Forward Looking Statement Statements included or incorporated in - - PowerPoint PPT Presentation

SLIDE 1

COMPANY PRESENTATION – Mar 2020

SLIDE 2

Forward Looking Statement

2

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

• therwise. 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

• pinion or statement.

SLIDE 3

AGENDA

2019 in Review Minor Hotels Minor Food Minor Lifestyle Corporate Information 2020 & Beyond

SLIDE 4

2019 IN REVIEW

nho nhow Lo London

SLIDE 5

MINT’s 5-Year Performance Recap

5

MINT’s core revenue, EBITDA and NPAT showed a cumulative average growth rate (CAGR) of 25%, 21% and 10% respectively over the last five years.

4,705 4,576 5,415 5,728 7,061 THB million EBITDA Margin Net Margin 45,678 54,285 58,644 78,499 123,385 9,573 11,256 12,273 15,901 22,634 21.0% 20.7% 20.9% 10.3% 8.4% 9.2% 20.3% 7.3%

5-year CAGR 2019 2015 2017 2016 2018

(Restated) 18.3% 5.7%

MINT’S FIVE-YEAR PERFORMANCE 25% 21% 10% 23.1x 19.9x 21.3x 17.5x** 14.7x 13.2x Core Revenue Core EBITDA Core NPAT

Share price as of 3 Mar 2020

* Share price as at end of the year ** 2018 EV was calculated using average quarter-end data to reflect the increase in debt in 4Q18 from the acquisition of NH Hotel Group

EV/EBITDA*

SLIDE 6

2019 Performance Recap

6 NET PROFIT

In 2019, MINT’s core revenue increased by 57%, primarily from the consolidation of NH Hotel Group (NHH). Core NPAT increased by 23%, driven by both Minor Hotels’ organic operation and the consolidation of NHH.

* 2018 numbers have been restated, as detailed on page 46. ** Non-core items are detailed on page 45. * Excludes non-core items * Excludes non-core items

2019 REVENUE CONTRIBUTION 2019 NET PROFIT CONTRIBUTION

50,000 75,000 100,000 125,000 150,000 +57% 123,385 Minor Lifestyle 4% Minor Food 20% Minor Hotels 76% Minor Lifestyle 1% Minor Food 17% Minor Hotels 82% THB 7,061 million

2018 Reported Revenue Non-core

Previous + Adjusted

2018 Core Revenue Minor Hotels Pre-NHH NHH Minor Food Minor Lifestyle 2019 Core Revenue Non-core Items 2019 Reported Revenue

78,620

• 121

78,499 +968 +42,645 +750 +523 +6,504 129,889

REVENUE

THB million THB 123,385 million

2018 Reported NPAT Non-core

Previous + Adjusted

2018 Core NPAT Minor Hotels Pre-NHH NHH Minor Food Minor Lifestyle 2019 Core NPAT Non-core Items 2019 Reported NPAT

2,000 4,000 6,000 8,000 10,000 12,000 7,061 10,698 +23% 4,508 5,728 +530 +3,637 +1,220 +1,176

• 311
• 63

THB million

SLIDE 7

FX Headwinds & Lease Payment

7 2019 LFL NPAT

MINT’s financial performance was adversely impacted by the strengthening of the Thai Baht and the additional lease payment since July 2019 because of the sale & leaseback transaction of the 3 Tivoli hotels in Lisbon. Excluding both impacts, MINT’s like-for-like (LFL) NPAT would have increased by 32% in 2019.

THB million 2,000 4,000 6,000 8,000 2018 Restated Core NPAT Minor Hotels Minor Food Minor Lifestyle Core 2019 NPAT @ Constant FX & excl Lease FX Impact Leases 2019 Core NPAT 7,543 7,061 +32% +2,194

• 320
• 266
• 113
• 163

5,728 +23%

SLIDE 8

International Presence

8

With a solid diversification strategy implemented, MINT’s footprint was in 65 countries at the end of 2019 across its hospitality and restaurant businesses.

*Excludes non-core items

Minor Food Combination Minor Hotels

REVENUE CONTRIBUTION

87% 39% 27% 29% 13% 61% 73% 71% 0% 25% 50% 75% 100% 2008 2018* 2019* 2024F International Thailand

SLIDE 9

2019 Key Milestones

9

MINT has embarked on many initiatives throughout 2019 in order to support growth and strengthen its balance sheet position. This includes Minor Hotels’ integration with NHH, Minor Food’s digital efforts and acquisition of Bonchon, the completion of loan term-out program, as well as asset rotation strategy.

CORPORATE MINOR HOTELS MINOR FOOD 1Q19 2Q19 3Q19 4Q19

• Issued THB debentures of THB 33 billion,
• f which was partially used to refinance

bridge loans for the acquisition of NHH

• Completed the term-out of bridge loans,

extending average maturity of debt related to the acquisition of NHH to over 6 years

• Obtained approval from bond holders to

exclude TFRS 16 lease liabilities from the definition of “interest bearing debt” in the calculation of debt covenant

• Extended the treatment of perpetual

bond as equity to end of 2022 by Federation of Accounting Profession

• Entered into sales & leaseback of 3 Tivoli

hotels in Lisbon

• Announced that The Marker Dublin will be

the first Anantara city hotel in Europe

• Successfully sold 3 joint-venture hotels in

the Maldives: Anantara Veli, Anantara Dhigu and Naladhu Private Island while maintaining the management of the hotels

• Launched 1112 Delivery mobile app in

Thailand

• Launched digital loyalty program & delivery

service through Uber Eats in Australia

• Actively partnered with third-party

aggregators in Thailand

• Launched digital loyalty program in China
• Acquired existing Bonchon outlets in

Thailand

• Implemented food traceability project for

Riverside brand in China

• Launched the first Anantara in Spain:

Anantara Villa Pardierna Palace in Marbella

• Transferred operations of Tivoli in Europe

to NHH

SLIDE 10

MINOR HOTELS

Ana Anantara Desa Desaru Coa

• ast

SLIDE 11

Minor Hotels – Financial Highlights

11

2019 revenue, EBITDA and NPAT of Minor Hotels grew by 86%, 57% and 42% respectively, primarily as a result of the full-year consolidation of NHH. The consolidation resulted in declining margins of Minor Hotels, both at EBITDA and net profit levels, principally from the lower profitability nature

• f the lease structure of NHH, together with additional financing costs of the acquisition.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 45.

