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

SLIDE 1

COMPANY PRESENTATION – Nov 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

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

Ana Anantara Iko Mau auritius

SLIDE 4

HIGHLIGHTS & PERFORMANCE RECAP

SLIDE 5

OUTLOOK HIGHLIGHTS

Highlights & Outlook

5

3Q19 CORE NPAT +39% / LFL NPAT +67%
9M19 CORE NPAT +9% / LFL NPAT +17%
Strategic asset rotation resulting in successful

deleverage plan

Interest bearing debt declined by 10% to THB 112

billion at the end of 3Q19

D/E ratio declined to 1.35x at the end of 3Q19

Strong 4Q19 Outlook:

Recovery of Minor Hotels’ Thailand, Middle East &

Africa portfolio

NHH’s momentum continued
Sales activities of residential sales & recovery of

Anantara Vacation Club

The acquisition of Bonchon will provide upside growth

for Minor Food

The transaction is accretive from day one, with

potential to leverage on Minor Food’s platform &

perations
Minor Food’s transformation is underway

SLIDE 6

Investment in Bonchon

6

The first Bonchon in Thailand opened its door in 2011 and, given its

popularity, has been expanding rapidly ever since.

With over 300 branches, Bonchon has established its footprint in 9

countries: Thailand, Philippines, Kuwait, Singapore, Bahrain, Vietnam, USA, Cambodia and Myanmar.

Bonchon in each country caters specifically to the local market’s

taste and lifestyle with unique menus and flexible store format.

Airport: 4 stores Nakhon Ratchasima: 1 store Greater Bangkok: 38 stores Pattaya: 1 store

STORE LOCATION

*As of October 2019

BONCHON AT A GLANCE

Bonchon is an international restaurant brand which is reputable for its Korean-style fried chicken and other Korean-inspired dishes. MINT announced the investment in the existing outlets of Bonchon in Thailand, and is in discussion with the master franchise holder for the rights to expand the brand further in the country.

Bonchon today has 44 stores, with another 2 to be opened by the end
f 2019.
MINT made the investment in Chicken Time, which operates over

40 outlets of equity-owned Bonchon stores in Thailand.

The investment amount is THB 2 billion for 100% in Chicken Time.
MINT is in the process of discussing with the holder of master

franchise rights to acquire the rights to further expand Bonchon

utlets in Thailand.

THE INVESTMENT IN BONCHON

SLIDE 7

The investment in Bonchon is the opportunity for Minor Food to capture the fast-growing chicken market and the sizable Asian food market. The provincial Thailand is still an untapped market for the brand, while delivery market continues to offer growth potential, both of which Bonchon can leverage on Minor Food’s operating platform.

Investment Rationales

7 SIGNIFICANT OUTLET OPPORTUNITY

416 292 56 518 109 62 44 TPC SW SZ DQ BK TCC Bonchon

HIGH GROWTH POTENTIAL OF DELIVERY MARKET SIZABLE & HIGH GROWTH CONCEPT

7 3 4 4 24 10 6 9 2008 2018

Market Size (THB billion)

Chicken Burger Pizza Ice Cream

+229% +196% +53% +104%

No of Outlets in Thailand SUPERIOR PERFORMANCE & SCALABILITY

Data as at end of 3Q19

52 56 60 67 75 84 111 2013 2014 2015 2016 2017 2018 2021F 10% CAGR 10% CAGR

Market Size (THB billion)

Bonchon’s best-in-class operational matrix:

‒ Payback period of less than one year for store openings ‒ Store EBITDA margin significantly higher than Minor Food’s

Ability to leverage on Minor Food’s operating platform to

accelerate growth trajectory, both in terms of physical outlet and delivery service

Source: Euromonitor & company estimate Source: Euromonitor & company estimate

150-200*

* Bonchon’s estimated addressable outlets

SLIDE 8

Both transaction comparables and trading comparables of F&B companies have averaged between 10 – 13x in the past.

Comparables

8 TRADING COMPARABLES - THAILAND

14.8 14.0 9.2 5 10 15 MINT MK Zen EV/EBITDA (x) Average 12.7x

TRADING COMPARABLES - SEA

17.2 12.8 7.6 8.1 7.3 10.3 5 10 15

Jollibee Shakey's Pizza PT Sarimelati Kencana Max's Group Berjaya Food Jumbo

EV/EBITDA (x)

PT Sarimelati Kencana

Average 10.6x 14.8 12.3 11.0 14.0 5 10 15 Coffee Bean & Tea Leaf OldTown Berhad KFC Thailand MAP Boga Adiperkasa EV/EBITDA (x)

TRANSACTION COMPARABLES

Thailand Average 13.0x

SLIDE 9

3Q19 Performance Recap

9 3Q19 REVENUE CONTRIBUTION REVENUE NET PROFIT 3Q19 NET PROFIT CONTRIBUTION

In 3Q19, core revenue and NPAT increased by 86% and 39% y-y, respectively, primarily from the consolidation of NH Hotel Group (NHH). Driven by MINT’s timely strategic initiatives with its investment in NH Hotel Group and the sale and leaseback of three Tivoli hotels in Portugal, MINT was able to report robust performance despite the softness of MINT’s organic businesses, which were impacted by external challenges, including global uncertainties, continued appreciation of the Thai Baht and subdued domestic consumption demand.

