COMPANY PRESENTATION – Mar 2019

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 otherwise. 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 opinion or statement.

AGENDA

2018 Performance Recap

Minor Hotels

Minor Food

Minor Lifestyle

Corporate Information & Five-Year Strategy

PERFORMANCE RECAP

NH Collectiion Grand Hotel Convento di Amalfi

2018 Performance Recap

5

2018 REVENUE CONTRIBUTIONREVENUE

NET PROFIT 2018 NET PROFIT CONTRIBUTION

In 2018, MINT successfully completed the investment in NH Hotel Group (NHH), which was immediately accretive. As a result, MINT reported core net profit growth of 10% for the year, primarily attributable to the core organic hotel business and contribution from NHH, despite the headwinds of the weak macro backdrop, which resulted in soft performance of the restaurant business.

40,000

60,000

80,000

2017 MinorHotels

MinorFood

MinorLifestyle

2018Core

Non-coreItems

2018Reported

THB million

2,000

4,000

6,000

2017 MinorHotels

MinorFood

MinorLifestyle

2018Core

Non-coreItems

2018Reported

THB million

Minor Lifestyle 6%

Minor Food30%

Minor Hotels64%

Minor Lifestyle2%

Minor Food26%

Minor Hotels72%

* Non-core items are detailed on page 40.

5,4155,957

5,445

+10% +1%

58,644

78,499 79,328

+34% +35%

* Excludes non-core items

* Excludes non-core items

International Presence

6

With solid diversification strategy, MINT’s footprint was in 62 countries at the end of 2018 across its hospitality and restaurant businesses.

* Excludes non-core items

REVENUE CONTRIBUTION

87%

51%39% 28%

13%

49%61% 72%

0%

25%

50%

75%

100%

2008 2017 2018* 2023F

International

Thailand

Minor Food

Combination

Minor Hotels

Dividends and Warrants

7

MINT Board of Directors announced the resolution for dividend payment and warrant issuance, both of which are subject to shareholders’ approval. The Annual General Meeting of Shareholders will be held on 22 April 2019.

DIVIDEND PAYMENT

• Cash dividend of THB 0.40 per share

• Total cash not exceeding THB 1,848 million

• XD on 26 April 2019

• Record date to determine the rights of shareholders on 29 April 2019

• Dividend payment date on 15 May 2019

0.25 0.35 0.35

0.40 0.40

0.10

35.6%32.8% 33.7% 32.8%

31.0%

0%

10%

20%

30%

40%

-

0.10

0.20

0.30

0.40

2014 2015 2016 2017 2018

Cash Stock Payout Ratio

THB

* EPS calculation based on core operations, excluding non-recurring items

WARRANT ISSUANCE

• Issuance of warrants on ordinary shares (MINT-W6)

• Offering to existing shareholders at no cost, at the ratio of 20 ordinary shares to one unit of warrant, pro rata to existing shareholders

• Dilution of 4.76%

• Tenor: Approx 2 years 4 months

• Exercise ratio of 1 unit of warrant per 1 ordinary share

• Exercise price of THB 43 per share

• Record date on 29 April 2019 to determine the shareholders entitled to receive MINT-W6

• Assuming all warrants are converted, total cash received will be approx. THB 9.9 billion

MINT WARRNT HISTORY

2014201020061999

MINT-W53-years

5% Dilution

MINT-W43-years

10% Dilution

MINT-W32-years

10% Dilution

MINT-W25-years

10% Dilution

Update on NHH Integration

8

Dec2018

Jan2019

Feb2019

Mar2019

Apr2019

May2019

MINT has already started to work with NHH to identify, formulate and quantify the potential synergistic benefits. The process is expected to take 6 months. Task force from both Minor Hotels & NHH have already been assigned to collaborate across various functions and below are the key initial findings that have been identified and pursued.

LOYALTY INTERFACELEVERAGE ON

HUMAN CAPITAL COMBINATION OF

GLOBAL SALESNEGOTIATION WITH

TRADE PARTNERSBRAND STREAMLINETIVOLI INTEGRATION

• Transfer of Portugal & Brazil Tivoli operations is in process.

• NHH is in the process of identifying synergies through efficiencies across sales & marketing, procurement & back office.

• Joint brand positioning has been agreed.

• Over 5 hotels have been identified as potential accretive rebrand so far, of which 3 to Anantara.

• Strong interests for new expansion have been identified for both MINT and NHH brands across geographies.

• Both Minor Hotels & NHH uniformly reached out to partners for improved and win-win pricing scheme based on enlarged portfolio.

• Partners include OTAs, travel agents and procurement suppliers.

• Proposals are being discussed with suppliers to include the combined portfolio.

• NHH hotel portfolio has been incorporated in MINT websites.

• Vision has been defined for websites at both group and brand levels.

• Cross-selling has started; China office for Spanish hotels, Thailand office for German hotels, Madrid office for Oaks.

• Joint-salesforce roadmap has been agreed.

• Initial movements are planned:

‒ GM from Minor Hotels to NHH;

‒ Operations & revenue management from NHH to Minor Hotels.

• Further employee mobility policy is in process.

• Respective database analysis has been completed.

• Both parties are analyzing terms and benefits.

• Global loyalty vision and roadmap to be defined by 3Q19, including assessment on merger, cross redemption and cross accumulation.

NHH Budget & Standalone 5-Year Plan

Identification of Integration Initiatives

Finalization & Market Release

Implementation of Integration

* Note that transactions and agreements are conducted in arms-length manner under MINT and NHH approved protocols (Governance Framework signed 7th February 2019)

MINOR HOTELS

Anantara Quy Nhon Villas

Minor Hotels – Financial Highlights

10

2018 revenue of Minor Hotels grew by 63%, as a result of owned & leased and management hotels from both organic operations and consolidation of NHH. 2018 EBITDA increased by 60%, with robust NHH profitability partially offset by the higher personnel-related expenses of Australian operation and lower profitability of mixed-use business. Net profit grew by 28%, at a slower rate than revenue and EBITDA because of higher interest expenses to finance the acquisition of NHH, higher minority interest and tax rate of NHH.

