Compa pany ny Presenta sentation tion May ay 2016 FORWARD - - PowerPoint PPT Presentation

SLIDE 1

Compa pany ny Presenta sentation tion – May

ay 2016

SLIDE 2

2 Statements included or incorporated in these materials that use the words "believe", "anticipate", "estimate", "target", or "hope", or that

• therwise relate to objectives, strategies, plans, intentions, beliefs or expectations or that have been constructed as statements as to future

performance or events, are "forward-looking statements" within the meaning are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated at the time the forward-looking statements are made. MINT undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. MINT makes no representation whatsoever about the opinion or statements of any analyst or other third party. MINT does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement.

FORWARD LOOKING STATEMENT

Disclaimer

SLIDE 3

Ag Agenda enda

1Q 1Q16 Perf rformance

• rmance

Re Recap ap & Re Recent cent Upda dates tes Minor nor Ho Hotel tel Mino nor Foo

• od

Mino nor Re Retail ail Cor

• rpor

porate te Informa

• rmation

tion

SLIDE 4

1Q1 Q16 Perf rforma

• rmanc

nce Recap & Recent nt Upd pdate tes

SLIDE 5

5

CONTINUED GROWTH WITH DIVERSIFICATION

MINT reported 1Q16 net profit of THB 3.6 billion, a 66% increase y-y, primarily from the robust performance of Minor Hotel and Minor Food, together with the gain from revaluation of Tivoli of THB 1,932 million, which demonstrated MINT’s M&A capabilities. Excluding such gain in 1Q16 and gain from revaluation of Sun International hotels in 1Q15, 1Q16 net profit from operation increased by 9% y-y.

12,143 15,846 THB million THB million 2,157 3,575 +66% y-y +30% y-y

REVENUES NET PROFIT

1Q16 Performance Recap Excl special gains +21% y-y Excl special gains +9% y-y 15,846 4,000 8,000 12,000 16,000 1Q15 Minor Hotel Minor Food Minor Retail Special Gains 1Q16 1,000 2,000 3,000 4,000 1Q15 Minor Hotel Minor Food Minor Retail Special Gains 1Q16

SLIDE 6

6

MINT’s Footprint

With solid diversification strategy, MINT’s presence was in 32 countries at the end of 1Q16 across its hospitality and restaurant businesses.

Restaurant Combination Hotel & Spa

INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

87% 56% 56% 50% 13% 44% 44% 50% 0% 25% 50% 75% 100% 2008 2015 1Q16 2020F International Thailand

* Excludes special gains

SLIDE 7

7

ADDITIONAL INVESTMENT IN HOTEL PORTFOLIO IN AFRICA

Investment Update

Royal Swazi Spa AVANI Lesotho AVANI Maseru Royal Livingstone by Anantara AVANI Victoria Falls AVANI Gaborone AVANI Windhoek

• The Investment

− MINT will increase its shareholding in the hotel portfolio in Africa by acquiring additional stake from Sun International − Total investment amount (for both existing investment and the additional shareholding) is ZAR 1,020.8 million (THB 2.7 billion) − The assets include 8 properties with over 1,300 rooms across 5 countries

• Investment Rationales

− This strategic investment follows MINT’s initial acquisition of 6 hotels under the Sun International portfolio in Africa in December 2014 − The additional investment will solidify MINT’s presence in Africa and allow it to fully capitalize on the long-term potential of the region − The portfolio will further benefit from MINT’s global operating platform, as well as its robust sales and marketing network to strengthen performance going forward

Name Country Rooms Current Shareholding (Tranche 1) New Shareholding (Tranche 1+2) Timeline of Tranche 2 Investment

• 1. Royal Livingstone by Anantara

Zambia 173 50% 100% 2Q16

• 2. AVANI Victoria Falls

Zambia 212 50% 100% 2Q16

• 3. AVANI Lesotho

Lesotho 158 37.5% 46.9% 2Q16

• 4. AVANI Maseru

Lesotho 105 37.5% 46.9% 2Q16

• 5. AVANI Gaborone

Botswana 196 64% 80% 3Q16

• 6. AVANI Windhoek

Namibia 173 80% 100% 3Q16

• 7. Royal Swazi Spa

Swaziland 149

• 50.6%

2H17 onwards

• 8. Lugogo Sun

Swaziland 202

• 50.6%

2H17 onwards Total Portfolio 1,368 Zambia Namibia Botswana Lesotho Swaziland Lugogo Sun Tranche Timing of Completion Investment Amount Tranche 1 Completed at end of 2014 ZAR 590.1 million Tranche 2 To be completed in 2016-2017 ZAR 430.7 million

SLIDE 8

8

INVESTMENT REVIEWS

Investment Reviews

MINT’s past investments have delivered superior returns, highlighting MINT’s M&A capabilities to drive value creation from its strategic investments.

