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

SLIDE 1

COMPANY PRESENTATION – August 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

2Q20 in Review Minor Hotels Minor Food Minor Lifestyle Corporate Information Response to COVID-19: Immediate & Long-term Plans

nho nhow Am Amsterdam RAI RAI

SLIDE 4

2Q20 IN REVIEW

SLIDE 5

Recap – Impact from COVID-19

5

Since the outbreak of COVID-19, MINT’s business has been impacted globally. April has by far been the month with minimal operation across the three business units. Majority of the reopenings started in late May, and continued into June & July.

News of COVID-19 Wuhan / China lockdown Italy lockdown, followed by other European countries Many countries under lockdown globally Many countries start to loosen lockdown measures Gradual border reopening of some countries 535 536 247 115 144 356 389 2,289 2,349 1,947 1,521 1,890 2,037 2,179 478 476 34 48 458 464 474

MINOR HOTELS

No of hotels in

• peration

MINOR FOOD

No of outlets in

• peration

MINOR LIFESTYLE

No of outlets in

• peration

January February March April May June July

Further easing of lockdowns

SLIDE 6

2Q20 Performance Recap

6 NET PROFIT

In 2Q20, MINT’s core revenue declined by 79% y-y, as majority of all three business units were temporarily closed for at least two months in the quarter with many countries under lockdown because of the COVID-19 outbreak. MINT reported net loss both pre- and post- TFRS 16 in 2Q20. But with aggressive cost reduction of over 50% during the quarter, the severity has been alleviated with an improving m-m trend throughout the quarter.

* Non-core items are detailed on page 44. * Excludes non-core items

2Q20 REVENUE CONTRIBUTION

• 79% y-y

Minor Lifestyle 8% Minor Food 60% Minor Hotels 32%

REVENUE

THB 6,682 million NM 10,000 20,000 30,000 40,000

2Q19 Reported Non-core Items 2Q19 Core Minor Hotels excl NHH NHH Minor Food Minor Lifestyle 2Q20 Core Pre-TFRS16 TFRS16 Impact excl NHH TFRS16 Impact

• n NHH

2Q20 Core Post-TFRS16 Non-core Items 2Q20 Reported

THB million

• 9,000
• 6,000
• 3,000

3,000

2Q19 Reported Non-core Items 2Q19 Core Minor Hotels excl NHH NHH Minor Food Minor Lifestyle 2Q20 Core Pre-TFRS16 TFRS16 Impact excl NHH TFRS16 Impact

• n NHH

2Q20 Core Post-TFRS16 Non-core Items 2Q20 Reported

THB million 1,786

• 6,006
• 1,285

31,455

• 1,881
• 62

31,393

• 6,748

6,682 6,698 +315 2,101

• 650
• 97
• 286
• 549

+17

• 6,869
• 7,162
• 8,448

6,682

• 15,534
• 8
• 2,216

MONTHLY NPAT TREND

• 2.8
• 2.4
• 2.0
• 4.0
• 3.0
• 2.0
• 1.0

0.0 1.0 Apr-20 May-20 Jun-20 THB billion

* Core NPAT post-TFRS16

SLIDE 7

International Presence

7

With a solid diversification strategy implemented, MINT’s footprint was in 63 countries at the end of 2Q20 across its hospitality and restaurant businesses.

*Excludes non-core items

Minor Food Combination Minor Hotels

REVENUE CONTRIBUTION

57% 27% 38% 29% 43% 73% 62% 71% 0% 25% 50% 75% 100% 2014 2019* 1H20* 2024F International Thailand

SLIDE 8

MINOR HOTELS

Ana Anantara Gol

• lden Triangle Ele

Elephant Cam amp & Reso esort

SLIDE 9

Minor Hotels – Financial Highlights

9

2Q20 revenue declined by 91% y-y, attributable to all businesses and geographies, with April and May being the hardest hit months by the COVID- 19 pandemic. While Minor Hotels’ successful cost cutting initiatives (with cost reduction of almost 60% during the quarter) helped alleviate such adverse impact. EBITDA and NPAT pre-TFRS 16 turned negative in 2Q20 because of the revenue shortfall. While NHH continues to be the biggest contributor to the loss, contributing over 70% of Minor Hotels’ net loss in 2Q20. Post-TFRS 16, Minor Hotels reported core net loss of THB 6.7 billion.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 44.

24,408 2,126 2,126 THB million

• 91%

Revenue 5,282

• 2,275
• 5,094

1,825

• 6,687
• 6,397

NM NM EBITDA NPAT % Margin 21.6% 7.5%

MINOR HOTELS – FINANCIAL PERFORMANCE

2Q19 2Q20 Pre-TFRS 16 2Q20 Post-TFRS 16

PERFORMANCE SNAPSHOT – BY BUSINESS Owned & Leased Management Letting Rights Managed Hotels Mixed-Use Business 2Q20 Revenue Change Y-Y (THB)

93% 67% 43% 79%

BUSINESS PERFORMANCE SNAPSHOT – BY GEOGRAPHY 2Q20 Revenue Change Y-Y (THB) Thailand Europe Australia & New Zealand Maldives & The Middle East The Americas

66% 92% 93% 85% 102%

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. MINT also expects its diversification to positively help the recovery process from COVID-19.

* Excludes non-core items

Management Combination Investment New Destinations in Pipeline

Hubs

REVENUE CONTRIBUTION

67% 14% 13% 12% 33% 86% 87% 88% 0% 25% 50% 75% 100% 2014 2019* 1H20* 2024F International Thailand

SLIDE 11

Owned & Leased 58% Managed 9% MLR 21% Mixed-use 12%

Owned & Leased Hotels

11

In terms of business model, owned and leased business contribute 58% of Minor Hotels’ revenue in 2Q20, lower than normal, as majority of the hotels have been forced closed during the lockdown of many countries with the COVID-19 outbreak. In terms of geography, Europe is the major contributor with 52% of Minor Hotels’ revenue. Australia & New Zealand was the second largest contributor as all properties remained operational throughout the quarter.