Revenue

EBITDA

NPAT

THB million

+28%

19,243 23,547

27,758 30,970

50,577

5,561 6,146 7,146 7,685

12,290

2,600 3,009 2,811

3,375 4,307

+63%

+60%

EBITDA Margin

24.3%26.1% 24.8%28.9%

NetMargin

20182014 2016

8.5%12.8%

2015

10.9%

2017

13.5%

25.7%

10.1%

* The financials above reflect performance from operation, and therefore exclude non-core items in 2014-2016 and 2018 as detailed on page 40.

KEY HIGHLIGHTS

Owned & leased hotels

75%of 2018 Minor Hotels’ revenue

Management letting rights

12% of 2018 Minor Hotels’ revenue

Management contracts

3%of 2018 Minor Hotels’ revenue

Mixed-use business

10% of 2018 Minor Hotels’ revenue

• Revenue grew by 117%, as a result of:‒ Organic growth of 24% from all key markets; i.e.

Thailand, Brazil, Portugal and Africa, and‒ Consolidation of NH Hotel Group

• Revenue in THB term was flat. Although RevPar was up by 2% in AUD term, revenue in THB term was impacted by the weakening of the AUD.

• Revenue (excl NHH) increased by 19%, primarily attributable to higher income of managed hotels, especially in Thailand, together with contribution of newly added hotels and additional technical service and termination fees.

• Revenue declined by 13%, from:‒ Mismatch of sales of residential development in

2018; and‒ Adverse impact on Anantara Vacation Club’s

revenue from the strengthening of the THB against USD resulting in only 4% revenue growth.

Minor Hotels – International Presence

11

In recent years, MINT has implemented a solid diversification strategy. With the investment in NHH, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 53 countries.

* Excludes non-core items

REVENUE CONTRIBUTION

94%

37%22% 11%

6%

63%78% 89%

0%

25%

50%

75%

100%

2008 2017 2018* 2023F

International

Thailand

Management

Combination

Investment

New Destinations in Pipeline

Hubs

System-wide Hotel Portfolio

12

ADRNUMBER OF HOTEL ROOMS

OCCUPANCY REVPAR

+272%No of Rooms

THB

THB

Organic+2%

System-wide+2%

0

20,000

40,000

60,000

80,000

2014 2015 2016 2017 2018

MLR

Managed

Joint-venture

Owned & Leased

66%68%

67% 67%69%

69%

60%

70%

80%

2014 2015 2016 2017 2018

6,110 5,830 5,744 5,705 5,816

4,765

2,000

4,000

6,000

2014 2015 2016 2017 2018

4,024 3,9643,821 3,837 4,013

3,278

2,000

3,000

4,000

2014 2015 2016 2017 20182014 2015 2016 2017 2018

Organic excl FX+5%

System-wide-15%

2014 2015 2016 2017 2018

System-wide-16%

Organic excl FX+2%

Excluding new hotels and FX impact, organic RevPar of the entire portfolio increased by 5% in 2018, driven primarily by owned and joint-venture hotels portfolio. 2018 system-wide RevPar declined by 15%, primarily from the change in room type mix with the consolidation of the NHH portfolio.

14,72120,20917,714 19,797

75,241

Owned & Leased Hotels

13

With the acquisition of NHH, owned & leased hotels contributed three-fourths of hotel & mixed-use revenue in 2018. 2018 organic RevPar excluding FX impact of owned & leased hotels increased by 10%, from the strong performance of organic overseas hotels. System-wide RevPar of owned & leased portfolio declined by 19%, primarily from the dilution of ADR with the consolidation of different room type mix of NHH. Revenue of owned & leased hotels more than doubled in 2018, both from organic operations and the consolidation of NHH.

ADR

2018 MINOR HOTELS

REVENUE CONTRIBUTION

75%Owned & Leased

NUMBER OF HOTEL ROOMS

OCCUPANCY REVPAR

+653%No of Rooms

THB

THB System-wide-27%

Organic excl FX+5%

59%

66%63% 62%

65%

68%

40%

50%

60%

70%

80%

2014 2015 2016 2017 2018

3,1125,387

7,118 7,039

0

5,000

10,000

15,000

20,000

2014 2015 2016 2017 2018

Organic+3%

System-wide+6%

4,168 4,293

3,6533,865

4,269

3,117

2,000

3,000

4,000

5,000

2014 2015 2016 2017 2018

7,028 6,5535,811 6,228 6,535

4,575

0

2,000

4,000

6,000

8,000

2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

Organic excl FX+10%

System-wide-19%

2014 2015 2016 2017 2018

60,000 52,969

RevPar Growth (y-y) -25% +40% -4% +14% +8%

Owned Hotels – Thailand

14

While Thailand remained the largest single country contributor, its contribution is now smaller than all of NHH hotels combined. The momentum of RevPar growth of hotels in Thailand slowed in 2H18 primarily from the temporary slowdown of the Chinese tourists. Nevertheless, Thailand will remain an attractive destination for tourism with its diverse attractions, well-developed infrastructure and strategic location.

