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

SLIDE 1

COMPANY PRESENTATION – May 2020

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

1Q20 in Review Minor Hotels Minor Food Minor Lifestyle Corporate Information Response to COVID-19: Immediate & Long-term Plans

SLIDE 4

NH Col

• llection Rom
• ma For
• ri Imperiali

1Q20 IN REVIEW

SLIDE 5

5M20 Recap – Impact from COVID-19

5

Since the outbreak of COVID-19, MINT’s business has been impacted globally. MINT continues to minimize costs and CAPEX in order to reduce negative flow-through, preserve cash and focus on liquidity, while preparing for the business re-opening.

Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020

• News of COVID-19
• Wuhan / China lockdown
• Italy lockdown, followed by
• ther European countries
• Many countries under

lockdown globally

• Many countries start to

loosen lockdown measures

• Majority of food outlets

in China closed

• Majority of food outlets in China reopened, performing better than “best case”

expectation

• 2/3 of outlets in Thailand & Australia
• perational for delivery and takeaways
• Temporary closure of hotels in Europe, starting in Italy & Spain, and gradually

extended to other European countries and Latin America

• Hotel closure in Thailand,

Maldives and other

• countries. Those

remained open are at minimal operation

• Over 90% of lifestyle outlets temporarily closed
• Gradual reopening of

dine-in services

• Selective reopening of

hotels such as in China & Vietnam.

• Reopening of restaurants

in hotels in Bangkok

SLIDE 6

1Q20 Performance Recap

6 NET PROFIT

In 1Q20, MINT’s core revenue declined by 22% y-y, as all three business units have been impacted by the COVID-19 outbreak. Consequently, with the severe and sudden revenue decline while costs did not fall as fast, the compounding negative flow-through resulted in MINT’s net loss both pre- and post- TFRS 16 in the quarter.

* Non-core items are detailed on page 36. * Excludes non-core items

1Q20 REVENUE CONTRIBUTION

• 22% y-y

Minor Lifestyle 5% Minor Food 25% Minor Hotels 70%

REVENUE

THB 22,421 million NM 10,000 20,000 30,000

1Q19 Reported Non-core Items 1Q19 Core Minor Hotels excl NHH NHH Minor Food Minor Lifestyle 1Q20 Core Pre-TFRS16 TFRS16 Impact excl NHH TFRS16 Impact

• n NHH

1Q20 Core Post-TFRS16 Non-core Items 1Q20 Reported

THB million

• 4,000
• 3,000
• 2,000
• 1,000

1,000

1Q19 Reported Non-core Items 1Q19 Core Minor Hotels excl NHH NHH Minor Food Minor Lifestyle 1Q20 Core Pre-TFRS16 TFRS16 Impact excl NHH TFRS16 Impact

• n NHH

1Q20 Core Post-TFRS16 Non-core Items 1Q20 Reported

THB million 583

• 1,272

+1,400 29,030

• 703
• 182

28,848

• 2,433

22,421 22,533 +50 633

• 557
• 109
• 288
• 265

+113

• 2,834
• 3,173
• 1,774

22,421

• 3,027
• 51
• 1,531

SLIDE 7

International Presence

7

With a solid diversification strategy implemented, MINT’s footprint was in 63 countries at the end of 1Q20 across its hospitality and restaurant businesses.

*Excludes non-core items

Minor Food Combination Minor Hotels

REVENUE CONTRIBUTION

57% 27% 33% 29% 43% 73% 67% 71% 0% 25% 50% 75% 100% 2014 2019* 1Q20* 2024F International Thailand

SLIDE 8

MINOR HOTELS

Avani+ Sam Samui

SLIDE 9

Minor Hotels – Financial Highlights

9

1Q20 revenue declined by 26% y-y, attributable to most businesses and geographies, from the impact of the COVID-19 pandemic. Both EBITDA and NPAT pre-TFRS 16 were negative in 1Q20, predominantly starting from February. The negative flow-through with declining revenues was further dampened by the seasonally soft quarter and lease structure in Europe. As such, almost 80% of Minor Hotels’ net loss was attributable to NHH. Post-TFRS 16, Minor Hotels reported core net loss of THB 3 billion.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 36.