SYSTEM-WIDE ROOM CONTRIBUTION By Ownership SYSTEM-WIDE ROOM CONTRIBUTION By Geography 2Q20 REVENUE CONTRIBUTION By Business 2Q20 REVENUE CONTRIBUTION By Geography

Owned 26% Leased 47% JV 2% Managed 16% MLR 9% 75,187 Rooms* THB 2,126 million Thailand 8% Europe 52% Americas 0% Australia & New Zealand 22% Maldives & Middle East 3% Others 15% Asia 11% Europe 63% Americas 11% Oceania 9% Middle East & Africa 6% 75,187 Rooms*

* Entire portfolio including temporarily closed hotels ** As at end of June 2020 * Entire portfolio including temporarily closed hotels ** As at end of June 2020

SLIDE 12

Owned & Leased Hotels

12

Number of rooms of the entire owned & leased hotel portfolio increased by 2% y-y in 2Q20. However, RevPar declined by 95%, primarily because of decline in occupancy with temporary closure of the majority of hotels during the quarter because of the adverse impact of COVID-19. As a result, revenue of owned & leased hotels declined by 93% y-y in 2Q20. Minor Hotels’ business was most significantly impacted by the COVID-19 pandemic in April, with sales improvement in second half of May onwards, as hotels started to reopen.

System-wide

• 38%

Organic excl FX

• 37%

53,262 54,470 2Q19 2Q20 No of Rooms 74% 6% 6% 2Q19 2Q20 +2% 2Q19 2Q20 Occupancy Organic

• 68%

System-wide

• 68%

4,109 2,577 2,563 2Q19 2Q20 2Q19 2Q20 ADR (THB)

QUARTERLY OPERATIONAL STATS*

System-wide

• 95%

Organic excl FX

• 95%

3,053 147 144 2Q19 2Q20 2Q19 2Q20 RevPar (THB) 1%

• 6%
• 70%
• 99%
• 98%
• 89%
• 72%

Organic RevPar Growth - THB (y-y) Jun

MONTHLY REVPAR TREND Entire Portfolio Opened Hotels Only

Jan Feb Mar Apr May Jul 2%

• 5%
• 69%
• 96%
• 93%
• 84%
• 65%

Organic RevPar Growth - THB (y-y) Jun Jan Feb Mar Apr May Jul

* Entire portfolio including temporarily closed hotels

SLIDE 13

2%

• 4%
• 47%
• 36%
• 77%
• 66%
• 99%
• 100%
• 98%
• 95%
• 98%
• 92%
• 93%
• 82%

Monthly 2020 Bangkok RevPar Growth - THB (y-y) Monthly 2020 Provinces RevPar Growth - THB (y-y)

Owned Hotels – Thailand & Maldives

13

The two largest geographies for Minor Hotels outside of Europe are Thailand and the Maldives. Hotels in Thailand gradually reopened since May, catering primarily to domestic tourists. As a result, RevPar started to improve in June onwards, especially in the provinces such as Hua Hin. Hotels in the Maldives were closed throughout 2Q20, and will remain so in 3Q20, with the plan to reopen in 4Q20, in time for its high season.

OPERATIONAL STATS – THAILAND (ORGANIC)

73% 2% 5,367 3,309 2Q19 2Q20 3,891 80

• 71%
• 38%
• 98%

Jan Feb Jan Feb Mar Mar Occupancy ADR (THB) RevPar (THB)

OPERATIONAL STATS – MALDIVES (ORGANIC)

57% 0% 374

• 2Q19

2Q20 214

• 57%
• 100%
• 100%

Occupancy ADR (USD) RevPar (USD) 18%

• 20% -53% -100%-100% -100% -100%

Monthly 2020 Maldives RevPar Growth - USD (y-y) Jan Feb Mar Apr May Apr May Apr May Jun Jun Jun Jul Jul Jul

SLIDE 14

Owned & Leased Hotels – Europe & The Americas

14

Hotels in Europe & the Americas are the largest contributor to owned & leased hotel portfolio. 2Q20 RevPar of Europe & the Americas portfolio declined by 95% in Euro term, from the temporary closure of the majority of hotels amidst COVID-19 situation. Hotels in Europe started to reopen since late May, as European countries relaxed their lockdown measures. As at end of June, approx. 65% of the hotels in Europe are open, with the target of 100% opened by end of September. For Latin America, most of the hotels remained closed as the situation is still fluid.

• 95%
• 97%
• 95%
• 91%
• 99%

Spain Italy Benelux Central Europe Latin America

Spain 38% Italy 7% Benelux 25% Central Europe 30% Americas 0%

OPERATIONAL STATS – EUROPE & THE AMERICAS (ORGANIC)

75% 6% 110 73 2Q19 2Q20 82 4

• 69%
• 34%
• 95%

Occupancy ADR (EUR) RevPar (EUR) 2Q20 y-y Organic RevPar Decline 2Q20 Revenue Contribution

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

MONTHLY REVPAR TREND

9% 3%

• 70%
• 99%
• 98%
• 87%
• 71%

Europe & the Americas RevPar Growth - EUR (y-y) Jan Feb Mar Apr May Jun

Entire Portfolio Opened Hotels Only

Jul 10% 5%

• 70%
• 96%
• 94%
• 82%
• 63%

Europe & the Americas RevPar Growth - EUR (y-y) Jan Feb Mar Apr May Jun Jul

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, especially in April and May, with improvements since June onwards.

MANAGEMENT LETTING RIGHTS

111 38 2Q19 2Q20 2,673 831

• 6%
• 66%
• 69%

No of Rooms RevPar (AUD) RevPar (THB) 6,989 6,572

MANAGED HOTELS

13,408 12,316 No of Rooms

• 8%

System-wide

• 85%

Organic excl FX

• 82%

2,905 515 431 2Q19 2Q20 2Q19 2Q20 RevPar (THB) 4%

• 5%
• 37%
• 78%
• 70%
• 47%
• 35%

Monthly 2020 AUD RevPar Growth (y-y) Jan Feb Mar 2Q19 2Q20 5%

• 11%
• 55%
• 92%
• 82%
• 72%
• 62%

Monthly 2020 THB excl FX RevPar Growth (y-y) Jan Feb Mar Apr May Apr May Jun Jun Jul Jul

