CP All Public Company Limited

1Q08: Presentation Results

May 2008

Financial Highlights
Units: MB Company Only Total Revenue Net Profits Consolidated Total Revenue Net Profits
Year Total Revenue (Consolidated) Net Profits (Consolidated)

1Q07

1Q08

Change

18,948 725

22,695 990

+19.8% +36.6%

28,013 583
2004 78,366 1,696

32,861 1,084
2005 98,948 1,508 2006 103,276 1,332

+17.3% +85.9%
2007 115,358 1,460
2

Share Capital Information

Price (May 7, 2008) Hi/Low (YTD) Avg. daily turnover No. of shares Market capitalization : Bt 10.40 : Bt 11.6/9.35 per share : 62.67 MB : 4,481,555,801 (Par Bt 1) : 46,608.18 MB First trade date Major shareholders - CP Group - AIA - GIC - Albouys Nominees 43.6% 8.9% 5.1% 4.1%

: October 14, 2003

Dividend payment
Year Dividend payment (Bt/ share) Payout ratio (%) Based on financial statement
Note : Year 2005 : October 19, 2007 : October 26, 2007 : Year 2007

2004 Bt 2.25 59% Consolidated

2005 Bt 0.30 88% Consolidated

2006 Bt 0.25 84% Consolidated

2007 Bt 0.35 63% Company Only

Capital was increased by stock dividend at 1:1 and par value was changed from Baht 5 to Baht 1 per share. C.P. Seven Eleven Plc. has changed its name with the Registrar of Ministry of Commerce to CP All Plc. Trading symbol of CP7-11 has been changed to CPALL. Dividend policy has been changed from the approximate payout of 50 percent of consolidated financial statement to company only financial statement.

Core Business in Thailand Convenience Store Business: 7-Eleven

Store Types Breakdown

BKK & Suburban / Provincial
Stores 4,000 3,000 2,000 1,000 0 1Q07 2Q07 3Q07 4Q07 1Q08 2,038 2,108 2,185 2,210 2,274

Corporate / Franchise / Sub-area

Stores
3,912
223 1,457

3,912
1,874

4,055
1,947

4,199
2,014

4,279
2,069

4,402
4,000

4,055
232 1,512

4,199
243 1,534

4,279
255 1,562

4,402
261 1,595

2,128

3,000 2,000 1,000 0

2,232

2,311

2,422

2,462

2,546

1Q07

2Q07

3Q07

4Q07

1Q08

BKK&Suburban

Provincial

Corporate

Franchise

Sub-area

Stand-alone / In PTT gas station

Stores 4,000 3,000 2,000 1,000 0 1Q07 2Q07 3Q07 4Q07 1Q08 3,379 3,494 3,613 3,665 3,771

Stores/Year BKK & Suburban Provincial Total Expansion

2004 1,571 1,290 2,861 +464

2005 1,748 1,563 3,311 +450

2006 1,960 1,824 3,784 +473

2007 2,210 2,069 4,279 +495

1Q08 2,274 2,128 4,402 +123

3,912
533

4,055 561

4,199
586

4,279 614

4,402
631

Stand-alone

In PTT gas station

Same Store Sales Growth

Same Store Sales Growth
2004 SSS Growth (Incl. T/E) SSS Growth (Excl. T/E) 6.7% 4.8% 2005 10.7% 4.7% 2006 7.8% 5.5% 2007 1.8% 5.9% 1Q07 1.1% 7.4% 2Q07 2.0% 5.6% 3Q07 1.2% 4.4% 4Q07 2.9% 6.0% 1Q08 4.9% 7.7%

Avg. Same Store Sales Incl. T/E per Store per Day*
Units: Baht Avg. Same Store Sales 2004 55,023 2005 60,886 2006 2007 1Q07 66,477 2Q07 66,712 3Q07 65,931 4Q07 68,054 1Q08 69,739

65,607 66,809

Note : * Calculated based on number of stores opened at the end of the previous comparable period i.e. stores under operation of at least 1 year. The figures of average same store sales include phone card and are used for comparison only. - T/E stands for technology and entertainment

Spending and Number of Tickets

Spending per Ticket
Baht 60 50 40 30 20 10 0 56 58 56 57 58 57

2004

2005

2006

2007

1Q07

1Q08

No. of Customers per Store per Day

+5.7% YoY

Customers 1200 1000 800 600 400 200 0 2004 2005 2006 2007 1Q07 1Q08 1,156 956 1,032 1,155 1,122 1,186

Product Sales Mix & Gross Margin Mix

Product Sales Mix Excluded T/E
% 100% 80% 60% 40% 20% 0% 1Q07 2Q07 3Q07 4Q07 1Q08 71.7% 73.1% 72.2% 72.1% 72.2% 28.3% 26.9% 27.8% 27.9% 27.8%

