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

SLIDE 1

COMPANY PRESENTATION – Aug 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

2Q19 & 1H19 Performance Recap Minor Hotels Minor Food Minor Lifestyle Corporate Information & Five-Year Strategy

SLIDE 4

PERFORMANCE RECAP

AVANI Suk Sukhumvit Ban angkok, Tha hailand

SLIDE 5

2Q19 Performance Recap

5 2Q19 REVENUE CONTRIBUTION REVENUE NET PROFIT 2Q19 NET PROFIT CONTRIBUTION

In 2Q19, MINT’s revenue more than doubled primarily from the consolidation of NH Hotel Group (NHH), and the growth from all business units. NPAT almost doubled y-y from contribution of NHH with its high season in the second quarter, together with the hotels under owned brands, whose NPAT increased by almost four times. Thanks to MINT’s diversification strategy, contribution from NHH has helped mitigate the soft performance of MINT’s organic businesses.

10,000 20,000 30,000 2Q18 Reported Non-core Items 2Q18 Core Minor Hotels Pre-NHH NHH Minor Food Minor Lifestyle 2Q19 Core Non-core Items 2Q19 Reported THB million THB million Minor Lifestyle 3% Minor Food 19% Minor Hotels 78% Minor Lifestyle 0.3% Minor Food 13% Minor Hotels 87%

* Non-core items are detailed on page 46.

15,061 +106 +62 +110% y-y

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

• 121

+16,237 +59 31,393 31,455 14,940 +51 500 1,000 1,500 2,000 2Q18 Reported Non-core Items 2Q18 Core Minor Hotels Pre-NHH NHH Minor Food Minor Lifestyle 2Q19 Core Non-core Items 2Q19 Reported 1,205 2,101 1,786 +94% y-y

• 126

+1,246

• 80
• 24
• 315
• 121

1,085

SLIDE 6

1H19 Performance Recap

6 1H19 REVENUE CONTRIBUTION REVENUE NET PROFIT 1H19 NET PROFIT CONTRIBUTION

In 1H19, MINT’s revenue almost doubled primarily from the consolidation of NHH. NPAT slightly declined by 2% y-y, because of NHH’s first quarter low season and MINT’s organic operations. Comparisons to MINT’s 1H18 results are not meaningful as MINT started to consolidate NHH financials in October 2018. MINT remains confident in the delivery of its full year performance.

20,000 40,000 60,000 1H18 Reported Non-core Items 1H18 Core Minor Hotels Pre-NHH NHH Minor Food Minor Lifestyle 1H19 Core Non-core Items 1H19 Reported THB million THB million Minor Lifestyle 4% Minor Food 20% Minor Hotels 76% Minor Lifestyle 1% Minor Food 27% Minor Hotels 72%

* Non-core items are detailed on page 46.

31,206 +227 +244 +94% y-y

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

• 121

+28,773 +341 60,242 60,485 31,805

• 184

1,000 1,500 2,000 2,500 3,000 1H18 Reported Non-core Items 1H18 Core Minor Hotels Pre-NHH NHH Minor Food Minor Lifestyle 1H19 Core Non-core Items 1H19 Reported 2,925 2,734 2,369

• 2% y-y
• 186

+293

• 153
• 24
• 365
• 121

2,804

SLIDE 7

Operational Performance Improvement

7 LIKE-FOR-LIKE CORE REVENUE COMPARISON LIKE-FOR-LIKE CORE NET PROFIT COMPARISON

In order to fairly reflect the true operations of the group, the like-for-like (LFL) core revenue and core NPAT are compared, taking into account MINT & NHH performance for both 1H18 & 1H19. On a LFL basis, MINT’s revenue would have improved by 3% while NPAT would have increased by 9%, attributable to the favorable performance of NHH. The LFL comparison reiterates MINT’s business and geographical diversity.

20,000 40,000 60,000 1H18 MINT excl NHH 1H18 NHH LFL 1H18 MINT + NHH 1H19 MINT 1H19 NHH excl FX Impact LFL 1H19 Core MINT 1H19 NHH FX Impact 1H19 Core MINT THB million 1,000 2,000 3,000 4,000 THB million 2,589 3,743

• 1,021

+9% y-y 30,726 +1,385

• 2,415

+3% y-y +30,162 60,888 +384 62,656 60,242 +830 3,418

• 362

+686 +13 1H18 MINT excl NHH 1H18 NHH @ 94.1% LFL 1H18 MINT + NHH 1H19 MINT 1H19 NHH @94.1% excl FX & Acquisition Expenses LFL 1H19 Core MINT 1H19 NHH FX Impact 1H19 NHH Acquisition Expenses 1H19 Core MINT 2,734

• 14% y-y

+83% y-y

* NHH acquisition expenses include expenses related to fair value adjustment and interest expenses on the financing of the acquisition.

+1% y-y +5% y-y

SLIDE 8

International Presence

8

With solid diversification strategy, MINT’s footprint was in 63 countries at the end of 1H19 across its hospitality and restaurant businesses.

* Excludes non-core items

REVENUE CONTRIBUTION

87% 39% 26% 28% 13% 61% 74% 72% 0% 25% 50% 75% 100% 2008 2018* 1H19* 2023F International Thailand

Minor Food Combination Minor Hotels

SLIDE 9

MINOR HOTELS

Ana Anantara Vil Villa a Padi adierna Palac alace Benahavis Mar arbella, Spa Spain

SLIDE 10

Minor Hotels – Financial Highlights

10

The drastic change in revenue, EBITDA and NPAT of Minor Hotels in 1H19 compared to 1H18 is from the consolidation of NHH since October 2018. As a result, the comparison is not meaningful in terms of business operations and the 1Q19 & 2Q19 performance is now the new base of Minor Hotels’ overall operations going forward.

