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

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Company Presentation – Aug 2017

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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

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Avandina Hills by Anantara, Phuket

Agenda

1H17 Performance Recap Minor Hotels Minor Food Minor Lifestyle Corporate Information

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1H17 Performance Recap

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5

15,000 20,000 25,000 30,000 1H16 Minor Hotels Minor Food Minor Lifestyle 1H17 1,000 2,000 3,000 4,000 5,000 1H16 Minor Hotels Minor Food Minor Lifestyle 1H17

RESILIENT PERFORMANCE WITH QUICK TURNAROUND

1H17 net profit increased by 19% from 1H16 core net profit, from the strong performance of all three businesses. The robust multi-brand portfolios, geographical diversification and business agility contributed to MINT’s growth.

REVENUE NET PROFIT

1H17 Performance Recap THB million Excl special gain +8% y-y THB million 4,307 2,661 Excl special gain +19% y-y 28,611 28,734 26,543 2,239

Non-recurring items: gain from bargain purchase of the Tivoli of THB 1,932 million in 1Q17 and gain from changing status of investment in BreadTalk Group of THB 136 million in 2Q17

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6

MINT’s Footprint

With solid diversification strategy, MINT’s presence was in 32 countries at the end of 1H17 across its hospitality and restaurant businesses.

Minor Food Combination Minor Hotels

INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

87% 50% 53% 48% 13% 50% 47% 52% 0% 25% 50% 75% 100% 2008 2016 1H17 2021F International Thailand

* Excludes non-recurring gains

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Minor Hotels

Anantara Guiyang, China

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8

WHAT’S NEW IN 2Q17 TO DATE – MINOR HOTELS

Recent Development

Launched Anantara and AVANI into Europe for the first time with the

renovation and rebranding of two Tivoli hotels in April 2017:

Anantara Vilamoura Algarve, Portugal
AVANI Avenida Liberdade Lisbon, Portugal
Entered into a 50% JV agreement with Kajima Corporation to invest in and
perate the residential project, Avadina Hills by Anantara, Phuket. The project

will strengthen the inventory pipeline of residential development.

Added nine units of Anantara Vacation Club’s inventory in Phuket and Chiang

Mai

Acquired MLR contract of Metro Suites in Auckland, New Zealand in May 2017

Hotel Investment Oaks Management Contracts Real Estate

Launched Anantara Guiyang in China in June 2017

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9

FINANCIAL PERFORMANCE – MINOR HOTELS

1H17 revenues of Minor Hotels grew by 14%, due to increase in revenues of owned hotels, Oaks, management contracts and real estate business. 1H17 EBITDA increased by 11%, at a lower rate than revenue growth because of re-launching expenses of the renovated Tivoli hotels in Portugal and ramping up of new hotels. 1H17 net profit increased by 21%, from the strong performance of Oaks and the real estate business, together with various tax benefits and deferred tax adjustment.

Minor Hotels Revenue EBITDA NPAT THB million +8% y-y

5% y-y

EBITDA Margin Net Margin

* The financials above reflect performance from operation, and therefore exclude non-recurring items as detailed on page 37

KEY HIGHLIGHTS Owned hotels

54%

f 1H17 hospitality

revenue Oaks

20%

f 1H17 hospitality

revenue Management contracts

4%

f 1H17 hospitality

revenue Real estate

19%

f 1H17 hospitality

revenue

1H17 revenue grew by 11% y-y,

from both hotels in Thailand and

verseas,

together with the consolidation of hotels in Zambia.

1H17 revenue increased by 5% y-y,

primarily from the RevPar growth of 4% (in THB term).

Revenue increased by 8% in 1H17

y-y, primarily attributable to additional management fees from newly managed hotels (organic 1H17 RevPar was flat y-y).

Revenue increased by 36% y-y in

1H17 from strong performance of residential sales in 1Q17 and Anantara Vacation Club in 1H17 after the adjustment of its business model.

7,078 6,099 7,237 7,344 8,388 6,613 2,175 1,117 1,723 2,132 2,574 1,063 1,124 237 561 889 1,361 287 30.7% 18.3% 23.8% 29.0% 30.7% +21% y-y 15.9% 3.9% 7.8% 12.1% 16.2% 1Q16 2Q16 3Q16 4Q16 1Q17 13,177 15,002 3,291 3,637 1,361 1,648 +14% y-y +11% y-y +21% y-y 24.2% 25.0% 10.3% 11.0% 1H16 1H17 16.1% 4.3% 2Q17

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10

Hubs

In recent years, MINT has implemented a solid diversification strategy. At the end of 1H17, 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.

MINOR HOTELS - INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

94% 37% 40% 32% 6% 63% 60% 68% 0% 25% 50% 75% 100% 2008 2016 1H17 2021F International Thailand Management Combination Investment New Destinations in Pipeline

* Excludes non-recurring gains

Minor Hotels

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11

SYSTEM-WIDE HOTEL OPERATIONS

Excluding new hotels and impact from exchange rate, organic RevPar of the entire portfolio increased by 6% in 2Q17, driven primarily by owned hotels portfolio. However, 2Q17 system-wide RevPar increased by a lesser extent of 2%, primarily from newly-added overseas hotels.

THB

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

No of Rooms THB Organic excl FX +6% y-y System-wide +2% y-y Organic +2% y-y System-wide +1% y-y Minor Hotels 5,000 10,000 15,000 20,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 MLR / Oaks Managed Joint-venture Owned 19,006 19,115 19,512 +4% y-y 19,776 19,794 6,431 5,198 5,410 5,963 6,397 5,337 6,338 5,207 2,000 4,000 6,000 8,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 System-wide Flat y-y Organic excl FX +3% y-y 4,337 3,327 3,793 3,858 4,450 3,540 4,270 3,388 1,000 2,000 3,000 4,000 5,000 67% 64% 70% 65% 70% 66% 67% 65% 50% 60% 70% 80% 90% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 19,896 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

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12 54%

OWNED-HOTELS OPERATIONS

Owned hotels contribute over half of hotel & mixed-use revenues in 1H17. RevPar of owned hotels portfolio grew by double-digit y-y in 2Q17, driven by both Thai and overseas hotels. As a result, revenue of owned hotels increased by 11% y-y in 1H17.

