COMPANY PRESENTATION – Nov 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

Highlights & Performance Recap

Minor Hotels

Minor Food

Minor Lifestyle

Corporate Information & Five-Year Strategy

Anantara Iko Mauritius

HIGHLIGHTS & PERFORMANCE RECAP

OUTLOOKHIGHLIGHTS

Highlights & Outlook

5

• 3Q19 CORE NPAT +39% / LFL NPAT +67%

• 9M19 CORE NPAT +9% / LFL NPAT +17%

• Strategic asset rotation resulting in successful deleverage plan

• Interest bearing debt declined by 10% to THB 112 billion at the end of 3Q19

• D/E ratio declined to 1.35x at the end of 3Q19

Strong 4Q19 Outlook:

• Recovery of Minor Hotels’ Thailand, Middle East & Africa portfolio

• NHH’s momentum continued

• Sales activities of residential sales & recovery of Anantara Vacation Club

• The acquisition of Bonchon will provide upside growth for Minor Food

• The transaction is accretive from day one, with potential to leverage on Minor Food’s platform & operations

• Minor Food’s transformation is underway

Investment in Bonchon

6

• The first Bonchon in Thailand opened its door in 2011 and, given itspopularity, has been expanding rapidly ever since.

• With over 300 branches, Bonchon has established its footprint in 9countries: Thailand, Philippines, Kuwait, Singapore, Bahrain,Vietnam, USA, Cambodia and Myanmar.

• Bonchon in each country caters specifically to the local market’staste and lifestyle with unique menus and flexible store format.

Airport: 4 storesNakhon Ratchasima: 1 store

Greater Bangkok: 38 stores

Pattaya: 1 store

STORE LOCATION

*As of October 2019

BONCHON AT A GLANCE

Bonchon is an international restaurant brand which is reputable for its Korean-style fried chicken and other Korean-inspired dishes. MINT announced the investment in the existing outlets of Bonchon in Thailand, and is in discussion with the master franchise holder for the rights to expand the brand further in the country.

• Bonchon today has 44 stores, with another 2 to be opened by the endof 2019.

• MINT made the investment in Chicken Time, which operates over40 outlets of equity-owned Bonchon stores in Thailand.

• The investment amount is THB 2 billion for 100% in Chicken Time.

• MINT is in the process of discussing with the holder of masterfranchise rights to acquire the rights to further expand Bonchonoutlets in Thailand.

THE INVESTMENT IN BONCHON

The investment in Bonchon is the opportunity for Minor Food to capture the fast-growing chicken market and the sizable Asian food market. The provincial Thailand is still an untapped market for the brand, while delivery market continues to offer growth potential, both of which Bonchon can leverage on Minor Food’s operating platform.

Investment Rationales

7

SIGNIFICANT OUTLET OPPORTUNITY

416

292

56

518

109 62 44

TPC SW SZ DQ BK TCC Bonchon

HIGH GROWTH POTENTIAL OF DELIVERY MARKET

SIZABLE & HIGH GROWTH CONCEPT

7 3 4 4

24

10 6

9

2008 2018

Market Size (THB billion)

Chicken Burger Pizza Ice Cream

+229%

+196%+53%

+104%

No of Outlets in Thailand

SUPERIOR PERFORMANCE & SCALABILITY

Data as at end of 3Q19

52 56 6067 75

84

111

2013 2014 2015 2016 2017 2018 2021F

10% CAGR

10% CAGR

Market Size (THB billion)• Bonchon’s best-in-class operational matrix:

‒ Payback period of less than one year for store openings

‒ Store EBITDA margin significantly higher than Minor Food’s

• Ability to leverage on Minor Food’s operating platform toaccelerate growth trajectory, both in terms of physical outlet anddelivery service

Source: Euromonitor & company estimate

Source: Euromonitor & company estimate

150-200*

* Bonchon’s estimated addressable outlets

Both transaction comparables and trading comparables of F&B companies have averaged between 10 – 13x in the past.

Comparables

8

TRADING COMPARABLES - THAILAND

14.8 14.0

9.2

0

5

10

15

MINT MK Zen

EV/EBITDA (x)

Average12.7x

TRADING COMPARABLES - SEA

17.2

12.8

7.6 8.1 7.3

10.3

0

5

10

15

Jollibee Shakey's PizzaPT Sarimelati KencanaMax's Group Berjaya Food Jumbo

EV/EBITDA (x)

PT Sarimelati Kencana

Average10.6x

14.812.3

11.0

14.0

0

5

10

15

Coffee Bean &Tea Leaf

OldTownBerhad

KFC Thailand MAP BogaAdiperkasa

EV/EBITDA (x)

TRANSACTION COMPARABLES

Thailand

Average13.0x

3Q19 Performance Recap

9

3Q19 REVENUE CONTRIBUTIONREVENUE

NET PROFIT 3Q19 NET PROFIT CONTRIBUTION

In 3Q19, core revenue and NPAT increased by 86% and 39% y-y, respectively, primarily from the consolidation of NH Hotel Group (NHH). Driven by MINT’s timely strategic initiatives with its investment in NH Hotel Group and the sale and leaseback of three Tivoli hotels in Portugal, MINT was able to report robust performance despite the softness of MINT’s organic businesses, which were impacted by external challenges, including global uncertainties, continued appreciation of the Thai Baht and subdued domestic consumption demand.

0

10,000

20,000

30,000

3Q18 Revenue

Minor Hotels Pre-NHH

NHH Minor Food Minor Lifestyle

3Q19 Core Non-core Items

3Q19 Reported

THB million

THB million

Minor Lifestyle 4% Minor Food

19%

Minor Hotels77%

Minor Food15%

Minor Hotels85%

* Non-core items are detailed on page 47.