Oaks Minor DKL

40 80 120 2010 2011 2012 2013 2014 2015

CAGR 24%

100 200 2012 2013 2014 2015

Revenues

CAGR 10%

AUD Million

 Initial investment of AUD 84.5 million in 2011  Payback period: ~3 years  Project IRR > 15% The Investment Revenues The Investment

AUD Million

 Initial investment of AUD 23 million in 2008  Payback period: ~5 years  Project IRR > 25%  Added >20 properties and >1,500 rooms under Oaks brand within 4 years  Diversified Oaks brand outside its home country to Asia and Middle East  Developed new product offerings under Oaks brand – from MLRs to traditional hotel management  Expanded from a single brand at acquisition to a portfolio of 6 brands today  Grew number of outlets by over 60% over the past five years  Increased international footprint to 8 countries across Asia and Oceania

SLIDE 9

Anantara Peace Haven Tangalle Sri Lanka

Minor

• r

Hote

• tel

SLIDE 10

10

FINANCIAL PERFORMANCE – MINOR HOTEL

1Q16 core revenues of hotel & mixed-use business (excluding special gains) grew by 18% y-y, as a result of improving owned hotels

• perations, addition of newly acquired hotels, Oaks, management contracts and sale of residential development villas. 1Q16 core

EBITDA increased by 24% because of increased operating leverage of owned hotels and higher-profitability residential sales. Net profit increased by 10%, lower than increase in revenues, because of increase in depreciation and effective tax rates in 1Q16.

Owned hotels

55%

• f 1Q16 hospitality

revenues

Key Highlights

Minor Hotel Revenue EBITDA NPAT THB million

* The financials above reflect performance from operations, and therefore excludes special gains from revaluation of investments in Sun International hotels of THB 650 million in 1Q15, Oaks Elan Darwin of THB 20 million in 3Q15 and 4Q15, and Tivoli of THB 1,932 million in 1Q16.

+10% y-y

Core revenue grew by 25% y-y on the back of 1Q16 increase in organic RevPar excl FX impact of 5% y-y, together with the incremental revenue from the newly acquired hotels (system-wide RevPar -24%). Oaks

20%

• f 1Q16 hospitality

revenues Management contracts

4%

• f 1Q16 hospitality

revenues Real estate

18%

• f 1Q16 hospitality

revenues 1Q16 revenue increased by 8% y-y, in line with the RevPar increase of 9% both in THB term and AUD term. Revenue increased by 12% y-y, primarily attributable to hotels in Thailand and the Middle East. 1Q16 system-wide RevPar increased by 8% (organic RevPar +9%). 1Q16 revenue increased by 20% y-y with the continued sales momentum of The Residences by Anantara, Layan, Phuket.

+18% y-y EBITDA Margin 22.3% 30.6% 29.2% 18.8% 31.2% Net Margin 1Q16 1Q15 3Q15 8.5% 15.8% 17.1% 2Q15 4.7% 4Q15 17.9% 6,002 4,842 5,681 7,109 7,108 1,751 910 1,267 2,218 2,175 1,026 229 484 1,270 1,124 +24% y-y

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11

Hubs

In recent years, MINT has implemented a solid diversification strategy. At the end of 1Q16, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 24 countries, with another 7 countries in the pipeline over the next three years.

MINOR HOTEL - INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

94% 41% 45% 34% 6% 59% 55% 66% 0% 25% 50% 75% 100% 2008 2015 1Q16 2020F International Thailand Management Combination Investment New Destinations in Pipeline

* Excludes special gains

Minor Hotel

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12

SYSTEM-WIDE HOTEL OPERATIONS

1Q16 system-wide RevPar decreased by 2% y-y as a result of the addition of new hotels, i.e. the Tivoli portfolio in Portugal. In addition, the RevPar is also impacted by the low season of the Portuguese hotels portfolio. Excluding new hotels and foreign exchange impact, 1Q16 organic RevPar increased by 6% y-y, attributable to increase in Thailand hotels’ RevPar of 10% and Oaks’ RevPar of 9%.

THB

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

No of Rooms Organic excl FX Impact +4% y-y +1% y-y THB

• 2% y-y

Organic excl FX Impact +6% y-y Minor Hotel 5,000 10,000 15,000 20,000 1Q15 2Q15 3Q15 4Q15 1Q16 MLR / Oaks Managed Joint-venture Owned 16,872 16,774 17,076 +13% y-y 17,714 70% 65% 69% 69% 67% 50% 60% 70% 80% 90% 1Q15 2Q15 3Q15 4Q15 1Q16

• 2% y-y

Organic +1% y-y 6,359 5,245 5,367 6,306 6,431 2,000 4,000 6,000 8,000 1Q15 2Q15 3Q15 4Q15 1Q16 4,431 3,409 3,678 4,335 4,337 1,000 2,000 3,000 4,000 5,000 1Q15 2Q15 3Q15 4Q15 1Q16 19,006

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13

OWNED-HOTELS OPERATIONS

With the acquisition of Tivoli portfolio in Portugal, contribution of owned hotels increased to over half of hotel & mixed-use revenues in 1Q16. 1Q16 RevPar of owned hotels was down 24% y-y because of the addition of new Tivoli hotels and AVANI Riverside Bangkok. Excluding the new hotels and impact from exchange rate, organic RevPar of owned hotels increased by 5% y-y in 1Q16, attributable to hotels in Thailand. Negative system-wide RevPar of owned hotels was more than offset by incremental revenues from the additional rooms. As a result, revenue of owned hotels increased by 25% y-y in 1Q16.