KEY HIGHLIGHTS

2018 OWNED HOTEL REVENUE BY GEOGRAPHY MLR

BANGKOK

THAILAND PROVINCES

4,830 4,943 4,722 4,874 4,964

2,473

3,473 3,3373,794

4,105

51%

70% 71% 78%83%

2,000

3,000

4,000

5,000

2014 2015 2016 2017 2018

THB

Organic

RevPar Growth (y-y) -2% +10% +6% +6% +3%

THB

6,937 7,060 7,443 7,581 7,815

4,526 4,974 5,272 5,600

5,746

65% 70% 71% 74% 74%

2,000

4,000

6,000

8,000

2014 2015 2016 2017 2018

Organic

RevParADR% Occupancy

Thailand, 24%

Overseas excl NHH,

34%

NHH, 42%

Thailand

Bangkok

ThailandProvinces

• Despite the slowdown in Chinese tourists in 2H18, internationaltourist arrivals into Thailand grew by 7.5% in 2018.

• Number of room nights in Thailand sold by Minor Hotels grew by4% in 2018.

• Organic RevPar of Minor Hotels’ owned Thailand portfolio grewby 5% in 2018, driven by 1H18 performance, and primarily byhotels in Bangkok.

• The 8% RevPar growth of owned hotels in Bangkok in 2018 wasprimarily from higher occupancy and a slight increase in ADR.

• The Riverside hotels, both Anantara Riverside Bangkok and AVANIRiverside Bangkok performed exceptionally well with double-digitRevPar growth throughout the year.

• RevPar of hotels in the provinces increased by 3% in 2018, fromhigher ADR.

• Both Anantara’s in Phuket and hotels in Chiang Mai and Hua Hinperformed well.

RevPar Growth (y-y) +8% -43% -24% +3% +9%

Owned Hotels – Overseas (Excl NHH)

15

RevPar of owned overseas hotels (excl NHH) increased by 9% in 2018, driven by hotels in all key markets. Excluding FX impact, organic RevPar of owned overseas hotels increased by even higher rate of 16%. Favorable tourism environment in key markets, selective asset refreshments, together with Minor Hotels’ ongoing sales & marketing efforts, contributed to the strong performance.

KEY HIGHLIGHTS

MLR

OVERSEAS EXCL NHH

2018 ORGANIC REVPAR GROWTH (THB)

Organic

12,177

7,2655,567 6,239 6,2977,452

4,236 3,220 3,331 3,62161% 58% 58% 53% 58%

0

4,000

8,000

12,000

2014 2015 2016 2017 2018

THB

RevParADR% Occupancy

10%

5%

9%

7%

Portugal Brazil Maldives Africa

Portugal

• The Portugal portfolio’s RevPar increased by 10% in THB (11% inEUR).

• With the completion of the renovations in 2Q18, the RevParincrease, in particular in 2H18, was from both occupancy and rate(vs previous RevPar increases mainly from rates), signifying thetraction of the hotels’ operating performance.

Brazil

• Brazil’s RevPar increased by 5% in THB (25% in BRL) with theweakening of the Brazilian real by 15%.

• RevPar of both hotels grew by over 20% in BRL.

Maldives

• The Maldives portfolio performed well throughout the year, withRevPar growth of 9% in THB (+16% in USD).

• The RevPar growth was driven by occupancy increase, from thecontinued targeted marketing efforts.

Africa

• RevPar of the African portfolio increased by 7% in THB (19% inlocal currencies).

• Hotels in Botswana and Zambia saw RevPar growth of over 20% inlocal currencies.

2018 OWNED HOTEL REVENUE BY GEOGRAPHY

Portugal, 33%

Brazil, 13%

Maldives, 10%

Africa, 13%

Others, 31%

Thailand, 24%

Overseas excl NHH,

34%

NHH, 42%

RevPar+9% Y-Y

Owned & Leased Hotels – NH Hotel Group

16

NHH was the largest contributor to the owned & leased hotel portfolio in 2018. 4Q18 RevPar of NHH increased by 9%, driven by all key markets. The RevPar increase in 4Q18 was both from occupancy (across all regions, with Latin America and Spain as highlights) and ADR (primarily from Spain and Central Europe).

KEY HIGHLIGHTS

MLR

NH HOTEL GROUP

4Q18 ORGANIC REVPAR GROWTH (EUR)

94 98

63 69

67% 70%

0

20

40

60

80

100

4Q17 4Q18

EUR

RevParADR% Occupancy

12%

5%8% 7%

12%

Spain Italy Benelux CentralEurope

LatinAmerica

Spain

• Remarkable growth in Madrid from relevant congress in Oct 2018

• Improving comps in Barcelona since 4Q18, recovering from slowleisure domestic market in 2Q18-3Q18

Italy

• Good performance of Rome & secondary cities

• However, Milan reported flat RevPar growth, as the city wasnegatively affected by the trade fair calendar

Benelux

• Outstanding performance in Brussels due to continued recoverysince the terrorist attack in 4Q16

• Dutch secondary cities also performed well

Central Europe

• Munich & Berlin up strongly due to favorable trade fair calendar

* Notes: (1) ADR & RevPar in THB terms are THB 3,675

and THB 2,580 respectively(2) For the time being, stats are given in EURs

for performance comparisons. (3) The stats are different than NHH’s public

disclosure as MINT’s version is organic (one-year in operation) whereas NHH’s is LFL (24 months full cycle of operations)

Latin America

• RevPar up even higher (+18%) in local currencies

• Buenos Aires & Bogota saw double-digit RevPar growth even withFX depreciation

2018 OWNED HOTEL REVENUE BY GEOGRAPHY

Spain , 27%

Italy, 17%Benelux , 22%

Central Europe, 24%

America, 10%

* Note that only 4Q stats are shown as consolidation of NHH is only in 4Q18.

Thailand, 24%

Overseas excl NHH,

34%

NHH, 42%

NH Hotel Group – Financial Highlights

17

NH Hotel Group reported recurring EBITDA of EUR 263 million in 2018, above its announced target. EBITDA increase of 13% in 2018 was a result of sound revenue growth and constant focus on efficiency. 4Q18 recurring performance showed a stronger momentum compared to the full year.

