Dusit Thani Plc. Investor Presentation Focus 29-30 August 2019 Disclaimer

The material contained in this document has been prepared by Dusit Thani Public Company Limited (“DTC”) and may contain forward looking statements 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 and uncertainties which the actual results may vary in a materially positive or negative manner differently from the 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 to investors or potential investors in relation to hold, purchase, or sell securities. In this respect, DTC reserves the right not to be responsible and expressly disclaims all liabilities for, damages of any kind arising out of use, reference to, or reliance on any information contained herein.

2 Agenda

Page Business Overview 4 1H 2019 Recap 11 Financial Performance 21 Outlook & Guidance 25 Appendix 29

3 DTC at a glance

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. 71 Years in hospitality business 14 Countries

271 Properties in operation* 60+ Contracts in pipeline 9 Owned 26 Years in education business 24 management contracts & franchise 238 Villa management contracts

Revenue Contribution 1H19: THB 2,695 mn Hotel Education Property Food Others** 73.6% 7.2% Development 7.9% 1.3%

As of 30 June 2019 * Dusit Thani Laguna Phuket, dusitD2 and the leasehold of Dusit Thani Hua Hin are under Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT) of which DTC holds a 30.02% stake. ** DREIT, Venture Capital (favstay), and Hospitality Services (Outside catering, Housekeeping on demand, Restaurant, and Hotel pre-opening),and others 4 Vision Mission and Value

Proud of our Thai heritage, We empower our people Care uniquely delivering to exceed expectations. Commit gracious hospitality to the Always. Can do world.

VISION MISSION VALUES 5 Key milestones Dusit Thani College 1948 Brand established in Thailand The 1949 1966 1970 1975 1987 1988 1990 1993 1995 1996 1997 2001 Princess The Princess DTC Dusit Thani Phuket HuaHin Korat Chiang Mai Co., Ltd. Bangkok Bangkok Hotel Dusit Thani DTCPF Hotel School 2006 Overseas asset light expansion Chiang Mai 2007 2010 2012 2013 2014 2015 Nairobi Krabi

Expand & Diversify 2016 beyond hotel Dusit Foods • Balancing portfolio 2017 2018 & 2019 China Vimarnsuriya Rebranding Unveiled • Strengthening Khao Yai Colours (Mixed-use Cebu “Dusit Khong Thai hospitality Divested Phu Quoc foundation Dubai International project, education Dusit Dusit Davao Central Dusit Real Dusit Gourmet China Bangkok) Princess Hospitality Park” Foods Krabi Korat Services Thimphu Bangkok Grace Me Davao Dubai As of 23 August 2019 6 Strategic direction

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…

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

Diversify 10% contribution from new adjacent business Non-hotel: Expand Double number of rooms in operation to 14,000 keys in 2021 Longterm target

… by strengthening 5 key pillar foundations.

7 Strategic roadmap

•Set new strategic direction •Realize revenue from •Completion of new mixed-use •Develop new Vision/Mission/ new investments project and new iconic flagship hotel Values •Integration of hospitality •More revenue contribution from •Focus on key priorities and education business new investments •Double no. of keys •Balance of revenue contribution worldwide from Thailand and overseas

8 DTC’s lodging spectrum

FULL SERVICE LIMITED SERVICE EXPERIENCE Bespoke/ Branded Lifestyle/ Sharing Cruise/ Villa/ Luxury Midscale Economy Budget Residence Boutique Economy Vacation Club *

Remark: * 9.24% Investment = Future plan

9 Brand portfolio

Cosmopolitan, Elegant, Reliable & True hospitality Niche, Discerning & Secluded privacy Smart, Contemporary & Efficient

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

Value, Friendly & Genuine simplicity Exceptional experiences with personal touch services Thoughtful essentials, Locally inspired, Common areas & Connected community

> 200 villas across , Thailand, Sri Lanka, Japan, and the Dusit Princess Moonrise Beach Resort, Phu Quoc, 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. 10 1H 2019 Recap

Dusit Devarana Hot Springs & Spa Conghua, China 11 1H19 Recap

Jan Dusit Thani Bangkok hotel closure Continued to expand in food business Le Condon Bleu Dusit Culinary relocation