21,230 15,770 15,770 THB million

• 26%

Revenue 3,085 2,070

• 670

128

• 2,998
• 2,675

NM NM EBITDA NPAT % Margin 14.5% 13.1% 0.6%

MINOR HOTELS – FINANCIAL PERFORMANCE

1Q19 1Q20 Pre-TFRS 16 1Q20 Post-TFRS 16

PERFORMANCE SNAPSHOT – BY BUSINESS Owned & Leased Management Letting Rights Managed Hotels Mixed-Use Business 1Q20 Revenue Change Y-Y (THB)

26% 6% 34% 43%

BUSINESS PERFORMANCE SNAPSHOT – BY GEOGRAPHY 1Q20 Revenue Change Y-Y (THB) Thailand Europe Australia & New Zealand Maldives & The Middle East The Americas

6% 38% 26% 26% 25%

SLIDE 10

Minor Hotels – International Presence

10

In recent years, MINT has implemented a solid diversification strategy. Today, MINT operates hotels and spas under a combination of owned, leased and management business models in 55 countries.

* Excludes non-core items

Management Combination Investment New Destinations in Pipeline

Hubs

REVENUE CONTRIBUTION

67% 14% 14% 12% 33% 86% 86% 88% 0% 25% 50% 75% 100% 2014 2019* 1Q20* 2024F International Thailand

SLIDE 11

Owned & Leased Hotels

11

In terms of business model, owned and leased business contribute 85% of Minor Hotels’ revenue. In terms of geography, Europe is the major contributor with 59% of Minor Hotels’ revenue. Thailand is the second largest contributor, followed by Australia & New Zealand.

SYSTEM-WIDE ROOM CONTRIBUTION By Ownership SYSTEM-WIDE ROOM CONTRIBUTION By Geography 1Q20 REVENUE CONTRIBUTION By Business 1Q20 REVENUE CONTRIBUTION By Geography

Owned 26% Leased 46% JV 2% Managed 17% MLR 9% 76,320 Rooms THB 15,770 million Owned & Leased 85% Managed 2% MLR 8% Mixed-use 5% Thailand 14% Europe 59% Americas 7% Australia & New Zealand 8% Maldives & Middle East 4% Others 8% Asia 11% Europe 62% Americas 11% Oceania 10% Middle East & Africa 6% 76,320 Rooms

SLIDE 12

Owned & Leased Hotels

12

Number of rooms of owned & leased hotel portfolio increased by 3% y-y in 1Q20. Organic RevPar excluding FX impact declined by 25%, driven purely by occupancy as a result of the adverse impact of COVID-19. System-wide RevPar of owned & leased portfolio declined further by 28%, from the addition of new hotels and slightly stronger Thai Baht during the quarter. As a result, revenue of owned & leased hotels declined by 26% y-y in 1Q20.

System-wide +2% Organic excl FX +6% 52,978 54,685 1Q19 1Q20 No of Rooms 65% 46% 46% 1Q19 1Q20 +3% 1Q19 1Q20 Occupancy Organic

• 19%

System-wide

• 19%

3,748 3,970 3,810 1Q19 1Q20 1Q19 1Q20 ADR (THB)

OPERATIONAL STATS

System-wide

• 28%

Organic excl FX

• 25%

2,444 1,844 1,752 1Q19 1Q20 1Q19 1Q20 RevPar (THB)

SLIDE 13

Owned Hotels – Thailand & Maldives

13

The two largest geographies for Minor Hotels outside of Europe are Thailand and the Maldives. With Chinese tourists contributing over 20%, Thailand hotels saw RevPar declining since February. The outstanding performance of hotels in the Maldives in January was offset by the declining RevPar in February and March. Since the beginning of April, hotels in both Thailand and the Maldives have been temporarily closed.

OPERATIONAL STATS – THAILAND (ORGANIC)

82% 54% 7,301 7,325 1Q19 1Q20 5,951 3,948

• 28%

Flat

• 34%

2%

• 4%
• 47%
• 36%
• 77%
• 66%

Monthly 2020 Bangkok RevPar Growth - THB (y-y) Monthly 2020 Provinces RevPar Growth - THB (y-y) Jan Feb Jan Feb Mar Mar Occupancy ADR (THB) RevPar (THB)

OPERATIONAL STATS – MALDIVES (ORGANIC)

73% 60% 1,134 1,151 1Q19 1Q20 829 693

• 13%

+1%

• 16%

Occupancy ADR (USD) RevPar (USD) 18%

• 20%
• 53%

Monthly 2020 Maldives RevPar Growth - USD (y-y) Jan Feb Mar

SLIDE 14

Owned & Leased Hotels – Europe & The Americas

14

Hotels in Europe & the Americas are the largest contributor to owned & leased hotel portfolio. 1Q20 RevPar of Europe & the Americas portfolio declined by 24% in Euro term, primarily from the drop in occupancy amidst COVID-19 situation, with Italy and Spain being the hardest hit. Since early April, over 90% of the hotels in Europe and about 75% of the hotels in Latin America have been temporarily closed.