Revenue

RecurringEBITDA

Reported NPAT

EUR million

EBITDA Margin

15.8% 15.0%18.1%

NPAT Margin

4Q17 2017

2.8% 2.3%

4Q18 2018

2.6%

16.3%

7.3%

KEY HIGHLIGHTS

+250% y-y

+8% y-y

+24% y-y

1,6201,553

+4% y-y

+13% y-y

+146% y-y

430397

7863

233263

11

118

36

+1% y-y +228% y-y

288

6.6% 2.2% 5.3%

35

86Recurring

NPAT

Recurring NPAT Margin

1.9%

11

Note: (1) As per NH Hotel Group’s report, the numbers include hyperinflation accounting effect (IAS 29) (implemented since 1 Jan 2018), and (2) Recurring NPAT exclude capital gains and related taxes from asset rotation.

Source: NH Hotel Group’s 2018 Results Presentation & Sales and Results

Revenues

Recurring EBITDA

NPAT

Leverage

• 2018 revenue growth of 4%

‒ RevPar up 3.8% (Occupancy +1.5% & ADR +2.3%)

‒ Strong performance of Benelux and Italy

‒ Relative RevPar outperformed comp sets in top cities with focus onquality (measured through STR / MKG Competitive Set average growth)

• 2018 recurring EBITDA growth of 13%, with margin improvement of 1.3%

‒ 45% EBITDA conversion rate

‒ Effective cost control, both payroll and operating expenses

• 2018 NPAT up significantly

‒ Business improvement

‒ Lower financial costs, from both refinancing and full redemption ofcorporate bond and convertible bond

‒ Higher contribution of net capital gains from asset rotation

• Successful debt reduction

‒ Decline in net financial debt to EUR 171 million as of end of 2018 fromEUR 655 million as of end of 2017

‒ Early redemption of convertible bond (EUR 250 million) in June 2018

Management Letting Rights

18

Management letting rights (MLR) business which manages serviced-suites, mainly under the Oaks brand, is the second largest segment in the hotel and mixed-use business. MLR provides Minor Hotels with stable performance throughout the year, compared to hotel operations which are more seasonal. While 2018 MLR’s revenue increased by 5% in AUD term, primarily from the increase in RevPar, revenue in THB term slightly declined by 1% because of the weakening of the AUD.

ADRNUMBER OF HOTEL ROOMS

OCCUPANCY REVPAR

+8%No of

Rooms

6,223 6,232 6,339 6,4186,935

3,000

4,000

5,000

6,000

7,000

2014 2015 2016 2017 2018

3,6433,258 3,495 3,596 3,391

124 127

133138

141

110

120

130

140

150

160

0

1,000

2,000

3,000

4,000

5,000

2014 2015 2016 2017 2018

76% 76% 77% 78%79%

60%

70%

80%

90%

2014 2015 2016 2017 2018

4,7954,271 4,557 4,588 4,297

164 166

174 177 179

150

160

170

180

190

200

0

2,000

4,000

6,000

2014 2015 2016 2017 2018

THB -6%

AUD +1%

+1% THB -6%

AUD +2%

THB

THB AUD

AUD

2018 MINOR HOTELS

REVENUE CONTRIBUTION

12%MLR

3%

Managed Hotels

19

In 2018, managed hotels contributed approximately 3% of hotel & mixed-use revenue. Organic RevPar excluding FX impact of managed hotels portfolio decreased by 1%. System-wide RevPar declined by 14%, with the addition of NHH portfolio. Because of higher income of managed hotels, especially in Thailand, together with contribution of newly added hotels and additional technical service and termination fees, revenue from management service (excluding NHH) increased by 19% in 2018.

ADR

Management Contracts

NUMBER OF HOTEL ROOMS

OCCUPANCY REVPAR

+184%No of

Rooms

THB

THB

3,7374,400 4,241

3,917 3,8943,378

1,000

3,000

5,000

2014 2015 2016 2017 2018

6,7487,038 6,724

6,108 6,048

5,309

4,000

6,000

8,000

2014 2015 2016 2017 2018

55%

63% 63% 64% 64%

64%

40%

50%

60%

70%

80%

2014 2015 2016 2017 2018

System-wide-13%

Organic excl FX-1%

OrganicFlat

System-wideFlat

Organic excl FX-1%

System-wide-14%

3,453 3,910 4,533 4,692

13,311

0

3,000

6,000

9,000

12,000

15,000

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

2014 2015 2016 2017 2018

2018 MINOR HOTELS

REVENUE CONTRIBUTION

Hotel Expansion Pipeline

* Note: Joint-ventured properties

2019F

MA

NA

GEM

ENT

CO

NTR

AC

TS /

MLR

S

• Khao Lak, Thailand 328 rms

• Frankfurt, Germany 428 rms

• Hamburg, Germany 261 rms

• Frankfurt, Germany 375 rms

HO

TEL

INV

ESTM

ENT

• Fares Island, Maldives* 200 rms• Milan, Italy 185 rms• Santander, Spain 64 rms• Monterey La Esfera, Mexico 120 rms• Cancun, Mexico 140 rms• Milan, Italy 100 rms• Hannover, Germany 89 rms• Amsterdam, Netherlands 650 rms

• Bahia, Brazil 50 rms• Le Chaland, Mauritius 164 rms• Tozeur, Tunisia 93 rms• Victoria, Australia 170 rms• Angkor, Cambodia 80 rms• Seminyak, Bali, Indonesia 37 rms• Busan, Korea 289 rms & 570 rms• Bangkok, Thailand 382 rms• Tunis, Tunisia 41 rms• Dubai, UAE 372 rms• Vũng Tàu, Vietnam 149 rms• Recife, Brazil 200 rms• Brasilia, Brazil 395 rms• South Australia, Australia 278 rms• Hangzhou, China 132 rms• Busan, Korea 436 rms• Beirut, Lebanon 110 rms• Wellington, New Zealand 226 rms• Khon Kaen, Thailand 79 rms• Santiago, Chile 86 rms• Valencia, Spain 47 rms• Bahia, Brazil 207 rms• Porto, Portugal 79 rms• Lima, Peru 265 rms• London, UK 190 rms• Laikipia, Kenya 7 rms