Acquired 51% in A market leader in the education catering business

Relocated to Zen Tower, CentralWorld Shopping Centre, Bangkok, where it can accommodate an additional 600 students per year. Apr “Dusit Central Park” project unveil Sale of Dusit Thani Maldives to DREIT THB 36.7 bn mixed-use project covering 440,000 sq.m. of prime estate on the corner of Silom and Rama IV road

Dusit Thani Laguna Phuket dusitD2 Chiang Mai The leasehold of Dusit Thani Hua Hin 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 • Transaction worth not less than THB 2,304 mn expected to be completed in 3Q19. Opening target Hotel 1H 2023 • DTC will continue to obtain revenue from the property, and receive dividends from DREIT. Retail & Office 2H 2023 • Currently, the process remains on-track. Residence 1H 2024 12 1H19 Recap (Cont’d)

Apr Successful investment of 2 new hotels in Thailand Dusit Suites Hotel Ratchadamri Bangkok ASAI Chinatown

Bangkok, Thailand Bangkok, Thailand 97 rooms 224 rooms • Hotel and long-term stay project • Mixed-use project with hotel and retail mall worth around THB 740 mn. of which DTC will develop and manage only • Approx. 19 years sublease hotel project worth around THB 954 mn. • Opened in May 2019 • Approx. 32 years sublease • Plan to open in 1Q20

THB 0.17 per share May Jun Changed in investment for 2018 performance Reduced investment in Saladang Property Management Co., Ltd. to 0% (from 14%). Dividend policy: Not less than 50% of net profit

13 1H19 Recap (Cont’d)

New hotel opening 1Q19

Cebu, Davao, Philippines Dusit Thani Mactan Cebu dusitD2 Davao 271 rooms 60 rooms 2Q19

Doha, Dubai, UAE Bangkok, Thailand Dusit Doha Hotel Dusit Princess Residences Dubai Marina Dusit Suites Hotel Ratchadamri Bangkok 261 rooms & 96 apartments 146 rooms 97 rooms 14 Hotel in operation

Hotel Name Location # Rooms Hotel Name Location # Rooms Dusit Thani Pattya Thailand 457 Royal Princess Larn Luang Thailand 167 Dusit Thani Manila Philippines 468 Pathumwan Princess Thailand 445 Dusit Thani Maldives Maldives 94 Dusit Thani Guam USA 421 Dusit Princess Chiang Mai Thailand 198 Dusit Thani Krabi Thailand 240 Dusit Princess Srinakarin, Bangkok Thailand 198 dusitD2 Khao Yai Thailand 79 Dusit Thani Hua Hin Thailand 296 Dusit Thani Dubai UAE 321 Dusit Thani Laguna Phuket Thailand 252 Dusit Thani Lakeview Cairo 449 dusitD2 Chiang Mai Thailand 130 Dusit Thani Abu Dhabi UAE 527 Dusit Suites Hotel Ratchadamri, Bangkok Thailand 97 dusitD2 Nairobi 101 Owned hotel 2,190 dusitD2 Kenz Dubai UAE 237 dusitD2 Fudu Binhu (Changzhou) China 88 Dusit Devarana Conghua () China 133 33 hotel properties with 7,556 rooms in 11 countries Dusit Thani Dongtai (Jiangsu) China 155 Dusit Thani Fudu Qingfeng (Changzhou) China 349 Dusit Princess Moonrise Beach Resort, Phu Quoc Vietnam 108 dusitD2 Ao Nang Resort, Krabi Thailand 173 dusitD2 Thimphu 83 The Beach Club at Lubi Plantation Island Managed by Dusit Philippines 18 Heritage Villas Zhouzhuang Managed by Dusit Jiangsu 33 dusitD2 Society Hill 405 Dusit Thani Mactan Cebu Philippines 271 dusitD2 Davao Philippines 60 Dusit Doha Hotel Qatar 357 Dusit Princess Residences Dubai Marina UAE 146 Managed hotel 5,366

As of 30 June 2019 15 Hotel & Villa portfolio As of June 2019, DTC operated 271 properties with 8,579 rooms* in 14 countries Thailand Overseas