10,000 20,000 30,000 3Q18 Revenue Minor Hotels Pre-NHH NHH Minor Food Minor Lifestyle 3Q19 Core Non-core Items 3Q19 Reported THB million THB million Minor Lifestyle 4% Minor Food 19% Minor Hotels 77% Minor Food 15% Minor Hotels 85%

* Non-core items are detailed on page 47.

+131 +4,779 +86% y-y

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

+14,592

150

29,497 34,277 15,889

965

1,000 2,000 3,000 4,000 3Q18 NPAT Minor Hotels Pre-NHH NHH Minor Food Minor Lifestyle 3Q19 Core Non-core Items 3Q19 Reported 1,417 4,560 +39% y-y

275

+836

143
20

+3,143 1,020

SLIDE 10

9M19 Performance Recap

10 9M19 REVENUE CONTRIBUTION REVENUE NET PROFIT 9M19 NET PROFIT CONTRIBUTION

In 9M19, MINT’s core revenue almost doubled primarily from the consolidation of NHH. Core NPAT increased at a lower rate of 9% y-y, because of NHH’s first quarter low season, FX headwinds and MINT’s organic operations.

20,000 40,000 60,000 80,000 100,000 9M18 Reported Non-core Items 9M18 Core Minor Hotels Pre-NHH NHH Minor Food Minor Lifestyle 9M19 Core Non-core Items 9M19 Reported THB million THB million Minor Lifestyle 4% Minor Food 20% Minor Hotels 76% Minor Lifestyle 1% Minor Food 23% Minor Hotels 76%

* Non-core items are detailed on page 47.

47,095 +358 +5,023 +91% y-y

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

121

+43,365 +191 89,739 94,762 46,974

1,149

2,000 4,000 6,000 9M18 Reported Non-core Items 9M18 Core Minor Hotels Pre-NHH NHH Minor Food Minor Lifestyle 9M19 Core Non-core Items 9M19 Reported 3,944 4,151 6,929 +9% y-y

461

+1,129

296
44

+2,778

121

3,824

SLIDE 11

FX Headwinds & Lease Payment

11 3Q19 LFL NPAT 9M19 LFL NPAT

In 3Q19, MINT’s financial performance was adversely impacted by the strengthening of the Thai Baht and the additional lease payment because of the sale-and-lease-back transaction of the 3 Tivoli assets. Excluding such impact, MINT’s like-for-like (LFL) NPAT would have increased by 67% in 3Q19 and 17% in 9M19.

THB million

* Non-core items are detailed on page 47.

THB million 500 1,000 1,500 2,000 3Q18 NPAT Minor Hotels Minor Food Minor Lifestyle 3Q19 @ Constant FX & excl Lease FX Impact Leases 3Q19 Core 1,707 1,417 +67% y-y +832

213
124
21
77

1,020 +39% y-y 1,000 2,000 3,000 4,000 5,000 3Q18 NPAT Minor Hotels Minor Food Minor Lifestyle 3Q19 @ Constant FX & excl Lease FX Impact Leases 3Q19 Core 4,432 4,151 +17% y-y +939

204
287
44
77

3,824 +9% y-y

SLIDE 12

International Presence

12

With solid diversification strategy, MINT’s footprint was in 63 countries at the end of 9M19 across its hospitality and restaurant businesses.

* Excludes non-core items

REVENUE CONTRIBUTION

87% 39% 25% 28% 13% 61% 75% 72% 0% 25% 50% 75% 100% 2008 2018* 9M19* 2023F International Thailand

Minor Food Combination Minor Hotels

SLIDE 13

MINOR HOTELS

Ana Anantara Ang Angkor

SLIDE 14

Minor Hotels – Financial Highlights

14

Revenue, EBITDA and NPAT of Minor Hotels improved significantly in 9M19 y-y, primarily as a result of the consolidation of NHH since October

2018. In the midst of weak operating environment and external challenges, Minor Hotels’ international expansion and accretive M&A strategies

have differentiated the group from its peers in terms of growth and performance.

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 47.

8,929 8,121 8,992 24,535 21,230 24,408 22,619 2,245 1,926 2,213 5,907 3,085 5,282 4,417 1,141 705 651 1,810 128 1,825 1,212 26,042

1,149

+43,365 68,257 6,383

980

+7,382 12,785 2,497

461

+1,129 3,165 9M19 9M18 Minor Hotels Pre-NHH NHH 2Q19 21.6% 7.5% 9M19 9M18 18.7% 24.5% 9.6% 4.6% +162% y-y +100% y-y +27% y-y +86% y-y +100% y-y +152% y-y 19.5% 5.4% 3Q19 26,042 6,383 2,497 68,257 12,785 3,165

SLIDE 15

Minor Hotels – Organic Performance

15

Organically (excluding NHH performance), 9M19 revenue of Minor Hotels declined by 4%, from owned hotels, management letting rights (MLR) portfolio in Australia and mixed-use business, although managed hotels reported revenue increase. Consequently, 9M19 EBITDA and NPAT declined by 16% and 18% respectively, from the lower flow-through of the owned hotels, MLR and real estate operations, as well as FX headwinds.

Revenue EBITDA NPAT THB million

31% y-y
11% y-y
26% y-y

EBITDA Margin 19.9% 23.9% Net Margin 3Q19 3Q18 7.8% 10.0%

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 47.

