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

SLIDE 1

COMPANY PRESENTATION – Mar 2019

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

2018 Performance Recap Minor Hotels Minor Food Minor Lifestyle Corporate Information & Five-Year Strategy

SLIDE 4

PERFORMANCE RECAP

NH Col

• llectiion Grand Hot
• tel Convento di

di Am Amalfi fi

SLIDE 5

2018 Performance Recap

5 2018 REVENUE CONTRIBUTION REVENUE NET PROFIT 2018 NET PROFIT CONTRIBUTION

In 2018, MINT successfully completed the investment in NH Hotel Group (NHH), which was immediately accretive. As a result, MINT reported core net profit growth of 10% for the year, primarily attributable to the core organic hotel business and contribution from NHH, despite the headwinds

• f the weak macro backdrop, which resulted in soft performance of the restaurant business.

40,000 60,000 80,000 2017 Minor Hotels Minor Food Minor Lifestyle 2018 Core Non-core Items 2018 Reported THB million 2,000 4,000 6,000 2017 Minor Hotels Minor Food Minor Lifestyle 2018 Core Non-core Items 2018 Reported THB million Minor Lifestyle 6% Minor Food 30% Minor Hotels 64% Minor Lifestyle 2% Minor Food 26% Minor Hotels 72%

* Non-core items are detailed on page 40.

5,415 5,957 5,445 +10% +1% 58,644 78,499 79,328 +34% +35%

* Excludes non-core items * Excludes non-core items

SLIDE 6

International Presence

6

With solid diversification strategy, MINT’s footprint was in 62 countries at the end of 2018 across its hospitality and restaurant businesses.

* Excludes non-core items

REVENUE CONTRIBUTION

87% 51% 39% 28% 13% 49% 61% 72% 0% 25% 50% 75% 100% 2008 2017 2018* 2023F International Thailand

Minor Food Combination Minor Hotels

SLIDE 7

Dividends and Warrants

7

MINT Board of Directors announced the resolution for dividend payment and warrant issuance, both of which are subject to shareholders’

• approval. The Annual General Meeting of Shareholders will be held on 22 April 2019.

DIVIDEND PAYMENT

• Cash dividend of THB 0.40 per share
• Total cash not exceeding THB 1,848 million
• XD on 26 April 2019
• Record date to determine the rights of shareholders on 29 April 2019
• Dividend payment date on 15 May 2019

0.25 0.35 0.35 0.40 0.40 0.10 35.6% 32.8% 33.7% 32.8% 31.0% 0% 10% 20% 30% 40%

• 0.10

0.20 0.30 0.40 2014 2015 2016 2017 2018 Cash Stock Payout Ratio THB

* EPS calculation based on core operations, excluding non-recurring items

WARRANT ISSUANCE

• Issuance of warrants on ordinary shares (MINT-W6)
• Offering to existing shareholders at no cost, at the ratio of 20 ordinary

shares to one unit of warrant, pro rata to existing shareholders

• Dilution of 4.76%
• Tenor: Approx 2 years 4 months
• Exercise ratio of 1 unit of warrant per 1 ordinary share
• Exercise price of THB 43 per share
• Record date on 29 April 2019 to determine the shareholders entitled to

receive MINT-W6

• Assuming all warrants are converted, total cash received will be approx.

THB 9.9 billion MINT WARRNT HISTORY

2014 2010 2006 1999 MINT-W5 3-years 5% Dilution MINT-W4 3-years 10% Dilution MINT-W3 2-years 10% Dilution MINT-W2 5-years 10% Dilution

SLIDE 8

Update on NHH Integration

8

Dec 2018 Jan 2019 Feb 2019 Mar 2019 Apr 2019 May 2019

MINT has already started to work with NHH to identify, formulate and quantify the potential synergistic benefits. The process is expected to take 6

• months. Task force from both Minor Hotels & NHH have already been assigned to collaborate across various functions and below are the key initial

findings that have been identified and pursued.

LOYALTY INTERFACE LEVERAGE ON HUMAN CAPITAL COMBINATION OF GLOBAL SALES NEGOTIATION WITH TRADE PARTNERS BRAND STREAMLINE TIVOLI INTEGRATION

• Transfer of Portugal &

Brazil Tivoli operations is in process.

• NHH is in the process
• f identifying

synergies through efficiencies across sales & marketing, procurement & back

• ffice.
• Joint brand positioning

has been agreed.

• Over 5 hotels have

been identified as potential accretive rebrand so far, of which 3 to Anantara.

• Strong interests for new

expansion have been identified for both MINT and NHH brands across geographies.

• Both Minor Hotels &

NHH uniformly reached

• ut to partners for

improved and win-win pricing scheme based

• n enlarged portfolio.
• Partners include OTAs,

travel agents and procurement suppliers.

• Proposals are being

discussed with suppliers to include the combined portfolio.

• NHH hotel portfolio has

been incorporated in MINT websites.

• Vision has been defined

for websites at both group and brand levels.

• Cross-selling has started;

China office for Spanish hotels, Thailand office for German hotels, Madrid

• ffice for Oaks.
• Joint-salesforce roadmap

has been agreed.

• Initial movements are

planned: ‒ GM from Minor Hotels to NHH; ‒ Operations & revenue management from NHH to Minor Hotels.

• Further employee

mobility policy is in process.

• Respective database

analysis has been completed.

• Both parties are

analyzing terms and benefits.

