information as of December 31, 2017 Appendices Page 25

26 Stock information Recent Key Trading Statistics Distribution History (1) Key Metrics THB Key Metrics Par Value Unit Price (THB) Net Asset Value per Unit (THB) P/NAV (x) 1.66 Distribution Yield (3) (%) 5.1% Par Value (THB) (2) Distribution (THB/unit) (3) Total Distribution (THB mn) 2,516 2,551 2,230 2,934 2,718 Net Investment Income (THB mn) 2,724 2,831 2,422 2,684 2,152 Payout Ratio 92% 90% 92% >100% >100% Market Capitalization (THB bn) 48,896 Units Outstanding (mn units) 2, Source: SETSMART (except P/E and P/BV ratios, calculated based on the latest financial results), company announcements on SET Note: (1) Data as of are based on CPNRF performances. For 2017, data are based on CPNRF performances from January 1 to December 4 and CPNREIT performances from November 29 to December 31 (2) Par value of CPNREIT is based on 1:1 unit conversion of CPNRF s capital and retained earnings effective on December 1, 2017 (3) Distributions in 1Q17-3Q17 are paid from CPNRF. Distribution in 4Q17 was paid from CPNREIT as a capital reduction Appendices Page 26

CPN Retail Growth Leasehold REIT. Opportunity Day 20 August 2018

CPN Retail Growth Leasehold REIT Opportunity Day 20 August 2018 Disclaimer The information contained in this presentation is for information purposes only and does not constitute an offer or invitation