9M19 KEY HIGHLIGHTS Owned hotels (Minor Hotels pre-NHH)

23%

f 9M19 Minor Hotels’

revenue Management letting rights

6%

f 9M19 Minor Hotels’

revenue Management contracts

1%

f 9M19 Minor Hotels’

revenue Mixed-use business

5%

f 9M19 Minor Hotels’

revenue

Revenue (excluding NHH) declined by 5% y-y, as a result of:

‒ Soft performance of Thailand hotels, especially in the provinces, and ‒ The adverse impact of the strengthening of the THB on

verseas owned portfolio, despite the RevPar growth of

10% in local currencies for the 9M19 period, together with the tragedy in Sri Lanka.

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 10% 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 8% y-y, from:

‒ The decline in sales of Anantara Vacation Club earlier in the year, although 3Q19 recorded strong turnaround, and ‒ Timing mismatch of the residential sales, while 4Q19 looks promising.

8,907 7,942 2,129 1,577 891 616 9M19 9M18 25,598 24,449 6,065 5,085 2,523 2,062 20.8% 23.7% 9.9% 8.4%

4% y-y
16% y-y
18% y-y

SLIDE 16

Minor Hotels – NH Hotel Group Performance

16

NH Hotel Group reported recurring EBITDA of EUR 209 million in 9M19, an increase of 13% y-y as a result of sound revenue growth (+6%) and continuous cost control. NHH reiterates on its full-year 2019 EBITDA & recurring NPAT guidance of EUR 285 million and approx. EUR 100 million respectively (excluding IFRS 16 and IAS 29 accounting impacts and Tivoli integration).

Revenue Recurring EBITDA Reported NPAT EUR million EBITDA Margin 17.4% 17.9% 3Q18 3Q19

excl IFRS 16

9M18 71.6%

9M19 KEY HIGHLIGHTS

+30% y-y +8% y-y +11% y-y 43,808 436 404 78 70 29

3% y-y

22 28 Recurring NPAT 28

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

9M19 revenue growth of 6%

‒ Organic RevPar up 4.6% (Occupancy flat; ADR +4.6%) ‒ Strong growth in Europe of +3.5%. Additional revenue from new hotels & transfer of Tivoli portfolio

9M19 recurring EBITDA growth of 13%, with margin

improvement of 1.0 p.p. ‒ Effective cost control with 35% EBITDA conversion

rate. Parameter changes explain 49% of the increase
f total operating costs and 41% of lease payments
9M19 recurring NPAT increase of 57%

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

9M19 reported NPAT decline of 21%, due to lower

contribution (-EUR 45 million) of non-recurring activities (sale & leaseback of NH Collection Amsterdam Barbizon Palace Hotel in 1Q18)

Net financial debt position of EUR 190 million

318 7,340 360

26

1,103

1,207

1,236

1,207

Consolidation - THB million Acquisition Related Expenses Acquisition Related Expenses NPAT Margin 5.3% 6.4% +6% y-y 1,257 1,190 209 185 +13% y-y 15.6% 16.6% 45 70 +57% y-y 93 74

21% y-y

3.7% 5.6% 9M18 9M19

excl IFRS 16

443 9M19 NM 17.6% 2.5%

26

7,770 Accounting Standard Difference +

SLIDE 17

Minor Hotels – International Presence

17

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 55 countries.

* Excludes non-core items

REVENUE CONTRIBUTION

94% 22% 12% 11% 6% 78% 88% 89% 0% 25% 50% 75% 100% 2008 2018* 9M19* 2023F International Thailand Management Combination Investment New Destinations in Pipeline

Hubs

SLIDE 18

Minor Hotels Portfolio

18

In terms of business model, owned and leased business is the most important to Minor Hotels, with 87% revenue contribution. In terms of geography, Europe is the major contributor with 66% of Minor Hotels’ revenue, and about 60% of NPAT. For the full year, Europe contribution is expected to decline as Thailand and Maldives enter high season in the forth quarter.

System-wide Room Contribution By Ownership System-wide Room Contribution By Geography

Owned 25% Leased 44% JV 3% Managed 19% MLR 9% Asia 10% Europe 61% Americas 14% Oceania 9% Middle East & Africa 6%

9M19 Revenue Contribution By Geography 9M19 NPAT Contribution By Geography 9M19 Revenue Contribution By Business

Owned & Leased 87% Managed 2% MLR 6% Mixed-use 5% Thailand 12% Europe 66% Americas 6% Australia & New Zealand 6% Maldives & Middle East 2% Others 8% Thailand 13% Europe 60% Americas 3% Maldives & Middle East 17% Others 7% 76,967 Rooms THB 68,257 million 76,967 Rooms

SLIDE 19

60% 64% 74% 62% 61% 68% 71% 65% 74% 74% 40% 50% 60% 70% 80% 90% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 7,063 7,063 7,063 5,000 10,000 15,000 20,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Owned & Leased Hotels

19

With the acquisition of NHH, owned & leased hotels is the major revenue contributor. 3Q19 organic RevPar excluding FX impact of owned & leased hotels grew by 2%, driven by overseas hotels. System-wide RevPar of owned & leased portfolio declined by 39%, from the dilution of ADR with the consolidation of different room type mix of NHH, and the strengthening

f the Thai Baht. Revenue of owned & leased hotels more than tripled in 3Q19, primarily from the consolidation of NH Hotel

Group.

