MINT Vision To be a leader in delivering exceptional experiences - - PowerPoint PPT Presentation

Company Profile – 1Q20

MINT – Vision

2

To be a leader in delivering exceptional experiences that anticipate and satisfy customers’ aspirations and positively impact stakeholders

Customer-Focused Results-Oriented People Development Innovative Partnership

MINT – Key Milestones

3

Joint venture with in African Assets Founded RGR, MFG and MINOR listed M&A of RGR and MFG and became Launched Founded 50% stake in 70% stake in Completed group business restructuring; Delisted

1978 1980 1982 1988-9 2000-1 2003 2008 2009 2010-11 2012-13 2014 2015 2016 2017 2018 2019 2020

100% stake in Launched Increased stake to 31% in 50% stake in 49% stake in 11% stake in Increased stake to 100% in 49% investment in hotel & mixed use project in Maputo, Mozambique Acquired in Australia Acquired 7 hotels Launched Invested in Increased stake to 69.2% in Increased stake to 70% in Acquired remaining 7 hotels & brand Acquired additional stake from in hotels in Africa Acquired 74% stake in Founded Launched 75% stake in Increased stake to 100% in 94% stake in 100% stake in existing

• perations of

Thailand 70% stake in franchise rights & new expansion of Thailand Increased stake to 25% in

MINT – 10-Year Track Record

4 CORE PROFIT (THB million) MARKET CAPITALIZATION (THB million)

17,244 123,385 2009 2019 1,400 7,061 2009 2019 28,271 254,184 2009 2019 29,395 166,284 2009 2019

CORE REVENUE (THB million) ASSETS (THB million)

+22% CAGR +18% CAGR +19% CAGR +25% CAGR

MINT – Today

5

Shared Services

Hotel

• Equity-Owned & Leased
• Hotel and Serviced Suites

Management

• Spa

Mixed-Use

• Plaza & Entertainment
• Residential Development
• Point-Based Vacation Club

Casual Dining Restaurants

• Equity-Owned
• Franchised

Manufacturing

• Cheese & Ice-cream
• Ice-cream Ingredients and

Toppings

• Coffee Roasting

MINOR HOTELS MINOR FOOD

MINT – Contributions by Business Groups & Geographies

6 Minor Lifestyle 1% Minor Food 16% Minor Hotels 83% Minor Lifestyle 1% Minor Food 17% Minor Hotels 82% Thailand 27% Overseas 73% Minor Lifestyle 4% Minor Food 20% Minor Hotels 76%

*Core operations, excluding non-recurring items

Thailand 30% Overseas 70% 2019 REVENUE CONTRIBUTION 2019 EBITDA CONTRIBUTION 2019 NPAT CONTRIBUTION 2019 REVENUE CONTRIBUTION 2019 NPAT CONTRIBUTION

THB 7,061 million THB 123,385 million THB 22,634 million

MINT – Footprint

7

MINT today has a global presence with 530 hotels and serviced suites, 2,362 restaurant outlets and 473 retail points of sale in 63 countries.

Africa

Botswana Kenya Lesotho Mozambique Namibia Seychelles Tanzania Tunisia South Africa Zambia Mauritius

Asia Pacific

Australia Cambodia China India Indonesia South Korea Laos Malaysia Maldives Myanmar New Zealand Pakistan Singapore Sri Lanka Thailand Vietnam

The Americas

Canada USA Argentina Brazil Chile Colombia Cuba Ecuador Haiti Mexico Uruguay

Europe

Andorra Austria Belgium Czech Republic France Germany Hungary Italy Ireland Luxemburg Netherlands Poland Portugal Romania Slovakia Spain Switzerland UK

Middle East

Bahrain Oman Saudi Arabia Qatar Kuwait UAE Lebanon Minor Hotels Minor Food Minor Lifestyle

THE AMERICAS EUROPE ASIA PACIFIC AFRICA MIDDLE EAST

The leading hospitality partner maximizing shareholder value

Minor Hotels

Hotel Portfolio – 530 Properties; 76,320 Rooms

9

* MLR is management letting rights (management of serviced suites) ** No of rooms as at end of Mar 2020

7% 7% 4% 50% 19% 10% 3%

Minor Hotels has a very diversified hotel portfolio, in terms of brands, ownership structure and geography. Over 90% of the rooms today are under Minor Hotels’ own brands.

