Opportunity Day“1H 2019 Performance”2 September 2019

D u s i t T h a n i P l c .

2

Disclaimer

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

While due care has been used in the preparation of forward looking statements, the assumptions of the information are subject to various risk anduncertainties which the actual results may vary in a materially positive or negative manner differently from the anticipation. And no assurancethat 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 to investors or potentialinvestors in relation to hold, purchase, or sell securities. In this respect, DTC reserves the right not to be responsible and expressly disclaims allliabilities for, damages of any kind arising out of use, reference to, or reliance on any information contained herein.

Agenda

Business Overview 4

1H 2019 Recap 14

Financial Performance 24

Outlook & Guidance 28

3

Page

4

Business overviewOur heritage inspires our future

Dusit Thani Bangkok, Thailand

DTC at a glance

5

71 Years in hospitality business 14 Countries

271 Properties in operation*

9 Owned hotels

24 Hotel management contracts & franchise

Contracts in pipeline

Years in education business

60+

26

As of 30 June 2019* 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) of which DTCholds a 30.02% stake. ** DREIT, Venture Capital (favstay), and Hospitality Services (Outside catering, Housekeeping on demand, Restaurant, and Hotel pre-opening),and others

Distinctly Thai yet with global reach, DTC is a leading hospitality company on a multi-year strategic journey to deliver broadened experiences for our customers and create greater value for our shareholders.

238 Villa management contracts

Hotel Education Food Others**Property Development73.6% 7.2% 7.9% 1.3%

RevenueContribution

1H19: THB 2,695 mn

DTC’s lodging spectrum

6

= Future planRemark: * 9.24% Investment

EXPERIENCELIMITED SERVICEFULL SERVICE

Bespoke/ Luxury Midscale Economy Budget Lifestyle/

BoutiqueBranded

ResidenceSharing

EconomyCruise/ Villa/ Vacation Club

*

Offered broadened experiences for our customers

Hotel & Villa brand portfolio

7

Niche, Discerning & Secluded privacy Smart, Contemporary & Efficient

Value, Friendly & Genuine simplicity

Dusit Thani Hua Hin, Thailand Dusit Devarana Hot Springs & Spa Conghua, China dusitD2 Khao Yai, Thailand

Dusit Princess Moonrise Beach Resort, Phu Quoc, Vietnam

Exceptional experiences with personal touch services

Cosmopolitan, Elegant, Reliable & True hospitality

Thoughtful essentials, Locally inspired,

Common areas & Connected community

> 200 villas across Indonesia,

Thailand, Sri Lanka, Japan, and the

Maldives

Since Apr 2017, DTC invested 9.24% in favstay - an active and fast growing sharing economy platform for listed properties. Favstay had 44,350 property listings in 1H19.

DTC’s hospitality education landscape

8

Full range of hospitality program: Formal education (degree program), Professional class (short course/ executive course), and Management contract and continues to seek opportunities for its unique brand of education in key destinations worldwide.

Acad

emy

Certi

fy B

ody

& Co

nsul

ting

serv

ices

Hosp

italit

y L&

D In

nova

tion

Reso

urce

Ce

ntre

Thailand ASIA The WorldRecognition Level

Serv

ice

Offe

ring

Hospitality College

Integrated Hospitality

Institute

Dusit Thani Excellence Center

Dusit Hospitality Management

College, Manila

Dusit Thani College

Le Cordon Bleu Dusit

Informal Short Courses & Int’l Expansion support

Collaboration with esteemed partners

9

Dusit Thani Bangkok Hotel

• The new flagship of Dusit International

• 5-star park view hotel• Elegant design embracing

Thai heritage and identity• Digital technology services• 39 Floors 49,000 sq.m.

Central Park

• The world’s class retail shopping center with interactive retail experiences

• Iconic brands • Variety of food around the

world• 6 Floors 78,000 sq.m.

Central Park Offices

• The best in class office building with LEED certified in CBD Bangkok

• Fully equipped with functions for intelligent building

• 45 Floors 92,000 sqm.