• Global loyalty vision

and roadmap to be defined by 3Q19, including assessment

• n merger, cross

redemption and cross accumulation. NHH Budget & Standalone 5-Year Plan Identification of Integration Initiatives Finalization & Market Release Implementation of Integration

* Note that transactions and agreements are conducted in arms-length manner under MINT and NHH approved protocols (Governance Framework signed 7th February 2019)

SLIDE 9

MINOR HOTELS

Ana Anantara Qu Quy Nho hon Vill Villas

SLIDE 10

Minor Hotels – Financial Highlights

10

2018 revenue of Minor Hotels grew by 63%, as a result of owned & leased and management hotels from both organic operations and consolidation

• f NHH. 2018 EBITDA increased by 60%, with robust NHH profitability partially offset by the higher personnel-related expenses of Australian
• peration and lower profitability of mixed-use business. Net profit grew by 28%, at a slower rate than revenue and EBITDA because of higher

interest expenses to finance the acquisition of NHH, higher minority interest and tax rate of NHH.

Revenue EBITDA NPAT THB million +28% 19,243 23,547 27,758 30,970 50,577 5,561 6,146 7,146 7,685 12,290 2,600 3,009 2,811 3,375 4,307 +63% +60% EBITDA Margin 24.3% 26.1% 24.8% 28.9% Net Margin 2018 2014 2016 8.5% 12.8% 2015 10.9% 2017 13.5% 25.7% 10.1%

* The financials above reflect performance from operation, and therefore exclude non-core items in 2014-2016 and 2018 as detailed on page 40.

KEY HIGHLIGHTS Owned & leased hotels

75%

• f 2018 Minor Hotels’

revenue Management letting rights

12%

• f 2018 Minor Hotels’

revenue Management contracts

3%

• f 2018 Minor Hotels’

revenue Mixed-use business

10%

• f 2018 Minor Hotels’

revenue

• Revenue grew by 117%, as a result of:

‒ Organic growth of 24% from all key markets; i.e. Thailand, Brazil, Portugal and Africa, and ‒ Consolidation of NH Hotel Group

• Revenue in THB term was flat. Although RevPar was

up by 2% in AUD term, revenue in THB term was impacted by the weakening of the AUD.

• Revenue (excl NHH) increased by 19%, primarily

attributable to higher income of managed hotels, especially in Thailand, together with contribution of newly added hotels and additional technical service and termination fees.

• Revenue declined by 13%, from:

‒ Mismatch of sales of residential development in 2018; and ‒ Adverse impact on Anantara Vacation Club’s revenue from the strengthening of the THB against USD resulting in only 4% revenue growth.

SLIDE 11

Minor Hotels – International Presence

11

In recent years, MINT has implemented a solid diversification strategy. With the investment in NHH, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 53 countries.

* Excludes non-core items

REVENUE CONTRIBUTION

94% 37% 22% 11% 6% 63% 78% 89% 0% 25% 50% 75% 100% 2008 2017 2018* 2023F International Thailand Management Combination Investment New Destinations in Pipeline

Hubs

SLIDE 12

System-wide Hotel Portfolio

12 ADR NUMBER OF HOTEL ROOMS OCCUPANCY REVPAR

+272% No of Rooms THB THB Organic +2% System-wide +2% 20,000 40,000 60,000 80,000 2014 2015 2016 2017 2018 MLR Managed Joint-venture Owned & Leased 66% 68% 67% 67% 69% 69% 60% 70% 80% 2014 2015 2016 2017 2018 6,110 5,830 5,744 5,705 5,816 4,765 2,000 4,000 6,000 2014 2015 2016 2017 2018 4,024 3,964 3,821 3,837 4,013 3,278 2,000 3,000 4,000 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Organic excl FX +5% System-wide

• 15%

2014 2015 2016 2017 2018 System-wide

• 16%

Organic excl FX +2%

Excluding new hotels and FX impact, organic RevPar of the entire portfolio increased by 5% in 2018, driven primarily by owned and joint-venture hotels portfolio. 2018 system-wide RevPar declined by 15%, primarily from the change in room type mix with the consolidation of the NHH portfolio.

14,721 20,209 17,714 19,797 75,241

SLIDE 13

Owned & Leased Hotels

13

With the acquisition of NHH, owned & leased hotels contributed three-fourths of hotel & mixed-use revenue in

• 2018. 2018 organic RevPar excluding FX impact of owned & leased hotels increased by 10%, from the strong

performance of organic overseas hotels. System-wide RevPar of owned & leased portfolio declined by 19%, primarily from the dilution of ADR with the consolidation of different room type mix of NHH. Revenue of owned & leased hotels more than doubled in 2018, both from organic operations and the consolidation of NHH.

ADR

2018 MINOR HOTELS REVENUE CONTRIBUTION 75% Owned & Leased

NUMBER OF HOTEL ROOMS OCCUPANCY REVPAR

+653% No of Rooms THB THB System-wide

• 27%

Organic excl FX +5% 59% 66% 63% 62% 65% 68% 40% 50% 60% 70% 80% 2014 2015 2016 2017 2018 3,112 5,387 7,118 7,039 5,000 10,000 15,000 20,000 2014 2015 2016 2017 2018 Organic +3% System-wide +6% 4,168 4,293 3,653 3,865 4,269 3,117 2,000 3,000 4,000 5,000 2014 2015 2016 2017 2018 7,028 6,553 5,811 6,228 6,535 4,575 2,000 4,000 6,000 8,000 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Organic excl FX +10% System-wide

• 19%

2014 2015 2016 2017 2018 60,000 52,969

SLIDE 14

RevPar Growth (y-y)

• 25%

+40%

• 4%

+14% +8%

Owned Hotels – Thailand

14

While Thailand remained the largest single country contributor, its contribution is now smaller than all of NHH hotels combined. The momentum of RevPar growth of hotels in Thailand slowed in 2H18 primarily from the temporary slowdown of the Chinese tourists. Nevertheless, Thailand will remain an attractive destination for tourism with its diverse attractions, well-developed infrastructure and strategic location.