Revenue EBITDA NPAT THB million EBITDA Margin 14.4% 23.7% 24.1% 25.1% Net Margin 1Q19 1Q18 3Q18 0.6% 8.7% 2Q18 7.4% 4Q18 12.8% 24.6% 7.2%

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 46.

8,929 8,121 8,992 24,535 21,230 24,408 2,245 1,926 2,213 5,907 3,085 5,270 1,141 705 651 1,810 128 1,825 17,050

• 184

+28,773 45,639 4,170

• 428

+4,625 8,367 1,846

• 186

+293 1,953 1H19 1H18 Minor Hotels Pre-NHH NHH 2Q19 21.6% 7.5% 1H19 1H18 17,050 45,639 4,170 8,367 1,846 1,953 18.3% 24.5% 10.8% 4.3% +168% y-y +101% y-y +6% y-y +159% y-y +174% y-y +201% y-y

SLIDE 11

Minor Hotels – Organic Performance

11

Organically (excluding NHH performance), 1H19 revenue of Minor Hotels declined by 1%, primarily from management letting rights (MLR) portfolio in Australia and Anantara Vacation Club (AVC), although owned and managed hotels, together with residential development reported revenue

• increases. Consequently, 1H19 EBITDA and NPAT declined by 11%, from the lower flow-through of the MLR and real estate operations.

Revenue EBITDA NPAT THB million

• 26% y-y

+1% y-y

• 20% y-y

EBITDA Margin 17.3% 21.8% Net Margin 2Q19 2Q18 4.7% 6.3%

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 46.

1H19 KEY HIGHLIGHTS Owned hotels (Minor Hotels pre-NHH)

23%

• f 1H19 Minor Hotels’

revenue Management letting rights

6%

• f 1H19 Minor Hotels’

revenue Management contracts

2%

• f 1H19 Minor Hotels’

revenue Mixed-use business

6%

• f 1H19 Minor Hotels’

revenue

• Revenue (excluding NHH) grew by 2% y-y, as a result of:

‒ Favorable performance of hotels in Portugal, Brazil, the Maldives and Africa, which helped offset ‒ The soft performance of hotels in Thailand, especially those managed by third-party (non-own branded hotels).

• Excluding third-party-managed hotels, revenue grew by 6% y-y.
• Revenue in THB term declined by 11% y-y, because of:

‒ AUD RevPar down by 5%, pressured by both occupancy and room rate, and ‒ Weakening of AUD by 9% during the period.

• Revenue (excl

NHH) increased by 12% y-y, primarily attributable to improving performance of hotels in the Middle East and the Maldives, together with contribution of newly added hotels.

• Revenue declined by 7% y-y, from:

‒ The decline in sales of Anantara Vacation Club, which was somewhat mitigated by ‒ Sales activities of residential development in 1Q19.

7,762 7,812 1,692 1,350 490 365 1H19 1H18 16,691 16,507 3,936 3,496 1,632 1,445 21.2% 23.6% 9.8% 8.8%

• 1% y-y
• 11% y-y
• 11% y-y

SLIDE 12

Minor Hotels – NH Hotel Group Performance

12

NH Hotel Group reported recurring EBITDA of EUR 131 million in 1H19, an increase of 14% y-y as a result of sound revenue growth and continuous focus on efficiency. NHH reiterates on its full-year 2019 EBITDA & recurring NPAT guidance of EUR 285 million and EUR 100 million respectively (excluding IFRS 16 and IAS 29 accounting impacts).

Revenue Recurring EBITDA Reported NPAT EUR million EBITDA Margin 22.3% 23.4% 2Q18 2Q19

excl IFRS 16

1H18 65.2%

1H19 KEY HIGHLIGHTS

+23% y-y +5% y-y +11% y-y 29,132 469 445 110 99 43 +35% y-y 46 56 Recurring NPAT 58

Note: (1) As per NHH’s report, the numbers include hyperinflation accounting effect (IAS 29) (implemented since 3Q 2018) but excludes IFRS 16, (2) Recurring NPAT exclude mainly net capital gains from asset rotation, and (3) In THB consolidation, acquisition-related expenses include expenses related to fair value adjustment and interest expenses on the financing of the acquisition.

Revenue Recurring EBITDA NPAT Leverage

• 1H19 revenue growth of 5%

‒ RevPar up 4.7% (Occupancy +0.1% & ADR +4.5%) ‒ Outstanding performance in Spain and solid growth in the rest of European countries

• 1H19 recurring EBITDA growth of 14%, with margin

improvement of 1.3% ‒ 43% EBITDA conversion rate ‒ Effective cost control, both payroll and operating expenses

• 1H19 recurring NPAT increase of 83%

‒ Business improvement ‒ Lower financial costs, from full redemption of convertible bond (June 2018) and partial early redemption of 2023 bond (4Q18)

• 1H19 reported NPAT decline of 29%. The comparison is

negatively affected by less capital gains from asset rotation (1H18: EUR 57 million, mainly from sale & leaseback of NH Collection Amsterdam Barbizon Palace Hotel in 1Q18)

• Net financial debt position of EUR 204 million

234 … + 196 4,859 215 508

• 1,021

215 642

• 1,021

Consolidation - THB million Acquisition Related Expenses Acquisition Related Expenses Accounting Standard Difference NPAT Margin 10.3% 12.0% +5% y-y 822 786 131 115 +14% y-y 14.6% 15.9% 23 42 +83% y-y 64 46

• 29% y-y

2.9% 5.1% 1H18 1H19

excl IFRS 16

359 1H19 59.9% 16.7% 1.7%

SLIDE 13

Minor Hotels – International Presence

13

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 54 countries.

