Opportunity Day 15 March 2019

Summary of DREIT

2

31 December 2018

AssetDusit D2 Chiangmai, Dusit Thani Hua Hin, Dusit ThaniLaguna Phuket

Listed Year December 2017

Investment Scheme Freehold / Leasehold 30 year

Remaining Asset Life (Year)83.39 (calculated from appraisal value; assumed remain freehold asset life is 99 years)

Asset Size (THB mn) 4,382.07

NAV (THB/Unit) 9.1065

Market Price (THB/Unit) 5.2000

Distribution to Unitholders Performance Period Payment Date

1 THB 0.0403 per Trust Unit 29/11/17-31/12/17 31/08/18

2 THB 0.2640 per Trust Unit 01/01/18-30/06/18 31/08/18

3 THB 0.1714 per Trust Unit 01/07/18-31/12/18 12/03/19

Structure

3

Base Management Fee / Incentive Fee

TRUSTEE REIT REIT MANAGER

HOTEL MANAGERAssetLessee

ManageMonitor

Invest

Rent Asset

Rental Fees

Manage AssetFreehold

Leasehold

Freehold

DMCO

Top 10 Unitholders

4

Rank Major Shareholders # Shares % Share

1 Dusit Thani Public Company Limited 122,920,000 30.02

2 Social Security Office 104,049,100 25.42

3 Muang Thai Insurance Public Company Limited 21,000,000 5.13

4 Krung Thai-Axa Life Insurance Public Company Limited 16,395,200 4.00

5 Dhipaya Life Assurance Public Company Limited 8,700,000 2.13

6 One Property Plus Fund 3,176,600 0.78

7 Advance Life Insurance Public Company Limited 2,535,000 0.62

Total 278,775,900 68.09

Note: Data as of 20 February 2019

5

Financial OverviewStatement of Income 20171 2018Total income 19.25 227.23Total operating expenses (1.32) (20.08)Investment income before finance cost 17.93 207.15Finance cost (1.41) (21.54)Net investment income 16.52 185.61Net loss from realized loss from investments - (1.42)Net unrealized gain (loss) from investments - (3.98)Increase in net assets from operations 16.52 180.21Balance Sheet 2017 2018Total assets 4,344.29 4,382.07Total liabilities 671.73 653.87Net assets 3,672.57 3,728.20Retained Earning (Loss) 16.52 72.15

Unit: THB mn

Note: 1 29 November 2017 (incorporation date) to 31 December 2017

Detail of Assets

6

Dusit D2 ChiangmaiLocation : Muang, Chiangmai

No. of Rooms : 130 rooms

Land area : 2 rai-2 ngan-65 sqw

Type of Investment : Freehold Asset

Asset Value : THB 406.9 mn(Appraised on 7 January 2019)

Dusit Thani Hua HinLocation : Cha-am, Petchburi

No. of Rooms : 296 rooms

Land area : 63 rai-1 ngan-60 sqw.

Type of Investment : Leasehold Asset ending 2040

Asset Value : THB 909.5 mn(Appraised on 26 September 2018)

Dusit Thani Laguna Phuket Location : Talang, Phuket

No. of Rooms : 226 rooms

Land area : 33 rai-2 ngan-61.4 sqw.

Type of Investment : Freehold Asset

Asset Value : THB 3,009.2 mn(Appraised on 27 September 2018)

7

Industry Overview

Source: Ministry Tourism and Sports (31/12/18)

10.39 10

.84

Visitor (mn)

99,07

010

8,013

Spending (THB mn)

14.01

14.38

Visitor (mn)

423,0

13

477,3

24

Spending (THB mn)

6.82 7.1

8

Visitor (mn)

39,59

642

,988

Spending (THB mn)

