CPN Retail Growth Leasehold REIT Investor Presentation Opportunity Day 28 February 2018
Importance Notice • The information contained in this presentation is for information purposes only and does not constitute an offer or invitation to sell or the solicitation of an offer or invitation to purchase or subscribe for units in CPN Retail Growth Leasehold 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. 2
Content About CPNREIT Key Financial Highlights Operation Highlights Asset Enhancement Initiatives 3
ABOUT CPNREIT
CPNREIT History CPN Retail Growth Leasehold REIT is Thailand’s largest retail-focused real estate investment trust listed on the Stock Exchange of Thailand. CPNREIT was established from the conversion of CPN Retail Growth Leasehold Property Fund which was set up and publicly traded on the SET since 2005. Upon conversion on 1 December 2017, CPNREIT acquired all CPNRF’s quality 2017 portfolio, and invested in a new mix-used project consisting of CentralFestival Pattaya Beach shopping center and Hilton Pattaya. Conversion to CPNREIT Acquisition of CentralPlaza Pinklao Acquisition of CentralFestival Pattaya Beach Acquisition of Hilton Hotel CentralPlaza Rama 2 CentralPlaza Rama 3 2009 1 st Follow-on Offering 2005 2014 Initial Public 2 nd Follow-on Offering Offering Acquisition of CentralPlaza Chiangmai Airport 5
Trust Structure Investment in CPNREIT Distribution Represents Interest of REIT Manager Management Trustee Unitholders Services Management Fee Trustee Fee Property Manager Net Property Invest in Assets Income Hotel Manager Property Management Fee HILTON PATTAYA RAMA 2 RAMA 3 PINKLAO CHIANGMAI AIRPORT PATTAYA BEACH Subleases Rental Income CPN Pattaya Hotel Co., Ltd. 6
Summary of Asset Information Information as at 31 December 2017 Rama 2 Rama 3 Pinklao Chiangmai Pattaya Hilton Airport Beach Pattaya Location Bangkok Bangkok Bangkok Chiangmai Pattaya, Pattaya, Chonburi Chonburi 251,182 1 88,345 122,991 70,095 49,686 Gross Floor 169,740 Area incl. Parking (sqm) Leasable Area 82,746 36,285 61,643 37,490 29,404 302 rooms (sqm) 53-2-38.4 12-2-44.6 24-2-84 32-3-56.85 Land Area - - (rai-ngan-sqw) Land Tenure Leasehold Leasehold Leasehold Leasehold - - tenure of 20 tenure of tenure of tenure of 15 years ending 22 years ending 15 30+30+30 approximately April 2 044 August 2025 years ending 15 15 years ending August 2095 31 December 2024 Building & Leasehold • Building – Leasehold Leasehold Leasehold Leasehold Utility Systems tenure of 20 Leasehold tenure of tenure of 15 tenure of tenure of years ending 22 years ending 15 same tenure approximately approximately approximately April 2 044 August 2025 as land 15 years ending 20 years ending 20 years ending 31 August 20 37 31 August 20 37 • Utility Systems 31 December – Ownership 2024 Movable Assets Ownership Ownership Ownership Ownership Ownership Ownership Valuation 7,186 9,179 5,543 10,494 8,154 3,754 As at 31 December 2017 (THB million) 7
KEY FINANCIAL HIGHLIGHTS
Key Financial Highlights 4Q 2017 FY 2017 THB 936.8 THB 3,525.9 Total Revenue million million � 2.8 % YoY � 0.1% YoY � 12.4% QoQ THB 2,72 4 .0 Net Investment Income THB 662.4 million million � 8.3% YoY � 3.8% YoY � 0.3% QoQ THB 1.1371 Distribution Per Unit THB 0.2879 � 1.7% YoY � 1.4% YoY Same QoQ 9
