March 2021

C o m p a n y P r e s e n t a t i o n

Building a

Resilient Future

1 8 M a r c h 2 0 2 1

2

Disclaimer

The material contained in this document has been prepared by Dusit Thani Public Company Limited (“DTC”) and may contain forward looking statementswhich 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 assurance that the pastperformance 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 inrelation to hold, purchase, or sell securities. In this respect, DTC reserves the right not to be responsible and expressly disclaims all liabilities for, damages ofany kind arising out of use, reference to, or reliance on any information contained herein.

Agenda

Business overview 4

2020 Recap 17

Financial performance 25

Outlook 30

3

Page

Dusit Thani Laguna Singapore

Business Overview4ASAI Chinatown Bangkok, Thailand

16Countries across 4 continents

44+Hotel management projects in pipeline

Welcome to the World of Dusit

Distinguished Asian hospitality group with Thai heritage.

70+Years in hospitality business

330+Properties in key strategic locations

11,300+Keys in operations

5As of 31 December 2020

Our Strategy

6

DIVERSIFICATIONAchieve 10% revenue

contribution from adjacent lines of business by 2024

With strong background in the hotel management and education business, DTC has entered a new chapter with multi-year plan since 2016.

Double number of rooms in operation to 14,000 by

2021 and expand across the lodging spectrum

Achieve 50:50 domestic/overseas revenue with a balance of asset-light

and capital investment

EXPANSIONBALANCE

2016

Hotel88.7%

Education8.7%

Others2.5%

THB5,425 mn

2019

Hotel61.7%

Education6.4%

Food6.6%

Others25.3%

THB6,117 mn

Our Business

7

• 70+ Years in hospitality business• 339 properties in operations,

covering 15 countries• Of which 10 owned hotels, 33

HMA and 296 villas management contracts

• +44 Contracts in pipeline

• 28 Years in education business• 13,562 graduate students• Full range of renowned

hospitality programs from degree program, world-famous training to short courses

• 2 Flagship projects:• Dusit Central Park - THB 46 bn

landmark mixed-use JV project located at the heart of Bangkok

• Hampton Sriracha – THB 1.4bn high-end condominium JV project in EEC area

• 70+ Years in hotel-based restaurants and catering for large scale events

• 3 Investments & 2 developments across food supply chain

• Increasing revenue contribution to DTC group

• 3 adjacent lines of businesses, including REIT with invested assets in Thailand and international tourist destinations, standalone restaurant, spa, and catering and housekeeping service

Hotels & Resor ts Hospital i ty &Education

Proper tyDevelopment

Foods Others

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

47.6% 11.6% Include in others 13.7% 27.1%2020Revenue

Contribution

Dusit Thani Excellence Centre

(DTEC)

Dusit Hospitality Services

8

Offer superior experience across the lodging spectrum from affordable lifestyle to bespoke villa rentals

F U L L S E R V I C E L I M I T E D S E R V I C E E X P E R I E N C E

Bespoke Luxury

Midscale EconomyLifestyleBoutique

LuxuryVillas

Sharing Economy

BudgetBranded

Residence

Our Hotel Business

= Future plan

9

Dusit Devarana is a luxurious sanctuary of rare privacy.

Holistic wellness to rejuvenate the mind, body and soul in awe-

inspiring locations.

Every Dusit Thani combines the grandeur of classic

quality, the pleasure of the latest facilities and

satisfaction of highly personalised service.

Luxury

Full facilities • Restaurants & bars• Meeting facilities • Integrated wellness

facilities

Upper Upscale

Full facilities • Restaurants & bars• Meeting facilities • Integrated wellness facilities

dusitD2s are vibrant destinations for people who

make things happen, wherever they are, catering to all parts of modern life.

Upscale

Full facilities • Restaurants & bars• Meeting facilities • Spa and fitness center

Dusit Princess is strategically located with a convenient

access. An urban, contemporary design with an

easy-going atmosphere.

Upper Midscale

Full facilities • A restaurant(s) & bar(s)• Meeting facilities • Fitness center • Spa (optional)

An Asian-inspired collection of hotels connecting curious

travellers to vibrant local neighbourhoods.