50,577 94,189 THB million +86% Revenue 11,947 18,803 4,077 5,783 +57% +42% EBITDA NPAT 2018 % Margin 2019 23.6% 20.0% 8.1% 6.1%

MINOR HOTELS – FINANCIAL PERFORMANCE

33,966 34,934 THB million +3% Revenue 7,704 7,823 3,054 3,584 +2% +17% EBITDA NPAT 2018 % Margin 2019 22.7% 22.4% 9.0% 10.3%

ORGANIC MINOR HOTELS – FINANCIAL PERFORMANCE (EXCL NHH)

16,611 59,255 THB million Revenue 4,243 10,980 1,023 2,199 EBITDA NPAT 2018 % Margin 2019 NM 18.5% NM 3.7%

NHH – CONTRIBUTION TO MINT Organic Minor Hotels Performance

• Revenue & EBITDA increased by 3% and 2% respectively, primarily from

mixed-use business

• NPAT increased at a higher rate of 17% from lower depreciation (sale of

Tivoli hotels) and interest expenses (lower cost of fund) NH Hotel Group: 2018 & 2019 not comparable in terms of performance

• NHH 2018 contribution is dividend received in 9M18 & NHH 4Q18

consolidation, net of financing costs

• NHH 2019 performance includes accounting difference adjustment and

is net of acquisition related expenses (depreciation & financing cost)

SLIDE 12

Minor Hotels – International Presence

12

In recent years, MINT has implemented a solid diversification strategy. With the investment in NHH, MINT operates hotels and spas under a combination of owned, leased and management business models in 57 countries.

* Excludes non-core items

Management Combination Investment New Destinations in Pipeline

Hubs

REVENUE CONTRIBUTION

94% 22% 14% 12% 6% 78% 86% 88% 0% 25% 50% 75% 100% 2008 2018* 2019* 2024F International Thailand

SLIDE 13

Owned & Leased Hotels

13

In terms of business model, owned and leased business contribute 86% of Minor Hotels’ revenue. In terms of geography, Europe is the major contributor with 64% of Minor Hotels’ revenue, and 58% of NPAT. Thailand and the Maldives are the second and third largest contributors in terms

• f NPAT.

SYSTEM-WIDE ROOM CONTRIBUTION By Ownership SYSTEM-WIDE ROOM CONTRIBUTION By Geography 2019 REVENUE CONTRIBUTION By Business 2019 REVENUE CONTRIBUTION By Geography 2019 NPAT CONTRIBUTION By Geography

Owned 25% Leased 44% JV 3% Managed 19% MLR 9% 78,360 Rooms THB 94,189 million Owned & Leased 86% Managed 1% MLR 6% Mixed-use 7% Thailand 14% Europe 64% Americas 6% Australia & New Zealand 6% Maldives & Middle East 3% Others 7% Thailand 18% Europe 58% Americas 2% Australia & New Zealand 1% Maldives & Middle East 14% Others 7% 78,360 Rooms Asia 10% Europe 60% Americas 14% Oceania 10% Middle East & Africa 6%

SLIDE 14

Owned & Leased Hotels

14

Number of rooms of owned & leased hotel portfolio increased by 2% in 2019. Organic RevPar excluding FX impact grew by 3%, driven by overseas hotel portfolio. System-wide RevPar of owned & leased portfolio declined by 14%, from the dilution of ADR with the consolidation of different room segment of NHH, and the strengthening of the Thai Baht. Revenue of owned & leased hotels grew 112% in 2019, primarily from the full-year consolidation of NHH in 2019 compared to three months consolidation in 2018.

System-wide

• 16%

Organic excl FX +4% 52,969 54,255 2018 2019 No of Rooms 69% 69% 71% 2018 2019 +2% 2018 2019 Occupancy Organic Flat System-wide +2% 4,563 4,745 3,846 2018 2019 2018 2019 ADR (THB)

OPERATIONAL STATS

System-wide

• 14%

Organic excl FX +3% 3,169 3,277 2,729 2018 2019 2018 2019 RevPar (THB)

SLIDE 15

Owned Hotels – Thailand & Maldives

15

The two largest geographies for Minor Hotels outside of Europe are Thailand and the Maldives. While Thailand experienced softer tourist demand amidst the strengthening of the Thai Baht during the year, the Maldives held up well despite the increasing supply.

OPERATIONAL STATS – THAILAND (ORGANIC)

77% 76% 6,307 6,137 2018 2019 4,872 4,663

• 1%
• 3%
• 4%
• 2%
• 9%

9%

• 7%
• 10%
• 2%
• 6%

2019 Bangkok RevPar Growth 2019 Provinces RevPar Growth 1Q 2Q 1Q 2Q 3Q 3Q

Flat

Occupancy ADR (THB) RevPar (THB) 4Q 4Q

OPERATIONAL STATS – MALDIVES (ORGANIC)

69% 67% 683 712 2018 2019 474 475

• 2%

+4% Flat Occupancy ADR (USD) RevPar (USD)

Thailand

• Thailand’s weak performance was primarily from provincial hotels,

while Bangkok portfolio held up relatively better.