• Total visitor arrivals increase 4.33%• 70.02% are Thai• 29.98% are Foreigner

• Total spending increase 9.03%• 61.44% are Thai• 38.56% are Foreigner

• Total visitor arrivals increase 2.64%• 28.16% are Thai• 71.84% are Foreigner

• Total spending increase 12.83%• 11.05% are Thai• 88.95% are Foreigner

• Total visitor arrivals increase 5.28%

• 82.73% are Thai• 17.27% are Foreigner

• Total spending arrivals increase 8.57%

• 67.28% are Thai• 32.72% are Foreigner

Visitor Year 2018 Visitor Year 2017

Spending Year 2018 Spending Year 2017

Chaingmai

Phuket

Huahin

8

Supply Overview

Source: Tourism Authority of Thailand (31/12/18)

CHIANGMAI PHUKET HUAHIN

Hotel25,633

Other12,126No. of

guest rooms2017

Occ. Rate 73.92%

76.02%

2017

2018

Hotel48,182

Other47,961

75.20%

75.71%

2017

2018

Hotel9,564

Other7,603

64.90%

66.84%

Hotel25,889

Other12,207

No. of guest rooms2018

Hotel49,054

Other47,972 Hotel

9,392

Other7,510

2017

2018

(+1.00%)

37,759

38,096(+0.89%)

(+0.67%)

97,026 16,902

96,143(-0.91%)

17,167(+1.57%)

(-1.78%) (+1.83%)

(-0.02%) (+1.24%)

6,928

3,259

2,358

4,926

7,394

2,970

2,479

4,762

4,985

4,874

6,505

1,787

724

3,637

6,987

1,922

1,063

3,536

3,149

3,348

94%

55%

31%

74%

94%

65%

43%

74%63%

69%

0%

25%

50%

75%

100%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2017 2018

Occupancy Rate, ADR and REVPAR (Excluded Service Charge &Tax)

ADR REVPAR Occ. Rate

9

Performance – DTLPUnit: THB

3,704

2,943

2,864

3,115

3,334

2,757

2,674

3,316

3,155

3,015

2,381

1,877

1,845

2,038

2,298

1,795

1,918

2,159

2,034

2,041

64% 64% 64% 65% 69% 65%72%

65%64% 68%

0%

25%

50%

75%

100%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2017 2018

Occupancy Rate, ADR and REVPAR (Excluded Service Charge &Tax)

ADR REVPAR Occ. Rate

10

Performance – DTHHUnit: THB

3,275

2,415

2,394

3,152

3,264

2,025

2,246

2,841

2,832

2,617

2,753

1,611

1,938

2,603

2,671

1,394

1,889

2,504

2,225

2,114

84%

67%

81%83%

82%69%

84% 88%79% 81%

0%

25%

50%

75%

100%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2017 2018

Occupancy Rate, ADR and REVPAR (Excluded Service Charge &Tax)

ADR REVPAR Occ. Rate

Performance – D2CM

11

Unit: THB

9671

33

201

11384

31

230

DTLP DTHH D2CM Total

EBITDA (THB mn)

2017 2018

12

Performance (Cont.)

399 381

137

917

429 391

129

949

DTLP DTHH D2CM Total

Total Revenue (THB mn)

2017 2018

13

Performance (Cont.) – Nationality*

* Based on room night ** European Union (28 countries) %Proportion of nationality base on room night year 2018

Year 2017 Year 2018

EU**23%

Russia22%China

19%

Thailand 8%

Others 28%

43.9

9.4

5.0

3.7 8.5

44.3

9.5

5.2

5.1 9.7

Thailand EU** China India Others

DTHH (‘000 Room night)

11.8

13.8

10.9 2.5

13.4

13.2

12.3

10.9

4.5

16.2

EU** Russia China Thailand Others

DTLP (‘000 Room night)

5.5

7.2

5.3

3.9

15.6

6.0

5.9

5.0

3.6

17.9

EU** China Thailand USA Others

D2CM (‘000 Room night)

Thailand60%

EU**13%

China7%

India 7%

Others 13%

EU**16%

China15%

Thailand13%USA 9%

Others 47%

14

Performance (Cont.) – Market Segment*

* Based on room night %Proportion of market segment base on room night year 2018

Year 2017 Year 2018

F.I.T75%

GROUPS23%

Others 2%

39.5

30.1

1.1

36.0

36.6

1.1

F.I.T GROUPS Others

DTHH (‘000 Room night)

