FORWARD LOOKING STATEMENT Statements included or incorporated in - - PowerPoint PPT Presentation

SLIDE 1

Company Presentation – Nov 2018

SLIDE 2

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

• therwise 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.

FORWARD LOOKING STATEMENT

Disclaimer

SLIDE 3

9M18 Performance Recap & NH Hotel Group Minor Hotels Minor Food Minor Lifestyle Corporate Information & Five-Year Strategy

Agenda

SLIDE 4

9M18 Performance Recap

NH Collection Barcelona Gran Hotel Calderón, Spain

SLIDE 5

5

1,000 2,000 3,000 4,000 5,000 9M17 Minor Hotels Minor Food Minor Lifestyle 9M18 30,000 35,000 40,000 45,000 50,000 9M17 Minor Hotels Minor Food Minor Lifestyle 9M18

SNAPSHOT OF MINT’S NINE MONTHS PERFORMANCE

9M18 revenue growth of 9% was driven by organic operations of Minor Hotels and Minor Lifestyle, together with dividend income from NH Hotel Group. However, net profit grew at a slower rate of 1% because of the margin pressure on AVC from the strengthening of the THB and lower operating leverage of restaurant business.

REVENUE NET PROFIT

9M18 Performance Recap THB million THB million Minor Lifestyle 7% Minor Food 38% Minor Hotels 55% Minor Lifestyle 2% Minor Food 33% Minor Hotels 65% 3,804 43,066 47,095 3,944

Non-recurring gain from fair value adjustment on the investment in Benihana of THB 121 million in 2Q18

Excl special gain +9% y-y Excl special gain +1% y-y 46,974 3,824

* 9M18 financials include contributions from NH Hotel Group: Revenue (dividend income) of THB 443 million, NPAT (dividend net of related expenses, financial costs and tax) of THB -25 million

SLIDE 6

6

MINT’s Footprint

With solid diversification strategy, at the end of October 2018 (after the completion of the tender offer of NH Hotel Group), MINT’s footprint was in 64 countries across its hospitality and restaurant businesses.

Minor Food Combination Minor Hotels

INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

87% 51% 48% 50% 13% 49% 52% 50% 0% 25% 50% 75% 100% 2008 2017 9M18* 2022F International Thailand

* Excludes non-recurring gain from investment in Benihana, but includes NH Hotel Group

SLIDE 7

7

A TRANSFORMATIONAL ACQUISITION – NH HOTEL GROUP

NH Hotel Group

MINT completed the tender offer of NH Hotel Group on 31 Oct 2018. Total investment is EUR 2,327 million (approx. THB 87.9 billion) for 94.1% stake in NH Hotel Group. The acquisition has transformed MINT, both in terms of platform to become a global hospitality operator, as well as greater size financially with the contribution from NH Hotel Group.

MINT MINT & NH Hotel Group Bigger & Better Hospitality Platform

No of hotels 164

548

No of keys 20,660

80,262

5

8

No of countries 40

64

No of employees Over 66,000

Over 89,000

MINT MINT & NH Hotel Group Pro-forma Financially Accretive to MINT

Revenues 47,095

92,567 +97%

EBITDA 9,663

17,185 +78%

NPAT (Recurring) 3,823

4,437 +16%

Key assumptions:

• The 94.1% acquisition of NH Hotel Group was completed on 1 Jan 2017
• No fair value adjustment
• Borrowings from financial institutions and corporate bonds are

calculated at 2.2% interest rate

• P&L does not include interest expenses on the THB 15 billion perpetual

bond at 5.85% interest rate, as the amount is reflected directly in retained earnings. (Note that post-swap interest rate is 3.83%.)

Change

THB million

No of key own hotel brands

SLIDE 8

8

NH HOTEL GROUP ACQUISITION – IMMEDIATE PLANS

NH Hotel Group

Upon the completion of the tender offer, MINT has immediately started working on its medium-term plan. The key areas that have been identified are operational, accounting and balance sheet management issues.

4Q18 2019 Operations 2019 Goals Accounting

• Consolidate NH Hotel

Group in 4Q18

• Consolidate full-year financials of NHH

Balance Sheet Management

• Ensure that MINT complies

with its debt covenant of 1.75x D/E ratio

• Focus on bringing the D/E ratio down to the internal

policy

• Unlock value-accretive and synergistic benefits
• Drive integration plans for incremental revenue increase and higher customer

satisfaction

• Support NHH management team to continue strong organic execution

Perpetual bond issuance Financial co-investors / Asset rotation strategy Fair value adjustment Value creation for both companies Expected NPAT contribution in the high teens D/E ratio down to 1.3x by YE2019

SLIDE 9

9

FINANCING PLAN OF THE ACQUISITION OF NH HOTEL GROUP

NH Hotel Group

The amount of debt related to the acquisition of NH Hotel Group corresponds with the accumulation of NH Hotel Group shares

• ver the period of June to October 2018. Upon the completion of the acquisition, the bridging loan will be termed out and/or

repaid over the next three to four quarters. The exact timing will depend on the market condition.

2Q18 3Q18 4Q18 Funding @ acquisition

THB 15 bn THB 45 bn THB 15 bn Perpetual Bond THB 3 bn Euro Bond THB 70 bn Bridge Loan THB 28 bn THB 88 bn 29.8% 16.6% 47.7%

+ +

94.1% Shareholding

• The bridge loan has a maximum

term of 18 months

• MINT is exploring a combination
• f funding plans, as follows:

‒ Corporate bonds ‒ Syndicate loans ‒ Perpetual bonds ‒ Possible repayment with proceeds from sale to co- investors and/or asset rotation

• Bonds / loans in whatever

currency will ultimately be swapped into Euros to close any FX mismatch

• Taking advantage of the low Euro

interest rate, the swap will help target blended funding cost to be less than 3%

SLIDE 10

10

FINANCIAL PERFORMANCE OF NH HOTEL GROUP

NH Hotel Group reported recurring EBITDA of EUR 185 million in 9M18. With strong business fundamentals and favorable macro environment, together with positive contributions from asset rotation strategy and efficiency measures, NH Hotel Group reiterates its EUR 260 million EBITDA guidance for 2018.

