C.P.

Seven Eleven Public Company Limited

Investor Presentation : 2003 Results

February 27, 2004

Company Highlights
 Share Capital Information

„ Price : Bt 66.50 per share

„ Hi/Low : Bt 70/51 per share
„ Average turnover : Bt 132 million
„ No. of shares : 440 million (par Bt 5)
„ Market capitalization : Bt 29,260 million (USD 743 million)*
„ Major shareholders : CP Group 46.40%
AIA 9.09%
GIC 8.52%
„ Foreign room available : 49.8 million shares (11.13% of total shares)
„ First SET trade date : October 14, 2003
Source: Stock Exchange of Thailand
As of February 24, 2004
*Exchange rate Bt39.4/USD
3

Group Structure

99.99% 97.76% 99.99% 33.24% 99.99% 99.99% 99.99%

Counter C.P. Retailing & Retailink Thai Smart Gosoft MAM Heart Dynamic Thailand
Service Marketing (Thailand) Card (Thailand) Management
(CS) (CPRAM) (RTL) (TSC) (DM)

100%

Lotus Distribution
Investment (LDI)
China Retail
Fund (CRF) 45% 1% 54%

Yangtze Other
Supermarket countries
Investment (YSI)

Local 100%
51% 49%
Partners
People
Ek Chor
Republic
Distribution
of China
Shanghai Lotus Co.,Ltd. Shanghai
Supermarket (ECD)
Chain Store
As at December 31, 2003 (SLS)
4
 Convenience Store Business : 7-Eleven Thailand

Competitive Advantages

„ Dominant 7-Eleven brand image

„ Strong supports by Licensor & CP Group
„ Extensive nationwide store network in prime locations (both stand
alone & with PTT gas station)
„ Advanced distribution center and IT system
„ Inclusive experienced management team
„ Full integration of value-added retail services
„ Bill payment service from Counter Service
„ Retail maintenance service from Retaillink (Thailand)

6
 Store Network
S t ores
„ Ample room for growth in both Bangkok and
3,000
2,500
provincial area
2,000
1,375
„ Open in gas station as diversified growth
1,500 1,129
1,000
904 opportunity
500 818 913 1,022
0
2001 2002 2003
B angk ok Upc ountry

Stores Breakdown

Franchise
28% Upcountry
57%
PTT
Sub-area 8%
5% Non PTT
92%

Corporate Bangkok
67% 43%

As at December 31, 2003 7

Customer Base

Average No. of Customers per Day Average No. of Customers per Branch per Day
Million
visitors
visitors
2.5 1,000.0
2.06
1.91
2.0 1.60 990.0 983
980
1.5 980.0 977

1.0 970.0
0.5 960.0

0.0 950.0
2001 2002 2003 2001 2002 2003

Spending per Visit „ More than 2 million buyers each day

Baht 52.0 „ Broad and distributed customer base makes
50.0
40.0
46.0
CP7-11 naturally diversified
40.0
„ Upward trend of spending per visit reflects
30.0
ability to match customers’ need
20.0

10.0
2001 2002 2003

8
 Product Mix & Margin
Product mix by sales Gross Margin (%)

%
Non Foods 30%
25.6% 26.1%
47% 24.4% 25.0%
25% 22.8%
21.4%
20%

15%
Foods
53% 10%
2001 2002 2003

Total Total (Excl. T&E)

Foods Margin (%) Non-Foods Margin (%)

% %
30% 30%
25.9% 26.1% 26.3%
25% 25%
21.1%
20% 20% 17.8%
15.8%
15% 15%

10% 10%
2001 2002 2003 2001 2002 2003

Sales & Inventory

Total Convenience Store Revenue Average Sales/Store/Day

Milli on Baht Ba ht

50,000 60,000 50,395

41,891
50,000 45,175
40,000 39,253
31,537
40,000
30,000 23,129
30,000
20,000
20,000
10,000 10,000
0 0
2001 2002 2003 2001 2002 2003

Same Store Sales/Store/Day Inventory Day

Da y
Ba ht
40
60,000 51,550
46,175
50,000 30 27.1
39,853 24.6 25.3
40,000
30,000 20
20,000
10,000 10

0
0
2001 2002 2003
2001 2002 2003
10
 Future Plan

„ Total Capex in Convenience Business for 2004

„ 320 stores expansion Bt900 million
„ 250 stores renovation Bt150 million
„ Store assortment system Bt165 million
„ New distribution center Bt835 million
„ New vocational school Bt200 million
„ CPRAM frozen foods Bt250 million
Total Bt2,500 million

11

Supercenter Business : Lotus Shanghai

 Business Overview

„ SLS’ geographical coverage includes 2 cities (Shanghai and

Chongqing) and 7 provinces along Yangtze River
„ Dominant Share strategy: open many stores as clusters in
10 Lotus any single city in order to achieve economy of scale
Supercenters

„ As at December 31, 2003, we are the leader in Shanghai

with 10 Lotus stores. Other 3 stores are located in
Hangzhou, Nanjing and Wu Xi.