Lifestyle

Limited facilities • A restaurant(s) & bar(s)

45-50 sq.m. Min of 100 rooms / villas

38 - 40 sq.m. 250 - 400 rooms

28 -32 sq.m. 180 – 300 rooms

22- 26 sq.m. 180 – 250 rooms

16 - 18 sq.m. 120 – 180 rooms

Positioning

Tier

Hotel & Room Size

Facilities

H O T E L S & R E S O R T S

Our Hotel Brands

10

Elite Havens Luxury Villa Rentals and Management is Asia’s market leader in high-end private accommodation vacations, welcoming over 80,000 guests a year.

Luxury Vi l la Renta ls

11

Properties under management

43 Hotels

296Villas

11,394Rooms

Dusit Devarana Conghua

Dusit Thani Dubai

Dusit Thani Lakeview Cairo

Dusit Thani Abu Dhabi

10 Owned proper t ies

33 Managed proper t ies

Dusit Thani Guam Resort

Dusit Thani Krabi Beach Resort

Dusit Thani Dongtai

Dusit Thani Fudu Qingfeng

Dusit Thani Lubi Plantation Resort

Dusit Thani Mactan Cebu

Dusit Thani Residence Davao

Dusit Thani Wujin, Changzhou

Dusit Thani Sandalwoods Resort Huizhou Shuangue Bay

Dusit Thani Wetland Park Resort Nanjing

Dusit Thani Wellness Resort, Suzhou

Dusit Thani Laguna Singapore

dusitD2 Khao Yai

dusitD2 Kenz Dubai

dusitD2 Fudu Binhu (Changzhou)

dusitD2 Ao Nang Resort, Krabi

Managed proper t ies

*Under Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT) of which DTC holds a 30.02% stakeAs of 31 December 2020

Dusit Thani Laguna Phuket*

Dusit Thani Pattaya

Dusit Thani Hua Hin*

Dusit Thani Manila

Dusit Thani Maldives*

Dusit Suites Hotel Ratchadamri, Bangkok

dusitD2 Chiang Mai*

Dusit Princess Chiang Mai

Dusit Princess Srinakarin, Bangkok

ASAI Bangkok Chinatown

12

Properties under management (Cont’d)

Indonesia 162

Thailand 78

India 22

Sri Lanka 5

Maldives 8

Japan 21

Luxury vi l las managed under El i te HavensdusitD2 Thimphu

dusitD2 Society Hill (Tianjin)

dusitD2 Davao

dusitD2 Salwa Doha

Dusit Princess Moonrise Beach Resort Phu Quoc

Dusit Princess Residences Dubai Marina

Royal Princess Larn Luang, Bangkok

Pathumwan Princess, Bangkok

Heritage Villas Zhouzhuang Managed By Dusit

Dusit Doha Hotel

Dusit Beach Resort Guam

2 White label properties in Thailand

Managed proper t ies

As of 31 December 2020

13

Offer full range of hospitality education programs with unique concept of fully integrated hotel - college

Our Hospitality Education Business

D I P L O M A

Diploma Courses Short Courses Incubation Online

Collaboration with esteemed partners

F U L L D E G R E E

Hospitality Higher Education

Full Time & Part Time Courses Vocational

14

To generate short-term revenue through innovative projects leveraging Dusit’s rich hospitality experience

Our Property Development Business

THB 46 bn mixed-use project on the corner of Silom-Rama IV road in partnership with Central Pattana.

THB 1.4 bn high-end condominium project in Sriracha, Chonburi, eastern of Thailand in partnership with Origin Property.

Opening target

Hotel 4Q23Office 1Q24Retail 3Q24Residence 3Q25

To be completed by 2023

15

Our Food Business

Bringing ASIA to the

world

Raw Material

Manufacture

• Traditional farming• Contract farming• Smart farming/ Food technology• Lab-generated food

• Dusit Gourmet as pre-processed food sourcing, developing, and marketing hub for Dusit group

Distribution & Retail

Food Outlet

• Develop KhongThai brand to market Thai-inspired RTE/ RTC products

• Plan to develop/acquire food retail brand with high growth potential & strong distribution channel

• Recurring income from international school catering business (Thailand, Cambodia, and Vietnam)

• Healthy food business • Standalone restaurant

Aim for diversification with higher growth and margin

= Future planBe Natural | Be Organic | Be Healthy | Support the Local Community

Long-term Strategic Roadmap

16

17

2020 Recap

dusitD2 Khao Yai, Thailand

18

• Tourism back to 1990 levels as arrivals fall by more than 70% • Travel restrictions continue to weigh on the recovery• Demand remains weak overall despite a slight improvement in

some markets

74%INTERNATIONAL ARRIVALS

2 In World GDPECONOMIC LOSS

1.1INTERNATIOAL TOURIST RECIEPTS

LOSS (USD Trillion)