KEY HIGHLIGHTS

2018 OWNED HOTEL REVENUE BY GEOGRAPHY MLR

BANGKOK THAILAND PROVINCES

4,830 4,943 4,722 4,874 4,964 2,473 3,473 3,337 3,794 4,105 51% 70% 71% 78% 83% 2,000 3,000 4,000 5,000 2014 2015 2016 2017 2018 THB Organic RevPar Growth (y-y)

• 2%

+10% +6% +6% +3% THB 6,937 7,060 7,443 7,581 7,815 4,526 4,974 5,272 5,600 5,746 65% 70% 71% 74% 74% 2,000 4,000 6,000 8,000 2014 2015 2016 2017 2018 Organic RevPar ADR % Occupancy

Thailand, 24% Overseas excl NHH, 34% NHH, 42%

Thailand Bangkok Thailand Provinces

• Despite the slowdown in Chinese tourists in 2H18, international

tourist arrivals into Thailand grew by 7.5% in 2018.

• Number of room nights in Thailand sold by Minor Hotels grew by

4% in 2018.

• Organic RevPar of Minor Hotels’ owned Thailand portfolio grew

by 5% in 2018, driven by 1H18 performance, and primarily by hotels in Bangkok.

• The 8% RevPar growth of owned hotels in Bangkok in 2018 was

primarily from higher occupancy and a slight increase in ADR.

• The Riverside hotels, both Anantara Riverside Bangkok and AVANI

Riverside Bangkok performed exceptionally well with double-digit RevPar growth throughout the year.

• RevPar of hotels in the provinces increased by 3% in 2018, from

higher ADR.

• Both Anantara’s in Phuket and hotels in Chiang Mai and Hua Hin

performed well.

SLIDE 15

RevPar Growth (y-y) +8%

• 43%
• 24%

+3% +9%

Owned Hotels – Overseas (Excl NHH)

15

RevPar of owned overseas hotels (excl NHH) increased by 9% in 2018, driven by hotels in all key markets. Excluding FX impact, organic RevPar of owned overseas hotels increased by even higher rate of 16%. Favorable tourism environment in key markets, selective asset refreshments, together with Minor Hotels’

• ngoing sales & marketing efforts, contributed to the strong performance.

KEY HIGHLIGHTS

MLR

OVERSEAS EXCL NHH 2018 ORGANIC REVPAR GROWTH (THB)

Organic 12,177 7,265 5,567 6,239 6,297 7,452 4,236 3,220 3,331 3,621 61% 58% 58% 53% 58% 4,000 8,000 12,000 2014 2015 2016 2017 2018 THB RevPar ADR % Occupancy 10% 5% 9% 7% Portugal Brazil Maldives Africa

Portugal

• The Portugal portfolio’s RevPar increased by 10% in THB (11% in

EUR).

• With the completion of the renovations in 2Q18, the RevPar

increase, in particular in 2H18, was from both occupancy and rate (vs previous RevPar increases mainly from rates), signifying the traction of the hotels’ operating performance. Brazil

• Brazil’s RevPar increased by 5% in THB (25% in BRL) with the

weakening of the Brazilian real by 15%.

• RevPar of both hotels grew by over 20% in BRL.

Maldives

• The Maldives portfolio performed well throughout the year, with

RevPar growth of 9% in THB (+16% in USD).

• The RevPar growth was driven by occupancy increase, from the

continued targeted marketing efforts. Africa

• RevPar of the African portfolio increased by 7% in THB (19% in

local currencies).

• Hotels in Botswana and Zambia saw RevPar growth of over 20% in

local currencies.

2018 OWNED HOTEL REVENUE BY GEOGRAPHY

Portugal, 33% Brazil, 13% Maldives, 10% Africa, 13% Others, 31% Thailand, 24% Overseas excl NHH, 34% NHH, 42%

SLIDE 16

RevPar +9% Y-Y

Owned & Leased Hotels – NH Hotel Group

16

NHH was the largest contributor to the owned & leased hotel portfolio in 2018. 4Q18 RevPar of NHH increased by 9%, driven by all key markets. The RevPar increase in 4Q18 was both from occupancy (across all regions, with Latin America and Spain as highlights) and ADR (primarily from Spain and Central Europe).

KEY HIGHLIGHTS

MLR

NH HOTEL GROUP 4Q18 ORGANIC REVPAR GROWTH (EUR)

94 98 63 69 67% 70% 20 40 60 80 100 4Q17 4Q18 EUR RevPar ADR % Occupancy 12% 5% 8% 7% 12% Spain Italy Benelux Central Europe Latin America

Spain

• Remarkable growth in Madrid from relevant congress in Oct 2018
• Improving comps in Barcelona since 4Q18, recovering from slow

leisure domestic market in 2Q18-3Q18 Italy

• Good performance of Rome & secondary cities
• However, Milan reported flat RevPar growth, as the city was

negatively affected by the trade fair calendar Benelux

• Outstanding performance in Brussels due to continued recovery

since the terrorist attack in 4Q16

• Dutch secondary cities also performed well

Central Europe

• Munich & Berlin up strongly due to favorable trade fair calendar

* Notes: (1) ADR & RevPar in THB terms are THB 3,675 and THB 2,580 respectively (2) For the time being, stats are given in EURs for performance comparisons. (3) The stats 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)

Latin America

• RevPar up even higher (+18%) in local currencies
• Buenos Aires & Bogota saw double-digit RevPar growth even with

FX depreciation

2018 OWNED HOTEL REVENUE BY GEOGRAPHY

Spain , 27% Italy, 17% Benelux , 22% Central Europe, 24% America, 10% * Note that only 4Q stats are shown as consolidation of NHH is only in 4Q18. Thailand, 24% Overseas excl NHH, 34% NHH, 42%

SLIDE 17

NH Hotel Group – Financial Highlights

17

NH Hotel Group reported recurring EBITDA of EUR 263 million in 2018, above its announced target. EBITDA increase of 13% in 2018 was a result of sound revenue growth and constant focus on efficiency. 4Q18 recurring performance showed a stronger momentum compared to the full year.