THB THB

Owned- hotels 1H17 HOSPITALITY REVENUE CONTRIBUTION

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

+7% y-y No of Rooms System-wide +11% y-y System-wide +10% y-y Organic +1% y-y System-wide Flat y-y Minor Hotels

* Change in 1Q16 & 2Q16 stats because of retroactive classification of hotels in Zambia from JV hotels to owned hotels as a result of change in investment status effective 3Q16.

Organic excl FX +11% y-y 6,566 6,566 7,084 7,118 7,118 7,050 4,000 5,000 6,000 7,000 8,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

+Tivoli Victoria +Tivoli Palacio de Sateais +Tivoli Jardin +Tivoli Lagos +Tivoli Sintra +Tivoli Coimbra +AVANI Riverside Bkk +Anantara Kalutara +Royal Livingstone by Anantara +AVANI Victoria Falls +Elements Boutique Resort & Spa

6,733 5,009 5,572 6,143 6,863 5,568 6,791 5,519 2,000 4,000 6,000 8,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 60% 62% 73% 56% 61% 63% 58% 62% 40% 50% 60% 70% 80% 90% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 4,063 3,114 4,041 3,445 4,208 3,529 3,907 3,445 2,000 4,000 6,000 Organic excl FX +13% y-y 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

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Thailand, 54% Portugal, 15% Brazil, 9% Maldives, 8% Africa, 9% Others, 5%

RevPar Growth (y-y) +11% +4% +6% +2% +1% +9%

Thailand

International tourist arrivals into Thailand grew 8% y-y

in 2Q17, although Chinese tourist arrivals barely grew for the period.

Minor Hotels outperformed the industry with room

nights of hotels in Thailand growing at a faster rate of 13%, and the Chinese growing by 10% y-y.

Performance of hotels in Thailand improved further

going into 2Q17, with RevPar of Thailand owned hotels increasing by 13% y-y, driven by both Bangkok and provincial hotels portfolio.

Bangkok

RevPar of owned hotels in Bangkok soared by 21% y-y

in 2Q17.

The RevPar growth was driven primarily by the ramping

up of Avani Riverside Bangkok, with its second year of

peration, and the double-digit increase in RevPar of

Anantara Siam and The St. Regis Bangkok.

Thailand Provinces

RevPar of hotels in the provinces increased by 9% y-y in

2Q17, attributable to hotels in Chiang Rai, Phuket and Samui.

RevPar Growth (y-y)

3%
8%

+2%

3%

+4% +21%

OWNED-HOTELS OPERATIONS – THAILAND

THB

THAILAND PROVINCES BANGKOK

THB RevPar ADR % Occupancy

Thailand hotels continue to be the largest contributor to the owned hotels segment, with revenues accounting for over half of owned hotels revenues in 1H17. Thailand will continue to be an attractive destination for tourism with its diverse attractions, well-developed infrastructure and strategic location.

Minor Hotels

1H17 OWNED HOTEL REVENUE BY GEOGRAPHY

KEY HIGHLIGHTS

Organic Organic 5,178 4,367 4,240 5,103 5,048 4,580 3,923 2,717 3,173 3,596 4,098 3,294 76% 62% 75% 70% 81% 72% 2,000 4,000 6,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 9,132 5,956 6,125 8,355 9,257 6,359 7,188 4,015 4,311 5,582 7,229 4,370 79% 67% 70% 67% 78% 69% 2,000 4,000 6,000 8,000 10,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

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14

6%

27%

5%
14%

7% 25% 5% 22% Portugal Brazil Maldives Africa

OWNED-HOTELS OPERATIONS – OVERSEAS

In 2Q17, RevPar of owned overseas hotels increased by 11% y-y, driven primarily by hotels in Brazil and Africa. Moreover, hotels in Portugal and Maldives demonstrated improvements in RevPar growth compared to 1Q17 performance, with RevPar turning positive in 2Q17.

Minor Hotels

KEY MARKET HIGHLIGHTS Portugal

Tivoli hotels in Portugal reported improvement in

RevPar growth in 2Q17, as hotel renovations are completed and the country enters the high season.

The increase in RevPar was driven primarily by the

ability to increase rates, especially of newly renovated hotels.

Brazil

RevPar of hotels in Brazil continued to demonstrate

impressive growth of 25% with increase in occupancy, together with the benefits from exchange rate.

Excluding impact from exchange rate, RevPar of hotels in

Brazil performed well with an increase of 16% y-y in 2Q17.

Maldives

The Maldives portfolio started to see an improving trend
f its RevPar, which turned positive in 2Q17.
The turnaround was a result of Minor Hotels’ successful

targeted marketing initiatives.

Africa

Performance of African operations turned around

strongly with RevPar increasing by 22%, driven by their successful sales and marketing activities.

1Q17 & 2Q17 ORGANIC REVPAR GROWTH (Y-Y) OVERSEAS

THB RevPar Growth (y-y)

48%
18%

+11%

35%

+8% +11% Organic 6,021 4,875 5,817 5,643 6,838 5,569 2,903 2,952 4,217 2,711 3,148 3,284 48% 61% 72% 48% 46% 59% 2,000 4,000 6,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 RevPar ADR % Occupancy

1Q 2Q 1Q 2Q 1Q 2Q 1Q 2Q *Change in 1Q16 & 2Q16 stats because of retroactive classification of hotels in Zambia from JV hotels to owned hotels as a result of change in investment status effective 3Q16. 1H17 OWNED HOTEL REVENUE BY GEOGRAPHY Thailand, 54% Portugal, 15% Brazil, 9% Maldives, 8% Africa, 9% Others, 5%

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15 20%

OAKS’ OPERATIONS

Oaks’ serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 20% revenue contribution in 1H17. Oaks continues to provide the hotel & mixed-use business with stable performance throughout the year, compared to hotel operations which is more seasonal. Oaks’ 1H17 revenues in THB increased by 5%, primarily from the increase in 1H17 RevPar increase of 4% y-y in THB term.