Revenue Recurring EBITDA Reported NPAT EUR million +51% y-y +3% y-y +8% y-y EBITDA Margin Net Margin 16.8% 4.2% 17.6% 8.6% 14.7% 2.1% 15.6% 8.9% 3Q17 3Q18 1,190 1,156 +3% y-y +9% y-y +88% y-y 9M17 9M18 405 400 72 67 170 185 35 28 107 24

Note: (1) As per NH Hotel Group’s report, 3Q18 numbers exclude hyperinflation accounting effect (IAS 29), while 9M18 numbers include hyperinflation accounting effect (implemented since 1 Jan 2018) and (2) Recurring NPAT exclude capital gains and related taxes from asset rotation. Source: NH Hotel Group’s 9M18 Results Presentation & Sales and Results

KEY HIGHLIGHTS Revenues Recurring EBITDA NPAT Leverage

• 9M18 revenue growth of 3%

‒ RevPar up 2.0% (Occupancy + 0.4% & ADR +1.5%) ‒ Strong performance of Benelux and Italy ‒ Relative RevPar outperformed comp sets in top cities with focus on quality (measured through TripAdvisor and Google Reviews)

• 9M18 recurring EBITDA growth of 9%, higher than revenue

growth, resulting in margin improvement of almost 1% ‒ 41% EBITDA conversion rate ‒ Effective cost control, both payroll and operating expenses

• 9M18 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 208 million as of 30 September 2018 from EUR 655 million as of year-end 2017 ‒ Early redemption of convertible bond (EUR 250 million) in June 2018

Recurring NPAT Recurring NPAT Margin +110% y-y NM 28 18 4.6% 6.8% 2.3% 4.3% 27 51 NH Hotel Group

SLIDE 11

Minor Hotels

Souq Al Wakra Hotel Qatar by Tivoli

SLIDE 12

12

FINANCIAL PERFORMANCE – MINOR HOTELS

9M18 revenue from existing operations of hotel & mixed-use business (excl. NH Hotel Group) grew by 13%, primarily driven by

• wned and managed hotels, together with consolidation of Corbin & King. 9M18 EBITDA and NPAT increased at a lower rate of

11% and 9%, respectively, primarily because of pressure on AVC’s margin from strengthening of the THB.

Minor Hotels Revenue EBITDA NPAT THB million +32% y-y +18% y-y +16% y-y EBITDA Margin Net Margin

9M18 KEY HIGHLIGHTS Owned hotels

63%

• f 9M18 hospitality

revenue Management letting rights

18%

• f 9M18 hospitality

revenue Management contracts

3%

• f 9M18 hospitality

revenue Mixed-use

15%

• f 9M18 hospitality

revenue

• Revenue grew by 26% y-y, as a result of:

‒ organic revenue growth of 11% from improved operations, particularly in Thailand, Portugal and Maldives ‒ consolidation of Corbin & King

• Revenue increased by 5% y-y in AUD

term, supported by 9M18 RevPar growth

• f 3% in AUD and the increase in number
• f rooms
• However, with the weakening of the

AUD, revenue in THB was flat

• Revenue increased by 8% in 9M18.
• The increase was primarily because of

new hotel additions, which was partially

• ffset by weak performance of hotels in

the UAE and Qatar in 3Q18

• Revenue declined by 7% y-y, mainly from

the mismatch in the timing of mixed-use activities and strengthening of the THB against USD in 1Q18

8,388 6,659 7,571 8,352 8,929 7,762 8,907 2,574 1,063 1,836 2,201 2,245 1,692 2,128 1,361 287 673 1,053 1,141 490 891 30.7% 16.2% 16.1% 4.3% 24.2% 8.9% 26.4% 25.1% 12.6% 12.8% 1Q17 2Q17 3Q17 4Q17 1Q18 +13% y-y +11% y-y +9% y-y 24.2% 23.7% 9.9% 10.3% 9M17 9M18 21.8% 6.3% 2Q18

* 2Q18, 3Q18 and 9M18 financials exclude contributions from NH Hotel Group, detailed as follows:

• Revenue (dividend income) of

THB 359 million in 2Q18, THB 84 million in 3Q18, THB 443 million in 9M18

• EBITDA (dividend net of related expenses) of

THB 234 million in 2Q18, THB 84 million in 3Q18, THB 318 million in 9M18

• Net profit (EBITDA net of financial costs and tax) of THB 215 million in 2Q18,

THB -240 million in 3Q18, THB -25 million in 9M18

25,598 22,618 6,065 5,473 2,522 2,322 23.9% 10.0% 3Q18

SLIDE 13

13

Hubs

In recent years, MINT has implemented a solid diversification strategy. After the completion of the tender offer in Oct 2018, MINT operates hotels under a combination of investment, joint-venture and management business models in 53 countries.

REVENUE CONTRIBUTION

94% 37% 32% 29% 6% 63% 68% 71% 0% 25% 50% 75% 100% 2008 2017 9M18 2022F International Thailand Management Combination Investment New Destinations in Pipeline Minor Hotels

MINOR HOTELS - INTERNATIONAL PRESENCE

* Includes NH Hotel Group

SLIDE 14

14

SYSTEM-WIDE HOTEL OPERATIONS

Excluding new hotels and FX impact, organic RevPar of the entire portfolio increased by 7% in 3Q18, driven primarily by owned and joint-venture hotels portfolio. 3Q18 system-wide RevPar increased at a lower rate of 1% because of the addition of new hotels which are still in the ramping-up stage, together with the strengthening of the THB.

