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

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Company Presentation – Feb 2017

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FORWARD LOOKING STATEMENT

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.

Disclaimer

SLIDE 3

Anantara Al Jabal Al Akhdar, Oman

Agenda

2016 Performance Recap & Recent Updates Key Drivers of 2017 Minor Hotels Minor Food Minor Lifestyle Corporate Information

SLIDE 4

2016 Performance Recap & Recent Updates

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5

6,000 4,000 2,000 2015 Minor Hotels Minor Food Minor Lifestyle Special Gains 2016

NET PROFIT

2016 PerformanceRecap 50,000 40,000 30,000 20,000 2015 Minor Hotels Minor Food Minor Lifestyle Special Gains 2016 THB million 60,000

MINT REMAINED RESILIENT DESPITE MACRO CHALLENGE DURING YEAR-END

Excluding non-recurring items (detailed on page 39), 2016 core net profit decreased by only 3% due mainly to the impact of the mourning period and flooding in Thailand during 4Q16, and the soft performance of AVC amidst its transformation into a new business model, as well as some external challenges in MINT’s other key markets.

REVENUE

+19% THB million 8,000 7,040 6,590

• 6%

Exclspecialgains

• 3%

48,014 Exclspecialgains +19% 56,973

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MINT’s Footprint MinorFood Combination MinorHotels

INTERNATIONAL PRESENCE

With solid diversification strategy, MINT’s presence was in 32 countries at the end of 2016 across its hospitality and restaurant businesses.

REVENUE CONTRIBUTION

87% 56% 50% 48% 13% 44% 50% 52% 0% 25% 50% 75% 100% 2008 2015 2016 2021F International Thailand

* Excludes non-recurring gains

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RecentDevelopment

WHAT’S NEW IN 4Q16 TO DATE

MINOR HOTELS New Brand Launches

• Strategically launched two new

brands to create additional revenue base and further diversify portfolio: − October 2016: Radley, handbag and leather accessories from London − November 2016: Anello, bag packs and bags from Japan

• Launched “Bemynt”,MINT’s own e-

commerce platform for fashion and lifestyle brands Hotel Investment Hotel Management

New Concept Launch

• Franchised and launched the first “Yentafo Kruengsonge

by A. Mallika”, a Thai noodle concept in Singapore in November 2016

MINOR LIFESTYLE MINOR FOOD

• Rebranded Pattaya Marriott Resort & Spa to

AVANI Pattaya Resort & Spa, effective November 2016

• Acquired Elements Boutique Resort & Spa in

Koh Samui, Thailand in October 2016 with plan to re-open under AVANI brand in 2018

• Opened Oaks Bodgaya Hotel, a 25% joint-

venture property in Bihar, India in January 2017

• Entered Oman with the launch of Anantara Al

Jabal Al Akhdar Resort in October 2016 and Al in Baleed Resort Salalah by Anantara November 2016 Residential Development

• Completed the construction of all 44 units of

the Anantara Chiang Mai Serviced Suites

• Sold and transferred one penthouse unit of

Torres Rani project in Maputo, Mozambique AnantaraVacation Club

• Added Chiang Mai as the 7th destination of

Anantara Vacation Club

• Added nine units (six in Phuket and three in

Chiang Mai) to the inventory pool of Anantara Vacation Club

SLIDE 8

Key Drivers of 2017 and Beyond

Anantara Vilamoura Algarve Resort, Portugal

SLIDE 9

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2017 and Beyond

KEY DRIVERS OF 2017 AND BEYOND – MINOR HOTELS

PORTUGAL -STRONGGROWTH TO CONTINUE

• Solid demandgrowthfromshift of

Europeantourists towardsgeopolitical stableregions

• Increasedappealand affordabilityof

Portugalwith weakeningof Euroagainst USD

• ADR Increasein timeforhighseason in

2Q17-3Q17 with renovationof Tivoli assets

• Higherratesandamplificationof MINT’s

brandswith the rebrandingto Anantara VilamouraAlgarveand AVANI Avenida LiberdadeLisbon AFRICA - POSITIVE GROWTHPROSPECTS FUELED BY ROBUSTDEMAND

• Robusttouristdemanddrivenby

improvingeconomy,infrastructureand flightconnectivity

• Rampup ofprofitabilitythrough MINT’s

globalplatformand operationalexcellence

• Uplift of ADR andRevParwith room

renovationof AVANI Gaboronein Botswana

• Increasingdemandto visit theworld-

renownedVictoriaFalls to benefitZambia hotels REAL ESTATE BUSINESS

• Strong pick-up of residential sales: The Residences by Anantara, Layan, Phuket (sold 2 in Jan17 with another one unit in the

process of closing), Anantara Chiang Mai Serviced Suites (31 units pre-sold); Torres Rani (2 penthouse units deposited)

• Turnaroundof AVC through enhanced product offerings, accelerated cash flow, strengthened risk management procedures and

targeted sales and marketing strategy MALDIVES- PROMOTINGRESILIENCYTHROUGHDIVERSIFICATION

• Occupancyuplift throughtargetedand dynamicmarketingtactics
• Reducedearningsvolatilityby diversifyingfeedermarketsbeyond key

existingmarketslikeChinaand Russiato, forinstance, MiddleEast

• Improvedqualityof productand serviceto earn globalrecognitions

HOTELMANAGEMENTCONTRACT

• Over 20 managementcontractssignedand to be openedover next

three years(2017-2020)