THB THB 55%

Owned- hotels 1Q16 HOSPITALITY REVENUE CONTRIBUTION

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

+37% y-y No of Rooms

• 24% y-y

Organic excl FX Impact +5% y-y Organic excl FX Impact +6% y-y

• 11% y-y

Minor Hotel 4,807 4,807 5,108 5,387 6,566 3,000 4,000 5,000 6,000 7,000 1Q15 2Q15 3Q15 4Q15 1Q16 72% 62% 65% 67% 62% 40% 50% 60% 70% 80% 90% 1Q15 2Q15 3Q15 4Q15 1Q16 7,550 5,709 5,815 7,055 6,696 2,000 4,000 6,000 8,000 10,000 1Q15 2Q15 3Q15 4Q15 1Q16

5,460 3,521 3,804 4,753 4,161

2,000 4,000 6,000 1Q15 2Q15 3Q15 4Q15 1Q16

+Oaks Elan Darwin +Tivoli Oriente +Tivoli Victoria +Tivoli Palacio de Sateais +Tivoli Jardin +Tivoli Lagos +Tivoli Sintra +Tivoli Coimbra +AVANI Riverside Bkk

• 10% y-y

Organic Flat y-y

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14

34%

OWNED-HOTELS – THAILAND

THB

THAILAND PROVINCES BANGKOK

THB RevPar Growth (y-y) +78% +65% +39% +3%

• 3%

RevPar ADR % Occupancy

Thailand hotels 1Q16 HOSPITALITY REVENUE CONTRIBUTION

RevPar Growth (y-y) +1% +11% +23% +9% +11%

Thailand hotels continued to be the highest contributor to the hospitality business, with revenue of owned hotels in Thailand account for about one-third of hospitality revenues. System-wide RevPar of Thailand

• wned hotels (including newly-opened AVANI Riverside Bangkok) increased by 5% y-y. Excluding the new

hotel, organic RevPar of Thailand owned hotels increased by 8%, thanks to the strong tourism flow into Thailand.

Minor Hotel 5,178 4,720 4,762 5,018 5,178 4,065 2,963 3,115 3,692 3,923 79% 63% 65% 74% 76% 2,000 4,000 6,000 1Q15 2Q15 3Q15 4Q15 1Q16 8,614 5,673 5,863 7,847 9,132 6,455 3,844 4,076 5,455 7,188 75% 68% 70% 70% 79% 2,000 4,000 6,000 8,000 10,000 1Q15 2Q15 3Q15 4Q15 1Q16

• 1Q16 Bangkok RevPar was down by 3% because
• f the addition of the newly-opened AVANI

Riverside Bangkok.

• Excluding the new hotel, organic RevPar of
• wned hotels in Bangkok increased by 2%.

Bangkok

• wned hotels
• Hotels in the provinces of Thailand continued to

see a resilient 1Q16 RevPar growth of 11% y-y.

• All key destinations including Phuket, Samui,

Hua Hin and Chiang Mai have experienced RevPar growth in 1Q16. Owned hotels in Thailand Provinces

• International tourist arrival to Thailand

increased by 15% y-y in 1Q16, led by tourists from China, Korea, UK and The Americas. Industry

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15

OWNED-HOTELS – OVERSEAS

THB

1Q16 REVENUE CONTRIBUTION BY GEOGRAPHY OVERSEAS

THB

RevPar ADR % Occupancy

21%

Overseas hotels 1Q16 HOSPITALITY REVENUE CONTRIBUTION

RevPar Growth (y-y)

• 50%
• 39%
• 22%
• 37%
• 47%

Contributing 21% of hospitality revenue, overseas owned hotels portfolio is another major driver of the hospitality business. Although system-wide RevPar of overseas owned hotels declined by 47% because of the addition of newly acquired Tivoli hotels, the incremental revenues from the acquisition, together with the improvement of the existing hotels, resulted in revenue increase of overseas owned hotels portfolio of 66% y-y in 1Q16.

Minor Hotel 8,597 6,594 6,502 7,948 5,888 5,572 3,629 4,001 4,816 2,947 65% 55% 62% 61% 50% 2,000 4,000 6,000 8,000 10,000 1Q15 2Q15 3Q15 4Q15 1Q16 Maldives, 27% Brazil, 27% Portugal, 22% Africa, 14% Others, 9%

• Excluding newly acquired Tivoli hotels in Portugal,
• rganic RevPar of overseas owned hotels declined by

8% y-y. Overall RevPar Performance

• 1Q16 performance of Maldives owned hotel slightly

improved y-y. Maldives

• RevPar of hotels in Brazil declined y-y in 1Q16 as the

two hotels are under renovation, together with the weakening of the Brazilian reals.