THB

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

No of Rooms System-wide

• 3% y-y

Organic excl FX +2% y-y THB Organic excl FX +7% y-y System-wide +1% y-y +4% y-y Organic +3% y-y System-wide +2% y-y Minor Hotels 67% 65% 70% 67% 69% 66% 73% 68% 66% 72% 50% 60% 70% 80% 90% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 6,338 5,207 5,444 5,850 6,574 5,255 5,571 6,157 4,983 5,293 2,000 4,000 6,000 8,000 4,270 3,388 3,800 3,903 4,545 3,486 4,073 4,204 3,270 3,823 1,000 2,000 3,000 4,000 5,000 5,000 10,000 15,000 20,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 MLR / Oaks Managed Joint-venture Owned 19,794 19,896 19,860 20,209 20,379 20,385 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 20,660

SLIDE 15

15

63%

OWNED-HOTELS OPERATIONS

Owned hotels contributed over 60% of hotel & mixed-use revenue in 9M18. 3Q18 organic RevPar excluding FX impact of owned hotels increased by 13% primarily from the strong performance of overseas hotels. Revenue

• f owned hotels (excl NH Hotel Group) increased by 26% in 3Q18, from strong performance of organic
• perations and the consolidation of Corbin & King.

THB THB

Owned- hotels 9M18 HOSPITALITY REVENUE CONTRIBUTION*

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

Flat y-y No of Rooms Organic excl FX +13% y-y System-wide +8% y-y System-wide +1% y-y Organic +5% y-y System-wide +5% y-y Minor Hotels Organic excl FX +5% y-y 7,118 7,050 7,039 7,039 7,063 7,063 7,063 2,000 4,000 6,000 8,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 58% 62% 69% 59% 60% 64% 74% 60% 64% 74% 40% 50% 60% 70% 80% 90% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 6,791 5,519 6,095 6,617 7,573 5,731 6,397 7,314 5,556 6,152 2,000 4,000 6,000 8,000 3,907 3,445 4,206 3,881 4,566 3,695 4,733 4,400 3,568 4,533 2,000 4,000 6,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

* Contribution includes NH Hotel Group

SLIDE 16

16

RevPar Growth (y-y) +1% +9% +5% +13% +14% Flat

• 1%

RevPar Growth (y-y) +2% +21% +19% +14% +16% +6% +5%

OWNED-HOTELS OPERATIONS – THAILAND

THB

THAILAND PROVINCES BANGKOK

THB RevPar ADR % Occupancy Minor Hotels Organic Organic

9M18 OWNED HOTEL REVENUE BY GEOGRAPHY

KEY HIGHLIGHTS Thailand Bangkok Thailand Provinces

• International tourist arrivals into Thailand grew by 3% in
• 3Q18. The slowdown in the growth rate was from decline
• f Chinese tourists by 9%.
• Number of room nights in Thailand sold by Minor Hotels

grew by 3% y-y in 3Q18, in line with the industry.

• Organic

RevPar

• f

Minor Hotels’

• wned

Thailand portfolio grew by 1% y-y in 3Q18, driven by hotels in Bangkok.

• The RevPar growth of owned hotels in Bangkok of 5% in

3Q18 was primarily from higher occupancy.

• The Riverside hotels, both Anantara Riverside Bangkok

and AVANI Riverside Bangkok continued to perform exceptionally well with double-digit RevPar growth during the quarter.

• RevPar of hotels in the provinces was down slightly in

3Q18, primarily from occupancy decline.

• While hotels under owned brand performed well in

Phuket and Samui, the third-party hotel brands such as JW Marriott Phuket and Four Seasons Samui saw weak RevPar performance.

Thailand hotels continued to be the largest contributor to the owned hotels segment. The momentum of the RevPar growth in 2Q18 and 3Q18 is slower than in 1Q18, partly from Thailand’s low season, resulting in lower ability to command pricing power, and partly from the decline in Chinese tourists. Nevertheless, Thailand will remain an attractive destination for tourism with its diverse attractions, well-developed infrastructure and strategic location.

4,945 4,580 4,573 5,369 5,469 4,538 4,610 4,009 3,294 3,764 4,094 4,659 3,486 3,941 81% 72% 82% 76% 85% 77% 85% 2,000 4,000 6,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 9,257 6,359 6,175 8,357 9,903 6,324 6,243 7,229 4,370 4,535 6,286 8,224 4,360 4,481 78% 69% 73% 75% 83% 69% 72% 2,000 4,000 6,000 8,000 10,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

Thailand, 41% Portugal, 20% Brazil, 7% Maldives, 6% Africa, 7% Spain & Others (NHH), 3% Others, 16%

SLIDE 17

17

OWNED-HOTELS OPERATIONS – OVERSEAS

Minor Hotels

KEY HIGHLIGHTS OVERSEAS 2018 QUARTERLY ORGANIC Y-Y REVPAR GROWTH (THB)

In 3Q18, RevPar of owned overseas hotels increased by 12%, driven by hotels in all key markets. Excluding FX impact, organic RevPar of owned overseas hotels increased by even higher rate of 19%. Improving global economy, favorable tourism environment in key markets, selective asset refreshments, together with Minor Hotels’ ongoing sales & marketing efforts, contributed to the strong performance.

THB RevPar Growth (y-y)

• 7%

+8% Flat +12% +14% +6% +12% Organic

Portugal

• The Portugal portfolio’s RevPar increased by 12% in THB

(15% in EUR).

• Hotel renovations were completed in 2Q18, in time for the

high season.