„ Location / Store opening criteria:

„ Highly populated area
2 Lotus
Supercenters „ Reachable by mass transit system
1 Lotus
Supercenter
„ Catchment area of 3-5 kilometers
„ Breakeven in 1-2 years
„ Two prototypes: Big format sales area of 12,000 - 15,000
sq.m. and small format 7,500 - 9,000 sq.m.
„ Our expansion strategy is to “lease” instead of “build” new
stores. Investment per new store is around RMB 40-60 mm.

13

Lotus Strategy

„ Every Day Low Price (EDLP)

„ Dominant share strategy
„ Economy of scale in distribution, purchasing, information and
management
„ Product differentiation
„ Exclusive brand from CP Group
„ Advanced distribution center and information technology

14
 Key Operating Highlights
Total Supercenter Store Revenue Average Sales/Store/Day
Bt m n '000 RMB
16,857
15,000 1,200 1,067
12,712
1,000 855 821
12,000
9,038 800
9,000
600
6,000 400
3,000 200
0 0
2001 2002 2003 2001 2002 2003

No. of Stores 6 10 13
„ Combination of factors contributing to sales/store/day trend:
„ Sales of new stores not yet fully recognized
Inventory Day „ Competition in the area
Da y „ Change of town plan
40 „ Product price deflation
29.5 30.7
30 China RPI
(% Y-o-Y) 1998 1999 2000 2001 2002 2003
0.0%
20
-1.0%
-0.8%
-2.0% -1.5%
-1.3%
10
-3.0% -2.6%
-4.0% -3.0%
0
2002 2003
Source: World Bank / ADB
15

Key Operating Highlights (Cont.)

Ave. No. of Customers per Branch per Day Spending per visit
visitors RM B

15,000 90.0
79. 0
13,500 12,988 80.0
11,691 11,946 69.0 69.0
12,000 70.0

10,500 60.0
9,000 50.0
7,500 40.0
2001 2002 2003 2001 2002 2003

Product Sales Mix Gross Margin

Apparel Apparel 30%
% 28.6% 30.2%
12% Hardline 11% Hardline
22% 21% 25%
19.5% 19.3%
20%
13.4%
Dry 15% 12.4%
Dry 11.3%
10.1%
Grocery Fresh Grocery Fresh 10% 6.9% 8.1%
48% Foods 49% Foods
18% 19% 5%
0%
Fresh Foods Dry Grocery Apparel Hardline Total
2002 2003
2002 2003
16
 Financial Highlights

Contributions from All Businesses

Contribution to Sales and Service Revenues

Supercenter Supercenter
business business
29% 29%

Convenience Other Convenience Other

store businesses store businesses
business 2% business 2%
69% 69%

2002 Total Sales and service revenues = Baht 43,765 million 2003 Total Sales and service revenues = Baht 58,382 million

Contribution to Operating Profit

Supercenter
Supercenter business
business 11%
10%
Convenience
store Convenience Other
Other
business store businesses
businesses
81% business 11%
9%
78%

2002 Total Operating Profit = Baht 1,342 million 2003Total Operating Profit = Baht 1,972 million
18
 Consolidated Performance

Total Operating Revenue Gross Profit & Gross Margin

Bt mm 60,993 Bt mm %
18.7%
2.8% 18.7% 18.7%
50,000 45,843 3.0% 10,000 20.0%
40,000 2.1% 2.20% 10,923
33,094 8,000
2.0% 15.0%
30,000 8,184
6,000
20,000 5,886 10.0%
1.0% 4,000
10,000 5.0%
2,000
0 0.0%
2001 2002 2003 0 0.0%

Note: Exclude interest income and extraordinary items 2001 2002 2003
Gross Profit Gross Margin

SG&A Expenses Net Profit & Net Margin

Bt mm 18.9% % Bt mm %
2.8%
10,000 19.4% 24% 1,500 3.0%
2.2%
18.8%
8,000 20% 2.1%
1,000 2.0%
6,000 11,562 16% 1,339
925 964
8,927
4,000 12%
6,260 500 1.0%
2,000 8%

0 4% 0 0.0%
2001 2002 2003 2001 2002 2003
Total SG&A % of total revenues Net Income Net Margin
19

Key Financial Ratios

EBITDA & EBITDA Margin Return on Average Asset (ROAA)

Bt mm % %
4,200 8.0% 8.0%
7.1% 6.9%
6. 6%
3,600 6.1%
5.2% 5.0% 6.0%
3,000 6.0%

2,400 3,039 4.0% 4.0%

1,800 2,194 2,406
1,200 2.0%
2.0%
600
0 0.0% 0.0%
2001 2002 2003 2001 2002 2003

EBITDA EBITDA Margin

Note: Exclude interest income and extraordinary items

Total Debt to Equity Ratios Return on Equity (ROAE)

% %
2.0 25.0%
1.7X
1.5X 20.0% 18.8% 17.7%
1.5 1.4X
15.8%
15.0%
1.0
10.0%
0.5 5.0%

0.0 0.0%
2001 2002 2003 2001 2002 2003

20