CompanyPresentationMarch 2020

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

2019 Recap 9

Financial Performance 26

2020 Outlook 31

3

Page

Dusit Thani Guam Resort, USA

4

Business overviewBuilding for the future

Dusit Central Park, Thailand rendering

DTC at a glance

5

72 Years in hospitality business 14 Countries

307 Properties in operation*

9 Owned hotels28 Hotel management contracts & franchise

Contracts in pipeline

Years in education business

60+

26

As of 31 December 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 whichDTC holds a 30.02% stake. ** Gain on sales of assets, gain on sales of investments, gain on reclassification of investments, interest income, dividend income, share of profit frominvestment in associates and JV, 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.

270 Villa management contracts

Hotel Education Food Others**Property Development61.7% 6.4% 6.6% 25.3%

RevenueContribution

2019: THB 6,117 mn

Key milestones

6

1948

The Princess Co., Ltd.

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

2016

Dusit Thani Hotel School

1993Korat

1975

Dusit ThaniCollege

Brand established in Thailand

Overseas asset light expansion

2007 2010

2006

2012 2013 2014 2015

ChinaKhao Yai

Dubai

2017 2018

Expand & Diversify beyond hotel

• Balancing portfolio

• Strengthening foundation

Phu QuocChinaKrabi

ThimphuDavao

Dusit Hospitality Services

2019CebuDavaoDoha

BangkokDubaiChina

As of 19 March 2020

Unveiled “Dusit

Central Park”

Grace Me

The Origin Dusit

2020

Divested Dusit

Hospitality Education Philippines

Sales & leaseback Dusit Thani Maldives

JV with

Rebranding

Strategic direction

7

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

8

•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

9

2019 RecapContinued to Balance, Diversify & and Expand

Dusit Thani Abu Dhabi, UAE

Hotel & Villa brand portfolio

10

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

Since Apr 2017, DTC invested 9.24% in favstay - an active and fast growing sharing economy platform for listed properties. Favstay had 42,000 property listings in 2019.

> 250 villas across Indonesia,

Thailand, Sri Lanka, Japan, and the

Maldives

2 new investment of hotels in Thailand

11

ASAI ChinatownDusit Suites Hotel Ratchadamri Bangkok

• Hotel and long-term stay project worth approx. THB 740 mn (~ 19 years sublease)

• Opened in May 2019

• Mixed-use project with hotel & retail mall of which DTC develops and manages only hotel worth approx. THB 954 mn (~ 32 years sublease)

• Plan to open in 2Q20

Bangkok, Thailand97 rooms

Bangkok, Thailand224 rooms

Hotel management continued to expand …

12

Dusit Thani Residence DavaoDavao, Philippines

108 rooms

Dusit Thani Wujin ChangzhouJiangsu, China

230 rooms

9 hotels opened in 2019 adding 1,700+ rooms

Dusit Thani Mactan CebuCebu, Philippines

271 roomsdusitD2 DavaoDavao, Philippines

120 rooms

Dusit Doha HotelDoha, Qatar

261 rooms & 96 apartmentsDusit Princess Residences Dubai Marina

Dubai, UAE

146 rooms

Dusit Suites Hotel Ratchadamri BangkokBangkok, Thailand

97 rooms

Dusit Thani Sandalwoods Resort Huizhou Shuangyue Bay

Guangdong, China

350 rooms

Dusit Thani Wetland Park ResortNanjing, China

45 rooms

… as well as villa management

13

More villa management under

Lombok, Indonesia Niseko, Japan

Listing 30+ villas (100+ rooms)

Hotel in operation

14

37 hotel properties with 8,363 rooms in 11 countries

As of 31 December 2019

Hotel Name Location # RoomsDusit Thani Pattaya Thailand 457Dusit Thani Manila Philippines 486Dusit Thani Maldives Maldives 94Dusit Princess Chiang Mai Thailand 198Dusit Princess Srinakarin, Bangkok Thailand 198Dusit Thani Hua Hin Thailand 296Dusit Thani Laguna Phuket Thailand 253dusitD2 Chiang Mai Thailand 130Dusit Suites Hotel Ratchadamri, Bangkok Thailand 97Owned hotel 2,209