SLIDE 16

Hotel Expansion Pipeline – 73 Hotels; 14,194 Rooms

• Rome, Italy

238 rms

• Budapest, Hungary

185 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

MANAGED / MLRS

• Frankfurt, Germany

428 rms

• Monterrey, Mexico

120 rms

• Cagliari, Italy 100 rms
• Frankfurt, Germany

375 rms

OWNED & LEASED

50 Hotels / 10,165 Rooms

• Nanjing, China

120 rms

• Ras Al Khaimah, UAE

174 rms

• Doha, UAE 292 rms
• Busan, Korea

570 rms

• Cam Ranh, Vietnam

397 rms

• Nha Trang, Vietnam 280 rms
• Phnom Penh, Cambodia 35 rms
• Ras Al Khaimah, UAE

225 rms

• Muscat, Oman

206 rms

• Nairobi, Kenya

120 rms

• Bahia, Brazil

50 rms

• Khon Kaen, Thailand

79 rms

• Chengdu, China

202 rms

• Lima, Peru

164 rms

• Iquique, Chile 135 rms
• Feira de Santana, Brazil

207 rms

• Lima, Peru

265 rms

• Santiago, Chile

146 rms

• Sharjah, UAE

233 rms

• Jeddah, Saudi Arabia

328 rms

• Cam Ranh, Vietnam

324 rms

• Ho Chi Minh City, Vietnam

217 rms

• Fortaleza, Brazil

130 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 / 4,029 Rooms

• Bang Krachao, Thailand

62 rms

• Krabi, Thailand

83 rms

• Dubai, UAE

527 rms

• Chengdu, China

201 rms

• Toowoomba, Australia

50 rms

• Cairns Esplanade, Australia 60 rms
• Hangzhou, China

132 rms

• Murano, Italy

104+38 rms

• Doha, Qatar 228 rms
• Ubud, Bali, Indonesia*

71 rms

• Nice, France

152 rms

• Khao Lak, Thailand

328 rms

• Fares Island, Maldives*

200 rms

• Milan, Italy

185 rms

• Santander, Spain

64 rms

• Alicante, Spain

63 rms

• Copenhagen, Denmark 394 rms
• Milan, Italy

100 rms

• Hamburg, Germany

261 rms

• Hamburg, Germany

136 rms

• Phi Phi Island, Thailand

107 rms

• Riyadh, Saudi Arabia

163 rms

• Yangon, Myanmar

250 rms

• Phan Thiet, Vietnam

516 rms

• Ho Tram, Vietnam 410 rms
• Savanne, Mauritius

156 rms

• Sifah, Oman

300 rms

• Kota Kinabalu, Malaysia

386 rms

• Hangzhou, China

166 rms

• Phuket, Thailand

500 rms

• Yangon, Myanmar

221 rms

• Hangzhou, China

54 rms

Others

* Note: Joint-ventured properties

2020F 2021F 2022F 2023F-2024F 8 Hotels / 1,052 Rooms 11 Hotels / 1,954 Rooms 4 Hotels / 1,023 Rooms 10 Hotels / 1,485 Rooms 18 Hotels / 3,667 Rooms 10 Hotels / 1,784 Rooms 12 Hotels / 3,229 Rooms

16

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

Others

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 2Q20, mixed-use revenue declined by 79%, from no activity of residential sales, as well as declining sales activities of Anantara Vacation Club as a result of the COVID-19 outbreak.

17 INVENTORY TO ACCOMMODATE GROWING MEMBERS

229 246 2Q19 2Q20 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

13,296 14,671 2Q19 2Q20 +10% No of Members

China 40% Thailand 11% Singapore 8% Hong Kong 8% Malaysia 7% Others 26%

+7% 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

2Q20 revenue of Minor Food declined by 32% y-y, with the temporary closure of stores and dine in business especially in April & May. On a like-for- like basis, EBITDA pre-TFRS 16 continued to be positive of THB 19 million, from the implementation of cost reduction initiatives. However, its bottom line turned to net loss pre-TFRS 16 of THB 381 million. Including TFRS 16, Minor Food reported net loss of THB 385 million in 2Q20.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 44.

5,865 3,985 3,985 THB million

• 32%

Revenue

FINANCIAL PERFORMANCE

879 478 19 269

• 385
• 381
• 98%

NM EBITDA NPAT 2Q19 % Margin 2Q20 Pre-TFRS 16 15.0% 12.0% 4.6%

OPERATIONAL STATS

• 3.6% -23.0%

3.8% -36.8% 2,254 2,362 * No of Outlets SSSG TSSG 2Q19 2Q20 +5% 3.5%

• 8.0%
• 25.0%
• 25.6%
• 28.1%
• 15.5%
• 12.9%

11.9%

• 0.9%
• 24.5%
• 47.4%
• 37.8%
• 24.5%
• 16.3%

Jan Feb Mar Apr May Jun Jul TSSG SSSG

• Same-Store-Sales: SSSG started to see visible recovery in June, driven primarily

by Thailand and Australia hubs as the countries’ lockdown started to ease.

• Outlet expansion: 2Q20 network growth of 5% y-y was a result of expansion

primarily in Thailand, part of which is the addition of Bonchon outlets.

• Total-System-Sales: With the recovery of SSSG and the reopening of restaurants,

TSS has seen an improving trend every month since April.

2Q20 Post-TFRS 16 0.5%

* Note that during the lockdown, approx only 77% were operational.

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% 74% 64% 33% 35% 26% 36% 0% 25% 50% 75% 100% 2014 2019* 1H20* 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 2Q20 REVENUE CONTRIBUTION By Business SYSTEM-WIDE OUTLET CONTRIBUTION By Geography 2Q20 REVENUE CONTRIBUTION By Geography

Thailand 72% Australia 8% China 16% Others 4% Thailand 75% Australia 15% China 4% Others 6% 2,363 Outlets Owned 50% Franchised 50% Owned 95% Franchised 5% 2,363 Outlets THB 3,985 million

* As at end of June 2020 * As at end of June 2020

SLIDE 22

Operational Stats by Hub

22

Thailand & Australia hubs are seeing visible recovery since June with governments of various countries relaxing the lockdown. The performance of China hub improved consistently since the reopening in late February, but declined slightly in June because of the government’s precaution of the second wave in Beijing, but bounced back on track in July. Minor Food continues to focus on delivery service, both in terms of platform and promotional campaigns, across all hubs in order to help uplift sales momentum.