• 26%
• 36%
• 24%
• 21%
• 20%

Spain Italy Benelux Central Europe Latin America

Spain

• Activities declined since the State of Emergency on 14 March

Italy

• The operation was negatively impacted since mid-February,

although lockdown started 9 March Benelux

• Demand dropped with cancellation of events

Central Europe

• Business was weak
• Frankfurt was also impacted by the high supply

Latin America

• RevPar declined was from both occupancy and ADR

Spain 33% Italy 13% Benelux 20% Central Europe 23% Americas 11%

OPERATIONAL STATS – EUROPE & THE AMERICAS (ORGANIC)

65% 46% 95 101 1Q19 1Q20 62 47

• 19%

+6%

• 24%

Occupancy ADR (EUR) RevPar (EUR) 1Q20 y-y Organic RevPar Decline 1Q20 Revenue Contribution

Note: Europe & the Americas include hotels under NHH portfolio and hotels in Portugal and Brazil

KEY HIGHLIGHTS

9% 3%

• 70%

Monthly 2020 Europe & the Americas RevPar Growth - EUR (y-y) Jan Feb Mar

SLIDE 15

Asset-Light Businesses

15

MINT’s asset light businesses include management letting rights (MLR) of serviced-suites primarily under the Oaks brand in Australia and New Zealand, together with the hotel management contracts under Minor Hotels’ brands. Even though management letting rights business remained operational, similar to others, both businesses were impacted by the COVID-19 outbreak.