F.I.T49%

GROUPS50%

Others 1%

40.6

11.0 0.842.4

13.3 1.3

F.I.T GROUPS Others

DTLP (‘000 Room night)

32.1 5.1

0.3

29.2

7.2

2.0

F.I.T GROUPS Others

D2CM (‘000 Room night)

F.I.T76%

GROUPS19%

Others 5%

15

Performance (Cont.) – 3 assets Year 2017 Year 2018

112.2

46.1

107.6

57.1 4.4

F.I.T GROUPS Others

Market Segment* (‘000 Room night)

Thailand 32%

EU**17%

China13%

Russia 7%

Others 31%

52.4

22.1

24.3

13.2 48.5

53.8

28.7

21.9

12.5 52.1

Thailand EU** China Russia Others

Nationality* (‘000 Room night)

F.I.T64%

GROUPS34%

Others 2%

* Based on room night ** European Union (28 countries)

2.2

2019 Outlook

16

17

Dusit Thani Maldives

Dusit Thani Maldives

Location : Mudhdhoo Island, Baa Atoll, Republic of Maldives

No. of Rooms : 95 rooms (1 room utilized for internal use)

Land area : 116 rai 2 ngan 60 square wah

Type of Investment : Leasehold Asset, ending 2059

Asset Value(Fund Structure)

: USD 71.0 mn (Appraised by KnightFrank)USD 72.8 mn (Appraised by HVS)

Detail of Asset“ 5-star resort in the Maldives that blends graceful Thai

hospitality with the unparalleled luxury setting of the Maldives.Encircled by white sandy beaches, a stunning 360 degree housereef full of marine life and a turquoise lagoon, this luxury resort inthe Maldives is on Mudhdhoo Island in Baa Atoll – Maldives’ firstand only UNESCO World Biosphere Reserve.”

Structure

18

REIT

Invest

Rent AssetAsset

Freehold

Leasehold

Freehold

Lessee

HOTEL MANAGER

DMCO

Manage Asset

Base Management feeIncentive fee

Base Management feeIncentive fee

Asset

Leasehold

Company

Dusit Maldives Investment (DMS2)

Dusit Maldives Management (DMS3)

Lessee

HOTEL MANAGER

RentAsset

ManageAsset

Rental Fees Rental Fees

Dusit Worldwide (DWW)

704

423

428

587

666

436

433

567

520

526

397

349

367

483

587

359

371

463

399

444

56%

83% 86% 82% 88% 82% 86% 82%77%

84%

0%

25%

50%

75%

100%

200

300

400

500

600

700

800

2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2017 2018

Occupancy Rate, ADR and REVPAR (Excluded Service Charge &Tax)

ADR REVPAR Occ. Rate

Performance – DTMD

19

Unit: USD

Performance (Cont.)

20* Based on room night ** European Union (28 countries)

Year 2017 Year 2018

China36%

EU**14%

Korea13%

Russia 9%

Others 28%

11.2

2.8 3.4 2.2 6.910.4

4.1 3.9 2.6 8.1

China EU** Korea Russia Others

Nationality* (‘000 Room night)

F.I.T98%

GROUPS 1% Others 1%

24.4

0.3

1.8

28.3

0.3

0.5

F.I.T GROUPS Others

Market Segment*(‘000 Room night)

22.52

25.99

Revenue

Total Revenue ($ mn)

8.06

9.76

EBITDA (mn)

EBITDA ($ mn)

21%

15%

21

Investment Highlight

High Quality Assets

Well-Diversified Portfolio

Booming tourism markets3

High-experienced hotel management team4

2

1

22

High Quality Assets

Location Talang, Phuket Cha-am, Petchburi Muang, Chiangmai Mudhdhoo Island, Baa Atoll