• Over 100 hotelsundermanagementby 2021 from36 hotels currently
• Potentialrebrandingopportunitieswiththe strengtheningof MINT’s
• wned brandsin the globalhospitalityindustry

AUD

• FlourishingNew SouthWalesand Victoria

marketsdue to resilienteconomic environments,whichwereless impactedby the slowdownof the miningindustry

• Strongerprofitabilityof recentlyadded

propertiese.g.The MiltonBrisbaneand Oaks Southbank, afterthe ramp-upstage

• Double-digitADR growthwith ongoing

refurbishmentssuch as OaksCypress Lakes

• Continuedexpansionboth inits home

marketand outsidee.g.Indiaand Middle East THAILAND-BACK IN FULL SWING

• Internationaltouristarrivalsto rise by at

least 9% in 2017 accordingto TAT

• EncouragingJanuarydatawithinternational

touristgrowth of7% y-yin Jan17

• Uplift in ADR and RevParfromroom

renovations- e.g.AnantaraSiam Bangkok (Phase2), AVANI Pattaya,AnantaraMai Khao PhuketVillasand Four Seasons Tented Camp AUSTRALIA– MORE PROMISINGGROWTH OUTLOOK

• Robusttouristgrowth:international

primarilydrivenby Asian marketse.g. Chinese and India;domesticfrom weakened

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KEY DRIVERS OF 2017 AND BEYOND – MINOR FOOD

2017 and Beyond

Thailand

MAINTAININGLEADERSHIPPOSITION

• Recoveryof domesticconsumption,

supportedby increasedinfrastructure spending,higherfarm incomeand lowerhouseholddebt afterexpiryof the first-carscheme

• Strongbrandportfoliowith significant

marketsharein most categories

• EncouragingJan17 data,withsame-

store-salesgrowthof 2.4%, led by The PizzaCompany, Swensen’s, The Coffee Club, BreadTalk& BurgerKing

• Ongoingproduct&

serviceinnovations

• Leadingdigital strategyand

strengtheningdeliveryplatformto enhancecustomerexperiencee.g. TPC’s onlinedeliveryordercontribution jumpednotablyfrom the teens to almost 40% withinone year

China

PROFITABLE EXPANSION

• Productimprovementto capture

risingmiddle-classconsumptionand urbanization

• Potentialstakeincreaseof Riverside

based on the originalagreementwith the Founders to maximizeearnings potential

• Commitmentto operational

excellence,supplychainmanagement andnetworkplanningto drive productivityimprovementand profitableexpansion

• Expandingdelivery channelto

capitalizeon food deliverytrend

• Continueddevelopmentof Thai

Expresswithfirst franchisedoutlet in BeijingCapitalInternationalAirportin Jan17, withone moreto open in May17

Singapore

PORTFOLIO RATIONALIZATION

• New managementin placeto rebuild

a strong foundationfor sustainable growthin the long-term

• Ongoingportfoliorationalizationto

enhanceproductivity

• StrengtheningThai foodportfolioand

adoptingeffectivesegmentation strategyto bettercapture various marketsegments

• Preparingright products,brandsand

platformto ridethe benefitwhen the economyturns around

• SpearheadThai Express’sfranchise

expansionoutside of Singaporesuch as Vietnamand Malaysia

Australia

STABLEOPERATIONS WITH FURTHER GROWTH

• Expansionof coffeeroastingbusiness,

the highermarginbusiness, to improveprofitability

• Strengtheningof franchise

capabilitiesthroughleverageof MINT’s operationalexcellenceand globalplatform

• Strongmomentumof The CoffeeClub

brandwith promisingfranchising

• pportunitiesboth in Australiaand
• versease.g.MiddleEast, Thailand

etc.

• Improvingeconomicconditionin

2017 to helpupliftthe performance

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AVANI Riverside Bangkok

Minor Hotels

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FINANCIAL PERFORMANCE – MINOR HOTELS

2016 core revenues of hotel & mixed-use business (excluding non-recurring items) grew by 18%, as a result of growth of owned hotel and Oaks operations, additional contribution of recently acquired hotels, as well as increased management income. 2016 core EBITDA increased by 16%, while core net profit declined by 7%, attributable to lower profitability of Anantara Vacation Club amidst its transformation, together with high depreciation and effective tax rate from recent acquisitions.

Revenue EBITDA THB million 16,390 17,977 19,243 23,547 27,758 4,535 5,206 5,561 6,146 7,146 +18% +16% EBITDA Margin NPAT Net Margin 29.0% 2,449 13.6% 2013 27.7% 1,940 11.8% 2012 26.1% 3,009 12.8% 2015 28.9% 2,600 13.5% 2014 25.7%

• 7%

2,811 10.1% 2016

* The financials above reflect performance from operation, and therefore exclude non-recurring gains as detailed on page 39

Minor Hotels

KEY HIGHLIGHTS Owned hotels

57%

• f 2016 hospitality

revenue Oaks

22%

• f 2016 hospitality

revenue

4%

• f 2016 hospitality

revenue Real estate

14%

• f 2016 hospitality

revenue

• Revenue grew by 39%, as a result of

improved overall operations, together with the incremental revenue from the newly acquired hotels.