MANAGEMENT LETTING RIGHTS

148 124 1Q19 1Q20 3,188 2,558 +3%

• 16%
• 20%

No of Rooms RevPar (AUD) RevPar (THB) 7,000 7,180

MANAGED HOTELS

13,284 12,626 No of Rooms

• 5%

System-wide

• 30%

Organic excl FX

• 20%

3,172 2,552 2,234 1Q19 1Q20 1Q19 1Q20 RevPar (THB) 4%

• 5%
• 37%

Monthly 2020 AUD RevPar Growth (y-y) Jan Feb Mar 1Q19 1Q20 5%

• 11%
• 55%

Monthly 2020 THB excl FX RevPar Growth (y-y) Jan Feb Mar

1Q20 Stats y-y (AUD) Occ

• 8%

ADR

• 5%

1Q20 Stats y-y Organic (Excl FX) Occ

• 13%

ADR +1%

SLIDE 16

Hotel Expansion Pipeline – 72 Hotels; 13,707 Rooms

• Ubud, Bali, Indonesia*

71 rms

• Rome, Italy

238 rms

• Budapest, Hungary

185 rms

• Nice, France

152 rms

• Khao Lak, Thailand

328 rms

• Venice, Italy

64 rms

• Florence, Italy

86 rms

• Budapest, Hungary

138 rms

• Prague, Czech Republic 152 rms
• Hannover, Germany

89 rms

• Venice, Italy

100 rms

• Warangi, Serengeti

National Park, Tanzania* 12 rms

MANAGED / MLRS

• Frankfurt, Germany

428 rms

• Monterrey, Mexico

120 rms

• Cagliari, Italy 100 rms
• Frankfurt, Germany

375 rms

OWNED & LEASED

49 Hotels / 10,060 Rooms

• Libo Country, China

173 rms

• Nanjing, China

120 rms

• Ras Al Khaimah, UAE

174 rms

• Busan, Korea

570 rms

• Ras Al Khaimah, UAE

225 rms

• Nha Trang, Vietnam

273 rms

• Nairobi, Kenya

120 rms

• Fortaleza, Brazil

130 rms

• Hangzhou, China

166 rms

• Phuket, Thailand

500 rms

• Chengdu, China

202 rms

• Lima, Peru

164 rms

• Iquique, Chile 135 rms
• Lima, Peru

265 rms

• Santiago, Chile

146 rms

• Hangzhou, China

54 rms

• Phi Phi Island, Thailand

107 rms

• Chengdu, China

150 rms

• Sharjah, UAE

233 rms

• Jeddah, Saudi Arabia

328 rms

• Savanne, Mauritius

156 rms

• Sifah, Oman

300 rms

• Kota Kinabalu, Malaysia

386 rms

• Cam Ranh, Vietnam

595 rms

• Ho Chi Minh City, Vietnam

217 rms

• Guadalajara, Mexico

120 rms

• Aguascalientes, Mexico

105 rms

• Mexico City, Mexico

144 rms

• Panama, Panama

83 rms

• Zhuhai, China

100 rms

Others

23 Hotels / 3,647 Rooms

• Bang Krachao, Thailand

62 rms

• Krabi, Thailand

83 rms

• Dubai, UAE

527 rms

• Muscat, Oman

162 rms

• Chengdu, China

201 rms

• Bahia, Brazil

50 rms

• Toowoomba, Australia

50 rms

• Cairns Esplanade, Australia 60 rms
• Hangzhou, China

132 rms

• Murano, Italy

104+38 rms

• Doha, Qatar 228 rms
• Feira de Santana, Brazil

207 rms

• Fares Island, Maldives*

200 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

• Accra, Ghana

155 rms

• Riyadh, Saudi Arabia

163 rms

• Yangon, Myanmar

250 rms

• Phan Thiet, Vietnam

516 rms

• Ho Tram, Vietnam 410 rms
• Yangon, Myanmar

221 rms

Others

* Note: Joint-ventured properties

2020F 2021F 2022F 2023F 12 Hotels / 1,615 Rooms 7 Hotels / 1,009 Rooms 4 Hotels / 1,023 Rooms 13 Hotels / 1,904 Rooms 16 Hotels / 3,417 Rooms 14 Hotels / 3,024 Rooms 6 Hotels / 1,715 Rooms

16

** MINT is in the process of reevaluating the opening dates of the hotels in the pipeline.

SLIDE 17

Mixed-Use Business

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 1Q20, mixed-use revenue declined by 43%, from mismatched timing of residential sales, as well as declining sales activities of Anantara Vacation Club as a result of the COVID-19 outbreak, in particular with Chinese tourists as the major market. Anantara Vacation Club started to reopen its sales operations gradually in China and Taiwan.

17 INVENTORY TO ACCOMMODATE GROWING MEMBERS

229 241 1Q19 1Q20 2024F No of Units Queenstown Bali Sanya Samui Phuket Bangkok Chiang Mai >350

GROWING MEMBERSHIP PIPELINE CURRENT PROJECTS

Layan Residences by Anantara, Phuket Avadina Hills by Anantara, Phuket Anantara Chiang Mai Serviced Suites Torres Rani, Maputo 15 luxury pool villas 16 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 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 2016 Launched 2015 To launch 2020 To launch 2023 To launch 2020

RESIDENTIAL DEVELOPMENT ANANTARA VACATION CLUB

12,796 14,835 1Q19 1Q20 +16% No of Members

China 39% Thailand 11% Singapore 8% Hong Kong 8% Malaysia 7% Others 27%

+5% No of Units

* MINT is in the process of reevaluating the launch dates of the residential projects in the pipeline.

SLIDE 18

MINOR FOOD

SLIDE 19

Minor Food – Financial Highlights

19

1Q20 revenue of Minor Food declined by 11% amidst the impact from COVID-19. On a like-for-like basis, EBITDA pre-TFRS 16 declined at a faster rate of 46%, while its bottom line turned to net loss pre-TFRS 16 of THB 82 million, solely from China hub, which posted net loss of THB 234 million, with temporarily closure of the majority of its outlets particularly in Feb. Including TFRS 16, Minor Food reported net loss of THB 97 million in 1Q20.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 36.

6,367 5,664 5,664 THB million

• 11%

Revenue

FINANCIAL PERFORMANCE

1,103 919 601 475

• 97
• 82
• 46%

NM EBITDA NPAT 1Q19 % Margin 1Q20 Pre-TFRS 16 17.3% 16.2% 5.7%

OPERATIONAL STATS

• 4.0% -10.5%

5.3%

• 5.8%

2,254 2,362 No of Outlets SSSG TSSG 1Q19 1Q20 +5% 3.5%

• 8.0%
• 25.0%
• 25.6%

11.9%

• 0.9%
• 24.5%
• 47.4%

Jan Feb Mar Apr TSSG SSSG

• Same-Store-Sales: SSSG was positive in Jan, attributable to Thailand & Australia
• hubs. However, SSSG was impacted by the COVID-19 outbreak in Feb & Mar,

resulting in negative SSSG in 1Q20.

• Outlet expansion: Network growth of 5% y-y was a result of expansion

primarily in Thailand and China, together with the addition of Bonchon outlets.