ADR NUMBER OF HOTEL ROOMS OCCUPANCY REVPAR

+657% y-y No of Rooms THB THB Organic

3% y-y

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

39% y-y

60,000 52,969 52,978 7,314 5,556 6,152 3,985 7,072 5,920 6,465 3,748 4,109 3,763 2,000 4,000 6,000 8,000 1Q18 2Q18 3Q18 4Q18 2Q19 1Q19 3Q19 System-wide

39% y-y

Organic excl FX +5% y-y 4,400 3,568 4,533 2,743 4,313 3,997 4,574 2,444 3,053 2,773 2,000 4,000 6,000 53,262

Owned & Leased 87%

9M19 Minor Hotels Revenue

53,448 1Q18 2Q18 3Q18 4Q18 2Q19 1Q19 3Q19

SLIDE 20

RevPar Growth (y-y) +14% +1% Flat

2%
6%

Flat

5%

Owned Hotels – Thailand

20

Thailand continues to be an important market for Minor Hotels. RevPar trend of hotels in Thailand was soft in 3Q19, amidst the low season. Performance of Bangkok hotels continued to hold up relative to hotels in the provinces. Minor Hotels continues to believe that Thailand will remain an attractive destination for tourism with its diverse attractions, well-developed infrastructure and strategic location.

3Q19 KEY HIGHLIGHTS

THB Organic RevPar ADR % Occupancy

Thailand Bangkok Thailand Provinces

International tourist arrivals into Thailand grew by 7% in 3Q19,

driven by recovery of tourists from China, new market; i.e. India, and the traditional markets of Japan and Korea.

Minor Hotels’ number of room nights sold declined by 4% y-y in
3Q19. As a result, organic RevPar of Minor Hotels’ owned Thailand

portfolio declined by 5% in 3Q19 compared to 3Q18.

RevPar of Bangkok hotels was flat in 3Q19 compared to 3Q18.

(Occ -1%, ADR +1%).

RevPar of Bangkok hotels in 3Q19 was driven by the St. Regis Hotel

and AVANI Bangkok Riverside.

Performance of hotels in the provinces remained challenging with

RevPar decline of 10% in 3Q19 (Occ -2%, ADR -7%).

Positive RevPar growth of Anantara Golden Triangle, AVANI Samui

and Anantara Layan Phuket helped partially mitigate the RevPar decline of other hotels.

7,652 5,377 5,361 6,701 7,303 5,367 5,180 6,393 3,875 4,164 5,074 5,994 3,891 3,937 84% 72% 78% 76% 82% 73% 76% 2,000 4,000 6,000 8,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Thailand 11% Overseas excl NHH 15% NHH 74%

THAILAND 9M19 ORGANIC REVPAR GROWTH (THB)

2%
9%

9%

7%-10%

Bangkok Provinces

Bangkok 44% Provinces 56% THAILAND HOTELS REVENUE CONTRIBUTION 1Q 2Q 1Q 2Q 3Q 3Q

9M19 Owned Hotels Revenue

Flat

SLIDE 21

Thailand 11% Overseas excl NHH 15% NHH 74% Portugal 34% Brazil 13% Maldives 11% Africa 13% Others 29%

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

3%

+10%

6%

Owned Hotels – Overseas (Excl NHH)

21

RevPar of owned overseas hotels (excl NHH) declined by 6% in 3Q19, solely from the strengthening of the THB. Excluding FX impact, organic RevPar of owned overseas hotels increased by 7%. Selective asset refreshments and

ngoing sales & marketing efforts helped Minor Hotels to continue to report positive momentum despite the

challenging macro backdrop in its key markets.

3Q19 KEY HIGHLIGHTS OVERSEAS EXCL NHH 9M19 ORGANIC REVPAR GROWTH (THB)

Organic THB RevPar ADR % Occupancy

Portugal

Portugal portfolio’s RevPar was down 8% in THB (+3% in EUR),

with the weakening of the EUR by 11% during the quarter.

With the occupancy already in the 80’s, the increase in RevPar in

EUR was driven primarily by rate. Brazil

Brazil’s RevPar declined by 4% in THB (+3% in BRL) with the

weakening of the Brazilian real by 7%.

The BRL RevPar growth was driven by Tivoli Sao Paulo Mofarrej.

Maldives

RevPar of the Maldives portfolio increased by 1% in THB (+9% in

USD) with the weakening of the USD by 7%.

The RevPar growth continued to be from the successful focus on

rate increase. Africa

RevPar of the African portfolio increased by 3% in THB (+32% in

local currencies).

Hotels in Zambia were the drivers of the RevPar growth, with over

30% growth rate for the two hotels in local currency.

6,902 5,690 6,823 5,977 6,249 5,780 6,602 3,098 3,380 4,715 3,185 3,009 3,724 4,426 45% 59% 69% 53% 48% 64% 67% 2,000 4,000 6,000 1Q18 2Q18 3Q18* 4Q18 1Q19 2Q19 3Q19

OVERSEAS HOTEL (EXCL NHH) REVENUE CONTRIBUTION IN LOCAL CURRENCIES (3Q) +3% +3% +9% +32%

Flat Flat

3%

7% 8% 18% 19% 8%

8%
4%

1% 3% Portugal Brazil Maldives Africa

1Q 2Q 1Q 2Q 1Q 2Q 1Q 2Q 3Q* 3Q 3Q 3Q * For comparison purposes, to be in line with the operations, the three Tivoli properties under the sales and lease back transaction has been reclassified to be under NHH in 3Q18 and are no longer in Minor Hotels’ owned overseas portfolio.