Revenue Recurring EBITDA Reported NPAT EUR million EBITDA Margin 15.8% 15.0% 18.1% NPAT Margin 4Q17 2017 2.8% 2.3% 4Q18 2018 2.6% 16.3% 7.3%

KEY HIGHLIGHTS

+250% y-y +8% y-y +24% y-y 1,620 1,553 +4% y-y +13% y-y +146% y-y 430 397 78 63 233 263 11 118 36 +1% y-y +228% y-y 28 8 6.6% 2.2% 5.3% 35 86 Recurring NPAT Recurring NPAT Margin 1.9% 11

Note: (1) As per NH Hotel Group’s report, the numbers include hyperinflation accounting effect (IAS 29) (implemented since 1 Jan 2018), and (2) Recurring NPAT exclude capital gains and related taxes from asset rotation. Source: NH Hotel Group’s 2018 Results Presentation & Sales and Results

Revenues Recurring EBITDA NPAT Leverage

• 2018 revenue growth of 4%

‒ RevPar up 3.8% (Occupancy +1.5% & ADR +2.3%) ‒ Strong performance of Benelux and Italy ‒ Relative RevPar outperformed comp sets in top cities with focus on quality (measured through STR / MKG Competitive Set average growth)

• 2018 recurring EBITDA growth of 13%, with margin improvement of 1.3%

‒ 45% EBITDA conversion rate ‒ Effective cost control, both payroll and operating expenses

• 2018 NPAT up significantly

‒ Business improvement ‒ Lower financial costs, from both refinancing and full redemption of corporate bond and convertible bond ‒ Higher contribution of net capital gains from asset rotation

• Successful debt reduction

‒ Decline in net financial debt to EUR 171 million as of end of 2018 from EUR 655 million as of end of 2017 ‒ Early redemption of convertible bond (EUR 250 million) in June 2018

SLIDE 18

Management Letting Rights

18

Management letting rights (MLR) business which manages serviced-suites, mainly under the Oaks brand, is the second largest segment in the hotel and mixed-use business. MLR provides Minor Hotels with stable performance throughout the year, compared to hotel operations which are more seasonal. While 2018 MLR’s revenue increased by 5% in AUD term, primarily from the increase in RevPar, revenue in THB term slightly declined by 1% because of the weakening of the AUD.

ADR NUMBER OF HOTEL ROOMS OCCUPANCY REVPAR

+8% No of Rooms 6,223 6,232 6,339 6,418 6,935 3,000 4,000 5,000 6,000 7,000 2014 2015 2016 2017 2018 3,643 3,258 3,495 3,596 3,391 124 127 133 138 141 110 120 130 140 150 160 1,000 2,000 3,000 4,000 5,000 2014 2015 2016 2017 2018 76% 76% 77% 78% 79% 60% 70% 80% 90% 2014 2015 2016 2017 2018 4,795 4,271 4,557 4,588 4,297 164 166 174 177 179 150 160 170 180 190 200 2,000 4,000 6,000 2014 2015 2016 2017 2018 THB -6% AUD +1% +1% THB -6% AUD +2% THB THB AUD AUD 2018 MINOR HOTELS REVENUE CONTRIBUTION 12% MLR

SLIDE 19

3%

Managed Hotels

19

In 2018, managed hotels contributed approximately 3% of hotel & mixed-use revenue. Organic RevPar excluding FX impact of managed hotels portfolio decreased by 1%. System-wide RevPar declined by 14%, with the addition of NHH portfolio. Because of higher income of managed hotels, especially in Thailand, together with contribution of newly added hotels and additional technical service and termination fees, revenue from management service (excluding NHH) increased by 19% in 2018.

ADR

Management Contracts

NUMBER OF HOTEL ROOMS OCCUPANCY REVPAR

+184% No of Rooms THB THB 3,737 4,400 4,241 3,917 3,894 3,378 1,000 3,000 5,000 2014 2015 2016 2017 2018 6,748 7,038 6,724 6,108 6,048 5,309 4,000 6,000 8,000 2014 2015 2016 2017 2018 55% 63% 63% 64% 64% 64% 40% 50% 60% 70% 80% 2014 2015 2016 2017 2018 System-wide

• 13%

Organic excl FX

• 1%

Organic Flat System-wide Flat Organic excl FX

• 1%

System-wide

• 14%

3,453 3,910 4,533 4,692 13,311 3,000 6,000 9,000 12,000 15,000 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2018 MINOR HOTELS REVENUE CONTRIBUTION