THAILAND CHINA AUSTRALIA

• 5.6%
• 7.2%

0.8%

• 21.8%

SSSG TSSG 2Q19 2Q20

• 30%
• 20%
• 10%

0% 10% 20% Jan Feb Mar Apr May Jun Jul 1.1%

• 27.0%

15.8%

• 28.9%

2Q19 2Q20

• 100%
• 80%
• 60%
• 40%
• 20%

0% Jan Feb Mar Apr May Jun Jul

• 2.3%
• 41.7%
• 2.1%
• 52.8%

2Q19 2Q20 SSSG TSSG* SSSG TSSG*

• 100%
• 80%
• 60%
• 40%
• 20%

0% 20% Jan Feb Mar Apr May Jun Jul SSSG TSSG SSSG TSSG SSSG TSSG*

* Closure of dine-in restaurants in Apr & May * Closure of dine-in restaurants in Apr & May * Closure of restaurants in late Jan / Feb

SLIDE 23

MINOR LIFESTYLE

SLIDE 24

1,120 571 571

Minor Lifestyle

24

2Q20 revenue of Minor Lifestyle declined by 49% y-y, primarily from the soft retail trading business, especially the fashion business, as outlets were temporarily closed in April and part of May, although contract manufacturing sales was resilient from the sales of sanitizer and cleaning products. Consequently, both EBITDA and bottom line pre-TFRS 16 declined to a net loss of 47 million and 91 million respectively. Similar to other businesses, April was the worst month with improving trends in May & June.

THB million Revenue

FINANCIAL PERFORMANCE

62

• 29
• 47

6

• 90
• 91

EBITDA NPAT % Margin 5.5% 0.5%

Retail Trading 58% Contract Manufacturing 42%

• Retail trading: revenue declined by 64% y-y,

attributable to all brands, from the temporary store closures amidst COVID-19.

• Contract manufacturing: revenue increased by

14% y-y because of strong sanitizer sales and high demand of cleaning products. OPERATIONAL STATS

1.3%

• 60.9%

11.4%

• 63.0%

486 473 * No of Shops SSSG TSSG 2Q19 2Q20 TSSG SSSG

• 100%
• 75%
• 50%
• 25%

0% Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 THB 571 million 2Q19 2Q20 Pre-TFRS 16 2Q20 Post-TFRS 16

• 49%

NM NM

* Note that during the lockdown, approx only 68% were operational.

SLIDE 25

CORPORATE INFORMATION

Ele Elewana Loisa Loisaba Lod Lodo Spri Springs

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 increase in equity from the USD 300 million perpetual bond issuance, netted off with the adverse impact from the adoption

• f TFRS 16 and net loss in 1H20, interest bearing debt to equity ratio was at 1.63x at the end of 2Q20. Going into 3Q20, the successful rights offering

will provide MINT with another THB 10 billion of equity, and MINT-W7 will further strengthen MINT’s balance sheet by another THB 5 billion of equity over the next three years. Covenant waiver throughout the rest of 2020 also provides more flexibility amidst uncertainty and fluid situation. 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 Debt* & Equity Un-Utilized Facility Debt 31,619 Debt 127,082 Note: Cash on hand as at end of 2Q20 is THB 19,514 million Equity** 9,926

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

Equity 77,975 5,000 10,000 15,000 20,000 2019 2020F 2021F 2022F 2023F 2024F THB million Suspended / Delayed Minor Food Minor Hotels Minor Lifestyle 1.38 1.63 0.75 1.00 1.25 1.50 1.75 1Q19 2Q19 3Q19 YE19 1Q20* 2Q20*

* 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

RESPONSE TO COVID-19

SLIDE 28

Re-opening Progress

28

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 is sufficient to uplift its performance before the reopenings.

MINOR HOTELS MINOR FOOD Reopening plans:

• Gradual reopening of remaining hotels, with the aim to open all hotels in the portfolio by year-end.
• Focus on domestic market, followed by regional and international markets as countries start to

reopen their borders.

• Focus on hygiene and safety of customers and team members.

> 75% of hotels

• pened

MINOR LIFESTYLE > 90% of restaurants fully opened Almost 100% of outlets

• pened

Europe Spain Italy Benelux Germany Euro Area Domestic Demand c60% c50% c50% c70% 50-55% EU Demand 75-80% 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%

* Data as of 2019

SLIDE 29

Minimizing Cash Outflow

29

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

Payroll 35% Leases 15% Supply chain 17% Other Opex 32%

SLIDE 30

2019 Actual Cost Savings 2020 Budget 2019 Actual Cost Savings 2020 Budget 24% 26% 19% 24% 20% 26% 24% 30%

Cost Saving Initiatives

30

With the effort across business units and across geographies, MINT has been able to reduce costs of up to 25-30% in the four categories, both against actual 2019 and budget 2020 costs & expenses. The initiatives are ongoing as MINT continues to look for further potential cost reductions.

THB million 10,000 20,000 30,000 40,000 2019 Actual Cost Savings 2020 Budget 2019 Actual Cost Savings 2020 Budget

PAYROLL RENTAL & LEASES SUPPLIERS OTHER COSTS

20,000 40,000 60,000 80,000 Total before COVID Part-Time Reduction Permanent Redundancy Temporary Redundancy Total after Reduction

• 28%
• 14%
• 17%
• Headcount was reduced by approximately 60% during COVID
• In addition, executives at management level have taken up to 60% pay cuts and see other benefits

reduced

Minor Hotels (Ex. NH) 9% NH 49% Minor Food 38% Minor Lifestyle 4%

Lease & Rental Saving

SLIDE 31

Movement of Free Cash Flow – Cash Burn Easing After Lock-Down Peak

With the national lock-downs during the pandemic, adjusted free cash flow turned negative from February onwards. Operating cash outflow peaked in May during the worst months of the pandemic. With cost-cutting measures and CAPEX suspension taking effect, cash burn rate improved from June onwards. The increased business activities, together with cost-cutting initiatives and CAPEX suspension will lead to further free cash flow recovery in the second half of the year.

14.7

• 3.8

11.0

2.1 0.0

• 0.2
• 1.2
• 2.9
• 0.5
• 1.3
• 1.1
• 0.9
• 0.5
• 0.5
• 0.8
• 1.0
• 0.8
• 3.2
• 1.3
• 0.3
• 0.9

1.9

• 4.5
• 3.3
• 1.8
• 5.0
• 2.4
• 6.4
• 0.2
• 1.9
• 4.3
• 3.0

2019 1Q20

Jan 20 Feb 20 Mar 20 Apr 20 Free CF

(after Repayment of Lease Liabilities)

Operating CF Net CAPEX

Net of Tivoli & Maldivian Asset Sales

Repayment of Lease Liabilities

• 8.7

2Q20

• 3.6
• 2.1

May 20 Jun 20

SLIDE 32

Before After

52% - 63% 38% - 46%

Before After

43% - 53% 32% - 39%

Cost Cutting Helps Reduce Indicative Breakeven Points

With effective cost cutting initiatives implemented on a firm-wide basis, the indicative pre-TFRS16 EBITDA breakeven points of all businesses have declined significantly, resulting in breakeven timelines accelerated to earlier than originally planned.