• Revenue increased by 11%, supported

by RevPar growth of 5% in AUD term (7% in THB term), together with the increase in room count. Managementcontracts • Revenue increased by 12%, primarily attributable to strong performance of hotels in Thailand and Seychelles, together with additional management fees from newly managed hotels.

• Revenue declined by 13% due to lower

residential sales, part of which were delayed from 4Q16 to 1Q17 because of the mourning period in Thailand, together with the rebasing year of AVC revenue after the adjustment of its business model.

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MINOR HOTELS - INTERNATIONAL PRESENCE

In recent years, MINT has implemented a solid diversification strategy. At the end of 2016, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 25 countries, with another 5 countries in the pipeline over the next three years.

REVENUE CONTRIBUTION

94% 41% 37% 32% 6% 59% 63% 68% 0% 25% 50% 75% 100% 2008 2015 2016 2021F International Thailand Investment Management Combination New Destinationsin Pipeline Hubs

* Excludes non-recurring gains

Minor Hotels

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69% 70% 66% 68% 68% 67% 60% 70% 80% 2012 2013 2014 2015 2016

5,589 5,573 6,110 5,830 5,956 5,744

2,000 4,000 6,000

3,871 3,901 4,024 3,964 4,051 3,821

2,000 3,000 4,000

SYSTEM-WIDE HOTEL OPERATIONS

Excluding new hotels, organic RevPar of the entire portfolio increased by 2% in 2016, driven by slight improvement in organic

• ADR. However, 2016 system-wide RevPar decreased by 4%, primarily from newly added hotels in the overseas which are still in at

the ramping-up stage.

THB 8,000

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

System-wide

• 1%

Organic +2% THB 5,000 Organic +2% System-wide

• 4%

Organic flat System-wide

• 1%

5,000 10,000 15,000 No of Rooms 20,000 2012 2013 2014 2015 2016 MLR Managed Joint-venture Owned

12,800 14,721 10,348 17,714

Minor Hotels +12%

19,797

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

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66% 68% 59% 66% 64% 50% 40% 70% 60% 80% 2012 2013 2014 2015 2016 3,977 4,372 4,168 4,293 4,292 3,685 3,000 2,000 5,000 4,000

OWNED-HOTELS OPERATIONS

Owned hotels contribute 57% of hotel & mixed-use revenues in 2016, an increase from the same period last year, from stable operations of existing owned hotels and additional revenues of newly acquired hotels. Excluding new hotels, 2016 organic RevPar was flat as soft performance of the Maldives and Brazil were offset by strong performance of Thailand, especially in the first ten months of the year.

THB THB

2016 HOSPITALITY REVENUECONTRIBUTION

57%

Owned- hotels

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

No of Organic flat System-wide

• 14%

System-wide

• 12%

Organic

• 2%

System-wide

• 2%

2,335 2,676 3,112 5,387 +32% 7,118 2,000 6,000 4,000 Rooms 8,000 2012 2013 2014 2015 2016 6,035 6,385 7,028 6,553 6,6775,788 2,000 8,000 6,000 4,000

* Changein2015 statsbecauseofretroactiveclassificationofhotelsinZambiafromJV hotelsto ownedhotelsasaresultofchangein investmentstatuseffective3Q16.

Minor Hotels 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Organic +2%

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• Bangkok: organic owned RevPar increase of 5% in 2016, driven by higher
• ccupancy and ADR. Including the new AVANI hotel which is still at the

ramping-up stage, system-wide owned RevPar declined by 4% in 2016.

• Thailand provinces: resilient performance throughout the year with
• rganic owned RevPar increase of 6% in 2016. Key tourist destinations in

the North of Thailand, including Chiang Mai and Chiang Rai, achieved impressive double-digit RevPar growth.

• Overseas: decline in 2016 organic owned RevPar of 8% due to the

slowdown in the Maldives and Brazil. With the addition of new hotels which commanded lower RevPar than the portfolio’s average, system-wide

• wned RevPar was down 23% in 2016.

4,589 63% 2,901 4,662 70% 3,278 4,830 51% 2,473 4,943 70% 3,473 4,967 74% 3,653 2,000 2012 2013 2014 2015 2016 Organic RevPar Growth (y-y) +36% +13%

• 25%

+40% +5%

OWNED-HOTELS ORGANIC OPERATIONS – THAILAND vs. OVERSEAS

THB

THAILAND PROVINCES BANGKOK

THB 6,000 4,000

RevPar ADR % Occupancy

Thailand hotels continued to be the largest contributor to the hospitality business, with revenue of owned hotels in Thailand accounting for almost 30% of hospitality revenue. With the acquisition of Tivoli hotels portfolio, overseas hotels contributed 28% of hospitality revenue.

Minor Hotels RevPar Growth (y-y) +16% +17%

• 2%

+10% +6% 3,944 5,840 68% 6,686 69% 4,599 6,937 65% 4,526 7,060 70% 4,974 7,443 71% 5,272 4,000 2,000 8,000 6,000 2012 2013 2014 2015 2016 Organic

2016 HOSPITALITY REVENUECONTRIBUTION Thailand hotels

29%

Overseas hotels28%

OVERSEAS

RevPar Growth (y-y) +99%

• 44%

+8%

• 43%
• 8%

7,426 17,436 12,246 11,151 6,903 70% 62% 12,177 7,452 61% 7,265 58% 4,236 52% 3,889 THB 16,000 12,000 8,000 4,000 2012 2013 2014 2015 2016 Organic

KEY HIGHLIGHTS

Organic Organic Organic

* Change in 2015stats because of retroactive classification of hotels in Zambia from JV hotels to owned hotels as a result of change in investment status effective 3Q16.