• Libo Country, China 173 rms• Phi Phi Island, Thailand 107 rms• Ras Al Khaimah, UAE 140 rms

• Dubai, UAE 528 rms• Ras Al Khaimah, UAE 225 rms

• Hangzhou, China 166 rms

• Queensland, Australia 50 rms• Daegu, Korea 144 rms

• Venice, Italy 150 rms

• Iquique, Chile 135 rms• Mexico City, Mexico 144 rms• Lima, Peru 164 rms

• Santiago, Chile 146 rms

• Chengdu, China 150 rms• Nanjing, China 120 rms• Zhuhai, China 160 rms• Accra, Ghana 155 rms• Sharjah, UAE 233 rms

• Zhuhai, China 300 rms• Savanne, Mauritius 156 rms• Muscat, Oman 150 rms• Gammarth, Tunisia 232 rms• Dubai, UAE 528 rms• Cam Ranh, Vietnam 595 rms

• Fortaleza, Brazil 130 rms

• Phuket, Thailand 500 rms

• Zhuhai, China 100 rms• Hangzhou, China 54 rms

2020F 2021F 2022F

60 Hotels / 11,973 Rooms

• Desaru, Malaysia 103 rms• Ubud, Bali, Indonesia* 71 rms• Antwerp, Belgium 180 rms• Paseo de Montejo, Mexico 120 rms• Mannheim, Germany 225 rms• Leipzig, Germany 197 rms• Warangi, Serengeti

National Park, Tanzania* 12 rms

• Sifah, Oman 198 rms

• Kota Kinabalu, Malaysia 386 rms• Ho Chi Minh City, Vietnam 217 rms

• Guadalajara, Mexico 120 rms• Panama 83 rms

Others

19 Hotels / 3,848 Rooms

7 Hotels / 908 Rooms 8 Hotels / 1,548 Rooms 4 Hotels / 1,392 Rooms

27 Hotels / 5,134 Rooms 13 Hotels / 2,272 Rooms 15 Hotels / 3,563 Rooms 5 Hotels / 1,004 Rooms

20

10%

Mixed-use Business – Residential

MINT’s residential projects are part of Minor Hotels’ mixed-use business. The developments are within or adjacent to MINT’s hotels and are usually branded MINT’s hotel brands. In addition to the current projects, MINT has prepared a pipeline in order to ensure the continuity of revenue stream from residential sales in the coming years. Other residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project.

Mixed-use

CURRENT PROJECTS

Layan Residences by Anantara,

Phuket

Avadina Hills by Anantara,

Phuket

The Estates Samui

Anantara Chiang Mai Serviced

Suites

Torres Rani, Maputo

Anantara DesaruResidences,

Malaysia

Anantara UbudResidences, Indonesia

Silom Office

21

15 luxury pool villas

16 luxury pool villas

14 luxury pool villas

44 units in 7-storey

condominium building

181 keys for rent & 6 penthouses

for sale;

21-storey office tower

20 residential villas

15 residential villas

100%-owned 50% JV 100%-owned 50% JV 49% JV 60% JV 50% JV 40% JV

PIPELINE PROJECTS

NA

Launched 2015 Launched 2018 Launched 2006 Launched 2016 Launched 2015 To launch 2019 To launch 2023To launch 2019

2018 MINOR HOTELS

REVENUE CONTRIBUTION

Mixed-Use Business – Anantara Vacation Club

22

Part of the mixed-use business, Anantara Vacation Club is another important contributor to Minor Hotels. Growth of members are driven by four main markets – China, Thailand, Hong Kong and Singapore. In 2018, while AVC revenue increased by 9% in USD term, because of the strengthening of the THB, AVC revenue in THB term increased by 4%.

MEMBERS PRIMARILY IN ASIATOTAL NUMBER OF MEMBERS

GROWTH DRIVEN BY FOUR MARKETSINVENTORY TO ACCOMMODATE GROWING MEMBERS

5,4316,928

8,00010,193

12,347

0

3,000

6,000

9,000

12,000

2014 2015 2016 2017 2018

No. of Members

Growth +41% +28% +15% +27% +21%

119 137160 186

229

500

0

100

200

300

400

500

2014 2015 2016 2017 2018 2023F

No. of Units >12 Destinations7 Destinations: Queenstown, Bali, Sanya,

Samui,Phuket, Bangkok

Chiang Mai

>

As at Dec 2018

China, 38%

Thailand, 12%Hong Kong, 8%

Singapore, 8%

Malaysia, 7%

Japan, 4%

Taiwan, 4%Australia, 2%Philippines, 2%

USA, 2%

UAE, 1% Others, 12%

10%Mixed-use2018

MINOR HOTELS REVENUE

CONTRIBUTION

41%

18% 21%

12%

29% 26%

13% 11%

China Thailand Hong Kong Singapore

2018 Growth Y-YCAGR 2013-2018

MINOR FOOD

Minor Food – Financial Highlights

24

2018 revenue of Minor Food was flat, primarily because of the outlet expansion, which offset the slowdown of the same-store-sales from the weak macro backdrop. With spending on the product and promotional campaigns to drive traffic, the ramping up of the newly opened stores, and the contraction of same-store-sales, EBITDA and net profit declined by 15% and 21% respectively.