• Nevertheless, revenues of hotels in Brazil increased by

31% y-y because of consolidation of 2 months in 1Q15

• vs. full quarter in 1Q16.

Brazil

• Only two months of revenue of Portuguese hotels

were consolidated in 1Q16.

• As 1Q is low season, contribution from Portugal

portfolio is expected to be higher in 2Q and 3Q, which are their high season. Portugal

• Today, the two owned hotels in Botswana and Namibia

are city hotels, and therefore are impacted by the regional economic slowdown.

• Upon completion of the increased shareholding in Sun

hotels portfolio, hotels in Zambia will be consolidated.

• Positioned as leisure hotels with the renowned Victoria

Falls as the main attraction, the Zambian hotels are less susceptible to the African economy. Africa

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16

OAKS’ OPERATIONS

Oaks’ serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 20% revenue contribution in 1Q16. Oaks continues to provide the hotel & mixed-use business with stable performance throughout the year, compared to hotel operations which is more seasonal. Oaks’ 1Q16 revenues in THB increased by 8% y-y, in line with the RevPar growth.

THB Flat y-y

No of Rooms

NUMBER OF MANAGED ROOMS ADR OCCUPANCY REVPAR

THB 20%

Oaks 1Q16 HOSPITALITY REVENUE CONTRIBUTION

Minor Hotel 6,330 6,232 6,208 6,232 6,257 4,000 5,000 6,000 7,000 1Q15 2Q15 3Q15 4Q15 1Q16 4,309 3,923 4,214 4,610 4,592 168 158 165 179 179 150 160 170 180 190 2,000 4,000 6,000 1Q15 2Q15 3Q15 4Q15 1Q16 75% 73% 79% 78% 77% 60% 70% 80% 90% 1Q15 2Q15 3Q15 4Q15 1Q16 3,245 2,844 3,331 3,603 3,531 126 110 130 140 137 100 120 140 160 1,000 2,000 3,000 4,000 5,000 1Q15 2Q15 3Q15 4Q15 1Q16 +2% y-y AUD THB +7% y-y AUD +6% y-y AUD THB +9% y-y AUD +9% y-y

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17

MANAGED-HOTELS OPERATIONS

In 1Q16, managed hotels contributed 4% of hotel & mixed-use revenues. System-wide RevPar of managed hotels portfolio increased by 8% y-y in 1Q16, primarily from hotels in the Middle East and Thailand. The increase in RevPar, together with the increase in room counts resulted in growth in management fees of 12% y-y.

THB

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

THB 4%

Management Contracts 1Q16 HOSPITALITY REVENUE CONTRIBUTION

No of Rooms +8% y-y Minor Hotel 3,703 3,703 3,727 3,910 3,998 2,000 3,000 4,000 1Q15 2Q15 3Q15 4Q15 1Q16 7,424 6,356 6,461 7,809 7,605 2,000 4,000 6,000 8,000 1Q15 2Q15 3Q15 4Q15 1Q16 66% 61% 60% 63% 69% 40% 50% 60% 70% 80% 1Q15 2Q15 3Q15 4Q15 1Q16 4,910 3,849 3,892 4,938 5,280 2,000 4,000 6,000 1Q15 2Q15 3Q15 4Q15 1Q16 +3% y-y Organic +4% y-y Organic excl FX Impact

• 3% y-y

+2% y-y +8% y-y Organic excl FX Impact +4% y-y

+Souq Waqif Doha by AVANI +The Residences at Victoria, Tivoli

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18

HOTEL EXPANSION PIPELINE

Expansion inside and outside Thailand will contribute to revenue & profit in coming years.

* Note: Joint-ventured properties

Total 2016F • Kalutara,

Sri Lanka (141 rms)

14 Hotels / 2,589 Rooms 28 Hotels / 4,550 Rooms

2017F

• UAE (111 rms)
• Jabal Dhannah,

UAE (230 rms)

• Queensland,

Australia (219 rms)

• Oman (198 rms)
• Dubai Creek, UAE

(290 rms)

• Jabal Dhannah,

UAE (60 rms)

• Desaru,

Malaysia (103 rms)

2018F

• Luang Prabang,

Laos (101 rms)

• Qiandao Lake,

China (120 rms)

• Shanghai, China

(260 rms)

• Tozeur, Tunisia

(93 rms)

• Le Chaland,

Mauritius (176 rms)

• Torres Rani,

Maputo, Mozambique* (181 rms)

• Riverside

Bangkok, Thailand (249 rms)

• Nusa Dua,

Bali, Indonesia (96 rms)

• Neemrana,

Rajasthan, India (116 rms)

• Guiyang, China

(218 rms)

• Jabal Al Akhdar,

Oman (115 rms)

• Salalah, Oman

(136 rms)

• Al Houara Tangier,

Morocco (150 rms)

• Loisaba

Tented Camp, Kenya (12 rms)

• Loisaba

Star Beds, Kenya (7 rms)

• Woollong-

abba, Australia (80 rms)

