1

4Q18 & FY18 Results Briefing

2

Disclaimer

This document is provided to you for information only and should not be relied on or used as a basis for making any specificinvestment, business or commercial decision. No representation or warranty, expressed or implied, is made as to, and noreliance should be placed on, the information or opinions contained herein. This document does not constitute and should notbe construed as, any offer or solicitation for the subscription, purchase or sale of any securities of Banyan Tree HoldingsLimited (“Banyan Tree”). Nothing in this document should be construed as a recommendation regarding the securities ofBanyan Tree.

Certain statements in this document may constitute "forward-looking statements”, including statements regarding, amongstother things, Banyan Tree’s business and growth strategy. These statements reflect Banyan Tree’s expectations and aresubject to risks and uncertainties that may cause actual results to differ materially and may adversely affect the outcome andfinancial effects of the plans described herein. You are cautioned not to rely on such forward-looking statements. BanyanTree disclaims any obligation to update their view of such risks and uncertainties or to publicly announce the result of anyrevisions to the forward-looking statements made herein, except where they would be required to do so under applicable law.

Banyan Tree is under no obligation to keep current the information contained in this document and any opinions expressed init are subject to change without notice. None of Banyan Tree or any of its affiliates, advisers or representatives shall haveany liability whatsoever for any loss whatsoever arising from any use of this document or its contents, or otherwise arising inconnection with this document (whether direct, indirect, consequential or other). This document is not intended to provideprofessional advice and should not be relied upon in that regard. Prospective investors should consult their tax, legal,accounting or other advisers.

The information in this document is given in confidence and reproduction of this document, in whole or in part, or disclosureof any of its contents, without prior consent of Banyan Tree, is prohibited. This document remains the property of BanyanTree and on request must be returned and any copies destroyed.

3

Agenda

1. Overview Eddy See

2. Key Segments Performance Review Kuan Chiet

3. Future Plans Ho KwonPing

4

Overview

5

OverviewGroup Financial Highlights

Revenue � 4% and Operating Profit � 11% :

� � revenue recognition from Property Sales segment.

� � operating expenses.

� Partially offset by lower other income as FY17 recorded higher gain from divestment of China entities.

Cash Earnings � 38% to S$44.1 million.

Proposed dividend of 1.05 cent/share.

Hotel Investment – forward bookings in 1Q19 �8%

Property Sales – unrecognised revenue from sold properties S$190m (�14%); 40% to be recognized in 2019.

* Variance is computed based on figures to the nearest thousands & in line with announcement in SGXNet.** Computed based on PATMI adjusted for non-cash items i.e. depreciation, amortisation expense, fair value adjustments on long term investments/investment properties, impairments, fixed assets written off and

effective interest adjustment on receivables. These non-cash items are after MI adjustments.

FY17 (S$’M) FY18 (S$’M) Change*

REVENUE 317.5 329.0 4%

OPERATING PROFIT 74.7 83.1 11%

CASH EARNINGS** 31.9 44.1 38%

6

EBITDA

S$0.9b S$83m

Enterprise Value5

NAV2 Per Share Share Price3 / NAV Cash and Cash Equivalents

Net Gearing Ratio4

S$0.77 S$206m

47%

23% discount

Note:1. Financial figures as at 31-Dec-18.2. NAV denotes Net Asset Value.3. Share price based on closing share price of S$0.595 as at 11 Feb 2019.4. Gearing ratio is defined as net debt divided by total equity (includes minority interests).5. Enterprise value (EV) defined as sum of Market Capitalization, Debt and Minority Interest, less Cash.

EV/EBITDA

11x

Key Figures1

7

Key Segments Business Review

8

Hotel & Fee-Based Business

9

(2.8)0.8

(3.4)

2.7 6.9 4.4

18.7 15.3

-$4.0

$0.0

$4.0

$8.0

$12.0

$16.0

$20.0

$24.0

$28.0

4Q17 4Q18 FY17 FY18

Non-Thailand Thailand

S$'M QTD YTD

���� 2.7m

���� 1.1m

Net S$4.1mNet S$5.2m

Net S$15.3m

Net S$18.0m

Hotel Investments – Financial PerformanceOperating Profit

Owned Hotels1Highlights

1. Hotel management fees attributed for hotels managed and owned by BTH was allocated to hotel management segment.

QTD:

� Absence of PPE written off in Morocco in 4Q17.

� � profit from Cassia Bintan.

Partially offset by:

� � profit from Thailand.

� Absence of profit from Seychelles after disposal.

YTD:

� Absence of PPE written off.

� Non-consolidation of China operations which recorded losses in FY17.

� � profit (Indonesia).

Partially offset by:

� � profit (Thailand/Maldives).