Before After

49% - 59% 34% - 42%

Minor Hotels – Breakeven Occupancy Breakeven Occupancy – NH Hotel Group

Before After

40% - 48% 22% - 27%

Thailand, Asia, Middle East & Africa Minor Food – Breakeven Sales Level

82% 69%

Before After

Europe & Americas Australia & New Zealand

10,826 keys / 15% of total system 46,164 keys / 65% of total system 7,201 keys / 10% of total system

Hotels breakeven occupancy ranges are indicative and calculated based on EBITDA post charging of rental expenses (with impact of TFRS16 neutralized) but before charging corporate overheads; ADR simulated 10-15% down to budget as a central case with occupancy ranges based on variations of +/-10% around the central case; breakeven after cost cutting is with reference to H2 2020 and applies latest forecast cost structure; breakeven before cost cutting is with reference to FY 2020 (Europe & Americas with reference to H2 2020) and is based on the cost of the 2020 budget; perimeter of breakeven analysis covers c.90% of system keys and is considered by management to be representative of the total system; the c.10% of system keys not covered in the analysis comprises hotels under third-party and JV brands in Thailand and Africa, the hotel management contract portfolio of NH, and certain Tivoli properties in Portugal.

Indicative % at Property Level Indicative % Pre-COVID Sales Level

SLIDE 33

63% 72% 68% 69% 53% 57% 51% 64% 53% 59% 75% 62% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Minor Hotels: Base-Case Occupancy Recovery & Breakeven

As the lock-down has been eased, Minor Hotels began to re-open its hotels at the end of May, with occupancy expected to gradually recover throughout the remainder of the year. With successful cost-cutting effort and with the re-opening plan focusing mainly around hotels with cash positive potentials, Minor Hotels expects to see breakeven point in 3Q20 under its base-case scenario.

Minor Hotels

Breakeven Occupancy: Before After Last Year This Year Actual

Thailand, Asia, ME & Africa

Hotels breakeven occupancies are indicative and calculated based on EBITDA post charging of rental expenses (with impact of TFRS16 neutralized) but before charging corporate overheads; ADR assumed 10-15% down to budget throughout the analysis; breakeven after cost cutting is with reference to H2 2020 and applies latest forecast cost structure; breakeven before cost cutting is with reference to FY 2020 (Europe & Americas with reference to H2 2020) and is based on the cost of the 2020 budget; perimeter of breakeven analysis covers c.90% of system keys and is considered by management to be representative of the total system; the c.10% of system keys not covered in the analysis comprises hotels under third-party and JV brands in Thailand and Africa, the hotel management contract portfolio of NH, and certain Tivoli properties in Portugal.

Breakeven Occupancy: Before After Last Year This Year Actual This Year Forecast This Year Forecast 61% 69% 71% 73% 72% 73% 71% 69% 74% 75% 75% 62% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 49-59% 34-42% 40-48% 22-27%

SLIDE 34

74% 80% 79% 77% 73% 71% 82% 81% 78% 81% 81% 72% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 59% 66% 71% 73% 76% 77% 74% 68% 79% 78% 75% 61% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Minor Hotels: Base-Case Occupancy Recovery & Breakeven

As the lock-down has been eased, Minor Hotels began to re-open its hotels at the end of May, with occupancy expected to gradually recover throughout the remainder of the year. With successful cost-cutting effort and with the re-opening plan focusing mainly around hotels with cash positive potentials, Minor Hotels expects to see breakeven point in 3Q20 under its base-case scenario.

Europe & Americas Australia & New Zealand

Hotels breakeven occupancies are indicative and calculated based on EBITDA post charging of rental expenses (with impact of TFRS16 neutralized) but before charging corporate overheads; ADR assumed 10-15% down to budget throughout the analysis; breakeven after cost cutting is with reference to H2 2020 and applies latest forecast cost structure; breakeven before cost cutting is with reference to FY 2020 (Europe & Americas with reference to H2 2020) and is based on the cost of the 2020 budget; perimeter of breakeven analysis covers c.90% of system keys and is considered by management to be representative of the total system; the c.10% of system keys not covered in the analysis comprises hotels under third-party and JV brands in Thailand and Africa, the hotel management contract portfolio of NH, and certain Tivoli properties in Portugal.

Breakeven Occupancy: Before After Last Year This Year Actual Breakeven Occupancy: Before After Last Year This Year Actual This Year Forecast This Year Forecast 52-63% 38-46% 43-53% 32-39%

SLIDE 35

500 1,000 1,500 2,000 2,500

Minor Food: Re-Opening Plan & Indicative Monthly Sales

Number of Operating Outlets Total System Sales (THB mn) Minor Food Thailand Hub Australia Hub China Hub Minor Food Thailand Hub Australia Hub China Hub

Indicative EBITDA Pre-TFRS16 Breakeven before Cost Cutting Indicative EBITDA Pre-TFRS16 Breakeven after Cost Cutting

Over 30% of total outlets were closed during the peak of the lock-down, while remaining outlets continued serving delivery and takeaway. Minor Food is gradually opening its dine-in outlets from May onwards, with social distancing practice implemented and gradually eased as per government

• directives. Total system sales are expected to recover to reach pre-crisis level at year-end.

Minor Food’s total system sales are indicative and should not be construed as forward guidance. Breakeven is calculated based on non-variable financial obligations and profitability margins, post-cost cutting with reference to latest forecast of cost structure applied for H2 2020. The impact

• f TFRS16 is neutralized in the calculation.

Indicative Indicative

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20

SLIDE 36

200 400 600 800 1,000 1,200

Minor Food Capitalizes on Strong Delivery Platform

During the lock-down period, delivery sales more than doubled from the prior-year period. Strong delivery sales growth on the back of own solid delivery platform has alleviated adverse impact on dine-in sales. Since dine-in sales came in stronger than originally anticipated due to faster reopening & faster easing of social distancing rule, delivery sales in June & July therefore came in below base-case forecasts with conservative dine- in assumptions.

Delivery Sales (THB mn) Total Delivery Sales Growth (%)

0% 100% 200%

Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Minor Food Thailand Hub Australia Hub China Hub Indicative Indicative

Minor Food’s total system sales are indicative and should not be construed as forward guidance.

