Dusit Thani Plc. Analyst Meeting“Strengthening the Foundation”

11 April 2018

DTC at a glanceDistinguished hospitality group with Thai heritage

2

Determined Vision Mission and Value

3

Proud of our Thai heritage,

uniquely delivering gracious hospitality

to the world.

We empowerour people to

exceed expectations. ALWAYS.

Care, Commit, Can do!

MissionVision

Value

DTC by numbers

4

Focused on hospitality and hospitality education business

* Dusit Thani Laguna Phuket, dusitD2 Chiang Mai and the leasehold of Dusit Thani Hua Hin are under Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT) ofwhich DTC holds a 30.02% stake.

As of 31 March 2018

Years in hospitality business

Countries

70

Properties in operation

Owned hotels

Management contracts & franchise

Management contracts in pipeline

27*

9

18

64

8

Years in hospitality education business 24

Brand Portfolio

Franchise contracts with Dossen40

Company structure

5As of 31 March 2018

0.55%

99.99%

Dusit ThaniProperties

Co., Ltd.

Dusit Management Co., Ltd.

99.99%

DMS Property Investment Private Limited

65.00%

88.01%

Philippine Hoteliers, Inc.

84.05%

Dusit Thai Properties Plc.

100%

Philippine Hoteliers International Center for Hospitality Education, Inc.

40%

Dusit Excellence Co., Ltd.

99.99%

Le Cordon Bleu Dusit Co., Ltd.

49.99%

Dusit ThaniCollege

VimarnsuriyaCo., Ltd.

65.00%

Saladaeng Property Management Co., Ltd.

Suanlum Property Co., Ltd.

Pharam 4 Development

Co., Ltd.

10.00%

25.00%

37.00%

Devarana Spa Co., Ltd.

Dusit ThaniProperties REIT Co., Ltd.

Dusit Thani Freehold and Leasehold Investment Trust (DREIT)

30.02%

Favstay

Pte. Ltd.

9.24%

99.99%2.75%

100%

Dusit USA Management Inc.

99.99%

Dusit Worldwide Co.,Ltd.

100%

Dusit Overseas Co.,Ltd.

Dusit Saudi LLC

51.00%

Dusit China Capital Co., Ltd.

99.99%

Dusit Fudu Hotel

Management (Shanghai) Co., Ltd.

45.00%

Dusit Colours Co., Ltd.

49.00%

ASAI Holdings Co., Ltd.

99.70%

99.99%

Hotel Business

Managed Hotel Owned Hotel

Education Business Mixed-Use Project Other Business

Dusit Thani Plc. (DTC)

99.7%

Food

Dusit Food Co., Ltd.

NR Instant Produce Co., Ltd

25.977%

Business structure

6

DTC

Hotel business

Owned

Managed

Education business

Mixed-use Project

Hotel

Residence

Office Building

Retail

Food

Food OEM

Others

REIT

Office Building

favstay

As of 31 March 2018

Revenue contribution

7

Hotel82%

Education8%

Others10%

2017Total Revenue

Remark: REIT data is included in hotel businessOthers = Realized income from deferred rental revenue, gain on sales of assets, interest income, dividend income, share of profit from investment by equity method, office rental income,and other incomes

THB 5,570mn

Owned hotel revenue

Hotel key statistics

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-3.5% -2.0%

Ow

ne

d H

ote

l Sta

tist

ic

Remark: * Including Dusit Princess Korat (The hotel was divested at the end of December 2017)

56%44%

59%41%

62%38%

2017: 28 properties*

in 8 countries

Stagnant performance …

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+19.6% +134.0%

* Remark: Including THB 325 mn gain on sales of assets (Dusit Princess Korat)

+2.7%

*

… but with financial flexibility for future growth

10

* Remark: Dividend per share in 2015 was revised retroactively to reflect the Company’s par value change from THB 10 to THB 1 since May 2015.

Net interest beating debt (Net IBD) = Total interest bearing debt - Cash & Cash equivalents including short term investmentMaintaining BBB+ Company rating and stable outlook by TRIS Rating

+58.0%

Average finance cost ~ 4% p.a.

