QUARTERLY UPDATE 4Q2019 Disclaimer This presentation contains - PowerPoint PPT Presentation

QUARTERLY UPDATE 4Q2019

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 4Q/19 to Date 2) Group Performance Appendix: Company Profile 

What’s New in 4Q/19 to Date

What’s New in 4Q/19 to Date Owned Brands Key Highlights DOMESTIC (22 stores*): • New store : Central Bangna (GHC), Central Ladpraw (GAI HOUND), Helix @ Emquartier (GAI HOUND) • 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: Gai Hound … Organic Chicken Rice BOLD & BRIGHT Plastic No More ! (New Brand Concept) Special Menus (1 Feb 2020 onward) (Today – April 2020) 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 4Q/19 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: Buy 2 or More items … Get 50% Off End of Season SALE !!! Summer War-Cation Collection (Today – 11 Mar 2020) (19 Dec 2019 onward) • Professional cafeteria business & IPD food service • Current operation at Ramkamheng Hospital since June 2015 6

What’s New in 4Q/19 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 4Q/19 to Date (cont’d) Master Franchises Key Highlights • Total store: 298 stores (4Q/19)* • New store**: Food Truck Concept (Nov-19) Supreme Complex (Nov-19) Makro Khonkaen (Dec-19) Makro Ramkhamhaeng 24 (Dec-19) Harbourland Gateway Ekkamai (Dec-19) • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: Promotion ‘Buy 8 Get 8 Free ’ Dunkin' Lemon Meringue Donut WoW Day (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 4Q/19 to Date (cont’d) Master Franchises Key Highlights • Total store: 73 stores (4Q/19)* • New store : Vi Plaza at Vibhavadi Hospital (Oct-19) • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: ‘Zero Grams Trans Fat’ ‘Save the World’ Salmon Heartbeat Bagel (Available @ every stores) (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 4Q/19 to Date (cont’d) Master Franchises Key Highlights • Total store: 29 stores (4Q/19)* / ** • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: Bear with Me x Hershey’s 31% OFF Take Home Ice Cream Catering Service on Every Special Occasion (Available @ every stores) (Available on 31 st of Month) Note: * Exclude catering service 10 ** Non-performing stores had been closed

Group Performance Mudman Group

Mudman Group - Key Financial Performance THB mm - 5.4% YoY Key Takeaways 3,233 3,500 Revenues 3,060 • 4Q/19 Revenues reported THB 805 mm or YoY 3,000 - 2.2% YoY growth of (2.2%) and 2019 Revenues reported 2,500 + 6.6% QoQ THB 3,060 mm or YoY growth of (5.4%), mainly 2,000 1,500 due economic slowdown, lower consumer 822 805 759 741 755 1,000 spending, and intense industry competition 500 • EBITDA in 4Q/19 reported THB 70 mm (8.7% - Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019 margin) and 2019 reported THB 220 mm (7.2% Stores * 449 441 435 432 438 300 margin), mainly from lower revenues 253 EBITDA 250 220 • Net margin in 4Q/19 & 2019 recorded 1.7% & 200 (0.8%) respectively 150 72 100 70 • 56 Going forward, MM is aiming not only to boost 54 50 22 revenues (i.e. menu restructuring), but also 0 create competitive advantage on costs & Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019 EBITDA margin expenses (i.e. lowering SG&A) to have better 6.6% 7.4% 3.0% 9.6% 8.7% 7.8% 7.2% %SG&A/Revenues 62.1% 60.7% 65.6% 57.7% 57.7% 60.2% 60.4% margin and performance 20 13 Net Profit 7 10 - 5% (10) (9) (12) Revenues Food & Beverage (20) (17) Breakdown (26) Fashion Lifestyle (2019) (30) 95% (40) (37) Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 2018 2019 Net margin (2.1%) (1.2%) (5.0%) 0.9% 1.7% (0.4%) (0.8%) Note: * Excluded international stores 12

Mudman Group - Key Financial Performance (cont’d) SSSG & TSSG Financial Position 0.6 0.5 0.5 0.5 0.5 6,500 1.0 8% 5.3% - 5,500 4% -1.0 4,301 4,242 4,210 4,158 4,500 4,160 0% (2.3%) (3.6%) (4.6%) -2.0 3,500 -4% 2,788 -3.0 2,777 2,696 2,688 2,686 (4.8%) (9.5%) 2,500 -8% -4.0 (9.1%) (8.5%) (9.8%) 1,500 -12% -5.0 (12.4%) 1,513 1,514 1,465 1,470 1,474 500 -16% -6.0 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 SSSG - F&B TSSG - F&B -7.0 -500 Liabilities Equities D/E • 4Q/19 SSSG* of F&B decreased by 4.8% YoY, attributable from lower Net Debt / LTM EBITDA** consumer spending and intense competitions 4.8 • 4Q/19 TSSG of F&B reported (2.3%) YoY, primarily from high competitions 3.8 3.3 3.1 3.0 • Debt-to-Equity was 0.6x as of Dec-19 2.4 2.8 2.3 • Net debt / LTM EBITDA in 4Q/19 reported 3.0x which was slightly 1.8 decrease from 3.1x in 3Q/19 due mainly to improving EBITDA 0.8 -0.2 Q4/18 Q1/19 Q2/19 Q3/19 Q4/19 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