Dusit Residences& Dusit Parkside

• Super luxury Residences with two concepts under Dusit Residences (Refined, Timeless, Exclusive) and Dusit Parkside (Elegant, Contemporary, Curated)

• 69 Floors 49,000 sq.m.(Net saleable area)

Sky RoofPark

• Thailand’s biggest roof park• 11,000 sq.m. (7 rai) green

space on top of retail podium

• Open space for sports, leisure activities and Bangkok events

Remark: Excluding parking area

Mixed-use project: Dusit Central Park

Opening targetHotelRetail & Office Residence

1H 20232H 20231H 2024

THB 36.7 bn project covering 440,000 sq.m. of prime estate on the corner of Silom and Rama IV road

Dusit Foods

10

99.99%

Dusit Gourmet90.0%25.527%

DTC

10.0%

Food retail to distribute Dusit branded premium products to domestic & international marketsNew brand “Khong Thai” launched in end-May 2019

Food manufacturer and exporter

Epicure Catering**51.0%

International school catering

* Invested since March 2018** New investment in January 2019; 19% additional stake will take place in early 2020 *** New JV in July 2019

NR Instant Produce* Dusit Real Foods***51.0%

Will open and operate dining outlets within Virgin Active Fitness Clubs in Bangkok as well as expand to non-Virgin Active Clubs where customers will enjoy easy access to healthy meals, snacks and shakes.

“Bringing ASIA to the World” Be Natural | Be Organic | Be Healthy | Support Local Community

Dusit Foods

Investment Rationale

Key milestones

11

1948

The Princess Co., Ltd.

1949The Princess

Bangkok Hotel

1966

DTC1970

Dusit Thani Bangkok

1987

Phuket1988

Pattaya1990

HuaHin1995

Chiang Mai1996

Bangkok1997

Manila2001

Dubai

Chiang Mai

Cairo

DTCPF

Maldives ChinaAbu Dhabi

Nairobi Guam Krabi

Vimarnsuriya(Mixed-use

project, Bangkok)

Rebranding hospitality education

ColoursInternational

Divested Dusit

Princess Korat

Dusit Foods&

2016

Dusit Thani Hotel School

1993

Korat1975

Dusit ThaniCollege

Brand established in Thailand

Overseas asset light expansion

2007 2010

2006

2012 2013 2014 2015

ChinaKhao Yai

Dubai

2017 2018

Dusit Gourmet

Expand & Diversify beyond hotel

• Balancing portfolio • Strengthening

foundation Phu QuocChinaKrabi

ThimphuDavao

DusitHospitality Services

2019

DohaBangkok

Dubai

Khong Thai

As of 23 August 2019

CebuDavao

Unveiled “Dusit

Central Park”

Grace Me

Dusit Real Foods

Strategic direction

12

With strong background in the hotel management and education business, DTC has entered a new chapter with multi-year plan under “Balance, Diversify, and Expand” strategy…

… by strengthening 5 key pillar foundations.

Balance

Expand

Diversify

50:50 domestic/overseas revenue with balance of asset light vs capital investment

10% contribution from new adjacent business

Double number of rooms in operation to 14,000 keys in 2021Non-hotel:

Long

term

targ

et

Strategic roadmap

13

•Set new strategic direction•Develop new Vision/Mission/

Values•Focus on key priorities

•Realize revenue from new investments

• Integration of hospitality and education business

•Double no. of keys worldwide

•Completion of new mixed-use project and new iconic flagship hotel

•More revenue contribution from new investments

•Balance of revenue contribution from Thailand and overseas

14

1H 2019 Recap

Dusit Devarana Hot Springs & Spa Conghua, China

1H19 Recap

Dusit Thani Bangkok hotel closureJan

Received the shareholder approval on the selling of Dusit Thani Maldives to DREIT as part of DTC’s strategy for asset portfolio efficiency and strengthen financial capability

Continued to expand in food business

Acquired 51% in

Apr “Dusit Central Park” project unveil

A market leader in the education catering business

Sale of Dusit Thani Maldives to DREIT

15

• Transaction worth not less than THB 2,304 mn expected to be completed in 3Q19.• DTC will continue to obtain revenue from the property, and receive dividends from DREIT.• Currently, the process remains on-track.

Le Condon Bleu Dusit Culinary relocation

Relocated to Zen Tower, CentralWorld Shopping Centre, Bangkok, where it can accommodate an additional 600 students per year.