* Excludes non-core items

REVENUE CONTRIBUTION

94% 22% 13% 11% 6% 78% 87% 89% 0% 25% 50% 75% 100% 2008 2018* 1H19* 2023F International Thailand Management Combination Investment New Destinations in Pipeline

Hubs

SLIDE 14

20,000 40,000 60,000 80,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 MLR / Oaks Managed Joint-venture Owned & Leased

System-wide Hotel Portfolio

14 ADR NUMBER OF HOTEL ROOMS OCCUPANCY REVPAR

+271% y-y No of Rooms THB THB Organic +1% y-y System-wide +6% y-y Organic excl FX +6% y-y System-wide

• 9% y-y

System-wide

• 16% y-y

Organic excl FX +4% y-y

Excluding new hotels and FX impact, organic RevPar of the entire portfolio increased by 6% in 2Q19, driven by owned overseas and managed hotels. 2Q19 system-wide RevPar, however, declined by 9%, primarily from the change in room type mix with the consolidation of the NHH portfolio and the strengthening of the Thai Baht.

75,241 20,379 20,385 20,660 75,288 68% 66% 72% 69% 68% 67% 66% 72% 60% 70% 80% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 6,157 4,983 5,293 4,207 6,055 5,197 4,021 4,168 2,000 4,000 6,000 8,000 4,204 3,270 3,823 2,900 4,147 3,466 2,655 2,985 1,000 2,000 3,000 4,000 5,000 75,685 1Q18 2Q18 3Q18 4Q18 2Q19 1Q19 1Q18 2Q18 3Q18 4Q18 2Q19 1Q19

SLIDE 15

60% 64% 74% 62% 61% 68% 65% 74% 40% 50% 60% 70% 80% 90% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 7,063 7,063 7,063 5,000 10,000 15,000 20,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Owned & Leased Hotels

15

With the acquisition of NHH, owned & leased hotels is the major revenue contributor. 2Q19 organic RevPar excluding FX impact of owned & leased hotels grew by 12%, driven by overseas hotels. System-wide RevPar of

• wned & leased portfolio declined by 14%, from the dilution of ADR with the consolidation of different room type

mix of NHH, and the strengthening of the Thai Baht. Revenue of owned & leased hotels more than tripled in 2Q19, primarily from the consolidation of NHH and organic hotels portfolio.

ADR

1H19 MINOR HOTELS REVENUE CONTRIBUTION 87% Owned & Leased

NUMBER OF HOTEL ROOMS OCCUPANCY REVPAR

+654% y-y No of Rooms THB THB Organic +4% y-y System-wide +10% y-y Organic excl FX +12% y-y System-wide

• 14% y-y

60,000 52,969 52,978 7,314 5,556 6,152 3,985 7,072 5,920 3,748 4,109 2,000 4,000 6,000 8,000 1Q18 2Q18 3Q18 4Q18 2Q19 1Q19 System-wide

• 26% y-y

Organic excl FX +7% y-y 4,400 3,568 4,533 2,743 4,313 3,997 2,444 3,053 2,000 4,000 6,000 53,262 1Q18 2Q18 3Q18 4Q18 2Q19 1Q19

SLIDE 16

RevPar Growth (y-y) +16% +6% +5% +6%

• 2%

+9%

Owned Hotels – Thailand

16

Thailand continues to be an important market to Minor Hotels. The momentum of RevPar growth of hotels in Thailand improved in 2Q19, driven primarily by hotels in Bangkok. Minor Hotels continues to believe that Thailand will remain an attractive destination for tourism with its diverse attractions, well- developed infrastructure and strategic location.

2Q19 KEY HIGHLIGHTS

1H19 OWNED HOTEL REVENUE BY GEOGRAPHY MLR

BANGKOK THAILAND PROVINCES

THB Organic RevPar Growth (y-y) +12%

• 3%
• 3%
• 8%
• 9%
• 7%

THB Organic RevPar ADR % Occupancy

Thailand Bangkok Thailand Provinces

• International tourist arrivals into Thailand grew by 1.1% in 2Q19.

The slowdown of tourists from China was made up by the growth of tourists from Malaysia, Japan, the USA and India.

• Number of room nights in Thailand sold by Minor Hotels was flat y-y

in 2Q19. The slowdown in tourists from China was compensated by the tourist growth from Germany, UK, USA and India.

• Organic RevPar of Minor Hotels’ owned Thailand portfolio saw an

improving trend with stable RevPar in 2Q19 compared to 2Q18.

• Excluding third-party-managed hotels, RevPar of owned brand

hotels grew by 4%.

• The 9% RevPar increase of owned hotels in Bangkok in 2Q19 was

from both occupancy and ADR.

• All owned hotels in Bangkok reported positive RevPar growth during

the quarter, with Anantara Riverside Bangkok and Anantara Siam seeing double-digit RevPar growth.

• RevPar of hotels in the provinces declined by 7% in 2Q19, from both

lower occupancy and ADR.

• Positive RevPar growth of Anantara Golden Triangle helped mitigate

the RevPar decline in other hotels.

5,469 4,538 4,610 5,208 5,294 4,685 4,659 3,486 3,941 4,342 4,587 3,815 85% 77% 85% 83% 87% 81% 2,000 4,000 6,000 1Q18 2Q18 3Q18 4Q18 1Q09 2Q19 9,862 6,299 6,230 8,433 9,437 6,180 8,080 4,251 4,377 5,772 7,335 3,962 82% 67% 70% 68% 78% 64% 2,500 5,000 7,500 10,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Thailand, 12% Overseas excl NHH, 15% NHH, 73%

SLIDE 17

RevPar Growth (y-y) +14% +6% +12% +5%

• 3%

+10%

Owned Hotels – Overseas (Excl NHH)

17

RevPar of owned overseas hotels (excl NHH) increased by 10% in 2Q19, despite the weakening of currencies in some of Minor Hotels’ major markets, in particular EUR, BRL and African currencies. Excluding FX impact, organic RevPar of owned overseas hotels increased at a higher rate of 15%. Favorable tourism environment in key markets, selective asset refreshments, together with Minor Hotels’ ongoing sales & marketing efforts, contributed to the good performance.