SLIDE 20

Hotel Expansion Pipeline

* Note: Joint-ventured properties

2019F MANAGEMENT CONTRACTS / MLRS

• Khao Lak, Thailand

328 rms

• Frankfurt, Germany

428 rms

• Hamburg, Germany

261 rms

• Frankfurt, Germany

375 rms

HOTEL INVESTMENT

• Fares Island, Maldives*

200 rms

• Milan, Italy

185 rms

• Santander, Spain

64 rms

• Monterey La Esfera, Mexico

120 rms

• Cancun, Mexico

140 rms

• Milan, Italy

100 rms

• Hannover, Germany

89 rms

• Amsterdam, Netherlands

650 rms

• Bahia, Brazil

50 rms

• Le Chaland, Mauritius

164 rms

• Tozeur, Tunisia

93 rms

• Victoria, Australia

170 rms

• Angkor, Cambodia

80 rms

• Seminyak, Bali, Indonesia

37 rms

• Busan, Korea

289 rms & 570 rms

• Bangkok, Thailand

382 rms

• Tunis, Tunisia

41 rms

• Dubai, UAE

372 rms

• Vũng Tàu, Vietnam

149 rms

• Recife, Brazil

200 rms

• Brasilia, Brazil

395 rms

• South Australia, Australia

278 rms

• Hangzhou, China

132 rms

• Busan, Korea

436 rms

• Beirut, Lebanon

110 rms

• Wellington, New Zealand

226 rms

• Khon Kaen, Thailand

79 rms

• Santiago, Chile

86 rms

• Valencia, Spain

47 rms

• Bahia, Brazil

207 rms

• Porto, Portugal

79 rms

• Lima, Peru

265 rms

• London, UK

190 rms

• Laikipia, Kenya

7 rms

• Libo Country, China

173 rms

• Phi Phi Island, Thailand

107 rms

• Ras Al Khaimah, UAE

140 rms

• Dubai, UAE

528 rms

• Ras Al Khaimah, UAE

225 rms

• Hangzhou, China

166 rms

• Queensland, Australia

50 rms

• Daegu, Korea

144 rms

• Venice, Italy

150 rms

• Iquique, Chile

135 rms

• Mexico City, Mexico

144 rms

• Lima, Peru

164 rms

• Santiago, Chile

146 rms

• Chengdu, China

150 rms

• Nanjing, China

120 rms

• Zhuhai, China

160 rms

• Accra, Ghana

155 rms

• Sharjah, UAE

233 rms

• Zhuhai, China

300 rms

• Savanne, Mauritius

156 rms

• Muscat, Oman

150 rms

• Gammarth, Tunisia

232 rms

• Dubai, UAE

528 rms

• Cam Ranh, Vietnam

595 rms

• Fortaleza, Brazil

130 rms

• Phuket, Thailand

500 rms

• Zhuhai, China

100 rms

• Hangzhou, China

54 rms

2020F 2021F 2022F

60 Hotels / 11,973 Rooms

• Desaru, Malaysia

103 rms

• Ubud, Bali, Indonesia*

71 rms

• Antwerp, Belgium

180 rms

• Paseo de Montejo, Mexico

120 rms

• Mannheim, Germany

225 rms

• Leipzig, Germany

197 rms

• Warangi, Serengeti

National Park, Tanzania* 12 rms

• Sifah, Oman

198 rms

• Kota Kinabalu, Malaysia

386 rms

• Ho Chi Minh City, Vietnam

217 rms

• Guadalajara, Mexico

120 rms

• Panama

83 rms

Others

19 Hotels / 3,848 Rooms 7 Hotels / 908 Rooms 8 Hotels / 1,548 Rooms 4 Hotels / 1,392 Rooms 27 Hotels / 5,134 Rooms 13 Hotels / 2,272 Rooms 15 Hotels / 3,563 Rooms 5 Hotels / 1,004 Rooms

20

SLIDE 21

10%

Mixed-use Business – Residential

MINT’s residential projects are part of Minor Hotels’ mixed-use business. The developments are within or adjacent to MINT’s hotels and are usually branded MINT’s hotel brands. In addition to the current projects, MINT has prepared a pipeline in order to ensure the continuity of revenue stream from residential sales in the coming

• years. Other residential projects will be selectively considered in various hotel destinations in order to increase

returns of the overall project.

Mixed-use

CURRENT PROJECTS Layan Residences by Anantara, Phuket Avadina Hills by Anantara, Phuket The Estates Samui Anantara Chiang Mai Serviced Suites Torres Rani, Maputo Anantara Desaru Residences, Malaysia Anantara Ubud Residences, Indonesia Silom Office 21 15 luxury pool villas 16 luxury pool villas 14 luxury pool villas 44 units in 7-storey condominium building 181 keys for rent & 6 penthouses for sale; 21-storey office tower 20 residential villas 15 residential villas 100%-owned 50% JV 100%-owned 50% JV 49% JV 60% JV 50% JV 40% JV PIPELINE PROJECTS NA Launched 2015 Launched 2018 Launched 2006 Launched 2016 Launched 2015 To launch 2019 To launch 2023 To launch 2019

2018 MINOR HOTELS REVENUE CONTRIBUTION

SLIDE 22

Mixed-Use Business – Anantara Vacation Club

22

Part of the mixed-use business, Anantara Vacation Club is another important contributor to Minor Hotels. Growth

• f members are driven by four main markets – China, Thailand, Hong Kong and Singapore. In 2018, while AVC

revenue increased by 9% in USD term, because of the strengthening of the THB, AVC revenue in THB term increased by 4%.

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

5,431 6,928 8,000 10,193 12,347 3,000 6,000 9,000 12,000 2014 2015 2016 2017 2018

• No. of

Members Growth +41% +28% +15% +27% +21% 119 137 160 186 229 500 100 200 300 400 500 2014 2015 2016 2017 2018 2023F

• No. of Units

>12 Destinations 7 Destinations: Queenstown, Bali, Sanya, Samui, Phuket, Bangkok Chiang Mai > As at Dec 2018 China, 38% Thailand, 12% Hong Kong, 8% Singapore, 8% Malaysia, 7% Japan, 4% Taiwan, 4% Australia, 2% Philippines, 2% USA, 2% UAE, 1% Others, 12% 10% Mixed-use 2018 MINOR HOTELS REVENUE CONTRIBUTION 41% 18% 21% 12% 29% 26% 13% 11% China Thailand Hong Kong Singapore 2018 Growth Y-Y CAGR 2013-2018

SLIDE 23

MINOR FOOD

SLIDE 24

Minor Food – Financial Highlights

24

2018 revenue of Minor Food was flat, primarily because of the outlet expansion, which offset the slowdown of the same-store-sales from the weak macro backdrop. With spending on the product and promotional campaigns to drive traffic, the ramping up of the newly opened stores, and the contraction of same-store-sales, EBITDA and net profit declined by 15% and 21% respectively.