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5% 9% Thailand Portugal

• 15%

Maldives

• 13%

Brazil Africa

OWNED-HOTELS OPERATIONS BY KEY MARKETS

In 2016, owned hotels in Thailand, Portugal and Africa led the overall RevPar performance of the owned hotel portfolio and helped offset the softness of hospitality industry in Brazil and the Maldives.

2016 HOSPITALITY REVENUECONTRIBUTION

57%

Owned- hotels

Minor Hotels Thailand, 50% Brazil,8% Portugal,21%

Thailand KEY MARKET HIGHLIGHTS

• Thailand hotels benefited from strong international tourist arrivals,

which grew by 9% in 2016, led by tourists from China, Russia, India and US.

• Excluding new hotels, organic RevPar of Thailand owned hotels

increased by 5% in 2016 despite the mourning period in 4Q16.

• 2016 system-wide RevPar of Thailand owned hotels was flat due to

additions of new hotels.

Portugal Africa

• Tivoli hotels in Portugal benefited from the demand shift of European

tourists from other Mediterranean destinations, which are still facing geopolitical risks.

• The portfolio reported impressive RevPar growth of 18% in THB term

in 2016.

• Performance of African operations continued to improve, led by the

hotels in Zambia and Namibia, which reported double-digit RevPar growth in 2016.

Brazil

• RevPar of hotels in Brazil declined due to the temporary impact of the

hotels renovation and lower demand from challenging macro conditions.

• The completed renovation led to double-digit ADR growth and

Maldives

improving RevPar trend since the second half of 2016.

• Maldives portfolio was challenged by high competition from new

hotel openings, which put pressure on rates and RevPar performance.

2016 REVENUE CONTRIBUTION OF OWNED HOTELS BY GEOGRAPHY

Others, 5% Africa,8% Maldives,7%

* Exclude non-recurring items

2016 ORGANIC REVPAR GROWTH (Y-Y)

18%

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3,962 3,730 3,643 3,258 123 126 124 127 110 130 120 2,000 1,000 3,000 2012 2013 2014 2015 2016 77% 78% 76% 76% 60% 70% 90% 80% 2012 2013 2014 2015 2016 5,160 4,788 4,795 4,271 160 162 164 166 150 170 160 180 2,000 4,000 2012 2013 2014 2015 2016

OAKS’ OPERATIONS

Oaks’ serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 22% revenue contribution in 2016. Oaks continues to provide the hotel & mixed-use business with stable performance throughout the year, compared to hotel operations which is more seasonal. Oaks’ 2016 revenues in THB increased by 11%, from increase in RevPar and the additional number of rooms.

THB 5,000 4,000

NUMBER OF MANAGED ROOMS ADR OCCUPANCY REVPAR

THB 6,000 AUD 200 190 THB +7% 4,557 174 AUD +5% +1% 77% AUD 150 140 THB +7% 3,495 133 AUD +5% 5,180 5,897 6,223 6,232 +2% 6,339 3,000 4,000 5,000

No of Rooms

6,000 2012 2013 2014 2015 2016 Minor Hotels

2016 HOSPITALITY REVENUECONTRIBUTION

22%

Oaks

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2,748 3,227 3,737 4,400 4,470 4,241 1,000 5,000 3,000 5,047 5,594 6,748 7,038 4,000 6,000 54% 58% 55% 63% 65% 40% 60% 50% 70% 80% 2012 2013 2014 2015 2016

MANAGED-HOTELS OPERATIONS

In 2016, managed hotels contributed 4% of hotel & mixed-use revenues. Organic RevPar of managed hotels portfolio was up 2%, primarily from increase in occupancy of managed hotels in Thailand, Seychelles and

• Qatar. With the increase in room counts, 2016 revenue from management service increased by 12%.

THB

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

THB 8,000 System-wide

• 4%

6,724 Organic

• 2%

6,921 Organic +2% 64% System-wide +1% Organic +2% System-wide

• 4%

2,023 3,254 3,453 3,910 +16% 4,533 1,000 2,000 3,000 No of Rooms 5,000 4,000 2012 2013 2014 2015 2016 Minor Hotels

2016 HOSPITALITY REVENUECONTRIBUTION

4%

Management Contracts

2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

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HOTEL EXPANSION PIPELINE

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

* Note:Joint-venturedproperties

2017F

• Queensland,

Australia (219 rms)

• Quy Nhon, Vietnam

(25 rms)

2018F

• Shanghai,China

(260 rms)

• QiandaoLake, China

(120 rms)

• Lijiang,China(678 rms)
• Tozeur, Tunisia (93 rms)
• Doha, Qatar

(102 rms)

• Desaru, Malaysia

(103 rms)

• Ubud,Bali,

Indonesia* (80 rms)

• Le Chaland,Mauritius

(164 rms)

• Al Houara Tangier,

Morocco (150 rms)

• Oman (198 rms)
• Zanzibar, Tanzania

(150 rms)

• Jebel Dhanna, UAE

(60 rms)

• Dubai Creek, UAE

(292 rms)

• Ras Al Khaimah, UAE

(306 rms)

