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

COMPANY PRESENTATION – Mar 2019

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

NH Col ollectiion Grand Hot otel Convento di di Am Amalfi fi PERFORMANCE RECAP

2018 Performance Recap 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 of the weak macro backdrop, which resulted in soft performance of the restaurant business. REVENUE 2018 REVENUE CONTRIBUTION +34% +35% THB million Minor Lifestyle 78,499 79,328 6% 80,000 Minor Food 30% 58,644 60,000 Minor Hotels 40,000 64% 2017 Minor Minor Minor 2018 Non-core 2018 Hotels Food Lifestyle Core Items Reported * Excludes non-core items NET PROFIT 2018 NET PROFIT CONTRIBUTION THB million Minor Lifestyle +10% +1% 2% 5,957 Minor Food 6,000 5,415 5,445 26% 4,000 2,000 Minor Hotels 2017 Minor Minor Minor 2018 Non-core 2018 72% Hotels Food Lifestyle Core Items Reported * Excludes non-core items * Non-core items are detailed on page 40. 5

International Presence With solid diversification strategy, MINT’s footprint was in 62 countries at the end of 2018 across its hospitality and restaurant businesses. Minor Hotels Minor Food Combination REVENUE CONTRIBUTION 100% 13% 75% 49% International 61% 72% Thailand 50% 87% 25% 51% 39% 28% 0% 2008 2017 2018* 2023F * Excludes non-core items 6

Dividends and Warrants MINT Board of Directors announced the resolution for dividend payment and warrant issuance, both of which are subject to shareho lders’ approval. The Annual General Meeting of Shareholders will be held on 22 April 2019. DIVIDEND PAYMENT WARRANT ISSUANCE • Issuance of warrants on ordinary shares (MINT-W6) • Cash dividend of THB 0.40 per share • Offering to existing shareholders at no cost, at the ratio of 20 ordinary • Total cash not exceeding THB 1,848 million shares to one unit of warrant, pro rata to existing shareholders • XD on 26 April 2019 • Dilution of 4.76% • Record date to determine the rights of shareholders on 29 April 2019 • Tenor: Approx 2 years 4 months • Dividend payment date on 15 May 2019 • Exercise ratio of 1 unit of warrant per 1 ordinary share • Exercise price of THB 43 per share THB • Record date on 29 April 2019 to determine the shareholders entitled to 0.40 40% 35.6% 33.7% 32.8% 32.8% receive MINT-W6 31.0% 0.30 0.10 30% • Assuming all warrants are converted, total cash received will be approx. THB 9.9 billion 0.20 20% 0.40 0.40 0.35 0.35 0.25 MINT WARRNT HISTORY 0.10 10% 1999 2006 2010 2014 - 0% 2014 2015 2016 2017 2018 MINT-W2 MINT-W3 MINT-W4 MINT-W5 Cash Stock Payout Ratio 5-years 2-years 3-years 3-years 10% Dilution 10% Dilution 10% Dilution 5% Dilution * EPS calculation based on core operations, excluding non-recurring items 7

Update on NHH Integration 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. Dec Jan Feb Mar Apr May 2018 2019 2019 2019 2019 2019 NHH Budget & Standalone 5-Year Plan Identification of Integration Initiatives Finalization & Market Release Implementation of Integration NEGOTIATION WITH COMBINATION OF LEVERAGE ON TIVOLI INTEGRATION BRAND STREAMLINE LOYALTY INTERFACE TRADE PARTNERS GLOBAL SALES HUMAN CAPITAL • Transfer of Portugal & • Joint brand positioning • Both Minor Hotels & • NHH hotel portfolio has • Initial movements are • Respective database Brazil Tivoli operations has been agreed. NHH uniformly reached been incorporated in planned: analysis has been is in process. out to partners for MINT websites. completed. ‒ GM from Minor • Over 5 hotels have improved and win-win Hotels to NHH; • NHH is in the process • Vision has been defined • Both parties are been identified as pricing scheme based of identifying potential accretive for websites at both ‒ Operations & analyzing terms and on enlarged portfolio. synergies through rebrand so far, of which group and brand levels. revenue benefits. • Partners include OTAs, efficiencies across 3 to Anantara. management from • Cross-selling has started; • Global loyalty vision sales & marketing, travel agents and NHH to Minor • Strong interests for new China office for Spanish and roadmap to be procurement & back procurement suppliers. Hotels. expansion have been hotels, Thailand office for defined by 3Q19, office. • Further employee • Proposals are being identified for both German hotels, Madrid including assessment mobility policy is in MINT and NHH brands discussed with office for Oaks. on merger, cross process. across geographies. suppliers to include the redemption and cross • Joint-salesforce roadmap combined portfolio. accumulation. has been agreed. * Note that transactions and agreements are conducted in arms-length manner under MINT and NHH approved protocols (Governance Framework signed 7 th February 2019) 8

MINOR HOTELS Ana Anantara Qu Quy Nho hon Vill Villas

Minor Hotels – Financial Highlights 2018 revenue of Minor Hotels grew by 63%, as a result of owned & leased and management hotels from both organic operations and consolidation of NHH. 2018 EBITDA increased by 60%, with robust NHH profitability partially offset by the higher personnel-related expenses of Australian operation 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. KEY HIGHLIGHTS +63% THB million 50,577 • Revenue grew by 117%, as a result of: Owned & leased hotels ‒ Organic growth of 24% from all key markets; i.e. 75% 30,970 27,758 Thailand, Brazil, Portugal and Africa, and 23,547 of 2018 Minor Hotels’ 19,243 ‒ Consolidation of NH Hotel Group Revenue revenue • Revenue in THB term was flat. Although RevPar was Management letting rights +60% up by 2% in AUD term, revenue in THB term was 12% 12,290 impacted by the weakening of the AUD. of 2018 Minor Hotels’ 7,685 7,146 revenue 5,561 6,146 EBITDA • Revenue (excl NHH) increased by 19%, primarily Management contracts attributable to higher income of managed hotels, EBITDA 28.9% 26.1% 25.7% 24.8% 24.3% 3% especially in Thailand, together with contribution of Margin of 2018 Minor Hotels’ +28% newly added hotels and additional technical service 4,307 revenue and termination fees. 3,375 3,009 • Revenue declined by 13%, from: 2,811 2,600 Mixed-use business ‒ Mismatch of sales of residential development in NPAT 10% 2018; and of 2018 Minor Hotels’ Net 13.5% 12.8% 10.1% 10.9% 8.5% ‒ Adverse impact on Anantara Vacation Club’s Margin revenue revenue from the strengthening of the THB 2014 2015 2016 2017 2018 against USD resulting in only 4% revenue growth. 10 * The financials above reflect performance from operation, and therefore exclude non-core items in 2014-2016 and 2018 as detailed on page 40.

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 investment, joint-venture and management business models in 53 countries. Investment Management Combination New Destinations in Pipeline Hubs REVENUE CONTRIBUTION 100% 6% 75% International 63% 78% 89% Thailand 50% 94% 25% 37% 22% 11% 0% 2008 2017 2018* 2023F * Excludes non-core items 11