• Ubud, Bali,

Indonesia* (80 rms)

• Durrat Al Bahrain,

Bahrain (220 rms)

• Ras Al Khaimah, UAE

(300 rms)

• Zanzibar, Tanzania

(150 rms)

2019F

• Tivoli Victoria

Vilamoura, Portugal (280 rms)

• Tivoli Palacio de

Seteais, Portugal (30 rms)

• Tivoli Jardim,

Portugal (119 rms)

• Tivoli Lagos,

Portugal (324 rms)

• Tivoli Sintra,

Portugal (77 rms)

• Tivoli Coimbra,

Portugal (100 rms)

MANAGEMENT CONTRACTS

• The Residences

at Victoria Golf Club, Portugal (88 rms)

• Nusa Dua, Bali,

Indonesia (433 rms)

• Chiang Mai,

Thailand (70 rms)

• Khao Lak,

Thailand (327 rms)

• Deira Islands,

Dubai, UAE* (500 rms)

Minor Hotel

• Bodhgaya,

India* (78 rms)

• Al Wakrah,

Qatar (101 rms)

HOTEL INVESTMENT

• Busan, Korea

(400 rms)

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19

REAL ESTATE BUSINESS - RESIDENTIAL

MINT launched The Residences by Anantara, Layan, Phuket in 2H15. With two units sold and revenues recognized in 1Q16, total number of units sold to date is five. To ensure the revenue stream from residential sales in the coming years, MINT has additional residential projects in the pipeline, including in Chiang Mai in Thailand; Maputo in Mozambique, Desaru in Malaysia and Ubud in Indonesia. Other residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project.

Sold 79% Inventory 21%

THE RESIDENCES BY ANANTARA, LAYAN, PHUKET ANANTARA CHIANG MAI SERVICED SUITES

15 uniquely designed pool villas 1,313 to 2,317 sq.m. of built-up area Up to 8 bedrooms, each with 21 metre private infinity pool The project is situated on Layan beach, one of the most picturesque bays on west coast of Phuket. A 50% joint-venture with U City Pcl. (formerly Natural Park) , the project is in the city center of Chiang Mai, across from Anantara Chiang Mai Resort & Spa. 44 units in 7-storey condominium building 65 to 162 sq.m. (one to three bedrooms) Completion expected in 2016

• ST. REGIS RESIDENCES

THE ESTATES SAMUI

Above a secluded cove of powder-white sands and crystal- blue waters, The Estates Samui provide complete privacy and spectacular panoramic views with its own stretch of beach.

TORRES RANI, MAPUTO

A 49% joint-venture with Rani Investment, the project is 5 minutes from Maputo CBD. 187-key, 18-storey residential tower 20,926 sq.m., 21- storey office tower The project will be completed in 2016

Sold 34% Inventory 66%

Construction of 8 units completed; the remaining 7 is expected to be completed by the end of 2Q16

Minor Hotel 18%

Real Estates 1Q16 HOSPITALITY REVENUE CONTRIBUTION

SLIDE 20

20 TOTAL NUMBER OF MEMBERS MEMBERS PRIMARILY IN ASIA INVENTORY TO ACCOMMODATE GROWING MEMBERS GROWTH DRIVEN BY FOUR MARKETS

Part of the real estate business, Anantara Vacation Club is now another importnant contributor to the hotel and mixed-use business. Growth of members are driven by four main markets – China, Thailand, Hong Kong and Singapore. AVC sales and profitability were temporarily put under pressure in 1Q16 because of the change in business model which resulted in smaller package, cash flow acceleration, as well as lower bad debt and cancellation rate.

REAL ESTATE BUSINESS – ANANTARA VACATION CLUB

As at Mar 2016

• No. of Units

10 Destinations 18%

Real Estates 1Q16 HOSPITALITY REVENUE CONTRIBUTION

2,309 3,857 5,431 6,928 7,195 2,000 4,000 6,000 8,000 2012 2013 2014 2015 1Q16

• No. of

Members 2,000 4,000 6,000 2012 2013 2014 2015 1Q16

• No. of

Members 5,104 1,444 2,460 3,731

+36% +12% +23% +19% +300% +111%

China Thailand Singapore Growth (y-y) +207% +67% +41% +28% +23% 6 Destinations: Queenstown Bali Sanya Samui Phuket Bangkok 4,896

+10% +5% +48%

China, 39% Thailand, 11% Hong Kong, 11% Singapore, 10% Malaysia, 9% Australia, 3% Japan, 3% Indonesia, 1% US, 1% UAE, 1% Korea, 1% Others, 10% 46 106 119 137 140 450 100 200 300 400 500 2012 2013 2014 2015 1Q16 2020F

+39% +35% +38%

Hong Kong Minor Hotel

+9% +5% +37% +29%

SLIDE 21

Minor nor Fo Food

• d

SLIDE 22

22

Key Highlights

FINANCIAL PERFORMANCE – MINOR FOOD

THB million Minor Food +28% y-y Revenue EBITDA NPAT +26% y-y +12% y-y

1Q16 revenues of the restaurant business increased by 28%, attributable to total-system-sales growth of 8.8%, together with the consolidation of Australia hub since November 2015. EBITDA grew at the similar rate of 26%, while net profit grew at a slower rate of 12%, primarily from the increase in minority interest from the consolidation of Minor DKL.