Pattaya Hua Hin** Chiang Mai Manila

Owned Laguna Phuket** Bangkok (Srinakarin) Maldives Bangkok (Ratchadamri) *** Chiang Mai**

Conghua (Guangzhou, China) Nairobi (Kenya) Kenz Dubai (UAE) Fudu Binhu (Changzhou, China) Krabi Pathumwan Princess Guam (USA) Yarkay Thimphu (Bhutan) Royal Princess Larn Luang Dubai (UAE) Society Hill (Tianjin, China) Lakeview Cairo (Egypt) Davao (Philippines) *** Abu Dhabi (UAE) Dongtai (Jiangsu, China) Fudu Qingfeng (Changzhou, China) Moonrise Beach Resort

Managed Phu Quoc (Vietnam) Khao Yai Phuket (42 villas) Heritage Villas Zhouzhuang, Dubai Marina (UAE) *** Ao Nang Resort, Krabi Koh Samui (21 villas) Managed by Dusit (Jiangsu, China) The Beach Club at Lubi Plantation Island, Managed by Dusit (Davao, Vietnam) Indonesia (144 villas) Sri Lanka (5 villas) Mactan, Cebu (Philippines) *** Maldives (8 villas) Doha (Qatar) *** Japan (18 villas)

* 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 16 Growing global presence

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. UK Japan * * * * *

* = In operation

As of 30 June 2019 Australia * * * * * * * * 17 Recent developments

Jul New JV set up: Dusit Real Foods Jul-Aug The opening of Baan Dusit Thani

A joint venture between Dusit Foods (51%) and Real Foods (Pty) Dusit Gourmet 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.

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 Inside Dusit Gourmet 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 A new food destination at Saladang started the opening of about building strong, natural food brands that are leaders in their categories. Dusit Gourmet in July and Benjarong restaurant in August. Thien Duong restaurant and banqueting area is scheduled Real Foods was founded by Dean Kowarski in 2013. The company lists KAUAI, to be opened in September. NÜ Health Café, Schoon, Highveld Honey & Brother Bee in its portfolio.

18 Recent developments (Cont’d)

Continued development of Dusit Hospitality Management College (DHMC) 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.

19 Mixed-use project: Dusit Central Park

• 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.

20 Financial performance

dusitD2 Khao Yai, Thailand 21 Revenue contribution is diversified as planned

Revenue contribution 2018 1H19 Higher revenue contribution from food business thanks to the new investments Others • This is in-line with the company’s 11.3% Others Hotel diversification strategy that target 9.2% THB Hotel THB 73.6% 10% revenue contribution from 5,565 mn 83.2% 2,695 mn new adjacent business. Food • Tourism industry shown soften Education 7.9% 7.6% trend as well as the company’s Education hotel business outlook. 7.2%

EBITDA contribution 2018 1H19 More balance of EBITDA mix • EBITDA contribution is more balanced with higher contribution Others Others from food business which provide 6.3% 8.1% greater profitability. THB THB Hotel Education 1,000 mn 372 mn 77.7% 4.3% Hotel Food 89.4% 11.0% Education 3.0%

Remark: REIT data is included in hotel business 22 Others = Gain on sales of investment, office rental income, interest income, dividend income, share of profit from investment by equity method, and others Hotel key statistics (excluding Elite Havens)

1H18: 33 properties • 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 59% 62% 63% and strong that adversely 71% 41% 38% 37% 29% impacted number of tourist arrivals and spending. in 11 countries Owned Hotel Statistic Hotel Owned

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). 23 Contraction with progression • 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.

Total Assets Total Liabilities Total Equity 11,573 12,770 9,980 9,033 6,837 6,078 5,495 5,354 5,881 5,933 3,679 4,099

2016 2017 2018 1H19 2016 2017 2018 1H19 2016 2017 2018 1H19 Non-current Current Non-current Current Non-controlling interest Total Equity attributable to owners of the parents 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 benefit as per the new Labour Protection Act in 2019. 24 Outlook & Guidance

Dusit Thani Maldives, Maldives 25 2019 Outlook & Guidance

• 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.