DTC’s key challenges

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Concentrated Portfolio

Aging Properties

F&B Trend

Industry Shift

Rely heavily

on domestic

market

Challenging for

raising ADR

&

Need more

renovation CAPEX

Customers

look for local

experience

Shift from

full service to

boutique/ lifestyle

hotel and shared

economy

DTC’s next chapterA new roadmap for sustainable growth and resilient to future crises

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Strategic direction

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With strong background in the hotel management and education business over six decades, DTC isnow entering into the new chapter with multi-year plan under “Balance, Diversify, and Expand”strategy…

BALANCE • 50:50 domestic: overseas revenue with balancing ofasset light vs capital investment

DIVERSIFY • 10% contribution from new adjacent business

EXPAND • Double number of rooms in operationfrom 7,000 to 14,000 keys in 2021

Long term target

ProcessPeople PropertiesTechnology Financial Capability

… by strengthening key 5 pillar foundations

Moving towards strategic direction

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BALANCE

DIVERSIFY

EXPAND

• Geographic• Capital investment

• Resilient portfolio• Financial driven

• Brand awareness

Capital investment focusing UK, Japan, Australia markets

Objectives

Non-hotel: Food, real estate,

wellness

Hotel portfolio

(Invest/ Lease/ Managed)

Key challenges

Strategic roadmap

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2018 Guidance

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• Core Revenue growth +5% driven by RevPar

• Core EBITDA margin ~ 15%

• New managed properties 10+ (1,800+ rooms)

• CAPEX THB 925 mn*

355** Hotel renovation (Maldives, Pattaya and Srinakarin)

Renovation of Dusit Thani College

Investment in IT system and software & Head office relocation

* Excluding new investment ** Excluding hotel renovation under DREIT

270 Mixed-use project (Demolition & Design development)

300 New owned property (ASAI brand)

Hotel businessGrowing global presence

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Hotel portfolio

18Remark: As of 31 March 2018

OverseasThailand

Man

age

dO

wn

ed

Bangkok (Silom)

Pattya

Hua Hin*

Laguna Phuket*

Chiang Mai

Bangkok (Srinakarin)Chiang Mai*

Dusit Thani Krabi

Pathumwan Princess

Royal Princess Larn Luang

Dusit Island Chiang Rai

dusitD2 Khao Yai

Manila

Maldives

Constance Pasadena (USA)

Nairobi (Kenya)

Kenz Dubai (UAE)

Fudu Binhu (Changzhou, China)Guam (USA)Dubai (UAE)

Lakeview Cairo (Egypt)Abu Dhabi (UAE)

Dongtai (Jiangsu, China)Fudu Qingfeng (Changzhou, China)

Dusit Residence Dubai Marina (UAE)

Conghua (Guangzhou, China)

Panzhihua (Sichuan, China)

Hotel in operation

19Remark: As of 31 March 2018

27 properties with 7,154 rooms in 8 countries

2018 opening target

20

8,967 rooms

5

2

1

1

11

China

Vietnam

Singapore

Bhutan

Philippines

Bahrain

Plan to add 10+ properties and 1,800+ rooms in 4 new countries via asset-light model.

38 properties

2018F

12 countries

Remark: As of 31 March 2018

More expansion in Asia pacific and Middle East …

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3Q18: Thimphu, Bhutan (83 rooms) 4Q18: Vung Tau, Vietnam (100 rooms)

4Q18: Manila, Philippines (125 rooms)

dusitD2 The Fort, Manila, Philippines

4Q18: Singapore (208 rooms) 4Q18: Bahrain (174 rooms)

2Q18: Phu Quoc, Vietnam (108 rooms)

… as well as in China

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Heritage Villas Zhouzhuang, Jiangsu

dusitD2 Society Hill, Tianjin Dusit Thani Shuangyue Bay Resort Huizhou GuangdongDusit Thani Wetland Park Resort, Nanjing Jiangsu

3Q18: Tianjin, China (400 rooms) 3Q18: Jiangsu, China (55 rooms) 3Q18: Guangdong, China (350 rooms)

4Q18: Fujian, China (177 rooms)

Dusit Princess Fuzhou, Fujian

3Q18: Jiangsu, China (33 rooms)

*

**

****

*

*

Well established brand positioning in Asia, Middle East and Africa with balanced portfolio of city and resort properties.