• Although rates declined in Thai Baht term, the USD rate showed an

increase. Maldives

• Hotels in the Maldives focused on rate increase during 2019, with the

successful targeted marketing initiatives.

SLIDE 16

Owned & Leased Hotels – NH Hotel Group

16

NHH was the largest contributor to owned & leased hotel portfolio in 2019. 2019 RevPar of NHH increased by 5%, driven by all European regions, with Spain being the strongest driver for the year. The increase in RevPar was entirely attributable to ADR, where for the first time exceeded EUR 100, with occupancy remaining stable.

10% 3% 4% 2%

• 2%

Spain Italy Benelux Central Europe Latin America

Spain

• Continued

recovery in Barcelona from lower leisure domestic market in 2018

• Excellent performance in Madrid with strong events

calendar Italy

• Strong performance of Milan with better trade fair calendar

in second half of the year

• Good performance of Rome

Benelux

• Continued recovery in Brussels in 2018 and 2019
• Good performance of Amsterdam and congress center

hotels Central Europe

• Good performance of Hamburg, German secondary cities

and Austria

• Frankfurt and Munich affected by negative trade fair

calendar and higher supply in Frankfurt Latin America

• RevPar declined mainly from ADR due to negative currency

evolution

Spain 29% Italy 18% Benelux 23% Central Europe 23% America 7%

OPERATIONAL STATS – NH HOTEL GROUP (ORGANIC)

72% 72% 98 102 2018 2019 70 74 +0.4% +4% +5% Occupancy ADR (EUR) RevPar (EUR) 2019 Organic RevPar Growth 2019 Revenue Contribution

Note: NHH’s organic stats disclosed by MINT and are different than NHH’s public disclosure as MINT’s version is organic (one-year in operation) whereas NHH’s is LFL (24 months full cycle of operations)

KEY HIGHLIGHTS

SLIDE 17

NH Hotel Group – Financial Highlights

17

NHH reported recurring EBITDA of EUR 294 million and recurring NPAT of EUR 113 million in 2019, above its full-year guidance of EUR 285 million and EUR 100 million respectively (excluding IFRS 16 and IAS 29 accounting impacts and Tivoli integration).

1,620 1,718 EUR million +6% Revenue 263 294 70 113 +12% +63% Recurring EBITDA Recurring NPAT 2018 % Margin 2019 16.3% 17.1% 4.3% 6.6%

NHH – FINANCIAL PERFORMANCE

102 100

• 2%

Reported NPAT

Notes: (1) As per NHH’s report, the numbers include hyperinflation accounting effect (IAS 29) (implemented since 3Q 2018) but excludes IFRS 16, (2) 2018 restated due to IAS 29 reclassification between financial expenses and equity (3) Recurring NPAT exclude mainly net capital gains from asset rotation, redundancy payments and accelerated depreciation due to refurbishments.

• Revenue growth of 6%, from organic RevPar growth, new hotel openings and Tivoli portfolio
• Recurring EBITDA growth of 12%, with margin improvement of 0.8% p.p., from effective cost control, resulting in 31% EBITDA conversion rate
• Recurring NPAT increase of 63% from business improvement and lower interest expense (full redemption of convertible bond in June 2018 and partial

early redemption of 2023 bond in 4Q18) and lower corporate income tax

• Including non-recurring items, reported NPAT decreased by 2% in 2019, reflecting the lower contribution of –EUR 45 million of non-recurring activities

compared to 2018.

• Net financial debt position of EUR 179 million

SLIDE 18

NHH Integration & Synergies Update

18

Integration with NHH has become an on-going medium term-plan. Potential synergies have been identified and are being worked on by both MINT and NHH. In addition to the sales & lease back transaction of the 3 Tivoli hotels in Lisbon and the transfer of Tivoli portfolio in Europe to NHH in mid-2019, both NHH and MINT have embarked on further cross brand global expansion.

OPPORTUNITIES

• Cross-selling

between Asia & Europe & loyalty interface

• Rebranding /

cross brand global expansion

• Price

improvement with partners & suppliers through economies of scale

• Talent & learning

development / workforce mobility

BOSCOLO PORTFOLIO IN EUROPE NHH agreed with Covivio to operate 8 luxury & high-end hotels in Europe

• Prime locations in Rome, Florence, Venice, Nice,

Prague and Budapest

• To be rebranded to Anantara & NH Collection

following extensive renovation by Covivio (property owner)

• Lease tenure of 15 years, extendable at NHH
• ption for not less than additional 15 years
• Sustainable variable lease contract with

minimum guarantee and basket of losses

• Closing expected in 2Q20

NH COLLECTION IN THE MIDDLE EAST Minor Hotels signed a management contract in Doha, Qatar

• The first NH Collection to be introduced in the Middle East
• The first hotel outside of the brand’s traditional areas of operation in Europe and Latin America

SLIDE 19

Asset-Light Businesses

19

MINT’s asset light businesses include management letting rights (MLR) of serviced-suites primarily under the Oaks brand in Australia and New Zealand, together with the hotel management contracts under Minor Hotels’ brands.

MANAGEMENT LETTING RIGHTS

141 136 2018 2019 3,391 2,937 +1%

• 4%
• 13%

No of Rooms RevPar (AUD) RevPar (THB) 7,043 7,147

• RevPar of MLR in AUD declined primarily from lower occupancy amidst

weak macro environment.

• RevPar in THB declined further by 13% in 2019 from the strengthening
• f the THB against AUD.
• As a result, MLR revenue in THB term declined by 9% in 2019.