+131+4,779

+86% y-y

* Excludes non-core items

* Excludes non-core items

+14,592

-150

29,49734,277

15,889

-965

0

1,000

2,000

3,000

4,000

3Q18 NPAT

Minor Hotels Pre-NHH

NHH Minor Food Minor Lifestyle

3Q19 Core Non-core Items

3Q19 Reported

1,417

4,560+39% y-y

-275

+836

-143 -20

+3,143

1,020

9M19 Performance Recap

10

9M19 REVENUE CONTRIBUTIONREVENUE

NET PROFIT 9M19 NET PROFIT CONTRIBUTION

In 9M19, MINT’s core revenue almost doubled primarily from the consolidation of NHH. Core NPAT increased at a lower rate of 9% y-y, because of NHH’s first quarter low season, FX headwinds and MINT’s organic operations.

0

20,000

40,000

60,000

80,000

100,000

9M18 Reported

Non-core Items

9M18 Core Minor Hotels

Pre-NHH

NHH Minor Food

Minor Lifestyle

9M19 Core Non-core Items

9M19 Reported

THB million

THB million

Minor Lifestyle 4% Minor Food

20%

Minor Hotels76%

Minor Lifestyle1%

Minor Food23%

Minor Hotels76%

* Non-core items are detailed on page 47.

47,095

+358 +5,023+91% y-y

* Excludes non-core items

* Excludes non-core items

-121

+43,365 +191 89,739 94,762

46,974

-1,149

0

2,000

4,000

6,000

9M18 Reported

Non-core Items

9M18 Core Minor Hotels

Pre-NHH

NHH Minor Food

Minor Lifestyle

9M19 Core Non-core Items

9M19 Reported

3,944 4,151

6,929+9% y-y

-461

+1,129

-296 -44

+2,778

-121

3,824

FX Headwinds & Lease Payment

11

3Q19 LFL NPAT

9M19 LFL NPAT

In 3Q19, MINT’s financial performance was adversely impacted by the strengthening of the Thai Baht and the additional lease payment because of the sale-and-lease-back transaction of the 3 Tivoli assets. Excluding such impact, MINT’s like-for-like (LFL) NPAT would have increased by 67% in 3Q19 and 17% in 9M19.

THB million

* Non-core items are detailed on page 47.

THB million

0

500

1,000

1,500

2,000

3Q18 NPAT

Minor Hotels Minor Food Minor Lifestyle

3Q19 @ Constant FX & excl Lease

FX Impact Leases 3Q19 Core

1,7071,417

+67% y-y

+832

-213-124 -21

-771,020

+39% y-y

0

1,000

2,000

3,000

4,000

5,000

3Q18 NPAT Minor Hotels Minor Food Minor Lifestyle

3Q19 @ Constant FX & excl Lease

FX Impact Leases 3Q19 Core

4,4324,151

+17% y-y

+939

-204-287 -44 -773,824

+9% y-y

International Presence

12

With solid diversification strategy, MINT’s footprint was in 63 countries at the end of 9M19 across its hospitality and restaurant businesses.

* Excludes non-core items

REVENUE CONTRIBUTION

87%

39%25% 28%

13%

61%75% 72%

0%

25%

50%

75%

100%

2008 2018* 9M19* 2023F

International

Thailand

Minor Food

Combination

Minor Hotels

MINOR HOTELS

Anantara Angkor

Minor Hotels – Financial Highlights

14

Revenue, EBITDA and NPAT of Minor Hotels improved significantly in 9M19 y-y, primarily as a result of the consolidation of NHH since October 2018. In the midst of weak operating environment and external challenges, Minor Hotels’ international expansion and accretive M&A strategies have differentiated the group from its peers in terms of growth and performance.

Revenue

EBITDA

NPAT

THB million

EBITDA Margin

14.4%23.7% 24.1%25.1%

NetMargin

1Q191Q18 3Q18

0.6%8.7%

2Q18

7.4%

4Q18

12.8%

24.6%

7.2%

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 47.

8,929 8,121 8,992

24,535 21,230

24,408 22,619

2,245 1,926 2,213

5,907

3,085

5,282 4,417

1,141 705 651

1,810

128

1,825 1,212

26,042

-1,149

+43,365 68,257

6,383

-980

+7,382 12,785

2,497

-461

+1,129 3,165

9M199M18 Minor Hotels Pre-NHH

NHH2Q19

21.6%

7.5%

9M199M18

18.7%24.5%

9.6% 4.6%

+162% y-y

+100% y-y

+27% y-y+86% y-y

+100% y-y

+152% y-y

19.5%

5.4%

3Q19

26,042

6,383

2,497

68,257

12,785

3,165

Minor Hotels – Organic Performance

15

Organically (excluding NHH performance), 9M19 revenue of Minor Hotels declined by 4%, from owned hotels, management letting rights (MLR) portfolio in Australia and mixed-use business, although managed hotels reported revenue increase. Consequently, 9M19 EBITDA and NPAT declined by 16% and 18% respectively, from the lower flow-through of the owned hotels, MLR and real estate operations, as well as FX headwinds.

Revenue

EBITDA

NPAT

THB million

-31% y-y

-11% y-y

-26% y-y

EBITDA Margin

19.9%23.9%

NetMargin

3Q193Q18

7.8%10.0%

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 47.

9M19 KEY HIGHLIGHTS

Owned hotels (Minor Hotels pre-NHH)

23%of 9M19 Minor Hotels’ revenue

Management letting rights

6% of 9M19 Minor Hotels’ revenue

Management contracts

1%of 9M19 Minor Hotels’ revenue

Mixed-use business

5% of 9M19 Minor Hotels’ revenue

• Revenue (excluding NHH) declined by 5% y-y, as a result of:

‒ Soft performance of Thailand hotels, especially in the provinces, and

‒ The adverse impact of the strengthening of the THB on overseas owned portfolio, despite the RevPar growth of 10% in local currencies for the 9M19 period, together with the tragedy in Sri Lanka.

• Revenue in THB term declined by 11% y-y, because of:

‒ AUD RevPar down by 5%, pressured by both occupancy and room rate, and

‒ Weakening of AUD by 10% during the period.