2Q19 KEY HIGHLIGHTS

MLR

OVERSEAS EXCL NHH 1H19 ORGANIC REVPAR GROWTH (THB)

Organic THB RevPar ADR % Occupancy Flat

• 3%

Flat 7% 8% 18% 19% 8% Portugal Brazil Maldives Africa

Portugal

• Portugal portfolio’s RevPar was up 8% in THB (+16% in EUR), with

the weakening of the EUR by 7% during the quarter.

• The increase in RevPar was driven primarily by both occupancy

and rate. With the completion of the renovations in 3Q18, the hotels have been successful in attracting more traffic. Brazil

• Brazil’s RevPar increased by 18% in THB (+29% in BRL) with the

weakening of the Brazilian real by 9%.

• RevPar of both hotels grew by over 20% in BRL, driven primarily

by rate increase. Maldives

• RevPar of the Maldives portfolio increased by 19% in both THB

and USD terms.

• The RevPar growth was primarily a result of the successful focus
• n rate increase.

Africa

• RevPar of the African portfolio increased by 8% in THB (+35% in

local currencies).

• All hotels in Africa reported RevPar growth of over 20% in local

currencies.

Portugal, 31% Brazil, 14% Maldives, 13% Africa, 13% Others, 30%

6,902 5,690 6,676 5,977 6,249 5,780 3,098 3,380 4,756 3,185 3,009 3,724 45% 59% 71% 53% 48% 64% 2,000 4,000 6,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

OVERSEAS HOTEL (EXCL NHH) REVENUE CONTRIBUTION IN LOCAL CURRENCIES +16% +29% +19% +35% 1Q 2Q 1Q 2Q 1Q 2Q 1Q 2Q

1H19 OWNED HOTEL REVENUE BY GEOGRAPHY

Thailand, 12% Overseas excl NHH, 15% NHH, 73%

SLIDE 18

RevPar +6% y-y +5% y-y

Owned & Leased Hotels – NH Hotel Group

18

NHH was the largest contributor to the owned & leased hotel portfolio in 1H19. RevPar of NHH increased by 5%, driven by all key markets. The RevPar increase in 1H19 was primarily from ADR (all regions reported ADR increases with outstanding RevPar growth in Spain).

1H19 KEY HIGHLIGHTS

MLR

NH HOTEL GROUP – ORGANIC REVPAR 1H19 ORGANIC REVPAR GROWTH (EUR)

103 110 78 83 75% 75% 40 80 120 2Q18 2Q19 EUR RevPar ADR % Occupancy 7% 1% 1% 6% 5% 7% 5% 4% 6% 0.2%

Spain

• Madrid saw excellent performance because of congresses and

Champions League Final.

• Barcelona recovery continued, with double-digit RevPar growth.
• Secondary cities also had solid performance.

Italy

• Rome continued to perform well.
• Milan recovered from the negative trade fair calendar in 1Q19.

Benelux

• Brussels

recovery continued, and good performance in Amsterdam.

• Congress center hotels’ RevPar turned positive, and more than
• ffset the weak 1Q19.

Central Europe

• Munich & Vienna had double digit RevPar increases with favorable

trade fair calendar.

• Frankfurt was impacted by higher supply and slightly negative

trade fair calendar. Latin America

• Buenos Aires and Bogota were the key drivers of the positive

RevPar.

Spain , 28% Italy, 19% Benelux , 22% Central Europe, 23% Latin America, 8% NHH 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) 1Q 2Q 1Q 2Q 1Q 2Q 1Q 2Q 1Q 2Q Spain Italy Benelux Central Europe Latin America

98 102 69 72 70% 71% 40 80 120 1H18 1H19 EUR 1H19 OWNED HOTEL REVENUE BY GEOGRAPHY

Thailand, 12% Overseas excl NHH, 15% NHH, 73%

SLIDE 19

71% 68% 67% 72% 40% 50% 60% 70% 80% NH Comp A Comp B Comp C

NH Hotel Group – 1H19 Competitor Comparisons

19 ADR - % CHG OCCUPANCY EBITDA MARGIN IMPROVEMENT - % POINT

Comparing with hotel operators in Europe, NHH has outperformed the market in 1H19. The outperformance in RevPar was primarily driven by ADR improvement, suggesting better profitability during the period.

3.8% 1.8%

• 2.2%

2.4%

• 2.5%

0.0% 2.5% 5.0% NH Comp A Comp B Comp C 1.3 p.p. 0.4 p.p. 2.1 p.p.

• 1.2 p.p
• 2.0 p.p.
• 1.0 p.p.

0.0 p.p. 1.0 p.p. 2.0 p.p. 3.0 p.p. NH Comp A Comp B Comp C

REVPAR - % CHG

4.5% 2.9% 0.8% 0.8% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% NH Comp A Comp B Comp C

Source: European competitors’ 1H19 results publication

SLIDE 20

NHH Integration & Synergies Update

20

Potential synergies have been identified and will be proposed to NHH’s board for approval, after which the plan will be announced. Both MINT & NHH are already working together on the integration, two of which have already been implemented.

The first hotel under the Anantara brand opened its doors in Spain in July 2019.

• Anantara Villa Padierna Palace Benahavis Marbella

Resort is a leased hotel under the operations of NHH.

• This Tuscan palazzo-style resort is located in

Andalusia’s ‘Golden Triangle’ between Marbella, Benahavís and Estepona in the south of Spain. CROSS-EXPANSION TIVOLI INTEGRATION MINT’s Portugal and Brazil portfolio has been transferred to be under the operations of NHH, under three types of business model. Leased Hotels Managed Hotels Hotels under Business Management Agreement

• 3 hotels in Lisbon
• Following MINT’s sale of the 3 hotels to

Invesco Real Estate, Invesco leases the hotels back to NHH for 20 years, with

• ptions to extend for a total term of up to

60 years, and with the minimum rental guarantee basket.