Revenue

EBITDA

NPAT

THB million

-21%

Flat

-15%

EBITDA Margin

NetMargin

20182014 20162015 2017

KEY HIGHLIGHTS

16,754 18,626

23,022 23,582 23,484

2,817 3,127 3,843 4,285

3,647

1,550 1,572 1,684 1,913

1,521

15.5%16.8%

6.5%

18.2%

8.1%

16.8%

9.3%

16.7%

8.4% 7.3%

Total-system-salesgrowth of

0.2%in 2018

• The Pizza Company, Burger King, Dairy Queen and Riverside reported positive total-system-sales growth as the brands continued to open new outlets.

• Total-system-sales growth turned positive since Aug with the accelerated expansion in China and Thailand. However, full year 2018 growth was pulled down in 1H18 because of the outlet rationalization in Singapore and Australia and divestment of The Groove Train portfolio in late 2017.

Outlet expansion

10% in 2018

• The drivers of outlet expansion during the year were The Pizza Company, Dairy Queen, The Coffee Club and Benihana through the acquisition in April 2018.

Same-store-salesgrowth of

-3.3% in 2018

• Soft macro conditions in countries that the three hubs operate continued to put pressure on the group’s same-store-sales growth.

• Minor Food will continue to strengthen its multi-brand portfolio through product innovations and operational excellence, together with focus on technology in order to maintain its competitiveness.

* The financials above reflect performance from operation, and therefore exclude non-core items in 2014-2016 and 2018 as detailed on page 40.

Minor Food – International Presence

25

MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 27 countries across the region, operating owned, franchised and a combination of both business models. MINT continues to look for opportunities to expand, especially in these existing markets.

Hubs

Franchised

Combination

Owned

* Excludes non-core items

REVENUE CONTRIBUTION

81%60% 65% 60%

19%40% 35% 40%

0%

25%

50%

75%

100%

2008 2017 2018* 2023F

International

Thailand

Minor Food – Operational Performance

26

2018 total-system-sales of the restaurant business grew by 0.2%, driven mainly by outlet increase of 10%, primarily from Thailand and China hubs. As all three hubs faced challenges of the economic slowdown and increased competition, same-store-sales declined by 3.3% in 2018.

RESTAURANT OUTLETS BY GEOGRAPHYSSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth

0.4% -0.2%1.3%

-0.8%

-3.3%

13.1%

11.2%

9.1%

5.1%

0.2%

-5%

0%

5%

10%

15%

20%

2014 2015 2016 2017 2018

1,851 2,064 2,2701,708No. ofOutlets

1,996

RESTAURANT OUTLETS BY OWNERSHIP

International

Thailand

2008 2017 2018 2023F

35%

65%67%33%

37%

63%1,043

4,462

2,2702,064

+10%

34%

66%

53%82%

59%

Franchised

Owned

50%

2008 2017 2018 2023F

38%

62%

51%

49%

4,462

49%

51%

+10%

1,043

2,2702,064

48%

52%

Minor Food – Thailand Hub

27

Revenue from domestic operations accounted for over 60% of total restaurant revenue in 2018. The Pizza Company, Dairy Queen, Burger King and The Coffee Club expanded the number of outlets, which resulted in positive total-system-sales growth in 2018.

KEY HIGHLIGHTSTHAILAND’S SSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth

Thailand

2018 MINOR FOOD

REVENUE CONTRIBUTION

-5%

0%

5%

10%

15%

20%

2014 2015 2016 2017 2018

• Same-store-sales: Thailand’s SSS declined by 3.1% in 2018:

‒ Consumer confidence remained challenging throughout the year, especially in the rural areas, with weak commodity prices;

‒ Bangkok has been impacted by high competition and delivery service disruption; and

‒ The brands that have high exposure to tourists; i.e. Burger King and The Coffee Club, were impacted by the tourist slowdown in 2H18.

• Total-system-sales: With outlet expansion of 12% during 2018, Thailand’s TSSG was 5.4%.

• 2019 Strategies:

‒ Focus on customer accessibility, both through physical and digital channels;

‒ Continue with product innovations, ensuring that the brands remain relevant for customers; and

‒ Leverage on digital technology, including areas of operations, customer service and ordering, loyalty and e-payment and big data analytics.

65%Thailand

Minor Food – 1112Delivery

28

Thailand

Anticipating the emerging dine-at-home trend and leveraging on one of the country’s best delivery platform and driver fleet, Minor Food launched 1112Delivery Project to capture such growing trend in February 2019.

Selection

• All Minor Food brands available for delivery

• Multiple brands, single payment

Accessibility

• Multiple channels, including:‒ Website‒ Mobile application‒ 1112 call center

Delivery

• Single delivery through professional 1112 delivery team

• All products delivered timely

Repeat

• Customer feedback collected through all channels

1112DELIVERY

Thailand Food Delivery Market

• Food delivery market is expected to represent 20% of total food service market in Thailand by 2023.

• Customers are switching to online from offline ordering.

• By 2023, the delivery market size is expected to grow by over 6 times, with almost 60% of online food delivery continuing to be concentrated in Bangkok and metropolitan area, and another 20% in tier 2 cities.

• Same-store-sales: China’s SSS declined by 5.9% in 2018, primarily from soft performance of outlets in Tier 3 cities and natural cannibalization from rapid expansion of outlets in Beijing and Shanghai.

• Total-system-sales: With rapid outlet expansion of 18%, the TSSG was 4.4% for the year 2018, with a monthly improving trend.

• 2019 Strategies:

‒ Continue to expand Riverside outlets, with the aim to dominate the grilled fish segment in Beijing and Shanghai and surrounding areas (Tier 2);

‒ Improve customer experience for Riverside brand, both through store uplift and food traceability programs; and

‒ Grow the delivery business.