Revenue EBITDA NPAT THB million

• 21%

Flat

• 15%

EBITDA Margin Net Margin 2018 2014 2016 2015 2017

KEY HIGHLIGHTS

16,754 18,626 23,022 23,582 23,484 2,817 3,127 3,843 4,285 3,647 1,550 1,572 1,684 1,913 1,521 15.5% 16.8% 6.5% 18.2% 8.1% 16.8% 9.3% 16.7% 8.4% 7.3%

Total-system-sales growth of

0.2%

in 2018

• The Pizza Company, Burger King, Dairy Queen and

Riverside reported positive total-system-sales growth as the brands continued to open new outlets.

• Total-system-sales growth turned positive since Aug with

the accelerated expansion in China and Thailand. However, full year 2018 growth was pulled down in 1H18 because of the outlet rationalization in Singapore and Australia and divestment of The Groove Train portfolio in late 2017. Outlet expansion

10%

in 2018

• The drivers of outlet expansion during the year were The

Pizza Company, Dairy Queen, The Coffee Club and Benihana through the acquisition in April 2018. Same-store-sales growth of

• 3.3%

in 2018

• Soft macro conditions in countries that the three hubs
• perate continued to put pressure on the group’s same-

store-sales growth.

• Minor Food will continue to strengthen its multi-brand

portfolio through product innovations and operational excellence, together with focus on technology in order to maintain its competitiveness.

* The financials above reflect performance from operation, and therefore exclude non-core items in 2014-2016 and 2018 as detailed on page 40.

SLIDE 25

Minor Food – International Presence

25

MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 27 countries across the region, operating

• wned, franchised and a combination of both 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% 60% 65% 60% 19% 40% 35% 40% 0% 25% 50% 75% 100% 2008 2017 2018* 2023F International Thailand

SLIDE 26

Minor Food – Operational Performance

26

2018 total-system-sales of the restaurant business grew by 0.2%, driven mainly by outlet increase of 10%, primarily from Thailand and China hubs. As all three hubs faced challenges of the economic slowdown and increased competition, same-store-sales declined by 3.3% in 2018.

RESTAURANT OUTLETS BY GEOGRAPHY SSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth 0.4%

• 0.2%

1.3%

• 0.8%
• 3.3%

13.1% 11.2% 9.1% 5.1% 0.2%

• 5%

0% 5% 10% 15% 20% 2014 2015 2016 2017 2018 1,851 2,064 2,270 1,708

• No. of

Outlets 1,996

RESTAURANT OUTLETS BY OWNERSHIP

International Thailand 2008 2017 2018 2023F 35% 65% 67% 33% 37% 63% 1,043 4,462 2,270 2,064 +10% 34% 66% 53% 82% 59% Franchised Owned 50% 2008 2017 2018 2023F 38% 62% 51% 49% 4,462 49% 51% +10% 1,043 2,270 2,064 48% 52%

SLIDE 27

Minor Food – Thailand Hub

27

Revenue from domestic operations accounted for over 60% of total restaurant revenue in 2018. The Pizza Company, Dairy Queen, Burger King and The Coffee Club expanded the number of outlets, which resulted in positive total-system-sales growth in 2018.

KEY HIGHLIGHTS THAILAND’S SSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth Thailand 2018 MINOR FOOD REVENUE CONTRIBUTION

• 5%

0% 5% 10% 15% 20% 2014 2015 2016 2017 2018

• Same-store-sales: Thailand’s SSS declined by 3.1% in 2018:

‒ Consumer confidence remained challenging throughout the year, especially in the rural areas, with weak commodity prices; ‒ Bangkok has been impacted by high competition and delivery service disruption; and ‒ The brands that have high exposure to tourists; i.e. Burger King and The Coffee Club, were impacted by the tourist slowdown in 2H18.

• Total-system-sales: With outlet expansion of 12% during 2018, Thailand’s

TSSG was 5.4%.

• 2019 Strategies:

‒ Focus on customer accessibility, both through physical and digital channels; ‒ Continue with product innovations, ensuring that the brands remain relevant for customers; and ‒ Leverage on digital technology, including areas of operations, customer service and ordering, loyalty and e-payment and big data analytics.

65% Thailand

SLIDE 28

Minor Food – 1112Delivery

28

Thailand

Anticipating the emerging dine-at-home trend and leveraging on one of the country’s best delivery platform and driver fleet, Minor Food launched 1112Delivery Project to capture such growing trend in February 2019.

Selection

• All Minor Food brands available

for delivery

• Multiple brands, single payment

Accessibility

• Multiple channels, including:

‒ Website ‒ Mobile application ‒ 1112 call center Delivery

• Single delivery through

professional 1112 delivery team

• All products delivered timely

Repeat

• Customer feedback collected

through all channels 1112DELIVERY Thailand Food Delivery Market

• Food delivery market is expected to represent 20% of total food service market in Thailand by 2023.
• Customers are switching to online from offline ordering.
• By 2023, the delivery market size is expected to grow by over 6 times, with almost 60% of online food delivery

continuing to be concentrated in Bangkok and metropolitan area, and another 20% in tier 2 cities.

SLIDE 29

• Same-store-sales: China’s SSS declined by 5.9% in 2018, primarily from soft

performance of outlets in Tier 3 cities and natural cannibalization from rapid expansion of outlets in Beijing and Shanghai.

• Total-system-sales: With rapid outlet expansion of 18%, the TSSG was 4.4% for

the year 2018, with a monthly improving trend.

• 2019 Strategies:

‒ Continue to expand Riverside outlets, with the aim to dominate the grilled fish segment in Beijing and Shanghai and surrounding areas (Tier 2); ‒ Improve customer experience for Riverside brand, both through store uplift and food traceability programs; and ‒ Grow the delivery business.

Minor Food – China Hub

29

China hub is expected to remain one of MINT’s growth drivers as MINT is confident in the strong growth prospect of the country, supported by growing middle class and increased urbanization trend. Riverside continues to be the main driver of China hub.