Decline by

1Fewer Tourists (Billion)

(USD Trillion)

Impact of the COVID-19 pandemic on global tourism

Source: UNWTO January 2021

19

International Tourist Arrivals to Thailand

3.8

2.1

0.8

0.0 0.0 0.0 0.0 0.0 0.0 0.001 0.003 0.007

3.7 3.6 3.53.2

2.73.1

3.3 3.52.9 3.1

3.43.9

Jan-20 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2020 2019

Thai government has gradually relaxed restrictions to allow more business activities since May.

Early April, Thai government ordered a travel ban for foreigners entering Thailand

Travel ban is relaxed for specific groups (not for tourist) from August to September

Special Tourist VISA (STV) for long stay is allowed since October

-83%YoY

39.9 to 6.720202019

Source: Tourism Authority of Thailand

In millions

Second wave of COVID-19 in Thailand since end 2020

20

Accelerate positive transformation –Business and IT

FINANCIAL MODEL

BUSINESS MODEL

ORGANIZATIONMODEL

Asset optimization and financial resilience

Recover business and reimagine our services

1

2

3C O N T R I B U T I O NC O L L A B O R AT I O N I N N O VAT I O N

Thriving in the new normal

3Q20

DTC’s Response to COVID-19

21

FINANCIAL MODEL

Asset optimization and financial resilience1

Restructured educational business in the Philippines (divested Dusit Hospitality

Education Philippines)

Divested trading

securities

Epicure Catering acquired

business in Vietnam*

MOU with MPIC** to develop condo.

& hotels in the Philippines

Put new investment on-hold except for pre-COVID-19 committed transaction i.e., the acquisition of international school catering business in Vietnam (The Caterers) by Epicure Catering*

• Postponed JV with MPIC** for one year

Cost containment

Liquidity preservation

Asset optimization

Financials

Investment

1Q20 2Q20 4Q20

* Investment agreement was signed prior to the COVID-19 outbreak. Transaction was completed in 3Q20.** Metro Pacific Investments Corporation

FIANCIAL MODEL | BUSINESS MODEL | ORGANIZATION MODEL

• Postponed Elite Havens luxury villa management expansion plan to Australia

Gain on investment reclassification

Cost containment & Liquidity preservation

22

Cost saving

CAPEX reduction

Cashflow management

• Rescheduled long term loan (principal)

• Cash on hand and short-term investment THB 1,570 mn (31 Dec 2020)

• Unutilized credit facilities THB 1,230 mn

• Unutilized long-term project finance THB 725 mn

• Remaining proceeds from NRF divestment THB 200 mn

• Implemented cost-cutting measures especially fixed cost

- Leave without pay, executive salary cut, and redundancy review

- Lower advisory fees, administrative and marketing expenses

• Achieved cost saving around 34% YoY in 2Q20, 31% YoY in 3Q20, and 37% YoY in 4Q20 resulting in full year cost saving around 27% YoY.

• Plan to maintain fixed cost at this level (20% cut in 2020) from 2021 onwards.

• Postponed recent real estate projects (JV with MPIC)

• Selective investment

• Re-prioritized property renovation plan

• Excluding Dusit Central Park project and ASAI projects*, CAPEX plan in 2020 was cut by 60% from original budget to THB 160 mn.

Rental fee reschedule • Exercised right to postpone the rental payment of assets under DREIT from Apr 2020 and resumed

payment from August 2020 onwards

• Exercised another right to postpone half of rental from Nov 2020 and will resume payment from May 2021

* The remaining CAPEX of ASAI hotels (approximately THB 400 mn) will be financed by the project finance from financial institution.

23

BUSINESSMODEL

Recover business and reimagine our services with collaboration, innovation, and contribution2

Operation3Q201Q20 2Q20 4Q20

Launched ‘Dusit Care’Raised hygiene and safety standards, physical distance &

contactless services

Gradually re-opened

hotels

Temporary closure of Dusit Thani College** and Le Cordon Bleu Dusit

Temporary cease operation of Epicure in Vietnam, Thailand & Cambodia

Temporary closure of all owned hotels in

Thailand & overseas.