THB Flat y-y

No of Rooms

NUMBER OF MANAGED ROOMS ADR OCCUPANCY REVPAR

THB

Oaks

Minor Hotels

1H17 HOSPITALITY REVENUE CONTRIBUTION

6,257 6,347 6,360 6,339 6,328 6,363 4,000 5,000 6,000 7,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 77% 73% 78% 79% 79% 75% 60% 70% 80% 90% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 +2% y-y 4,592 4,327 4,515 4,772 4,830 4,235 179 165 171 180 181 164 150 160 170 180 190 2,000 4,000 6,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3,531 3,162 3,528 3,749 3,793 3,170 137 120 134 141 142 123 100 120 140 160 1,000 2,000 3,000 4,000 5,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 AUD THB

2% y-y

AUD Flat y-y AUD THB Flat y-y AUD +2% y-y

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16 4%

MANAGED-HOTELS OPERATIONS

In 1H17, managed hotels contributed 4% of hotel & mixed-use revenues. Organic RevPar excluding foreign exchange impact of managed hotels portfolio was flat y-y in 2Q17, where good performance of hotels in Thailand, Indonesia and Seychelles helped offset the soft performance of hotels in China, together with the absence of management fees from Huvafen Fushi and Desert Palm following the sale of MINT’s 50% investment in PER AQUUM. With the increase in room counts, 1H17 revenue from management service increased by 8% y-y.

THB

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

THB

Management Contracts

No of Rooms System-wide

9% y-y

Organic excl FX

4% y-y

Organic +3% y-y System-wide +1% y-y Organic excl FX Flat y-y System-wide

9% y-y

+15% y-y Minor Hotels

1H17 HOSPITALITY REVENUE CONTRIBUTION

3,998 4,017 4,282 4,533 4,484 4,619 2,000 3,000 4,000 5,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

+The Residences at Victoria, Tivoli +Loisaba Tented Camp +Loisaba Star Beds +AVANI Khon Kaen +AVANI Deira Dubai +Anantara Al Jabal Al Akhdar, Oman +Al Baleed Salalah by Anantara

69% 59% 62% 62% 73% 62% 50% 60% 70% 80% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 7,605 6,291 6,068 6,886 7,457 6,065 7,034 5,704 2,000 4,000 6,000 8,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 5,280 3,741 3,788 4,244 5,416 3,757 4,952 3,417 2,000 4,000 6,000 70%

+Anantara Guiyang

60% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

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17

HOTEL EXPANSION PIPELINE

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

* Note: Joint-ventured properties

Total 2017F

Queensland,

Australia (219 rms)

Quy Nhon,

Vietnam (25 rms) 2018F

Shanghai, China (260 rms)
Qiandao Lake, China (120 rms)
Lijiang, China (678 rms)
Tozeur, Tunisia (93 rms)
Auckland,

New Zealand (370 rms)

Doha, Qatar

(102 rms)

Desaru,

Malaysia (103 rms)

Ubud, Bali,

Indonesia* (70 rms)

Zhuhai, China (110 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

Khao Lak,

Thailand (327 rms) Minor Hotels

Bodhgaya,

India* (78 rms)

HOTEL INVESTMENT

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) 7 Hotels / 815 Rooms 31 Hotels / 6,751 Rooms

Guiyang, China (218 rms)

2020F

Jeddah, Saudi Arabia

(328 rms)

Mauritius (130 rms)
Dubai, UAE

(372 rms)

Ras Al Khaimah,

UAE (200 rms)

Warangi,

Serengeti National Park, Tanzania* (12 rms)

Tunisia (41 rms)
Beirut, Lebanon

(110rms)

Daegu, Korea

(144 rms)

Fortaleza, Brazil

(130 rms) 2021F

Gammart, Tunisia

(232 rms)

Fares,

Maldives* (200 rms)

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18 19%

REAL ESTATE BUSINESS - RESIDENTIAL

In addition to the current projects, three projects have been announced, in order to ensure the continued revenue stream from residential sales in the coming years. The residential projects in the pipeline include Avadina Hills in Phuket, 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%

LAYAN RESIDENCES BY ANANTARA, PHUKET

The project is situated on Layan beach, one of the most picturesque bays on west coast of Phuket.

THE ESTATES SAMUI

Above a secluded cove of powder-white sands and crystal-blue waters, The Estates Samui offers 14 luxury villas adjacent to Four Seasons, Koh Samui.

Sold 62% Inventory 38% Minor Hotels

Real Estates

15 uniquely designed pool

villas

Up to 8 bedrooms, each

with 21 meter private infinity pool

1,313 to 2,317 sq.m. of

built-up area

9 units sold to date

1H17 HOSPITALITY REVENUE CONTRIBUTION

ANANTARA CHIANG MAI SERVICED SUITES

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.

Sold 55% Inventory 34%

44 units in 7-storey

condominium building

65 to 162 sq.m. (one

to three bedrooms)

29 units sold to date

(3 sold in 2Q17); 1 unit reserved and expected to be transferred in 3Q17

TORRES RANI, MAPUTO

A 49% joint-venture with Rani Investment, the project is 5 minutes from Maputo CBD.

18-storey residential tower, comprising

181 keys for rent and 6 penthouse units for sale

20,926 sq.m., 21-storey office tower

3 out of 6 penthouse units sold to date

2% deposited & contract signed 9% sold & transferred in 2Q17

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19

106 119 137 160 174 >450 100 200 300 400 500 2013 2014 2015 2016 2Q17 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. With the change of the sales model since 2015 which resulted in smaller package, accelerated cash flow, as well as lower bad debt and cancellation rate, AVC is seeing the turnaround of its performance since 4Q16. In 1H17, AVC revenues increased by 39% y-y.

