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Central Pattana Plc.“CPN”CPN Retail Growth Property Fund“CPNRF”Opportunity DayMarch 28, 2006

ContentEconomic Overview and Marketing SituationCPN Achievements and PlansOperation ReviewFinancial HighlightsCPN Retail Growth Property Fund (CPNRF)2

Economic Overview &Marketing Situation

Economic Overview Thai economy in Q405 grew by 4.7% Q-o-Q. However, for full year 2005 the economygrew by only 4.5%, a moderate decrease from 6.2% from the previous year. The decrease was attributed to the slowdown in household spending, lower overallproduction and a decrease in export. The contributing factors:- Higher oil price- Higher inflation- Higher interest rate- Reduction in consumer confidence- Other non-macroeconomic factors such as Tsunami, southern unrest,avian influenza, drought and floodingNote: Source from NESDB4

Marketing SituationRetail Market Total supply of retail space in Bangkok rose by approximately 8% to 4.2 million sq.m. at theend of 2005, as compared with 3.9 million sq.m. at year-end 2004 and vacancy at year-end2005 stood at approximately 5%. Retail rent in Bangkok was broadly stable in Q405, however, 2005 saw approximately 5%growth from 2004. New retail supply in 2006 is expected to be around 300,000 sq.m. Competition in Rajprasong is becoming increasingly intense, due to the growth in supply fromthe newly opened Paragon mall and the near completion of Centralworld.Office Market Total supply of office in Bangkok was stable in 2005 with an increase of less than 1% over2004. Office space in 2005 stood at 7.2 million sq.m. with vacancy rate at year-end ofapproximately 13.3%. Grade A office rents in the Central Business District (CBD) rose by 23.3% while grade B rentsin the same area rose by 19.6%. New office supply in 2006 expected to be around 230,000 sq.m and 160,000 sq.m.in 2007.While take up rate is approximately 300,000 sq.m. each year.Note: Source from CB Richard Ellis and Jones Lang Lasalle5

CPN Achievements and Plans

Achievements in 2005Business GrowthStrategic Management Relaunched of Central Town Rattanathibet Increased occupancy rate of The Offices atCentralworld from 60% in 2004 to 85% in2005Implemented Good Corporate GovernancePolicy Implemented Key Performance Indicator (KPI)Setted up Thailand largest property fund,CPNRF, in which CPN acts as propertymanager and is the largest shareholder. Launched Corporate Culture - 7 Values Listed as one of the Top 200 “Best UnderA Billion” in Forbes Asia Magazine Re-branded of Central Pattana to CPN Achieved marketgrowth of 86.7% Formalized Business Strategies - 4 RetailFormats capitalization“THE MOST ADMIRED RETAILEXPERIENCE DEVELOPER”Y-O-Y7

Business Strategy - 4 Retail Formats“CPN continuously strives tocreate innovateformats to suit customers’ needs” The renowned internationalshopping experience. Trendsetter & “Best of The Best” The real shopping experience,with complete quality selection.Enhance every lifestyle fashionand entertainment The “Center of community”catering to basic lifestyle.Customizing to service eachlocality The shopping andentertainment experience witha holiday spirit and localnovelty Main shopping district in majorcity Heart of city Suburban area of major cities Holiday destination Satellite city and outskirt ofCBD Mid-town of secondary citiesDefinitionLocation Type A - B Type B Type C and up Type B Innovative idea design Good design meeting point Local architectural design Holiday and festive designCustomer8

Plans in 2006Business Growth Open the 1st phase of Centralworld Plazaby Mid year and continue development of2nd phase for next year relaunch.Develop 2 new projects; Chaengwattanaand Pattaya Beach Look for prime locations to develop newprojects both in Thailand and Overseas Set up Property Fund for Public Offering –OfficeStrategic Management Create Brand Perception and Brand Strength Improve Customer Relation Management (CRM) Implement Balanced Score Card Implement Economic Value Added (EVA)9

Operation Review

CPN’s Existing Projects : December 31, 2005Office BuildingShopping 0%Ram 15,258100%100%Rama 769%49%34%Rama al617,30093%94%95%134,03883%78%47%6,37371%72%77%% Lease : Rent (2)Occupancy Rate34% : 66%Occupancy Rate1% : 99%Occupancy Rate0% : 100%Note1: Renovation to convert apartment building to office building with salable area 10,730 sq.m. Sale progress as of February 28, 2006 is approximately 65%11