Dusit Thani Laguna PhuketdusitD2 Chiang Mai

The leasehold of Dusit Thani Hua Hin

THB 36.7 bn mixed-use project covering 440,000 sq.m. of prime estate on the corner of Silom and Rama IV road

1H19 Recap (Cont’d)

Successful investment of 2 new hotels in ThailandASAI ChinatownDusit Suites Hotel Ratchadamri Bangkok

Apr

• Hotel and long-term stay project worth around THB 740 mn.

• Approx. 19 years sublease • Opened in May 2019

• Mixed-use project with hotel and retail mall of which DTC will develop and manage only hotel project worth around THB 954 mn.

• Approx. 32 years sublease• Plan to open in 1Q20

Bangkok, Thailand97 rooms

Bangkok, Thailand224 rooms

16

THB 0.17 per share for 2018 performance

May JunReduced investment in Saladang Property Management Co., Ltd. to 0% (from 14%).

Changed in investment

Dividend policy: Not less than 50% of net profit

1H19 Recap (Cont’d)

17

Dusit Thani Mactan CebuCebu, Philippines

271 roomsdusitD2 DavaoDavao, Philippines

60 rooms

Dusit Doha HotelDoha, Qatar

261 rooms & 96 apartmentsDusit Princess Residences Dubai MarinaDubai, UAE

146 roomsDusit Suites Hotel Ratchadamri BangkokBangkok, Thailand

97 rooms

1Q19

2Q19

New hotel opening

Hotel in operation

18

33 hotel properties with 7,556 rooms in 11 countries

As of 30 June 2019

Hotel Name Location # RoomsDusit Thani Pattya Thailand 457Dusit Thani Manila Philippines 468Dusit Thani Maldives Maldives 94Dusit Princess Chiang Mai Thailand 198Dusit Princess Srinakarin, Bangkok Thailand 198Dusit Thani Hua Hin Thailand 296Dusit Thani Laguna Phuket Thailand 252dusitD2 Chiang Mai Thailand 130Dusit Suites Hotel Ratchadamri, Bangkok Thailand 97Owned hotel 2,190

Hotel Name Location # RoomsRoyal Princess Larn Luang Thailand 167Pathumwan Princess Thailand 445Dusit Thani Guam USA 421Dusit Thani Krabi Thailand 240dusitD2 Khao Yai Thailand 79Dusit Thani Dubai UAE 321Dusit Thani Lakeview Cairo Egypt 449Dusit Thani Abu Dhabi UAE 527dusitD2 Nairobi Kenya 101dusitD2 Kenz Dubai UAE 237dusitD2 Fudu Binhu (Changzhou) China 88Dusit Devarana Conghua (Guangzhou) China 133Dusit Thani Dongtai (Jiangsu) China 155Dusit Thani Fudu Qingfeng (Changzhou) China 349Dusit Princess Moonrise Beach Resort, Phu Quoc Vietnam 108dusitD2 Ao Nang Resort, Krabi Thailand 173dusitD2 Thimphu Bhutan 83The Beach Club at Lubi Plantation Island Managed by Dusit Philippines 18Heritage Villas Zhouzhuang Managed by Dusit Jiangsu 33dusitD2 Society Hill Tianjin 405Dusit Thani Mactan Cebu Philippines 271dusitD2 Davao Philippines 60Dusit Doha Hotel Qatar 357Dusit Princess Residences Dubai Marina UAE 146Managed hotel 5,366

Hotel & Villa portfolio

19

OverseasThailand

Man

aged

Ow

ned

PattayaHua Hin**

Laguna Phuket**Bangkok (Ratchadamri) ***

Chiang MaiBangkok (Srinakarin)Chiang Mai**

Krabi Pathumwan PrincessRoyal Princess Larn Luang

Khao YaiAo Nang Resort, Krabi

ManilaMaldives

Nairobi (Kenya)Kenz Dubai (UAE)

Fudu Binhu (Changzhou, China)Yarkay Thimphu (Bhutan)

Society Hill (Tianjin, China)Davao (Philippines) ***

Guam (USA)Dubai (UAE)

Lakeview Cairo (Egypt)Abu Dhabi (UAE)

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

Conghua (Guangzhou, China)