Foods

Non-foods

Gross Margin Mix

%
29.0% 28.0% 26.8% 27.0% 26.0% 26.1% 25.0% 24.0% 24.4% 23.0% 22.0% 1Q07
27.0% 26.4% 24.8% 24.2% 23.4% 24.1% 27.2% 28.0% 28.1%

27.0% 26.1%

27.0%

2Q07

3Q07

4Q07

1Q08

Foods

Non-foods (Excl. T/E)

Total Prod. - Excl. T/E

Convenience Store Performance Company Only

CVS Revenue
MB 30,000

CVS Costs
+19.8% YoY
MB 30,000

+18.9% YoY 19,370

4,964 14,405

18,948
20,000 10,000 0 1Q07 999 17,949

20,297
1,208 19,089

20,546
1,002 19,544

22,015
1,140 20,875

22,695
1,117 21,578

17,998
20,000 4,423 10,000 0 13,575

20,008
5,195 14,813

21,298
5,623 15,675

21,398
5,250 16,148

2Q07

3Q07

4Q07

1Q08

1Q07

2Q07

3Q07

4Q07

1Q08

Revenue from Sales & Services

Other Operating Income

Cost of Sales & Services

SG&A

Operating Profits
MB 1,500 1,000 500 0 1Q07 2Q07 3Q07 4Q07 1Q08 1,297 950 927 538 718

Net Profits
+36.5% YoY
MB 1,500 1,000 500 0 1Q07 2Q07 3Q07 4Q07 1Q08 990 446 533

+36.6% YoY

725

800

Investment in PRC Supercenter Business: Lotus Shanghai

Store Network
Number of Stores
Hangzhou (1) Wu Xi (3) ZheJiang (1) Shaoxing (1) Huai An (1) Hunan (1) Tai Zhou (1) Hefei(1) Shanghai (20) Nanjing (2)

Stores
50 40 30 20 10 0 1Q07 2Q07 3Q07 4Q07 1Q08 20 20 20 20 20 23 23 23 22 22

43

43

43

42

42

Chengdu(1) Chongqing(2) Jiaxing(1) Kun Shan (1)

Shanghai city

Other provinces

Xu Zhou (1) Wu han (3)

In 2007, there was one store closed in Jiaxing; thus, total Lotus stores remain 42 stores. Stores / Year 2004 14 11 25 2005 19 21 40 2006 20 23 43 2007 20 22 42

Nantong(1)

Shanghai Others Total

Note : SLS has commenced contract since July 2004 to manage another 2 Lotus stores in Wuhan without title to any assets in accordance with an agreement to manage an outlet between SLS and two local companies

11

Average Sales/Store/Day and Product Mix

Avg. Sales/Store/Day
'000 RMB
800 600 400 200 0 1Q07 2Q07 3Q07 4Q07 1Q08 470 482 535 535 387 392 417 417 436 436

Product Sales Mix (%)

+11.0% YoY
100% 80% 60% 40% 20% 20.9% 0% 1Q07 Fresh foods 2Q07 3Q07 4Q07 Hardline 1Q08 Apparel Dry grocery 21.5% 22.5% 21.7% 21.7% 11.3% 19.5% 48.3% 10.2% 20.7% 47.7% 10.1% 20.1% 47.4% 11.5% 19.9% 46.9% 10.1% 18.8% 49.3%

All store sales

Same store sales

Sales per sq.m.

RMB
80 60 40 20 0 1Q07 2Q07 3Q07 4Q07 1Q08 48 55 40 43 44
35% 30% 25% 20% 15% 10% 5% 0%
10.8% 9.4% 7.5% 26.5%

Gross Margin Mix (%)

28.5% 27.2%

26.9%

25.5%

11.5%

12.0%

13.0% 11.3% 10.4%

12.3% 12.7% 10.9%

9.1% 8.2% 9.6% 8.4%

Year
Same Store Sales (000 RMB) Sales per sq.m. (RMB)

2004
797 70

2005
626 51

2006
476 43

2007
437 44

1Q07

2Q07

3Q07

4Q07

1Q08

Fresh foods

Dry grocery

Hardline

Apparel

12

Supercenter Performance
Supercenter Revenue
MB 10,000 8,000 6,000 4,000 2,000 0 1Q07 2Q07 3Q07 4Q07 1Q08 8,238