9M19 Owned Hotels Revenue

SLIDE 22

RevPar +2% y-y +4% y-y

Owned & Leased Hotels – NH Hotel Group

22

NHH was the largest contributor to the owned & leased hotel portfolio in 9M19. 9M19 RevPar of NHH increased by 4%, driven by all key markets (despite the negative trade fair calendar of Central Europe in 3Q19). The RevPar increase in 9M19 was primarily from ADR (all regions reported ADR increases except LatAm with outstanding RevPar growth in Spain).

3Q19 KEY HIGHLIGHTS

MLR

NH HOTEL GROUP – ORGANIC REVPAR 9M19 ORGANIC REVPAR GROWTH (EUR)

98 100 73 75 75% 75% 40 80 120 3Q18 3Q19 EUR RevPar ADR % Occupancy

Spain

Both Madrid and Barcelona achieved double-digit RevPar growth

due to favorable fair and congress calendar. Italy

Milan continued to perform well with positive trade fair calendar.
Performance in Rome was weaker due to lower demand of

business groups. Benelux

Recovery continued in Brussels with higher number of events
Amsterdam was slightly pressured by lower business group

events.

Congress center hotels’ RevPar continued to be positive.

Central Europe

Operations in Germany were weaker by the unfavorable trade fair

calendar in the third quarter.

Additionally Frankfurt negatively affected by higher supply.

Latin America

Mexico saw positive RevPar from higher demand and increase in

room rate.

Argentina impacted by hyperinflation and Colombia by currency

depreciation.

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) Spain Italy Benelux Central Europe Latin America

98 101 70 73 72% 72% 40 80 120 9M18 9M19 EUR 7% 1% 1% 6% 5% 7% 5% 4% 6% 0.2% 10% 4% 2%

5%
9%

1Q2Q 1Q2Q 1Q2Q 1Q2Q 1Q2Q 3Q 3Q 3Q 3Q 3Q Thailand 11% Overseas excl NHH 15% NHH 74%

9M19 Owned Hotels Revenue

Spain 27% Italy 19% Benelux 23% Central Europe 23% Latin America 7%

SLIDE 23

NHH Integration & Synergies Update

23

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, examples are.

Successful transfer of hotels in Portugal & Brazil to be under NHH management, in order to leverage on NHH’s strong operating platform:

3 hotels in Lisbon being leased & managed by NHH
9 hotels in Portugal under the management of NHH
2 hotels in Brazil with NHH’s support on operational process and

reviews Handover of NH Cape Town The Lord Charles in South Africa to be under the operational oversight of Minor Hotels’ Africa hub. TIVOLI INTEGRATION & HUB STREAMLINING CROSS-EXPANSION Leverage on both parties’ strengths to expand the hotel portfolio. NHH’s relationship with real estate investors / owners

+

Anantara’s brand strength Anantara will soon début in Ireland with the rebranding of The Marker Hotel in Dublin. Anantara Villa Padierna Palace Benahavis Marbella Resort in Spain

pened its doors in July 2019.

SLIDE 24

Asset-Light Businesses

24

Managed 2% MLR 6%

9M19 Minor Hotels Revenue

MANAGED HOTELS REVPAR NO OF HOTEL ROOMS MANAGEMENT LETTING RIGHTS REVPAR NO OF HOTEL ROOMS

+6% y-y No of Rooms 6,511 6,512 6,618 6,935 7,000 6,989 7,043 4,000 5,000 6,000 7,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 3,624 3,052 3,480 3,411 3,188 2,673 2,895 148 126 144 145 142 121 138 110 130 150 170 1,000 2,000 3,000 4,000 5,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 AUD

5% y-y

THB

17% y-y

THB AUD +194% y-y No of Rooms 4,745 4,750 4,919 13,311 13,284 13,408 14,450 5,000 10,000 15,000 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4,170 3,144 3,413 3,119 4,306 3,425 3,377 2,882 2,744 2,865 2,000 4,000 6,000 THB Organic excl FX

1% y-y

System-wide

16% y-y

1Q18 2Q18 3Q18 4Q18 2Q19 1Q19 3Q19

MINT’s asset light businesses include management letting rights (MLR) of serviced-suites in Australia and New Zealand and hotel management contracts. RevPar of MLR declined because of the weak macro environment and the strengthening of the

THB. As a result, MLR revenue declined by 11% in 3Q19. For managed hotels, system-wide RevPar declined from change of

hotel mix with the addition of the NHH portfolio, together with the strengthening of the THB. However, revenue of managed hotels increased by 11% from the new openings.

SLIDE 25

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

Victoria, Australia

170 rms

Wellington, New Zealand

226 rms

Krabi, Thailand

178 rms

Dubai, UAE

360 rms

Beirut, Lebanon

110 rms

Gold Coast, Australia

76 rms

Valencia, Spain

47 rms

Santiago, Chile

85 rms

Porto, Portugal

79 rms

Andorra la Vella, Andorra

60 rms

Laikipia, Kenya

8 rms

Marbella, Spain 132 rms
Desaru, Malaysia

103 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

Monterrey, Mexico

120 rms

Frankfurt, Germany

375 rms

HOTEL INVESTMENT & LEASE

Ubud, Bali, Indonesia*

71 rms

Dublin, Ireland 187 rms
Khao Lak, Thailand

328 rms

Fares Island, Maldives*

200 rms

Cancun, Mexico

140 rms

Hannover, Germany

89 rms

Amsterdam, Netherlands

650 rms

2020F 2021F 2022F-2024F

63 Hotels / 11,661 Rooms 11 Hotels / 1,381 Rooms 7 Hotels / 1,665 Rooms 6 Hotels / 809 Rooms 17 Hotels / 2,485 Rooms 16 Hotels / 2,360 Rooms 14 Hotels / 3,266 Rooms 16 Hotels / 3,550 Rooms