MANAGED HOTELS

13,311 15,129 No of Rooms +14% System-wide

• 16%

Organic excl FX +4% 3,361 3,488 2,823 2018 2019 2018 2019 RevPar (THB)

• Organic RevPar of managed hotels excluding FX impact increased by

4% in 2019, driven by hotels in the Middle East.

• System-wide RevPar declined by 16%, from the consolidation of NHH’s

managed portfolio which has lower ADR, together with the strengthening of the Thai Baht.

• Management income in 2019 decreased by 4% primarily from the high

base of the technical and termination fees received in 4Q18.

SLIDE 20

Hotel Expansion Pipeline – 73 Hotels; 14,357 Rooms

• Ubud, Bali, Indonesia*

71 rms

• Khao Lak, Thailand

328 rms

• Hannover, Germany

89 rms

• Amsterdam, Netherlands

650 rms

• Warangi, Serengeti

National Park, Tanzania* 12 rms

• Venice, Italy

100 rms

• Venice, Italy

64 rms

• Florence, Italy

86 rms

• Budapest, Hungary

138 rms

• Prague, Czech Republic

152 rms

• Rome, Italy

238 rms

• Budapest, Hungary

185 rms

• Nice, France

152 rms

MANAGED / MLRS

• Frankfurt, Germany

428 rms

• Monterrey, Mexico

120 rms

• Cagliari, Italy 100 rms
• Frankfurt, Germany

375 rms

OWNED & LEASED

49 Hotels / 10,060 Rooms

• Libo Country, China

173 rms

• Nanjing, China

120 rms

• Ras Al Khaimah, UAE

174 rms

• Busan, Korea

570 rms

• Ras Al Khaimah, UAE

225 rms

• Nairobi, Kenya

120 rms

• Fortaleza, Brazil

130 rms

• Hangzhou, China

166 rms

• Phuket, Thailand

500 rms

• Chengdu, China

202 rms

• Lima, Peru

164 rms

• Iquique, Chile 135 rms
• Lima, Peru

265 rms

• Santiago, Chile

146 rms

• Hangzhou, China

54 rms

• Phi Phi Island, Thailand

107 rms

• Chengdu, China

150 rms

• Sharjah, UAE

233 rms

• Jeddah, Saudi Arabia

328 rms

• Savanne, Mauritius

156 rms

• Sifah, Oman

300 rms

• Kota Kinabalu, Malaysia

386 rms

• Cam Ranh, Vietnam

595 rms

• Ho Chi Minh City, Vietnam

217 rms

• Guadalajara, Mexico

120 rms

• Aguascalientes, Mexico

105 rms

• Mexico City, Mexico

144 rms

• Panama, Panama

83 rms

• Zhuhai, China

100 rms

Others

24 Hotels / 4,297 Rooms

• Bang Krachao, Thailand

62 rms

• Krabi, Thailand

83 rms

• Nha Trang, Vietnam

273 rms

• Dubai, UAE

527 rms

• Muscat, Oman

162 rms

• Chengdu, China

201 rms

• Bahia, Brazil

50 rms

• Toowoomba, Australia

50 rms

• Cairns Esplanade, Australia 60 rms
• Hangzhou, China

132 rms

• Murano, Italy

104+38 rms

• Doha, Qatar 228 rms
• Feira de Santana, Brazil

207 rms

• Fares Island, Maldives*

200 rms

• Milan, Italy

185 rms

• Santander, Spain

64 rms

• Alicante, Spain

63 rms

• Milan, Italy

100 rms

• Hamburg, Germany

261 rms

• Hamburg, Germany

136 rms

• Accra, Ghana

155 rms

• Riyadh, Saudi Arabia

163 rms

• Yangon, Myanmar

250 rms

• Phan Thiet, Vietnam

516 rms

• Ho Tram, Vietnam 410 rms
• Yangon, Myanmar

221 rms

Boscolo Portfolio Others

* Note: Joint-ventured properties

2020F 2021F 2022F 2023F 13 Hotels / 2,265 Rooms 7 Hotels / 1,009 Rooms 4 Hotels / 1,023 Rooms 14 Hotels / 2,177 Rooms 15 Hotels / 3,144 Rooms 14 Hotels / 3,024 Rooms 6 Hotels / 1,715 Rooms

20

SLIDE 21

Mixed-Use Business

Mixed-use business comprises residential development and Anantara Vacation Club. In addition to the current projects, MINT has a pipeline of branded residences for sale in order to ensure the continuity of revenue stream in the coming years. Anantara Vacation Club provides stable revenue growth driven by membership growth. In 2019, mixed-use revenue increased by 31%, from strong contributions of both real estates activities and Anantara Vacation Club.

21 INVENTORY TO ACCOMMODATE GROWING MEMBERS

229 239 2018 2019 2024F No of Units Queenstown Bali Sanya Samui Phuket Bangkok Chiang Mai >350

GROWING MEMBERSHIP PIPELINE CURRENT PROJECTS

Layan Residences by Anantara, Phuket Avadina Hills by Anantara, Phuket Anantara Chiang Mai Serviced Suites Torres Rani, Maputo 15 luxury pool villas 16 luxury pool villas 44 units in 7-storey condominium building 181 keys for rent & 6 penthouses for sale; 21-storey office tower 100%-owned 50% JV 50% JV 49% JV Anantara Desaru Residences, Malaysia Anantara Ubud Residences, Indonesia Silom Office 20 residential villas 15 residential villas 60% JV 50% JV 40% JV NA Launched 2015 Launched 2018 Launched 2016 Launched 2015 To launch 2020 To launch 2023 To launch 2020

RESIDENTIAL DEVELOPMENT ANANTARA VACATION CLUB

12,347 14,535 2018 2019 +18% No of Members

China 39% Thailand 11% Singapore 8% Hong Kong 8% Malaysia 7% Others 27%

+4% No of Units

SLIDE 22

MINOR FOOD

SLIDE 23

Minor Food – Financial Highlights

23

2019 revenue of Minor Food grew by 3%, primarily because of the outlet expansion, which offset the slowdown of the overall same-store-sales from the weak macro backdrop. EBITDA declined by 3% from lower operating leverage with the contraction of same-store-sales. Net profit declined further by 20% with investment and expenses in growing sales and strengthening of digital capabilities in Thailand. Nevertheless, Minor Food’s performance has improved significantly especially in 4Q19, with NPAT decline of 5% y-y.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 45.