2019F

MANAGEMENT CONTRACTS

Minor Hotels

• Bodhgaya,India*

(78 rms)

HOTEL INVESTMENT

• Zhuhai,China (110 rms) • Zhuhai,China

(300 rms)

• Jebel Dhanna,

UAE (228 rms)

• Busan, Korea

(400 rms)

• Brasilia,Brazil

(395 rms)

• Doha, Qatar

(150 rms)

• Al Wakrah,

Qatar (101 rms)

• Khao Lak, Thailand

(327 rms)

5 Hotels / 613 Rooms

• Guiyang,China

(218 rms)

2020F Total

• Jeddah, Saudi Arabia

(328 rms)

• Dubai, UAE

(372 rms)

23 Hotels / 5,394 Rooms

SLIDE 21

• 15 uniquelydesignedpooltransferred
• Constructionof the project

condominiumbuilding

• 65 to 162 sq.m.(one

to three bedrooms)

Inventory

• 23 units soldin 4Q16;

REAL ESTATE BUSINESS - RESIDENTIAL

In addition to the Residences by Anantara, Layan, Phuket, Anantara Chiang Mai Serviced Suites and Torres Rani, Maputo, the two joint-venture projects, have also been launched. To ensure the revenue stream from residential sales in the coming years, MINT has additional residential projects in the pipeline, including Desaru in Malaysia and Ubud in Indonesia. Other residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project.

Sold 79% Inventory 21%

THE RESIDENCES BY ANANTARA, LAYAN, PHUKET

The project is situatedon Layan beach, one of the most picturesquebays on westcoast of Phuket.

THE ESTATES SAMUI

Above a secludedcove of powder-whitesands and crystal-bluewaters, The Estates Samui offers 14 luxury villasadjacent to Four Seasons, Koh Samui.

• Up to 8 bedrooms, each

with 21 meter private infinitypool

• 1,313 to 2,317 sq.m.of

built-uparea

Sold

is completed

2016 HOSPITALITY REVENUECONTRIBUTION

14%RealEstates ANANTARA CHIANG MAI SERVICED SUITES

A 50% joint-venture withU CityPcl., the project is inthe city center of ChiangMai, across from

TORRES RANI, MAPUTO

1 out of 6

penthouse units soldto date*;

2 units deposited

A 49% joint-venture withRani Investment,the project is5 minutesfrom Maputo CBD.

• 18-storey residentialtower, comprising

181 keysfor rent and 6 penthouseunits for sale

• 20,926 sq.m.,21-storey office tower

21

11% sold and

villas

in Jan17 42%

Anantara ChiangMai Resort & Spa.

• 44 units in 7-storey

Deposited 32%

8 unitsreserved and

Sold

expected to be

49%

transferred in 1Q17

Minor Hotels & contract signed 19% 9% in process

• f

closing Inventory 38%

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46 106 119 137 300 200 100 2012 2013 2014 2015 2016 2021F

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

Part of the real estate 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. AVC sales and profitability were temporarily put under pressure in the first nine months of 2016 because of the change in business model which resulted in smaller package, cash flow acceleration, as well as lower bad debt and cancellation rate. The benefit of such change started to materialize with improving operational performance since the end of 2016.

REAL ESTATE BUSINESS – ANANTARA VACATION CLUB

As at Dec 2016

• No. of Units

500 400 10 Destinations 450 2,309 3,857 5,431 6,928 8,000 2,000 4,000 6,000 8,000 2012 2013 2014 2015 2016

• No. of

Members Growth (y-y) +207% +67% +41% +28% +15% 7 Destinations: Queenstown Bali Sanya Samui Phuket Bangkok ChiangMai 160 Minor Hotels

China,39% Thailand,11% HongKong,10% Singapore,10% Malaysia,8% Japan,4% Australia,3% Taiwan,1% UAE,2% US, 1% Philippines,1% Others,10%

4,000 2,000 2012 2013 2014 2015 2016

• No. of

Members 6,000 5,553 1,444

+36% +12%

4,896

+10%

2,460

+300% +39% +23%

3,731

+111% +35% +19% +48% +38% +5%

China Hong Kong Thailand Singapore

+10% +17% +11% +7% 2016 HOSPITALITY REVENUECONTRIBUTION

14%RealEstates

SLIDE 23

Minor Food

SLIDE 24

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THB million +24% Revenue EBITDA NPAT Net Margin EBITDA Margin +7%

FINANCIAL PERFORMANCE – MINOR FOOD

2016 revenue of Minor Food increased by 24%, attributable to total-system-sales growth of 9.1%, together with the consolidation

• f Australia hub in November 2015. EBITDA grew 23%, while net profit grew at a slower rate of 7%, primarily from the increase in

minority interest from the Minor DKL consolidation, together with the slowdown in 4Q16 amidst the mourning period in Thailand.

13,192 15,343 16,754 18,626 23,022 2,238 2,759 2,817 3,127 +23% 3,843 18.0% 16.8% 17.0% 16.8% 1,501 9.8% 2013 1,550 9.3% 2014 1,572 8.4% 2015 1,180 8.9% 2012 16.7% 1,684 7.3% 2016

KEY HIGHLIGHTS Total-system-sales growth of

9.1%

In 2016

• The Pizza Company, Burger King, Riverside

and BreadTalk (Thailand) reported strong double-digit total-system-sales growth in 2016. Outlet expansion

• f

8%

in 2016

• In 2016, Burger King, BreadTalk (Thailand)

and SSP (restaurants in airports) achieved Same-store-sales growth of

1.3%

in 2016 the fastest outlet expansion y-y (in terms

• f percentage growth).
• Positive same-store-sales growth in 2016

was led by The Pizza Company, Burger King, Riverside in China and BreadTalk (Thailand).

