1 © 2017 ERAWAN. All rights reserved.

Quarterly Meeting# 3/2017

2Q17 & 1H17 Performance & Outlook

16 August 2017

2 © 2017 ERAWAN. All rights reserved.

The views expressed here contain some information derived from publicly available sources

that have not been independently verified. No representation or warranty is made as to the

accuracy, completeness or reliability of the information. Any forward looking information in

this presentation has been prepared on the basis of a number of assumptions which may

prove to be incorrect. This presentation should not be relied upon as a recommendation or

forecast by The Erawan Group PLC. Nothing in this release should be construed as either

an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

3 © 2017 ERAWAN. All rights reserved.

Executive Summary

International tourist arrivals in 2Q17 posted at 8.1 million

(+8% from 2Q16) which is the highest record for a second

quarter.

Highest record performance in 2Q17 with revenue 1,345 MB

(+9% from 2Q16) and net profit 57 MB (+239% from 2Q16)

Our hotel development progressed as planned, +3 HOP INN

Thailand; Rayong, Chiang Rai and Lumpang (the 2nd branch)

resulting to 45 hotels (6,697 rooms) at the end of 2Q17

4 © 2017 ERAWAN. All rights reserved.

Agenda

Outlook

Industry Updates

Performance Review 2Q17 & 1H17

Strategy Update

Grand Hyatt Erawan Bangkok

Q & A

5 © 2017 ERAWAN. All rights reserved.

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

2014 YTD 11.5 M 2015 YTD 14.8 M

2016 YTD 16.6 M 2017 YTD 17.3 M

YoY 2015-2016

International Tourist Arrivals

Millions

YTD 17.3 millions, +4% y-y

Source : Department of Tourism as of Jun-17

Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec

+7% -3% +2% +7% +5% +11% %YoY

6 © 2017 ERAWAN. All rights reserved.

Source : Department of Tourism as of Jun-17

Tourist Arrivals by Source Markets

Continent 2Q17

YoY

1H17

YoY

East Asia 6% 2%

Europe 9% 7%

South Asia 16% 15%

The Americas 11% 14%

Oceania 8% 4%

Middle East 12% 14%

Africa 10% 4%

Total 8% 4%

1H17 Contribution

East Asia 66%

Europe 19%

South Asia 5%

The Americas

5%

Oceania 3%

Middle East 2% Africa

0%

17.3

Million

17/16

-2%

+7%

+13%

+16%

-1%

+16%

-3%

+2%

7 © 2017 ERAWAN. All rights reserved.

Source : Department of Tourism as of Jun-17

Tourist Arrivals by Key Source Markets

2Q16

Weight

2Q17

Weight YoY

1H16

Weight

1H17

Weight YoY

China 30% 28% 0% 30% 27% 4%

Malaysia 11% 11% 8% 10% 10% 0%

South Korea 4% 4% 21% 4% 5% 14%

Laos 4% 5% 16% 4% 4% 13%

Japan 4% 4% 7% 4% 4% 7%

Russia 3% 3% 19% 3% 4% 30%

India 4% 5% 15% 4% 4% 17%

United States 3% 3% 11% 3% 3% 10%

United Kingdom 3% 3% 7% 3% 3% 1%

Singapore 3% 3% 5% 3% 3% 3%

Other 30% 31% 10% 32% 33% 7%

Grand Total 8% 4%

8 © 2017 ERAWAN. All rights reserved.

Agenda

Outlook

Industry Updates

Performance Review 2Q17 & 1H17

Strategy Update

Mercure Pattaya Ocean Resort

Q & A

9 © 2017 ERAWAN. All rights reserved.