Resumed operation of Epicure in Vietnam (Jun) and Thailand & Cambodia (Aug)

Re-opened school business

Temporary closure of food outlets***

Re-opened Baan Dusit Thani restaurant; Redefined food retail business plan; Expanded 3 Grab & Go kiosks for Kauai (Healthy fast-casual food outlets)

Temporary closure managed hotels in China

dusitD2 SalwaDoha

(Qatar)

Dusit Beach Resort Guam (USA)

Dusit Thani Wellness ResortSuzhou(China)

Elite Havens expanded villa

management to India

Adjusted hotel opening plan to

open 7 new hotels*

Soft opening ASAI Bangkok

Chinatown (Thailand)

Working on wellness project

Dusit Thani Laguna

Singapore

Re-opened hotels in China

*Including 2 white label properties in Thailand; **Available on-line course only; *** Delivery service only

Hotel

Education

Food

Property

Dusit Princess Srinakarin Bangkok hotel as ASQ (Sep)

Innovative & Collaborative marketing schemes e.g.• Stay with Confidence at Dusit

• Local Alike, Local Aroi, Local AlotSHA certification from TAT

Dusit Central Park: Continued on piling and sub-structure works; Pre-sales with ROI

Postponed pre-sale of The Hampton Sriracha by Origin & Dusit

Launched The Hampton sales activities (Nov) and continued

the construction

FIANCIAL MODEL | BUSINESS MODEL | ORGANIZATION MODEL

DTC’s Response to COVID-19

24

Accelerate positive transformation – Business and ITORGANIZATION MODEL3

Organizational transformation

3Q201Q20 2Q20 4Q20

Reshape organization structure

Re-enhance people capability

Re-engage employee experience & integration

Reform process & system enablement

Business & People

Technology

Uplift companies core operating systems:

• Back office (ERP)

• Front-end (CRM)

• Data Platform

FIANCIAL MODEL | BUSINESS MODEL | ORGANIZATION MODEL

DTC’s Response to COVID-19

Financial performance25Dusit Thani Maldives

2020: A full year of challenges

26

2019 2020Revenue contribution

Remark: REIT data is included in hotel business2019 Others = Gain on sales of Dusit Thani Maldives, gain on reclassification of investment, gain on sales of investments, revenue from Dusit Hospitality Services and Baan Dusit Thani, interest income, dividend income, share of profit from investment in associates and JV, and others2020 Others = Arrangement fee income, gain on investment reclassification and gain on sales of investment, gain on step up acquisition, gain on capital reduction of subsidiary, revenue from Dusit Hospitality Services and Baan Dusit Thani, interest income, FX gain, share of profit from investment in associates and JV, and others

• COVID-19 slashed number of global international arrivals.UNWTO reported a drop of over 1 bn international arrivals worldwide in 2020 (-74% YoY). For Thailand, the Ministry of Tourism and Sports reported around 6.7 mn of international tourist arrivals in 2020 (-83% YoY). Domestic travelling also declined from COVID-19 impact.

• DTC reported a net loss of THB 1,011 mn in 2020 compared to a net profit of THB 320 mn in 2019. Net loss in 2020 came mainly from a significant drop of revenue from COVID-19 pandemic since the beginning of the year that hit the Company’s performance since the end of 1Q20 and 2Q20.

• Quarterly results improved QoQ since 3Q20 and continued to 4Q20. Hotel revenue increased QoQ driven by hotel re-openings and better occupancy rate and ADR. Education revenue grew from rising demand on short courses and higher number of students. Food revenue boosted from Epicure Catering's acquisition in The Caterers in Vietnam as planned.

• EBITDA improved QoQ thanks to higher revenue QoQ and partially from cost containment since the end of 1Q20. 2020 EBITDA remained positive thanks mainly to investment optimization as well as better EBITDA of education and food business.

Hotel61.7%

Education6.4%

Food6.6%

Others25.3%

THB6,117 mn

Hotel47.6%

Education11.6%

Food13.7%

Others27.1%

THB3,320 mn

1,26

2

384

643

1,03

1

1Q20 2Q20 3Q20 4Q20

Total Revenue

THB mn24

1

-207 -53

242

1Q20 2Q20 3Q20 4Q20

EBITDA

THB mn

6,834 7,181 7,1508,363

10,194

2016 2017 2018 2019 2020Owned Managed

Hotel key statistics (excluding Elite Havens)

27

Ow

ned

Hot

el

2020: 43 properties

in 11 countries

Remark: For comparison purpose, owned hotel stats in 2017 exclude Dusit Princess Korat (divested at end-2017). Owned hotel stats in 2018, 2019, and 2020 exclude Dusit Thani Bangkok (closed in 1Q19), Dusit Suites Hotel Ratchadamri Bangkok (new investment in 2Q19) and ASAI Bangkok Chinatown (opened in 3Q20).