• Thai Express Group in Singapore continued

to be soft amidst challenging macro condition and intensifying competition in Singapore.

• Despite challenges in Minor Food’s key
• perating markets, the strength of its multi-

brand portfolio, its diversification strategy and operational excellence enabled Minor Food to maintain resilience and weather through the difficult time.

* The financials above reflect performance from operation, and therefore exclude non-recurring items as detailed on page 39

Minor Food

SLIDE 25

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Owned Franchised Combination Hub 81% 66% 59% 54% 19% 34% 41% 46% 0% 50% 25% 75% 2008 2015 2016 2021F International Thailand Minor Food

MINOR FOOD - INTERNATIONAL PRESENCE

MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT’s restaurant presence is now in 19 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.

REVENUE CONTRIBUTION

100%

* Excludes nonrecurring gains

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

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

MINOR FOOD – OPERATIONAL PERFORMANCE

2016 total-system-sales of the restaurant business grew 9.1%, primarily from same-store-sales growth of 1.3% and outlet expansion of 8%, mostly in Thailand and China. Thailand and China hubs achieved robust operational performance, which helped offset negative same-store-sales growth of Singapore hub in 2016.

2008 2015 2016 2021F 64% 33% 67% 39% 61% 1,043 3,409 1,851 36% +8% 1,996 36% 64% 2008 2015 2016 2021F 38% 62% 49% 51% 3,409 51% +8% 1,043 1,996 49% 1,851 48% 52% 5.5% 1.5% 0.4%

• 0.2%

1.3% 15.1% 13.8% 13.1% 11.2% 9.1%

• 5%

0% 5% 10% 15% 20% 2015

1,851

2012

1,381

2013

1,544

2014

1,708

• No. of

Outlets

Minor Food 2016

1,996

SLIDE 27

27

THAILAND HUB

Same-Store-SalesGrowth Total-System-SalesGrowth

2016 RESTAURANT REVENUECONTRIBUTION

59%

Thailand

Revenues from domestic operations accounted for almost 60% of total restaurant revenue in 2016. The Pizza Company, Burger King and BreadTalk (Thailand) achieved positive same-store-sales growth, demonstrating Thailand hub’s ability to maintain resilience and stay ahead of competition.

RESILIENT OPERATIONS Drove constant innovation of products and service across all sales channels, including exclusive menus for dine-in, the new delivery unit with seats for takeaway and enhanced digital delivery platform for delivery segment. Launched new ice cream flavors and festive menus, as well as enhanced product presentation style to generate excitement and attract customer traffic. Strengthened product offerings by reinforcing high quality and premium ingredients such as premium beef and seafood items, while driving targeted digital marketing to strengthen customer engagement. Strengthened cake segment by offering more variety and design, as well as delivery service to expand the customer base. Continued expansion of both tourist & domestic market with localized product offerings and new store openings emphasizing on store visibility and accessibility. Launched innovative products and new store formats, which helped increased customer traffic and revenue per

• utlet.

THAILAND’S SSS & TSS GROWTH Thailand hub’s same-store-sales growth was 3.3% in 2016, despite temporary drop of domestic consumption from the national mourning period in 4Q16. The resiliency was attributable to ongoing product and service innovation, together with effective marketing and promotional campaigns. With consistent outlet expansion, Thailand hub saw total-system- sales growth of 14.8% in 2016.

20% 15% 10% 5% 0% 2012 2013 2014 2015 2016 Minor Food

SLIDE 28

28

2012 2013 2014 2015 2016 Same-Store-SalesGrowth Total-System-SalesGrowth

CHINA HUB

2016RESTAURANT REVENUECONTRIBUTION

14%

China

China hub maintained strong growth momentum and reported positive same-store-sales growth for the fourth consecutive quarters throughout 2016. MINT is confident in the strong growth prospect of the country, supported by growing middle class and increased urbanization trend. With its focus on increasing the scale, while instilling productivity and efficiency in the everyday operations of all brands, MINT expects its China hub to yield a meaningful contribution in the future.

CHINA’S SSS& TSS GROWTH Same-store-sales of China operations were positive throughout the year in 2016 as a result of robust operational performance of all three brands. Total-system-sales growth in 2016 was 17.4%, from the strong same-store-sales growth and disciplined outlet expansion of the Riverside outlets (+9%).

Acquisitionof Riverside 300% 30% 20% 10% 0%

• 10%
• 20%

DRIVING GROWTH AND PRODUCTIVITY With increased food delivery trend, Riverside has revamped its menu format and rolled out its delivery service across most of its outlet since November 2016. Sizzler continue to strengthen its product offerings and pricing strategy, including Salad to Go, beef menu and food delivery, to grow its customer base. Thai Express is in the process of strengthen its supply chain practice and operations to ensure product consistency and profitable expansion going forward. Minor food is planning to increase stake in Riverside based on the original agreement with the Founders to capture the strong growth prospect of the brand.