SYSTEM-WIDE ROOM CONTRIBUTION By Ownership SYSTEM-WIDE ROOM CONTRIBUTION By Geography SYSTEM-WIDE ROOM CONTRIBUTION By Brand

Others

76,320 rooms Owned 26% Leased 46% JV 2% Managed 17% MLR 9% 76,320 Rooms Asia 11% Europe 62% Americas 11% Oceania 10% Middle East & Africa 6% 76,320 Rooms

Portfolio Contribution

10

* MLR is management letting rights (management of serviced suites) ** Maldives & Middle East contribute 3% of Minor Hotels’ revenue but 14% of NPAT because majority of the hotels in the Maldives and the Middle East are joint-venture and managed hotels.

Today, owned & leased hotel portfolio is the main driver of Minor Hotels, while the management letting rights (MLR) business model provides stable growth, and management contracts and mixed-use business helps with the overall profitability. In terms of geography, Europe is the major contributor, followed by Thailand and the Maldives & the Middle East.

1Q20 REVENUE CONTRIBUTION By Business 1Q20 REVENUE CONTRIBUTION By Geography

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%

Anantara – Life is a Journey

11

A luxury hospitality brand for modern travelers, connecting them to genuine places, people and stories through personal experiences, and providing heartfelt hospitality in the world’s most exciting destinations.

Contemporary Accommodation for All Occasions

12

Avani hotels are perfecting the balance between work and play, design and function, service and privacy, laid-back and lavish. Our city and resort destinations pulse with life, emanating from our buzzy social spaces and extending throughout the hotels. A unique blend of city hotels in central locations and resort-style accommodation in tourist destinations. For both short and longer stays, families and groups enjoy friendly service, superior accommodation and quality onsite leisure facilities.

NH Hotel Group – A Leading European Hospitality

13 NH Hotels offers trustworthy experiences based on three main pillars: value for money, the best location to connect with the city, and service with a human touch. NH Collection showcases captivating hotels housed in authentic and unique landmark buildings in key cities of Europe and Latin America. Hotels that are unconventional and cosmopolitan, each with a unique personality in major international cities. 13

Boutique Hotel Brands with Unique Luxury Experience

14

Encompassing a diverse hotel portfolio with unique personalities and facilities, Tivoli combines local teams, convenient services and unique experiences to reveal the authenticity of each destination, be it a multicultural thriving city or leading beach paradise. Each of the camps, lodges and hotels offers unique accommodations of exceptional comfort. Their iconic locations provide any discerning world-traveller one of the most rewarding experiences they could wish for; close to all the drama and spectacle of African wildlife.

15

Rapid Expansion of Hotel Portfolio

Over the past five years, the number of hotels more than quadrupled, while revenue increased by over 5 times. Minor Hotels expanded its portfolio through both organic expansion and acquisitions, increasing both in terms of brand portfolio and geographies.

2014 2019 2024F*

Revenue THB 15 billion Revenue THB 88 billion Revenue TSS THB 30 billion TSS THB 108 billion TSS

119 22 Hotels Countries 530 55 Hotels Countries >750 >60 Hotels Countries

32 12 51 8 Others 16 Number of Properties 43 32 60 16 16 347 Others 16 Number of Properties

* 2024F revenue & TSS is according to original 5-year plan approved in Nov 2019, pre-COVID pandemic

Note: Data above as at end of Mar 2020

16

Owned & Leased Hotels – RevPar Maximization

Minor Hotels focuses on driving RevPar growth in each of its markets. While the aim of the hotels in established markets is to maintain the stable RevPar increase momentum, Minor Hotels will benefit from the higher growth potential of RevPar in new markets.

4,334 4,654 2016 2019 +2% CAGR 449 475 2016 2019 +2% CAGR 62 77 2016 2019

+8% CAGR

399 630 2016 2019

+58% CAGR

62 74 2016 2019

THAILAND (THB) MALDIVES (USD) NHH (EUR) MAINTAINING REVPAR MOMENTUM IN KEY ESTABLISHED MARKETS BRAZIL (BRL) AFRICA (USD) VIETNAM (USD) LEVERAGING ON NEW / SMALLER MARKETS FOR HIGHER REVPAR GROWTH

+6% CAGR

Pre-acquisition

69 92 2016 2019

+10% CAGR

17

Support from Asset Light Portfolio

Although owned and leased portfolio is Minor Hotels’ key growth driver, management letting rights portfolio provides Minor Hotels with stable growth, while management contracts offer higher profitability with minimal capital investment.