1Q16 2Q15 3Q15 4Q15 1Q15

Total-system-sales growth of

8.8%

in 1Q16 The Pizza Company, Burger King and Riverside continued to report impressive double-digit total-system-sales growth in 1Q16. Outlet expansion

• f

8%

in 1Q16 In 1Q16, Burger King, Riverside, BreadTalk, SSP (operator in airports) and The Pizza Company saw the fastest outlet expansion y-y (in terms

• f percentage growth).

Positive same-store-sales growth of The Pizza Company, Burger King, The Coffee Club and Riverside contributed to the improved same- store-sales growth of the portfolio. Performance of Swensen’s and Dairy Queen were soft as dessert category was impacted by the domestic economy. Ribs and Rumps and Thai Express continued to face challenging macro economic environment in Australia and Singapore.

* The financials above reflect performance from operations, and therefore excludes gain on fair value adjustment of change in status of investments in Minor DKL, MINT’s Australian restaurant hub of THB 1,665 million in 4Q15.

Same-store-sales growth of

0.9%

in 1Q16

4,567 4,335 4,517 5,244 5,841 838 678 748 863 1,051 431 296 360 486 481 EBITDA Margin 16.6% 18.0% 18.3% 15.6% 16.5% Net Margin 8.0% 8.2% 9.4% 6.8% 9.3%

SLIDE 23

23

Franchised Combination Owned

REVENUE CONTRIBUTION

Hub 81% 66% 62% 58% 19% 34% 38% 42% 0% 25% 50% 75% 100% 2008 2015 1Q16 2020F International Thailand

MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT’s restaurant presence is now in 19 countries across the region, operating owned, franchised and a combination of both business models. MINT continues to look for

• pportunities to expand, especially in these existing markets that MINT operates.

Minor Food

MINOR FOOD - INTERNATIONAL PRESENCE

* Excludes special gains

SLIDE 24

24

MINOR FOOD – OPERATIONAL PERFORMANCE

Same-Store-Sales Growth Total-System-Sales Growth 53% 82% 59% Franchised Owned 50% International Thailand

SSS & TSS GROWTH RESTAURANT OUTLETS BY GEOGRAPHY RESTAURANT OUTLETS BY OWNERSHIP

1Q16 total-system-sales of the restaurant business grew 8.8% y-y, from outlet expansion of 8%, mostly in Thailand and Vietnam, together with same-store-sales growth of 0.9%. Thailand and China hubs’ solid performance resulted in the improving same- store-sales growth trend in 1Q16.

2008 2015 1Q16 2020F 36% 64% 67% 33% 39% 61% 1,043 3,139 1,851 1,859 +8% y-y 36% 64% 2008 2015 1Q16 2020F 38% 62% 50% 50% 3,139 48% 52% +8% y-y 1,043 1,851 1,859 48% 52%

1,851

• No. of

Outlets

Minor Food 0.6%

• 1.6%
• 0.2%

0.3% 0.9% 17.9% 11.1% 12.9% 7.8% 8.8%

• 5%

0% 5% 10% 15% 20% 1Q15 2Q15 3Q15 4Q15 1Q16 1,727 1,747 1,787 1,859

SLIDE 25

25

THAILAND HUB

Same-Store-Sales Growth Total-System-Sales Growth

THAILAND’S SSS & TSS GROWTH INDUSTRY LEADER

62%

Thailand 1Q16 RESTAURANT REVENUE CONTRIBUTION

Revenues from domestic operations accounted for over 60% of total restaurant revenues in 1Q16. The Pizza Company and Burger King reported strong same-store-sales growth, reaffirming Thailand hub’s leadership position in the industry and its ability to stay ahead of competition amidst the prolonged slowdown of the domestic economy.

Thailand hub reported strong same-store-sales growth of 3.0% in 1Q16 despite prolonged challenging domestic consumption

• environment. Successful tactical initiatives, product innovations,

together with effective marketing and promotional campaigns continued to pay off in 1Q16. With consistent outlet expansion, Thailand hub reported total- system-sales growth of 14.3% in 1Q16. Successful buy-one-get-one free promotion, with monthly record sales in March 2016. Effective new mango promotion with six mango flavors starting in March. In addition, solid marketing plans have been put in place for the rest of the year. Creative product innovation with monthly new launch – Thai chicken basil in May. Attractive product offering resulted in record number of dockets of 14 million in 1Q16, with more improvement expected in 2Q. Continued expansion of domestic market with new store

• penings in outskirts of Bangkok and other major cities,

including stand-alone and drive-thru formats in gas stations.