KEY HIGHLIGHTS CHINA’S SSS & TSS GROWTH

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

• 20%
• 10%

0% 10% 20% 30% 2014 2015 2016 2017 2018

• 15%
• 10%
• 5%

0% 5% 10% 15% Jan-18 Apr-18 Jul-18 Oct-18 TSSG SSSG 2018 MINOR FOOD REVENUE CONTRIBUTION 13% China

SLIDE 30

Minor Food – Australia Hub

30

In 2018, Australia hub’s revenue contributed 10% of total restaurant business. Revenue in AUD declined by 11% as a result of negative same-store-sales growth, but declined at a higher rate in THB term because of the weakening of the AUD.

KEY HIGHLIGHTS AUSTRALIA’S SSS & TSS GROWTH

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

• 15%
• 10%
• 5%

0% 5% 10% 15% 20% 2014 2015 2016 2017 2018

• Same-store-sales: Australia’s SSS declined by 2.6% in 2018, as the country’s

economy continued to be challenging.

• Total-system-sales: As part of its rationalization program, the hub divested

The Groove Train portfolio at the end of 2017, resulting in Australia’s TSSG to remain negative throughout 2018, and ending the year with TSS decline

• f 13.3%.
• 4Q18 New Market Expansion: The Coffee Club entered three new markets

in late 2018: China, Qatar and Cambodia. JV has also been signed in Vietnam to operate The Coffee Club franchise.

• 2019 Strategies:

‒ Grow The Coffee Club business in Australia through brand relevance, such as convenience through delivery channel and differentiation through hero products and loyalty program; ‒ Drive international expansion of The Coffee Club brand in both existing and new markets; and ‒ Expand coffee roasting business through all channels: retail channel through The Coffee Club and white label business, and wholesale channel through supermarkets.

2018 MINOR FOOD REVENUE CONTRIBUTION 10% Australia

SLIDE 31

MINOR LIFESTYLE

SLIDE 32

384 300 267 304 307 3,703 3,505 3,505 4,091 4,439

Minor Lifestyle – Financial Highlights

32

2018 revenue of Minor Lifestyle was up 9%, driven by the retail trading business. EBITDA and net profit increased at a much slower rate as discount campaigns were implemented to drive sales during the weak domestic consumption sentiment and intensified competition, which put pressure on

• margins. In 4Q18, Minor Lifestyle launched a new brand, Save My Bag, a handbag and accessories brand from Italy.

Revenue EBITDA NPAT THB million +2% +9% +1% EBITDA Margin Net Margin 2018 2014 2016 2015 2017

KEY HIGHLIGHTS

183 124 81 127 130 4.9% 2.3% 3.1% 2.9% 3.5% 10.4% 7.6% 7.4% 6.9% 8.6%

Retail trading

78%

• f 2018 Minor Lifestyle

revenue Contract manufacturing

22%

• f 2018 Minor Lifestyle

revenue

• 2018 revenue from retail trading increased by 9%,

mainly from Charles & Keith, Anello, Etam, Radley, Henckels and Joseph Joseph, together with sales from recently-added brands, OVS, Bodum and Save My Bag.

• 2018 revenue from contract manufacturing increased

by 1% as a result of weak consumption environment.

• 8.1%
• 6.3%
• 0.1%

2.3%

• 3.9%

3.8%

• 3.3%

8.4% 19.3% 9.0% 2014 2015 2016 2017 2018

• No. of Shops

327 398 490 297 307

SSS & TSS GROWTH

TSSG SSSG

SLIDE 33

Minor Lifestyle – Scomadi

33

Thailand

With the growing premium motorcycle and scooter segment, Minor Lifestyle is taking the opportunity to enter the market to operate the manufacturing and distribution of Scomadi.

WHO IS SCOMADI?

• Scomadi is a British brand established in 2005
• The founders are two partners with over 60 years
• f experience combined in the scooter industry

‒ Frank Sanderson of Scooter Innovation Ltd. ‒ Pal Melici of PM Tuning Ltd.

• Scomadi is a modern classic scooter brand

WHY SCOMADI?

• Opportunity to grow a potential global lifestyle

brand

• Diversification into another segment of Thai

lifestyle market

• High growth of the modern classic scooters

segment

• Brand with strong fan base and following with

proven concept SCOMADI ROADMAP ORGANIZATION PRODUCTION MARKET EXPANSION BRAND AWARENESS NEW PRODUCT

• Placement of key positions
• Planning of business strategy,
• perations, systems and

financials

• Ensuring production

capabilities to meet current market demand

• Expansion of the brand, both

domestically and internationally.

• Key international markets

identified are UK, Europe, Australia, Malaysia and India

• Engagement activities with

distributors in all key markets

• Target world-wide recognition

through: ‒ motor sport events ‒ community-related events, such as road trips, digital spaces, scooter fashion shows ‒ celebrity endorsement

• New model development, such

as electric models

SLIDE 34

Corporate Information & Five-Year Plan

SLIDE 35

0.0 1.0 2.0 3.0 4.0 5.0 6.0 5,000 10,000 15,000 20,000 25,000 30,000 2018 2019F 2020F 2021F 2022F 2023F

CAPEX & Balance Sheet Strength

35

CAPEX plans include committed CAPEX of projects in the pipeline. Following the acquisition of NHH, 2018 interest bearing debt to equity ratio rose to 1.53x, which is within its debt covenant of 1.75x. MINT and its senior unsecured debentures have “A” rating by TRIS. MINT plans to bring the debt to equity ratio down to its internal policy of 1.3x by the end of 2019. Going forward, source of fund for the committed CAPEX requirement will primarily be internal cash flow and debt financing.