Heritage Villas Zhouzhuang, Managed by Dusit (Jiangsu, China)

* Include Elite Havens; ** Under Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT) of which DTC holds a 30.02% stake; *** Opened in 1H 2019

Moonrise Beach Resort Phu Quoc (Vietnam)

Dubai Marina (UAE) ***

As of June 2019, DTC operated 271 properties with 8,579 rooms* in 14 countries

The Beach Club at Lubi Plantation Island, Managed by Dusit (Davao, Vietnam) Indonesia (144 villas)

Sri Lanka (5 villas)Maldives (8 villas)Japan (18 villas)

Phuket (42 villas)Koh Samui (21 villas)

Mactan, Cebu (Philippines) ***Doha (Qatar) ***

** *

* **** ** *

Japa

n

**

UK

Aust

ralia

Growing global presence

20

* = In operation

Will continue to expand the business through asset light initiative and lease model. Coverage will increase from 14 countries to 20+ countries and from 8,579 rooms to 20,000+ rooms by 2023.

As of 30 June 2019

Recent developments

21

Jul-Aug The opening of Baan Dusit Thani

A new food destination at Saladang started the opening of Dusit Gourmet in July and Benjarong restaurant in August. Thien Duong restaurant and banqueting area is scheduled to be opened in September.

Jul

A joint venture between Dusit Foods (51%) and Real Foods (Pty) Ltd. (49%) to operate Real Foods store to sell heathy food products with strategic partnership with Virgin Active Thailand. The first Real Foods store in Bangkok is scheduled to open at Virgin Active Fitness Club 101 in October 2019.

New JV set up: Dusit Real Foods

Dusit Gourmet

About Real Foods: Real Foods (Pty) Ltd. is a multi-brand food group dedicated to natural food, innovation, social responsibility and integrity. Based in South Africa, Real Foods is at the forefront of the global trend towards health and wellness, and aims to be the leader in natural food. The group is passionate about building strong, natural food brands that are leaders in their categories.

Real Foods was founded by Dean Kowarski in 2013. The company lists KAUAI, NÜ Health Café, Schoon, Highveld Honey & Brother Bee in its portfolio.

Inside Dusit Gourmet

22

Unique education concept of fully integrated hotel – college• High tech – high touch• Relevant, industry-driven learning• Job ready graduates • Already opened DHMC in August 2019. • Expect to open dusitD2 The Fort Manila hotel at end-2019.

Continued development of Dusit Hospitality Management College (DHMC)

Recent developments (Cont’d)

23

Dusit Central Park progress

• Currently, the company is preparing and obtaining necessary permits for the construction as originally planned. • Sales and marketing strategy of the project’s residences is consistently monitored and realigned with prevailing market situations.

The sales of the residences is expected at end-2019.• The opening target of the project remains the same. The new Dusit Thani Bangkok hotel, shopping complex and office buildings

are planned to be opened in 2023 while residential building is planned to be opened in 2024.

Financial performance

24dusitD2 Khao Yai, Thailand

Revenue contribution is diversified as planned

25

Hotel73.6%

Education7.2%

Food7.9%

Others11.3%

THB2,695 mn

2018

Hotel77.7%

Education3.0%

Food11.0%

Others8.1%

THB372 mn

EBITDA contribution

Remark: REIT data is included in hotel business Others = Gain on sales of investment, office rental income, interest income, dividend income, share of profit from investment by equity method, and others

1H19Revenue contribution

2018 1H19

Hotel83.2%

Education7.6%

Others9.2% THB

5,565 mn

Hotel89.4%

Education4.3%

Others6.3%

THB1,000 mn

• This is in-line with the company’s diversification strategy that target 10% revenue contribution from new adjacent business.

• Tourism industry shown soften trend as well as the company’s hotel business outlook.

• EBITDA contribution is more balanced with higher contribution from food business which provide greater profitability.

Higher revenue contribution from food business thanks to the new investments

More balance of EBITDA mix

Hotel key statistics (excluding Elite Havens)

26

Ow

ned

Hot

el S

tatis

tic

Remark: For comparison purpose, the figures in 2017 exclude Dusit Princess Korat (divested at end-2017. Figures in 2018 and 2019 exclude Dusit Thani Bangkok (closed in 1Q19) and Dusit Suites Hotel Ratchadamri Bangkok (new investment in 2Q19).