Minor Food

• 5%

0% 5% 10% 15% 1Q15 2Q15 3Q15 4Q15 1Q16

SLIDE 26

26 SINGAPORE’S SSS & TSS GROWTH STREAMLINE OF OPERATIONS

SINGAPORE HUB

Same-Store-Sales Growth Total-System-Sales Growth 10%

Singapore 1Q16 RESTAURANT REVENUE CONTRIBUTION Like many other restaurant operators in the market, MINT’s Singapore hub continued to be impacted by the

economic slowdown and increased competition. The hub is taking the opportunity to renovate some of its

• utlets and gradually overhaul the customer journey to refresh the brand image as well as maintain its

leadership position as one of the largest and most trusted Thai restaurant chains in Singapore.

Although same-store-sales growth of Singapore hub remained negative in 1Q16, the trend is improving, with the best same-store- sales in 1Q16 since the beginning of 2015. Total-system-sales growth continued to be negative because of the pause in outlet expansion to focus on the refresh of Thai Express brand. Thai Express continues to undergo the refurbishment program for its 15 outlets. The program is expected to complete by the end of the year. Singapore hub is evaluating the performance of its restaurant portfolio and is looking to close down some of its unprofitable

• utlets going forward.

The hub’s new initiatives include:

• Launched “Thai Kitchen by Thai Express” in Food Republic,

BreadTalk’s food atrium concept. The initiative is another collaboration between MINT and BreadTalk Singapore.

• Introducing China-based Riverside, the Sichuan barbecue fish

restaurant concept, in Singapore in 2Q16.

Minor Food

• 15%
• 10%
• 5%

0% 1Q15 2Q15 3Q15 4Q15 1Q16

SLIDE 27

27 AUSTRALIA’S SSS & TSS GROWTH SUCCESSFUL VERTICAL INTEGRATION

AUSTRALIA HUB

Total-System-Sales Growth 14%

1Q16 RESTAURANT REVENUE CONTRIBUTION Australia

In 1Q16, Australia hub’s contribution to total restaurant business significantly increased to 14% with the consolidation of Minor DKL, as opposed to the recognition of equity income in previous years, since the increase in MINT’s shareholding in Australia hub from 50% to 70% in November 2015.

Australia hub’s same-store-sales remained flat, only slightly declining by 0.6% in 1Q16, in the midst of of slow down of the economy especially in Queensland, Australia, where half of The Coffee Club’s outlets are located. Total-system-sales grew by 2.2% in 1Q16, as Australia hub is cautiously expanding its outlets amidst the weak macro backdrop in the country.

Same-Store-Sales Growth

With the successful integration of Veneziano into the Australia hub, MINT will continue to further enhance its supply chain management by integrating Veneziano’s coffee roasting capability across MINT’s global supply chain to further drive sales and profitability going forward. Despite total-system-sales growth of only 2.2%, 1Q16 net profit from operation of Australia hub increased by over 10% in AUD because of the proceeds from sales of its stores to franchisees, which is the normal operation of The Coffee Club in Australia.

Minor Food

• 10%

0% 10% 20% 30% 1Q15 2Q15 3Q15 4Q15 1Q16

SLIDE 28

28 CHINA’S SSS & TSS GROWTH RECOVERY ON TRACK

CHINA HUB

Same-Store-Sales Growth Total-System-Sales Growth 13% China

1Q16 RESTAURANT REVENUE CONTRIBUTION

China hub reported positive same-store-sales growth for the first time in two years. MINT remains confident in the growing middle class in China and sees the long term potential in the country. With its focus on increasing the scale, while instilling productivity and efficiency in the everyday operations of all brands, MINT expects its China hub to yield a more meaningful contribution in the future.

Same-store-sales growth of China operations turned positive of 2% in 1Q16 from both Riverside and Sizzler brands on better consumption environment in Beijing. Total-system-sales growth was 13.4% in 1Q16 from the same- store-sales growth, together with outlet expansion. Sizzler in China reported positive same-store-sales growth for seven consecutive months since September 2015, partly attributable to the successful menu relaunch. For Riverside brand, same-store-sales growth was strongest in Beijing. Riverside was successful in cost control, including raw material costs, labor costs and shop expenses. As a result, China hub has seen improving profitability in 1Q16. As Riverside has aggressively expanded its number of outlets over the past three years, going forward, the brand will also start to focus on profitability improvement. Outlet expansion will continue with focus on resilient city, Beijing.

Minor Food

• 20%

0% 20% 40% 1Q15 2Q15 3Q15 4Q15 1Q16

SLIDE 29

Minor

• r

Retail ail

SLIDE 30

30

FINANCIAL PERFORMANCE – MINOR RETAIL

Key Highlights

Revenue EBITDA NPAT Net Margin THB million Minor Retail +4% y-y

• 14% y-y
• 24% y-y

1Q16 revenue from retail trading increased by 3% y-y, primarily from Banana Republic, Charles & Keith and Bossini.

1Q16 revenues of Minor Retail increased by 4% y-y from revenue recovery of both fashion and manufacturing businesses. However, both EBITDA and net profit still reported a decline because of the promotional discounts of previous-season inventory, as well as higher marketing and promotional costs.