• Total-System-Sales: TSS declined in 1Q20, following the decline in SSS amidst

the COVID-19 outbreak, together with temporary outlet closures in China in Feb, followed by dine-in outlet closures in Thailand and Australia in late March.

1Q20 Post-TFRS 16 10.6%

SLIDE 20

Minor Food – International Presence

20

MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 26 countries across the region, operating

• wned and franchised business models. MINT continues to look for opportunities to expand, especially in these existing markets.

Hubs Franchised Combination Owned

* Excludes non-core items

67% 65% 75% 64% 33% 35% 25% 36% 0% 25% 50% 75% 100% 2014 2019* 1Q20* 2024F International Thailand

REVENUE CONTRIBUTION

SLIDE 21

Minor Food Portfolio

21

Minor Food operates outlets that are 50% owned and 50% franchised, while owned outlets is the majority revenue contributor. In terms of geography, Thailand continues to be the most important market, followed by China and Australia hubs.

SYSTEM-WIDE OUTLET CONTRIBUTION By Ownership 1Q20 REVENUE CONTRIBUTION By Business SYSTEM-WIDE OUTLET CONTRIBUTION By Geography 1Q20 REVENUE CONTRIBUTION By Geography

Thailand 75% Australia 9% China 6% Others 10% Thailand 74% Australia 16% China 4% Others 6% 2,362 Outlets Owned 50% Franchised 50% Owned 93% Franchised 7% 2,362 Outlets THB 5,664 million

SLIDE 22

Operational Stats by Hub

22

Same-store-sales and total-system-sales growth of all three hubs have been impacted by the COVID-19 outbreak. Timely boost of the delivery service, both in terms of platform and promotional campaigns, has significantly helped Thailand’s sales momentum, especially in April when all dine-in outlets have been temporarily closed. China started to gradually open its outlets in March and is recovering better than originally expected. Australia hub has been the most impacted by COVID-19 outbreak.

THAILAND CHINA AUSTRALIA

• 6.0%
• 6.9%

0.5% 5.5% SSSG TSSG 1Q19 1Q20

• 30%
• 20%
• 10%

0% 10% 20% Jan-20 Feb-20 Mar-20 Apr-20 2.5%

• 49.4%

21.6%

• 59.1%

1Q19 1Q20

• 100%
• 80%
• 60%
• 40%
• 20%

0% Jan-20 Feb-20 Mar-20 Apr-20

• 2.1%
• 7.9%
• 2.7%
• 12.5%

1Q19 1Q20 SSSG TSSG* SSSG TSSG

• 100%
• 80%
• 60%
• 40%
• 20%

0% 20% Jan-20 Feb-20 Mar-20 Apr-20 SSSG TSSG SSSG TSSG SSSG TSSG*

* Closure of dine-in restaurants * Closure of dine-in restaurants

SLIDE 23

MINOR LIFESTYLE

SLIDE 24

1,251 986 986

Minor Lifestyle

24

1Q20 revenue of Minor Lifestyle declined by 21% y-y, primarily from the soft retail trading business, which was impacted by the COVID-19 outbreak, although contract manufacturing sales was resilient from the sales of sanitizer. Consequently, both EBITDA and bottom line pre-TFRS 16 declined to a net loss of 41 million and 78 million respectively. Situation in April deteriorated with over 95% of the outlets temporarily closed.

THB million Revenue

FINANCIAL PERFORMANCE

84

• 7
• 41

31

• 78
• 78

EBITDA NPAT % Margin 6.7% 2.4%

Retail Trading 70% Contract Manufacturing 30%

• Retail trading: revenue declined by 27% y-y,

attributable to all brands, from the falling foot traffic and store closures later in March amidst COVID-19.

• Contract manufacturing: revenue declined only

slightly by 1% y-y, supported by strong sanitizer sales and high demand of cleaning products in March. OPERATIONAL STATS

• 1.3%
• 32.0%

8.0%

• 29.5%

486 473 No of Shops SSSG TSSG 1Q19 1Q20 TSSG SSSG

• 100%
• 75%
• 50%
• 25%

0% Jan-20 Feb-20 Mar-20 Apr-20 THB 986 million 1Q19 1Q20 Pre-TFRS 16 1Q20 Post-TFRS 16

• 21%

NM NM

SLIDE 25

CORPORATE INFORMATION

The Resi esidences s at Vic Victoria Alg Algarve

SLIDE 26

CAPEX & Balance Sheet Strength

26

CAPEX plans includes maintenance, renovations and signed pipeline. MINT has suspended its CAPEX plan in 2020, and only continuing those that are necessary. With the adverse impact on equity base from the adoption of TFRS 16, together with the net loss in 1Q20, interest bearing debt to equity ratio rose to 1.61x. MINT and its senior unsecured debentures have “A” rating by TRIS.

