QUARTERLY UPDATE 1Q2020 Disclaimer This presentation contains - PowerPoint PPT Presentation

QUARTERLY UPDATE 1Q2020

Disclaimer This presentation contains certain forward looking statements. Such forward looking statements (the words "believe“, "anticipate“, "estimate“, "target“, or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations) are not guarantees of future performances or events and involve risks and uncertainties, and actual results may differ from those in the forward looking statements as a result of various factors and circumstances. The views, analyses and opinions expressed herein contain some information derived from publicly available sources and third party information providers. Mudman Public Company Limited and its affiliates (“ Mudman ”) undertakes no representation or warranty is made as to the accuracy, completeness, or reliability of such information and no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Mudman makes no representation whatsoever about the opinion or statements of any analyst or other third party. Mudman does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement. Nothing in this presentation should be construed as either an offer to sell, a solicitation of an offer to buy or sell shares or any type of securities in any jurisdiction. This presentation is not intended to be any type of investment advice and must not be relied upon as such. You must always seek the relevant professional advice before otherwise making any such financial, legal or commercial decisions. 2

TABLE OF CONTENTS 1) What’s New in 1Q/20 to Date 2) Group Performance Appendix: ▪ Company Profile

What’s New in 1Q/20 to Date

What’s New in 1Q/20 to Date Owned Brands Key Highlights DOMESTIC (23 stores*): • New store : BAAN HOUND serving ready-to-eat meals for grasp and go • Upcoming store : Negotiating on potential sites in Bangkok and Major provinces INTERNATIONAL (18 stores**): • Upcoming store : Negotiating with potential partners in major countries / cities Promotions / Events: Food and Dessert menus for Delivery or Pick-up at stores Note: : * New store includes not only new outlet, but also new location of closed store (relocation store) 5 ** 17 franchised stores & 1 owned-flagship store

What’s New in 1Q/20 to Date (cont’d) Owned Brands Key Highlights • Total store: 12 stores (Fashion Lifestyle) & 1 store (Cafe Concept) • New Business Concept: To leverage creativity & twist of Greyhound brands to create unique concepts & products Promotions / Events: Spring / Summer 2020 Face Shield / Face Mask Smileyhound Promotions (Today – 15 June 2020) (Today – 15 June 2020) • Professional cafeteria business & IPD food service • Current operation at Ramkamheng Hospital since June 2015 6

What’s New in 1Q/20 to Date (cont’d) Owned Brands Key Highlights • Total store: 1 stores • A gastronomical restaurant in Paris (2-Michellin stars) with more than 200 years • New Business Concept: MM and chef Guy Martin are studying on potential locations and developing new concepts 7

What’s New in 1Q/20 to Date (cont’d) Master Franchises Key Highlights • Total store: 296 stores (1Q/20)* • New store**: Makro Hat Yai (Jan-20) Makro Rangsit (Feb-20) Makro Ladprao (Mar-20) Makro Chonburi (Mar-20) • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: Fresh Baked Donuts with Promotion for Delivery WoW Day “TRANS FAT FREE” (Delivery Only) (12 Donuts for only 156 Baht) Note: * Exclude catering service 8 ** New store includes not only new outlet, but also new location of closed store (relocation store)

What’s New in 1Q/20 to Date (cont’d) Master Franchises Key Highlights • Total store: 71 stores (1Q/20)* • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: ‘Zero Grams Trans Fat’ ‘Save the World’ Fresh Baked Delivery (Delivery Services) (Available @ every stores) Note: * Exclude catering service 9 ** New store includes not only new outlet, but also new location of closed store (relocation store)

What’s New in 1Q/20 to Date (cont’d) Master Franchises Key Highlights • Total store: 29 stores (1Q/20)* / ** • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: DIY Mini Sundae Set 31% OFF Take Home Ice Cream Catering Service (Available on 31 st of Month) on Every Special Occasion (Delivery Services) Note: * Exclude catering service 10 ** Non-performing stores had been closed

