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

COMPANY PRESENTATION – Mar 2020

Forward Looking Statement 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 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. 2

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

nhow Lo nho London 2019 IN REVIEW

MINT’s 5 -Year Performance Recap 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. MINT’S FIVE -YEAR PERFORMANCE THB million 5-year CAGR 123,385 Core 78,499 58,644 54,285 25% Revenue 45,678 22,634 Core 15,901 21% EBITDA 12,273 11,256 9,573 EBITDA Margin 21.0% 20.7% 20.9% 20.3% 18.3% 7,061 Core 5,728 5,415 4,705 4,576 NPAT 10% Net Margin 10.3% 8.4% 9.2% 7.3% 5.7% Share price as of EV/EBITDA* 23.1x 19.9x 21.3x 17.5x** 14.7x 13.2x 3 Mar 2020 2015 2016 2017 2019 2018 (Restated) * Share price as at end of the year 5 ** 2018 EV was calculated using average quarter-end data to reflect the increase in debt in 4Q18 from the acquisition of NH Hotel Group

2019 Performance Recap 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. REVENUE 2019 REVENUE CONTRIBUTION +57% 150,000 THB million Minor Lifestyle +6,504 129,889 +523 +42,645 +750 123,385 4% Minor Food 125,000 20% 100,000 THB +968 78,499 78,620 123,385 75,000 -121 million Minor Hotels 50,000 2018 Non-core 2018 Minor NHH Minor Minor 2019 Non-core 2019 76% Reported Core Hotels Food Lifestyle Core Items Reported Previous Revenue Revenue Pre-NHH Revenue Revenue + Adjusted * Excludes non-core items NET PROFIT 2019 NET PROFIT CONTRIBUTION THB million +23% Minor Lifestyle 12,000 Minor Food +3,637 10,698 1% 17% 10,000 +1,176 THB 8,000 7,061 +530 7,061 +1,220 5,728 -311 -63 6,000 4,508 million 4,000 2,000 Minor Hotels 2018 Non-core 2018 Minor NHH Minor Minor 2019 Non-core 2019 Reported Previous Core Hotels Food Lifestyle Core Items Reported 82% NPAT + NPAT Pre-NHH NPAT NPAT Adjusted * Excludes non-core items * 2018 numbers have been restated, as detailed on page 46. 6 ** Non-core items are detailed on page 45.

FX Headwinds & Lease Payment 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. 2019 LFL NPAT +32% +23% THB million +2,194 8,000 7,543 7,061 -266 -113 -320 -163 5,728 6,000 4,000 2,000 0 2018 Minor Hotels Minor Food Minor Core 2019 FX Impact Leases 2019 Restated Lifestyle NPAT @ Core NPAT Core NPAT Constant FX & excl Lease 7

International Presence With a solid diversification strategy implemented, MINT’s footprint was in 65 countries at the end of 2019 across its hospitality and restaurant businesses. Minor Hotels Minor Food Combination REVENUE CONTRIBUTION 100% 13% 75% International 61% 71% 73% Thailand 50% 87% 25% 39% 29% 27% 0% 2008 2018* 2019* 2024F *Excludes non-core items 8

2019 Key Milestones 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. MINOR HOTELS MINOR FOOD CORPORATE • Launched 1112 Delivery mobile app in • Issued THB debentures of THB 33 billion, Thailand of which was partially used to refinance 1Q19 bridge loans for the acquisition of NHH • Launched digital loyalty program & delivery service through Uber Eats in Australia • Launched the first Anantara in Spain: • Completed the term-out of bridge loans , Anantara Villa Pardierna Palace in extending average maturity of debt related Marbella to the acquisition of NHH to over 6 years 2Q19 • Transferred operations of Tivoli in Europe to NHH • Entered into sales & leaseback of 3 Tivoli • Actively partnered with third-party • Obtained approval from bond holders to hotels in Lisbon aggregators in Thailand exclude TFRS 16 lease liabilities from the 3Q19 definition of “interest bearing debt” in • Launched digital loyalty program in China the calculation of debt covenant • Announced that The Marker Dublin will be • Acquired existing Bonchon outlets in • Extended the treatment of perpetual the first Anantara city hotel in Europe Thailand bond as equity to end of 2022 by Federation of Accounting Profession • Successfully sold 3 joint-venture hotels in • Implemented food traceability project for 4Q19 the Maldives : Anantara Veli, Anantara Riverside brand in China Dhigu and Naladhu Private Island while maintaining the management of the hotels 9

Anantara Desa Ana Desaru Coa oast MINOR HOTELS

Minor Hotels – Financial Highlights 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 of the lease structure of NHH, together with additional financing costs of the acquisition. MINOR HOTELS – FINANCIAL PERFORMANCE ORGANIC MINOR HOTELS – FINANCIAL PERFORMANCE (EXCL NHH) +3% +2% +17% +86% +57% +42% 34,934 94,189 33,966 7,823 7,704 18,803 50,577 THB THB 11,947 5,783 3,584 million million 3,054 4,077 22.7% 22.4% 23.6% 20.0% 8.1% 6.1% 9.0% 10.3% EBITDA NPAT EBITDA NPAT Revenue Revenue % Margin 2018 2019 % Margin 2018 2019 Organic Minor Hotels Performance NHH – CONTRIBUTION TO MINT • Revenue & EBITDA increased by 3% and 2% respectively, primarily from mixed-use business 59,255 • NPAT increased at a higher rate of 17% from lower depreciation (sale of 10,980 Tivoli hotels) and interest expenses (lower cost of fund) THB 2,199 NH Hotel Group: 2018 & 2019 not comparable in terms of performance million 16,611 4,243 1,023 • NHH 2018 contribution is dividend received in 9M18 & NHH 4Q18 18.5% NM NM 3.7% consolidation, net of financing costs NPAT Revenue EBITDA • NHH 2019 performance includes accounting difference adjustment and 2018 2019 % Margin is net of acquisition related expenses (depreciation & financing cost) 11 * The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 45.

Minor Hotels – International Presence 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. Investment Management Combination New Destinations in Pipeline Hubs REVENUE CONTRIBUTION 100% 6% 75% International 78% 86% 88% Thailand 50% 94% 25% 22% 14% 12% 0% 2008 2018* 2019* 2024F * Excludes non-core items 12

Owned & Leased Hotels 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 of NPAT. SYSTEM-WIDE ROOM CONTRIBUTION SYSTEM-WIDE ROOM CONTRIBUTION By Ownership By Geography Middle East & MLR Asia Africa 6% 9% 10% Owned Oceania 25% 10% Managed 19% Americas 78,360 78,360 14% Rooms Rooms JV 3% Europe Leased 60% 44% 2019 REVENUE CONTRIBUTION 2019 REVENUE CONTRIBUTION 2019 NPAT CONTRIBUTION By Business By Geography By Geography Others Maldives & Others Mixed-use 7% Thailand MLR Middle East 3% 7% 7% Thailand 14% Maldives & 6% 18% Australia & New Managed Middle East 14% Zealand 6% 1% Americas Australia & New THB 6% Zealand 1% 94,189 Americas million 2% Owned & Europe Europe Leased 64% 58% 86% 13