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity Internal Policy X

CAPEX PLANS LEVERAGE BACK-UP FINANCING

THB million 50,000 100,000 150,000 200,000 Outstanding Borrowing* & Equity Un-Utilized Facility Debt 31,619 Debt 129,512 Note: Cash on hand as at end of 1Q20 is THB 20,712 million Equity** 9,926

* Outstanding borrowings exclude lease liabilities as per covenant calculation definition ** Assume 100% conversion of MINT-W6 (at exercise price of THB 43 per share)

Equity 80,235 5,000 10,000 15,000 20,000 2019 2020F 2021F 2022F 2023F 2024F THB million Suspended / Delayed Minor Food Minor Hotels Minor Lifestyle 1.36 1.61 0.75 1.00 1.25 1.50 1.75 1Q19 2Q19 3Q19 YE19 1Q20*

* Interest Bearing Debt excludes lease liabilities as per covenant calculation definition * CAPEX plan for 2021F – 2024F is according to the original 5-year plan and has not been adjusted amidst the COVID-19 situation

SLIDE 27

2020 & BEYOND RESPONSE TO COVID-19

SLIDE 28

Recovery Case Study – Minor Food’s China Hub

28

01-Feb-20 16-Feb-20 02-Mar-20 17-Mar-20 01-Apr-20 16-Apr-20 01-May-20 16-May-20 31-May-20 15-Jun-20

China is an example of quick recovery after the COVID-19 situation improves. Since the stores started to reopen again in March, sales continue to improve week on week, tracking ahead of best case scenario projected in February. Furthermore, China hub’s operation turned profitable at the store contribution level in April, two months ahead of the original projection. With the current momentum, China hub anticipates the trend to continue and will recover to pre-COVID level by June.

Ensure Business Continuity Accelerate Business Recovery 30 Days 30 Days 30 Days

• Strict adherence & embed safety standards to epidemic

prevention policy

• Reopen stores & grow

delivery revenue

• Secure loan facility
• Cost reduction: payroll &

rental

• Recover business volume
• Secure government

subsidies

• Target for all employees on

temporary redundancy to resume work

• Upgrade CRM & loyalty

program

• Acquire new A+ locations in

key markets

• Develop Panda delivery menu from all Riverside stores
• Roll out of Riverside new

menu

• Launch Panda delivery

menu nationwide

• Complete store renovations
• Restart all digital initiatives

Average daily sales pre-COVID Daily sales No of outlets in operation

Priorities

SLIDE 29

Re-opening Strategy

29 Europe Spain Italy Benelux Germany Euro Area Domestic Demand c60% c50% c50% c70% 50-55% Corporate vs Leisure B2B 30-40% B2C 60-70% Asia & Oceania Thailand Maldives Africa Middle East Australia Domestic Demand 11%

• na

na 85% Regional Demand 54% 36% 63% 44% 15% Corporate 15% 2% 23% 14% 43% Leisure 85% 98% 77% 86% 57%

As the lockdown is being relaxed in various cities and countries, MINT is ready to resume operations in all of its businesses across geographies. Although visibility is still limited in terms of speed and magnitude of recovery, MINT will ensure that demand will be sufficient to uplift its performance before progressively reopen its hotels, restaurants and lifestyle outlets.

MINOR HOTELS MINOR FOOD Reopening plans:

• Extend the service to dine-in for outlets that are already
• pened for delivery and takeaways
• Reevaluate and reforecast the performance of each outlet

that remain closed, to ensure that only outlets with positive cash flow will reopen.

• Adjust store operating hours according to the rules and

regulations.

• Focus on hygiene and safety of customers and team

members.

• Hotels in China and Vietnam have reopened and have successfully captured domestic

demand.

• Selective restaurants in hotels in Bangkok have reopened according to the social-

distancing guidelines.

• The recovery of demand will be different in each country and region.

Recovery plans:

• Drive revenue through online channel
• Plan store opening hours to allow for cleaning and

sterilization to protect customers and team members MINOR LIFESTYLE

* Data as of 2019

SLIDE 30

Minimizing Cash Outflow

30

Cost Reduction Initiatives CAPEX Suspension Dividend Cancellation

• Suspension of staff travels, advisory and training initiatives
• Reduction of marketing and advertising costs especially in low-activity businesses
• Cut of any other unnecessary costs
• Conversations with suppliers for discounts or better payment terms
• Optimization of full time & part time manning and workforce productivity.
• Reduction of salaries and deferral of salary merit increase, both for at least 3

months, across levels and geographies.