SLIDE 37

Liquidity & Debt Management

37

With the impact from COVID-19, MINT has successfully managed its cash position and debt funding, both outstanding facilities and credit lines, in

• rder to ensure sufficient liquidity in the coming quarters.

Covenant Waiver Creditors (both bondholders and banks) have approved:

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

3 quarters (until YE20);

• With additional negative covenants (until YE20):

MINT’s Credit Rating by TRIS

• Company rating & existing senior unsecured

debentures reaffirmed at “A”

• Subordinated perpetual debentures at “BBB+”
• “Negative” outlook assigned to the ratings amidst

COVID-19 situation USD Perpetual Bonds

• Ratings of “Baa2” by Moody’s and “BBB” by Fitch

Ratings Due 2H20

• THB 3.5 billion Term Loans in various currencies:

‒ THB 2.2 billion equivalent to be repaid with proceeds from rights offering ‒ The rest to be rolled-over Due 1H21

• THB 4.3 billion THB Bonds

* As at end of July 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 Cash on Hand THB 36 billion

+

Working Cap Facilities THB 26 billion Covenant Waiver Debt Maturing

• ver Next 12

Months Liquidity Management Credit Rating

SLIDE 38

Strengthening of Equity Base

38

MINT has successfully completed its comprehensive capital structure plan, resulting in the strengthening of its balance sheet. Post-transactions & post-conversion, MINT’s pro-forma D/E ratio is close to its internal policy of 1.3x, and well within its financial covenant of 1.75x. Such 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.

INTEREST BEARING DEBT*

50,000 100,000 150,000

2Q20 Short-Term Debt 2Q20 Long-Term Debt 2Q20 Outstanding Debt 2Q20 Shareholders' Equity Rights Offering (3Q20) Post-Rights Offering Equity MINT-W7 Proceeds (3Q20-3Q23) Post-Righst Offering Post-Conversion Equity

THB million 8,223 118,858 127,082 77,975

EQUITY

+9,858 87,833 +5,088 92,921 D/E: 1.63x D/E: 1.45x D/E: 1.37x

Completion of Comprehensive Capital Raising Plan

• f approx THB 25 billion

Perpetual Bonds (USD 300 mn) Rights Offering Warrants

• 3.1% interest rate
• 3-years non-call feature
• Guaranteed by BBL
• Ratings of Baa2 by

Moody’s and BBB by Fitch Ratings

• RO ratio of 8.2 existing

shares to 1 new share

• RO price at THB 17.50
• 563,293,156 shares issued
• Warrant ratio of 22 ordinary

shares to 1 warrant

• Warrant offering price: free
• Warrant term of 3 years
• Warrant exercise ratio of 1

warrant to 1 share

• Exercise price at THB 21.60

*Excludes lease liabilities

SLIDE 39

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.

39 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

Aspirational campaigns:

• #AnantaraEscapism campaign
• Dare to Dream with Avani

SLIDE 40

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.

40 MINOR FOOD Emerging Trends Examples of Immediate Responses

• All hubs to build on sales

momentum of delivery service

• Continue to focus on health and

hygiene of employees and customers through “Zero Touch Delivery” program, and adhere to relevant regulations

• Accelerate corporate

transformation process, in areas

• f digital, supply chain,
• rganization and innovation,

taking into consideration the “new normal” lifestyle 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

SLIDE 41

APPENDIX

SLIDE 42

1H20 Performance Recap

42 NET PROFIT

In 1H20, MINT’s core revenue declined by 52% y-y, as all three business units have been impacted by the COVID-19 outbreak. Consequently, with the severe and sudden revenue decline despite aggressive cost savings initiatives, 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 44. * Excludes non-core items

1H20 REVENUE CONTRIBUTION

• 52% y-y

Minor Lifestyle 5% Minor Food 33% Minor Hotels 62%

REVENUE

THB 29,102 million NM 10,000 30,000 50,000 70,000

1H19 Reported Non-core Items 1H19 Core Minor Hotels excl NHH NHH Minor Food Minor Lifestyle 1H20 Core Pre-TFRS16 TFRS16 Impact excl NHH TFRS16 Impact

• n NHH

1H20 Core Post-TFRS16 Non-core Items 1H20 Reported

THB million

• 12,000
• 9,000
• 6,000
• 3,000

3,000

1H19 Reported Non-core Items 1H19 Core Minor Hotels excl NHH NHH Minor Food Minor Lifestyle 1H20 Core Pre-TFRS16 TFRS16 Impact excl NHH TFRS16 Impact

• n NHH

1H20 Core Post-TFRS16 Non-core Items 1H20 Reported

THB million 2,369

• 7,278

+115 60,485

• 2,583
• 244

60,242

• 9,181

29,102 29,231 +365 2,734

• 1,207
• 206
• 574
• 814

+129

• 9,703
• 10,336
• 10,221

29,102

• 18,561
• 59
• 3,747

SLIDE 43

Financial Performance - MINT

43

633 2,101 1,417 2,909 633 2,101 Revenue EBITDA NPAT THB million EBITDA Margin Net Margin 28,848 31,393 … 33,646 22,421 6,682 29,497 4,272 6,223 5,171 6,968 2,982

• 1,826

14.8% 19.8% 17.5% 20.7% 2.2% 6.7% 4.8% 8.6% 13.3%

• 14.2%
• 79% y-y

NM 1Q20 1Q19 3Q19 2Q19 4Q19 Minor Hotels Minor Lifestyle Minor Food 29,102 2,734

• 10,336

10,495 1,156 1H19 1H20

• 52% y-y
• 89% y-y

60,242 NM NM

• 27.3%

17.4% 4.0%

• 107.2%

4.5%

• 35.5%

2Q20

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 44.