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 79Dusit Devarana Conghua (Guangzhou) China 133Dusit Thani Dongtai (Jiangsu) China 160Dusit Thani Fudu Qingfeng (Changzhou) China 350Dusit Princess Moonrise Beach Resort, Phu Quoc Vietnam 108dusitD2 Ao Nang Resort, Krabi Thailand 173dusitD2 Thimphu Bhutan 83Dusit Thani Lubi Plantation Resort Philippines 16Heritage Villas Zhouzhuang Managed by Dusit (Jiangsu) China 33dusitD2 Society Hill (Tianjin) China 405Dusit Thani Mactan Cebu Philippines 271dusitD2 Davao Philippines 120Dusit Doha Hotel Qatar 357Dusit Princess Residences Dubai Marina UAE 146Dusit Thani Residence Davao Philippines 108Dusit Thani Wujin, Changzhou (Jiangsu) China 230Dusit Thani Sandalwoods Resort Huizhou Shuangue Bay China 350Dusit Thani Wetland Park Resort Nanjing China 45Managed hotel 6,154

Hotel & Villa portfolio

15

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)Abu Dhabi (UAE) Lakeview Cairo (Egypt)

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 2019

Moonrise Beach Resort Phu Quoc (Vietnam)

Dubai Marina (UAE) ***

As of December 2019, DTC operated 307 properties with 9,480 rooms* in 14 countries

Lubi Plantation Resort (Davao, Vietnam)

Indonesia (171 villas)Sri Lanka (5 villas)Maldives (8 villas)Japan (18 villas)

Phuket (46 villas)Koh Samui (22 villas)

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

Residence Davao (Philippines) ***Wujin, Changhzou (Jiangsu, China) ***

Sandalwoods Resort Huizhou (Guangdong, China)***Wetland Park Resort Nanjing (China)***

** *

* **** ** *

Japa

n

**

UK

Aust

ralia

Growing global presence

16

* = 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 9,480 rooms to 20,000+ rooms by 2023.

As of 31 December 2019 *

Asset restructuring: Divest to Invest

17

• Asset restructuring by selling assets in relation to the Dusit Thani Maldives hotel to DREIT is completed in 3Q19. This asset restructuring is as part of DTC’s strategy for asset portfolio efficiency and strengthen the company’s financial capability.

Sale and leaseback of Dusit Thani Maldives

Dusit Thani Laguna PhuketdusitD2 Chiang Mai

The leasehold of Dusit Thani Hua Hin

18

Education: Expanded by hotel-college model

• LCBD was relocated to Zen Tower, CentralWorld Shopping Centre, Bangkok in January

• School space increases from 2,100 sqm to 3,000 sqm.

Le Cordon Bleu Dusit Culinary School (LCBD) relocation

• High tech – high touch• Relevant, industry-driven

learning• Hotel Management Degree

certified by Ecole hôtelièrede Lausanne (EHL), Culinary Arts Professional Programmes certified by Institute Paul Bocuse (IPB) – two of the world’s top names

• Job ready graduates

Dusit Hospitality Management College openedUnique education concept of fully integrated hotel – college

19

Property: Dusit Central Park is on progress

• Obtained EIA permit as well as received a construction permit.

• Piling started in early October with the stone laying ceremony on November 9th.

• Residence sales plan is rescheduled to 2Q20.• Opening target remains unchanged:

• Hotel Early 2023• Retail & Office Late 2023• Residence Mid 2024

• Started discussion with potential banks regarding project finance and post-finance for customers

20

Additional short term income from new investmentThe Hampton Sriracha by Origin and Dusit

• Approximately THB 1.4 bn high-end condominium project located in Sriracha, Chonburi

• Operated by The Origin Dusit Co., Ltd, a 49:51 JV between DTC and Origin Property Pcl. since 3Q19

• 26 floor 468 fully furnished units and 3 shops

• Capitalize on growth opportunity on investment, businesses and tourism in the Eastern Special Economic Zone (EEC)

• Pre-sale 2Q20• Construction 4Q19-1Q20• Completion 4Q21

Food: Secured recurring income with new acquisition

21

Successful acquired 51% of Epicure Catering (ECC) in January* • 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.

• In January 2020, ECC signed an agreement to invest* in who operates catering business in Vietnam allowing ECC to become the largest education caterer in Vietnam.

Remark: ECC will acquire 100% shares in The Caterers Joint Stock Company in 3 phases: 51% in February 2020, 19% by mid-2021 and 30% within 1Q22.Total investment value is approximately USD 3.9 mn or THB 117 mn during 2020-2022.

Expanded to food retail

22

May: Introduced to food industry specialists at THAIFEX World of Food Asia

September: US launch at FEAST Portland, Oregon -the American culinary event of the year

• Introduced the new premium ready-to-cook food brand by partnership with world renowned chef David Thompson.

