Dusit Thani Plc. Analyst Meeting 1H 2018 Performance 27 August - - PowerPoint PPT Presentation

Dusit Thani Plc.

Analyst Meeting

“1H 2018 Performance”

27 August 2018

2

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.

Agenda

• Business overview
• 1H 2018 Performance
• Outlook & Guidance

4 15 22

3

Page

Busin iness overview

4

DTC at a gla lance

5

Distinguished hospitality group with Thai heritage…

70

Years in hospitality business

9

Countries

26*

Properties in operation

9

Owned hotels

17

Management contracts & franchise

Management contracts in pipeline Years in hospitality education business

…with an aim to complete coverage of travelling lodging spectrum

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

64 25

= Future plan As of 30 June 2018 * 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 which DTC holds a 30.02% stake.

Revenue and EBIT ITDA contribution

6 Thailand 64% Overseas 36% Hotel 82.4% Education 7.9% Others 9.7% THB 5,570 mn

2017 Revenue contribution

Dusit Thani Bangkok 20% Dusit Princess Korat 2% Other Owned Hotels 74% Managed Hotels 4% Thailand 67% Overseas 33% Hotel 77.8% Education 4.5% Others 17.7% THB 1,099 mn

2017 EBITDA contribution

Owned Hotels Dusit Thani Bangkok 17% Other Owned Hotels 82% Managed Hotels 1% Owned Hotels Remark: REIT data is included in hotel business; Others = Realized income from deferred rental revenue, gain on sales of assets, interest income, dividend income, share of profit from investment by equity method, office rental income, and others

Strategic dir irection

7

With strong background in the hotel management and education business, DTC is now entering into the new chapter with multi-year plan under “Balance, Diversify, and Expand” strategy… BALANCE

• 50:50 domestic: overseas revenue with balancing of

asset light vs capital investment

DIVERSIFY

• 10% contribution from new adjacent business

EXPAND

• Double number of rooms in operation

from 7,000 to 14,000 keys in 2021

Process People Properties Technology Financial Capability … by strengthening key 5 pillar foundations Long term target

Strategic roadmap

8

• Set new strategic direction
• Develop new

Vision/Mission/Values

• Focus on key priorities
• New iconic flagship hotel
• Integration of hospitality

and education business

• Double no. of keys

worldwide

• Completion of new mixed-use

project

• More revenue contribution from

new investments

• Balance of revenue contribution

from Thailand and overseas

Strengthening the foundation progress

9

People Process Properties Financial Capability Technology

• New vision/ mission/ core value has been implemented
• New board members. Additional functions & new people to serve the transformation.
• On-going human capital development
• Strengthening customer engagement via the owner newsletters as well as regular visits
• Implemented shared service: Completed staff mapping assessment. Will relocate to the new office in 4Q18.
• Group restructuring is in process. Expect to be completed in the next 2-3 years.
• Scale for growth: Building standard integrated platform for both existing and new hotels
• Launched Dusit Mobile App and plan for future technology to enhance guest’s experience
• Utilize technology to collect and maximize benefit from guest and non-guest data analysis
• Redevelopment of the flagship Dusit Thani Bangkok (Operate until Jan 5th 2019)
• Divestment of Dusit Princess Korat at the end of 2017
• On-going renovation of existing properties:

2017: Pattaya, Phuket*, and Manila 2018: Phuket*, Maldives, and Srinakarin

• Completed the transformation of DTCPF to DRIET
• Well-planning of the mixed-use business restructure to stabilize the company’s EBITDA and return to

shareholders during the closure of Dusit Thani Bangkok.

• Leveraged more with plan to issue THB debenture in late 3Q18.

* Dusit Thani Laguna Phuket is under Dusit Thani Freehold and Leasehold Real Estate Investment Trust (DREIT).