4,570 7,147 2011 2019 1,123 3,910 6,060 2010 2015 2019 124 136 2011 2019 2,897 5,554 2011 2019 246 984 1,335 2010 2015 2019

* Management contracts exclude NHH’s portfolio

MANAGEMENT LETTING RIGHTS NO OF ROOMS

+6% CAGR +1% CAGR

REVPAR (AUD) REVENUE (THB million)

+8% CAGR

MANAGED HOTELS NO OF ROOMS REVENUE (THB million)

+28% CAGR +12% CAGR +32% CAGR +8% CAGR

8% 12% 4% 43% 19% 9% 5%

18

Portfolio Expansion – Pipeline

With its current pipeline of 74 hotels, Minor Hotels will have a total of 609 hotels in 3-4 years time. Given today’s pipeline, the expansion will be faster for the Anantara and Avani brands, managed hotels and in Asia and the Middle East and Africa. Minor Hotels continues to build its pipeline in

• rder to reach the target of over 750 hotels by 2024.

BY BRAND BY OWNERSHIP BY GEOGRAPHY 2024F*

Others

1Q20

92,793 rooms Owned 22% Leased 41% JV 2% Managed 27% MLR 8% Asia 15% Europe 55% Middle East & Africa 8% Oceania 8% Americas 14% 92,793 rooms 92,793 rooms

* 2024F no of rooms are according to original 5-year plan approved in Nov 2019, pre-COVID pandemic

7% 7% 4% 50% 19% 10% 3% Others

76,320 rooms Owned 26% Leased 46% JV 2% Managed 17% MLR 9% 76,320 Rooms Asia 11% Europe 62% Americas 11% Oceania 10% Middle East & Africa 6% 76,320 Rooms

Strategic Asset Rotation

19 THAILAND INTERNATIONAL

Minor Hotels has implemented asset rotation strategy in 2019, which demonstrated its ability to increase the value of the hotel portfolio, as well as helped strengthen MINT’s balance sheet. Although the properties have been sold, they continued to be in Minor Hotels’ portfolio under leased and managed hotels, whereby Minor Hotels participates in the upside of the portfolio performance.

Strengthens MINT’s balance sheet

where cash proceeds can be used to pay down debt, while gain recognized will strengthen the equity base

Validates / increases overall return of the project

with the price of the assets

Retains upside of the portfolio performance

with the lease back / hotel management contracts

Solidifies relationship with hotel real estate institutional investors

for future transactions

Sales & Lease Back

• f 3 Tivoli hotels in

Lisbon, Portugal 2 transactions completed in 2019: Sales & Management Contracts

• f 3 hotels under

Anantara & Naladhu brands in the Maldives

1 2

CASE STUDY – TIVOLI SALES & LEASE BACK ASSETS & INVESTMENTS

313 294

98

2019 2015-2018 Investment CAPEX & Renovations Gross Selling Price Total investment for 14 hotels in Portugal & Brazil EUR 392 million (EUR million) Sale of 3 hotels in Lisbon EUR 313 million 3 years

OPERATIONAL STATS & PERFORMANCE

79 96 2016 2018 RevPar (EUR) 2016 2018 EBITDA (EUR) +10% CAGR +28% CAGR

• The

transaction implies EV/EBITDA of approx. 19x (vs. EV/EBITDA of 9.6x at the time

• f the purchase in 2016).
• The internal rate of return of

the entire project has been elevated to over 20%.

• With the leaseback (through

NHH), MINT retains about 75% of the EBITDA of the 14 hotels portfolio.

Mixed-use Business

Plaza & Entertainment Anantara Vacation Club Residential Property Development

20

Ensuring Pipeline to Accommodate Growth

21 The Estates Samui Launched 2 AVC Destinations

Bali, Bangkok

Layan Residences by Anantara, Phuket

• St. Regis

Residences Bangkok Torres Rani, Maputo Launched 1 AVC Destination

Chiang Mai

2006 2010 2011 2012 2013 2015 2016 2018 2020 2023

Avadina Hills by Anantara, Phuket Anantara Ubud Residences, Indonesia Anantara Desaru Residences, Malaysia Launched 1 AVC Destination

Sanya

Launched 3 AVC Destinations

Samui, Phuket, Queenstown

Anantara Chiang Mai Serviced Suites Silom Office, Bangkok Anantara Vacation Club Residential Development

Minor Hotels continues to build the pipeline of both residential development and Anantara Vacation Club, in order to ensure sufficient inventory to accommodate future sales.