• The RevPar increase was from both occupancy and rate.

Whereas previous RevPar increases have been from rate, third quarter was the first time since acquisition that Portugal portfolio saw occupancy increase, signifying the traction of the hotels’ operating performance. Brazil

• Brazil’s RevPar increased by 9% in THB (37% in local currency)

with the weakening of the Brazilian real.

• Both hotels performed well.

Maldives

• The Maldives portfolio performed well, with RevPar growth
• f 10% in THB (+11% in USD).
• The RevPar growth was driven by occupancy increase, from

the continued targeted marketing efforts. Africa

• RevPar of the African portfolio increased by 15% in THB (29%

in local currencies).

• Hotels in Botswana and Zambia saw RevPar growth of over

30% in local currencies.

RevPar ADR % Occupancy 6,430 5,560 6,607 6,365 6,902 5,690 6,676 2,713 3,200 4,229 3,036 3,098 3,380 4,756 42% 58% 64% 48% 45% 59% 71% 2,000 4,000 6,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

1Q 2Q

45% 7% 15% 6% 11% 1% 1%

• 7%

12% 9% 10% 15% Portugal Brazil Maldives Africa

3Q 1Q 2Q 3Q 1Q 2Q 3Q 1Q 2Q 3Q 9M18 OWNED HOTEL REVENUE BY GEOGRAPHY Thailand, 41% Portugal, 20% Brazil, 7% Maldives, 6% Africa, 7% Spain & Others (NHH), 3% Others, 16%

SLIDE 18

18

MANAGEMENT LETTING RIGHTS

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 3Q18 MLR’s revenue increased by 3% in AUD term, primarily from the increase in RevPar, revenue in THB term decreased by 4% because of the weakening of the AUD.

THB +4% y-y

No of Rooms

NUMBER OF MANAGED ROOMS ADR OCCUPANCY REVPAR

THB AUD THB

• 7% y-y

AUD +1% y-y +2% y-y AUD THB

• 5% y-y

AUD +3% y-y Minor Hotels

9M18 HOSPITALITY REVENUE CONTRIBUTION

18%

MLR

6,328 6,363 6,338 6,418 6,511 6,512 6,618 4,000 5,000 6,000 7,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 79% 75% 80% 80% 78% 76% 82% 60% 70% 80% 90% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4,830 4,235 4,581 4,689 4,621 3,999 4,240 181 164 174 185 189 166 176 160 170 180 190 200 2,000 4,000 6,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 3,793 3,170 3,680 3,740 3,624 3,052 3,480 142 123 140 148 148 126 144 110 130 150 170 1,000 2,000 3,000 4,000 5,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

SLIDE 19

19

MANAGED-HOTELS OPERATIONS

In 9M18, managed hotels contributed 3% of hotel & mixed-use revenue. Organic RevPar excluding FX impact of managed hotels portfolio increased by 4%, driven by hotels in Thailand, Indonesia and China. System-wide RevPar in THB term declined by 1% y-y, primarily from the ramping up of the newly opened

• hotels. Because of the soft performance of hotels in UAE and Qatar, 3Q18 revenue from management

service declined by 10%.

THB

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

THB No of Rooms System-wide

• 1% y-y

Organic excl FX Flat y-y Organic +2% y-y System-wide Flat y-y Organic excl FX +4% y-y System-wide

• 1% y-y

+6% y-y Minor Hotels

9M18 HOSPITALITY REVENUE CONTRIBUTION

3%

Management Contracts

70% 60% 63% 64% 71% 60% 65% 68% 59% 63% 50% 60% 70% 80% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4,484 4,619 4,619 4,692 4,745 4,750 4,919 2,000 3,000 4,000 5,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

+Anantara Guiyang +The Beaumont

7,034 5,704 5,530 6,075 6,575 5,706 5,537 6,103 5,375 5,459 2,000 4,000 6,000 8,000 4,952 3,417 3,460 3,876 4,678 3,414 3,583 4,170 3,144 3,413 2,000 4,000 6,000

+AVANI+ Luang Prabang +Kifaru House, Kenya

1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

+Tivoli Evora +Souq Al Wakra Qatar by Tivoli +Al Najada Doha by Tivoli

SLIDE 20

20

Expansion inside and outside Thailand will contribute to revenue & profit in coming years.

Minor Hotels In addition to the current pipeline, MINT is evaluating opportunities to manage another 10 hotels and management letting rights in Australia, Japan, Kenya, Lebanon, Myanmar, Philippines and Saudi Arabia.