Growing global presence

23As of 31 March 2018* = In operation

Coverage will increase from 8 countries to 20+ countries and from 7,154 rooms to 20,000+ rooms

New brand launch

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A distinctive new brand designed to link curious, millennial-minded travelers with authentic local experiences in vibrant cities and resort destinations worldwide.

DTC’s Hotel spectrum

25Remark: Invested in favstay as Venture Capital

= Future plan

EXPERIENCELIMITED SERVICEFULL SERVICE

Bespoke/ Luxury Midscale Economy Budget

Lifestyle/Boutique

Branded Residence

Shared Economy

Cruise/Vacation Club

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Developing a unique hotel concept that is missing in the market

Leverage the strengths of Dusit International and

resonate with a new target segment with high growth.

Target the Millennials and those who share their

mindset are thirsty for discovery, interaction and ways

to make meaningful impact.

83% of business travelers are blending business and leisure, and seeking new types of experience

from their hotels (Source: Sabre)

“Making over million trips per year, Millennials alone account for of international tourist

arrivals and this figure is expected to rise to nearly 300 million by 2020” (Source: World Tourism

Organization)

190 20%

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28

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OUR INGREDIENTS

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Expansion strategy

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• 6 projects under development with focus on asset-light expansion

• Rooms count: 1,000 to date (April 2018)

• Target to open in vibrant cities and resort destinations with emphasis on local neighbourhood

• Potential markets: SEA, Japan and Europe

• Plan to acquire 10 projects each year

Hospitality education business Rebranding and expansion

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Th

aila

nd

Sin

ga

po

re

Ph

ilip

pin

es

Au

str

alia

* *

Sri

La

nka

DTC’s Hospital education landscape

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As of March 2018

* = In operations1 = Management contract2 = LOI signed3 = MOU signed

Aca

dem

yC

erti

fy B

od

yR

esea

rch

&

Co

nsu

lt

Thailand ASEANAsia & Middle

EastRecognition Level

Serv

ice

Off

eri

ng

Hospitality School

Tourism and Hospitality

Institute

DTEC

dusitD2 the

Fort, ManilaDusit Thani

College

LCBD

Offer full range of hospitality program: Formal education (degree program), Professional class (short course/ executive course), and Management contract.

Omega

Global2 SIM3

Dusit

Thani

CollegeDTECLCBD

LPU1

dusitD2 the

Fort, Manila

In-progress education business repositioning

Set up “Dusit Thani Excellence Center” (DTEC) to develop the flagship academic curriculums.

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• Optimize Thai operations• Launch e-Learning platform• Synergize with hotel operations

Short-term plan

• Develop right partnerships• Grow products and experiences• Scale effectively

Long-term plan

Academic research and curriculum

development center

Food research and

recipe development

center

Center for non-degree education

and services

• Short-term programs • Customized corporate programs for cabin crews,

hospitality services • Consultancy services for SMEs

and culinary schools in ASEAN

Rebranding exercise has been done in 2017 to strengthen Dusit’sbrand positioning and external communication to connect Dusit’shospitality education business to target markets (students and industry).

LCBD will be relocated in 4Q18

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Le Cordon Bleu – Dusit Culinary School (LCBD)

Established in 2007 as a joint venture with the famed culinary school Le Cordon Bleu (49.99%) offering professional programs in French cuisine, Thai cuisine, Bakery and Wine Studies.

LCBD will be relocated its school to Central World in 4Q18 due to DTC’s plan to demolish Dusit Thani Building early next year.

Mixed-use projectThe future iconic landmark of Silom - Rama IV Road

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Mixed-use project

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Grade A Office Building

• Offer a lot of convenient facilities

• Perfectly serve all office employee’s needs

• Fully equipped with functions for intelligent building

Green Space

within the Project• Greenery garden at the

rooftop connected with every buildings

• Open space for any activities

Dusit Thani Bangkok Hotel

• Iconic flagship hotel• Luxurious 5-star hotel• Digital technology and

modern style with international standard

World’s Class Retail Shopping Center

• Enjoy shopping Thai and world’s class brands

• Center of prestige restaurants

• Variety of entertainments

Premium Residence

• Luxurious condominium• Delicate details• Refresh and relax with

greenery garden rooftop and swimming pool

Photo credit: Aedas

Project progress

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Currently under the stage of demolishing the office and commercial building on the extended land adjacent to Dusit Thani Building and the parking area of Dusit Thani Bangkok Hotel.