Minor Hotels – Financial Performance

22

THB million EBITDA Margin Net Margin 2018 2016 26.1% 24.8% 12.8% 10.9% 2015 23,547 27,758 30,970 50,577 94,189 6,146 7,146 7,685 11,947 18,803 3,009 2,811 3,375 4,077 5,783 2017 25.7% 10.1%

Note: Core operations, excluding non-recurring items

23.6% 8.1% 2019 20.0% 6.1% Revenue EBITDA NPAT

To be a leading food operator maximizing stakeholders’ value

Minor Food

Restaurant Portfolio – 2,362 Outlets

24

* No of outlets as at end of 1Q20

24% 14% 3% 22% 5% 20% 4% 4%1%2% 1%

Minor Food’s restaurant portfolio is well-diversified, both in terms of brands and ownership. Its three main hubs are Thailand, Australia and China.

Others

SYSTEM-WIDE OUTLET CONTRIBUTION By Ownership SYSTEM-WIDE OUTLET CONTRIBUTION By Hub SYSTEM-WIDE OUTLET CONTRIBUTION By Brand

2,362

• utlets

Thailand 74% Australia 16% China 4% Others 6% 2,362 Outlets Owned 50% Franchised 50% 2,362 Outlets

28% 8% 9% 6% 10% 7% 12% 7% 5% 1% 8%

Portfolio Contribution

25

Minor Food’s revenue is well distributed among its brands. Its business is primarily in Thailand, with China as a potential growth driver and Australia as the hub with stable operations.

Others

1Q20 REVENUE CONTRIBUTION By Geography 1Q20 NPAT CONTRIBUTION By Geography 1Q20 REVENUE CONTRIBUTION By Brand

Thailand 75% Australia 9% China 6% Others 10% Owned 93% Franchised 7% THB 5,664 million

Minor Food Brands

26

Minor Food Brands

27

Two manufacturing plants in Thailand producing over 20,000 tons of cheese and ice cream per annum Coffee roasting factory in Australia Manufacturing of ice-cream ingredients and toppings

Manufacturing Business

28

29

Growth Driven by Selective Outlet Expansion

Minor Food continues to grow its number of outlets, keeping a well-balanced mix of brands, ownership and geographies.

2014 2019 2024F*

Revenue THB 17 billion Revenue THB 24 billion TSS THB 38 billion TSS THB 44 billion

1,708 21 Outlets Countries 2,362 26 Outlets Countries >3,700 Outlets

Number of Outlets Number of Outlets

Revenue TSS

322 306 53 387 42 427 88 44 Others 39 576 321 66 515 121 468 88 90 46 19 Others 52

* 2024F revenue & TSS is according to original 5-year plan approved in Nov 2019, pre-COVID pandemic

Note: Data above as at end of Mar 2020

19% 10% 3% 17% 4% 30% 1% 6% 1% 4% 6%

30

Portfolio Expansion

Among the brands in the portfolio, Minor Food expects faster growth of The Coffee Club (primarily in Australia), Riverside (in China) and Bonchon. Moreover, Minor Food will gradually move towards asset light business model with accelerated expansion of franchised outlets.

BY BRAND BY OWNERSHIP BY GEOGRAPHY 2024F* 1Q20

Others >3,700

• utlets

Equity 45% Franchise 55% Thailand 61% Australia 25% China 5% Others 8% >3,700

• utlets

>3,700

• utlets

* Number of outlets in 2024F are according to original 5-year plan approved in Nov 2019, pre-COVID pandemic.

24% 14% 3% 22% 5% 20% 4% 4% 1%2% 1% Others

Thailand 74% Australia 16% China 4% Others 6% 2,362 Outlets Owned 50% Franchised 50% 2,362 Outlets 2,362 Outlets

Minor Food – Financial Performance

31

1,572 1,684 1,913 1,521 1,210 THB million EBITDA Margin Net Margin 18,626 23,022 23,582 23,484 24,233 3,127 3,843 4,285 3,647 3,527 16.8% 18.2% 8.4% 8.1% 16.7% 7.3% 2017 2015 2016

Note: Core operations, excluding non-recurring items

2018 15.5% 6.5% 2019 5.0% 14.6% Revenue EBITDA NPAT

Others – Minor Lifestyle Portfolio – 1Q20

32 Outlets 28

• Outlets

83 43 79 Total 393 5 26 Outlets 30 116 27 25 Total 80 11 Manufacturing of acid-based fast-moving consumer goods 100K Tons / Year Scomadi FASHION HOUSEHOLD LIFESTYLE CONTRACT MANUFACTURING

Key Financial Highlights

MINT – Resiliency

34

Since 2000, Thailand has gone through several challenges, driven by both domestic and global factors. Geographical diversification and new initiatives including mixed-use development have proven to mitigate the risks, with MINT reporting profit all along.