Statistic Summary 2Q17 & 1H17 (ex. HOP INN)

2,466

2,569

1H16 1H17

2,303

2,223

2,324

2Q15 2Q16 2Q17

Average Room Rate (THB/Room)

4% 5%

4,501 4,501 4,501

2Q15 2Q16 2Q17

No. of Rooms

4,501 4,501

1H16 1H17

%OCC

77%

82% 83%

2Q15 2Q16 2Q17

85% 85%

1H16 1H17

2,092

2,194

1H16 1H17

RevPAR (THB/Room)

1,771 1,813 1,923

2Q15 2Q16 2Q17

5% 6%

10 © 2017 ERAWAN. All rights reserved.

Statistic Summary 2Q17 & 1H17 by Segment

Segment 2Q17 (YoY) 1H17 (YoY)

OCC RevPAR OCC RevPAR

Luxury - 4% - 3%

Midscale 5% 10% 4% 8%

Economy 1% 4% 1% 5%

Total Group 1% 6% 1% 5%

Budget 6% 15% 8% 19%

Note : Exclude HOP INN Philippines

11 © 2017 ERAWAN. All rights reserved.

(30) (4)

56

2Q15 2Q16 2Q17

266 287 358

2Q15 2Q16 2Q17

1,206 1,236 1,345

2Q15 2Q16 2Q17

176

271

1H16 1H17

791 915

1H16 1H17

2,772 2,965

1H16 1H17

Core Performance Summary

(Unit in MB, unless otherwise indicated)

EBITDA

Normalized Net Profit

Group Operating Income 9% YoY

16% YoY

54% YoY

Best 2nd Quarter with the Highest Operating Performance

7% YoY

25% YoY

12 © 2017 ERAWAN. All rights reserved.

1,796 1,943

794 828

1H16 1H17

Hotel Revenue

744 787 868

373 360

382

2Q15 2Q16 2Q17

1,115

2Q 1H

2,668 2,856 1,183 1,291

(Unit in MB)

Room

Revenue

F&B

Revenue

Hotel Revenue

10%

6%

9%

YoY Growth

8%

4%

7%

YoY Growth

Growth in Both Room and F&B Revenue and in all segments

13 © 2017 ERAWAN. All rights reserved.

Room Revenue by Country of Residence

15% 15%

11%

6% 5% 5%

3% 4% 3% 3%

15% 15%

10%

5% 5% 4% 4%

3% 3% 3%

Thailand China UnitedStates

Singapore India Hong Kong Russia UnitedKingdom

South Korea Germany

1H16 1H17

Top 10 Country of Residences by Room Revenue

*Exclude HOP Philippines

% Contribution

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Consolidate Profit & Loss Statement

In Baht Millions 2Q16 2Q17 %Y-Y 1H16 1H17 %Y-Y

Hotel Income 1,183 1,291 9% 2,668 2,856 7%

Rental and Service Income 53 54 2% 104 109 4%

Total Operating Income 1,236 1,345 9% 2,772 2,965 7%

Other Income 14 15 9% 23 31 33%

Total Income 1,250 1,360 9% 2,795 2,996 7%

Operating Expenses (963) (1,002) 4% (2,004) (2,081) 4%

EBITDA 287 358 25% 791 915 16%

Depreciation (181) (183) (360) (363)

Interest Expenses (88) (84) (182) (167)

Taxes (16) (26) (59) (86)

Minority Interest (6) (9) (13) (28)

Normalized Net Profit / (Loss) (4) 56 N.M. 177 271 54%

Extraordinary Items

Share of Profit /(Loss)in ERWPF 5 1 71% 13 (6) N.M.

Gain from sale of shop house 16 - N.M. 18 - N.M.

Net Profit / (Loss) 17 57 239% 208 265 27%

15 © 2017 ERAWAN. All rights reserved.

14,911 15,250

2016 2Q17

Total Assets

Summary of Financial Position

9,839 10,108

2016 2Q17

Total Liabilities

5,073 5,143

2016 2Q17

Total Equities

2.0 2.1

1.3

1.8 1.8 1.7 1.7 1.7

4,000

5,000

6,000

7,000

8,000

9,000

2010 2011 2012 2013 2014 2015 2016 2Q17

Total Interest Bearing Debt (MB) & Interest-bearing Debt to Equity (x)

3.97%

2012 2013 2014 2015 2016 2Q17

Average Cost of Debt vs Average MLR (%)

Average MLR (%)

Average Cost of Debt (%)

16 © 2017 ERAWAN. All rights reserved.