Moving towards strategic dir irection

10

• Hotel portfolio (Invest/Lease/Managed)
• 64 management contracts in pipeline
• Capital investment focusing UK, Japan, Australia markets
• Launched ASAI brand
• Conversion of DTCPF to DREIT
• Acquisition of 25.977% NR Instant Produce Co., Ltd. (NRIP) shares
• Investment in favstay
• Real estate
• Wellness

Hotel Non-Hotel Mixed-use Project Education

• Rebranding and Expansion
• Set up Dusit Thani Excellence Center
• Le Cordon Bleu relocation to Central World
• Hotel, retail shopping center, residence, and office Building
• Strengthen the asset quality and diversify to non-hotel business
• Uplift the group’s future revenue and earnings
• Business synergy by collaboration with CPN

2018 hotel opening target

11

3 1 2 1 1 1

China Vietnam Thailand Bhutan Philippines Qatar

To add 9 properties and 1,400+ rooms via asset-light model.

2018F

11 Countries

34 properties 8,083 rooms

Thailand 12 Overseas 22 Thailand 39% Overseas 61% As of 30 June 2018

More expansion in in Asia ia pacific …

12

2Q18 Q18: Phu hu Qu Quoc, Vie Vietnam 108 rooms 3Q18: Thimphu, Bhutan 83 rooms 4Q18: Davao, Philippines 120 rooms

DusitD2 Ao Nang Resort

4Q1 4Q18: Da Davao, Phil hilippines 4Q18: Krabi, Thailand 173 rooms

Dusit Princess Moonrise Beach Resort dusitD2 Yarkay Thimphu DusitD2 Davao Dusit Thani Residence Davao

168 rooms

As of 30 June 2018

… and Mid iddle East as well as in in Chin ina

13

3Q18: Guangdong, China 350 rooms

Dusit Thani Sandalwood Resort Shangyue Bay Huizhou

4Q18: Jiangsu, China 45 rooms

Dusit Thani Wetland Park Resort Nanjing

3Q18: Jiangsu, China 33 rooms

Heritage Villas Zhouzhuang Managed by Dusit

4Q18: Doha, Qatar 261rooms 96 apartments

Dusit Doha Hotel

As of 30 June 2018

Progress

Mix ixed-use proje ject

14

• The redevelopment of Dusit Thani Bangkok Hotel
• A joint venture project between Dusit Thani Plc. (DTC) and Central Pattana Plc. (CPN)

to develop the THB 36.7 bn mixed-use project

• 100% completion on the demolition of the office and commercial building on the

extended land adjacent to Dusit Thani Building and the parking area of the hotel.

• Nearly complete the design concept and currently under the development of

systematic design.

Opening target 2018: Year of developing design concept and attaining construction permit

Located at the intersection of Silom and Rama IV road

• Hotel
• Residence
• Retail
• Office

Early 2023 Mid 2024 Late 2023 Early 2024

As of 30 June 2018

1H 2018 Performance

15

1H18 Recap

16

Change in investment

Reduced investment in Saladang Property Management Co., Ltd. to 14% (from 25%) Divested all 50% of a JV “Dusit Bird Hotels Private Limited” to end JV relationship with Bird Group in India due to different strategy Divested all shares of Laguna Resorts & Hotels

• Plc. (“LRH”) to the tender
• fferors

Jan Mar Apr

Customized short course education program for airlines

Co-created the “Graciousness in the sky” - the new Royal First Class experience by Thai Airways International. A six-week programme conducted by Dusit Thani College at the Thai Airways Cabin Crew Training Center.