• 6,000
• 3,000

3,000 6,000 9,000 12,000

• 15%

0% 15% 30% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 MINT's NPAT % Change in Private Consumption % Change in Tourist Arrival Source: Office of The National Economic and Social Development Board and Bank of Thailand MINT’s Diversification Strategy

2000 – 2005

• Acquired Minor Food Group
• Launched own Pizza brand, The Pizza

Company and opened TPC and SZ in China

• Launched own hotel brand, Anantara
• Entered into a JV to operate 3 hotels in

the Maldives

• Launched the first timeshare project in

Asia with Marriott

2006 – 2009

• Acquired Minor Corporation
• Invested in S&P Thailand, The Coffee Club

Australia and Thai Express Singapore

• Entered into a JV with Serendib Sri Lanka

and Elewana Africa

• Launched the first residential project, the

Estates Samui

• Opened the first two overseas purely

managed hotels in Bali and Abu Dhabi

2010 – 2019

• Invested in Beijing Riverside & Courtyard China, VGC in Australia,

Corbin & King in the UK, non-US operations of Benihana and Bonchon

• Invested in hotels in Sri Lanka, Phuket, Vietnam, Cambodia, Zambia,

Namibia, Botswana, Lesotho and Mozambique, in Oaks Hotels & Resorts in Australia, in Tivoli Hotels & Resorts in Portugal and Brazil and in NH Hotel Group in Spain

• Launched AVANI brand, Anantara Vacation Club, and the new

residential projects, Layan Residences by Anantara, Avadina Hills by Anantara and Anantara Chiang Mai Serviced Suites Pattaya Riot Airport Closure Tsunami Rajprasong Riot Bangkok Coup Flooding SARS Sub-prime Crisis Bangkok Shutdown Coup THB million Erawan Bombing Mourning Phuket Boat Incident

4,705 4,576 5,415 5,728 7,061 9,573 11,256 12,273 15,901 22,634

MINT – Financial Highlights

35

Revenue EBITDA NPAT THB million EBITDA Margin Net Margin 21.0% 20.7% 20.9% 20.3% 10.3% 8.4% 9.2% 7.3% 18.3% 5.7% 2019 2015 2017 2016 2018 45,678 54,285 58,644 78,499 123,385

Note: Core operations, excluding non-recurring items

MINT – Financial Highlights

36

0.35 0.35 0.40 0.40 32.8% 33.7% 32.8% 32.3%* 0% 20% 40% 60% 0.00 0.10 0.20 0.30 0.40 2015 2016 2017 2018 2019** Cash Stock Payout Ratio THB 1.2 1.2 1.0 1.5 1.3 2015 2016 2017 2018 2019

* * * * EPS calculation based on core operation, excluding non-recurring items **BOD on 19 May 2020 has resolved to omit the dividend payment for 2019 performance, and will propose to shareholders’ approval at the AGM on 19 June 2020.

98,382 108,453 119,100 268,081 254,184 2015 2016 2017 2018 2019 36,711 40,797 50,504 82,301 85,868 2015 2016 2017 2018 2019

TOTAL EQUITY (THB million) DIVIDEND PER SHARE & PAYOUT RATIO TOTAL ASSETS (THB million) INTEREST-BEARING D/E (x)

Other Corporate Information

Shareholders’ Information

THB

As of May 2020 As of May 2020

38 SHAREHOLDING STRUCTURE SHAREHOLDERS’ RETURN

+20% CAGR

10 20 30

2001 Investment Cash Dividend Stock Dividend Warrants Capital Gain YTD Value

Minor Group 34% Foreign Institutions 27% Thai Institutions 13% Osathanugrah Group 11% Royal Family 3% Others 12%

Management Structure

39 39 BUSINESS & RESULTS

• 2. Dillip Rajakarier

CEO Minor Hotels

GROWTH TRANSFORMATION

Financial commitments, operational effectiveness and team motivation Opportunities to grow beyond financial commitments and plans, long-term shareholder value creation Relevance and leadership in a disruptive world while creating a competitive advantage.