Supercenter Costs
+11.9% YoY
MB 10,000 8,000 6,000 9,090

+3.0% YoY 9,197

1,981

8,508
270

7,207 330
6,877

7,923 437
7,486

7,218 38
7,180

9,520 430

8,307
2,247

8,638
2,053

9,473 7,957
2,257 7,620 1,853

4,000 2,000 0

7,216

6,060

6,585

5,700

1Q07

2Q07

3Q07

4Q07

1Q08

Sales & Service Income

Other Operating Income

Costs Sales & Service

Operating Expense

Operating Profits
MB 200 0 -200 -400 -600 -800 -1,000 -1,200 1Q07 2Q07 3Q07 4Q07

Year Supercenter Revenue (MB)

47

2004 23,498 22,974 524

2005 31,310 32,500 -1,190

2006 31,481 34,803 -3,321

2007 31,177 34,419 -3,242

Supercenter Costs (MB)

1Q08

Operating Profits (MB)

-688 -1,100 -715 -739

Note : All data are before elimination. Interest income are included in Other Operating Income.

13

1Q08 Consolidated: Financial Highlights

Revenue - Consolidated
Total Revenue
MB
40,000
+17.3% YoY

Net Profits
MB 1,200
+85.9% YoY

30,000

900

20,000
28,013 27,878 29,055 30,091 32,861

600
1,084

10,000

300

583 266 263 347

0 1Q07 2Q07 3Q07 4Q07 1Q08

0 1Q07 2Q07 3Q07 4Q07 1Q08

Year Total Revenue (MB) Net Profits (MB)

2004 78,366 1,696

2005 98,948 1,508

2006 103,276 1,332

2007 115,358 1,460

15

Operating Profits (By Business Segment)

2006
MB
3,200 2,600 2,000 1,400 800 200 -400 -1,000 -1,600 -2,200 -2,800 -3,400

2007
3,133

1Q07

1Q08

2,863

7-Eleven

720

569

950 174

1,297 47 211

Lotus Others

-688

-3,321

-3,242

262 MB

+76% YoY

460 MB

436 MB

+257% YoY

1,555 MB

Operating Profits (MB) 7-Eleven Lotus Others Total

2004 1,602 524 441 2,567

2005 2,316 -1,190 512 1,638

2006 2,863 -3,321 720 262

2007 3,133 -3,242 569 460

Note : All data are before elimination. : Other businesses mainly are comprised of Counter Service, Retailink, CPRAM and others. : Operating profit is prior to minority interests adjustment.

16

Selling and Administrative Expenses

SG&A Expenses - Consolidated
MB 10,000 8,000 6,000 4,000 2,000 0 1Q07 2Q07 SG&A 3Q07 4Q07 1Q08 6,461 7,247 7,305 7,985 7,154
23.1% 26.0% 25.1% 26.5% 21.8%
+10.7% YoY

1Q08 SG&A Expenses Company Only

% 30% 25% 20% 15% 10% 5%
Depre& Amor 9.9% Store Mgt Fees 15.1% Personnel Expenses 28.2% Utilities 9.8% Rental 11.8% Advertising 4.5% Others* 20.7%

% of Total Revenues

* Others are comprised of royalty fee, professional fee, R&D, and transportation etc.

Consolidated SG&A Expenses / Year SG&A Expenses (MB) % of Total Revenue

2004 15,012 19.2%

2005 20,485 20.7%

2006 25,570 24.8%

2007 29,099 25.2%

17

Key Performance Ratio - Consolidated

ROAA
% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2004 2005 2006 2007 1Q08 6.7% 4.4% 3.2% 3.3% 9.7%
% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 2004 2005 2006 2007 1Q08 18.1% 14.7% 14.4% 21.4% 57.4%

ROAE

Cash
MB 12,000 10,000 8,000 6,000 4,000 2,000 0 2004 2005 2006 2007 1Q08 7,156 8,581 9,952

Cash Cycle Day

Day
12,082 11,233

60.3 60.0 40.0 40.0 20.0 0.0 2004 2005 2006 47.1

65.6 59.5

2007

1Q08

18

Future and CAPEX Plan

7-Eleven Store Expansion
5,500

Product Strategy Focus on foods - ready to eat products New products launching Product assortment

5,000

No. of stores

4,500

FBO (First Best Only)

4,000

Book Smile in 7-Eleven stores

3,500
Open 400-450 stores/year Target to reach 5,000 stores

Payment service via Counter Service 2008 Projected CAPEX Thailand MB

3,000 2006 2007 2008 2009

Stand alone 75% Franchise 60% BKK and suburban 50%

PTT 25% Corporate 40% Provincial 50%

400-450 stores expansion 450 stores renovation Investment in subsidiaries & DC Fixed assets & IT system Total

1,400 600 800 500 3,300

19

Appendix

Group Structure of CPALL

99.99%

99.99%

99.99%

99.99%

99.99%

99.99%

99.99%

72.64%

99.99%

Counter Service

C.P. Retailing & Marketing

Retailink (Thailand)