Minor Food

SLIDE 29

29

AUSTRALIA HUB

Total-System-SalesGrowth

2016RESTAURANT REVENUECONTRIBUTION

15%

Australia

In 2016, Australia hub’s contribution to total restaurant business significantly increased to 15% with the consolidation of the Australian performance, as opposed to the recognition of equity income in previous years, after the increase in MINT’s shareholding from 50% to 70% in November 2015.

AUSTRALIA’S SSS & TSS GROWTH Australia hub remained resilient, reporting flat same-store-sales growth in 2016 amidst the sluggish economy in Australia. Total-system-sales continued to grow by 1.9%, as Australia hub remains cautious in expanding its outlets in the midst of challenging economic environment.

Same-Store-SalesGrowth 25% 20% 15% 10% 5% 0%

• 5%

2012 2013 2014 2015 2016

STABLE PERFORMANCE WITH BRIGHTER OUTLOOK The Coffee Club, the largest contributor to the hub, performed well in 2016 with positive same-store-sales growth. The Coffee Club in the Middle East, although remain relatively small, is gaining traction and achieved over 30% same-store-sales growth in 2016. Veneziano Group reported solid operational performance with impressive volume growth of its Veneziano coffee roasting by

• ver 90%.

Australia hub will remain cautious in outlet expansion with focus

• n store renovation to strengthen its performance when the

economic condition turns around.

Minor Food

SLIDE 30

30

SINGAPORE HUB

Same-Store-SalesGrowth Total-System-SalesGrowth

2016 RESTAURANT REVENUECONTRIBUTION Singapore

11%

2012 2013 2014 2015 2016

Like many other F&B operators in the market, our Singapore hub has been affected by the economic slowdown and increased competition for the past two years. While still profitable, the hub is strengthening its operations, including the appointment of new management, its product offerings, effective customer segmentation, brand portfolio and operating platform to prepare for the economic turnaround.

SINGAPORE’S SSS& TSS GROWTH Same-store-sales growth of Singapore hub remained negative, but showed an improving trend in 2016, mainly due to both key brands

• Thai Express and Xin Wang Hong Kong Café.

Similarly, total-system-sales growth is seeing an improving trend in 2016, although continued to be negative because of the closure of non-performing outlets as part of its effort to rationalize its portfolio.

20% 15% 10% 5% 0%

• 5%
• 10%
• 15%

DOMINANCE IN THAI CUISINE SEGMENT With the aim to lead the Thai cuisine segment in Singapore, Minor Food is in the process of restructuring its Thai food brand portfolio and selectively changing the concept of existing stores. Apart from Singapore, Thai Express is looking to expand its franchise operations in Southeast Asia and elsewhere. Its franchise operation in Vietnam, for example, has proven to be very successful with solid same-store-sales growth in 2016.

Minor Food

SLIDE 31

Minor Lifestyle

SLIDE 32

32

289 338 384 300 267 3,412 3,616 3,703 3,505 Revenue EBITDA NPAT Net Margin THB million flat 3,505

• 11%
• 34%

FINANCIAL PERFORMANCE – MINOR LIFESTYLE

2016 revenues of Minor Lifestyle was flat. The revenue increase of retail trading business was offset by the soft performance of contract manufacturing business which faced pressure from sluggish performance of its key customers. Net profit declined by 34%, at a higher rate than the decline in revenues, because of the promotional discounts early in the year, pre-opening expenses

• f the new brands and lower operating leverage of the contract manufacturing business.

123 151 183 124 81 2.3% 2016 3.6% 2012 4.2% 2013 4.9% 2014 3.5% 2015 EBITDA Margin 10.4% 7.6% 8.5% 9.3% 8.6%

Total-system-sales growth of

8.4%

in 2016 Same-store-sales growth of

• 0.1%

in 2016 Retail trading

73%

• f 2016 Minor Lifestyle

27%

• f 2016 Minor Lifestyle

Revenue

Minor Lifestyle

KEY HIGHLIGHTS

• Total-system-sales growth was primarily

attributable to Charles & Keith, Bossini, and Banana Republic, together with the additional sales from new brands.

• Charles & Keith and Bossini reported

positive same-store-sales growth in 2016.

• 2016

revenue from retail trading increased by 4%, mainly from Charles & Keith, Banana Republic and Zwilling J.A. Henckels, together with additional sales revenue from new brands. Contractmanufacturing • 2016 revenue from contract manufacturing declined by 9% from soft performance of its key customers.

SLIDE 33

33

Same-Store-SalesGrowth Total-System-SalesGrowth

SSS & TSS GROWTH SALES PER SQ. M.

MINOR LIFESTYLE – OPERATIONAL PERFORMANCE

Retail trading business showed improvement of same-store-sales performance in 2016. The outlet expansion and launch of new brands resulted in total-system-sales growth of 8.4%. However, sales per sq.m. declined due to the lower sales per sq.m. than the average of newly launched brands, including Brooks Brothers, Etam, Radley and Anello, which are still at their ramping-up stage.

• 2.1%

0.3%

• 8.1%
• 6.3%
• 0.1%

14.6% 12.0% 3.8%

• 3.3%

8.4%

• 10%

0% 10% 30% 20% No.of Shops 2016 327 2012 235 2013 276 102,333 94,860 105,248 88,457 86,804 60,000 80,000 100,000 120,000 THB 140,000 No.of Shops 2014 297 2015 307 Minor Lifestyle 2016 327 2012 235 2013 276 2014 297 2015 307 Fashion & CosmeticSales perSq. m.