1H18: 33 properties

in 11 countries

59%41%

62%38%

63%37% 71%

29%

• Proportion of owned hotel rooms declined due to the closure of Dusit Thani Bangkok hotel.

• 1H19 RevPar remained flat yoy despite the fact that overall hospitality sector has been pressured by economic situation and strong Thai Baht that adversely impacted number of tourist arrivals and spending.

9,033 9,98011,573

2016 2017 2018 1H19Non-current Current

3,679 4,0995,495

6,837

2016 2017 2018 1H19Non-current Current

Total Assets

5,354 5,881 6,078 5,933

2016 2017 2018 1H19Non-controlling interest Total

Contraction with progression

27

Total Liabilities Total Equity

Remarks: Non-core items are gain on sales of available investment for sales in 2018, impact of Dusit Thani Bangkok hotel closure in 2019 and additional provision for employee benefitas per the new Labour Protection Act in 2019.

• 1H19 revenue declined by 4.5% yoy due to the closure of Dusit Thani Bangkok hotel as the company made way for ground breaking of the mixed-use project at the former Dusit Thani Bangkok hotel. Expect to see full revenue contribution from new businesses in 2H19.

• Besides, the company had to record one-off expenses from Dusit Thani Bangkok hotel closure, expenses in preparation for the upcoming projects, and extra provisioning of employee benefit expenses in compliance with the new Labour Protection Act.

12,770

Equity attributable to owners of the parents

28

Outlook & Guidance

Dusit Thani Maldives, Maldives

2019 Outlook & Guidance

29

• Cautiously plan for hotel business outlook as Thailand remains under pressure of the global trade war and appreciation of Thai Baht that put a dent on the tourist arrivals especially from China, UK and Russia.

• Expect to open 10 new hotels including lease model to add around 2,000 keys.• Diversify risk and expand through overseas hotel focused• New service model through Elite Havens and favstay• Improve the efficiency of asset portfolio by selling Dusit Thani Maldives to DREIT*• Started new hospitality services, such as Dusit on Demand and Dusit Events• Soft opening first phase of Baan Dusit Thani: Dusit Gourmet and Benjarong.

Remark: * Transaction is expected to complete in 3Q19

• Opened Dusit Hospitality Management College (DHMC), the first Dusit Hospitality College in Manila, with the curriculum designed to integrate students’ learning experiences through practical skill training with dusitD2 The Fort Manila hotel.

• Continue to focus on Non-degree & Short-course• Revitalize specialized hospitality focused programs• Synergize more with hotel and food business• Started engage new segment of students targeting mid-career in hospitality business

2019 Outlook & Guidance (Cont’d)

30

• Mixed-use project development, Dusit Central Park, is on progress.• Exploring residence and wellness opportunity with strategic partners

Remark: * Excluding new investment** Dusit Thani Pattaya, Dusit Thani College, Dusit Princess Chiang Mai and Dusit Princess Srinakarin Bangkok

• Expect total revenue growth despite Dusit Thani Bangkok closure• Maintained estimated CAPEX of THB 1,140 mn*

• THB 245 mn for hotel renovation**• THB 245 mn for ERP, software, hotel and education capex• THB 650 mn for mixed-use project

• NRF’s IPO plan remains on-track.• Expect to continually grow, especially from Epicure Catering (overseas expansion) and

Dusit Real Foods (open food store in October 2019).• Potential overseas expansion, reach out to the world through our high quality products

by developing new brand under Dusit umbrella, Khong Thai

Maintains long term outlook

31Remark: Excluding new investment and hotel renovation under DREIT

# of new managed properties per year

New residence

Food business growth (CAGR)

Core EBITDA margin

Average CAPEX per year* (THB mn)

10-12

Pre-sales at end 2019

20-25%

18-20%

1,000

10

Completed in 2024

15-20%

20-25%

2,500

• Realize revenue from new investments

• Integration of hospitality and education business

• Double no. of keys worldwide

• Completion of new mixed-use project and new iconic flagship hotel

• More revenue contribution from new investments

• Balance of revenue contribution from Thailand and overseas

32Dusit Thani Dubai, UAE