Minor Food – China Hub

29

China hub is expected to remain one of MINT’s growth drivers as MINT is confident in the strong growth prospect of the country, supported by growing middle class and increased urbanization trend. Riverside continues to be the main driver of China hub.

KEY HIGHLIGHTSCHINA’S SSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth

-20%

-10%

0%

10%

20%

30%

2014 2015 2016 2017 2018

-15%-10%

-5%0%5%

10%15%

Jan-18 Apr-18 Jul-18 Oct-18

TSSG

SSSG

2018 MINOR FOOD

REVENUE CONTRIBUTION

13%China

Minor Food – Australia Hub

30

In 2018, Australia hub’s revenue contributed 10% of total restaurant business. Revenue in AUD declined by 11% as a result of negative same-store-sales growth, but declined at a higher rate in THB term because of the weakening of the AUD.

KEY HIGHLIGHTSAUSTRALIA’S SSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth

-15%

-10%

-5%

0%

5%

10%

15%

20%

2014 2015 2016 2017 2018

• Same-store-sales: Australia’s SSS declined by 2.6% in 2018, as the country’s economy continued to be challenging.

• Total-system-sales: As part of its rationalization program, the hub divested The Groove Train portfolio at the end of 2017, resulting in Australia’s TSSG to remain negative throughout 2018, and ending the year with TSS decline of 13.3%.

• 4Q18 New Market Expansion: The Coffee Club entered three new markets in late 2018: China, Qatar and Cambodia. JV has also been signed in Vietnam to operate The Coffee Club franchise.

• 2019 Strategies:‒ Grow The Coffee Club business in Australia through brand relevance,

such as convenience through delivery channel and differentiation through hero products and loyalty program;

‒ Drive international expansion of The Coffee Club brand in both existing and new markets; and

‒ Expand coffee roasting business through all channels: retail channel through The Coffee Club and white label business, and wholesale channel through supermarkets.

2018 MINOR FOOD

REVENUE CONTRIBUTION

10%

Australia

MINOR LIFESTYLE

384 300 267 304 307

3,703 3,505 3,505

4,091 4,439

Minor Lifestyle – Financial Highlights

32

2018 revenue of Minor Lifestyle was up 9%, driven by the retail trading business. EBITDA and net profit increased at a much slower rate as discount campaigns were implemented to drive sales during the weak domestic consumption sentiment and intensified competition, which put pressure on margins. In 4Q18, Minor Lifestyle launched a new brand, Save My Bag, a handbag and accessories brand from Italy.

Revenue

EBITDA

NPAT

THB million

+2%

+9%

+1%

EBITDA Margin

NetMargin

20182014 20162015 2017

KEY HIGHLIGHTS

183 124

81 127 130

4.9% 2.3% 3.1% 2.9%3.5%

10.4% 7.6% 7.4% 6.9%8.6%

Retail trading

78%of 2018 Minor Lifestyle revenue

Contract manufacturing

22% of 2018 Minor Lifestyle revenue

• 2018 revenue from retail trading increased by 9%, mainly from Charles & Keith, Anello, Etam, Radley, Henckels and Joseph Joseph, together with sales from recently-added brands, OVS, Bodum and Save My Bag.

• 2018 revenue from contract manufacturing increased by 1% as a result of weak consumption environment.

-8.1%

-6.3%

-0.1%2.3%

-3.9%

3.8%

-3.3%

8.4%

19.3%

9.0%

2014 2015 2016 2017 2018

No. of Shops 327 398 490297 307

SSS & TSS GROWTH

TSSG

SSSG

Minor Lifestyle – Scomadi

33

Thailand

With the growing premium motorcycle and scooter segment, Minor Lifestyle is taking the opportunity to enter the market to operate the manufacturing and distribution of Scomadi.

WHO IS SCOMADI?

• Scomadi is a British brand established in 2005

• The founders are two partners with over 60 years of experience combined in the scooter industry

‒ Frank Sanderson of Scooter Innovation Ltd.

‒ Pal Melici of PM Tuning Ltd.

• Scomadi is a modern classic scooter brand

WHY SCOMADI?

• Opportunity to grow a potential global lifestyle brand

• Diversification into another segment of Thai lifestyle market

• High growth of the modern classic scooters segment

• Brand with strong fan base and following with proven concept

SCOMADI ROADMAP

ORGANIZATION PRODUCTION MARKET EXPANSION BRAND AWARENESS NEW PRODUCT

• Placement of key positions

• Planning of business strategy, operations, systems and financials

• Ensuring production capabilities to meet current market demand

• Expansion of the brand, both domestically and internationally.

• Key international markets identified are UK, Europe, Australia, Malaysia and India

• Engagement activities with distributors in all key markets

• Target world-wide recognition through:

‒ motor sport events

‒ community-related events, such as road trips, digital spaces, scooter fashion shows

‒ celebrity endorsement

• New model development, such as electric models

Corporate Information& Five-Year Plan

0.0

1.0

2.0

3.0

4.0

5.0

6.0

0

5,000

10,000

15,000

20,000

25,000

30,000

2018 2019F 2020F 2021F 2022F 2023F

CAPEX & Balance Sheet Strength

35

CAPEX plans include committed CAPEX of projects in the pipeline. Following the acquisition of NHH, 2018 interest bearing debt to equity ratio rose to 1.53x, which is within its debt covenant of 1.75x. MINT and its senior unsecured debentures have “A” rating by TRIS. MINT plans to bring the debt to equity ratio down to its internal policy of 1.3x by the end of 2019. Going forward, source of fund for the committed CAPEX requirement will primarily be internal cash flow and debt financing.