23,484 24,233 THB million +3% Revenue

FINANCIAL PERFORMANCE

3,647 3,527 1,521 1,210

• 3%
• 20%

EBITDA NPAT 2018 % Margin 2019 15.5% 14.6% 6.5% 5.0%

OPERATIONAL STATS

• 3.3% -3.0%

0.2% 5.0% 2,270 2,377 No of Outlets SSSG TSSG 2018 2019 +5%

• 4.0%
• 3.6%
• 3.7%
• 0.8%

5.3% 3.8% 3.7% 7.3% 1Q19 2Q19 3Q19 4Q19 TSSG SSSG

• Same-Store-Sales: SSSG, although remained negative, showed an

improving trend in 2019, especially in 4Q19. Thailand and Australia hubs were the key drivers.

• Outlet expansion: Network growth of 5% was a result of expansion

primarily in Thailand and China.

• Total-System-Sales: As a result of outlet expansion and the acquisition
• f Bonchon, TSS expanded by 5.0% in 2019.

SLIDE 24

Minor Food – International Presence

24

MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 26 countries across the region, operating

• wned and franchised business models. MINT continues to look for opportunities to expand, especially in these existing markets.

Hubs Franchised Combination Owned

* Excludes non-core items

REVENUE CONTRIBUTION

81% 65% 65% 64% 19% 35% 35% 36% 0% 25% 50% 75% 100% 2008 2018* 2019* 2024F International Thailand

SLIDE 25

Minor Food Portfolio

25

Minor Food operates outlets that are 50% owned and 50% franchised, while owned outlets is the majority revenue contributor. In terms of geography, Thailand continues to be the most important market, followed by China and Australia hubs.

SYSTEM-WIDE OUTLET CONTRIBUTION By Ownership 2019 REVENUE CONTRIBUTION By Business SYSTEM-WIDE OUTLET CONTRIBUTION By Geography 2019 REVENUE CONTRIBUTION By Geography 2019 NPAT CONTRIBUTION By Geography

Thailand 65% Australia 11% China 14% Others 10% Thailand 78% Australia 11% China 11% Thailand 74% Australia 16% China 4% Others 6% 2,377 Outlets Owned 50% Franchised 50% Owned 93% Franchised 7% 2,377 Outlets THB 24,233 million

SLIDE 26

Operational Stats by Hub

26

The momentum of same-store-sales and total-system-sales growth improved in China and Australia in 2019, compared to 2018. For quarterly performance, Thailand and Australia hubs demonstrated improving trends throughout the four quarters, thanks to the continued focus on product innovations and brand revitalization, together with digital and delivery initiatives.

THAILAND CHINA AUSTRALIA

• 3.1% -4.4%

5.4% 2.7% SSSG TSSG 2018 2019

• 10%
• 5%

0% 5% 10% 1Q19 2Q19 3Q19 4Q19

• 5.9%

0.1% 4.4% 14.7% 2018 2019

• 10%

0% 10% 20% 30% 1Q19 2Q19 3Q19 4Q19

• 2.6% -1.3%
• 13.3%
• 1.2%

2018 2019 SSSG TSSG SSSG TSSG

• 5%

0% 5% 1Q19 2Q19 3Q19 4Q19 SSSG TSSG SSSG TSSG SSSG TSSG

SLIDE 27

Bonchon Acquisition

27

With the completion of the acquisition of Bonchon, Minor Food now has the right to operate and expand Bonchon operations in Thailand. Bonchon will be an important growth driver for Minor Food going forward.

TRANSACTION RECAP Chicken Time Spoonful SG Spoonful TH Nov 2019 Mar 2020 Minor Food’s Effective Shareholding 100% 70% 70% Operator of 42 existing Bonchon outlets in Thailand Master franchise rights holder of Bonchon in Thailand Operator of future Bonchon expansion in Thailand THB 2,000 million Investment Amount THB 2,483 million Entity

• Total investment for Bonchon Thailand is THB 4.5 billion.
• With the completion of the acquisition, MINT has effectively become the

exclusive Bonchon master franchise licensee in the country with long-term exclusive territorial rights and ability to expand and sub-franchise.

• MINT reiterates that the entire acquisition is within the average transaction

comparables and trading comparables of F&B companies between 10 – 13x EV/EBITDA 2019. INVESTMENT RATIONALES

7 3 4 4 24 10 6 9 2008 2018

Chicken

52 84 111 2013 2018 2021F 10% CAGR

• ver 5 years

10% CAGR

• ver 3

years

Source: Euromonitor & company estimate Burger Pizza Ice Cream

46 outlets* today 150 outlets in 5 years Market Size THB billion Market Size THB billion

Source: Euromonitor & company estimate

Sizable & High Growth Concept High Growth Potential of Delivery Market Significant Expansion Opportunities Superior Performance & Scalability

• Bonchon’s best-in-class operational matrix, with less

than one year payback period and superior store EBITDA margin

• Ability to accelerate growth, leveraging on Minor Food’s
• perating platform; outlet and delivery

* 42 outlets operated by Chicken Time, and 4 operated by MINT’s airport operations

SLIDE 28

MINOR LIFESTYLE

SLIDE 29

4,439 4,962

Minor Lifestyle

29

2019 revenue of Minor Lifestyle was up 12%, driven by retail trading business. EBITDA declined by 1% because of the lower margin sales with discounts and promotional campaigns of retail trading business, and lower operating leverage of the contract manufacturing business. NPAT declined by 48% because of higher depreciation and taxes.