• Implementation of “temporary redundancy” scheme in Europe, in order to put

some of the payroll on the government subsidy program.

• Application for government subsidies across all geographies.
• Negotiation with landlords globally to reduce or suspend rent payments

Un Un-prioritized Cos

• sts

Sup Suppliers Payroll Ren ental als & Lea Leases

• Drastic reduction of CAPEX, with the exception of:

‒ Prior commitments: including the investments in second phase of Bonchon and BreadTalk Singapore, and NHH’s Boscolo portfolio ‒ Maintenance & ongoing projects, such as Avani Khao Lak and Anantara Desaru

• Omission of dividend payment for the year ended 2019, subject to shareholders’ approval

MINT continues to focus on cash preservation and liquidity management, with initiatives from all business units and across geographies. This is an

• n-going process with the objective to minimize cash outflows throughout business recovery process.

CAPEX cancellation THB 7-10 billion Cash saving THB 2.3 billion Cost savings is still on-going. As of today, estimated at: nearly 25% of 2019 costs & expenses* nearly 30% of 2020 budget cost & expenses*

* Excl depreciation, interest and taxes

Payrol l 35% Leases 15% Supply chain 17% Other Opex 32%

SLIDE 31

Covenant Waiver Debt Maturing in 2020 Liquidity Management Credit Rating

Liquidity & Debt Management

31

With the impact from COVID-19, MINT is proactively managing its cash position and debt funding, both outstanding facilities and credit lines to ensure liquidity in the coming quarters.

MINT is in discussion with creditors (both bondholders and banks) on:

• Waiver of covenant testing (Gross IBD to equity < 1.75x) for the next

3 quarters (until YE20);

• With additional negative covenants until end of 2020:

MINT’s Rating

• Rating reaffirmed at A by TRIS
• Outlook revised down to negative amidst the

COVID-19 situation. USD Perpetual Bond

• Rating downgraded to BBB by Fitch Ratings
• This was a result of the downgrade of BBL’s (the

guarantor’s) Long Term Issuer Default Rating

• No impact on MINT’s rating

Due 2Q20

• THB 2 billion Term Loan: paid by short-term loan,

with target to refinance to long-term loan by June

• THB 4 billion Bonds: to be refinanced into long-

term EUR loan at the end of May Due 2H20

• THB 3.6 billion Loans in various currencies: in

advanced discussion with banks to extend / refinance the loans Cash on Hand + Working Cap Facilities THB 22.2 billion + THB 27 billion

• In addition, NHH has already secured EUR 250

million 3-year syndicated loan in May

• MINT is in the process of acquiring additional

facilities to ensure liquidity of the company

* As at end of Apr 2020

‒ No M&A cumulatively of over 3% of total assets (excluding lease obligations) ‒ Total debts of not more than THB 150 billion at end of any quarter ‒ No dividend payment

* Note: these terms and conditions are being discussed and may change as the conversation evolves

SLIDE 32

Strengthening of Equity Base

32

MINT has announced the comprehensive capital structure plan, taking a proactive approach to ensure its ability to service the obligations and to maintain its commitment on the quality of the balance sheet. The solid balance sheet will be the foundation for MINT to further build on its first- class quality assets and grow its business sustainably in the long term. The plan will result in the increase in shareholders’ equity over the one to three years period.

2Q20 3Q20 4Q20 2021 2022 2023

Perpetual Bonds

• Onshore/offshore equity-accounted perpetual

bonds Rights Offering (RO)1

• With oversubscription mechanism
• RO ratio of not lower than 6.45 existing shares

to 1 new share1

• RO price at a discount of no more than 15% to

the Market Price1,2,3 Warrants (W7)1

• Eligible for shareholders after RO
• Warrant offering price: free
• Warrant ratio of 17 ordinary shares (post-RO)

to 1 new warrant1

• Warrant exercise ratio of 1 warrant to 1 share
• Exercise price at a premium of no more than

10% to the Market Price1,4

• Warrant term of 3 years

THB 10 billion THB 10 billion THB 5 billion

1 Capital increases are subject to shareholders’ approval at the AGM to be held on 19 June 2020; preliminary details of instruments can be found in SET disclosure dated 19 May 2020; final details of both RO and W7 to be determined by Board of Directors

• r persons as assigned by the Board.