• Revenue (excl NHH) increased by 12% y-y, primarily attributable to improving performance of hotels in the Middle East and the Maldives, together with contribution of newly added hotels.

• Revenue declined by 8% y-y, from:

‒ The decline in sales of Anantara Vacation Club earlier in the year, although 3Q19 recorded strong turnaround, and

‒ Timing mismatch of the residential sales, while 4Q19 looks promising.

8,907 7,942

2,129 1,577

891

616

9M199M18

25,598 24,449

6,0655,085

2,5232,062

20.8%23.7%

9.9% 8.4%

-4% y-y

-16% y-y

-18% y-y

Minor Hotels – NH Hotel Group Performance

16

NH Hotel Group reported recurring EBITDA of EUR 209 million in 9M19, an increase of 13% y-y as a result of sound revenue growth (+6%) and continuous cost control. NHH reiterates on its full-year 2019 EBITDA & recurring NPAT guidance of EUR 285 million and approx. EUR 100 million respectively (excluding IFRS 16 and IAS 29 accounting impacts and Tivoli integration).

Revenue

RecurringEBITDA

Reported NPAT

EUR million

EBITDA Margin

17.4% 17.9%

3Q18 3Q19excl IFRS 16

9M18

71.6%

9M19 KEY HIGHLIGHTS

+30% y-y

+8% y-y

+11% y-y

43,808436

404

7870

29

-3% y-y

2228

Recurring NPAT

28

Note: (1) As per NHH’s report, the numbers include hyperinflation accounting effect (IAS 29) (implemented since 3Q 2018) but excludes IFRS 16, (2) Recurring NPAT exclude mainly net capital gains from asset rotation, and (3) In THB consolidation, acquisition-related expenses include expenses related to fair value adjustment and interest expenses on the financing of the acquisition.

Revenue

Recurring EBITDA

NPAT

Leverage

• 9M19 revenue growth of 6%‒ Organic RevPar up 4.6% (Occupancy flat; ADR +4.6%)‒ Strong growth in Europe of +3.5%. Additional

revenue from new hotels & transfer of Tivoli portfolio

• 9M19 recurring EBITDA growth of 13%, with marginimprovement of 1.0 p.p.‒ Effective cost control with 35% EBITDA conversion

rate. Parameter changes explain 49% of the increaseof total operating costs and 41% of lease payments

• 9M19 recurring NPAT increase of 57%‒ Business improvement‒ Lower financial costs, from full redemption of

convertible bond (June 2018) and partial earlyredemption of 2023 bond (4Q18)

• 9M19 reported NPAT decline of 21%, due to lowercontribution (-EUR 45 million) of non-recurring activities(sale & leaseback of NH Collection Amsterdam BarbizonPalace Hotel in 1Q18)

• Net financial debt position of EUR 190 million

318 7,340

360

-26 1,103

- 1,207

1,236

- 1,207

Consolidation - THB million

Acquisition Related Expenses

Acquisition Related Expenses

NPAT Margin

5.3% 6.4%

+6% y-y

1,2571,190

209185

+13% y-y

15.6% 16.6%

4570

+57% y-y

9374

-21% y-y

3.7% 5.6%

9M18 9M19excl IFRS 16

443

9M19

NM

17.6%

2.5%

-26

7,770 Accounting Standard Difference+

Minor Hotels – International Presence

17

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 55 countries.

* Excludes non-core items

REVENUE CONTRIBUTION

94%

22% 12% 11%

6%

78% 88% 89%

0%

25%

50%

75%

100%

2008 2018* 9M19* 2023F

International

Thailand

Management

Combination

Investment

New Destinations in Pipeline

Hubs

Minor Hotels Portfolio

18

In terms of business model, owned and leased business is the most important to Minor Hotels, with 87% revenue contribution. In terms of geography, Europe is the major contributor with 66% of Minor Hotels’ revenue, and about 60% of NPAT. For the full year, Europe contribution is expected to decline as Thailand and Maldives enter high season in the forth quarter.

System-wide Room ContributionBy Ownership

System-wide Room ContributionBy Geography

Owned25%

Leased44%

JV 3%

Managed19%

MLR9%

Asia10%

Europe61%

Americas14%

Oceania9%

Middle East & Africa 6%

9M19 Revenue ContributionBy Geography

9M19 NPAT ContributionBy Geography

9M19 Revenue ContributionBy Business

Owned & Leased

87%

Managed2%

MLR6%

Mixed-use5%

Thailand12%

Europe66%

Americas6%

Australia & New Zealand 6%

Maldives & Middle East 2%

Others8% Thailand

13%

Europe60%

Americas3%

Maldives & Middle East

17%

Others7%

76,967 Rooms

THB 68,257 million

76,967 Rooms

60%64%

74%

62%

61%68%

71%65%

74% 74%

40%

50%

60%

70%

80%

90%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

7,063 7,063 7,063

0

5,000

10,000

15,000

20,000

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Owned & Leased Hotels

19

With the acquisition of NHH, owned & leased hotels is the major revenue contributor. 3Q19 organic RevPar excluding FX impact of owned & leased hotels grew by 2%, driven by overseas hotels. System-wide RevPar of owned & leased portfolio declined by 39%, from the dilution of ADR with the consolidation of different room type mix of NHH, and the strengthening of the Thai Baht. Revenue of owned & leased hotels more than tripled in 3Q19, primarily from the consolidation of NH Hotel Group.