• 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

Remark: * Transaction is expected to complete in 3Q19 26 2019 Outlook & Guidance (Cont’d)

• 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

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

• 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

Remark: * Excluding new investment ** Dusit Thani Pattaya, Dusit Thani College, Dusit Princess Chiang Mai and Dusit Princess Srinakarin Bangkok 27 Maintains long term outlook

• Realize revenue from new • Completion of new mixed-use project investments and new iconic flagship hotel • Integration of hospitality and • More revenue contribution from new education business investments • Double no. of keys worldwide • Balance of revenue contribution from Thailand and overseas # of new managed properties per year 10-12 10 New residence Pre-sales at end 2019 Completed in 2024 Food business growth (CAGR) 20-25% 15-20% Core EBITDA margin 18-20% 20-25% Average CAPEX per year* (THB mn) 1,000 2,500

Remark: Excluding new investment and hotel renovation under DREIT 28 Appendix

Dusit Thani Guam Resort, USA 29 Corporate information

30 Company structure

0.55% Dusit Thani Plc. (DTC)

Hotel Business Education Business Mixed-Use Project Food Other Business

99.99% 65% /1 99.99% 99.99% Dusit Thani Managed Hotel Owned Hotel Dusit Excellence Co., Ltd. Vimarn Suriya Co., Ltd. Dusit Foods Co., Ltd. Properties REIT Co., Ltd. 100% 99.99% 49.99% 22% /2 25.527% 30.02% Dusit USA Management Inc. Dusit Thani Properties Le Cordon Bleu NR Instant Dusit Thani Co., Ltd. Suanlum Property Co., Ltd. Produce Co., Ltd. Freehold and Leasehold Dusit Co., Ltd. Investment Trust (DREIT) 99.99% 84.05% 90% 10% 10% 99.99% Dusit Worldwide Co.,Ltd. 2.75% 100% Dusit Gourmet Co., Ltd. Dusit Thai Properties Plc. Dusit Thani College Pharam 4 Development Dusit Thani REIT Co., Ltd. Co., Ltd. 100% 65% 51 % /5 99.99% Dusit Overseas Co.,Ltd. DMS Property Epicure Catering Co., Ltd. Investment Pvt. Ltd. Devarana Spa Co., Ltd. 51% 65% Dusit Saudi LLC Dusit Maldives 51 % 99.99% 100% Investment Pvt. Ltd. Dusit Real Foods Co., Ltd Dusit Hospitality LVM Holdings Pte. Ltd. 88.01% Services Co., Ltd. 99.98% Dusit Thani 40% Dusit Hospitality Education 99.99% Philippines, Inc. 3/ Philippines, Inc. 4/ Dusit Worldwide Maldives GRACE ME Co., Ltd. 99.99% 99.99% Dusit China Capital Co., Ltd. Dusit Management Co., Ltd.

45% 99.9% Dusit Fudu Hotel Management Dusit Maldives (Shanghai) Co., Ltd. Management Pvt. Ltd. 49% 9.24% Favstay Pte. Ltd. Dusit Colours Co., Ltd.

99.70% 1/ Final shareholding proportion between DTC and CPN will be 60:40 2/ Final shareholding proportion between DTC and CPN will be 15:85 ASAI Holdings Co., Ltd. 3/ Dusit Thani Philippines, Inc. formerly named Philippine Hoteliers, Inc. 4/ Dusit Hospitality Education Philippines, Inc. formerly named Philippine Hoteliers International Center for Hospitality Education, Inc. 5/ 19% additional stake will take place in early 2020 31 Shareholding & Management structure

Shareholding structure Management structure

Others Suphajee Suthumpun 23.4% Group Chief Executive Officer

Thai Life Insurance Founder 2.6% family* Thai NVDR 49.9% 2.0% Ananda Narongchai Lim La-ead Niramol Chitanong Siradej Development Wongthanavimok Boon Kwee Kovavisaruch Jindanuwat, Ph.D. Poomipark Donavanik 5.0% Group Chief Financial Officer Chief Chief Chief Chief Interim MD – Dusit & CEO, Vimarn Suriya Operating Investment People Legal Hospitality Education Officer Officer Officer Officer VP – Development & Projects 17.1% MD – ASAI Holdings