Feb

New mobile app launched

New app has been specially designed to enhance the guest experience and drive repeat business to all Dusit properties worldwide

Jan

New strategic investment in food industry

Established a holding company “Dusit Foods Co., Ltd.” to invest in food business as part of the company’s diversify strategy Invested 25.977% in NR Instant Produce Co., Ltd. (NRIP) Set up “Dusit Gourmet Co., Ltd.” (75% held by Dusit Foods and 25% held by NRIP) for domestic and

• verseas distribution of

Dusit food products

Mar May

1H18 Recap (cont’d)

17

Debenture issuance approval Global expansion continued

AGM approved the issuance and offering of debenture not exceeding THB 5 bn Opened the first hotel in Vietnam “Dusit Princess Moonrise Beach Resort, Phu Quoc” Paid THB 0.158 dividend per share for 2017 performance (or 50% payout). Dividend policy: Not less than 50% of net profit

Apr May May

New hotel brand launch

Launched a distinctive new brand “ASAI” targeting millennial-minded travelers 5 hotels are under development (Thailand, Myanmar and Philippines)

Apr

Hotel key statistics

18

Owned Hotel Statistic

Remark: *Excluding Dusit Princess Korat which was divested at the end of December 2017, for comparison purpose

1H18: 26 properties

in 9 countries

56% 44% 59% 41% 62% 38% 62% 38%

5,404 5,354 5,881 6,032 2015 2016 2017 1H18

Non-controlling interest Total +8.9% +2.7%

(1) (2)

Resilient 1H 2018 EBIT ITDA as pla lanned

19 9,388 9,033 9,978 10,052 2015 2016 2017 1H18

Non-current Current

3,984 3,679 4,098 4,019 2015 2016 2017 1H18

Non-current Current

Total Assets Total Liabilities Total Equity

Remarks:

(1)Including THB 325 mn gain on sales of assets (Dusit Princess Korat) (2)Including THB 206.5 mn gain from sales of other long-term investment (1) (2)

+54.4% +19.6%

(1) (2)

+632.0% +134.0%

Unit: THB mn

Ample fin financial capability for fu future growth

20 Remarks: 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 2015 DPS is revised retroactively to reflect the Company’s par value change from THB10 to THB 1 since May 2015

+58.0%

Recent developments & Awards

21

Aug: TRIS Rating affirmed the company rating on DTC at “BBB+” with stable outlook and assigned a rating of “BBB+” to the proposed issue of up to THB 1 bn in senior unsecured debentures under THB 5 bn debenture program.

Dusit International is named “The Most Promising Hotel Management Company in China” in the 18th China Hotel Golden Horse Awards. Alongside, Dusit International also won

• “Most Popular Hotel Group” in the Tuniu Customers’ Choice Awards
• “The Best Cooperation Hotel Group” award from Lvmama.com
• “The Best Hotel Group Award in the First Stars Awards” from

Travelling Scope Magazine

Jul: DTC recognized for

• utstanding sustainability

performance by making Thaipat's ESG 100 list for the fourth consecutive year. Jun: Thanpuying Chanut Piyaoui, Founder and Honorary Chairperson of Dusit International, has received the Lifetime Achievement Award from the School of Hotel and Tourism Management (SHTM) of The Hong Kong Polytechnic University (PolyU).

Ranked among the top 3 “Hospitality and Leisure Management” institutions globally in the QS World University Rankings by Subject in 2017 and 2018, the SHTM is a symbol of excellence in the field.

Outlook & Guidance

22

Long term outlook

23

Number of new managed properties per year New residence (~ 400 units) Food business growth (CAGR) Core EBITDA margin CAPEX (THB mn) 10-12 hotels Pre-sales ~ early 2019 20-25% 18-20% 700-1,700 10 hotels Completed in 2024 15-20% 20-40% 170-3,500

Remark: (1) Excluding new investment (2) Excluding hotel renovation under DREIT

2018 Guidance (R (Revised)

24

• Core Revenue growth

Maintained at +5%

• Core EBITDA margin

Maintained at approx. 15%

• New managed properties

Revised down to 9 (from 10+) and to ~1,400 rooms (from ~1,800 rooms)

• CAPEX

Revised down to THB 625 mn(1) due to the delay of new owned hotel investment under ASAI brand

355(2) Hotel renovation (Maldives, Pattaya and Srinakarin) Renovation of Dusit Thani College Investment in IT system and software & Head office relocation 270 Mixed-use project (Demolition & Design development)

Remark:

(1) Excluding new investment (2) Excluding hotel renovation under DREIT

Appendix

25

Vis ision Mis ission and Value

26

Proud of our Thai heritage, uniquely delivering gracious hospitality to the world. We empower

• ur people to

exceed expectations. ALWAYS.