SLIDE 44

Non-Core Items

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

2Q20 17 revenue

• 152 net profit

Minor Hotels Non-recurring items of NH Hotel Group

• 469

Minor Hotels / Minor Food / Minor Lifestyle Redundancy costs from cost cutting measures

• 534

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

• 130

Minor Hotels Change in fair value of interest rate derivative 1Q20 113 revenue 49 net profit Minor Hotels Non-recurring items of NH Hotel Group 755 Minor Hotels Foreign exchange gain on unmatched USD Cross-Currency Swap 568 pre-tax 585 post-tax Minor Hotels Change in fair value of interest rate derivative 10 Minor Food Reversal of provision related to Ribs & Rumps 2Q19

• 48 pre-tax
• 38 post-tax

Minor Hotels / Minor Food / Minor Lifestyle Provision expenses for employee retirement benefits to adhere to the new labor law 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

Note: Include the impact of TFRS16

SLIDE 45

IFRS 16 Impact on P&L

45 THB million 2Q20 2Q20 Pre-TFRS16 Post-TFRS16 Total EBITDA

• 5,123
• 1,826

EBITDA Margin (%)

• 76.7
• 27.3

Depreciation 2,216 4,850 Interest Expense 936 1,912 Corporate Income Tax

• 933
• 954

Minority Interest

• 472
• 472

Total Net Profit

• 6,869
• 7,162

Net Profit Margin (%)

• 102.8
• 107.2

THB million 1H20 1H20 Pre-TFRS16 Post-TFRS16 Total EBITDA

• 5,233

1,156 EBITDA Margin (%)

• 18

4 Depreciation 4,535 9,724 Interest Expense 1,828 3,721 Corporate Income Tax

• 1,238
• 1,298

Minority Interest

• 655
• 655

Total Net Profit

• 9,703
• 10,336

Net Profit Margin (%)

• 33.3
• 35.5

* Excludes non-recurring items as detailed on page 44.

SLIDE 46

Australian Dollar

3% of MINT’s Revenue

Renminbi

4.7 4.5 1H19 1H20

• 3%

RMB/THB 9% of MINT’s Revenue

22.3 20.8 1H19 1H20

• 7%

AUD/THB 3% of MINT’s Revenue USD/THB

31.6 31.6 1H19 1H20 Flat

36% of MINT’s Revenue

35.7 34.8 1H19 1H20

• 2%

EUR/THB

Euro US Dollar

1H20 MINT’S REVENUE BREAKDOWN BY CURRENCY

Impact from Foreign Exchange Rate

46

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 EUR, AUD, RMB and USD.

Source: Bank of Thailand

THB 38% EUR 36% AUD 9% USD 3% RMB 3% Others 11%

* MINT’s revenue exclude non-core items as detailed in the in page 44 but include the impact of TFRS16

SLIDE 47

Hotel Performance by Ownership – 2Q20

47

Systemwide Organic

ARR (THB/night) 2Q20 2Q19 %Chg 2Q20 2Q19 %Chg 2Q20 2Q19 %Chg Owned & Leased 6% 74%

• 68%

2,563 4,109

• 38%

144 3,053

• 95%

Joint-venture 14% 45%

• 31%

2,387 5,745

• 58%

330 2,607

• 87%

Managed 8% 60%

• 52%

5,183 4,815 8% 431 2,905

• 85%

MLR 32% 74%

• 42%

2,463 3,627

• 32%

777 2,673

• 71%

Avg - Total 9% 72%

• 63%

2,886 4,168

• 31%

254 2,985

• 91%

Avg (excl.NHH & Oaks) 8% 63%

• 55%

5,186 5,778

• 10%

420 3,617

• 88%

Avg - Thailand 2% 73%

• 71%

3,415 4,432

• 23%

65 3,216

• 98%

Avg - Overseas - Total 9% 72%

• 63%

2,879 4,152

• 31%

266 2,971

• 91%

Avg - Overseas (excl.NHH & Oaks) 12% 58%

• 46%

5,357 6,575

• 19%

630 3,806

• 83%

Occupancy (%) RevPar (THB/night) Hotel ARR (THB/night) 2Q20 2Q19 %Chg 2Q20 2Q19 %Chg 2Q20 2Q19 %Chg Owned & Leased 6% 74%

• 68%

2,596 4,109

• 37%

148 3,053

• 95%

Joint-venture 14% 45%

• 31%

2,387 5,745

• 58%

330 2,607

• 87%

Managed 10% 60%

• 50%

5,323 4,815 11% 517 2,905

• 82%

MLR 33% 74%

• 41%

2,512 3,627

• 31%

831 2,673

• 69%

Avg - Total 9% 72%

• 63%

2,924 4,168

• 30%

267 2,985

• 91%

Avg (excl.NHH & Oaks) 9% 63%

• 54%

5,312 5,778

• 8%

483 3,617

• 87%

Avg - Thailand 2% 73%

• 71%

3,416 4,432

• 23%

76 3,216

• 98%

Avg - Overseas - Total 10% 72%

• 62%

2,918 4,152

• 30%

278 2,971

• 91%

Avg - Overseas (excl.NHH & Oaks) 13% 58%

• 45%

5,504 6,575

• 16%

726 3,806

• 81%

Occupancy (%) RevPar (THB/night) Hotel

SLIDE 48

Hotel Performance by Ownership – 1H20

48

Systemwide Organic

ARR (THB/night) 1H20 1H19 %Chg 1H20 1H19 %Chg 1H20 1H19 %Chg Owned & Leased 26% 70%

• 44%

3,544 3,942

• 10%

929 2,752

• 66%

Joint-venture 27% 51%

• 24%

6,226 6,587

• 5%

1,698 3,330

• 49%

Managed 30% 62%

• 32%

4,661 4,890

• 5%

1,401 3,037

• 54%

MLR 49% 75%

• 26%

3,306 3,879

• 15%

1,629 2,928

• 44%

Avg - Total 29% 69%

• 40%

3,721 4,098

• 9%

1,084 2,822

• 62%

Avg (excl.NHH & Oaks) 28% 63%

• 35%

6,675 6,312 6% 1,844 3,969

• 54%

Avg - Thailand 27% 77%

• 50%

5,586 5,169 8% 1,525 3,984

• 62%

Avg - Overseas - Total 29% 68%

• 39%

3,606 4,024

• 10%

1,055 2,750

• 62%

Avg - Overseas (excl.NHH & Oaks) 28% 56%

• 28%

7,332 7,063 4% 2,041 3,963

• 48%

Occupancy (%) RevPar (THB/night) Hotel ARR (THB/night) 1H20 1H19 %Chg 1H20 1H19 %Chg 1H20 1H19 %Chg Owned & Leased 26% 70%

• 44%

3,659 3,942

• 7%

963 2,752

• 65%

Joint-venture 27% 51%

• 24%

6,226 6,587

• 5%

1,698 3,330

• 49%

Managed 34% 62%

• 28%

4,914 4,890 0% 1,646 3,037

• 46%

MLR 49% 75%

• 26%

3,306 3,879

• 15%

1,629 2,928

• 44%

Avg - Total 30% 69%

• 39%

3,823 4,098

• 7%

1,134 2,822

• 60%

Avg (excl.NHH & Oaks) 30% 63%

• 33%

7,037 6,312 11% 2,079 3,969

• 48%

Avg - Thailand 29% 77%

• 48%

5,867 5,169 14% 1,687 3,984

• 58%

Avg - Overseas - Total 30% 68%

• 38%

3,706 4,024

• 8%

1,101 2,750

• 60%

Avg - Overseas (excl.NHH & Oaks) 30% 56%

• 26%

7,737 7,063 10% 2,324 3,963

• 41%

Occupancy (%) RevPar (THB/night) Hotel

SLIDE 49

Hotel Expansion Pipeline

49

MINT continues to implement the “Asset Right” strategy, which is a combination of “Asset Heavy” (owned, leased & 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.