ADRNUMBER OF HOTEL ROOMS

OCCUPANCY REVPAR

+657% y-yNo of Rooms

THB

THB

Organic -3% y-y

System-wideFlat

Organic excl FX+2% y-y

System-wide-39% y-y

60,000 52,969 52,978 7,314

5,5566,152

3,985

7,072

5,9206,465

3,7484,109

3,763

2,000

4,000

6,000

8,000

1Q18 2Q18 3Q18 4Q18 2Q191Q19 3Q19

System-wide-39% y-y

Organic excl FX+5% y-y

4,4003,568

4,533

2,743

4,3133,997

4,574

2,4443,053

2,773

0

2,000

4,000

6,000

53,262

Owned & Leased

87%9M19

Minor Hotels Revenue

53,448

1Q18 2Q18 3Q18 4Q18 2Q191Q19 3Q19

RevPar Growth (y-y) +14% +1% Flat -2% -6% Flat -5%

Owned Hotels – Thailand

20

Thailand continues to be an important market for Minor Hotels. RevPar trend of hotels in Thailand was soft in 3Q19, amidst the low season. Performance of Bangkok hotels continued to hold up relative to hotels in the provinces. Minor Hotels continues to believe that Thailand will remain an attractive destination for tourism with its diverse attractions, well-developed infrastructure and strategic location.

3Q19 KEY HIGHLIGHTS

THB

Organic

RevParADR% Occupancy

Thailand

Bangkok

ThailandProvinces

• International tourist arrivals into Thailand grew by 7% in 3Q19,driven by recovery of tourists from China, new market; i.e. India, andthe traditional markets of Japan and Korea.

• Minor Hotels’ number of room nights sold declined by 4% y-y in3Q19. As a result, organic RevPar of Minor Hotels’ owned Thailandportfolio declined by 5% in 3Q19 compared to 3Q18.

• RevPar of Bangkok hotels was flat in 3Q19 compared to 3Q18.(Occ -1%, ADR +1%).

• RevPar of Bangkok hotels in 3Q19 was driven by the St. Regis Hoteland AVANI Bangkok Riverside.

• Performance of hotels in the provinces remained challenging withRevPar decline of 10% in 3Q19 (Occ -2%, ADR -7%).

• Positive RevPar growth of Anantara Golden Triangle, AVANI Samuiand Anantara Layan Phuket helped partially mitigate the RevPardecline of other hotels.

7,652

5,377 5,3616,701 7,303

5,367 5,1806,393

3,875 4,1645,074

5,994

3,891 3,93784%

72% 78% 76% 82% 73% 76%

0

2,000

4,000

6,000

8,000

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Thailand11%

Overseas excl NHH

15%

NHH74%

THAILAND

9M19 ORGANIC REVPAR GROWTH (THB)

-2% -9%

9%

-7% -10%

Bangkok Provinces

Bangkok44%

Provinces56%

THAILAND HOTELSREVENUE CONTRIBUTION

1Q 2Q 1Q 2Q3Q 3Q

9M19 Owned Hotels

Revenue

Flat

Thailand11%

Overseas excl NHH

15%

NHH74%

Portugal34%

Brazil13%Maldives

11%

Africa13%

Others29%

RevPar Growth (y-y) +14% +6% +12% +5% -3% +10% -6%

Owned Hotels – Overseas (Excl NHH)

21

RevPar of owned overseas hotels (excl NHH) declined by 6% in 3Q19, solely from the strengthening of the THB. Excluding FX impact, organic RevPar of owned overseas hotels increased by 7%. Selective asset refreshments and ongoing sales & marketing efforts helped Minor Hotels to continue to report positive momentum despite the challenging macro backdrop in its key markets.

3Q19 KEY HIGHLIGHTSOVERSEAS EXCL NHH

9M19 ORGANIC REVPAR GROWTH (THB)

Organic

THB

RevParADR% Occupancy

Portugal

• Portugal portfolio’s RevPar was down 8% in THB (+3% in EUR),with the weakening of the EUR by 11% during the quarter.

• With the occupancy already in the 80’s, the increase in RevPar inEUR was driven primarily by rate.

Brazil

• Brazil’s RevPar declined by 4% in THB (+3% in BRL) with theweakening of the Brazilian real by 7%.

• The BRL RevPar growth was driven by Tivoli Sao Paulo Mofarrej.

Maldives

• RevPar of the Maldives portfolio increased by 1% in THB (+9% inUSD) with the weakening of the USD by 7%.

• The RevPar growth continued to be from the successful focus onrate increase.

Africa

• RevPar of the African portfolio increased by 3% in THB (+32% inlocal currencies).

• Hotels in Zambia were the drivers of the RevPar growth, with over30% growth rate for the two hotels in local currency.

6,9025,690

6,823 5,977 6,249 5,7806,602

3,0983,380

4,7153,185 3,009 3,724

4,426

45% 59%69%

53%48%

64% 67%

0

2,000

4,000

6,000

1Q18 2Q18 3Q18* 4Q18 1Q19 2Q19 3Q19

OVERSEAS HOTEL (EXCL NHH)REVENUE CONTRIBUTION

IN LOCAL CURRENCIES (3Q)+3% +3% +9% +32%

Flat Flat-3%

7%8%

18% 19%

8%

-8% -4% 1% 3%

Portugal Brazil Maldives Africa

1Q 2Q 1Q 2Q 1Q 2Q 1Q 2Q3Q* 3Q 3Q 3Q

* For comparison purposes, to be in line with the operations, the three Tivoli properties under the sales and lease back transaction has been reclassified to be under NHH in 3Q18 and are no longer in Minor Hotels’ owned overseas portfolio.

9M19 Owned Hotels

Revenue

RevPar +2% y-y +4% y-y

Owned & Leased Hotels – NH Hotel Group

22

NHH was the largest contributor to the owned & leased hotel portfolio in 9M19. 9M19 RevPar of NHH increased by 4%, driven by all key markets (despite the negative trade fair calendar of Central Europe in 3Q19). The RevPar increase in 9M19 was primarily from ADR (all regions reported ADR increases except LatAm with outstanding RevPar growth in Spain).

3Q19 KEY HIGHLIGHTS

MLR

NH HOTEL GROUP – ORGANIC REVPAR

9M19 ORGANIC REVPAR GROWTH (EUR)

98 100

73 75

75% 75%

0

40

80

120

3Q18 3Q19

EUR

RevParADR% Occupancy

Spain• Both Madrid and Barcelona achieved double-digit RevPar growth

due to favorable fair and congress calendar.

Italy

• Milan continued to perform well with positive trade fair calendar.