THB million +12% Revenue

FINANCIAL PERFORMANCE

307 304 130 67

• 1%
• 48%

EBITDA NPAT 2018 % Margin 2019 6.9% 6.1% 2.9% 1.4%

Retail Trading 81% Contract Manufacturing 19%

• Retail trading: revenue increased by

17%, from Anello, OVS, Radley, Bossini, Charles & Keith Bodum, Henckels and Joseph Joseph.

• Contract manufacturing: revenue

decreased by 5%, because of the slow retail environment. OPERATIONAL STATS

• 3.9%

5.6% 9.0% 15.4% 490 485 No of Shops SSSG TSSG 2018 2019 TSSG SSSG

• 1.3%

1.3% 6.1% 14.9% 8.0% 11.4% 20.1% 21.7% 1Q19 2Q19 3Q19 4Q19 1Q19 2Q19 3Q19 4Q19

SLIDE 30

CORPORATE INFORMATION

Oak aks s Wel ellington

SLIDE 31

CAPEX & Balance Sheet Strength

31

CAPEX plans includes maintenance, renovations and signed pipeline. Renovation and pipeline investments will allow MINT to grow above market. With the successful asset rotation strategy, together with 2019 net profit contribution, interest bearing debt to equity ratio declined to MINT’s internal policy of 1.3x. MINT and its senior unsecured debentures have “A” rating by TRIS. Going forward, source of fund for the CAPEX deployment will primarily be internal cash flow.

EBITDA coverage on CAPEX Minor Food Minor Hotels Minor Lifestyle 1.15 1.31 0.8 1.0 1.2 1.4 1.6 2015 2016 2017 2018 2019 Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity Internal Policy X

CAPEX PLANS LEVERAGE BACK-UP FINANCING

THB million 50,000 100,000 150,000 200,000 Outstanding Borrowing & Equity Un-Utilized Facility Debt 38,451 Debt 112,373 Note: Cash on hand as at end of 2019 is THB 13,331 million Equity* 9,927

* Assume 100% conversion of MINT-W6

Equity 85,868 0.0 1.0 2.0 3.0 4.0 5.0 6.0 5,000 10,000 15,000 20,000 2019 2020F 2021F 2022F 2023F 2024F THB million X

SLIDE 32

2020 & BEYOND

SLIDE 33

MINT’s Five-Year Strategy 2019-2024

33 Vision Core Values To be a leader in delivering exceptional experiences that anticipate and satisfy customers’ aspirations and positively impact stakeholders. Customer-Focused Result-Oriented People Development Innovative Partnership Financial Aspiration Core Revenue Growth > 8% CAGR Core NPAT Growth 15-20% CAGR Core ROIC 11% Premium to 1Q of SET50 Multiple Non-Financial Aspirations Industry Leader Employer of Choice Sustainable Business Differentiators International Player Diversified Portfolio Balance Financial Discipline Intellectual Property New Innovative Initiatives & Acquisition Strategic Pillars Winning Brand Portfolio Value Capture & Productivity Investments, Partnerships & Acquisitions Innovation & Digital Empowered People & Teams Sustainability Framework 1 2 3 4 5 6

SLIDE 34

MINT’s Five-Year Strategy 2019-2024 – Strategic Pillars

34

Winning Brand Portfolio

• Cross-Brand Expansion
• Brand Revitalization
• New Concepts

1 Winning Brand Portfolio

• Cross-Brand Expansion
• Brand Revitalization
• New Concepts

1 Investments, Partnerships & Acquisitions

• Opportunistic
• Portfolio expansion &

development 1 Winning Brand Portfolio

• Cross-brand expansion
• Brand revitalization
• New concepts

1 Value Capture & Productivity

• Minor Hotels /NHH

integration

• Asset rotation strategy
• Back-office transformation

2 3 Winning Brand Portfolio

• Cross-Brand Expansion
• Brand Revitalization
• New Concepts

1 Winning Brand Portfolio

• Cross-Brand Expansion
• Brand Revitalization
• New Concepts

1 Sustainability Framework

• Commitment to

sustainability

• Strong corporate

governance 1 Innovation & Digital

• Digital transformation
• Loyalty & delivery
• Data analytics
• Product innovation

4 Empowered People & Teams

• Leadership streamlining
• New way of work / new
• ffice
• New capabilities

5 6

SLIDE 35

Commitment to Maximize Return and Minimize Risk

35

MAXIMIZE STAKEHOLDER RETURN

• Continue to drive growth from organic and

inorganic operations

• Maintain valuation premium to peers and top

quartile of SET50

• Build a purpose led, agile, healthy and future

ready workplace and workforce

• Elevate the capabilities and well-being of our

people and communities, the sustainability of our value chain and the protection of our planet

MINIMIZE STAKEHOLDER RISK

• Diversify portfolio to reduce the volatility of

revenue and earnings, especially in difficult years

• Maintain solid balance sheet and cash flows

through financial discipline

• Strengthen organization by maintaining and

building management depth and preparing solid bench strength through succession planning

• Ensure risk management policy and procedure is

in place and being followed by all business units periodically evaluate all associated risk factors and effectiveness of risk mitigation

SLIDE 36

Today’s Priority #1 – Transformation into an Agile Company

Group CEO MINT Dillip Rajakarier Chairman William E. Heinecke

BUSINESS & RESULTS

CEO Minor Hotels Dillip Rajakarier CEO Minor Food Paul Kenny CEO Minor Lifestyle James Amatavivadhana CEO NH Hotel Group Ramón Aragonés

GROWTH

Chief Financial Officer Brian Delaney

Executive Managing Director

• f Finance & Administration

NH Hotel Group

Beatriz Puente Chief Commercial Officer Stephen Chojnacki Chief Investment Officer Kosin Chantikul

TRANSFORMATION

Chief Information Officer Steve Herndon Chief Strategy Officer Chaiyapat Paitoon Chief Sustainability Officer John Heinecke Chief People Officer Kulshaan Singh

With today’s world changing rapidly, MINT has restructured its organization and formulated a Management Committee with the objective to maintain competitiveness and sustainable success.