Gosoft (Thailand)
1%

MAM Heart

Suksapiwat

Dynamic Management
1%

Thai Smart Card

Panyatara

100%

Thailand

Emerald Innovation Management

54%

Lotus Distribution Investment 54% 100% Ek Chor Distribution System

Yangtze Supermarket Investment

British Virgin Island

Hong Kong

100% Ek Chor Trading*

54%

PRC
* No longer commencing operation

Shanghai Lotus Supermarket Chain Store

21

Changes in Accounting
Before Feb 2004 Feb 2004
Impact

Phone card revenues were booked under CVS segment. Phone card revenues were booked under Other Business segment.
In segmentation report, sale, cost of sales and operating profit under Other Business will be increased and vice versa under CVS.

Sept 2005
Impact

Phone card revenues were booked under CVS segment.

In segmentation report, sale, cost of sales and operating profit under CVS will be increased and vice versa under Other Business.

Oct 2005
Impact

Phone card revenues of two mobile phone operators were booked as commission earned.
In consolidated, the company only and segmentation reports, sale and cost of sales will be reduced but service income will be increased. However, operating profit remains unchanged.

Jan 2007

Accounting policy change regarding investment in subsidiaries and associates in the company only report from equity method to cost method starting from Jan 1, 2007 onward.
Net profit shown in the company only report will be different from that shown in consolidated financial statement.

Impact

Disclaimer : 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.

22

Thailand Retail Value: Marginal Growth

Trillion Baht 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2004 2005 Retail Value 2006 2007 2008E 2.0 11.8% 22.0% 2.2 2.3 2.4 2.5

25% 20% 15% 10%

In 2007, retail sector valued Baht 2.4 trillion with the growth rate of 3% due to lower consumer confidence, turmoil in political situation and unrest in the South.

5.0% 3.0%

5.0% 5% 0%

Growth %

In 2008, retail sector has estimated the growth of 5% with the sign of political stability and recovery of consumer consumption

Source: BOT and industry estimates

23

Connected transactions: Disposition of Lotus Supercenter Business in PRC

Current Lotus Shareholding

Current Holding Structure of Lotus Central Current Holding Structure of Lotus North and South

CP ALL
1% 100% 45%

CRF

LDI CPH (BVI)

100%

Chia Tai Enterprise International (CTEI)

54%

Yangtze Supermarket Investment (YSI)

54%

100%

100%

CTDI

Lotus North

Lotus South

Shanghai Lotus Supermarket (SLS)

46%

North 21 stores Central 41 stores

Performing :19 stores Non performing : 22 stores Performing: 10 stores Non performing: 11 stores

South 11 stores
Performing: 11 stores

25

CP All will receive CB from the disposition

CP ALL
1% 100% 45%

1.The reorganization of SLS by disposing of its 22 non-performing stores to CPH.

CRF

2. CP ALL and LDI will dispose the SLS interests held through 55% shareholding in YSI of to CTEI.
CPH (BVI)
100%

LDI

Consideration: CTEIs CB to CP ALL and LDI in the amount of HKD 891.2 million or Baht 3,918 million. 3. In addition, CP ALL and/or LDI will subscribe CB issued by CTEI in the amount of HKD 156.4 million or Baht 687.6 million

54%

Yangtze Supermarket Investment (YSI)

54%

CTDI

Shanghai Lotus Supermarket (SLS)

46%

CB terms and conditions: Maturity Interest Conversion price 3 years extendable to 5 years 1% per annum HKD 0.39 / share
26

Central 41 stores
Performing :19 stores Non performing : 22 stores

CTEI Post Restructuring

CTEI restructuring : acquire 19 performing stores and dispose 11 non-performing stores in the North : extends its presence in Northern, Central and Southern regions of the PRC with operating 40 performing stores : create synergy through economy of scale and collective purchasing power with vendors and suppliers
CP ALL and LDI
Convertible Bond

Chia Tai Enterprise International (CTEI)

100%

100%

100%

100%

YSI
54%

CTDI
46%

Lotus North

Lotus South

SLS

Performing Stores 10 stores

Performing Stores 11 stores

Performing Stores 19 stores 27

CTEI Financial Impact

Financial impact of the restructuring as if the Restructuring had been completed as of December 31, 2006. The CTEI Group before restructuring
units in million HKD

The Enlarged CTEI Group after restructuring

Total Assets Total Liabilities Net Asset Value Revenue Net Loss EBITDA

2,459.1 2,528.5 (69.4) 3,482.8 (347.5) (133.1)

7,887.4 6,597.3 1,290.1 6,892.0 (335.5) 140.5

28

Source: CTEI circular on June 29, 2007