LEVERAGE RATIOS

BACK-UP FINANCING

CAPEX PLANS

THB million

EBITDA coverage on committed CAPEX

Minor Food Minor Hotels Minor Lifestyle

100,000

* 2018 CAPEX includes investments in Benihana, Riverside, Food Theory and NH Hotel Group

0.8

1.0

1.2

1.4

1.6

2014 2015 2016 2017 2018 2019

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity

Internal Policy

X

1.37x

1.53x

THB million

0

50,000

100,000

150,000

200,000

Outstanding Borrowing & Equity Un-Utilized Facility

Debt

42,367

Debt126,894

Shareholders’ Equity83,074

Note: Cash on hand as at end of 2018 is THB 12,760 million

X

1.30x

Target

Refinance & Balance Sheet Management Plans

36

MINT has a plan in place to refinance the current bridge loans to long-term bonds and/or loans within 2019. In addition, MINT targets to bring its debt-to-equity ratio back down to the internal policy of 1.3x by the end of 2019. Some of the initiatives, including asset rotation, is already being pursued.

BALANCE SHEET MANAGEMENTREFINANCING PLANS

Acquisition Funding

THB 15 bn

THB 45 bn

THB 28 bn

THB 88 bn94.1% stake

16.6% stakeAug 2018

47.7% stakeOct 2018

29.8% stakeJun 2018

THB 3 bn

THB 55 bn

THB 15 bn

THB 10 bn

THB 5 bn

18-mths bridge loans:• To be refinanced to a

combination of bonds and loans, or

• To be partially repaid with proceeds from asset rotation

THB 15 bn5-yr callable perpetual bonds

USD 300 mn3-yr callable perpetual bonds

THB 88 bnAll funding swapped to EUR

Target blended financing cost < 3%

EUR 80 mn15-yr corporate bonds

EUR 139 mn5-yr loans

2018 Performance

• 2018 net profit has been added to the equity base.

Issuance of Perpetual Bonds

• Two tranches of perpetual bonds have been successfully issued, to help strengthen the equity base:

‒ THB 15 billion perpetual bonds;

‒ USD 300 million perpetual bonds.

Revaluation of NHH Assets

• The revaluation exercise has been completed, which helped uplift the equity base by THB 708 million.

2019 Performance

• 2019 net profit will further add to the equity base.

Asset Rotation Strategy

• Cash received can be used to repay debt, while asset sale may result in gain from sale of assets, which will improve the equity base.

• MINT is already exploring the sales-and-lease-back option for selected Tivoli assets.

Completed in 2018

DE = 1.53x

2019Plan

DE >= 1.3x

MINT’s Five-Year Strategy

37

Revenue Growth > 10% CAGR

NPAT Growth 15-20%

ROIC = 12%

Employer of Choice Sustainable Business

Growth Pillars

2023 Goals

Ensure commitment

Set clear targets

Leverage ecosystem partners

Promote digital culture

Superior workforce

Engaging work environment

Sustainable leadership

People Customers

Partners Environment

Value Capture & Productivity

Investments, Partnerships &

Acquisitions

Innovation & Digital

Empowered People & Team

Sustainable Framework

Winning Brand Portfolio

1

2

3

4

Brands & value chains monetization

Margin enhancementthrough integration & shared operations

Capital optimization with asset right

strategy & mixed-use business

Good Corporate Governance

Social Responsibility Mindset

Five-Year Aspiration

38

2013REVENUE THB 36.9 bn

2018

REVENUE THB 78.5 bn

2023

2023F• > 630 hotels• > 250 residences built• > 500 vacation club units• > 4,400 restaurants• > 600 retail shops & POS

(>46,000 sq.m.)

2009• 30 hotels• 1,112 restaurants• 292 retail shops & POS

(14,275 sq.m.)

2018• 513 hotels• 132 residences built to date• 229 vacation club units• 2,270 restaurants• 490 retail shops & POS

(31,776 sq.m.)

APPENDIX

Non-Core Items

40

PERIODAMOUNT

(THB million) BUSINESS UNIT NON-CORE ITEMS

• FX loss on unmatched USD cross-currency swapMinor Hotels-87

4Q18

• Loss from changing status of investment in NH Hotel GroupMinor Hotels-800

• Gain on fair value adjustment of investment in NH Hotel GroupMinor Hotels708

• Impairment charge of investment in Oaks GladstoneMinor Hotels-96

• Impairment of investment in Rani (Mozambique)Minor Hotels-280 pre-tax

-232 post-tax

• Impairment of investment in GrabThai in UKMinor Food-125

2Q18 • Gain on fair value adjustment of investment in BenihanaMinor Food-121

4Q16

3Q16

• Gain from bargain purchase of hotels in ZambiaMinor Hotels490

• Gain from bargain purchase of Tivoli hotels in PortugalMinor Hotels38

• Anantara Vacation Club’s (AVC) provision of doubtful account (recorded in SG&A), MINT’s prudent measures to conservatively provide for potential bad debts of Phase I

Minor Hotels-359

• Oaks’ general administrative expenses and provision (recorded in SG&A)Minor Hotels-223

• Gain from changing status of investment in some of the Oaks propertiesMinor Hotels92

• Impairment charges of certain Oaks properties (recorded in SG&A, pre-tax)Minor Hotels-136

2Q16 • Gain from changing status of investment in BreadTalk Group in SingaporeMinor Food136

1Q16 • Gain from bargain purchase of the Tivoli Hotels & ResortsMinor Hotels1,932

3Q15 • Gain from bargain purchase of Oaks Elan DarwinMinor Hotels70

1Q15 • Gain from bargain purchase of Sun International hotels in AfricaMinor Hotels650

2Q14 • Gain from changing status of investments in Seredib Hotels PLCMinor Hotels87 pre-tax 69 post-tax

4Q15• Gain on fair value adjustment of change in status of investments in Minor DKLMinor Food1,665

• Reduction of gain from bargain purchase of Oaks Elan Darwin recorded in 3Q15Minor Hotels-49