Financial commitments, operational effectiveness and team motivation Opportunities to grow beyond financial commitments and plans, long-term shareholder value creation Relevance and leadership in a disruptive world while creating a competitive advantage.

36

SLIDE 37

Today’s Priority #2 – Synergies Through Business Integration

37

NH HOTEL GROUP BONCHON

• Cross-selling & loyalty program
• Cross-brand expansion
• Negotiations with suppliers &

business partners

• People mobility
• Expansion of the Bonchon’s delivery

service through Minor Food’s platform, whether in terms of cloud kitchen or delivery channels, including apps and call centers

• Leverage on Minor Food’s supply

chain, not only for cost efficiency but also on quality, consistency and availability

• Leverage on Minor food’s network

team for store expansion

MINT continues to look for synergies, with new acquisitions, and across existing business units, to improve its overall performance.

CROSS-BUSINESSES

• Working on global business solutions

– operating systems and structures to accommodate the global operation

• Evaluate technologies such as

blockchain for procure-to-pay process, first with Minor Food domestic suppliers and then expand to other businesses

• Studying opportunities for group-wide

data management.

• Opportunities for innovations and

digital disruptions.

SLIDE 38

Today’s Priority #3 – Minor Food’s Transformation

38

ORGANIZATIONAL TRANSFORMATION DIGITAL TRANSFORMATION OPERATIONAL IMPROVEMENT Senior Management Positions Minor Food is making changes to key senior positions, including C-Level Suites. Collaboration for Customer-Centric Culture

• Objective is to realize synergies across

brands, hubs, levels and function

• Minor Food will make investments to

allow people to connect, communicate and operate from anywhere. Digital Team

• The team has been set up
• Key positions have been filled

Digital Roadmap has been formulated: Delivery Platform being strengthened: Brand Revitalization Store Optimization

• Down size / right size
• Brand co-location / co-cloud kitchen
• New store format
• In response to the changing business landscape, Minor Food is going through a transformation, not only on the digital front, but organization-wide.

Data Analytics Personalized Marketing Reward & Loyalty Program

Owned app Third-party aggregators

+

Ex: Sizzler as a healthy brand Ex: Sizzler To Go

SLIDE 39

Today’s Priority #4 – Portfolio Reevaluation to Maximize Return

39

Business Expansion Acquisitions Portfolio Streamlining Divestments Asset Rotation

535 hotels in 2019 > 750 hotels in 2024 2,377 outlets in 2019 > 3,700 outlets in 2024 485 points of sale in 2019 > 560 points of sale in 2024

• Minor Hotels acquired NH Hotel

Group

• Minor Food acquired Bonchon
• Minor Lifestyle acquired Scomadi

In the process of restructuring shareholding in BreadTalk to focus on long-term growth potential

• Minor Food divested Ribs &

Rumps in Australia and Grab Food in the UK

• Minor Lifestyle divested Save

My Bag

• Sale & leaseback of Tivoli

hotels in Lisbon

• Sale of hotels in the Maldives

MINT consistently evaluates its portfolio in order to maximize the overall returns. These are some of the recent examples from which MINT will realize the benefits over the next few years.

Return Maximization

SLIDE 40

Today’s Priority #5 – Balance Sheet Management

40

Long Term Loans 41% Corporate Bonds 43% Perpetual Bonds 16% Fixed 49% Float 51% AUD 6% EUR 64% THB 19% USD 9% Others 2% AUD 7% RMB 3% EUR 49% THB 27% USD 2% Others 12%

As MINT grows, it ensures its growth is balanced with the quality of its balance sheet. Apart from compliance of debt covenants, MINT ensures debt quality in terms of maturity profile, as well as optimal cost of funds. MINT has also implemented natural hedging policy for its currencies exposure to the extent possible.

BALANCE SHEET POSITION CAPITAL STRUCTURE OPTIMIZATION CURRENCY MANAGEMENT D/E Ratio

• MINT will maintain D/E ratio within:

‒ Financial covenant 1.75x ‒ Internal policy 1.3x

• Approvals have been obtained from

creditors and bondholders to exclude lease liabilities from the definition of interest bearing debt.

• Perpetual bonds will be treated as

equity until end of 2022 as per the ruling of The Federation of Accounting Professions. Debt Mix Interest Rate Mix & Trend

2.0 3.0 4.0

1Q17 3Q17 1Q18 3Q18 1Q19 3Q19

% Interest rate has come down to less than 3%

Debt by Currency Revenue by Currency

SLIDE 41

Five-Year Aspiration

41

2013 REVENUE THB 37 bn

2019 REVENUE THB 123 bn

2024

2024F

• > 750 hotels
• > 250 residences built
• > 350 vacation club units
• > 3,700 restaurants
• > 560 retail shops & POS

(>32,000 sq.m.) 2009

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

(14,275 sq.m.)

2019

• 535 hotels
• 132 residences built to date
• 239 vacation club units
• 2,377 restaurants
• 485 retail shops & POS

(31,398 sq.m.)