• Performance in Rome was weaker due to lower demand ofbusiness groups.

Benelux

• Recovery continued in Brussels with higher number of events

• Amsterdam was slightly pressured by lower business groupevents.

• Congress center hotels’ RevPar continued to be positive.

Central Europe

• Operations in Germany were weaker by the unfavorable trade faircalendar in the third quarter.

• Additionally Frankfurt negatively affected by higher supply.

Latin America

• Mexico saw positive RevPar from higher demand and increase inroom rate.

• Argentina impacted by hyperinflation and Colombia by currencydepreciation.

NHH REVENUE CONTRIBUTION

Note: NHH’s organic stats disclosed by MINT and 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)

Spain Italy Benelux Central Europe

Latin America

98 10170 73

72% 72%

0

40

80

120

9M18 9M19

EUR

7%

1% 1%

6% 5%7%5% 4%

6%

0.2%

10%

4%2%

-5% -9%

1Q 2Q 1Q2Q 1Q2Q 1Q2Q 1Q2Q3Q 3Q3Q3Q3Q

Thailand11%

Overseas excl NHH

15%

NHH74% 9M19

Owned Hotels Revenue

Spain 27%

Italy 19%

Benelux 23%

Central Europe

23%

Latin America

7%

NHH Integration & Synergies Update

23

Potential synergies have been identified and will be proposed to NHH’s board for approval, after which the plan will be announced. Both MINT & NHH are already working together on the integration, examples are.

Successful transfer of hotels in Portugal & Brazil to be under NHH management, in order to leverage on NHH’s strong operating platform:

• 3 hotels in Lisbon being leased & managed by NHH

• 9 hotels in Portugal under the management of NHH

• 2 hotels in Brazil with NHH’s support on operational process and reviews

Handover of NH Cape Town The Lord Charles in South Africa to be under the operational oversight of Minor Hotels’ Africa hub.

TIVOLI INTEGRATION & HUB STREAMLINING CROSS-EXPANSION

Leverage on both parties’ strengths to expand the hotel portfolio.

NHH’s relationship with real estate

investors / owners+ Anantara’s brand

strength

Anantara will soon début in Ireland with the rebranding of The Marker Hotel in Dublin.

Anantara Villa Padierna Palace Benahavis Marbella Resort in Spain opened its doors in July 2019.

Asset-Light Businesses

24

Managed2%

MLR6%

9M19 Minor Hotels

Revenue

MANAGED HOTELS

REVPAR

NO OF HOTEL ROOMS

MANAGEMENT LETTING RIGHTS

REVPAR

NO OF HOTEL ROOMS

+6% y-yNo of Rooms

6,511 6,512 6,6186,935 7,000 6,989 7,043

4,000

5,000

6,000

7,000

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

3,6243,052

3,480 3,411 3,1882,673

2,895

148

126

144 145142

121

138

110

130

150

170

0

1,000

2,000

3,000

4,000

5,000

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

AUD-5% y-y

THB -17% y-y

THB AUD

+194% y-yNo of Rooms

4,745 4,750 4,919

13,311 13,284 13,408 14,450

0

5,000

10,000

15,000

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

4,170

3,144 3,413 3,119

4,3063,425 3,377

2,882 2,744 2,865

0

2,000

4,000

6,000

THB Organic excl FX-1% y-y

System-wide-16% y-y

1Q18 2Q18 3Q18 4Q18 2Q191Q19 3Q19

MINT’s asset light businesses include management letting rights (MLR) of serviced-suites in Australia and New Zealand and hotel management contracts. RevPar of MLR declined because of the weak macro environment and the strengthening of the THB. As a result, MLR revenue declined by 11% in 3Q19. For managed hotels, system-wide RevPar declined from change of hotel mix with the addition of the NHH portfolio, together with the strengthening of the THB. However, revenue of managed hotels increased by 11% from the new openings.

• Le Chaland, Mauritius 164 rms• Tozeur, Tunisia 93 rms

• Bangkok, Thailand 382 rms• Adelaide, Australia 78 rms• Angkor, Cambodia 80 rms• Busan, South Korea 289 rms• Victoria, Australia 170 rms• Wellington, New Zealand 226 rms• Krabi, Thailand 178 rms• Dubai, UAE 360 rms

• Beirut, Lebanon 110 rms• Gold Coast, Australia 76 rms

• Valencia, Spain 47 rms• Santiago, Chile 85 rms

• Porto, Portugal 79 rms• Andorra la Vella, Andorra 60 rms

• Laikipia, Kenya 8 rms

• Marbella, Spain 132 rms• Desaru, Malaysia 103 rms

• Merida , Mexico 120 rms• A Coruna, Spain 92 rms

• Mannheim, Germany 225 rms• Leipzig, Germany 197 rms• Mexico City, Mexico 105 rms• Munich, Germany 173 rms• Antwerp, Belgium 180 rms• Rome, Italy 42 rms

• Warangi, Serengeti National Park, Tanzania* 12 rms

Hotel Expansion Pipeline2019F

MA

NA

GEM

ENT

CO

NTR

AC

TS /

MLR

S

• Frankfurt, Germany 428 rms• Monterrey, Mexico 120 rms

• Frankfurt, Germany 375 rms

HO

TEL

INV

ESTM

ENT

& L

EASE

• Ubud, Bali, Indonesia* 71 rms• Dublin, Ireland 187 rms

• Khao Lak, Thailand 328 rms• Fares Island, Maldives* 200 rms

• Cancun, Mexico 140 rms• Hannover, Germany 89 rms

• Amsterdam, Netherlands 650 rms

2020F 2021F 2022F-2024F

63 Hotels / 11,661 Rooms

11 Hotels / 1,381 Rooms 7 Hotels / 1,665 Rooms 6 Hotels / 809 Rooms

17 Hotels / 2,485 Rooms 16 Hotels / 2,360 Rooms 14 Hotels / 3,266 Rooms 16 Hotels / 3,550 Rooms

25

• Phi Phi Island, Thailand 107 rms• Nanjing, China 120 rms

• Busan, Korea 570 rms• Savanne, Mauritius 156 rms• Ras Al Khaimah, UAE 225 rms• Dubai, UAE 528 rms