• Enter the market in Food Service segment by partnership with world renowned chef David Thompson and will expand into retail starting with online channel.

A well received launch of “Khong Thai” brand in late May

First stand-alone restaurant opened

23

Grand opening of Baan Dusit Thani in SeptemberA new food destination at Saladang, Bangkok, Thailand: Coffee shop, Thai and Vietnamese restaurants as well as event catering at pool bar, garden bar, and dancing hall.

DUSIT GOURMET

THIEN DUONGBENJARONG

Entered into healthy food segment

24

Dusit Foods Co., Ltd. has entered into a 51:49 JV with South Africa’s Real Foods Group, to bring the popular healthy fast-casual restaurant concept to Southeast Asia, under the Thai brand name “Real Foods”.

• The menu features over 100 superfood ingredients, including free-range eggs, collagen, whey protein, spirulina, and kale, used to make a range of nutritious and delicious dishes and drinks with a focus on natural produce.

• Real Foods will also supply its healthy meals and drinks to 6 other Virgin Active health clubs throughout the city.

Opened the first heathy food store at in October

The first Real Foods store is opened at Virgin Active Fitness Club 101 in Bangkok.

Rebranding in 2020

Others: Dusit Hospitality Services

25

New business following Dusit Thani Bangkok closure

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

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

Financial performanceStarted realizing potential

26

Dusit Thani Sandalwoods Resort Shuangyue Bay Huizhou, Guangdong, China

Profitable despite challenges

27

Hotel61.7%

Education6.4%

Food6.6%

Others25.3%

THB6,117 mn

2018

EBITDA contribution

Remark: REIT data is included in hotel business2018 Others = Gain on sales of investment (LRH, SLD, and SLP), severance pay (Dusit Thani Bangkok), interest income, dividend income, share of profit from investment in associates and JV, and others. 2019 Others = Gain on sales of assets (Dusit Thani Maldives), gain on sales of investments (SLD, NRF, and BBL), gain on reclassification of investments, interest income, dividend income, share of profit from investment in associates and JV, and others

2019Revenue contribution

2018 2019

• A full year of challenges on the back of economic slowdown, THB appreciation and softening high value travelers into Thailand in addition to the closure of flagship Dusit Thani Bangkok Hotel and hotel renovations.

• Investment was in line with long-term strategic plan of Balance, Diversify, and Expand by investing in Epicure Catering and 2 new hotels in Bangkok as well as opening Baan Dusit Thani restaurant.

• Higher contribution from food business thanks to acquisition of Epicure Catering.

• On-track rationalization of assets and investments to improve balance sheet efficiency for optimum funding and future growth: gain on sales of Dusit Thani Maldives to DREIT, gain on sales of investments, and gain on reclassification of investments.

Hotel33.4%

Education2.1%Food

4.1%

Others60.4%

THB1,374 mn

Hotel89.4%

Education4.3%

Food1.5%

Others4.7%

THB1,000 mn

Hotel83.1%

Education7.6%

Food0.3%

Others8.9%

THB5,565 mn

6,834 7,181 7,1508,363

2016 2017 2018 2019

OwnedManaged

Hotel key statistics (excluding Elite Havens)

28

Ow

ned

Hot

el S

tatis

tic

2019: 37 properties

in 11 countries

59%41%

62%38%

63%37% 74%

26%

• Owned hotel proportion declined due to the closure of Dusit Thani Bangkok hotel.

• 2019 RevPar declined yoy due mainly to competition from new supply in Manila and Maldives as well as THB appreciation.

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).

No. of Rooms

Remarks of non-core items:2017 = Gain on sales of Dusit Princess Korat and lease right assignment fee2018 = Gain on sales of available investment for sales (LRH) and severance pay (Dusit Thani Bangkok)2019 = Additional provision for employee benefit as per the new Labour Protection Act, gain on sales of Dusit Thani Maldives, gain on sales of investment (NRF and BBL),gain on reclassification of investments.

9,033 9,98011,573

2016 2017 2018 2019Non-current Current

3,679 4,0995,495

8,332

2016 2017 2018 2019Non-current Current

Total Assets

Higher profits from asset and investment rationalization

29

Total Liabilities Total Equity

5,354 5,881 6,078 5,905

2016 2017 2018 2019Non-controlling interest TotalEquity attributable to owners of the parents

14,237

THB mn

THB mn

Higher gearing on solid equity capital

30Remarks: IBD = Bank O/D, short-term loan from related parties, loans from financial institutions, and financial lease liabilities

Net interest beating debt (Net IBD) = IBD - Cash & cash equivalents including short term investment

• Interest bearing debts (IBD) increased with loans from financial institutions required as working capital for key investment projects.