REAL ESTATE BUSINESS – ANANTARA VACATION CLUB

As at Jun 2017

No. of Units

10 Destinations 3,857 5,431 6,928 8,000 9,011 2,000 4,000 6,000 8,000 2013 2014 2015 2016 1H17

No. of

Members Growth (y-y) +67% +40% +28% +15% +22% 7 Destinations: Queenstown Bali Sanya Samui Phuket Bangkok Chiang Mai Minor Hotels China, 39% Thailand, 10% Hong Kong, 10% Singapore, 9% Malaysia, 8% Japan, 4% Taiwan, 3% Australia, 2% UAE, 2% Philippines, 2% US, 1% Others, 10% 2,000 4,000 6,000 2013 2014 2015 2016 2Q17

No. of

Members 5,553 2,460 3,731

+36% +12% +23% +19% +300% +111%

China Thailand Singapore 4,896

+10% +5% +48% +39% +35% +38%

Hong Kong

+10% +7% +17% +11%

6,146

+12% +17% +21% +12%

19%

Real Estates 1H17 HOSPITALITY REVENUE CONTRIBUTION

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Minor Food

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21

WHAT’S NEW IN 2Q17 TO DATE – MINOR FOOD

Recent Development

Increased shareholding in Riverside from 69% to 85% in June 2017,

allowing Minor Food to capture the upside growth potential of the China market.

Increased Investment in Riverside Strengthened Platform in UK

Converted loan extended to Grab Food to equity in May 2017. As a

result, Minor Food effectively owns 70% of Grab Food today.

Grab Food is a Thai casual dining restaurant with 4 outlets in London.

The dishes are inspired by the qualities of Thai street food - served quickly with fresh ingredients, bursting with flavour and never kept longer than a day.

Continued to build the network of Patara, Thai fine dining restaurant,

which resulted in a total of 3 outlets in London by the end of 2Q17.

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22

FINANCIAL PERFORMANCE – MINOR FOOD

Net Margin THB million Minor Food +1% y-y Revenue EBITDA NPAT EBITDA Margin +15% y-y +20% y-y

1H17 revenue of Minor Food increased by 2%, attributable to the performance of Thailand and China hubs, together with smaller developing operations such as Middle East and India. EBITDA and net profit grew by 12% and 16% respectively, primarily from the effective cost control of Thailand and China hubs, together with the contribution from Australia.

KEY HIGHLIGHTS Total-system-sales growth of

7.0%

in 1H17

The Pizza Company, Burger King and

BreadTalk (Thailand) reported strong double-digit total-system-sales growth in 1H17. Outlet expansion

f

8%

in 1H17

In 2Q17, BreadTalk (Thailand), Burger King

and The Pizza Company achieved the fastest outlet expansion y-y (in terms of percentage growth). Same-store-sales growth of

0.1%

in 1H17

In 1H17, The Pizza Company, Swensen’s,

Burger King, The Coffee Club, Riverside and BreadTalk (Thailand) reported positive same-store-sales growth.

The performance of Thai Express Group in

Singapore continued to be soft, but improving, amidst challenging macro condition and intensifying competition in Singapore.

The multi-brand portfolio, diversification

strategy and

perational

excellence continued to help Minor Food weather the challenges in its key operating markets.

* The financials above reflect performance from operation, and therefore exclude non-recurring items as detailed on page 37

5,841 5,766 5,794 5,621 6,028 5,823 1,051 876 982 933 1,138 1,012 481 359 420 425 540 431 18.0% 15.2% 17.0% 16.6% 18.9% 8.2% 6.2% 7.2% 7.6% 9.0% 1Q16 2Q16 3Q16 4Q16 1Q17 17.4% 7.4% 2Q17 11,851 11,607 1,928 2,149 18.1% 16.6% 840 971 1H17 8.2% 1H16 7.2% +2% y-y +12% y-y +16% y-y

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23

Franchised Combination Owned

REVENUE CONTRIBUTION

Hub 81% 59% 63% 54% 19% 41% 37% 46% 0% 25% 50% 75% 100% 2008 2016 1H17 2021F International Thailand

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.

Minor Food

MINOR FOOD - INTERNATIONAL PRESENCE

* Excludes non-recurring gains

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24

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

2Q17 total-system-sales of Minor Food grew 5.7%, primarily from outlet expansion of 8%, mostly in Thailand, Vietnam, Myanmar, the UAE and China. All hubs reported soft same-store-sales in 2Q17, primarily from weak macro backdrop in its key markets.

2008 2016 2Q17 2021F 36% 64% 67% 33% 39% 61% 1,043 3,409 1,996 2,037 +8% y-y 36% 64% 2008 2016 2Q17 2021F 38% 62% 49% 51% 3,409 49% 51% +8% y-y 1,043 1,996 2,037 49% 51%

No. of

Outlets

Minor Food

1,996

0.9% 2.3% 3.0%

0.9%

1.3%

1.0%

8.8% 9.9% 11.3% 6.4% 8.2% 5.7%

5%

0% 5% 10% 15% 20% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 1,859 1,883 1,928 2,017 2,037

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25

THAILAND HUB

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

THAILAND’S SSS & TSS GROWTH RESILIENT OPERATIONS 63%

Thailand 1H17 RESTAURANT REVENUE CONTRIBUTION

Revenues from domestic operations remained the biggest contributor of Minor Food, accounting for 63% of total restaurant revenue in 1H17. Diversification, product innovation and effective marketing strategy afforded Minor Food to remain resilient amidst the domestic consumption slowdown.

Same-store-sales of Thailand hub slowed down temporarily in 2Q17 amidst the soft domestic consumption environment. The brands that performed well during the quarter were The Pizza Company and Burger King. With continued outlet expansion, total-system-sales growth of Thailand hub was of 7.3% in 2Q17. Grew takeaway segment through the expansion of delivery-stores-with-seats format, resulting in sales increase of 5%. Launched kid’s segment, which successfully attracted families, and helped increase customer traffic. The sales of kid’s sundae increased by over 20% in 1H17. Emphasized unique salad concept with the focus on product and service quality and operational excellence. Successfully shifted sales mix from entry-point products to more premium products, which resulted in 11% increase in revenue per docket and consequently higher profitability. Partnered with Food Panda for delivery service in Bangkok, in order to expand sales channel. Drove growth with the launch of new product innovations, proven by the success of the lava product line with the recent launch of chocolate lava croissant. Expanded sales channel via the launch of mobile app which accommodates both pick-up and delivery orders.

Minor Food

 

5%

0% 5% 10% 15% 20% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

SLIDE 26

26 CHINA’S SSS & TSS GROWTH DRIVING GROWTH AND PRODUCTIVITY

CHINA HUB

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

14%

China 1H17 RESTAURANT REVENUE CONTRIBUTION

China hub remains one of MINT’s growth drivers as MINT is confident in the long-term prospects of the country, supported by growing middle class and increased urbanization trend. With its recent increase in shareholding of Riverside to 85%, together with the 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.