Care, Commit, Can do!

Mission Vision Value

Key mil ilestones

27 As of August 2018

2015 2013 2012 2006 2001 1995 1987 1970 1949

Dusit Thani Bangkok Dusit Thani Pattaya Dusit Thani Hua Hin Dusit Thani Dubai dusitD2 Chiang Mai Le Cordon Bleu - Dusit Culinary School Dusit Thani Hotel School The Princess Bangkok Dusit Thani Maldives

1993 2007

Dusit Princess Korat

1996

Dusit Thani Laguna Phuket Dusit Princess Srinakarin China JV formed Dusit Princess Chiang Mai

1989

Dusit Thani Manila

1988 1997

Dusit Thani College Dusit Thani Guam dusitD2 Hotel Constance Pasadena

2014

Asia Pacific Middle East USA Thailand China

dusitD2 Fudu Binhu Hotel Changzhou Dusit Devarana Hot Springs & Spa Conghua Dusit Thani Abu Dhabi

2008

Dusit Residence Dubai Marina Dusit Thani Krabi dusitD2 Nairobi

1990

Royal Princess Larn Luang Pathumwan Princess

2010

Dusit Thani LakeView Cairo

Africa

DTCPF setup

1975

Listed on the SET New brand launch New brand launch

1948

Founder family introduced the first modern hotel in Thailand JV with India’s Bird Group formed

1966

Set up DTC

Entered into the new chapter … new roadmap sin ince 2016

28 As of August 2018

2018

Invested in food business “NR Instant Produce”

Mar

2017

Mixed-use project Bangkok Rebranding hospitality education & Dusit Thani Excellence Center setup Divested Dusit Princess Korat DTCPF transformed to DREIT

Invested in shared economy business

Alliance with Dossen International Group (China) JV with Colours International (Japan) New brand launch Signed 17 properties

Mar Apr May Aug Dec Apr

2016

Dusit Thani Dongtai, Jiangsu Dusit Thani Qingfeng Garden Changzhou dusitD2 Kenz Dubai dusitD2 Khao Yai Dusit Princess Panzhihua, Sichuan

China Middle East

Signed 8 properties

Jun

Set up new JV “Dusit Gourmet” to enter food retail business

May

Dusit Princess Moonrise Beach Resort, Phu Quoc

Vietnam

Ended JV with India’s Bird Group

Company structure

29

Dusit Thani Plc. (DTC)

Hotel Business Mixed-Use Project Food Other Business

Saladang Property Management Co., Ltd.

1/ Dusit Excellence Co. Ltd. formerly named Dusit Thani Hotel Studies Co., Ltd 2/ DTC will gradually sell its shares to CPN and the final shareholding proportion between DTC and CPN will be 60:40 3/ DTC will gradually sell its shares to CPN and the final shareholding proportion between DTC and CPN will be 15:85 4/ DTC will gradually sell all of its shares to CPN 5/ Dusit Thani Philippines, Inc. formerly named Philippine Hoteliers, Inc. 6/ Dusit Hospitality Education Philippines, Inc. formerly named Philippine Hoteliers International Center for Hospitality Education, Inc.

Education Business Managed Hotel Owned Hotel

100% 99.99% 100% 51.00% 99.99% 45.00% 49.00% 99.70% 99.99% 99.99% 65.00% 88.01% 84.05% 100% 40% 99.99% 49.99% 0.55% 65.00% /2 10.00% 14.00% /4 37.00% /3 30.02% 99.99% 99.99% 99.7% 25.977% 9.24% Dusit USA Management Inc. Dusit Worldwide Co.,Ltd. Dusit Overseas Co.,Ltd. Dusit Saudi LLC Dusit China Capital Co., Ltd.