25

Phi Phi Island, Thailand

107 rms

Nanjing, China

120 rms

Busan, Korea

570 rms

Savanne, Mauritius

156 rms

Ras Al Khaimah, UAE

225 rms

Dubai, UAE

528 rms

Fortaleza, Brazil

130 rms

Hangzhou, China

166 rms

Phuket, Thailand

500 rms

Lima, Peru

164 rms

Iquique, Chile 135 rms
Lima, Peru

265 rms

Santiago, Chile

146 rms

Hangzhou, China

54 rms

Accra, Ghana

155 rms

Chengdu, China

150 rms

Sharjah, UAE

233 rms

Riyadh, Saudi Arabia

163 rms

Jeddah, Saudi Arabia

328 rms

Sifah, Oman

300 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

Aguascalientes, Mexico

105 rms

Mexico City, Mexico

144 rms

Panama, Panama

83 rms

Zhuhai, China

100 rms

Others Others

* Note: Joint-ventured properties 27 Hotels / 4,778 Rooms ** Hotels already opened in 9M19

Bang Krachao, Thailand

62 rms

Libo Country, China

173 rms

Ras Al Khaimah, UAE

174 rms

Krabi, Thailand

83 rms

Nha Trang, Vietnam

273 rms

Dubai, UAE

264 rms

Muscat, Oman

162 rms

Queensland, Australia

50 rms

Chengdu, China

201 rms

Bahia, Brazil

50 rms

Chengdu, China

197 rms

Hangzhou, China

132 rms

Murano, Italy

104+38 rms

Feira de Santana, Brazil

207 rms

London, UK

190 rms

Milan, Italy

185 rms

Santander, Spain

64 rms

Alicante, Spain

63 rms

Milan, Italy

100 rms

Hamburg, Germany

261 rms

Hamburg, Germany

136 rms 3 Hotels / 923 Rooms

SLIDE 26

Mixed-Use Business

26

Mixed-use business comprises residential development and Anantara Vacation Club. In addition to the current projects, MINT has a pipeline of branded residences for sale in order to ensure the continuity of revenue stream in the coming years. Anantara Vacation Club provides stable revenue growth driven by membership growth. In 3Q19, mixed-use revenue declined by 10% y-y, as the increase in revenue of Anantara Vacation Club of 9% only partially offset the decline in residential sales during the quarter from timing mismatch of the sales. Minor Hotels expects to have some residential sales activities in 4Q19.

RESIDENTIAL DEVELOPMENT ANANTARA VACATION CLUB INVENTORY TO ACCOMMODATE GROWING MEMBERS

4,000 8,000 12,000 2015 2016 2017 2018 9M19

No. of

Members Growth (y-y) +28% +15% +27% +21% +18% 137 160 186 229 238 500 100 200 300 400 500 2015 2016 2017 2018 3Q19 2023F

No. of Units

>12 Destinations 7 Destinations: Queenstown, Bali, Sanya, Samui, Phuket, Bangkok Chiang Mai >

GROWING MEMBERSHIP

Mixed-use 5%

9M19 Minor Hotels Revenue

6,928 8,000 10,193 13,884 12,347 39% 11% 8%8% 7% 27% China Thailand Singapore Hong Kong Malaysia Others

PIPELINE CURRENT PROJECTS

Layan Residences by Anantara, Phuket Avadina Hills by Anantara, Phuket The Estates Samui Anantara Chiang Mai Serviced Suites Torres Rani, Maputo 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 100%-owned 50% JV 100%-owned 50% JV 49% JV Anantara Desaru Residences, Malaysia Anantara Ubud Residences, Indonesia Silom Office 20 residential villas 15 residential villas 60% JV 50% JV 40% JV NA Launched 2015 Launched 2018 Launched 2006 Launched 2016 Launched 2015 To launch 2020 To launch 2023 To launch 2020

SLIDE 27

MINOR FOOD

Swensen’s Hig igh Fib Fiber / Lo Low Cal alories s Ice ce Cream

SLIDE 28

Minor Food – Financial Highlights

28

9M19 revenue of Minor Food grew by 1% 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 9% and 24% respectively. Despite improved profitability of the China hub,

verall margins were under pressure, which resulted from the contraction of same-store-sales, 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

4.3%

in 9M19

The Pizza Company, Burger King, The Coffee Club and

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

Total-system-sales growth was positive throughout the

first nine months, driven by outlet expansion of China and Thailand hubs. Outlet expansion

6%

in 9M19

The drivers of outlet expansion during the past 12

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

3.8%

in 9M19

China hub reported positive SSSG in 9M19 (driven by

1H19), but it was not sufficient to offset the negative same-store-sales growth of 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, especially through delivery.

* The financials above reflect performance from operation, and therefore exclude non-core items in as detailed on page 47.