Same-store-sales of China operations declined in 2Q17. While Riverside’s same-store-sales growth remained positive, performance of Sizzler and Thai Express were weak. The soft same-store-sales growth, together with slower outlet expansion of 9% y-y during the quarter, due to closure of some Riverside outlets because of renovation of the shopping malls, resulted in 2Q17 total-system-sales growth of 6.1%. Although China hub reported soft same-store-sales in 2Q17, the efforts to implement efficient cost control measures, effective supply chain management and back office streamlining resulted in higher profitability. Plans for the rest of 2017: ○ Riverside: expand the brand through opening of new

utlets;

○ Thai Express: adjust menus to better fit the taste of the locals; ○ Sizzler: work with Sizzler Thailand in redesigning menus to improve product quality

Minor Food

   

5%

0% 5% 10% 15% 20% 25% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

SLIDE 27

27 AUSTRALIA’S SSS & TSS GROWTH STABLE PERFORMANCE

AUSTRALIA HUB

Total-System-Sales Growth

13%

1H17 RESTAURANT REVENUE CONTRIBUTION Australia

Australia hub’s revenue contributed 13% of total restaurant business in 1H17. Australia hub has provided Minor Food with stable financial performance despite the temporary impact from the slowdown of the domestic economy, as majority of revenue was franchise income. Apart from franchise business, stronger contribution from Veneziano, the coffee roasting business, also helped drive profitability of Australia hub in 1H17.

Same-store-sales of Australia hub remained flat in 2Q17, as the domestic macro environment continued to be challenging. Consequently, with cautious expansion given the challenging economic environment, total-system-sales grew by 1.4% in 2Q17.

Same-Store-Sales Growth

Although The Coffee Club in Australia remained stable amidst the domestic economic slowdown, the operation in other markets including New Zealand, the Middle East and Thailand continued to report strong performance in 2Q17, with same-store-sales growth

f 7.9%.

Australia hub will remain cautious in outlet expansion domestically, but will focus its expansion internationally in the near-term. The hub will also focus on expanding its high-margin coffee roasting business.

Minor Food

    

10.0%
5.0%

0.0% 5.0% 10.0% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

SLIDE 28

28 SINGAPORE’S SSS & TSS GROWTH STRENGTHENING OF THAI FOOD PORTFOLIO

SINGAPORE HUB

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

9%

Singapore 1H17 RESTAURANT REVENUE CONTRIBUTION Like many other F&B operators in the market, the Singapore hub has been impacted by the economic

slowdown and increased competition. In addition to rationalizing its store portfolio, the hub is strengthening its operations, including the appointment of new management, improvement of its product offerings and implementation of effective customer segmentation, brand portfolio and operating platform to prepare for the economic turnaround. The hub is also expanding the Thai Express brand overseas.

Same-store-sales growth of Singapore hub is seeing an improving trend in 2Q17, although it remained negative for the quarter amidst the challenging industry conditions. Consequently, total-system-sales growth also showed an improving trend in 2Q17, but remained negative as Singapore hub continued to be cautious in outlet expansion with the rationalization of its portfolio. The F&B industry in Singapore has been weak throughout 2016 and up until May 2017, as evidenced by the y-y negative change in Singapore F&B Services Index of the Restaurant Sector above. In addition to the quality of total customer experience, the Singapore hub will focus on operational efficiency and cost

control. An example is the implementation of self-ordering iPads

in the stores.

Minor Food

   

15%
10%
5%

0% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

20%
15%
10%
5%

0% 5% Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17

Percentage Change in F&B Services Index – Restaurants (y-y)

Source: Department of Statistics Singapore

SLIDE 29

Minor Lifestyle

SLIDE 30

30

FINANCIAL PERFORMANCE – MINOR LIFESTYLE

Revenue EBITDA NPAT Net Margin THB million Minor Lifestyle

1H17 revenue of Minor Lifestyle was up 7% y-y, primarily attributable to the retail trading business. Net profit increased at a faster rate of 10% y-y, at a higher rate than the revenue increase, because of the higher operating leverage of the fashion business especially in 2Q17.

EBITDA Margin

KEY HIGHLIGHTS Total-system-sales growth of

12.0%

in 1H17 Same-store-sales growth of

4.1%

in 1H17 Retail trading

76%

f 1H17 Minor Lifestyle

revenue Contract manufacturing

24%

f 1H17 Minor Lifestyle

revenue

Total-system-sales growth was primarily

attributable to Charles & Keith and Brooks Brothers, together with the additional sales from new brands (Etam, Radley, Anello and Joseph Joseph).

Charles & Keith and Pedro were the two

brands in the portfolio that reported positive same-store-sales growth in 1H17.

1H17 revenue from retail trading

increased by 13%, mainly from Charles & Keith and Brooks Brothers, together with additional sales from new brands.

1H17

revenue from contract manufacturing declined by 9%, from soft performance of its key customers in 1Q17. However, its performance showed slight improvement in 2Q17.

964 794 836 910 963 919 85 40 52 91 65 54

38 1 9 34 24 18

+16% y-y +34% y-y 8.8% 5.1% 6.2% 10.0% 6.7% NM 3.9% 0.1% 1.1% 3.7% 2.5% 1Q16 2Q16 3Q16 4Q16 1Q17 5.9% 2.0% 2Q17 1,882 1,759 119 125 38 42 +7% y-y

5% y-y

+10% y-y 7.1% 6.3% 2.2% 1H16 2.2% 1H17

SLIDE 31

31

MINOR LIFESTYLE – OPERATIONAL PERFORMANCE

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

SSS & TSS GROWTH SALES PER SQ. M.

THB

The performance of Minor Lifestyle turned around, with same-store-sales growth of 1.1% in 2Q17, driven by Charles & Keith. With store expansion of 13% y-y, primarily from the new additions – Etam, Radley, Anello and Joseph Joseph, total-system-sales grew by 19.4% in 2Q17. Sales per sq.m. is seeing an improving trend y-y, signifying the higher efficiency of the business.