Agenda

Outlook

Industry Updates

Performance Review 2Q17 & 1H17

Strategy Update

IBIS Samui Bophut

Q & A

17 © 2017 ERAWAN. All rights reserved.

Hotel Revenue

2017 Outlook

10%

10%

Room Revenue

F&B Revenue

8%

7% from 2016 RevPar Growth (ex. HOP INN)

18 © 2017 ERAWAN. All rights reserved.

2017 Key Driver #1

11.6

13.8 14.5 14.6 14.1 15.7

19.1

22.3

26.5 24.8

29.9

32.6 34.4

0

5

10

15

20

25

30

35

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F

Million

TSUNAMI Coup Protest Protest Protest Protest

Source : Department of Tourism as of Jun17

Moving Forward with the Strong Growth of Thailand Tourism

Protest

6%

19 © 2017 ERAWAN. All rights reserved.

Tourist Arrivals by Quarter

Source : Department of Tourism as of Jun-17

6.4

5.1

5.8

7.5 7.8

7.0 7.3

7.8

9.0

7.6

8.2

7.8

9.2

8.1

Q1 Q2 Q3 Q4

2014 2015 2016 20172%

Growth continues as tourist arrivals in first half hit record high

8%

20 © 2017 ERAWAN. All rights reserved.

Revenue Growth

LUXURY 7%

MIDSCALE 5%

ECONOMY 11% 3441%

BUDGET 39%

Philippines 3441%

Hotel

Revenue

Growth

Economy

3441%

2017 Key Driver #2

Thailand 9%

Hotel

Revenue

Growth

Luxury Midscale Economy Budget

7% 5% 11% 39%

• First Full Year Operation of Hotels opened in 2016 • Expected ARR increase in All Segments

Thailand 9%

Philippines 3441%

21 © 2017 ERAWAN. All rights reserved.

Hotel Revenue by Segment

remark : Exclude HOP Philippines

2Q14 2Q15 2Q16 2Q17 2Q14 2Q15 2Q16 2Q17

2Q14 2Q15 2Q16 2Q172Q14 2Q15 2Q16 2Q17

Luxury Segment Midscale Segment

11%

Budget Segment

57%

1H16 1H17

5%

1H16 1H17

1H16 1H17 1H16 1H17

4% 7%

4% 61%

Economy Segment

4%

Total Hotel Revenue

2Q17 9% 1H17 7%

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2017 Key Driver #3

8 (+2) HOP Thailand 1 HOP Philippines

628 (+158) rooms Thailand 144 rooms Philippines

41

52

2016 2017

6,385

7,315

2016 2017

Additional Room Inventory in High Growth Segments

No. of Hotels No. of rooms

23 © 2017 ERAWAN. All rights reserved.

2017 Hotel Opening

Quarter 1 Quarter 2 Quarter 3 Quarter 4

March Opening

HOP INN #23

Burirum

(79 Rooms)

April Opening

HOP INN #24

Rayong

(75 Rooms)

May Opening

HOP INN #25

Chiangrai

(79 Rooms)

June Opening

HOP INN #26

Lampang

City Center

(79 Rooms)

Aug Opening

HOP INN Philippines #2

Makati (144 Rooms)

Sep To opened

HOP INN #27

Hua Hin (79 Rooms)

HOP INN #28

Mae Sot 2 (79 Rooms)

To be opened

HOP INN #29

Nakornsawan (79 Rooms)

HOP INN #30

Khon Kaen2 (79 Rooms)

Total 42 Hotels 6,464 Rooms

Total 45 Hotels 6,697 Rooms

Total 48 Hotels 6,999 Rooms

Ahead of Schedule +HOP INN #31

Kanchanaburi2 (79 Rooms)

+HOP INN #32

Lop Buri (79 Rooms)

Total 52 Hotels 7,315 Rooms

24 © 2017 ERAWAN. All rights reserved.