Dusit Fudu Hotel Management (Shanghai) Co., Ltd.

Dusit Colours Co., Ltd. ASAI Holdings Co., Ltd. Dusit Excellence Co., Ltd. 1/ Le Cordon Bleu Dusit Co., Ltd. Dusit Thani College Dusit Hospitality Education Philippines, Inc. 6/ Vimarnsuriya Co., Ltd. Suanlum Property Co., Ltd. Pharam 4 Development Co., Ltd. Dusit Foods Co., Ltd. NR Instant Produce Co., Ltd. Dusit Thani Properties REIT Co., Ltd.

Dusit Thani Freehold and Leasehold Investment Trust (DREIT)

Devarana Spa Co., Ltd.

Favstay Pte. Ltd. Dusit Thani Properties

Co., Ltd. Dusit Thai Properties Plc. DMS Property Investment Private Limited Dusit Thani Philippines, Inc. 5/ Dusit Management Co., Ltd. 2.75% Dusit Gourmet Co., Ltd. 74.7% 25.0%

Business structure

30

DTC

Hotel business Education business Mixed-use Project Food Others Owned Hotel Food OEM REIT Managed Residence Office Building Office Building favstay Retail

As of 30 June 2018

Hotel busin iness

Growing global presence

31

Hotel portfolio

32 As of 30 June 2018

Overseas Thailand Managed Owned

Bangkok (Silom) Pattya Hua Hin* Laguna Phuket* Chiang Mai Bangkok (Srinakarin) Chiang Mai* Dusit Thani Krabi Pathumwan Princess Royal Princess Larn Luang Moonrise Beach Resort Phu Quoc dusitD2 Khao Yai Manila Maldives Constance Pasadena (USA) Nairobi (Kenya) Kenz Dubai (UAE) Fudu Binhu (Changzhou, China) Guam (USA) Dubai (UAE) Lakeview Cairo (Egypt) Abu Dhabi (UAE) Dongtai (Jiangsu, China) Fudu Qingfeng (Changzhou, China) Conghua (Guangzhou, China) Panzhihua (Sichuan, China)

Hotel in in operation

33 As of 30 June 2018

26 properties with 6,754 rooms in 9 countries

Hotel Name Location # Rooms Dusit Thani Bangkok Thailand 517 Dusit Thani Pattya Thailand 457 Dusit Thani Manila Philippines 456 Dusit Thani Maldives Maldives 94 Dusit Princess Chiang Mai Thailand 198 Dusit Princess Srinakarin, Bangkok Thailand 198 Dusit Thani Hua Hin Thailand 296 Dusit Thani Laguna Phuket Thailand 252 dusitD2 Chiang Mai Thailand 130 Owned hotel 2,598 Hotel Name Location # Rooms Royal Princess Larn Luang Thailand 167 Pathumwan Princess Thailand 445 dusitD2 Constance Pasadena USA 136 Dusit Thani Guam USA 421 Dusit Thani Krabi Thailand 240 dusitD2 Khao Yai Thailand 79 Dusit Thani Dubai UAE 321 Dusit Thani Lakeview Cairo Egypt 449 Dusit Thani Abu Dhabi UAE 527 dusitD2 Nairobi Kenya 101 dusitD2 Kenz Dubai UAE 237 Dusit Princess Moonrise Beach Resort Phu Quoc Vietnam 108 dusitD2 Fudu Binhu (Changzhou) China 88 Dusit Devarana Conghua (Guangzhou) China 133 Dusit Thani Dongtai (Jiangsu) China 155 Dusit Thani Fudu Qingfeng (Changzhou) China 349 Dusit Princess Panzhihua (Sichuan) China 200 Managed hotel 4,156

* * * * * * * * *

Well established brand positioning in Asia, Middle East and Africa with balanced portfolio of city and resort properties.