Remark: * Include related persons As of 27 August 2019 32 Hotel business Offered broadened experiences for our customers Dusit Thani Bangkok, Thailand 33 DTC’s lodging spectrum

FULL SERVICE LIMITED SERVICE EXPERIENCE Bespoke/ Branded Lifestyle/ Sharing Cruise/ Villa/ Luxury Midscale Economy Budget Residence Boutique Economy Vacation Club *

Remark: * 9.24% Investment = Future plan

34 Dusit Thani Hua Hin, Thailand

Dusit Thani brand is a renowned, upmarket, full-service brand which embodies the richness and tradition of Thai culture in environments that are calm, fragrant and colourful. With every detail crafted to lift the spirit and engage the senses, the guest experience is further

enriched by the genuine warmth, respectfulness, and commitment of our people. 35 Dusit Devarana Hot Springs & Spa Conghua, China

Dusit Devarana is a luxury, full-service brand that leverages Dusit’s rich hospitality heritage to provide a sanctuary of cultured refinement for the exacting, well-travelled

individual. 36 dusitD2 Khao Yai, Thailand

dusitD2 is a contemporary hotel and resort brand whose distinctive combination of cutting-edge design an modern conveniences reflects and anticipates the needs and desires of today’s hyper- connected travellers. 37 Dusit Princess Moonrise Beach Resort, Phu Quoc, Vietnam

Dusit Princess is a mid-market brand designed to appeal to the no-nonsense traveller who appreciates simplicity, value and practicality. Friendly and uncomplicated, each hotel has a distinctive personality inspired by the culture and character of its local community. 38 BE A LOCAL EVERYWHERE

An Asian-inspired collection of hotels connecting curious travellers to vibrant local neighbourhoods.

Unpretentious and welcoming, with thoughtfully smaller rooms and larger communal spaces influenced by local and contemporary design, we put people and their experiences front and centre.

39 Largest luxury villa and chalet rental and management company in Asia. Currently maintains a network of more than 200+ fully staffed properties across Indonesia, Thailand, Sri Lanka, Japan, and the Maldives.

Island paradise Ski in, Ski out Urban chic Beachfront Winter escapes Celebrity lifestyle Rural estates

Ultimate party pads Family escapes Tropical weddings • Standalone to complexes • Modern designer to traditional • Honeymooner hideaways • Beachfront to urban chic • Rural retreats to on the ski slopes • Families and groups of friends • Weddings and celebrations • Spa retreats and exec meetings • 1 to 21 bedrooms

Source: Elite Havens and DTC 40 Hotel investment framework

Hotel Investment Criteria Structure

Equity Partner(s) UK & Europe

Japan

Lender(s) Joint Venture

Target Hotel Asset Operating (Property Company) Company

• Location: Gateway Cities • Status: Operating hotels Rental Fee • Operating model: Lease structure Long Term Lease Agreement

Franchise HMA Operator (Lease Model) Investment (Property)

LOW FINANCIAL RISK HIGH FINANCIAL RISK

41 Our strategy on DREIT

DTC sources the good properties that provide strong cash flow with stable distribution and sustainable return for DREIT. DREIT allows opportunity for DTC Opportunity to free up capital for future business expansion. More properties to add when assets achieving mature operation with stabilized rental rate & occupancy • Hospitality sector focus • Geographic diversification • Well-balanced stream of income

Ramp-up Growth Mature

Timing to Thailand DREIT Maldives* Hotel performance Hotel

Stage * Expected to complete the transaction in 3Q19

42 Education business Towards hospitality and education business integration

43 DTC’s hospitality education landscape

• 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. Collaboration with esteemed partners

Le Cordon

services Bleu Dusit Certify Body & Consulting Consulting &

Dusit Thani Excellence Center Integrated Informal Short Courses

Centre Hospitality

Resource & Int’l Expansion support Hospitality Hospitality Institute Service Offering L&D Innovation Innovation L&D Dusit Thani College