Brand Dusit Thani Dusit Thani Dusit D2 Dusit ThaniStar Rating 5 5 5 5Land Area 33 rai-2 ngan-61.4 sqw. 63 rai-1 ngan-60 sqw. 2 rai-2 ngan-65 sqw. 116 rai 2 ngan 60 sqw.Rooms 226 rooms 296 rooms 130 rooms 95 villasLeasehold Tenure Freehold 22 years Freehold 40 years

Fixed Rental per year THB 205 mnUSD 7.0 mn

(~THB 224* mn)Rating 8.5

8.68.4

8.68.78.6

8.68.78.8

9.39.510.0

Additional AssetExisting Assets

Total Asset Portfolio

1

Dusit Thani Laguna Phuket Dusit D2 ChiangmaiDusit Thani Huahin Dusit Thani Maldives

* 32 THB/USD

23

Well-Diversified Portfolio – Smooth seasonality2

HUAHIN

%Proportion of EBITDA year 2018

CHIANGMAI

PHUKET

39%

1%

20%

40%

Q1 Q2 Q3 Q431%

15%26% 28%

Q1 Q2 Q3 Q493%

0% -14%21%

Q1 Q2 Q3 Q4

31%

15%26% 28%

Q1 Q2 Q3 Q4

Maldives

62%

6% 5%

26%

49%

11% 13%26%

Q1 Q2 Q3 Q4

% Proportion of EBITDA 2018

3 assets 4 assets

24

Well-Diversified Portfolio – Reduce concentration from guest nationality2

China32%

EU**17%

Korea13%

Others 38%

Nationality* Room Night %1. Thailand 53,793 32%2. EU 28,742 17%3. China 21,944 13%4. Other 64,662 38%

3 assets – DTLP, DTHH, D2CM

China28%

EU**17%Korea

16%

Others 39%

Nationality* Room Night %1. Thailand 55,148 28%2. EU 32,795 17%3. China 32,335 16%4. Other 77,851 39%

4 assets – DTLP, DTHH, D2CM, DTMD

1,137 1,195 1,2391,390 1,484

2014 2015 2016 2017 2018

25

Booming tourism markets

Source: Tourism Authority of Thailand (31/12/18)

Revenue from Tourists

+8% from previous year

฿

3

Thailand (Forecast year 2019)

3.33Trillion Baht

207.1Million people

Tourists

+4% from previous year

(Target foreign tourist of

41.1 million people)

Maldives

Tourist Arrivals in Maldives during year 2014 - 2018

6.9%CAGR

26

Distinguished hospitality group with Thai heritage…

…with an aim to complete coverage of travelling lodging spectrum

= Future plan

As of 30 Sep 2018

* Dusit Thani Laguna Phuket, dusitD2 Chiang Mai and the leasehold of Dusit Thani Hua Hin are under Dusit Thani Freehold and LeaseholdReal Estate Investment Trust (DREIT) of which DTC holds a 30.02% stake** Including 220 villas of Elite Havens

High-experienced hotel management team

70 Years in hospitality business

Countries

Properties in operation9

236**

Owned hotels

Management contracts & franchise

Management contracts inpipeline

Years in hospitalityeducation business

245*245*

13

64

25

Bespoke/ Luxury Midscale Lifestyle/

BoutiqueBranded

ResidenceShared

EconomyCruise/

Vacation Club

FULL SERVICE

Economy Budget

LIMITED SERVICE EXPERIENCE

4

27

1948

1949The

Princess Bangkok

Hotel

1966DTC

1970Dusit Thani

Bangkok

1987Phuket

1988Pattaya

1990HuaHin

1995Chiang Mai

1996Bangkok

1997Manila

2001Dubai

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

1993Korat

1975

DusitThani

College

Brand established in Thailand

Overseas asset light expansion2007 2010

2006

2012 2013 2014 2015

ChinaKhao Yai

Dubai

2017 2018PhuQuoc

DusitGourmet

Expand & Diversify beyond hotel• Balancing

portfolio • Strengthening

foundation As of December 2018

High-experienced hotel management team (Cont.)4