HOTEL EXPANSION PIPELINE

* Note: Joint-ventured properties

2018F

• Quy Nhon, Vietnam

25 rms

• Koh Samui, Thailand

58 rms

• Barra Grande, Brazil

50 rms

• Victoria, Australia

456 rms

• Luang Prabang, Laos

53 rms

• Tunis, Tunisia

41 rms

• E-vora, Portugal

56 rms

• Recife, Brazil

200 rms

• Doha, Qatar

151 rms

• Al Wakrah, Qatar

101 rms

• New South Wales, Australia 114 rms
• Queensland, Australia

78 rms

• Doha, Qatar

100 rms

• Beirut, Lebanon

110 rms

• Lewa, Kenya

5 rms

MANAGEMENT CONTRACTS

2021F

• Khao Lak, Thailand

328 rms

HOTEL INVESTMENT

• Fares Island, Maldives*

200 rms Others

• Shanghai, China

260 rms

• Qiandao Lake, China

120 rms

• Lijiang, China

607 rms

• Yu Ping, China

173 rms

• Le Chaland, Mauritius

164 rms

• Al Houara Tangier, Morocco 150 rms
• Sifah, Oman

198 rms

• Tozeur, Tunisia

93 rms

• Jebel Dhanna, UAE

60 rms

• Victoria, Australia

170 rms

• Busan, Korea

289 rms

• Bangkok, Thailand

385 rms

• Jebel Dhanna, UAE

228 rms

• Brasilia, Brazil

395 rms

• Queensland, Australia

102 rms

• South Australia, Australia

278 rms

• Bahia, Brazil

207 rms

• Hangzhou, China

132 rms

• Daegu, Korea

144 rms

• Wellington, New Zealand

226 rms

• Laikipia, Kenya

7 rms

• Nanjing, China

120 rms

• Zhuhai, China

160 rms

• Jeddah, Saudi Arabia

328 rms

• Zanzibar, Tanzania

150 rms

• Phi Phi Islands, Thailand

107 rms

• Ras Al Khaimah, UAE

306 rms

• Zhuhai, China

300 rms

• Savanne, Mauritius

156 rms

• Muscat, Oman

150 rms

• Ras Al Khaimah, UAE 255 rms
• Dubai, UAE

372 rms

• Dubai, UAE

528 rms

• Cam Ranh Bay, Vietnam

595 rms

• Fortaleza, Brazil

130 rms

• Hangzhou, China

166 rms

• Busan, Korea

150 rms

• Zhuhai, China

100 rms 2021F

• Chengdu, China

150 rms

• Accra, Ghana

155 rms

• Sharjah, UAE

233 rms

• Kota Kinabalu, Malaysia 386 rms
• Gammart, Tunisia

232 rms

• Dubai, UAE

528 rms 2022F

• Hangzhou, China

54 rms

2019F 2020F 2021-2022F 2 Hotels / 83 Rooms 3 Hotels / 185 Rooms 1 Hotel / 200 Rooms 1 Hotel / 328 Rooms 7 Hotels / 796 Rooms 13 Hotels / 1,515 Rooms 21 Hotels / 4,388 Rooms 17 Hotel / 4,073 Rooms 7 Hotel / 1,738 Rooms 58 Hotels / 11,714 Rooms

• Desaru, Malaysia

103 rms

• Ubud, Bali, Indonesia*

70 rms

• Warangi, Serengeti

National Park, Tanzania* 12 rms

SLIDE 21

21

MIXED-USE BUSINESS – RESIDENTIAL

The project is situated on Layan beach, one of the most picturesque bays

• n west coast of Phuket.

The villas are on a cliff, above powder-white sands and crystal-blue waters.

Sold 42% Minor Hotels

9M18 HOSPITALITY REVENUE CONTRIBUTION

A 50% joint-venture with U City Pcl., the project is in the city center of Chiang Mai, across from Anantara Chiang Mai Resort & Spa. A 49% joint-venture with Rani Investment, the project is 5 minutes from Maputo CBD.

• 18-storey residential

tower; 181 keys for rent and 6 penthouse units for sale

• 20,926 sq.m., 21-

storey office tower

• 15 uniquely designed

pool villas

• Up to 8 bedrooms,

each with 21 meter private infinity pool

• 1,313 to 2,317 sq.m.
• f built-up area
• 44 units in 7-storey

condominium building

• 65 to 162 sq.m. (one

to three bedrooms)

• 14 villas, with

2-5 bedrooms

MINT’s residential projects are part of the mixed-use business, which is under Minor Hotels. The developments are next to MINT’s hotels and are usually branded MINT’s hotel brands. Below are the current projects.

LAYAN RESIDENCES BY ANANTARA, PHUKET ANANTARA CHIANG MAI SERVICED SUITES THE ESTATES SAMUI TORRES RANI, MAPUTO

15%

Mixed-use

SLIDE 22

22

MIXED-USE BUSINESS – PIPELINE OF RESIDENTIAL & OFFICE PROJECTS

Minor Hotels

In order to ensure the continuity of revenue stream from residential sales in the coming years, MINT has prepared additional pipeline of residential and office projects. Other residential projects will be selectively considered in various hotel destinations in

• rder to increase returns of the overall project.

AVADINA HILLS BY ANANTARA, PHUKET Located next to Layan Residences by Anantara, Phuket, the project is a 50% joint-venture with Kajima Corporation.

• 16 luxury pool villas
• 6-8 bedrooms
• 2,158 to 3,251 sq.m. of

built-up area

• Expected launch in 2018

Sold 55%

ANANTARA UBUD RESIDENCES A 50% joint-venture project with PT. Wijaya Karya Realty, the project is on the edge of a cliff with easy access to Ubud’s town center.

• 15 residential villas
• 1-2 bedrooms
• 165 to 252 sq.m. of built-

up area

• Expected launch in 2019

ANANTARA DESARU RESIDENCES A 60% joint-venture project with Destination Resorts and Hotels Sdn Bhd, the project is situated on beachfront land in the heart of Desaru Coast, Malaysia.

• 20 residential villas
• 3-4 bedrooms
• 290 to 600 sq.m. of built-

up area

• Expected launch in 2019

SILOM OFFICE The project is a 40% joint- venture with NYE

• Development. The property is

located on Silom Road, in the heart Bangkok CBD and is intended to be used as Minor Group’s head office.

• 9,668 sq.m. of retail space
• 56,699 sq.m. of office

space

• Expected launch in 2023

SLIDE 23

23

119 137 160 186 224 500 100 200 300 400 500 2014 2015 2016 2017 3Q18 2022F

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

Part of the mixed-use business, Anantara Vacation Club is another important contributor to Minor Hotels. Growth of members are driven by four main markets – China, Thailand, Hong Kong and Singapore. In 3Q18, AVC revenue increased by 4% in THB term.