HOP INN Makati

Hop Inn Hotel Makati Avenue – 2nd Hop Inn Philippines

Makati night view Opening Aug-17 • Situated in the heart of Makati’s budding

arts and gastronomic capital and premier

central business district

• 144 keys

25 © 2017 ERAWAN. All rights reserved.

Agenda

Outlook

Industry Updates

Performance Review 2Q17 & 1H17

Strategy Update

Courtyard by Marriott Bangkok

Q & A

26 © 2017 ERAWAN. All rights reserved.

Strategic Direction (2016-2020)

Vision

Mission

Strategy

“To be the

Leading

Hotel Investor in

Thailand and ASEAN”

“To continue growing quality hotel portfolio in Thailand and ASEAN

which optimize values to our shareholders

as well as stakeholders”

Hotel Growth

Strategy

“Continue expanding

in high growth

segments and destinations”

“Provide optimal return to

our shareholders”

Return Enhancing

Strategy

“Ensure stability and

sustainable growth of

the organization”

Sustainable

Platform Strategy

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1.Hotel Growth Strategy

Before 2005 2005 - 2010 2011 - 2015 2016-2020

Leader in Luxury Diversification Scale and Coverage Growing In High Growth Market

Luxury

Midscale

Economy

Budget

Total 2 Hotels

821 Rooms

13 Hotels

3,355 Rooms

33 Hotels

5,676 Rooms

>85 Hotels

>10,000 Rooms

Continue expanding in high growth segments and destinations

OPERATOR INVESTOR & DEVELOPER AND

Thailand

ASEAN

28 © 2017 ERAWAN. All rights reserved.

Investment Framework (2016-2020)

Investment

10,000 MB. Thailand 55%

Philippines 30%

Asset Improvement

15%

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Northern (4 hotels) • Chiang Mai • Chiang Rai (open 2Q17) • Lampang

• Lampang 2 (open 2Q17)

Western (5 hotels) • Kanchanaburi

• Tak - Mae Sod

• Huahin (open 3Q17) • Kanchanaburi 2 (open 4Q17) • Tak - Mae Sod 2 (open 4Q17)

South (7 hotels) • Chumphon

• Hat Yai

• Krabi

• Nakhon Si Thammarat

• Phuket

• Surat Thani

• Trang

Northeastern (10 hotels) • Burirum (open 1Q17)

• Khon Kaen

• Mukdahan

• Nakhon Ratchasima

• Nong Khai

• Roi Et

• Sakon Nakorn

• Ubon Ratchathani

• Udon Thani

• Khon Kaen2 (open 4Q17)

Eastern (4 hotels) • Chantaburi • Rayong (open 2Q17) • Sa Kaeo • Lop Buri (open 4Q17)

Central (2 hotels) • Phitsanulok

• Nakorn Sawan (open 4Q17)

6 New Hotels to open in 2H17

32 HOP INN Thailand By 2017

26 Existing Hotels as of 2Q17

2017 Thailand Development Plan

30 © 2017 ERAWAN. All rights reserved.

Cebu

Manila

2017 Philippines Development Plan

#1Hop Inn Ermita (Opened Dec-16)

#2Hop Inn Makati (Opened Aug-17)

#3Hop Inn Aseana (To be opened 2018)

#4Hop Inn Alabang (To be opened 2018)

#5HOP Inn

Quezon City (To be opened 2019)

#6HOP Inn

Ortigas (To be opened 2019)

#7&8 Cebu Business

Park (To be opened 2020)

31 © 2017 ERAWAN. All rights reserved.