Dusit Hospitality Management Hospitality College Academy College, Manila

Thailand ASIA The World Recognition Level

44 More integration educationhospitality and of business • • MOU to set up Dusit Omega toDusit MOU up setCentre ExcellenceHospitality of in Colombo,in Lanka. Sri FollowingManila, International Dusit in blueprint DHMC the Omega pioneeredof the signed and Global 2019 to offer a fully integrated learning experiencefor students in the Plan to Dusit Hospitalityopen Management College part dusitD2 of Fort(DHMC)as The Manila hotel in 1 * = = Management In operations contract signed Excellence in in Excellence Dusit Hospitality Center of of Center Omega Omega 1 DTEC

Sri Lanka LCBD Phillipines College * Thani Thailand Dusit * Philippines Dusit College, Manila Management Management .

Australia Hospitality 45 Property Development Mixed-use project

46 Dusit Central Park Project

THB 36.7 bn project covering 440,000 sq.m. of prime estate on the corner of Silom and Rama IV road Dusit Thani Dusit Residences Sky Roof Central Park Central Park Offices Bangkok Hotel & Dusit Parkside Park

• The new flagship of Dusit • The world’s class retail • The best in class office • Super luxury Residences • Thailand’s biggest roof park International shopping center with building with LEED certified with two concepts under • 11,000 sq.m. (7 rai) green • 5-star park view hotel interactive retail in CBD Bangkok Dusit Residences (Refined, space on top of retail • Elegant design embracing experiences • Fully equipped with Timeless, Exclusive) and podium Thai heritage and identity • Iconic brands functions for intelligent Dusit Parkside (Elegant, • Open space for sports, • Digital technology services • Variety of food around the building Contemporary, Curated) leisure activities and • 39 Floors 49,000 sq.m. world • 45 Floors 92,000 sqm. • 69 Floors 49,000 sq.m. Bangkok events • 6 Floors 78,000 sq.m. (Net saleable area)

Opening target Hotel 1H 2023 Retail & Office 2H 2023 Residence 1H 2024

Remark: Excluding parking area 47 Mixed-use project structure

Crown Property Bureau (CPB)

lease land to

CPN DTC CPN

Sub-lease land to

40% 60% 10% 90% HRRJV / Vimarn Suriya Co., Ltd. OJV / 5-Stars Hotel Residential Retail Space Praram 4 Development Co., Ltd. Building structure 15% leasehold to Sub-lease land to REJV / 85% 100% Suanlum Property Co., Ltd. Office Co. / Saladang Property Development Co., Ltd.

Remark: Ultimate structure 48 Food business First non-hotel business

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

Investment Rationale

DTC 99.99% Dusit Foods

25.527% 90.0% 51.0% 51.0% NR Instant Produce* 10.0% Dusit Gourmet Epicure Catering** Dusit Real Foods*** Food retail to distribute Dusit International school Will open and operate dining outlets within branded premium products to catering Virgin Active Fitness Clubs in Bangkok as Food manufacturer domestic & international markets well as expand to non-Virgin Active Clubs and exporter New brand “Khong Thai” where customers will enjoy easy access to launched in end-May 2019 healthy meals, snacks and shakes.

* Invested since March 2018 ** New investment in January 2019; 19% additional stake will take place in early 2020 *** New JV in July 2019 50 Food investment framework

To reach THB 1,000 mn revenue by 2021 with 20%-25% CAGR

Raw Material Manufacture Distribution/ Retails Food Outlet

• Traditional farming DTC • Integrated business under DTC Acquired Owned brands (Restaurant, Education, and • Contract farming Brand Brand Retail) • Smart farming/ NR Instant Produce • Recurring income and high growth Food technology (NRF) High Growth Develop owned brand potential from catering business Potential that is synchronized with for international school in “Dusit Thani” Strong region Distribution Become the marketing • Entered into healthy food business Channels arm for NRF brands with JV partner (existing and new) for Thailand and new • Develop standalone Thien Duong markets and franchises

51 Strong growth potential from NR Instant Produce (NRF)

• A leading purveyor of Asian flavors for more than 27 years by developing great sauces and dishes that brings out the very essence of traditional flavors. • Engages in the business of production and export of ready-made food to Europe, US, Australia, New Zealand, and Asia.