2 Market Price to determine rights offering price is the volume weighted average price of MINT for 7-15 consecutive trading days prior to the date where offer price and other details with regards to the RO are determined. 3 The Company may adjust or modify, either by increasing or reducing, the announced offering price if it is deemed appropriate for the success of the RO, taking into account the relevant market conditions, provided that the offering price adjustment shall be no more than 10% of the announced Offering Price. 4 Market Price to determine warrant exercise price is the volume weighted average price of MINT for 7-15 consecutive trading days prior to the date where the Exercise Price and details with regards to the W7 are determined.

Instrument Target

1 2 3

• To be issued within 3Q20
• 19 Jun: AGM to approve capital increase
• Before record date: announcement of RO price & other details; announcement of rights

adjustment of MINT-W6

• 9 Jul: record date to determine eligible shareholders
• 29 Jul – 4 Aug: RO subscription period
• Mid-Aug: new shares registration; trading of new shares

Indicative Timeline

• 19 Jun: AGM to approve capital increase
• 3Q: BOD meeting to determine and announce exercise price & other details, and set

record date to determine eligible shareholders

Note that W7 exercise price is not indicative of MINT future share price, but was set on the basis as a reward for existing shareholders

• 3Q: W7 issuance and trading
• 3Q23: Last day of

W7 exercise

SLIDE 33

Other trends and business initiatives are being assessed in order to respond to the post-COVID lifestyle.

Medium to Long-term Roadmap - Business Beyond COVID

With the changing of the consumer behavior amidst the COVID-19 situation, MINT will have to adjust its businesses to better serve the customers in the medium to long term. MINT has launched the project Business Beyond COVID with all the business units to craft the recovery path amidst the “new normal” way of living.

33 MINOR HOTELS Increased reliability of the brands Hotel sanitary standards over Airbnb Leisure travel opportunities with working remotely behavior More cautious consumer spending over next 3-9 months Increasingly remote-working/VDO conferencing Business lunches into the office, hotel catering services Real estate locations/properties undervalued Real-time demand tracking & revenue optimization Growing concern over labor costs Emerging Trends Examples of Immediate Responses Heightened cleaning & hygiene measures in collaboration with industry experts

• Anantara: “Peace of Mind”
• NHH:

“Feel Safe at NH”

• Avani:

“AvaniSHIELD”

• Oaks:

“SureStay” Emphasis on wellness & medi-spa in partnership with specialists Anantara & Verita

• Anantara Siam: to focus on boosting immunity
• Anantara Riverside: to focus on longevity &

diagnostics St Regis & Clinique la Prairie Aesthetics & Medical Spa Focus on keeping the brand on top of mind

• f customers

#AnantaraEscapism campaign

• Sharing aspirational contents & tips for staying

well and healthy at home

SLIDE 34

Other trends and business initiatives are being assessed in

• rder to respond to the post-COVID

lifestyle.

Medium to Long-term Roadmap - Business Beyond COVID (Cont’d)

With the changing of the consumer behavior amidst the COVID-19 situation, MINT will have to adjust its businesses to better serve the customers in the medium to long term. MINT has launched the project Business Beyond COVID with all the business units to craft the recovery path amidst the “new normal” way of living.

34 MINOR FOOD Emerging Trends Examples of Immediate Responses

• Thailand hub:

‒ focused on 1112 Delivery app, resulting in delivery sales almost tripling in Apr vs Jan 2020 ‒ launched “Zero Touch Delivery” program

• China hub debuted Panda

Delivery

• Australia hub launched “The

Coffee Club Pantry” and “The Coffee Club @ Home”, delivering groceries and coffee bean Rising Home

• ccasion (cooking,

digital screens) Booming of Celebratory emotional needs Heightened food safety and nutrition concerns Higher sourcing standards Expansion of Online grocery retailer Growing delivery, drive-thru & pick-up businesses MINOR LIFESTYLE More cautious consumer spending

• ver next 3-9 months

Emerging product demand – “Health is Wealth”, e.g. sanitizing and immune-boosting products Accelerated shift to digital sales channels New contingency considerations in lease agreement, e.g. hardship funds, rental adjustment, rate holidays Emerging Trends Examples of Immediate Responses Other trends and business initiatives are being assessed in

• rder to respond to the post-COVID

lifestyle.

• Shifted to online channel to

boost fashion and household sales

• Focus on the manufacturing of

hand sanitizer and other cleaning products