Road Map of Hotel Growth Strategies (2016-2020)

2016 41 Hotels

6,385 Rooms +7 HOP Thailand +1 HOP Philippines

2018 Target opening

Novotel & IBIS Style Nana

HOP INN Thailand

HOP INN Philippines

“Continue expanding in high growth markets & high growth segments”

Remark : Development plan as of 2Q17

2017 52 Hotels

7,315 Rooms +10 HOP Thailand +1 HOP Philippines

2019 Target opening

Mercure & IBIS Sukhumvit 24

HOP INN Thailand

HOP INN Philippines

2015 33 Hotels

5,676

Rooms

2020F >85 Hotels

>10,000 Rooms

25 Hotels in Luxury

Midscale Economy

50 HOP INN Thailand

12 Hotels in Philippines

32 © 2017 ERAWAN. All rights reserved.

Ongoing Initiatives to Improve Operating and Financial Capabilities

Asset Improvement

Program

Capital Structure

Optimization

Asset Monetization

Program

To continue assets enhancement

and competitive edges to optimize

return on investment

To optimize capital structure for

financial flexibility, balancing cost

and risk

To optimize short-term return

and long-term value for

shareholder

2. Return Enhancing Strategy

33 © 2017 ERAWAN. All rights reserved.

Asset Improvement (2011-2015)

2012-2013 Grand Hyatt Erawan Room Renovation

2011 Rebranding The Naka Island Resort and Spa, a Luxury Collection

2011-2015 Other Asset Improvement

34 © 2017 ERAWAN. All rights reserved.

Asset Improvement (2016-2020)

2017 Additional Keys The Naka Island Resort and Spa, a Luxury Collection

2017-2019 JW Marriott Bangkok Room Renovation

35 © 2017 ERAWAN. All rights reserved.

Agenda

Outlook

Industry Updates

Performance Review 2Q17 & 1H17

Strategy Update

Hop Inn Sakaeo

Q & A

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Success with Integrity

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Appendix

2Q17 & 1H17 Review

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Operating Income by Segment

2Q17 1H17

Contribution Y-Y Contribution Y-Y

Luxury 49% 5% 49% 4%

Midscale 25% 11% 24% 7%

Economy 17% 4% 18% 4%

Budget 5% 57% 4% 61%

Rental 4% 2% 4% 0%

Total Group 9% 7%

Note : • Exclude HOP INN Philippines

39 © 2017 ERAWAN. All rights reserved.

Operating Income by Destination

2Q17 1H17

Contribution Y-Y Contribution Y-Y

Bangkok 64% 6% 63% 5%

Pattaya 17% 9% 17% 5%

Phuket 6% 17% 8% 8%

Other 13% 13% 12% 11%

Total Group 9% 7%

Note : • Exclude HOP INN Philippines

40 © 2017 ERAWAN. All rights reserved.

EBITDA by Segment

2Q17 1H17

Contribution Y-Y Contribution Y-Y

Luxury 40% 14% 40% 13%

Midscale 2% 18% 28% 11%

Economy 32% 4% 20% 5%

Budget 15% 32% 6% 48%

Rental 7% 10% 5% 14%

Total Group 25% 16%

Note : • For illustration purpose only • EBITDA by Segment is calculated without taking non-property-specific expenses into account. • The Naka Island are excluded from luxury segment due to negative EBITDA • Exclude HOP INN Philippines

41 © 2017 ERAWAN. All rights reserved.

EBITDA by Destination

2Q17 1H17

Contribution Y-Y Contribution Y-Y

Bangkok 74% 14% 67% 13%

Pattaya 26% 14% 21% 7%

Phuket 1% 93% 5% 44%

Other 13% 15% 13% 10%

Total Group 25% 16%

Note : • For illustration purpose only • EBITDA by Segment is calculated without taking non-property-specific expenses into account. • The Naka Island are excluded from Phuket due to negative EBITDA • Exclude HOP INN Philippines

42 © 2017 ERAWAN. All rights reserved.

Success with Integrity