• Fortaleza, Brazil 130 rms• Hangzhou, China 166 rms

• Phuket, Thailand 500 rms

• Lima, Peru 164 rms• Iquique, Chile 135 rms

• Lima, Peru 265 rms• Santiago, Chile 146 rms

• Hangzhou, China 54 rms

• Accra, Ghana 155 rms• Chengdu, China 150 rms• Sharjah, UAE 233 rms• Riyadh, Saudi Arabia 163 rms• Jeddah, Saudi Arabia 328 rms

• Sifah, Oman 300 rms• Kota Kinabalu, Malaysia 386 rms• Yangon, Myanmar 250 rms• Cam Ranh, Vietnam 595 rms• Ho Chi Minh City, Vietnam 217 rms

• Yangon, Myanmar 221 rms

• Guadalajara, Mexico 120 rms• Aguascalientes, Mexico 105 rms• Mexico City, Mexico 144 rms• Panama, Panama 83 rms

• Zhuhai, China 100 rms

Others

Others

* Note: Joint-ventured properties

27 Hotels / 4,778 Rooms

** Hotels already opened in 9M19

• Bang Krachao, Thailand 62 rms• Libo Country, China 173 rms• Ras Al Khaimah, UAE 174 rms

• Krabi, Thailand 83 rms• Nha Trang, Vietnam 273 rms• Dubai, UAE 264 rms• Muscat, Oman 162 rms• Queensland, Australia 50 rms

• Chengdu, China 201 rms• Bahia, Brazil 50 rms

• Chengdu, China 197 rms• Hangzhou, China 132 rms

• Murano, Italy 104+38 rms

• Feira de Santana, Brazil 207 rms

• London, UK 190 rms

• Milan, Italy 185 rms• Santander, Spain 64 rms• Alicante, Spain 63 rms

• Milan, Italy 100 rms• Hamburg, Germany 261 rms

• Hamburg, Germany 136 rms

3 Hotels / 923 Rooms

Mixed-Use Business

26

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 3Q19, mixed-use revenue declined by 10% y-y, as the increase in revenue of Anantara Vacation Club of 9% only partially offset the decline in residential sales during the quarter from timing mismatch of the sales. Minor Hotels expects to have some residential sales activities in 4Q19.

RESIDENTIAL DEVELOPMENT ANANTARA VACATION CLUB

INVENTORY TO ACCOMMODATE GROWING MEMBERS

0

4,000

8,000

12,000

2015 2016 2017 2018 9M19

No. of Members

Growth (y-y) +28% +15% +27% +21% +18%

137160 186

229 238

500

0

100

200

300

400

500

2015 2016 2017 2018 3Q19 2023F

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

Sanya, Samui,Phuket, Bangkok

Chiang Mai

>

GROWING MEMBERSHIP

Mixed-use5%

9M19 Minor Hotels

Revenue

6,928 8,00010,193

13,88412,347

39%

11%8%8%7%27%

China

Thailand

Singapore

Hong Kong

Malaysia

Others

PIPELINE

CURRENT PROJECTS

Layan Residences by Anantara, Phuket

Avadina Hills by Anantara, Phuket

The Estates Samui

Anantara Chiang Mai Serviced Suites

Torres Rani, Maputo

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

100%-owned

50% JV

100%-owned

50% JV

49% JV

Anantara DesaruResidences, Malaysia

Anantara UbudResidences, Indonesia

Silom Office

20 residential villas

15 residential villas

60% JV

50% JV

40% JVNA

Launched 2015

Launched 2018

Launched 2006

Launched 2016

Launched 2015

To launch 2020

To launch 2023

To launch 2020

MINOR FOODSwensen’s High Fiber / Low Calories Ice Cream

Minor Food – Financial Highlights

28

9M19 revenue of Minor Food grew by 1% y-y, primarily because of the outlet expansion, which offset the slowdown of the overall same-store-sales from the weak macro backdrop. EBITDA and net profit declined y-y by 9% and 24% respectively. Despite improved profitability of the China hub, overall margins were under pressure, which resulted from the contraction of same-store-sales, together with investment and expenses in growing sales and strengthening of digital capabilities in Thailand.

Revenue

EBITDA

NPAT

THB million

EBITDA Margin

NetMargin

1Q191Q18 3Q182Q18 4Q18

KEY HIGHLIGHTS

17.3%15.6%

7.5%

12.3%

4.7%

18.5%

9.0%

15.6%

6.0% 6.0%

Total-system-salesgrowth of

4.3%in 9M19

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

• Total-system-sales growth was positive throughout the first nine months, driven by outlet expansion of China and Thailand hubs.

Outlet expansion

6% in 9M19

• The drivers of outlet expansion during the past 12 months continued to be The Pizza Company, Dairy Queen, Burger King, The Coffee Club and Riverside.

Same-store-salesgrowth of

-3.8% in 9M19

• China hub reported positive SSSG in 9M19 (driven by 1H19), but it was not sufficient to offset the negative same-store-sales growth of Thailand and Australia hubs which continued to face challenging macro conditions.

• Minor Food will continue to strengthen its multi-brand portfolio through product innovations and accessibility, especially through delivery.

* The financials above reflect performance from operation, and therefore exclude non-core items in as detailed on page 47.

6,085 5,806 5,836 5,756 6,367

5,865 5,686

1,123 903 911

710

1,103 879 698

548

350 350 273

475

269 207

15.0%

4.6%

2Q19

15.0%16.6%

9M19

7.0%

9M18

5.3%

-41% y-y

-23% y-y

-3% y-y +1% y-y

-9% y-y

-24% y-y

12.3%

3.6%

3Q19

17,728

2,938

1,248

17,919

2,680

951

Minor Food – International Presence

29

MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 26 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%65% 63% 60%

19%35% 37% 40%

0%

25%

50%

75%

100%

2008 2018* 9M19* 2023F

International

Thailand

Minor Food – Operational Performance

30

3Q19 total-system-sales of the restaurant business grew by 3.7%, driven by selective outlet expansion of 6% y-y, primarily in China, Thailand and developing hubs. Same-store-sales declined by 3.7% in 3Q19, as a result of slow consumption and weak macro backdrop across all major hubs.