• 9 hotels in Portugal
• NHH manages the hotels for MINT for a

term of 2 years.

• 2 hotels in Brazil
• NHH supports MINT in budgeting process,

performance and operational reviews, restructuring implementation, recruitment and human resources for a term of 5 years. With the lease of the three hotels, MINT will retain over 75% of the total Tivoli portfolio EBITDA.

SLIDE 21

78% 76% 82% 79% 77% 74% 60% 70% 80% 90% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Management Letting Rights

21

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. 2Q19 RevPar of MLR declined by 4% in AUD term, as a result of weak macro environment. With the weakening of the AUD, RevPar in THB term declined by 12%. The decline of the RevPar was mitigated by the increase in number of rooms, resulting in the decline of Oaks’ revenue by 2% in 2Q19 in THB term.

ADR NUMBER OF HOTEL ROOMS OCCUPANCY REVPAR

+7% y-y No of Rooms THB

• 9% y-y

AUD

• 1% y-y
• 2% y-y

THB

• 12% y-y

THB THB AUD AUD 1H19 MINOR HOTELS REVENUE CONTRIBUTION 6% MLR 6,511 6,512 6,618 6,935 7,000 6,989 4,000 5,000 6,000 7,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 4,621 3,999 4,240 4,332 4,124 3,627 189 166 176 185 183 164 160 170 180 190 200 2,000 4,000 6,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3,624 3,052 3,480 3,411 3,188 2,673 148 126 144 145 142 121 110 130 150 170 1,000 2,000 3,000 4,000 5,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 AUD

• 4% y-y

SLIDE 22

4,170 3,144 3,413 3,119 4,306 3,425 2,882 2,744 2,000 4,000 6,000 6,103 5,375 5,459 4,824 6,231 5,669 4,535 4,561 2,000 4,000 6,000 8,000 68% 59% 63% 65% 69% 60% 64% 60% 50% 60% 70% 80% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2%

Managed Hotels

22

In 1H19, managed hotels (excl NHH) contributed approximately 2% of hotel & mixed-use revenue. Organic RevPar excluding FX impact of managed hotels portfolio increased by 9%, driven by hotels in UAE, Oman, Seychelles, Qatar and Laos. System-wide RevPar declined by 13%, with the addition of NHH portfolio. Revenue of managed hotels (excl NHH) increased by 10% in 2Q19 y-y, as a result of increase in RevPar and new hotel openings.

ADR

Management Contracts

NUMBER OF HOTEL ROOMS OCCUPANCY REVPAR

+182% y-y No of Rooms THB THB System-wide

• 15% y-y

Organic excl FX +5% y-y Organic +1% y-y System-wide +1% y-y Organic excl FX +9% y-y System-wide

• 13% y-y

1H19 MINOR HOTELS REVENUE CONTRIBUTION 4,745 4,750 4,919 13,311 13,284 13,408 5,000 10,000 15,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1Q18 2Q18 3Q18 4Q18 2Q19 1Q19 1Q18 2Q18 3Q18 4Q18 2Q19 1Q19

SLIDE 23

• Le Chaland, Mauritius

164 rms

• Tozeur, Tunisia

93 rms

• Bangkok, Thailand 382 rms
• Adelaide, Australia 78 rms
• Angkor, Cambodia 80 rms
• Busan, South Korea 289 rms
• Krabi, Thailand 178 rms
• Dubai, UAE

360 rms

• Victoria, Australia

170 rms

• Wellington, New Zealand

226 rms

• Bahia, Brazil

50 rms

• Beirut, Lebanon 110 rms
• Busan, Korea

436 rms

• Valencia, Spain 47 rms
• Santiago, Chile

85 rms

• Murano, Italy 104 rms
• Porto, Portugal 79 rms
• Andorra la Vella, Andorra 60 rms
• London, UK

190 rms

• Lima, Peru 265 rms
• Laikipia, Kenya

8 rms

• Marbella, Spain 132 rms
• Desaru, Malaysia

103 rms

• Ubud, Bali, Indonesia*

71 rms

• Merida , Mexico 120 rms
• A Coruna, Spain 92 rms
• Mannheim, Germany 225 rms
• Leipzig, Germany 197 rms
• Mexico City, Mexico 105 rms
• Munich, Germany 173 rms
• Antwerp, Belgium

180 rms

• Rome, Italy 42 rms
• Warangi, Serengeti

National Park, Tanzania* 12 rms

Hotel Expansion Pipeline

2019F MANAGEMENT CONTRACTS / MLRS

• Frankfurt, Germany

428 rms

• Hamburg, Germany

261 rms

• Frankfurt, Germany

375 rms

HOTEL INVESTMENT

• Khao Lak, Thailand

328 rms

• 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

2020F 2021F 2022F-2024F

62 Hotels / 11,868 Rooms 12 Hotels / 1,452 Rooms 9 Hotels / 1,876 Rooms 3 Hotels / 1,064 Rooms 21 Hotels / 3,454 Rooms 15 Hotels / 2,408 Rooms 15 Hotels / 3,416 Rooms 11 Hotels / 2,590 Rooms

