Quarterly Results Briefing

Paragon Cineplex, Siam ParagonMay 15, 2007

1 07Q

2

1Q07 Quarterly Results Briefing1Q07 Quarterly Results BriefingContentsContents

1Q07 Financial Review1Q07 Financial ReviewP&L snapshotP&L snapshotRevenue growth & marginsRevenue growth & marginsShare of net profit from investmentsShare of net profit from investmentsKey financial summaryKey financial summary

FY07 OutlookFY07 OutlookFilm lineFilm line--upupNew cinema capacityNew cinema capacityConcession sales effortConcession sales effortMedia businessMedia businessNew bowling capacityNew bowling capacityProperty fund progressProperty fund progressNew model of net profit generationNew model of net profit generation

Key Takeaway IssuesKey Takeaway Issues

FinancialReview

1 07Q

4

423

555

0

100

200

300

400

500

600

700

800

900

1Q06 1Q07

1,131

1,598

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

1Q06 1Q07

146

197

0

50

100

150

200

250

300

350

400

450

1Q06 1Q07

1Q07 Financial Review1Q07 Financial ReviewP&L snapshotP&L snapshot

+41%

RevenuesBt. million

Net profitBt. million

+35%

EBITDABt. million

+31%

5

113104

47%

55%

0

50

100

150

200

250

300

350

400

450

1Q06 1Q07

0 %

1 0 %

2 0 %

3 0 %

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8 0 %

9 0 %

1 0 0 %

156134

19%

51%

0

50

100

150

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400

450

1Q06 1Q07

0 %

1 0 %

2 0 %

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1 0 0 %

112116

34%34%

0

50

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450

1Q06 1Q07

0 %

1 0 %

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202

284

98% 96%

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0 %

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80

155

61%65%

0

50

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1Q06 1Q07

0 %

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453

767

16%17%

0

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1Q06 1Q07

0 %

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1Q07 Financial Review1Q07 Financial ReviewRevenue growth & marginsRevenue growth & margins

+69%Bt. million Bt. millionBt. million Bt. million Bt. million

ConcessionsSales

AdvertisingIncome

Bowling& Karaoke

Rental& Services

AdmissionsSales

+94%

+41%

-4%+8%

% Gross margin

FilmDistributionBt. million

-14%

6

1Q07 Financial Review1Q07 Financial ReviewShare of profit from investmentsShare of profit from investments

Negative due to adjustment in Negative due to adjustment in CAWOWCAWOW’’ss4Q06 audited net profit4Q06 audited net profit

Share of net profit from: Bt. MillionSFD (1Q07) 10.8CAWOW (1Q07) -5.9Other (1Q07) 0.1Adjustment for CAWOW's net proft in 4Q06 -18.3Share of net profit from investments -13.2

7

1Q07 Financial Review1Q07 Financial ReviewKey financial summaryKey financial summary

Bt. Million %ChangeTotal assets 8,782 8,961 2%Total liabilities 4,585 3,582 -22%Total equity 4,197 5,379 28%D/E ratio 1.1 0.7Net D/E ratio 0.62 0.28

Bt. Million %ChangeTotal revenues 41%Gross profit 23%EBITDA 31%Net profit 35%Gross marginEBITDA marginNet marginEPS (Bahts) 14%

197

35%12%0.24

40%

Jan 31, 2007

1Q071,598

555641

146

0.21

37%13%

46%

1,131

423521

Dec 31, 2006

1Q06

OutlookF 07Y

9

FY07 OutlookFY07 OutlookFilm lineFilm line--upup

10

FY06 1Q07Siam Paragon

16 screens

Hua –Hin4 screens

Samui3 screens

Pitsanulok4 screens

Esplanade12 screens

Total screens 288

2Q07 3Q07 4Q07Samrong7 screens

Pattaya8 screens

Changwatana5 screens

Cholburi4 screens

Ayudhya4 screens

28 new screens confirmed in FY07

FY07 OutlookFY07 OutlookNew cinema capacityNew cinema capacity

11

80

155

20%

18%

0

25

50

75

100

125

150

175

200

1Q06 1Q0716%

17%

18%

19%

20%

21%

22%

23%

24%

Concessions salesConcessions % Admissions sales

FY07 OutlookFY07 OutlookConcession sales effortConcession sales effort

Bt. million+94%

12

FY07 OutlookFY07 OutlookMedia business Media business

Riding on upRiding on up--beat Thai film trend to beat Thai film trend to attract massattract mass--market products as well market products as well as exploring new industryas exploring new industryIncreasing proportion of BTL media Increasing proportion of BTL media in the total media industry:in the total media industry:

““Media Effectiveness ResearchMedia Effectiveness Research””to be conducted by AC Nielsen to be conducted by AC Nielsen in 2Qin 2Q--3Q to measure,3Q to measure,

Ad AwarenessAd AwarenessAd Recall Ad Recall Ad Liking Ad Liking Brand Image PerceptionBrand Image Perception

13

FY06 1Q07Siam Paragon

38 lanes

Hua –Hin8 lanes

Samui8 lanes

Changwatana26 lanes

Esplanade22 lanes

Total lanes 442

2Q07 3Q07 4Q07Samrong20 lanes

Pitsanulok8 lanes

Ladprao10 lanes

Pattaya24 lanes

Cholburi12 lanes

Ayudhya12 lanes

86 new lanes confirmed in FY07

FY07 OutlookFY07 OutlookNew bowling capacityNew bowling capacity

14

FY07 OutlookFY07 OutlookProperty Fund ProgressProperty Fund Progress

ReRe--submitting SEC filing on May 11, 2007submitting SEC filing on May 11, 2007SEC approval expected within MaySEC approval expected within MayRoadshowRoadshow planned for earlyplanned for early--JuneJuneIPO planned for week 2IPO planned for week 2--3 of June3 of JuneAssets sales expected to take place by endAssets sales expected to take place by end--JuneJune

Major CineplexRatchayotin

Major CineplexRungsit

15

FY07 OutlookFY07 OutlookNew model of net profit generationNew model of net profit generation““Portfolio Management CompanyPortfolio Management Company””

cinema profit

adsprofit

bowling profit

retailsprofit

film dist profit

CAWOW profit SFD

profit

Upfront payments from retails space leases

Gains from assets sales into property fund

Proceeds for reinvestments into new Standalone or new entcomplexes with SFDnew model

e

m

xist in elg od

ImplicationsImplicationsSources of capital to invest in Sources of capital to invest in demographically highdemographically high--potential potential locationslocationsAbility to expand net profit from Ability to expand net profit from core operating business linescore operating business linesFlexibility to consistently deliver Flexibility to consistently deliver yoyyoy net profit growthnet profit growth

16

Key Takeaway IssuesKey Takeaway Issues

Strong film lineStrong film line--up expected to sustain up expected to sustain traffic momentum throughout the year traffic momentum throughout the year

Two new flagship complexes, Two new flagship complexes, Capturing all benefits from Capturing all benefits from traffic & demand surgetraffic & demand surgeContributing significantly to overall growthContributing significantly to overall growth

Dilution overhang from MAJORDilution overhang from MAJOR--W1 liftedW1 lifted

Film distribution business to be spunFilm distribution business to be spun--off & listedoff & listed

MAJORPF expected to complete within 2Q07MAJORPF expected to complete within 2Q07

““Portfolio Management CompanyPortfolio Management Company””MAJORMAJOR’’ss ability to deliver sustainable bottomability to deliver sustainable bottom--line growthline growth

Quarterly Results Briefing

THANK YOU

1 07Q