MIXED-USE BUSINESS – ANANTARA VACATION CLUB

As at Sept 2018

• No. of Units

>12 Destinations 5,431 6,928 8,000 10,193 11,813 3,000 6,000 9,000 12,000 2014 2015 2016 2017 3Q18

• No. of

Members Growth (y-y) +41% +28% +15% +27% +23% 7 Destinations: Queenstown, Bali, Sanya, Samui, Phuket, Bangkok Chiang Mai Minor Hotels

China, 38% Thailand, 11% Hong Kong, 9% Singapore, 8% Malaysia, 7% Japan, 4% Taiwan, 3% Australia, 2% Philippines, 2% USA, 2% UAE, 2% Others, 12%

2,000 4,000 6,000 8,000 2014 2015 2016 2017 3Q18

• No. of

Members 5,553 7,845 3,731

+11% +12% +29% +19% +22% +111%

China Thailand Singapore 4,896

+10% +5% +48% +13% +35% +38%

Hong Kong

+10% +7% +17% +12%

> 6,896

+15% +33% +11% +28% 9M18 HOSPITALITY REVENUE CONTRIBUTION

15%

Mixed-use

SLIDE 24

Minor Food

SLIDE 25

25

FINANCIAL PERFORMANCE – MINOR FOOD

Net Margin THB million Minor Food +3% y-y Revenue EBITDA NPAT EBITDA Margin

• 10% y-y
• 21% y-y

KEY HIGHLIGHTS Total-system-sales growth of

• 0.6%

in 9M18

• Burger King, The Pizza Company, Dairy

Queen, Sizzler and BreadTalk reported positive total-system-sales growth as the brands continued to open new outlets.

• While total-system-sales growth turned

positive in Aug-Sept with the accelerated expansion in China and Thailand, the 9M18 growth was pulled down earlier in the year because of the outlet rationalization in Singapore and Australia and divestment of The Groove Train portfolio in late 2017. Outlet expansion

• f

6%

in 9M18

• The drivers of outlet expansion during the

year were The Pizza Company, Dairy Queen, The Coffee Club and Thai Express (Thailand). Same-store-sales growth of

• 2.9%

in 9M18

• Soft macro conditions in countries that the

four hubs operate 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 diversification strategy in

• rder to maintain its competitiveness.

6,028 5,823 5,693 6,053 6,085 5,806 5,836 1,138 1,012 1,018 1,118 1,123 903 911 540 431 442 500 548 350 350 18.9% 17.4% 17.9% 18.5% 18.5% 9.0% 1Q17 7.4% 2Q17 7.8% 3Q17 8.3% 4Q17 9.0% 1Q18 15.6% 6.0% 2Q18 9M18 9M17 +1% y-y

• 7% y-y
• 12% y-y

* The financials above reflect performance from operation, and therefore exclude non-recurring gain from fair value adjustment on the investment in Benihana of THB 121 million in 2Q18

18.1% 8.1% 17,530 17,728 2,938 3,167 1,248 1,413 16.6% 7.0% 15.6% 6.0% 3Q18

9M18 revenue of Minor Food increased by 1% y-y. The increase in revenue from Thailand hub was offset mainly by the decline in revenue from Singapore and Australia hubs. Although Minor Food was successful in driving customer traffic through promotional campaigns, EBITDA and NPAT margins were temporarily put under pressure, resulting in y-y decline in EBITDA and NPAT in 9M18.

SLIDE 26

26

Franchised Combination Owned

REVENUE CONTRIBUTION

Hub 81% 60% 64% 66% 19% 40% 36% 34% 0% 25% 50% 75% 100% 2008 2017 9M18* 2022F International Thailand

MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT’s restaurant presence is now in 27 countries across the region, operating owned, franchised and a combination of both business models. MINT continues to look for

• pportunities to expand, especially in these existing markets.

Minor Food

MINOR FOOD - INTERNATIONAL PRESENCE

* Excludes non-recurring gains

SLIDE 27

27

MINOR FOOD – OPERATIONAL PERFORMANCE

Same-Store-Sales Growth Total-System-Sales Growth 53% 82% 59% Franchised Owned 50% International Thailand

SSS & TSS GROWTH RESTAURANT OUTLETS BY GEOGRAPHY RESTAURANT OUTLETS BY OWNERSHIP

While total-system-sales showed an improving trend from its lowest point in 1Q18, same-store-sales had a declining trend throughout 2018. The positive total-system-sales growth of Thailand and China hubs were offset by the continued rationalization of Singapore hub and the sale of The Groove Train brand of the Australia hub since late 2017.

2008 2017 3Q18 2022F 35% 65% 67% 33% 45% 55% 1,043 3,458 2,174 2,064 +6% y-y 35% 65% 2008 2017 3Q18 2022F 38% 62% 47% 53% 3,458 49% 51% +6% y-y 1,043 2,174 2,064 48% 52%

2,064

• No. of

Outlets Minor Food 1.3%

• 1.0%
• 2.5%
• 1.1%
• 1.8%
• 3.1%
• 3.8%

8.2% 5.7% 3.2% 3.2%

• 1.7%
• 0.7%

0.7%

• 5%

0% 5% 10% 15% 20% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 2,017 2,037 2,042 2,085 2,130 2,174

SLIDE 28

28

THAILAND HUB

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

THAILAND’S SSS & TSS GROWTH MARKET LEADER

64%

Thailand 9M18 RESTAURANT REVENUE CONTRIBUTION

Revenue from domestic operations accounted for over 60% of total restaurant revenue in 9M18. While The Pizza Company, Sizzler and Burger King continued to expand the number of outlets, which resulted in positive total-store-sales growth in 3Q18, other brands remained conservative amidst the continued soft domestic consumption. The provincial areas of Thailand demonstrated weaker consumption compared to Bangkok.