• 2. Dillip Rajakarier

Group CEO MINT

• 3. Paul Kenny

CEO Minor Food

• 4. James Amatavivadhana

CEO Minor Lifestyle

• 5. Ramón Aragonés

CEO NH Hotel Group

• 6. Brian Delaney

Chief Financial Officer

• 7. Beatriz Puente

Executive Managing Director of Finance & Administration, NH Hotel Group

• 8. Stephen Chojnacki

Chief Commercial Officer & General Counsel

• 9. Kosin Chantikul

Chief Investment Officer

• 10. Kulshaan Singh

Chief People Officer

• 11. Steve Herndon

Chief Information Officer

• 12. Chaiyapat Paitoon

Chief Strategy Officer

• 13. John Heinecke

Chief Sustainability Officer

1 2 3 4 7 6 5 13 8 10 11 12 9

• 1. William E. Heinecke

Chairman

Sustainability Development

40 Develop Sustainable and Capable Human Capital We continuously invest in educational and career support for children, youth and underprivileged community members and develop our employees and leaders, to empower people within our sphere of influence to achieve their highest potential. Drive for Sustainable Value Chain Management Practice We pledge to enrich our customers’ experience through end- to-end engagements by delivering the best products and services and commit to establish long-term partnerships with various stakeholders in our value chain to achieve mutual sustainable success. We strive to minimize our impacts on the environment and promote biodiversity conservation wherever we have a footprint. Strengthen Good Corporate Governance and Responsible Business Culture We build a strong platform for sustainable organization by practicing good corporate governance in all business

• perations.

Manage Environmental Impact and Advocate Conservation

Recent Awards

41

• 2019 All-Asia Executive Team Rankings: Honored Company in the Emerging Markets – Country Winner, Institutional

Investor

• 2019 Asia's Best Companies: Top 3 Thailand's Best CEO, FinanceAsia
• 2019 All-Asia Executive Team Rankings: Top 3 Thailand's Best IR Professional, Institutional Investor
• Best SET Sustainability Awards 2019 (SET Market Capitalization of Over THB100bn), Stock Exchange of Thailand
• Included in Dow Jones Sustainability Emerging Markets Index (DJSI) 2019 in Hotels, Resorts and Cruise Lines Industry

(sixth consecutive year), S&P Dow Jones Indices and RobecoSAM

• Included in FTSE4Good Emerging Index 2019 (fourth consecutive year), FTSE Russell
• Received an MSCI ESG Rating of AAA, MSCI*
• Board Of The Year Awards 2018 (July 2019), Thai Institute of Directors
• Outstanding Deal of the Year Awards 2019 for Acquisition of NH Hotel Group, The Stock Exchange of Thailand
• Winner of Merger & Acquisition/Portfolio of the Year 2019 Award for Acquisition of NH Hotel Group, Hotel

Investment Conference Europe (Hot.E)

• 2019 Conde Nast Traveler Readers’ Choice Awards
• Anantara Siam Bangkok – No. 1 Best Hotels in Bangkok
• Anantara Kalutara Resort – No. 2 Favorite Sustainable Luxury Hotel
• Naladhu Private Island Maldives – No. 1 Best Resorts in the Indian Ocean
• US 2019 Travel & Leisure World’s Best Awards
• Tivoli Palacio De Seteais Sintra – No. 1 Best Spain and Portugal Resort Hotels
• Anantara Huahin – No. 3 Top Resort Hotels in Southeast Asia
• Minor Food – Best Companies To Work For In Asia 2019 - Thailand, HR Asia
• Minor Food – Global Restaurant Industry Service Award, Global Restaurant Leadership Conference

Overall Performance & Corporate Minor Hotels Minor Food Winner of M&A/Portfolio of the Year 2019 Award for Acquisition of NH Hotel Group Hotel Investment Conference Europe Board Of The Year Awards (July 2019) Thai Institute of Directors

* Disclaimer: The inclusion of Minor International Pcl. in any MSCI Index and the use of MSCI logos, trademarks, service marks or index names herein, Do not constitute a sponsorship, endorsement or promotion of Minor International Pcl. by MSCI or any of its affiliates. The MSCI Indexes are the exclusive property of

• MSCI. MSCI and the MSCI Index names and logos are trademarks or service Marks of MSCI or its affiliates.