No. of Rooms

59%41%

62%38%

63%37% 74%

26%79%24%

72% 73% 77% 74%

36%

59%

16%30%

39%

2016

2017

2018

2019

2020

1Q20

2Q20

3Q20

4Q20

Occupancy Rate

3,72

7

3,59

7

3,67

0

3,61

0

3,20

8

4,46

7

2,04

5

2,01

8

2,70

6

2016

2017

2018

2019

2020

1Q20

2Q20

3Q20

4Q20

Avg Daily Rate

THB

2,69

0

2,63

6

2,84

1

2,68

5

1,14

3

2,61

5

320

597

1,05

1

2016

2017

2018

2019

2020

1Q20

2Q20

3Q20

4Q20

RevPar

THB

• Opened 7 new hotels including 2 white labels in Thailand

• Hotel stats started to improve in 3Q20 both occupancy rate and RevPar after the re-opening most of hotels since June 2020.

9,033 9,980 11,57314,237

21,861

2016 2017 2018 2019 2020Non-current Current

3,679 4,099 5,4958,332

17,701

2016 2017 2018 2019 2020Non-current Current

Total Assets Total Liabilities

5,354 5,881 6,078 5,9054,160

2016 2017 2018 2019 2020Non-controlling interest Total

Positive 2020 EBITDA from investment optimization

28

Total Equity

Equity attributable to owners of the parents

Unit: THB mn

202136%

202236%

20236%

2024 onwards

22%

IBD Repayment schedule

Higher gearing but remained under covenant

29

• Interest bearing debt increased significantly in 2020 due to the accounting adoption of TFRS 16 (Lease liability). • Excluding lease liability as of 31 December 2020, IBD to total equity equals to 1.44 times which remains below DTC's policy of not

exceeding 1.50 times, and debenture covenant of not more than 1.75 times.

7,598

4,459

13,578

5,980

2019 2020 2020excl.TFRS16

Interest Bearing Debt (IBD)

P/N CP of LT-LoanCP of Debenture LT-LoanDebenture Lease liability

41%17%4%

38%

1.44x

0.29x 0.33x0.76x

3.27x

2017 2018 2019 2020

Leverage Ratio

IBD excl. TFRS 16 to Total equity

IBD to Total equity

THB 3,148 mn

THB mn

30Dusit Devarana Hot Springs & Spa Conghua , Guangzhou, China

Outlook

Our view on tourism recovery

31

Our view on the post COVID-19 hospitality landscape

More consolidation of

hotels

A balanced portfolio of

owned, leased and managed

models

Cross Industry Collaboration

New Hygiene, Safety & Security

measures

More Technology

Driven

Greater Sustainability &

Local Connection

Wellness & holistic health experiences

32

2021 Outlook

33

Plan to grow food business from both existing business and future partnerships.

Food

Property development

Dusit Central Park - a mixed-use project JV with Central Pattana• Focus on piling, D-Walls, and sub-structure works. • Will start official launch of residence sale to customers after satisfactory private sale for customers who have

previously registered last year.

The Hampton Sriracha by Origin and Dusit - a condominium PV project with Origin Property• Plan to complete the project for transfer in 2023.

• Anticipate Thai hotel business to be under pressured in 1H21 due to the drastic drop of domestic traveler number from second wave of COVID-19 in Thailand since end-2020. Domestic tourism is expected to gradually recover in 2Q21.

• International tourism is expected to gradually return in 2H21 after vaccination. It is likely to see a clearer picture of international tourism recovery around 4Q21.

Education

Education outlook remained positive given• Higher numbers of student enrollment at Dusit Thani

College and increasing demand in Le Cordon Bleu Dusit• The new Food School program scheduled to launched in

2021 for those who interested in studying culinary arts, beverages as well as those who want to be new food entrepreneurs.

Expect gradual turnaround of domestic tourism in 2Q21

Hospitality

• Main revenue driver will continue to come from the international school catering business after Epicure Catering’s successful acquisition of The Caterers in Vietnam in 2020.

• The healthy food business under KAUAI brand is planned to open a new flagship store around mid-2021.

34Dusit Thani Guam Resort, USA