23

• Phi Phi Island, Thailand

107 rms

• Chengdu, China

150 rms

• Nanjing, China

120 rms

• Ras Al Khaimah, UAE

140 rms

• Sharjah, UAE

233 rms

• Busan, Korea

570 rms

• Savanne, Mauritius

156 rms

• Gammarth, Tunisia

232 rms

• Ras Al Khaimah, UAE

225 rms

• Dubai, UAE

528 rms

• Fortaleza, Brazil

130 rms

• Hangzhou, China

166 rms

• Phuket, Thailand

500 rms

• Aguascalientes, Mexico 105 rms
• Hangzhou, China

54 rms

• Sifah, Oman

300 rms

• Accra, Ghana

155 rms

• Riyadh, Saudi Arabia 163 rms
• Kota Kinabalu, Malaysia

386 rms

• Yangon, Myanmar 250 rms
• Cam Ranh, Vietnam

595 rms

• Ho Chi Minh City, Vietnam

217 rms

• Yangon, Myanmar 221 rms
• Guadalajara, Mexico

120 rms

• Panama

83 rms

• Zhuhai, China

100 rms

Others Others

* Note: Joint-ventured properties 24 Hotels / 4,392 Rooms * Hotels already opened in 1H19

• Bang Krachao, Thailand

60 rms

• Libo Country, China

173 rms

• Krabi, Thailand 83 rms
• Dubai, UAE

528 rms

• Muscat, Oman

150 rms

• Queensland, Australia

50 rms

• Chengdu, China 201 rms
• Chengdu, China 197 rms
• Hangzhou, China 132 rms
• Venice, Italy

38 rms

• Feira de Santana, Brazil 207 rms
• Iquique, Chile

135 rms

• Mexico City, Mexico

144 rms

• Lima, Peru

164 rms

• Santiago, Chile

146 rms

SLIDE 24

6%

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 24 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

1H19 MINOR HOTELS REVENUE CONTRIBUTION

SLIDE 25

Mixed-Use Business – Anantara Vacation Club

25

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 2Q19, AVC revenue

declined by 7% in THB term, as the price increase implemented in December 2018 temporarily impacted the number of points sold amidst the Chinese economic slowdown.

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

6,928 8,000 10,193 12,347 13,296 4,000 8,000 12,000 2015 2016 2017 2018 2Q19

• No. of

Members Growth (y-y) +28% +15% +27% +21% +17% 137 160 186 229 229 500 100 200 300 400 500 2015 2016 2017 2018 2Q19 2023F

• No. of Units

>12 Destinations 7 Destinations: Queenstown, Bali, Sanya, Samui, Phuket, Bangkok Chiang Mai > As at Jun 2019 China, 38% Thailand, 11% Singapore, 8% Hong Kong, 8% Malaysia, 8% Japan, 4% Taiwan, 4% Philippines, 3% Australia, 2% USA, 2% Others, 12% 41% 18% 21% 12% 29% 26% 13% 11% China Thailand Hong Kong Singapore 2018 Growth Y-Y CAGR 2013-2018 6% Mixed-use 1H19 MINOR HOTELS REVENUE CONTRIBUTION

SLIDE 26

MINOR FOOD

SLIDE 27

Minor Food – Financial Highlights

27

1H19 revenue of Minor Food grew by 3% y-y, primarily because of the outlet expansion, which offset the slowdown of the overall same-store-sales from the weak macro backdrop. EBITDA and net profit declined y-y by 2% and 17% respectively. Despite improved profitability of the China hub,

• verall margins were under pressure, which resulted from the contraction of same-store-sales in other hubs, together with investment and

expenses in growing sales and strengthening of digital capabilities in Thailand.

Revenue EBITDA NPAT THB million EBITDA Margin Net Margin 1Q19 1Q18 3Q18 2Q18 4Q18

KEY HIGHLIGHTS

17.3% 15.6% 7.5% 12.3% 4.7% 18.5% 9.0% 15.6% 6.0% 6.0%

Total-system-sales growth of

4.5%

in 1H19

• The Pizza Company, Burger King, Dairy Queen, The Coffee

Club and Riverside reported positive total-system-sales growth as the brands continued to selectively open new

• utlets.
• Total-system-sales growth was positive throughout the

first half with the outlet expansion in China and Thailand. Outlet expansion

6%

in 1H19

• The drivers of outlet expansion during the past 12

months were The Pizza Company, Dairy Queen, Burger King, The Coffee Club and Riverside. Same-store-sales growth of

• 3.8%

in 1H19

• SSSG of China hub was positive in 1H19, but was not

sufficient to offset the negative same-store-sales growth

• f Thailand and Australia hubs which continued to face

challenging macro conditions.

• Minor Food will continue to strengthen its multi-brand

portfolio through product innovations and accessibility, both through physical stores and online channel.

* The financials above reflect performance from operation, and therefore exclude non-core items in as detailed on page 46.

6,085 5,806 5,836 5,756 6,367 5,865 1,123 903 911 710 1,103 879 548 350 350 273 475 269 15.0% 4.6% 2Q19 12,233 11,892 2,026 1,982 16.2% 17.0% 898 1H19 7.5% 1H18 6.1%

• 23% y-y
• 3% y-y

+1% y-y +3% y-y

• 2% y-y
• 17% y-y

745

SLIDE 28

Minor Food – International Presence

28

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% 65% 64% 60% 19% 35% 36% 40% 0% 25% 50% 75% 100% 2008 2018* 1H19* 2023F International Thailand

SLIDE 29

Minor Food – Operational Performance

29

2Q19 total-system-sales of the restaurant business grew by 3.8%, driven by selective outlet expansion of 6% y-y, primarily in China, Thailand and developing hubs. Same-store-sales growth, although still negative, showed an improving trend q-q for the second consecutive quarter. China’s positive same-store-sales growth was not enough to offset negative same-store-sales growth in Thailand and Australia hubs, which continued to experience weak macro backdrop.