Owned Brands Financials THB mn

Total Revenue 1,139 Recipe mixes: Curry paste, Instant beef flavor broth, Crab/Shrimp paste with soya bean oil, Pad-Thai sauce, 1,056 Sweet chili sauce, etc. 1,048 Ready to eat meals (Noodle & Rice): Pad-Thai noodle, Udon noodle, Hokkien noodle, Jasmine rice 2016 2017 2018 with red/green curry sauce, etc. OEM Customers Seasonings (Dipping sauce & Cooking sauce):

Product ranges Product Private label and co-packing Net Profit Fried chili paste, Fried red onion, Plum sauce, Satay sauce, Coconut sugar, etc. 214 183 Beverages: Instant green tea, Instant Thai coffee 138 drink, Aloe Vera Drink with Honey, etc. Others: Sushi ginger, Yanang leave extract, Galanga, Minced coriander, Thai basil leaves, etc. 2016 2017 2018

Source: NRF and DTC Remark: 1 Jan – 2 Oct 2017 audited figures and 2 Oct – 31 Dec 2017 management report

52 Recurring income from Epicure Catering (ECC)

• A market leader in the education catering business, providing high quality food services to International Schools in Thailand, Vietnam, and Cambodia. • Offers the best quality products to ensure children receive healthy and nutritious meals by the highly skilled team of executives that include full time food safety officers and dieticians/nutritionists. Financials

2003 2015 2017 2019 2020 THB mn Total Revenue 409 336 ECC was Expansion across Launched its first Acquisition of Acquisition of 308 established the region into ventures in Vietnam 51% shares by additional 19% Cambodia with 3 leading Dusit Foods shares International Schools (Dusit Foods to hold 70%) 2016 2017 2018 Secured School Contracts • Management has over 35 years of hospitality experience • 34 in Thailand and 25 years experience in F&B in Thailand. • 3 Vietnam • Epicure was recently awarded HACCP (Hazard Analysis and Net Profit • 1 Cambodia 89 Critical Point System) and GMP (Good Manufacturing 50 57 Selected International Schools Practice) certification.

2016 2017 2018

Remark: 2016 & 2017 audited figures and 2018 management report

Source: ECC and DTC 53 Expanded to food retail – Introducing ‘Khong Thai’ brand

• New premium ready-to-cook food brand by partnership with world renowned Australian chef David Thompson. • Plan to distribute in US market in September 2019 initially targeting the white tablecloth restaurants, with a view to targeting key food suppliers later.

Thai original Sriracha

Simmer sauces

Pad Thai Curry sauce concentrates Condiments Introduced to food industry specialists at THAIFEX World of Food Asia in end-May 2019.

Source: DTC 54 New stream of income from Dusit Real Foods • A joint venture between Dusit Foods (51%) and Real Foods (Pty) Ltd. (49%) to operate Real Foods store in Thailand 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. • Real Foods (Pty) Ltd. is a multi-brand food group in South Africa with dedication to natural food, innovation, social responsibility and integrity. Real Foods is focused on natural food, health and wellness.

Selected products of Real Foods

Source: Real Foods (Pty) Ltd and DTC 55 Other business

56 New business following Dusit Thani Bangkok closure

Other hospitality services by Dusit Hospitality Service Co., Ltd.

High-end catering service for Outside Catering corporate, government and social events

Began trialing an on-demand housekeeping services for businesses Housekeeping based in Bangkok with favstay. Services include housekeeping, banqueting service staff, engineering, kitchen, and stewarding.

A destination which houses a collection of signature restaurants BAAN DUSIT THANI Restaurant and event spaces that embodies the spirit and service of Dusit Thani Bangkok. Expect to open in mid-2019.

D’Collection White label management Pre-opening Pre-opening & training standards

57 Baan Dusit Thani: A new food destination at Saladang

Concept: A destination which houses a collection of signature restaurants and event spaces that embodies the spirit and service of Dusit Thani Bangkok. Creating a destination with beautifully curated spaces that is popular to our loyal customers and new customers who are attracted to Dusit Thani’s high quality offerings and well designed, photogenic spaces.

58 Dusit Thani Dubai, UAE 59