Growing glo lobal presence

34 As of 30 June 2018

* = In operation *

New brand la launch

35

A distinctive new brand designed to link curious, millennial-minded travelers with authentic local experiences in vibrant cities and resort destinations worldwide.

DTC’s Travelling lodging spectrum

36 Remark: Invested in favstay as Venture Capital = Future plan

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

37

Developing a unique hotel concept that is missing in the market

Leverage the strengths of Dusit International and resonate with a new target segment with high growth. Target the Millennials and those who share their mindset are thirsty for discovery, interaction and ways to make meaningful impact.

83% of business travelers are blending business and leisure, and seeking new types of experience

from their hotels (Source: Sabre) “Making over million trips per year, Millennials alone account for

• f international tourist

arrivals and this figure is expected to rise to nearly 300 million by 2020” (Source: World Tourism

Organization)

190 20%

38

39

40

OUR INGREDIENTS

41

Expansion strategy

42

• 5 projects under development with focus
• n asset-light expansion
• Target to open in vibrant cities and resort

destinations with emphasis on local neighbourhood

• Potential markets: SEA, Japan and Europe
• Plan to acquire 10 projects each year

As of 30 June 2018

Hospitality education business

Rebranding and expansion

43

Thailand Singapore Philippines Australia

* *

Sri Lanka

DTC’s Hospitality education la landscape

44 As of March 2018

* = In operations

1 = Management contract 2 = LOI signed 3 = MOU signed

Academy Certify Body Research & Consult Thailand ASEAN Asia & Middle East

Recognition Level Service Offering

Hospitality School Tourism and Hospitality Institute

DTEC dusitD2 the Fort, Manila Dusit Thani College LCBD

Offer full range of hospitality program: Formal education (degree program), Professional class (short course/ executive course), and Management contract.

Omega Global2 SIM3 Dusit Thani College DTEC LCBD LPU1 dusitD2 the Fort, Manila

As of 30 June 2018

In In-progress education business repositioning

Set up “Dusit Thani Excellence Center” (DTEC) to develop the flagship academic curriculums.

45

• Optimize Thai operations
• Launch e-Learning platform
• Synergize with hotel operations

Short-term plan

• Develop right partnerships
• Grow products and experiences
• Scale effectively

Long-term plan

Academic research and curriculum development center Food research and recipe development center Center for non-degree education and services

• Short-term programs
• Customized corporate

programs for cabin crews, hospitality services

• Consultancy services for SMEs

and culinary schools in ASEAN

Rebranding exercise has been done in 2017 to strengthen Dusit’s

brand positioning and external communication to connect Dusit’s hospitality education business to target markets (students and industry).

LCBD wil ill be relo located in in 4Q18

46

Le Cordon Bleu – Dusit Culinary School (LCBD) Established in 2007 as a joint venture with the famed culinary school Le Cordon Bleu (49.99%) offering professional programs in French cuisine, Thai cuisine, Bakery and Wine Studies. LCBD will be relocated its school to Central World in 4Q18 due to DTC’s plan to demolish Dusit Thani Building early next year.

Mix ixed-use project

The future iconic landmark of Silom - Rama IV Road

47

Mix ixed-use proje ject

48 Photo credit: Aedas

Dusit Thani Bangkok Hotel

• Iconic flagship hotel
• Luxurious 5-star hotel
• Digital technology and

modern style with international standard

• Area(1): 42,000 sq.m.
• Construction cost: THB3.1bn

World’s Class Retail Shopping Center

• Enjoy shopping Thai and

world’s class brands

• Center of prestige

restaurants

• Variety of entertainments
• Area(1): 70,633 sq.m.
• Construction cost: THB2.4bn

Grade A Office Building

• Offer a lot of convenient

facilities

• Perfectly serve all office

employee’s needs

• Fully equipped with

functions for intelligent building

Premium Residence

• Luxurious condominium
• Delicate details
• Refresh and relax with

greenery garden rooftop and swimming pool

• 301 rooms
• Area(1): 48,100 sq.m.
• Construction cost: THB5.8bn

Green Space within the Project

• Greenery garden at the

rooftop connected with every buildings

• Open space for any

activities

Remark: (1) Excluding parking area

A joint venture project between Dusit Thani Plc. (DTC) and Central Pattana Plc. (CPN) to develop a mixed-use project at the intersection of Silom and Rama V road (existing location of Dusit Thani Bangkok Hotel).