Thailand hub’s same-store-sales declined by 4.4% in 3Q18, primarily because of the weak domestic consumption throughout the quarter, especially in the rural areas, and slowdown of Burger King and The Coffee Club in the south of Thailand in September because of the decline in Chinese tourists. Thailand hub continued to expand its number of outlets, resulting in total-system-sales growth of 4.7% in 3Q18. The Pizza Company continued to focus on new product development, and launched various new, innovative products including Black Volcano Pizza and Durian Pizza. The launch of new premium products selectively in high- spending stores, such as Thai custard toasts, sizzling plates and affograto in Central World, Siam Square, Emquartier and Siam Paragon has been successful in attracting customers. Sizzler renovated stores to improve customers’ experience, and to add more seats to reduce customers’ waiting time. The successful co-promotional campaigns with partners helped improve traffic and bring new customers to Dairy Queen stores. As part of the sustainability initiative, Burger King launched “Say No to Plastic” campaign, where straws are provided upon request. The Coffee Club Thailand continued with its expansion plan, with the addition of 9 stores, or 27% increase over the past 12 months.

Minor Food

• 5%

0% 5% 10% 15% 20% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

SLIDE 29

29 CHINA’S SSS & TSS GROWTH RIVERSIDE AS KEY GROWTH DRIVER

CHINA HUB

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

9M18 RESTAURANT REVENUE CONTRIBUTION

China hub remained 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.

China hub reported consistent improvement in the same-store- sales trend, with negative growth of 4.7% in 3Q18. The decline was primarily from outlets in tier-2 cities, which suffered from increased competition and lower store traffic Total-system-sales growth of 8.7% in 3Q18 was a result of rapid but disciplined outlet expansion of the Riverside brand by 12% y-y. China Hub’s focus is on the expansion of Riverside stores. ‒ In 3Q18, China hub opened four Riverside stores. ‒ Its same-store-sales showed improving trend every month during 3Q18. China Hub’s revenue increased by 2% in 3Q18, as a result of the proactive marketing campaigns and rapid outlet expansion during the quarter.

Minor Food 13% China

• 10%
• 5%

0% 5% 10% 15% 20% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

4Q18 Initiatives: ‒ Accelerate the expansion of Riverside

• utlets with the target of at least 80
• utlets by year-end.

‒ Put in place the strategy to drive same-store-sales from existing dine- in business, as well as potential delivery business, e.g. the launch of delivery-only products.

SLIDE 30

30 AUSTRALIA’S SSS & TSS GROWTH IMPROVING DOMESTIC EFFICIENCY & INTL EXPANSION

AUSTRALIA HUB

Total-System-Sales Growth

9M18 RESTAURANT REVENUE CONTRIBUTION

In 9M18, Australia hub’s revenue contributed 12% of total restaurant business. Overall 3Q18 revenue of the Australia hub increased slightly by 2% in local currency, at a moderate rate because of the divestment of The Groove Train portfolio in late 2017. However, the revenue in THB term declined by 9% because of the weakening of the AUD.

Same-store-sales of the Australia hub reported a decline of 2.3% in 3Q18 amidst the continued weakness of the economy, especially in Queensland. Total-system-sales declined at a faster rate of 12.6%, with the decline in net number of outlets from the store rationalization and the strategic divestment of The Groove Train portfolio since end of 2017.

Same-Store-Sales Growth

While domestic operations of the Australia hub continued to be slow because

• f

the weak consumption environment, international operations reported same-store-sales growth of 6% in 3Q18. 4Q18 Initiatives: ‒ Drive customer traffic with effective promotions and new store concepts in order to improve profitability. ‒ Improve performance and profitability of franchised outlets for sustainable growth. ‒ Focus on B2B coffee sales through Nomad (previously VGC Coffee Roasters). ‒ Further expand international presence in new territories, an example is the recent expansion to Vietnam through a joint- venture.

Minor Food 12%

Australia

• 15.0%
• 10.0%
• 5.0%

0.0% 5.0% 10.0% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

SLIDE 31

31 SINGAPORE’S SSS & TSS GROWTH ADAPTING TO THE MACRO ENVIRONMENT

SINGAPORE HUB

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

9M18 RESTAURANT REVENUE CONTRIBUTION Like many other F&B operators in the market, Singapore hub has been impacted by the economic slowdown

and increased competition over the past few years. With the closure of non-performing outlets throughout 2017, revenue of the Singapore hub continued to decline in 3Q18.

Singapore hub reported same-store-sales decline of 8.3% in 3Q18 with an improving monthly trend. With the continued selective closure of non-performing outlets, Singapore hub’s total-system-sales declined at a faster rate than same-store-sales, at almost 20%. 4Q18 initiatives: ‒ Rejuvenate existing brands to recapture market share, ‒ Convert non-performing stores to other potential brands, such as “Chill Gen” (hot pot) and “Sanook Kitchen” (Thai concept), ‒ Enter quality sites with proven track record of high sales and profitability, and ‒ Potentially franchise new brands to cater to changing taste, to capture wider market segments.

Minor Food 7%

Singapore

• 40%
• 30%
• 20%
• 10%

0% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18

SLIDE 32

Minor Lifestyle

SLIDE 33

33

FINANCIAL PERFORMANCE – MINOR LIFESTYLE

Revenue EBITDA NPAT Net Margin THB million Minor Lifestyle +2% y-y

• 5% y-y
• 30% y-y

9M18 revenue of Minor Lifestyle was up 10% y-y, driven by the retail trading business. EBITDA and net profit increased at a faster rate than revenue growth, as many fashion brands reported higher profitability especially in 1H18. The softer revenue growth and pressure on margin in 3Q18 was due to the higher end-of-season sale discounts which resulted from subdued domestic consumption.