RESTAURANT OUTLETS BY GEOGRAPHYSSS & TSS GROWTH

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

2,130 2,270 2,2542,085No. ofOutlets

2,174

RESTAURANT OUTLETS BY OWNERSHIP

International

Thailand

2008 2018 3Q19 2023F

34%

66%67%

37%

63%1,043

4,462

2,270 2,297

+6% y-y

34%

66%

53%82%

59%

Franchised

Owned

50%

2008 2018 3Q19 2023F

38%

62%

51%

49%

4,462

49%

51%

+6% y-y

1,043

2,270 2,297

50%

50%

-1.8%-3.1%

-3.8% -4.3% -4.0% -3.6% -3.7%

-1.7%-0.7%

0.7%

2.8%

5.3%

3.8% 3.7%

-5%

0%

5%

10%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

2,268

33%

2,297

Thailand Hub

31

Revenue from domestic operations accounted for over 60% of total restaurant revenue in 9M19. Amidst the challenging economic environment, Minor Food started to see some improvements in its same-store-sales performance with continued effort on product innovations, promotional campaigns and delivery initiatives.

KEY HIGHLIGHTSTHAILAND’S SSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth• Same-store-sales: Thailand’s SSS declined by 5.0% in 3Q19, an improving

trend q-q for the third consecutive quarter:

‒ In terms of brands, Burger King has seen significant recovery, with same-store-sales growth of +9% in Sept;

‒ Bangkok has seen notable m-m improvement in same-store-sales trend, attributable to the focus on delivery.

• Total-system-sales:

‒ Thailand hub selectively expanded its network of outlets, especially the franchised outlets of The Pizza Company and Dairy Queen;

‒ With outlet expansion of 7% in 3Q19, Thailand’s TSSG was 2.1%.

• 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.

Thailand63%

-10%

-5%

0%

5%

10%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

9M19 Minor Food

Revenue

Thailand Hub – Delivery

32

With the marketplace expanding from dine-ins to delivery services, Thailand hub has focused its efforts on both its own delivery platform and third-party aggregators.

Thailand Hub – Product Innovation

33

In order to maintain its position with products that are on top of mind of customers, Minor Food continues to create excitement through product innovations for all of its brands.

Sizzler’s Cold-Pressed Juice

Burger King’s Cheesy Truffle Fries Dairy Queen’s Super SundaeThe Pizza Company’s Cheesy Shrimp Pizza

Swensen’s Bingsu CakeSizzler’s Plant-Based Menu

• Same-store-sales: China’s SSSG declined by about 2% in 3Q19, primarily from lower traffic amidst the slowing economy.

• Total-system-sales: With the continued outlet expansion of 17%, the TSSG was 9.3% in 3Q19.

• 3Q19 Update: Riverside launched its loyalty program in August 2019, with the focus on driving traffic to the stores and leverage on CRM.

• 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

‒ Invest in system for efficiency and focus on CRM and loyalty program to increase sales.

China Hub

34

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. In 9M19, net profit of China hub more than doubled y-y, from the effective cost control.

KEY HIGHLIGHTSCHINA’S SSS & TSS GROWTH

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

-10%

-5%

0%

5%

10%

15%

20%

25%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

China15%

9M19 Minor Food

Revenue

China Hub – Building Customer Loyalty

35

Riverside’s will further build customers’ loyalty through digital loyalty program and food traceability.

Food Traceability

• As part of Riverside’s marketing plan, China hub is building public awareness on its fish quality through various channels, including TV news coverage and printed ad.

• Riverside is the first grilled fish brand in the market to provide farm to table traceable ‘live’ fish, providing customers with the highest level of food safety and raw ingredient traceability.

Digital Loyalty Program

• Digital loyalty program was launched on WeChat.

• Riverside is able to recruit 200,000 new members per month.

Australia Hub

36

In 9M19, Australia hub’s revenue contributed 11% of total restaurant business. Although revenue increased in AUD term, revenue in THB term declined by 7% because of the weakening of the AUD. Australia hub was able to maintain profitability in 9M19, despite the contraction of both same-store-sales and total-system-sales.

KEY HIGHLIGHTSAUSTRALIA’S SSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth• Same-store-sales: Australia’s SSS declined by 1.9% in 3Q19, as Australia's

economy slowed to its most sluggish pace since 2009.

• Total-system-sales: The trend of TSSG improved to -1.2%, supported by the expansion of The Coffee Club International and Nomad’s strong coffee volume sold through Aldi supermarket.

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

o brand relevance, especially through delivery business (partnership with UberEats and potentially other aggregators), and

o differentiation through hero products and loyalty program;

‒ Drive international expansion of The Coffee Club brand in both existing and new markets, where the main driver continues to be Thailand; and

‒ Expand coffee roasting business through all channels:

o retail channel through The Coffee Club and white label business, and

o wholesale channel through supermarkets.

-15.0%

-10.0%

-5.0%

0.0%

5.0%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

Australia11%

9M19 Minor Food

Revenue

Australia Hub – Domestic Operations

37

Australia hub focuses on product innovation and loyalty program, as well as delivery through partnership with Uber Eats with the target to improve traffic.

Loyalty Programs & App Product Innovation Delivery Partnership

Focus on delivery

Minor Food – 4Q19 Priorities

38

Amidst today’s rapidly changing competitive landscape, Minor Food has identified key priorities to be implemented for the rest of the year. In addition, the acquisitions will bring in additional revenues and NPAT which will enhance Minor Food’s growth trajectory in the long term.