RESTAURANT OUTLETS BY GEOGRAPHY SSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth 2,130 2,270 2,254 2,085

• No. of

Outlets 2,174

RESTAURANT OUTLETS BY OWNERSHIP

International Thailand 2008 2018 2Q19 2023F 34% 66% 67% 37% 63% 1,043 4,462 2,270 2,268 +6% y-y 34% 66% 53% 82% 59% Franchised Owned 50% 2008 2018 2Q19 2023F 38% 62% 51% 49% 4,462 49% 51% +6% y-y 1,043 2,270 2,268 50% 50%

• 1.8%
• 3.1%
• 3.8%
• 4.3%
• 4.0%
• 3.6%
• 1.7%
• 0.7%

0.7% 2.8% 5.3% 3.8%

• 5%

0% 5% 10% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2,268 33%

SLIDE 30

Thailand Hub

30

Revenue from domestic operations accounted for over 60% of total restaurant revenue in 1H19. With outlet expansion of The Pizza Company, Dairy Queen, Burger King and The Coffee Club, total-system-sales growth was positive in 1H19.

KEY HIGHLIGHTS THAILAND’S SSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth Thailand 1H19 MINOR FOOD REVENUE CONTRIBUTION

• Same-store-sales: Thailand’s SSS declined by 5.6% in 2Q19, an improving

trend q-q from a decline of 6.0% in 1Q19: ‒ Consumer confidence remained challenging during the quarter. Upcountry SSS performance remained weaker than Bangkok; and ‒ Bangkok continued to be impacted by high competition and delivery service disruption.

• Total-system-sales:

‒ Thailand hub selectively expanded its network of outlets, taking into careful consideration the brands, location and format; ‒ With outlet expansion of 9% in 2Q19, Thailand’s TSSG was 0.8%.

• 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.

64% Thailand

• 10%
• 5%

0% 5% 10% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

SLIDE 31

Thailand Hub – Accessibility

31

With the marketplace expanding from dine-ins to delivery services, Minor Food has proactively extended its services for both channels across brands to ensure easy access by customers to various types of outlets and for all occasions.

DELIVERY BRICK & MORTAR Convenience Store Office Building Petrol Station Shop-in-Shop

Third-party Aggregators

SLIDE 32

Thailand Hub – Product Innovation

32

In order to maintain its position with products that are on top of mind of customers, Minor Food continues to create excitement through product innovations for all of its brands.

The Pizza Company’s Breakfast Set Burger King’s Rice Dishes The Cloud by The Coffee Club The Pizza Company’s Cheesy Shrimp Pizza The Coffee Club’s Kao Tom Set Dairy Queen x Line Soft Serve

SLIDE 33

• Same-store-sales: China’s SSSG remained positive in 2Q19, as the outlet

restructuring strategy started to pay off.

• Total-system-sales: With rapid outlet expansion of 14%, the TSSG was 15.8% in

2Q19.

• 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 ‒ Invest in system for efficiency and focus on CRM to increase sales.

China Hub

33

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. In 1H19, net profit of China hub increased by five-folds y-y, from the higher operating leverage with positive same-store-sales growth, together with effective cost control.

KEY HIGHLIGHTS CHINA’S SSS & TSS GROWTH

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

• 15%
• 5%

5% 15% 25% Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 TSSG SSSG 1H19 MINOR FOOD REVENUE CONTRIBUTION 14% China

• 10%
• 5%

0% 5% 10% 15% 20% 25% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

SLIDE 34

China Hub – Food Traceability

34

Food traceability is becoming increasingly important in China, as food safety and product quality are the main concerns of the consumers. The China hub has signed an agreement with Bright Food Group, a reputable and reliable supplier who is known for their quality and safety, with the aim for long term sustainable business in China. From 1 December 2019, Bright Food Group will supply Riverside with “live” fish with 100% farm-to- chopstick traceability.

• Bright Food Group has 160 square

km of fish farm with 24 hours CCTV and automated water quality control system.

Fish supply agreement with Bright Food Group signed. Daily delivery to 7 stores in Shanghai during testing phase commenced. Complete 100% roll

• ut to all 50+ stores

in East China region (Shanghai cluster). Complete 100% roll

• ut to all 30+ stores

in Beijing. June 1, 2019 July 1, 2019 October 1, 2019 December 1, 2019 Testing successful, Rollout to remaining stores in East China region commenced. August 1, 2019

• Every batch of fish is traceable

with complete information on feeds, water quality and origin.

• QR code for each batch of fish is

easily accessible for customers in the stores.

• Management is committed to

ensure successful and sustainable partnership.

SLIDE 35

Australia Hub

35

In 1H19, Australia hub’s revenue contributed 11% of total restaurant business. Although revenue increased in AUD term, revenue in THB term declined by 4% because of the weakening of the AUD. Nevertheless, Australia hub’s profitability improved in 1H19, from efficient control of food costs and selling & administrative expenses amidst the weak macro backdrop.

KEY HIGHLIGHTS AUSTRALIA’S SSS & TSS GROWTH

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

• Same-store-sales: Australia’s SSS declined by 2.3% in 2Q19, as Australia

continued to face economic slowdown. The growth of The Coffee Club International has helped offset the soft performance of the domestic business.

• Total-system-sales: The trend of TSSG improved to -2.1%, as The Coffee Club

Australia continued to undergo rationalization of nonperforming outlets.

• 2019 Strategies:

‒ Grow The Coffee Club business in Australia through:

• brand relevance, such as convenience through delivery channel

(partnership with UberEats and potentially other aggregators), and

• differentiation through hero products and loyalty program;

‒ Drive international expansion of The Coffee Club brand in both existing and new markets, where the main driver continues to be Thailand; and ‒ Expand coffee roasting business through all channels:

• retail channel through The Coffee Club and white label business,

and

• wholesale channel through supermarkets.

1H19 MINOR FOOD REVENUE CONTRIBUTION 11% Australia

• 15.0%
• 10.0%
• 5.0%

0.0% 5.0% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

SLIDE 36

Laos

Australia Hub – Overseas Expansion

36

Australia hub continues to focus on overseas expansion of The Coffee Club as a growth driver. Today, The Coffee Club has 158 stores in 10 countries

• utside of Australia.