Centralworld Renovation & ExpansionStarted DateCentralworld Expansion RenovationExpectedCompleted DateNew Salable AreaInvestmentCost70,000 sq.m.5,000 MBRemarkPhase I May. 2006Aug. 2003Jun. 2004New Zone (Zone D, E, F)and Zone B, CSale Progress60%(1)Phase II Feb. 2007Zone A & ZEN extensionDEANote1: As of December 31, 2005CFB12

Value Enhancements of Existing ProjectsProjectPinklaoRamindraInvestment (MB)Time FrameÎConvert apartment to office (10,400 sq.m.)70CompletedÎRenovate facade at the entrance on 1stand 2 floor80Under studyÎMajor internal and external renovation220Under study500Under study130CompletedCompletedUnder study200Dec 2006Development PlanÎLeaseback and rearrange tenant mixPattaya Festival ÎIncrease more retail space and parking areaÎMay add new anchorÎDevelop new fashion zone on 2nd floorBangnaÎDevelop Playland to retail space on6thfloorÎBuild sky bridge link to 2nd floorRattanathibetTotalCompany estimatesÎDevelop new parking building with additionalretail space1,20013

CPN’s Future ProjectsExpectedCompleteDateNew Salable AreaQ3/2008 Shopping Mall 100,000 sq.m.(Include department store) Office building 20,000 sq.m. Parking area 94,000 sq.m.4,550 MBDesign ProcessQ1/2006Q2/2008 Shopping Mall 80,000 sq.m.(Include department store) Parking area 70,000 sq.m.3,300 MBDesign ProcessTentativeQ1/2007TentativeQ1/2010100,000 sq.m.4,000-4,700 MBUnder studyTentativeQ2/2008TentativeQ2/201060,000 sq.m.(Per project)1,200-1,500 MB(Per project)Under studyStarting DateNEW PROJECTSChaengwattanaQ1/2006“Plaza”Pattaya (New)(Beachfront)“Plaza”Rama ��Town Center”Company estimates14

Capital Expenditure Profile Major capital expenditure will be used to develop 8 shopping centers and renovate 5 existingshopping centers Financing plan for future expansion includes: Cash flow from operation Loan – project financing Property fundUnit : Bt mmCapital ExpenditureCentralworld Pattaya (New)300Rama 9Chonburi and KhonkaenExisting Projects (Includes 005,200(1)Company estimatesNote1: Tentative development projects2009-3 New ProjectsTotal20085,75015

Future Average Salable Area and Occupancy RateSalable Area & Occupancy-Shopping CenterSq.m.Salable area (Sq.m.)1,200,000Occupancy rate 281,62387%085%200120022003200120022003200420052006 F2007 F2008 FShopping 7,299791,549791,549 1,010,549Office 0Salable area (Sq.m.)93%Note: Salable area includes Rama 2 and Rama 3 shopping centers200420052006 F2007 F2008 F2009 F2009 F2010 F2010 F962,690 1,181,69016

Financial Highlights

Consolidated PerformanceBt 7541,4462003Total Revenue% Revenue Growth% Same Store Growth% Net Profit Growth2004(1)EBITDA2005Operating Profit2003200420052005 Adj.44%12%58%11%12%9%10%10%26%13%144%7%(2)2005 Adj.Net Profit*Adjusted items in 2005 (unit : Bt mm)Net profit3,295Adjusted 1.Gain from CPNRF(2,885)2.Impairment provision4073.Tax of 1.&2.7434. Minority interest of 2. (114)Net profit before adjusted1,446Note1: Total Revenue Rental & Service Income Food & Beverage Income Interest Income Other IncomeNote2: Same store growth 2005 compare with 2004 excludes revenue from Rama2 & Rama3 in Q4 and The Offices at CentralworldSame store growth 2004 compare with 2003 excludes revenue from Rattanathibet18

Summary of Revenues and Operating ExpensesRevenuesCost of Goods SoldBt m m4,000Bt 5 4200Cost of Rental & ServiceCost of Food & BeverageSelling and Administration Expenses4,0003,0005,4486,0026,002Bt m m2,0004,8402,0001,5001,0001,00066.2% 1,403 18.0%5.1%80399684450002003Rental & Service2004Food & Beverage2005Interest Income2005 Adj.0Other IncomeNote: Adjusted means excluding one time transaction such as gain from CPNRF and loss provision for land2003200420052005 Adj.19