Balance Sheet Unit: Million Baht CPNRF CPNREIT 31 Dec 16 31 Mar 17 30 Jun 17 30 Sep 17 31 Dec 17 Investments in properties at fair value 32,309.0 31,820.0 32,402.0 32,402.0 44,310.0 Rama 2 6,705.0 6,520.0 7,184.0 7,186.0 7,186.0 Rama 3 9,156.0 9,540.0 9,192.0 9,179.0 9,179.0 Pinklao 5,495.0 5,180.0 5,495.0 5,543.0 5,543.0 Chiangmai Airport 10,953.0 10,580.0 10,531.0 10,494.0 10,494.0 Pattaya Beach 0.0 0.0 0.0 0.0 8,153.8 Hilton Pattaya 0.0 0.0 0.0 0.0 3,754.2 Investment in securities at fair value 662.9 796.8 897.0 941.0 990.0 Cash on hand and at banks 464.6 339.7 236.5 273.4 1,052.4 Rental and service receivables 88.6 113.6 107.7 92.6 188.6 Accrued interest income 0.3 0.5 0.2 0.4 0.1 Other assets 78.4 39.7 54.3 63.1 514.5 Total assets 33,603.8 33,110.2 33,697.6 33,772.4 47,055.6 Account payable and accrued expenses 386.6 356.0 370.1 266.5 1,465.8 Deposits received from customers 1,138.0 1,130.9 1,142.4 1,184.3 1,424.1 Unearned lease and service income 48.3 80.9 73.2 73.0 51.5 Borrowing 1,874.6 1,852.9 1,831.3 1,917.8 14,453.7 Other liabilities 163.7 168.3 176.2 191.4 198.4 Total liabilities 3,611.2 3,588.9 3,593.2 3,632.9 17,593.4 Net assets 29,992.6 29,521.3 30,104.4 30,139.5 29,462.1 Capital received from unitholders 24,406.2 24,406.2 24,406.2 24,406.2 29,653.4 Equalisation account 0.0 0.0 0.0 0.0 216.1 Retained Earnings 5,586.4 5,115.1 5,698.2 5,733.3 (407.3) NAV per unit (in Baht) 13.5561 13.3431 13.6066 13.6225 13.3164 10
Profit and Loss Unit: Million Baht Chg Chg Chg FY2017 /1 4Q17 /2 CPNREIT CPNRF CPNREIT CPNRF CPNRF 3Q17 CPNRF YoY QoQ YoY 29 Nov 1 Jan FY2016 29 Nov 1 Oct 4Q16 - 31 Dec - 4 Dec - 31 Dec - 4 Dec (1) (2) (1)+(2) (3) (4) (3)+(4) Investment income (0%) 13% 2% Rental and service income 369.5 3,040.7 3,410.1 3,425.2 369.5 539.5 908.9 804.8 887.5 12% (4%) 18% Other income 8.4 103.3 111.7 99.5 8.4 18.1 26.5 27.5 22.4 (33%) 18% (5%) Interest income 0.5 3.6 4.1 6.1 0.5 0.8 1.4 1.2 1.5 (0%) 12% 3% Total income 378.4 3,147.6 3,525.9 3,530.7 378.4 558.4 936.8 833.4 911.4 Expenses 19% 31% 34% Cost of rental and services 16.5 125.3 141.8 119.6 16.5 26.3 42.8 32.7 32.0 28% 83% 41% Selling and administrative expenses 23.1 59.8 82.9 64.8 23.1 8.2 31.3 17.1 22.2 7% 48% 28% Property management fee 68.9 358.0 426.9 399.4 68.9 65.8 134.7 91.0 105.4 2% 185% 426% Other expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 27% 117% 110% Other management fees and expenses 15.9 39.5 55.4 43.8 15.9 7.4 23.3 10.7 11.1 31% 141% 134% Finance costs 30.1 64.8 94.9 72.4 30.1 12.1 42.2 17.5 18.0 15% 62% 45% Total expense 154.6 647.3 802.0 699.9 154.6 119.8 274.4 169.1 188.7 (4%) (0%) (8%) Net investment income 223.7 2,500.2 2,724.0 2,830.8 223.7 438.6 662.4 664.3 722.7 Net realised gain (loss) on investments (25.3) (3.7) (25.3) 0.2 (0.6) Net unrealised gain (loss) investments (605.8) 335.6 (605.8) (35.8) (32.8) Net increase in net assets (407.3) 3,162.7 (407.3) 628.7 689.3 Note: /1 Full year performance by combining performance of CPNREIT (29 November 2017 – 1 December 2017) and CPNRF (1 January 2017 – 4 December 2017) /2 4Q2017 performance by combining performance of CPNREIT (29 November 2017 – 1 December 2017) and CPNRF (1 October 2017 – 4 December 2017) 11
Distribution Summary Distribution Period 29 November – 31 December 2017 (including the performance of CPNRF for the period of 1 October 2017 to 4 December 2017) Distribution Per Unit THB 0.2879 • via profit distribution THB – • via capital reduction THB 0.2879 XN (excluding capital return) 6 March 2018 Record Date 9 March 2018 Payment Date 22 March 2018 12
OPERATION HIGHLIGHTS
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