Maldives Bali Seychelles Vietnam UAE

SLIDE 37

Focus on delivery

Minor Food – 2H19 Priorities

37

Amidst today’s rapidly changing competitive landscape, Minor Food has identified key priorities to be implemented for the rest of the year.

DRIVING SSSG DIVERSIFIED EXPANSION FOCUSING ON PROFITABILITY Upgrading facilities / relocation to higher traffic areas Drive local menus Increase day-part traffic 1 2 3 Grow occasions 4 Physical Stores Selective expansion through new channels : Transportation hubs, new smaller-scale communities & marketplace Digital Growth through both own app / platform and third-party aggregators Driving digital transformation to increase productivity 1 2

SLIDE 38

MINOR LIFESTYLE

SLIDE 39

30 30 19 51 31 6

Minor Lifestyle – Financial Highlights

39

1H19 revenue of Minor Lifestyle was up 11%, driven by both retail trading and contract manufacturing businesses. EBITDA and NPAT declined by 6% and 39% respectively because of higher proportion of the lower margin sales with discounts and promotions campaigns of retail trading business and lower operating leverage of the contract manufacturing business.

Revenue EBITDA NPAT THB million

• 80% y-y

EBITDA Margin Net Margin 1Q19 1Q18 3Q18 2Q18 4Q18

KEY HIGHLIGHTS

2.7% 1.8% 4.1% 2.4% 3.0% 6.3% 6.3% 6.9% 6.7% 8.2%

Retail trading

79%

• f 1H19 Minor Lifestyle

revenue Contract manufacturing

21%

• f 1H19 Minor Lifestyle

revenue

• 1H19 revenue from retail trading increased by

12%, mainly from Anello, OVS, Radley, Bossini, Charles & Keith Bodum, Henckels and Joseph Joseph, together with sales from recently-added brands, Save My Bag.

• 1H19 revenue from contract manufacturing

increased by 7% from increased sales to existing and new customers in 1Q19.

• No. of Shops

452 490 486 416 429

SSS & TSS GROWTH

TSSG SSSG 3.1%

• 2.5%
• 8.1%
• 8.3%
• 1.3%

1.3% 19.4% 12.4% 3.9% 2.4% 8.0% 11.4% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 1,130 1,014 1,062 1,234 1,251 1,120 72 83 67 85 84 62 2,370 2,143 145 155 60 37 7.2% 6.1% 1.5% 2.8% 1H18 5.5% 0.5% 2Q19 496

• 26% y-y

+10% y-y +11% y-y

• 6% y-y

1H19

• 39% y-y

SLIDE 40

Corporate Information & Five-Year Plan

SLIDE 41

1.40 1.55 0.8 1.0 1.2 1.4 1.6 1.8 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 YE19 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

41

CAPEX plans include committed CAPEX of projects in the pipeline. Following the acquisition of NHH, 2Q19 interest bearing debt to equity ratio rose to 1.55x, which is within its debt covenant of 1.75x. MINT and its senior unsecured debentures have “A” rating by TRIS. With the asset rotation plan executed, MINT expects its debt to equity ratio to decline 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

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity Internal Policy X THB million 50,000 100,000 150,000 200,000 Outstanding Borrowing & Equity Un-Utilized Facility Debt 53,876 Debt 124,635 Shareholders’ Equity 80,359 Note: Cash on hand as at end of 2Q19 is THB 12,035 million X 1.30x Target Equity* 9,931

* Assume 100% conversion of MINT-W6

SLIDE 42

Refinance & Balance Sheet Management Plans

42

With the completion of the strategic asset rotation in 3Q19, MINT will be able to bring its debt-to-equity ratio down to the internal policy of 1.3x by the end of 2019. MINT is on track with its refinancing plan, with less than 5% of the investment amount remaining as bridge loan, which will be refinanced into term loan by 3Q19.

BALANCE SHEET MANAGEMENT REFINANCING PLANS

Acquisition Funding EUR 400 mn EUR 1,180 mn EUR 747 mn EUR 2,327 mn 94.1% stake 16.6% stake Aug 2018 47.7% stake Oct 2018 29.8% stake Jun 2018 EUR 519 mn EUR 400 mn EUR 265 mn THB 15 bn 5-yr callable perpetual bonds USD 300 mn 3-yr callable perpetual bonds EUR 2,327 mn All funding swapped to EUR Target blended financing cost < 3% EUR 80 mn 15-yr corporate bonds

2Q19 Performance

• 2Q19 net profit has contributed to the equity base.

Syndicated Loans

• 5-year syndicated loans have been drawn down to

repay bridge finance. 2H19 Performance

• 2H19 net profit will further add to the equity base.

Asset Rotation:

• Transaction was completed in July 2019.
• Net cash of the EUR 313 million gross selling price will

be used to repay bridge loan.

• Gain on sale of assets of EUR 62 million will boost

equity base. Refinancing Plans:

• After repayment of the bridge loan with the proceeds

from asset rotation, the remaining bridge loan will be termed out into long-term loan within 3Q19. 2Q19 DE = 1.55x YE19 Plan DE >= 1.3x

EUR 674 mn THB 24 bn Series of 2-15 yr THB bonds EUR 75 mn EUR 519 mn 5-yr syndicated loans EUR 80 mn EUR 314 mn Repayment with proceeds from asset rotation & NHH dividend Bridge loan, to be refinanced to term loan

SLIDE 43

MINT’s Five-Year Strategy

43 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 44

Five-Year Aspiration

44

2009 REVENUE THB 17.2 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.)

2Q19

• 520 hotels
• 132 residences built to date
• 229 vacation club units
• 2,268 restaurants
• 496 retail shops & POS

(32,234 sq.m.)

SLIDE 45

THANK YOU

Foreign Correspondents’ Club Angkor – Man anaged by AVANI