Group Performance Mudman Group

Mudman Group - Key Financial Performance THB mm 1,000 - 16.4% YoY Key Takeaways 900 - 21.1% QoQ Revenues 805 759 755 741 800 • 1Q/20 Revenues reported THB 635 mm or YoY 635 700 growth of (16.4%), mainly due to the COVID-19 600 outbreak, economic slowdown, lower consumer 500 400 spending, and intense industry competition 300 200 • EBITDA in 1Q/20 reported THB 80 mm (12.6% 100 - margin), mainly from additional D&A of new Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 stores in Paris, France 100 Stores * 441 435 432 438 435 90 80 EBITDA 72 80 • 70 Net margin in 1Q/20 recorded (10.2%) due to 70 56 lower revenues and higher expenses under 60 COVID-19 50 40 22 30 • Under COVID-19 outbreak, MM strengthens its 20 developing Delivery platform for the potential 10 0 change in F&B business Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 EBITDA margin 7.4% 3.0% 9.6% 8.7% 12.6% • Going forward, MM is aiming not only to boost %SG&A/Revenues 60.7% 65.6% 57.7% 57.7% 66.1% revenues (i.e. menu restructuring), but also 13 20 7 Net Profit create competitive advantage on costs & 10 - expenses (i.e. lowering SG&A) to have better (10) (9) margin and performance (20) (30) 5% (40) (37) (50) Revenues Food & Beverage (60) Breakdown (65) (70) Fashion Lifestyle (1Q20) Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 95% Net margin (1.2%) (5.0%) 0.9% 1.7% (10.2%) Note: * Excluded international stores 12

Mudman Group - Key Financial Performance (cont’d) SSSG & TSSG Financial Position 6,500 2.0 (2.3%) 1.0 0% 0.5 0.5 0.5 0.6 (3.6%) 1.0 5,222 (4.6%) 5,500 -4% - 4,242 4,210 (4.8%) 4,158 4,160 (9.5%) 4,500 -8% -1.0 2,627 (8.5%) (9.8%) 3,500 -12% -2.0 (12.4%) 2,777 2,696 2,688 2,686 -3.0 -16% 2,500 (19.9%) -4.0 -20% 1,500 2,595 (20.8%) -5.0 1,465 1,470 1,474 1,514 -24% 500 Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 -6.0 SSSG - F&B TSSG - F&B Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 -500 -7.0 Liabilities Equities D/E • 1Q/20 SSSG* of F&B decreased by 20.8% YoY, attributable from Net Debt / LTM EBITDA** COVID-19 pandemic, lower consumer spending and intense 8.0 competitions 7.0 7.0 • 1Q/20 TSSG of F&B reported (19.9%) YoY, primarily from COIVD-19 6.0 • Debt-to-Equity was 1.0x as of Mar-20, due to new leased restaurant in 5.0 Paris 4.0 3.3 3.1 3.0 • Net debt / LTM EBITDA in 1Q/20 reported 7.0x, due mainly to lower 2.4 3.0 EBITDA and the new store preparation (with debt financing) under 2.0 COVID-19. The Company expects that such ratio will be lowered after 1.0 the recovery of the outbreak - Q1/19 Q2/19 Q3/19 Q4/19 Q1/20 Note: * SSSG is calculated based on operating stores in the same comparing period (i.e. exclude stores operating only two months in comparing quarter) ** Last-twelve-month EBITDA 13

Mudman Group - Key Financial Performance (cont’d) 1Q/19 2Q/19 3Q/19 4Q/19 1Q/20 Key Takeaways Net sales 726.5 707.9 720.1 758.7 598.7 • Purchase Price allocation (PPA) is an COGS (296.1) (288.4) (299.6) (314.9) (258.3) amortization of identifiable intangible assets Gross profit 430.4 419.5 420.5 443.8 340.4 (foreseeable useful life) at fair value after the GPM 59.2% 59.3% 58.4% 58.5% 56.9% acquisition • For example, trademark, franchise agreement, Selling exp (382.0) (382.4) (355.4) (384.2) (327.9) contractual agreement and order backlog Administrative exp (79.0) (103.8) (79.4) (80.4) (91.8) Other inc / (exp) 33.0 32.8 34.8 45.9 35.9 • There are three brands associating with PPA: Extra items - - (1.0) - - - Dunkin’ Donuts EBIT 2.3 (33.9) 19.5 25.1 (43.4) - Au Bon Pain Interest exp (9.3) (9.5) (9.7) (9.3) (22.3) - Greyhound Cafe EBT (7.0) (43.4) 9.9 15.8 (65.7) • PPA is an accounting impact only on “Consolidated” financial statement Tax (2.0) 6.3 (2.7) (2.4) 1.0 Net profit (9.0) (37.1) 7.1 13.5 (64.6) • Without PPA impact, net profit would turn NPM (1.2%) (5.0%) 0.9% 1.7% (10.2%) to positive with NPM of 1% - 3% in normal business PPA 12.2 12.2 11.7 7.4 7.3 Net profit - excl PPA 3.2 (24.8) 18.8 20.9 (57.3) PPA Implication to Our Brands NPM - excl PPA 0.4% (3.4%) 2.5% 2.6% (9.0%) EBITDA 55.8 21.9 72.1 70.3 80.1 EBITDA margin 7.4% 3.0% 9.6% 8.7% 12.6% Note: (1) The different classification of cost structure is assumed for comparison perspective 14 (2) Disregard tax implication in calculating net profit - excl PPA