LEVERAGE RATIOS BACK-UP FINANCING CAPEX PLANS

THB million EBITDA coverage on committed CAPEX Minor Food Minor Hotels Minor Lifestyle 100,000

* 2018 CAPEX includes investments in Benihana, Riverside, Food Theory and NH Hotel Group

0.8 1.0 1.2 1.4 1.6 2014 2015 2016 2017 2018 2019 Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity Internal Policy X 1.37x 1.53x THB million 50,000 100,000 150,000 200,000 Outstanding Borrowing & Equity Un-Utilized Facility Debt 42,367 Debt 126,894 Shareholders’ Equity 83,074 Note: Cash on hand as at end of 2018 is THB 12,760 million X 1.30x Target

SLIDE 36

Refinance & Balance Sheet Management Plans

36

MINT has a plan in place to refinance the current bridge loans to long-term bonds and/or loans within 2019. In addition, MINT targets to bring its debt-to-equity ratio back down to the internal policy of 1.3x by the end of 2019. Some of the initiatives, including asset rotation, is already being pursued.

BALANCE SHEET MANAGEMENT REFINANCING PLANS

Acquisition Funding THB 15 bn THB 45 bn THB 28 bn THB 88 bn 94.1% stake 16.6% stake Aug 2018 47.7% stake Oct 2018 29.8% stake Jun 2018 THB 3 bn THB 55 bn THB 15 bn THB 10 bn THB 5 bn 18-mths bridge loans:

• To be refinanced to a

combination of bonds and loans, or

• To be partially repaid

with proceeds from asset rotation THB 15 bn 5-yr callable perpetual bonds USD 300 mn 3-yr callable perpetual bonds THB 88 bn All funding swapped to EUR Target blended financing cost < 3% EUR 80 mn 15-yr corporate bonds EUR 139 mn 5-yr loans

2018 Performance

• 2018 net profit has been added to the equity base.

Issuance of Perpetual Bonds

• Two

tranches

• f

perpetual bonds have been successfully issued, to help strengthen the equity base: ‒ THB 15 billion perpetual bonds; ‒ USD 300 million perpetual bonds. Revaluation of NHH Assets

• The revaluation exercise has been completed, which

helped uplift the equity base by THB 708 million. 2019 Performance

• 2019 net profit will further add to the equity base.

Asset Rotation Strategy

• Cash received can be used to repay debt, while asset

sale may result in gain from sale of assets, which will improve the equity base.

• MINT is already exploring the sales-and-lease-back
• ption for selected Tivoli assets.

Completed in 2018 DE = 1.53x 2019 Plan DE >= 1.3x

SLIDE 37

MINT’s Five-Year Strategy

37 Revenue Growth > > 10 10% CAGR NPAT Growth 15 15-20% 20% ROIC = = 12 12% Em Employer of

• f Choice

Sus Sustainable Busi usiness ss

Growth Pillars 2023 Goals

Ensure commitment Set clear targets Leverage ecosystem partners Promote digital culture Superior workforce Engaging work environment Sustainable leadership People Customers Partners Environment

Value Capture & Productivity Investments, Partnerships & Acquisitions Innovation & Digital Empowered People & Team Sustainable Framework Winning Brand Portfolio 1 2 3 4

Brands & value chains monetization Margin enhancement through integration & shared operations Capital optimization with asset right strategy & mixed-use business

Good Corporate Governance Social Responsibility Mindset

SLIDE 38

Five-Year Aspiration

38

2013 REVENUE THB 36.9 bn

2018 REVENUE THB 78.5 bn

2023

2023F

• > 630 hotels
• > 250 residences built
• > 500 vacation club units
• > 4,400 restaurants
• > 600 retail shops & POS

(>46,000 sq.m.) 2009

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

(14,275 sq.m.)

2018

• 513 hotels
• 132 residences built to date
• 229 vacation club units
• 2,270 restaurants
• 490 retail shops & POS

(31,776 sq.m.)

SLIDE 39

APPENDIX

SLIDE 40

Non-Core Items

40 PERIOD AMOUNT (THB million) BUSINESS UNIT NON-CORE ITEMS

• FX loss on unmatched USD cross-currency swap

Minor Hotels

• 87

4Q18

• Loss from changing status of investment in NH Hotel Group

Minor Hotels

• 800
• Gain on fair value adjustment of investment in NH Hotel Group

Minor Hotels 708

• Impairment charge of investment in Oaks Gladstone

Minor Hotels

• 96
• Impairment of investment in Rani (Mozambique)

Minor Hotels

• 280 pre-tax
• 232 post-tax
• Impairment of investment in GrabThai in UK

Minor Food

• 125

2Q18

• Gain on fair value adjustment of investment in Benihana

Minor Food

• 121

4Q16 3Q16

• Gain from bargain purchase of hotels in Zambia

Minor Hotels 490

• Gain from bargain purchase of Tivoli hotels in Portugal

Minor Hotels 38

• Anantara Vacation Club’s (AVC) provision of doubtful account (recorded in SG&A), MINT’s

prudent measures to conservatively provide for potential bad debts of Phase I Minor Hotels

• 359
• Oaks’ general administrative expenses and provision (recorded in SG&A)

Minor Hotels

• 223
• Gain from changing status of investment in some of the Oaks properties

Minor Hotels 92

• Impairment charges of certain Oaks properties (recorded in SG&A, pre-tax)

Minor Hotels

• 136

2Q16

• Gain from changing status of investment in BreadTalk Group in Singapore

Minor Food 136

1Q16

• Gain from bargain purchase of the Tivoli Hotels & Resorts

Minor Hotels 1,932

3Q15

• Gain from bargain purchase of Oaks Elan Darwin

Minor Hotels 70

1Q15

• Gain from bargain purchase of Sun International hotels in Africa

Minor Hotels 650

2Q14

• Gain from changing status of investments in Seredib Hotels PLC

Minor Hotels 87 pre-tax 69 post-tax

4Q15

• Gain on fair value adjustment of change in status of investments in Minor DKL

Minor Food 1,665

• Reduction of gain from bargain purchase of Oaks Elan Darwin recorded in 3Q15

Minor Hotels

• 49