SLIDE 42

2020 Issues – COVID-19

42

MINT is closely monitoring the COVID-19 situation, with the primary objective to ensure the safety of guests, customers and team members. MINT believes the impact will be temporary, and will yet again be able to maneuver through the challenge and emerge as a stronger company, as it has done in the past.

MINOR HOTELS MINOR FOOD Revenue Maximization

• Minimize cancellations by allowing for postponement of bookings.
• Promote domestic travels in countries that are impacted by COVID-19.

The biggest impact today continues to be Thailand.

• Drive revenue in less impacted regions.

Cost Savings Initiatives

• Labor cost control: such as adjustment to back-of-house hours to

ensure quality of services, leave without pay options, deferred partial salary payment of senior executives.

• Proactive discussion with suppliers on cost reduction possibilities.
• Cost savings are being implemented across properties and across

geographies, while maintaining readiness for the recovery. Thailand Revenue Initiatives

• Focus on delivery business by adjusting delivery hours in key areas.

Cost Savings Initiatives

• Proactive supply chain management for efficient sourcing; negotiating

for better payment terms with suppliers.

• Reevaluate store openings especially in tourist areas.
• Rental relief negotiation with landlords.

China Revenue Initiatives

• Focused on delivery in February, as over 50% of the stores were closed.
• Most of the outlets reopened in the beginning of March.

Strict Cost Control

• Food costs: tight control on planning, ordering and waste control.
• Minimize labor costs, such as implementation of temporary

redundancy according to the government directions.

• Rental relief by landlords.

With its footprint spanning across the globe, MINT is well-positioned to capitalize on the eventual rebound of the business.

SLIDE 43

2020 Issues – TFRS 16 Impact

43

MINT adopted TFRS 16 on 1 January 2020, where operating leases is brought on-balance sheet, impacting MINT’s balance sheet and P&L. MINT is adopting modified retrospective method. Note that this is only change in accounting treatment, with no impact on MINT’s business fundamentals

• r the ability to generate cashflows.

MINT’s Lease Contracts NHH’s Lease Contracts Present value of future lease assets discounted back to start date of contract Present value of future lease assets discounted back to acquisition date Present value of future

• perating lease liabilities back

to initial application date Present value of future

• perating lease liabilities back

to initial application date ASSETS LIABILITIES EQUITY THB 80 billion* THB 83 billion* THB 3 billion* Balance Sheet Impact 1 Jan 2020 2020F P&L Impact (Before Taxes) Foregone rental expenses Higher depreciation & higher interest expenses EBITDA Profit before tax THB 1.7 billion*

* Numbers are preliminary estimates using information as of the end of 2019, and are subject to with the change in lease portfolio.

Note: Negative impact on P&L from the current lease portfolio will be reduced progressively in the coming periods. Rental Expenses Depreciation Interest

SLIDE 44

APPENDIX

Ana Anantara Gol

• lden Triangle Ele

Elephant Cam amp

SLIDE 45

Non-Core Items

45

Period Amount (THB million) Business Unit Non-recurring Items 4Q19 1,350 revenue 935 net profit Minor Hotels Gain from Maldives asset sales 131 revenue 55 net profit Minor Hotels Non-recurring items of NH Hotel Group

• 131

Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap 3Q19 4,743 revenue 3,512 net profit Minor Hotels Gain from Tivoli asset sales 35 revenue

• 1 net profit

Minor Hotels Non-recurring revenue and expenses of NH

• 46

Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap

• 322

Minor Hotels / Minor Food Expenses and provisions related to Corbin & King, Ribs & Rumps, certain brands in Singapore hub 2Q19

• 48 pre-tax
• 38 post-tax

Minor Hotels / Minor Food / Minor Lifestyle Loss from retirement benefit 62 revenue 44 net profit Minor Hotels Capital gain from asset rotation of NH Hotel Group

• 320

Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap 1Q19 50 Minor Food Gain from the divestment of Bread Talk Thailand 132 pre-tax 91 post-tax Minor Hotels Capital gain from asset rotation of NH Hotel Group

• 191

Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap 4Q18 708 Reported in 4Q18 0 Restated Minor Hotels Gain on fair value adjustment of investment in NH Hotel Group

• 800

Minor Hotels Loss from changing status of investment in NH Hotel Group

• 96

Minor Hotels Impairment charge of investment in Oaks Gladstone

• 280 pre-tax
• 232 post-tax

Minor Hotels Impairment of investment in Rani (Mozambique)

• 125

Minor Food Impairment of investment in GrabThai in UK

• 87

Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap 2Q18 121 Minor Food Gain on fair value adjustment of investment in Benihana

SLIDE 46

2018 Restatement

46 NET PROFIT

2018 revenue and NPAT have been restated for (1) NHH’s adjustment of hyperinflation (core item, from financial expenses to equity) and (2) adjustment to the purchase price of NHH (non-core item, within one year after the acquisition as per accounting standard).

* Non-core items are detailed on page 45.

70,000 72,500 75,000 77,500 80,000 78,499

• 708

79,328

2018 Core Revenue Non-core Items 2018 Reported Revenue Non-core (NHH Purchase Price) Core (NHH Hyper- inflation) 2018 Restated Reported Revenue Non-core

Previous + Adjusted

2018 Restated Core Revenue As Previously Reported Adjustments Restated

+829 78,620

• 121

78,499

REVENUE

THB million THB million 3,000 4,000 5,000 6,000 5,957

• 229

4,508 5,728

• 512
• 708

5,445 +1,220

2018 Core NPAT Non-core Items 2018 Reported NPAT Non-core (NHH Purchase Price) Core (NHH Hyper- inflation) 2018 Restated Reported NPAT Non-core

Previous + Adjusted

2018 Restated Core NPAT As Previously Reported Adjustments Restated