* Note: sales per sq.m. was restated to exclude sales of contract manufacturing.

SLIDE 34

Corporate Information

Royal Pavilion Villas by Qasr Al Sarab, UAE

SLIDE 35

35

0.9 0.7 0.5 1.1 2012 2013 2014 2015* 2016 InterestBearingDebt to Equity Net Interest Bearing Debt to Equity THB million

CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS

CorporateInformation AdditionalCAPEX(non-committedaverageper annum) forNew Opportunity/Acquisition(s)

* IncrementalcapitalincreasefromMINT-W5exercise,assuming100%MINT-W5conversion

20,000 40,000 80,000 60,000 Outstanding Borrowing & Equity Un-Utilized Facility Debt 49,832 Shareholders’ Equity 40,797 Equity* 7,688 Debt 29,281

CAPEX & BALANCE SHEET STRENGTH

In addition to committed CAPEX, MINT also set aside additional CAPEX for future investments and new opportunities in the

• pipeline. Even with recent acquisitions, leverage ratio remains below the internal policy. With its solid balance sheet, MINT will

be able to primarily use its internal cash flow and debt financing to fund its CAPEX requirements going forward. In addition, MINT and its senior debenture have “A+” rating by TRIS.

BACK-UP FINANCING

Note: Cash on handas at end of2016 is THB 4,399 million X 1.3

• 1.0

2.0 3.0 5.0 4.0 X 6.0

• 3,000

6,000 9,000 12,000 THB million 15,000 2016A 2017F 2018F 2019F 2020F 2021F EBITDAcoverageon committedCAPEX

* 2016committedCAPEXincludesthefinalstageof Tivoliacquisitionand increased shareholdingin thehotelportfolioin Africa

1.22x 1.11x Internal Policy MinorFood MinorHotels MinorLifestyle

* 2015ratioswere restatedas a resultof additionalinformationrelatedto business acquisitionsof TivoliandMinor DKL groups

SLIDE 36

(THB)

1.4bn

36 NPAT

2009

6.6bn

2021F 2016

2021F

> 250 hotels > 300 residences built > 450 timeshare units > 3,400 restaurants > 500 retail shops & POS (> 39,000 Sqm)

2016

155 hotels 132 residences built to date 160 timeshare units 1,996 restaurants 327 retail shops & POS (27,507 Sqm)

FIVE-YEAR ASPIRATIONS 2009

30 hotels 1,112 restaurants 292 retail shops & POS (14,275 Sqm)

CorporateInformation

SLIDE 37

37

MINT’S FIVE-YEAR STRATEGY 2017-2021

Five-year strategy consists of the following three key pillars, with clear goals and measurements.

NPAT growth of 15-20% CAGR ROIC of >14% Growth Pillars Measure- ments

Drive a Portfolio of Own Brands, With Additional Contribution From Selected International Brands

Total-system-sales growth

• f 15%

Revenue growth

• f over 10%

Expand Through Existing and Future Strategic Investments & Acquisitions

Revenue from overseas of 50% Net profit from overseas

• f 50%

2021 Goals

Maximize Asset Value and Productivity

Strengthening of Hub / Cluster System Asset-light Mixed-use Model Initiatives

Improvement of margins

CorporateInformation

SLIDE 38

Appendix

SLIDE 39

TIMELINE AMOUNT (THBMILLION) NON-RECURRINGITEMS 4Q16 490

• GainfrombargainpurchaseofhotelsinZambia

38

• GainfrombargainpurchaseofTivolihotelsinPortugal
• 359
• AnantaraVacationClub’s(AVC)provisionofdoubtfulaccount(recordedinSG&A),

whichispartofMINT’sprudentmeasurestoconservativelyprovideforpotentialbad debtswhichmayarisefromtheaccountsreceivableofPhaseI,whichwassoldduring 2010-2015

• 223
• Oaks’generaladministrativeexpensesandprovision(recordedinSG&A)

3Q16 92

• GainfromchangingstatusofinvestmentinsomeoftheOaksproperties,whichwere
• ffsetby;
• 136
• ImpairmentchargesofcertainOaksproperties(recordedinSG&A,pre-tax),resulting

innomaterialimpactpost-taxoncorenetprofitin3Q16 2Q16 136

• GainfromchangingstatusofinvestmentinBreadTalkGroupinSingapore,from

available-for-saleinvestmenttoinvestmentinassociate 1Q16 1,932

• GainfrombargainpurchaseoftheTivoliHotels&Resorts

4Q15 1,665

• GainonfairvalueadjustmentofchangeinstatusofinvestmentsinMinorDKL,netted
• ffwith;
• 49
• ReductionofgainfrombargainpurchaseofOaksElanDarwinrecordedin3Q15

3Q15 70

• GainfrombargainpurchaseofOaksElanDarwin

1Q15 650

• GainfrombargainpurchaseofSunInternationalhotelsinAfrica

2Q14 87(pre-tax)and 69(nettax)

• GainfromchangingstatusofinvestmentsinSeredibHotelsPLC,fromavailable-for-

saleinvestmenttoinvestmentinassociate 39

NON-RECURRING ITEMS

MINT reported non-recurring items during 2014-2016 as detailed below

CorporateInformation