• IBD to equity of 0.94 times was below DTC's policy of not exceeding 1.50 times, and debenture covenant of not more than 1.75 times.

31

2020 OutlookA year of challenges

Dusit Thani Maldives, Maldives

2020 Outlook

32

A very challenging 2020 for hospitality sector with strong headwind on the back of global economic slowdown, uncertainty from US trade policy, relatively strong THB compared to other ASEAN currencies, coronavirus (COVID-19) outbreak, and global dependency on China.

• Tourism industry has reported a drastic decline of tourist arrivals and the rise of hotel booking cancellation during high season.

• We have primarily evaluated and forecasted that it would take at least 5 to 6 months for the tourism industry to slowly recover from COVID-19. The situation could be exacerbated if Thailand reach a Level 3 Travel Health Notice.

Recent oil price war is expected to dampen tourism demand from Russia and Saudi Arabia*.

Currently, DTC’s budget is under revision to adjust the revenue target and relevant CAPEX to reflect these challenging factors.

Remark: *CIMB Thai Research forecasted -2.8% and -3.6% change in 2020 GDP growth of Saudi Arabia and Russia, respectively when oilprices dropped from 60 bbl/USD to 30 bbl/USD. In 2019, Saudi Arabia and Russia accounts for 2.1% and 2.9% of DTC’s revenue.

2020 Outlook (Cont’d)

33

The recovery sign is expected to be at end of May or early June. Marketing strategy and promotion has been adjusted to focus more on domestic market. Our focus in 2020 is to:

• Diversification by expanding more international footprints to balance revenue from both domestic and overseas

• Adding ~ 2,000 hotel rooms (9 managed hotels abroad and 1 owned hotel in Thailand “ASAI Chinatown”)

• Considering the opportunity to expand luxury villa management business in Europe and Australia to mitigate geographic concentration risk

• Asset portfolio rationalization to maximize their potentials to generate returns for strategic re-investment.

Hospitality

Remains under pressure from demographic/sociological change and business disruption. Our focus in 2020 is to:

• Restructure and modernize curriculum• Enhance education-hotel integration • Expand to new market segments (converting non-degree education into degree

education) and penetrate into vocational studies and pre-degree• Re-strategize education business in the Philippines

Education

2020 Outlook (Cont’d)

34

Continues to explore the opportunity in real estate business by partnership with strong strategic partners

• Mixed-use project “Dusit Central Park”

• On-going demolition of hotel buildings and piling works

• Residential project sales launch as soon as sales gallery and mock-up room are completed in mid-2020. Current registration of interest is 20%.

• Overall project completion schedule remains unchanged

• Domestic condominium development project “The Hampton Sriracha by Origin and Dusit” has rescheduled the pre-sale plan to 2Q20 due to economic slowdown.

• Potential overseas real estate projects under new JV with MPIC** to develop real estate projects in prime resort locations in the Philippines to capture growing demand in both condominium and hotel.

Property development

Remark: *Metro Pacific Investments Corporation is listed on the Philippine Stock Exchange (Market capitalization around THB 84 bn) and oneof the largest developers of mega infrastructure projects in the Philippines, including power plants, toll roads, waterworks and light rail

Opening target: HotelRetail & Office Residence

Early 2023Late 2023Mid 2024

2020 Outlook (Cont’d)

35

Tends to expand and is expected to recognize investment profit

• Higher recurring revenue from Epicure Catering through acquisition in Vietnam

• Healthy food business expansion under “Kauai” brand of Dusit Real Foods

• Partial divestment of NRF as part of balance sheet rationalization

• Potential overseas expansion through high quality products of “Khong Thai” brand

• Develop standalone franchises for Thien Duong and Dusit Gourmet

Food

Long term outlook

36

# of New managed hotel per year

New residence

Food business growth (CAGR)

EBITDA margin

Average CAPEX per year* (THB mn)

10-12

Pre-sales in 2020

20-25%

18-20%

1,000

10

Completed in 2024

10-15%

15-20%

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

Remark: *Excluding new investment and hotel renovation under DREIT= Under reviewed

37Dusit Suites Hotel Ratchadamri Bangkok, Thailand