DRIVING SSSG DIVERSIFIED EXPANSION FOCUSING ON PROFITABILITY

Upgrading facilities / relocation to higher traffic areas

Drive local menus

Increase day-part traffic

1

2

3

Grow occasions

4

Physical Stores

Selective expansion through new channels : Transportation hubs, new

smaller-scale communities & marketplace

Digital

Growth through both own app / platform and third-party aggregators

Driving digital transformation to increase productivity

1

2

In addition to the efforts to improve the operational performance above, the investment in Bonchon will also become another growth driver of Minor Food going forward.

MINOR LIFESTYLE

30 30 19

51

31

6 -2

Minor Lifestyle – Financial Highlights

40

9M19 revenue of Minor Lifestyle was up 11%, driven primarily by retail trading business. EBITDA and NPAT declined by 9% and 56% respectively because of higher proportion of the lower margin sales with discounts and promotions campaigns of retail trading business and lower operating leverage of the contract manufacturing business.

Revenue

EBITDA

NPAT

THB million

EBITDA Margin

NetMargin

1Q191Q18 3Q182Q18 4Q18

KEY HIGHLIGHTS

2.7% 1.8% 4.1% 2.4%3.0%

6.3% 6.3% 6.9% 6.7%8.2%

Retail trading

80%of 9M19 Minor Lifestyle revenue

Contract manufacturing

20% of 9M19 Minor Lifestyle revenue

• 9M19 revenue from retail trading increased by 14%, mainly from Anello, OVS, Radley, Bossini, Charles & Keith Bodum, Henckels and Joseph Joseph.

• 9M19 revenue from contract manufacturing increased by 1%, impacted by the slow retail environment.

No. of Shops 452 490 486416 429

SSS & TSS GROWTH

TSSG

SSSG3.1%

-2.5%

-8.1% -8.3%

-1.3%1.3%

6.1%

19.4%

12.4%

3.9% 2.4%

8.0%11.4%

20.1%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

1,130 1,014 1,062 1,234 1,251 1,120 1,192

72 83 67

85 84 62 56

6.9% 5.6%

1.0%2.5%

9M18

5.5%

0.5%

2Q19 496

-17% y-y

+12% y-y +11% y-y

-9% y-y

9M19

-56% y-y

4.7%

NM

3Q19 486

3,205

221

79

3,563

201

35

Corporate Information& Five-Year Plan

1.21

1.35

0.8

1.0

1.2

1.4

1.6

1.8

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 YE19

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

42

CAPEX plans include committed CAPEX of projects in the pipeline. With the successful asset rotation strategy, interest bearing debt to equity ratio declined to 1.35x at the end of 3Q19, very close to MINT’s internal policy target of 1.3x. MINT and its senior unsecured debentures have “A” rating by TRIS. 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

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity

Internal Policy

X

THB million

0

50,000

100,000

150,000

200,000

Outstanding Borrowing & Equity Un-Utilized Facility

Debt59,298

Debt112,085

Note: Cash on hand as at end of 3Q19 is THB 11,987 million

X

1.30x

Target

Equity*9,928

* Assume 100% conversion of MINT-W6

Equity82,765

Strengthening of Balance Sheet

43

MINT is prudent on the management of its leverage level and focuses on consistently improve the quality of its balance sheet. Many initiatives have been implemented over the past year in order to ensure strong balance sheet position.

• The average maturity of the loans has been extended to over 6 years.

• All-in interest rate is below 3%.

• All fundings have been swapped into Euros.

Term Out of Loans for NHH Acquisition

Completed

• The proceeds from the successful asset rotation strategy of the sale-and-lease-back transaction of 3 Tivoli properties have been used to partially repay debt.

• MINT’s interest bearing debt declined from THB 125 billion at the end of 2Q19 to THB 112 billion at the end of 3Q19.

• As a result, D/E ratio declined from 1.55x at the end of 2Q19 to 1.35x at the end of 3Q19

Partial Loan Repayment from Asset Rotation

Strategy

• The definition of “interest bearing debt” in the calculation of debt covenant has been amended to exclude the lease liabilities, in anticipation of the IFRS 16, which will become effective 2020.

• Such definition is applicable to all creditors – financial institutions and bondholders.

Amendment of Covenant Calculation

• The recent favorable account treatment of perpetual bonds is being validated by The Federation of Accounting Professions for at least until the end of 2022.

• The formal validation is expected to be before end of 2019.

Perpetual Bond Treatment

MINT’s Five-Year Strategy

44

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

45

2009REVENUE THB 17.2 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.)

3Q19• 529 hotels• 132 residences built to date• 238 vacation club units• 2,297 restaurants• 486 retail shops & POS

(31,704 sq.m.)

APPENDIX

Al Najada Doha Hotel Apartments by Oaks

Non-Core Items

47

Period Amount

(THB million) Business Unit Non-recurring Items

3Q19

4,743 revenue

3,512 net profitMinor Hotels Gain from Tivoli asset sales

35 revenue

-1 net profitMinor Hotels Non-recurring revenue and expenses of NH

-46 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap

-322Minor Hotels /

Minor Food

Expenses and provisions related to Corbin & King, Ribs & Rumps, certain brands in Singapore hub

2Q19

-48 pre-tax

-38 post-tax

Minor Hotels /

Minor Food / Minor

Lifestyle

Loss from retirement benefit

62 revenue

44 net profitMinor 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-taxMinor Hotels Capital gain from asset rotation of NH Hotel Group

-191 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap

4Q18

708 Minor Hotels Gain on fair value adjustment of investment in NH Hotel Group

-800 Minor Hotels Loss from changing status of investment in NH Hotel Group

-96 Minor Hotels Impairment charge of investment in Oaks Gladstone

-280 pre-tax

-232 post-taxMinor Hotels Impairment of investment in Rani (Mozambique)

-125 Minor Food Impairment of investment in GrabThai in UK

-87 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap

2Q18 121 Minor Food Gain on fair value adjustment of investment in Benihana