Mix ixed-use proje ject structure

49

Crown Property Bureau (CPB) CPN

HRRJV / Vimarn Suriya Co., Ltd.

5-Stars Hotel

REJV / Suanlum Property Co., Ltd. OJV / Praram 4 Development Co., Ltd.

40% 60%

Office Co. / Saladang Property Development Co., Ltd.

Residential Retail Space Building structure leasehold to 90% 10% lease to 15% 85%

CPN

100%

Remark: Ultimate structure

DTC

New in investment in in food business

50

Food value chain

51

Food Value Chain

Aggregator Logistic Production Farming/R&D/ Genetic Processing Distributor Wholesale/Retail Restaurant/Home Delivery/Catering Waste Recovery

Fir irst in investment in in non-hotel business

52

Invested 25.977% in NR Instant Produce Co., Ltd.

NR In Instant Produce (N (NRIP)

53

Engages in the business of production and export of ready-made food which have been accepted by both domestic and international markets as a standard manufacturer of instant products.

• 0.8%

+32.0%

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

NRIP IP Products

54

Recipe Mix: Red curry paste, green curry paste, beef flavor sauce Ready to Eat: Pad-Thai noodle, satay noodle, udon noodle, etc. Seasoning Mix Powder: Cooking sauce, fish sauce, soy sauce, etc. Dipping Sauce: Sweet chili sauce, plum sauce, dipping sauce, etc. Drink and Juice: Thai tea powder, green tea powder, etc. Owned Brands OEM Customers

Source: NRIP and DTC

In Investment rationale

55

STANDARDIZE HOTEL F&B

and benefit from cost efficiency then create DIY and gift set opportunities

DIVERSIFY DUSIT BRAND

Promote Dusit brand in retail and diversify into food sector

RIDE THE FOOD TECH

Enjoy rapid growth from meatless protein and other products

LINK TO CULINARY

with Dusit education business, create food science & food tech education

• pportunity

56

“Clear Path to Grow”

• Dusit Foods was set up to focus on any food related

investment going forward

• 26% profit from bottom-line consolidated into DTC
• Strong growth potential in NRIP’s existing business

Dusit Brand Expansion

• Standardized hotel F&B, support Dusit owned hotels

worldwide

• To develop a line of Dusit-branded, premium products

for local and international markets

• Enhance brand recognition worldwide

Existing Shareholders Dusit Foods NRIP 74.023% 25 25.97 977% 7%

Post Acquisition Structure

DTC 99 99.7% .7%

What’s in it for DTC?

DTC’s Investment value = THB 663 mn

Other business

57

• Dusit Thani Freehold and Leasehold Real Estate Investment Trust
• favstay

DREIT: : IP IPO on 15 December 2017

58

This successful transformation of DTCPF to DREIT will help Increasing DTC group’s financial capability which is a part of the company 5 foundations. Current assets under DREIT are Dusit Thani Laguna Phuket, dusitD2 Chiang Mai and the leasehold of Dusit Thani Hua Hin.

59

• DTC invested 9.24% in favstay since April 2017 (USD 1 mn).
• favstay continues growing according to plan and target to

raise series B funding by 2019.

+46% +149%

Source: favstay and DTC

Fulfil DTC’s strategy positioning in shared economy

Th Thank you

60

Dusit Devarana Hot Springs & Spa Conghua, China

IR Contact: ir@dusit.com +66 (0) 2200 9999 Ext. 3676 www.dusit.com