No. of

Shops

No. of

Shops Minor Lifestyle

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

0.1%

0.4% 3.2%

3.4%
8.5%

1.1% 4.2% 8.8% 16.4% 6.5% 5.7% 19.4%

10%

0% 10% 20% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 307 300 292 327 329 23,850 20,893 20,699 24,259 25,238 24,141 10,000 15,000 20,000 25,000 30,000 35,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 307 300 292 327 329 339 339

SLIDE 32

Anantara Vacation Club Sales Center, Mai Kao, Phuket

Corporate Information

SLIDE 33

33 BACK-UP FINANCING

CAPEX & BALANCE SHEET STRENGTH

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

CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS

Corporate Information

* Incremental capital increase from MINT-W5 exercise, assuming 100% MINT-W5 conversion

20,000 40,000 60,000 80,000 100,000 Outstanding Borrowing & Equity Un-Utilized Facility Debt 26,906 Debt 58,857 Shareholders’ Equity 40,422 Equity* 7,683

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

pipeline. MINT’s leverage ratio is in line with its internal policy and is expected to come down with increasing contribution from

both organic and recent acquisitions. With its solid balance sheet, MINT will mainly 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.

Note: Cash on hand as at end of 2Q17 was THB 3,532 million X X

1.0

2.0 3.0 4.0 5.0 6.0

3,000

6,000 9,000 12,000 15,000 2016A 2017F 2018F 2019F 2020F 2021F

* 2016 committed CAPEX includes the final stage of Tivoli acquisition and increased shareholding in the hotel portfolio in Africa, while 2017 committed CAPEX includes increased shareholding in Riverside and Avadina Hills by Anantara project

Internal Policy Minor Food Minor Hotels Minor Lifestyle 0.4 0.6 0.8 1.0 1.2 1.4 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 1.24x 1.32x Additional CAPEX (non-committed average per annum) for New Investments/Opportunities EBITDA coverage on committed CAPEX

SLIDE 34

34

FIVE-YEAR ASPIRATIONS

NPAT (THB)

1.4bn

2009

6.6bn

2021F 2016

2021F

2Q17

> 250 hotels
> 300 residences built
> 450 timeshare units
> 3,400 restaurants
> 500 retail shops & POS

(> 39,000 Sqm)

155 hotels
132 residences built to

date

174 timeshare units
2,037 restaurants
339 retail shops & POS

(27,378 Sqm)

2009

30 hotels
1,112 restaurants
292 retail shops & POS

(14,275 Sqm)

Corporate Information

SLIDE 35

35

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

MINT’S FIVE-YEAR STRATEGY 2017-2021

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 Maximize Asset Value and Productivity Expand Through Existing and Future Strategic Investments & Acquisitions

Asset-light Model Mixed-use Initiatives

Total-system-sales growth

f 15%

Revenue growth

f over 10%

Improvement of margins Revenue from overseas of 50% Net profit from overseas

f 50%

2021 Goals

Strengthening of Hub / Cluster System

Corporate Information

SLIDE 36

Appendix

SLIDE 37

37

NON-RECURRING ITEMS -2016

MINT reported non-recurring items in 2016 as detailed below

Corporate Information

TIMELINE AMOUNT (THB MILLION) NON-RECURRING ITEMS 4Q16 490

Gain from bargain purchase of hotels in Zambia

38

Gain from bargain purchase of Tivoli hotels in Portugal
359
Anantara Vacation Club’s (AVC) provision of doubtful account (recorded in SG&A),

which is part of MINT’s prudent measures to conservatively provide for potential bad debts which may arise from the accounts receivable of Phase I, which was sold during 2010-2015

223
Oaks’ general administrative expenses and provision (recorded in SG&A)

3Q16 92

Gain from changing status of investment in some of the Oaks properties, which were
ffset by;
136
Impairment charges of certain Oaks properties (recorded in SG&A, pre-tax), resulting

in no material impact post-tax on core net profit in 3Q16 2Q16 136

Gain from changing status of investment in BreadTalk Group in Singapore, from

available-for-sale investment to investment in associate 1Q16 1,932

Gain from bargain purchase of the Tivoli Hotels & Resorts

SLIDE 38

38

FINANCIAL PERFORMANCE – MINT

MINT reported revenue and net profit growth of 8% and 19% in 1H17, compared to 1H16 core revenue and net profit. The growth was attributable to strong performance of all three business units. Net profit grew at a faster rate than revenue as a result of the significant growth of real estate business and higher operating leverage of restaurant and retail trading businesses.

Minor Hotels Minor Lifestyle EBITDA Margin Net Margin THB million Revenue EBITDA NPAT +5% y-y 13,875 13,884 2,033 3,311 596 1,643 22.7% 24.6% 4Q16 9.7% 1Q17 12.5% Minor Food 12,659 13,867 15,379 2,756 3,156 3,777 +5% y-y 990 1,347 1,924 19.9% 3Q16 7.1% 16.1% 2Q16 4.7% 23.8% 1Q16 11.8% Revenue EBITDA NPAT

* The financials above reflect performance from operations, and therefore exclude non-recurring items as detailed on page 37.

Corporate Information +24% y-y Minor Lifestyle 7% Minor Food 41% Minor Hotels 52% Minor Lifestyle 2% Minor Food 36% Minor Hotels 62% Minor Lifestyle 2% Minor Food 36% Minor Hotels 62% 2Q17 26,543 28,734 5,344 5,905 2,239 2,661 +8% y-y +11% y-y 20.1% 20.6% +19% y-y 8.4% 9.3% 1H16 1H17 13,355 2,129 15.9% 737 5.5%

SLIDE 39

39

Others 11% TH 53% AUD 16% RMB 6% USD 5% EUR 5% SGD 4%

5% of MINT’s Revenue

US Dollar

6% of MINT’s Revenue

Renminbi

16% of MINT’s Revenue

Australian Dollar

5% of MINT’s Revenue

Euro

IMPACT FROM FOREIGN EXCHANGE RATE

39.6 37.6 1H16 1H17

5%

26.0 26.2 1H16 1H17

1%

5.4 5.1 1H16 1H17

7%

As MINT’s effort is to implement natural hedge where possible, the impact from foreign exchange rate is primarily the translation impact on its P&L. The major currencies for MINT are AUD, SGD, RMB and USD.