• No. of Rooms

7,147

> 6,682 > 6,682 > 6,682 > 6,682 > 6,682

2,000 4,000 6,000 8,000 2019 2020F 2021F 2022F 2023F 2024F

• No. of Rooms

1,829

> 1,829 > 2,100 > 2,100 > 2,100 > 2,100

1,000 2,000 3,000 2019 2020F 2021F 2022F 2023F 2024F

• No. of Rooms

54,255

> 55,522 > 57,205

> 58,228 > 58,228 > 58,228

15,000 30,000 45,000 60,000 2019 2020F 2021F 2022F 2023F 2024F

• No. of Rooms

15,129

>13,691 >17,358 >19,142 >20,974 >22,371

5,000 10,000 15,000 20,000 25,000 2019 2020F 2021F 2022F 2023F 2024F Flat

• 7%
• 10%

+2%

OWNED & LEASED HOTELS MANAGED HOTELS JOINT VENTURES MANAGEMENT LETTING RIGHTS

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

SLIDE 50

MINT’s Hotel Portfolio

50

MINT’s composition of hotel rooms is expect to change over the next five years. MINT will focus on the expansion of its own brands – Anantara, AVANI, NH Hotels, NH Collection, nhow, Oaks and Tivoli – more through asset light business model (management contracts & MLRs), with geographical focus outside of Thailand.

• No. of Rooms

20,000 40,000 60,000 80,000 100,000 2005 1H20 2024F MLR Managed Joint Venture Leased Owned

92% 26% 22% 8% 2% 25%

2,169

43% 47%

• No. of Rooms

8% 9% 16% 2%

20,000 40,000 60,000 80,000 100,000 2005 1H20 2024F International Thailand Provinces Bangkok

36% 3% 56% 3% 8% 94%

2,169

3% 4% 93%

20,000 40,000 60,000 80,000 100,000 2005 1H20 2024F Others Oaks Nhow NH Collection NH Hotels Tivoli AVANI Anantara

• No. of Rooms

2,169 89,381

7% 8% 19% 50% 43% 18% 17%

75,187

4% 7% 3% 81% 12% 3% 4% 2% 9% 3% 10%

BY BRAND BY OWNERSHIP BY LOCATION

89,381 75,187 89,381 75,187

SLIDE 51

Tourist Arrival to Thailand

51

+4%

• 24%

TOURIST ARRIVALS TO THAILAND – MONTHLY TREND

Source: Tourism Authority of Thailand and Bank of Thailand

• 30%
• 20%
• 10%

0% 10% 20% 30% 5 10 15 20 25 30 35 40 45 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F Tourist Arrival % Change

Million Million

• 40%
• 20%

0% 20% 40% 60% 80% 0.0 1.0 2.0 3.0 4.0 5.0 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 19-Jan 19-Apr 19-Jul Oct-19 Jan-20 Apr-20

TOURIST ARRIVALS TO THAILAND – YEARLY TREND

SLIDE 52

Effective Management of Food Cost

52

Food and paper costs as a percentage of sales has trended down over the past ten 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 Fixed Long-Term Contract Prices Pro-Active Inventory Management Menu-Mix Re-Engineering Supply Chain Management Maximization of FTA Benefit Strategies 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% 30.0% 29.9% 30.9% 30.3% 29.9% 30.0% 31.2% 30.0% 30.3% 31.5% 33.3% 34.6% 29% 30% 31% 32% 33% 34% 35% 36% 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 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

% OF FOOD & PAPER COST TO SALES

SLIDE 53

Restaurant Performance

53 Brand SSS (%) TSS (%) 2Q20 2Q19 1H20 1H19 2Q20 2Q19 1H20 1H19 The Pizza Company 14.0%

• 4.5%

8.2%

• 3.9%

9.4% 8.3% 9.8% 8.7% Swensen’s

• 24.8%
• 9.5%
• 22.5%
• 10.2%
• 45.0%
• 7.9%
• 33.8%
• 8.6%

Sizzler

• 57.0%
• 5.2%
• 34.2%
• 8.6%
• 74.6%
• 3.5%
• 51.6%
• 3.8%

Dairy Queen

• 16.7%
• 6.6%
• 11.8%
• 6.6%
• 35.9%

1.3%

• 21.2%

0.8% Burger King

• 12.9%
• 1.7%
• 10.4%
• 2.1%
• 48.1%

8.6%

• 22.3%

5.9% Bonchon N/A N/A N/A N/A 100% 100% 100% 100% The Coffee Club

• 43.1%
• 2.2%
• 24.3%
• 2.6%
• 56.0%

7.5%

• 32.2%

7.0% Riverside

• 22.5%

0.9%

• 33.2%

1.7%

• 15.1%

20.6%

• 34.6%

22.9% Thai Express

• 71.4%
• 0.8%
• 43.3%
• 0.7%
• 80.2%
• 5.5%
• 48.4%
• 0.4%

Average

• 23.0%
• 3.6%
• 15.9%
• 3.8%
• 36.8%

3.8%

• 21.1%

4.5% Average Thailand Hub

• 7.2%
• 5.6%
• 7.0%
• 5.8%
• 21.8%
• 0.8%
• 7.7%

0.6%

SLIDE 54

Restaurant Outlets – 1H20

54 Brand

• No. of Outlets

Total Equity Franchise Thailand International The Pizza Company 253 325 427 151 578 Swensen’s 114 208 294 28 322 Sizzler 63

• 63
• 63

Dairy Queen 247 258 503 2 505 Bonchon 65

• 65
• 65

Burger King 121

• 115

6 121 The Coffee Club 113 351 59 405 464 Thai Express 63 20 8 75 83 Riverside 91

• 91

91 Benihana 2 17 3 16 19 Others 52

• 45

7 52 Total 1,184 1,179 1,582 781 2,363