1Q16 1Q15 2Q15 3Q15 4Q15

Retail trading

70%

• f 1Q16 retail

revenues Contract manufacturing

30%

• f 1Q16 retail

revenues 1Q16 revenue from contract manufacturing increased by 9%, thanks to the success of its efforts to expand its customer base.

EBITDA Margin 924 810 856 915 964 98 58 44 100 85

50 16 10 48 38

10.6% 5.4% 7.2% 1.9% 5.2% 1.2% 10.9% 8.8% 5.2% 3.9%

Expanded portfolio In 2Q16, Minor retail selectively added two new brands:

• Brooks Brothers from the US: opened in late

April in Gaysorn, Siam Paragon and Emporium

• Kojima Premium Denim from Japan: opened

in Siam Paragon, with the brands e-jeans, Tenryo, Pallet Life Story and Japan Blue. Going forward, Minor retail will restructure its portfolio of brands in order to drive revenues and profitability.

SLIDE 31

31

MINOR RETAIL – OPERATIONAL PERFORMANCE

Same-Store-Sales Growth Total-System-Sales Growth Fashion & Cosmetic Sales per Sq. m.

SSS & TSS GROWTH SALES PER SQ. M.

THB

2016 same-store-sales of retail trading started to see a recovery trend and was flat in 1Q16. Because of outlet expansion y-y, primarily from the opening of Bossini and GAP outlets, together with the launch of Banana Republic brand since the beginning of 2015, total-system-sales increased by 4.2%.

• No. of

Shops

• No. of

Shops Minor Retail

• 2.2%
• 5.7%
• 9.7%
• 7.8%
• 0.1%

0.4%

• 2.5%
• 2.7%
• 7.9%

4.2%

• 15%
• 10%
• 5%

0% 5% 10% 1Q15 2Q15 3Q15 4Q15 1Q16 298 287 284 307 307 27,101 33,830 34,246 34,042 35,200 10,000 20,000 30,000 40,000 1Q15 2Q15 3Q15 4Q15 1Q16 298 287 284 307 307

SLIDE 32

Corpor rporate te Informa rmation tion

Tivoli Lagos, Algarve, Portugal

SLIDE 33

33 BACK-UP FINANCING

CAPEX & BALANCE SHEET STRENGTH

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity THB million THB million

CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS

Corporate Information Restaurant Hotel & Mixed-use Retail Trading Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s) EBITDA coverage on committed CAPEX

* Incremental capital increase from MINT-W5 exercise, assuming 100% MINT-W5 conversion

20,000 40,000 60,000 80,000 Outstanding Borrowing & Equity Un-Utilized Facility Debt 27,728 Debt 49,878 Shareholders’ Equity 38,895 Equity* 7,981

In addition to committed CAPEX, MINT also set aside additional CAPEX for future investments and new opportunities. Even with recent acquisitions, leverage ratio remains below the internal policy, while earnings from newly acquired entities have yet to feed through to the results. With its solid balance sheet, MINT will be able to primarily use its internal cash flow and debt financing to fund its CAPEX requirements going forward. In addition, MINT and its senior debenture have “A+” rating by TRIS.

Note: Cash on hand as at end of 1Q16 is THB 5,455 million X X

• 1.0

2.0 3.0 4.0 5.0 6.0

• 3,000

6,000 9,000 12,000 15,000 2015 2016F 2017F 2018F 2019F 2020F

* 2016 committed CAPEX includes the final stage of Tivoli acquisition and increased shareholding in the hotel portfolio in Africa

0.4 0.6 0.8 1.0 1.2 1.4 1Q15 2Q15 3Q15 4Q15 1Q16 1.14x 1.28x Internal Policy

SLIDE 34

34

FIVE-YEAR ASPIRATIONS

NPAT (THB)

1.4bn

2009

7.0bn

2020F 2015

2020F

1Q16

• > 210 hotels
• > 500 residences built to

date

• > 450 timeshare units
• > 3,100 restaurants
• > 360 retail shops & POS

(> 29,000 Sqm)

• 147 hotels
• 75 residences built to

date

• 140 timeshare units
• 1,859 restaurants
• 307 retail shops & POS

(26,109 Sqm)

2009

• 30 hotels
• 1,112 restaurants
• 292 retail shops & POS

(14,275 Sqm)

Corporate Information

SLIDE 35

35

Five-year strategy consists of the following three key pillars, with clear goals and measurements.

MINT’S FIVE-YEAR STRATEGY 2016-2020

NPAT growth of 15-20% CAGR ROIC of >15% Growth Pillars Measure- ments

Drive a Portfolio of Own Brands, With Additional Contribution From Selected International Brands Maximize Asset Value and Productivity Expand Through Existing and Future Strategic Investments & Acquisitions

Asset-light Model Mixed-use Initiatives

Total-system-sales growth

• f 15%

Revenues growth

• f over 10%

Improvement of margins Revenues from overseas

• f 50%

Net profit from overseas

• f over 55%

2020 Goals

Strengthening of Hub / Cluster System

Corporate Information