EBITDA Margin

KEY HIGHLIGHTS Total-system-sales growth of

11.8%

in 9M18 Same-store-sales growth of

• 2.2%

in 9M18 Retail trading

78%

• f 9M18 Minor Lifestyle

revenue Contract manufacturing

22%

• f 9M18 Minor Lifestyle

revenue

• Total-system-sales

growth was primarily attributable to the recently- launched fashion brands (Anello, Radley, Etam, OVS), and the household brands (Joseph Joseph, Bodum).

• Same-store-sales

growth turned negative because of the slowdown in domestic consumption. The positive same-store-sales growth of Esprit, Charles & Keith, Radley and the household brands were offset by slower performance of other brands.

• 9M18 revenue from retail trading

increased by 13% y-y, mainly from Charles & Keith, Anello, Etam, Radley, Henckels and Joseph Joseph, together with sales from recently-added brands, OVS and Bodum.

• 9M18

revenue from contract manufacturing was flat y-y as a result of subdued consumption environment.

1Q17 2Q17 3Q17 4Q17 1Q18 963 919 1,037 1,173 1,130 1,014 1,062 65 54 70 115 72 83 67

24 18 27 58 30 30 19

6.7% 2.5% 5.9% 2.0% 6.8% 2.6% 9.8% 6.3% 5.0% 2.7% +10% y-y +17% y-y +14% y-y 9M17 9M18 8.2% 2Q18 3.0% 6.3% 3Q18 1.8% 2,918 3,205 189 221 79 69 6.5% 2.4% 6.9% 2.5%

SLIDE 34

34

MINOR LIFESTYLE – OPERATIONAL PERFORMANCE

Same-Store-Sales Growth Total-System-Sales Growth Fashion Sales per Sq. m.

SSS & TSS GROWTH SALES PER SQ. M.

THB

Total-system-sales of retail trading business grew by 3.9% in 3Q18, a declining trend because of the declining same-store-sales trend, as the fashion business experienced soft domestic consumption. 3Q18 sales per sq.m. declined from 3Q17 because of the rapid store expansion of recently launched brands, while sales is still in the ramping up stage.

• No. of

Shops 398

• No. of

Shops Minor Lifestyle

• 8.5%

1.1% 4.3% 12.7% 3.1%

• 2.5%
• 8.1%

5.7% 19.4% 25.2% 27.5% 19.4% 12.4% 3.9%

• 10%

0% 10% 20% 30% 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 329 339 354 416 25,238 24,141 26,014 27,285 25,238 24,972 23,844 10,000 15,000 20,000 25,000 30,000 35,000 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 398 329 339 354 416 429 429 452 452

SLIDE 35

Corporate Information & Five-Year Strategy

SLIDE 36

36 BACK-UP FINANCING

CAPEX & BALANCE SHEET STRENGTH

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity THB million THB million

CAPEX PLANS LEVERAGE RATIOS

Corporate Information Additional CAPEX (non-committed average per annum) for new projects in the pipeline EBITDA coverage on committed CAPEX 30,000 60,000 90,000 120,000 150,000 Outstanding Borrowing & Equity Un-Utilized Facility Debt 28,482 Debt 77,851 Shareholders’ Equity 63,498

CAPEX include committed CAPEX of existing projects and potential CAPEX on new projects in the pipeline. At the end of 3Q18, the issuance of THB 15 billion perpetual bond brought down the interest bearing debt to equity ratio to 1.23x. With proactive capital structure management and funding plan post acquisition of NH Hotel Group, MINT is confident that leverage ratio will be within the debt covenant of 1.75x interest bearing debt to equity at the end of 2018. MINT and its senior unsecured debentures have “A” rating by TRIS.

Note: Cash on hand as at end of 3Q18 is THB 4,587 million X X 1.15x 1.23x Internal Policy Minor Food Minor Hotels Minor Lifestyle

* 2018 committed CAPEX includes investments in Benihana, Riverside, Food Theory and 94.1% in NH Hotel Group.

0.3 0.6 0.9 1.2 1.5 1.8 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 0.0 1.0 2.0 3.0 4.0 5.0 6.0 5,000 10,000 15,000 20,000 25,000 2017A 2018F 2019F 2020F 2021F 2022F 100,000

SLIDE 37

37

FIVE-YEAR ASPIRATIONS

NPAT (THB)

1.4bn

2009

5.4bn

2022F 2017

2022F*

3Q18

• > 270 hotels
• > 300 residences built
• > 500 timeshare units
• > 3,400 restaurants
• > 600 retail shops & POS

(> 44,000 Sqm)

• 164 hotels + NH

portfolio of 384 hotels

• 132 residences built to

date

• 224 timeshare units
• 2,174 restaurants
• 452 retail shops & POS

(31,155 Sqm)

2009

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

(14,275 Sqm)

Five-Year Strategy

* With the acquisition of NH Hotel Group, the five-year plan will be revisited and new targets are expected to be announced in the beginning of 2019.

SLIDE 38

38

Five-year strategy consists of the following three key pillars, with clear goals and measurements. With the acquisition of NH Hotel Group, the five-year plan will be revisited and new plan is targeted to be announced in the beginning of 2019.

MINT’S FIVE-YEAR STRATEGY 2018-2022

NPAT growth of 15-20% CAGR ROIC of > 13% Growth Pillars Measure- ments

Drive Growth of Multi-Brand Portfolio

Through Brand Value Enhancement & Distribution Optimization

Maximize Asset Value and Productivity Expand Through Strategic Investments, JV Partnerships & Acquisitions

Asset-Right Strategy Mixed-use Initiatives

Total-system-sales growth

• f 15%

Revenue growth

• f over 10%

Improvement of margins Revenue from overseas

• f 50%

Net profit from overseas

• f over 50%

2022 Goals

Five-Year Strategy

Vertical Integration Funding Source Optimization