1H17 MINT’S REVENUE BREAKDOWN BY CURRENCY

AUD/THB EUR/THB RMB/THB USD/THB

Source: Bank of Thailand

35.5 34.7 1H16 1H17

2%

Corporate Information

SLIDE 40

40 Systemwide Organic

Minor Hotels

HOTEL PERFORMANCE BY OWNERSHIP – 2Q17

Hotel ARR (THB/night) 2Q17 2Q16 Chg 2Q17 2Q16 %Chg 2Q17 2Q16 Chg Owned - Total 63% 62% 1% 5,524 5,009 10% 3,501 3,114 12% Joint Venture 50% 42% 8% 8,634 9,502

9%

4,328 3,968 9% Managed 62% 59% 2% 5,919 6,291

6%

3,667 3,741

2%

MLR 75% 73% 2% 4,235 4,327

2%

3,170 3,162 0% Average (incl. Oaks) 66% 64% 2% 5,237 5,198 1% 3,473 3,327 4% Average (excl. Oaks) 61% 59% 2% 5,933 5,774 3% 3,647 3,416 7% Avg - Thailand 74% 69% 5% 4,397 4,196 5% 3,246 2,884 13% Avg - Overseas (incl. Oaks) 64% 63% 1% 5,516 5,507 0% 3,539 3,452 3% Avg - Overseas (excl. Oaks) 55% 54% 0% 7,061 6,792 4% 3,865 3,687 5% Occupancy (%) RevPar (THB/night) Hotel ARR (THB/night) 2Q17 2Q16 Chg 2Q17 2Q16 %Chg 2Q17 2Q16 Chg Owned - Total 62% 62% 0% 5,519 5,009 10% 3,445 3,114 11% Joint Venture 48% 42% 6% 8,575 9,502

10%

4,085 3,968 3% Managed 60% 59% 0% 5,704 6,291

9%

3,417 3,741

9%

MLR 75% 73% 2% 4,235 4,327

2%

3,170 3,162 0% Average (incl. Oaks) 65% 64% 1% 5,207 5,198 0% 3,388 3,327 2% Average (excl. Oaks) 60% 59% 1% 5,847 5,774 1% 3,503 3,416 3% Avg - Thailand 74% 69% 5% 4,255 4,196 1% 3,134 2,884 9% Avg - Overseas (incl. Oaks) 63% 63% 0% 5,529 5,507 0% 3,461 3,452 0% Avg - Overseas (excl. Oaks) 53% 54%

1%

6,997 6,792 3% 3,694 3,687 0% Occupancy (%) RevPar (THB/night)

SLIDE 41

41 Systemwide Organic

Minor Hotels

HOTEL PERFORMANCE BY OWNERSHIP – 1H17

Hotel ARR (THB/night) 1H17 1H16 Chg 1H17 1H16 %Chg 1H17 1H16 Chg Owned - Total 62% 61% 1% 6,203 5,791 7% 3,874 3,551 9% Joint Venture 50% 44% 6% 10,579 12,432

15%

5,257 5,413

3%

Managed 67% 64% 3% 6,684 6,975

4%

4,497 4,483 0% MLR 77% 75% 2% 4,537 4,463 2% 3,479 3,346 4% Average (incl. Oaks) 68% 66% 2% 5,837 5,813 0% 3,963 3,818 4% Average (excl. Oaks) 63% 60% 2% 6,782 6,748 0% 4,250 4,081 4% Avg - Thailand 78% 75% 4% 5,061 5,016 1% 3,966 3,752 6% Avg - Overseas (incl. Oaks) 65% 63% 2% 6,116 6,084 1% 3,962 3,837 3% Avg - Overseas (excl. Oaks) 54% 53% 1% 8,230 8,048 2% 4,414 4,256 4% Occupancy (%) RevPar (THB/night) Hotel ARR (THB/night) 1H17 1H16 Chg 1H17 1H16 %Chg 1H17 1H16 Chg Owned - Total 60% 61%

1%

6,109 5,791 5% 3,672 3,550 3% Joint Venture 47% 44% 4% 10,493 12,445

16%

4,978 5,414

8%

Managed 65% 64% 1% 6,419 6,975

8%

4,177 4,483

7%

MLR 77% 75% 2% 4,537 4,463 2% 3,479 3,346 4% Average (incl. Oaks) 66% 66% 1% 5,773 5,813

1%

3,821 3,817 0% Average (excl. Oaks) 61% 60% 0% 6,606 6,748

2%

4,005 4,081

2%

Avg - Thailand 78% 75% 3% 4,894 5,016

2%

3,808 3,750 2% Avg - Overseas (incl. Oaks) 63% 63% 0% 6,094 6,084 0% 3,826 3,837 0% Avg - Overseas (excl. Oaks) 51% 53%

1%

7,989 8,048

1%

4,110 4,256

3%

Occupancy (%) RevPar (THB/night)

SLIDE 42

42

HOTEL EXPANSION PIPELINE

MINT continues to implement “Asset Right” strategy, which is a combination of “Asset Heavy” (owned & JV) and “Asset Light” (management contracts & MLRs), depending on the circumstances and opportunities. The below figures are based on current signed pipeline while the finalization of on-going due-diligence and new opportunities that come along in the future will certainly add to the below growth figures.

OWNED HOTELS MANAGED HOTELS OAKS JOINT VENTURES

No. of

Rooms 6,339 6,363 > 6,582 > 6,582 > 6,582 > 6,582 4,000 5,000 6,000 7,000 2016 2017F 2018F 2019F 2020F 2021F

No. of

Rooms Flat 4,533 5,367 > 6,748 > 9,250 > 10,410 > 10,642 2,000 4,000 6,000 8,000 10,000 2016 2017F 2018F 2019F 2020F 2021F

No. of

Rooms +18% 1,786 1,864 > 1,864 > 2,146 > 2,146 > 2,146 1,000 1,500 2,000 2016 2017F 2018F 2019F 2020F 2021F

No. of

Rooms +4% 7,118 7,050 > 7,099 > 7,202 > 7,529 > 7,529 2,000 4,000 6,000 8,000 2016 2017F 2018F 2019F 2020F 2021F Flat Minor Hotels

SLIDE 43

43

5,000

10,000 15,000 20,000 25,000 2005 1H17 2021F International Thailand Provinces Bangkok

MINT’s composition of hotel rooms are expected to change over the next five years. MINT will focus on the expansion of our own brands – Anantara, Oaks, AVANI and Tivoli – more through asset light model (management contracts), with geographical focus

utside of Thailand.