Strong Growth in Earnings and MarginsGross ProfitOperating ProfitBt m mBt m 5.5%10%20042005Gross 35.3%2003200434.8%30%10%02005 Adj.Gross Profit Margin2005Operating ProfitEBITDA(1)2005 Adj.Operating Profit MarginNet ProfitBt m mBt m 2005 Adj.EBITDA MarginNote: Adjusted means excluding one time transaction such as gain from CPNRF and loss provision for landNote1: Includes long term lease revenue which is non-cash 6%21.8%2003200421.0%10%Net Profit20052005 Adj.Net Profit Margin20

Strong %4.7%0%2003200420052005 Adj.10%5%5%0%0%2003200420052005 Adj.Note: Adjusted means excluding one time transaction such as gain from CPNRF and loss provision for land11.8%11.7%2003200411.2%20052005 Adj.21

Leverage RatioDebt to EquityLoan DetailsCompany Policy : Net Debt/Equity 1:1Bt m m12,000TRIS Rating of “A” in February t Debt/EquityTotal loans Bt 11,041mmFixed Vs. Floating MixBt m m12,000Weighted average interest rate for FY 2005 - 4%Fixed Rate :4.8%Float Rate %20.3%88.7%11.3%200920102011201220135.7%MLR-1. 4%5.7%MLR-1.35%22

Share Price & Dividend Payment Capital increase of Bt1,000 mil (100mil shares)by rights issue at par 10Baht/share in December2002 Par split from 10 baht/share to 5baht/share inJanuary 2003 Par split from 5 baht/share to 1baht/share in May2004Dividend :Share :Par Value (Baht)Stock Price (Baht) as of 24/03/2006Earning Per Share (Baht)P/E200320042005Par Value (Baht)5.001.001.00Dividend Per Share (Baht)1.100.250.40*Dividend Payout Ratio40%40%26%**1.0017.701.5611.35NoteP/BVMarket Cap (Million Baht)3.4438,565.04: Dividend Policy is paid annually not less than 40% of net profit.: Dividend Yield 2.0% - 2.5% in last 3 years.: * Will be pass to approve in AGM on April 28 , 2006 .Capital Shares (Shares)2,178,816,000: ** 40 % of profit excluded extra gain 18 % of gain from setup CPNRF.23

CPN Retail Growth Property Fund

CPNRF Fund StructureNameCPN Retail Growth Property Fund (“CPNRF”)Property ManagerCentral Pattana PCLFund ManagerTMB Asset Management Co. Ltd.TrusteeCiti Bank, BangkokRegistrarTMB Asset Management Co. Ltd.AssetsCentral Plaza Rama II, Central Plaza Rama IIITypeProperty Fund Type I (Indefinite Life)Total Fund SizeTHB 10,915 millionFund Registered Date11 August 2005Fund Investing Date15 August 2005 for Central Plaza Rama II16 August 2005 for Central Plaza Rama IIIFund Listed Date23 August 2005Secondary MarketStock Exchange of Thailand (“SET”)25

CPNRF Fund StructureLand OwnerLease of land:90-2-9.3 Rai(Principle Leasing Contract)Central PattanaRama II Co., LtdCentral Pattana Plc.Central PattanaRama III Co., LtdOwner of land and building(1)Sublease of land:53-2-39.4 Rai20 yearsLease of buildingand parking20 years(2)PropertyManagerUndertaking:CP2 and CP3to performanceLease of land and building30 30 30 yearsCPN Retail Growth Property Fund (CPNRF)26

Details of Fund’s AssetCentral PlazaCentral PlazaRama IIRama III251,182169,740 Net Leasble Area91,52838,745 Occupancy Rate (28 Feb 06)97.00%96.93% Gross Area27

CPNRF PerformanceProjectionAs at 31 Dec 05% of TotalIncomeActualAs at 31 Dec 05% of TotalIncomeInvestment IncomeRental and service incomeInterest incomeTotal ,15866.34%298,423,03368.39%ExpensesProperty related expensesManagement fee and other managementexpensesAmortisation of deferred expensesTotal ExpensesNet Investment Income8,443,42128

Dividend Payment XD date: 28 February 2006 Payment date: 6 March 2006 Dividend paid 318 Baht million, 0.2908 Bath/Unit Annualized yield (based on 10 Bath) approximately 7.47%29

Details of Fund Actual Expenses (%)Costs ofrental, S&Aexp., and otherexp., 11.24%Amortise. ofdeferred exp.,4.36%Note: % expense of total income as of December 31, 2005.Propertymanagementfee, 14.20%Mgt fee andother exp.,1.81%30