CP All Public Company Limited: (CPALL)

Investor Information Release 1Q14 Results

May 7, 2014

Price (May 2, 2014): Bt. 43.50

Hi/Low: (12-month) Bt. 45.25/32.00 per share

Average Turnover: Bt.1,007.65 million

No. of shares: 8,983.10 million (Par Bt. 1) Market Capitalization: Bt. 390,765 million

Major Shareholders (as of March 11, 2014):

- CP Group 41.3%

- Thai NVDR 4.6%

- GIC 1.2%

Historical dividend payment:

Year Amount / share Payout ratio

2009 - Bt 0.80 78%

2010 - Bt 1.40 102% (incl. special dividend of Bt 0.40/share)

2011 - Bt 2.25 139% (incl. stock dividend of Bt 1.00/share)

2012 - Bt 0.90 81%

2013 - Bt 0.90 79%

*During the year 2012, the Company issued the stock dividend at a ratio of 1 existing share to 1 stock dividend, thus the number of shares used in the computation of dividend per share for the year 2012 has increased from 4,493,148,024 to 8,983,101,348.

1Q14 Highlights

CPALL Long-term Credit Facilities

On Annual General Meeting (AGM) of shareholders dated April

24, 2014, AGM resolution regarding another bond issuance up to Baht 90,000 million was approved; hence, the limit of bond issuance will be a total of Baht 180,000 million. CPALL was already successfully secured long term funding in the form of Baht bond of Baht 90,000 million with average tenor of 7 years.

remaining of USD loan is granted in the amount of USD 350 million. We believe that our capital structure will be strengthened and targeted to reduce net debt to EBITDA and net debt to equity to 3 and 2 times respectively in 2017. CPALL's dividend policy remains unchanged to distribute 50% of net profit based on separated financial statement.

Store Network (Type)

2013 1Q14

Corporate Franchise Sub-area

Total

3,248 3,400

3,593 3,647

588 604

7,429 7,651

Store Network (Geography)

2013 1Q14

BKK and suburban

Upcountry

Total

3,395 3,474

4,034 4,177

7,429 7,651

Product Sales Mix & Margin*

2013 1Q14

Product Sales Mix (%)

Foods

Non-Foods

Gross Margin Mix (%)

Foods

Non-Foods

Total Product

72.5% 72.2%

27.5% 27.8%

25.9% 26.1%

24.7% 24.7%

25.6% 25.7%

Average daily sales/store* Bt. 75,953

Average spending/ticket** Bt. 62

Average tickets/store/day** 1,244 tickets

* Calculated from all store sales excluding T&E e.g. mobile phone

** Calculated from SSS excluding T&E

Disclaimer :

With total revenues for 1Q14 of Baht 89,326 million and total costs and expenses of Baht 84,601 million, the Company reported a consolidated

net profit ended March 31, 2014 of Baht 2,705 million or a decrease of 15.1% YoY.

Total revenues significantly increased 68.8% YoY due to the consolidation of Makro performance and a result of store expansion of 7-Eleven in Thailand, and an increase in other operating income mainly form sales promotion. Gross margin (sales and service) reduced from 25.9% in 1Q13 to 20.9% in 1Q14 due to the blended of lower margins from Makro business. SG&A expenses increased 42.0% YoY mainly due to Makro acquisition related expenses; however, SG&A to total revenues dropped from 21.9% in 1Q13 to 18.4% in 1Q14 because of the lower SG&A expenses to total revenues of Makro business. Finance charges were also recorded. That resulted in consolidated net profit of Baht 2,705 million, decreasing by 15.1% YoY, and separated net profit of Baht 1,786 million, lowering by 38.8% YoY.

• By business segments, sales and services income were generated from convenience store business and others 61% and cash & carry business 39% while earnings before tax contributions from convenience store & others businesses and cash & carry business were
61% and 39%, respectively.
• 7-Eleven, we expanded another 222 stores in 1Q14 with geographical combination of 79 stores in Bangkok and suburban and 143 stores in provincial areas: 152 as corporate stores versus 54 franchise and 16 sub area stores. Same store sales growth excluding phone card was posted at -1.1% YoY.
• Balance Sheet, total assets were increased from Baht 288,665 million in FY13 to Baht
302,816 million in 1Q14 due to business expansion of both 7-Eleven and Makro stores as well as the combined assets from Makro acquisition. Total liabilities were increased from Baht 255,658 million in FY13 to Baht 267,170 million in 1Q14 which Baht 186,531 million was interest-bearing debt.
• Financial Ratio, EBIT and net profit margin were posted at 5.3% and 3.0%, respectively. ROA and ROE were generated at 3.6% and 35.2% consecutively.

This document may be deemed to contain forward-looking statements. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of CP ALL that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Any projections in the fact sheet are based on limited information currently available to CP ALL, which is subject to change. Actual events or results could differ materially and no reader of the fact sheet should assume later that the information provided today is still valid. Such information speaks only as of the date of the fact sheet.

Investor Relations Contact Information:

Telephone: 662-648-2501 Fax: 662-679-0050

Address: 119 Tara Sathorn Tower, 12th Floor, Soi Sathorn 5, South Sathorn Rd., Bangkok, 10120 Thailand

Website: www.cpall.co.th E-mail: i nvestor@cpall.co.th

CP ALL Pcl.

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