MINT’S HOTEL PORTFOLIO

BY BRAND BY LOCATION BY OWNERSHIP

5,000

10,000 15,000 20,000 25,000 2005 1H17 2021F Oaks Managed Joint-venture Owned

No. of Rooms

92% 35% 28% 8% 9% 8% 32% 24% 2,169 36% 12% 9% 56% 9% 9% 8% 79% 82%

No. of Rooms
No. of Rooms

26,899 19,896 2,169 26,899 19,896 40% 23%

5,000

10,000 15,000 20,000 25,000 2005 1H17 2021F Others Tivoli Oaks Avani Anantara Four Seasons Marriott 2,169 26,899 55% 1% 1% 20% 26% 1% 19% 36% 31% 14% 27% 23% 1% 19,896 13% 17% 5% 4% 6% Minor Hotels

SLIDE 44

44 Hotel industry outlook is expected to remain strong on the back of increasing tourist arrival.

TOURIST ARRIVAL TO THAILAND

Source: Tourism Authority of Thailand and Bank of Thailand

TOURIST ARRIVALS TO THAILAND – MONTHLY TREND TOURIST ARRIVALS TO THAILAND – YEARLY TREND

10%

0% 10% 20% 30% 5 10 15 20 25 30 35 40 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F Tourist Arrival % Change Million Million +9% +9%

40%
20%

0% 20% 40% 60% 80% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5

Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17

Minor Hotels

SLIDE 45

45

Thailand, 6% East Asia, 26% Europe, 34% The Americas, 10% South Asia, 4% Oceania, 2% Middle East, 10% Africa & Others, 8% 1,500 3,000 4,500 6,000 China Malaysia Korea Japan Russia 1H16 1H17

THAILAND’S TOP 5 – 1H17 FEEDER MARKETS MINT’S 1H17 FEEDER MARKETS

* Note: MINT’s feeder market excludes Oaks’

MINT’S FEEDER MARKETS

MINT’S 1H17 FEEDER MARKETS

No. of Tourists

50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 450,000 500,000 Thailand East Asia Europe The Americas South Asia Oceania Middle East Africa & Others 1H16 1H17

No. of Room Nights

41% 9% Flat 8% 11% 79% 18% China Flat Japan +15% Korea +64% Russia +20% India +5% UAE +20%

4%

14% 7% 30%

MINT continues to see improvements across its feeder markets, with a 11% increase in 1H17 overall room nights. Thailand’s tourist arrivals increased by 4% in 1H17.

9% Minor Hotels Flat

SLIDE 46

46 % OF FOOD & PAPER COST TO SALES

Food and paper costs as a percentage of sales has trended down over the past five years as a result of continued effective cost management program.

Note: Food and paper costs as a percentage of sales rose in first quarter of every year as a result of “Buy-one-get-one-free” promotional campaign launched in March of every year to celebrate the anniversary of The Pizza Company Minor Food

EFFECTIVE MANAGEMENT OF FOOD COSTS

Fixed Long-Term Contract Prices Pro-Active Inventory Management Menu-Mix Re-Engineering Supply Chain Management Maximization of FTA Benefit Strategies

35.9% 34.1% 34.9% 35.2% 33.3% 33.0% 33.9% 34.5% 33.2% 33.0% 34.0% 32.7% 31.8% 31.7% 32.0% 31.5% 31.7% 31.5% 30.9%30.7% 32.0% 31.0% 33.1% 31.0% 31.2% 31.9% 30.9% 30.7% 32.1% 30.1% 29.6% 31.0% 30.0% 29% 30% 31% 32% 33% 34% 35% 36% 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

SLIDE 47

47

RESTAURANT PERFORMANCE

Minor Food

Brand SSS (%) TSS (%) 2Q17 2Q16 1H17 1H16 2Q17 2Q16 1H17 1H16 The Pizza Company 0.1% 19.3% 1.4% 13.3% 10.8% 27.5% 10.4% 22.2% Swensen’s

1.6%
1.7%

2.8%

2.9%
0.9%

3.0% 3.1% 1.4% Sizzler

8.5%

3.3%

5.2%

1.4%

1.5%

14.9% 1.7% 10.7% Dairy Queen

1.2%
6.0%
1.5%
5.1%

2.9%

1.1%

2.7% 0.4% Burger King 1.4% 3.5% 0.5% 5.0% 13.5% 35.4% 13.7% 35.2% The Coffee Club 0.3%

0.5%

0.3% 0.1% 7.9% 2.5% 8.4% 3.7% Riverside 1.6% 6.2% 5.2% 3.4% 4.9% 20.7% 9.7% 18.0% Thai Express

7.3%
7.2%
7.9%
7.5%
3.8%
3.3%
4.6%
3.4%

BreadTalk 3.1% 19.8% 9.2% 22.1% 43.6% 61.0% 49.2% 60.7% Average

1.0%

2.3% 0.1% 1.6% 5.7% 9.9% 7.0% 9.3% Average Thailand Hub

0.9%

6.1% 0.9% 4.5% 7.3% 17.9% 8.9% 16.0%

SLIDE 48

48

RESTAURANT OUTLETS – 2Q17

Minor Food

Brand

No. of Outlets

Total Equity Franchise Thailand International The Pizza Company 242 181 327 96 423 Swensen’s 140 191 292 39 331 Sizzler 62

49

13 62 Dairy Queen 224 213 435 2 437 Burger King 80

76

4 80 The Coffee Club 65 398 31 432 463 Thai Express 72 23 6 89 95 Riverside 54

54

54 BreadTalk 38

38

38 Others 54

40

14 54 Total 1,031 1,006 1,294 743 2,037