6,085 5,806 5,836 5,756 6,367 5,865 5,686 1,123 903 911 710 1,103 879 698 548 350 350 273 475 269 207 15.0% 4.6% 2Q19 15.0% 16.6% 9M19 7.0% 9M18 5.3%

41% y-y
23% y-y
3% y-y

+1% y-y

9% y-y
24% y-y

12.3% 3.6% 3Q19 17,728 2,938 1,248 17,919 2,680 951

SLIDE 29

Minor Food – International Presence

29

MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 26 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% 63% 60% 19% 35% 37% 40% 0% 25% 50% 75% 100% 2008 2018* 9M19* 2023F International Thailand

SLIDE 30

Minor Food – Operational Performance

30

3Q19 total-system-sales of the restaurant business grew by 3.7%, driven by selective outlet expansion of 6% y-y, primarily in China, Thailand and developing hubs. Same-store-sales declined by 3.7% in 3Q19, as a result of slow consumption and weak macro backdrop across all major hubs.

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 3Q19 2023F 34% 66% 67% 37% 63% 1,043 4,462 2,270 2,297 +6% y-y 34% 66% 53% 82% 59% Franchised Owned 50% 2008 2018 3Q19 2023F 38% 62% 51% 49% 4,462 49% 51% +6% y-y 1,043 2,270 2,297 50% 50%

1.8%
3.1%
3.8%
4.3%
4.0%
3.6%
3.7%
1.7%
0.7%

0.7% 2.8% 5.3% 3.8% 3.7%

5%

0% 5% 10% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 2,268 33% 2,297

SLIDE 31

Thailand Hub

31

Revenue from domestic operations accounted for over 60% of total restaurant revenue in 9M19. Amidst the challenging economic environment, Minor Food started to see some improvements in its same-store-sales performance with continued effort on product innovations, promotional campaigns and delivery initiatives.

KEY HIGHLIGHTS THAILAND’S SSS & TSS GROWTH

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

Same-store-sales: Thailand’s SSS declined by 5.0% in 3Q19, an improving

trend q-q for the third consecutive quarter: ‒ In terms of brands, Burger King has seen significant recovery, with same-store-sales growth of +9% in Sept; ‒ Bangkok has seen notable m-m improvement in same-store-sales trend, attributable to the focus on delivery.

Total-system-sales:

‒ Thailand hub selectively expanded its network of outlets, especially the franchised outlets of The Pizza Company and Dairy Queen; ‒ With outlet expansion of 7% in 3Q19, Thailand’s TSSG was 2.1%.

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.

Thailand 63%

10%
5%

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

9M19 Minor Food Revenue

SLIDE 32

Thailand Hub – Delivery

32

With the marketplace expanding from dine-ins to delivery services, Thailand hub has focused its efforts on both its own delivery platform and third- party aggregators.

SLIDE 33

Thailand Hub – Product Innovation

33

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.

Sizzler’s Cold-Pressed Juice Burger King’s Cheesy Truffle Fries Dairy Queen’s Super Sundae The Pizza Company’s Cheesy Shrimp Pizza Swensen’s Bingsu Cake Sizzler’s Plant-Based Menu

SLIDE 34

Same-store-sales: China’s SSSG declined by about 2% in 3Q19, primarily

from lower traffic amidst the slowing economy.

Total-system-sales: With the continued outlet expansion of 17%, the TSSG

was 9.3% in 3Q19.

3Q19 Update: Riverside launched its loyalty program in August 2019, with

the focus on driving traffic to the stores and leverage on CRM.

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 and loyalty program to increase sales.

China Hub

34

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 9M19, net profit of China hub more than doubled y-y, from the effective cost control.

KEY HIGHLIGHTS CHINA’S SSS & TSS GROWTH

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

10%
5%

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

China 15%

9M19 Minor Food Revenue

SLIDE 35

China Hub – Building Customer Loyalty

35

Riverside’s will further build customers’ loyalty through digital loyalty program and food traceability.

Food Traceability

As part of Riverside’s marketing plan, China hub is building public awareness on its fish

quality through various channels, including TV news coverage and printed ad.

Riverside is the first grilled fish brand in the market to provide farm to table traceable ‘live’

fish, providing customers with the highest level of food safety and raw ingredient traceability. Digital Loyalty Program

Digital loyalty program was launched on WeChat.
Riverside is able to recruit 200,000 new members

per month.

SLIDE 36

Australia Hub

36

In 9M19, Australia hub’s revenue contributed 11% of total restaurant business. Although revenue increased in AUD term, revenue in THB term declined by 7% because of the weakening of the AUD. Australia hub was able to maintain profitability in 9M19, despite the contraction of both same-store-sales and total-system-sales.

KEY HIGHLIGHTS AUSTRALIA’S SSS & TSS GROWTH

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

Same-store-sales: Australia’s SSS declined by 1.9% in 3Q19, as Australia's

economy slowed to its most sluggish pace since 2009.

Total-system-sales: The trend of TSSG improved to -1.2%, supported by the

expansion of The Coffee Club International and Nomad’s strong coffee volume sold through Aldi supermarket.

2019 Strategies:

‒ Grow The Coffee Club business in Australia through:

brand

relevance, especially through delivery business (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.
15.0%
10.0%
5.0%

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

Australia 11%

9M19 Minor Food Revenue

SLIDE 37

Australia Hub – Domestic Operations

37

Australia hub focuses on product innovation and loyalty program, as well as delivery through partnership with Uber Eats with the target to improve traffic.