2018 is a year of developing design concept and attaining construction permit.

Hotel Residence Retail Office

Sep 2022 Nov 2023 May 2023 Jun 2023Target Opening

New investment in food business

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Food value chain

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Food Value Chain

Aggregator

Logistic

Production

Farming/R&D/ Genetic

ProcessingDistributor

Wholesale/Retail

Restaurant/Home

Delivery/Catering

Waste Recovery

First investment in non-hotel related business

41

Invested 25.977% in NR Instant Produce Co., Ltd.

NR Instant Produce (NRIP)

42

Engages in the business of production and export of ready-made food which have been accepted by both domestic and international markets as a standard manufacturer of instant products.

-0.8%

+32.0%

Source: NRIP Remark: 1 Jan-2 Oct 2017 audited figures and 2 Oct-31 Dec 2017 management report

Source: NRIP and DTC

NRIP Products

43

Recipe Mix:

Red curry paste, green curry paste, beef flavor sauce

Ready to Eat:

Pad-Thai noodle, satay noodle, udon noodle, etc.

Seasoning Mix Powder:

Cooking sauce, fish sauce, soy sauce, etc.

Dipping Sauce:

Sweet chili sauce, plum sauce, dipping sauce, etc.

Drink and Juice:

Thai tea powder, green tea powder, etc.

Owned Brands

OEM Customers

Source: NRIP and DTC

Investment rationale

44

STANDARDIZE

HOTEL F&Band benefit from

cost efficiency then create DIY and gift set opportunities

DIVERSIFY

DUSIT BRAND Promote Dusit brand in retail and diversify

into food sector

RIDE THE FOOD

TECHEnjoy rapid growth

from meatless protein and other

products

LINK TO

CULINARY with Dusit education

business, create food science & food

tech education opportunity

45

“Clear Path to Grow” Dusit Foods was set up to focus on any food related

investment going forward

26% profit from bottom-line consolidated into DTC

Strong growth potential in NRIP’s existing business

Dusit Brand Expansion Standardized hotel F&B, support Dusit owned hotels

worldwide

To develop a line of Dusit-branded, premium products for local and international markets

Enhance brand recognition worldwide

Existing Shareholders

Dusit Foods

NRIP74.023% 25.977%

Post Acquisition Structure

DTC

99.7%

What’s in it for DTC?

DTC’s Investment value = THB 663 mn

Other business

46

• Dusit Thani Freehold and Leasehold Real Estate Investment Trust

• favstay

DREIT: IPO on 15 December 2017

47

This successful transformation of DTCPF to DREIT will help Increasing DTC group’s financial capability which is a part of the company 5 foundations. Current assets under DREIT are DusitThani Laguna Phuket, dusitD2 Chiang Mai and the leasehold of Dusit Thani Hua Hin.

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• DTC invested 9.24% in favstay since April 2017 (USD 1 mn).

• favstay continues growing according to plan and target to raise series B funding by 2019.

+46%

+149%

Source: favstay and DTC

Fulfil DTC’s strategy positioning in shared economy

Thank you

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Dusit Thani Maldives

IR Contact: ir@dusit.com +66 (0) 2200 9999 Ext. 3676www.dusit.com

Dusit Gold www.dusit.com

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Disclaimer

The material contained in this document has been prepared by Dusit Thani Public Company Limited (“DTC”) and may containforward looking statements which includes but not limited to statements regarding our intent, belief, current expectation inrespect of DTC’s business, operation, market researches, results of operation and financial conditions, capital adequacy, specificprovisions and risk management practices.

While due care has been used in the preparation of forward looking statements, the assumptions of the information are subjectto various risk and uncertainties which the actual results may vary in a materially positive or negative manner differently fromthe anticipation. And no assurance that the past performance is a reliable indication of future performance.

Therefore, the information regarding forward looking statements shall not be considered as recommendation or advice toinvestors or potential investors in relation to hold, purchase, or sell securities. In this respect, DTC reserves the right not to beresponsible and expressly disclaims all liabilities for, damages of any kind arising out of use, reference to, or reliance on anyinformation contained herein.