Loyalty Programs & App Product Innovation Delivery Partnership

SLIDE 38

Focus on delivery

Minor Food – 4Q19 Priorities

38

Amidst today’s rapidly changing competitive landscape, Minor Food has identified key priorities to be implemented for the rest of the year. In addition, the acquisitions will bring in additional revenues and NPAT which will enhance Minor Food’s growth trajectory in the long term.

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

In addition to the efforts to improve the operational performance above, the investment in Bonchon will also become another growth driver of Minor Food going forward.

SLIDE 39

MINOR LIFESTYLE

SLIDE 40

30 30 19 51 31 6

2

Minor Lifestyle – Financial Highlights

40

9M19 revenue of Minor Lifestyle was up 11%, driven primarily by retail trading business. EBITDA and NPAT declined by 9% and 56% 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 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

80%

f 9M19 Minor Lifestyle

revenue Contract manufacturing

20%

f 9M19 Minor Lifestyle

revenue

9M19 revenue from retail trading increased by

14%, mainly from Anello, OVS, Radley, Bossini, Charles & Keith Bodum, Henckels and Joseph Joseph.

9M19 revenue from contract manufacturing

increased by 1%, impacted by the slow retail environment.

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% 6.1% 19.4% 12.4% 3.9% 2.4% 8.0% 11.4% 20.1% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 1,130 1,014 1,062 1,234 1,251 1,120 1,192 72 83 67 85 84 62 56 6.9% 5.6% 1.0% 2.5% 9M18 5.5% 0.5% 2Q19 496

17% y-y

+12% y-y +11% y-y

9% y-y

9M19

56% y-y

4.7% NM 3Q19 486 3,205 221 79 3,563 201 35

SLIDE 41

Corporate Information & Five-Year Plan

SLIDE 42

1.21 1.35 0.8 1.0 1.2 1.4 1.6 1.8 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 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

42

CAPEX plans include committed CAPEX of projects in the pipeline. With the successful asset rotation strategy, interest bearing debt to equity ratio declined to 1.35x at the end of 3Q19, very close to MINT’s internal policy target of 1.3x. MINT and its senior unsecured debentures have “A” rating by TRIS. 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 59,298 Debt 112,085 Note: Cash on hand as at end of 3Q19 is THB 11,987 million X 1.30x Target Equity* 9,928

* Assume 100% conversion of MINT-W6

Equity 82,765

SLIDE 43

Strengthening of Balance Sheet

43

MINT is prudent on the management of its leverage level and focuses on consistently improve the quality of its balance sheet. Many initiatives have been implemented over the past year in order to ensure strong balance sheet position.

The average maturity of the loans has been extended to over 6 years.
All-in interest rate is below 3%.
All fundings have been swapped into Euros.

Term Out of Loans for NHH Acquisition Completed

The proceeds from the successful asset rotation strategy of the sale-and-lease-back transaction of 3 Tivoli properties have

been used to partially repay debt.

MINT’s interest bearing debt declined from THB 125 billion at the end of 2Q19 to THB 112 billion at the end of 3Q19.
As a result, D/E ratio declined from 1.55x at the end of 2Q19 to 1.35x at the end of 3Q19

Partial Loan Repayment from Asset Rotation Strategy

The definition of “interest bearing debt” in the calculation of debt covenant has been amended to exclude the lease

liabilities, in anticipation of the IFRS 16, which will become effective 2020.

Such definition is applicable to all creditors – financial institutions and bondholders.

Amendment of Covenant Calculation

The recent favorable account treatment of perpetual bonds is being validated by The Federation of Accounting Professions

for at least until the end of 2022.

The formal validation is expected to be before end of 2019.

Perpetual Bond Treatment

SLIDE 44

MINT’s Five-Year Strategy

44 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 45

Five-Year Aspiration

45

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.)

3Q19

529 hotels
132 residences built to date
238 vacation club units
2,297 restaurants
486 retail shops & POS

(31,704 sq.m.)

SLIDE 46

APPENDIX

Al Al Naja ajada Doh Doha Hot

tel Apa

Apartments by y Oak aks

SLIDE 47

Non-Core Items

47 Period Amount (THB million) Business Unit Non-recurring Items

3Q19 4,743 revenue 3,512 net profit Minor Hotels Gain from Tivoli asset sales 35 revenue

1 net profit

Minor Hotels Non-recurring revenue and expenses of NH

46

Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap

322

Minor Hotels / Minor Food Expenses and provisions related to Corbin & King, Ribs & Rumps, certain brands in Singapore hub 2Q19

48 pre-tax
38 post-tax

Minor Hotels / Minor Food / Minor Lifestyle Loss from retirement benefit 62 revenue 44 net profit Minor Hotels Capital gain from asset rotation of NH Hotel Group

320

Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap 1Q19 50 Minor Food Gain from the divestment of Bread Talk Thailand 132 pre-tax 91 post-tax Minor Hotels Capital gain from asset rotation of NH Hotel Group

191

Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap 4Q18 708 Minor Hotels Gain on fair value adjustment of investment in NH Hotel Group

800

Minor Hotels Loss from changing status of investment in NH Hotel Group

96

Minor Hotels Impairment charge of investment in Oaks Gladstone

280 pre-tax
232 post-tax

Minor Hotels Impairment of investment in Rani (Mozambique)

125

Minor Food Impairment of investment in GrabThai in UK

87

Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap 2Q18 121 Minor Food Gain on fair value adjustment of investment in Benihana