10

1.8 1.2 1.4 1.9 0.4 0.2 1.3 2.6

6.5 2.9

20.5

24.2

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

4Q17 4Q18 FY17 FY18

Design and Others Spa/Gallery Hotel Management

S$'M QTD YTD

���� 5.5m

���� 4.4mTotal S$8.7m

Total S$4.3m

Total S$23.2m

Total S$28.7m

Fee-Based Business – Financial PerformanceOperating Profit Highlights

1. Hotel management fees attributed for hotels managed and owned by BTH was allocated to hotel management segment.2. Hotel management revenue includes royalty fees.

QTD:

� � architectural & design fees due to project milestones.

� � foreign exchange losses.

� � reservation & marketing expenses (timing diff.).

YTD:

� � hotel management fees.

� � provision for doubtful debts.

� � foreign exchange losses.

� � staff costs.

Partially offset by:

� � architectural & design fees due to project milestones.

11

67%

58%

61% 60%

64%

58%

64%

62%

56%

58%

60%

62%

64%

66%

68%

70%

1Q 2Q 3Q 4Q

%

2018 2017

2018

2017

FY17: 62%

FY18: 62%

Hotel Operating Performance – Ave Occupancy (%)

All Hotels (Same Store1) Highlights

1. Same Store Concept excludes all new resorts opened in the past 2 years as they take on an average two years to stabilize.

QTD:

� � 2% points due to resorts in Thailand, Maldives, China and Indonesia.

YTD:

� In line with last year

12

383

317 310 304

376

319 326

359

300

315

330

345

360

375

390

1Q 2Q 3Q 4Q

S$

2018 2017

2018

2017

FY17: 345

FY18: 330

Hotel Operating Performance – Ave Room Rates (S$)

All Hotels (Same Store1) Highlights

QTD:

� � 15%

YTD:

� � 4%

Both periods � due to resorts in Thailand, China, Maldives and Indonesia.

1. Same Store Concept excludes all new resorts opened in the past 2 years as they take on an average two years to stabilize.

13

257

185 188

182

240

186

208

222

175

190

205

220

235

250

265

1Q 2Q 3Q 4Q

S$

2018 2017

2018

2017

FY17: 214

FY18: 203

All Hotels (Same Store1) Highlights

Hotel Operating Performance – RevPAR (S$)

QTD:

� � 18%

� Due to lower OCC % andARR.

YTD:

� � 5%

� Due to lower ARR.

1. Same Store Concept excludes all new resorts opened in the past 2 years as they take on an average two years to stabilize.

14

Room Revenue Of Owned Hotels

By Country Of Residence

* Others originated mainly from United States, Australia, Canada, India and New Zealand.

China22%

Europe29%Russia

11%

Middle East7%

NE Asia14%

SE Asia6%

Others*11%

FY18

6.3m

106.7m

China24%

Europe28%

Russia11%

Middle East7%

NE Asia13%

SE Asia5%

Others*12%

FY17

105.5m

25.6m

29.2m

11.3m

7.8m

12.6m

4.8m

14.9m

11.7m

11.7m

30.8m

23.8m

14.2m

7.4m

15

Room Revenue Of All Hotels

By Country Of Residence

* Others originated mainly from United States, Australia, Canada, India and New Zealand.

China44%

Europe15%

Russia4%

Middle East3%

NE Asia14%

SE Asia5%

Others*15%

FY18

16.2m

324.3m

China44%

Europe14%

Russia4%

Middle East3%

NE Asia15%

SE Asia5%

Others*15%

FY17

319.9m

140.8m

45.5m12.8m

11.0m

47.5m

14.3m

45.3m

47.5m

13.5m

48.4m

142.2m

48.0m

11.2m

16

6.1 6.5 4.1 4.1

9.1 8.5

14.5 13.0 4.1 3.8

3.2 3.8

5.6 5.6

5.6 5.4

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

2Q17 2Q18 3Q17 3Q18 4Q17 4Q18 1Q18 1Q19

Thailand Non-Thailand

���� 10%

���� 8%

7.9

10.2 10.3

7.3

18.420.1

14.714.1

US$'M

���� 4%

Hotel Business – Forward BookingsOwned Hotels1 (Same Store2)On-The-Book (“OTB”) Room Revenue

Highlights

1. Owned Hotels refer to hotels we have ownership interest (> 50%) in.2. Same Store Concept excludes all new resorts opened/rebranded in the past 2 years as they take on an average two years to stabilize.3. Based on OTB as at mid of January 2019.

1Q19 vs 1Q18:

� Thailand � 10%.

� Non-Thailand � 4%.

� Overall � 8%.

17

14.6 17.9

8.1 8.9 11.4 10.5

17.9 15.7

22.4

26.4

21.4 21.1 20.2 21.0

24.5 22.5

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

2Q17 2Q18 3Q17 3Q18 4Q17 4Q18 1Q18 1Q19

Thailand Non-Thailand

US$'M

37.0

44.3

29.5 30.031.6 31.5

42.4

38.2

���� 13%

���� 8%

���� 10%

Hotel Business – Forward BookingsAll Hotels (Same Store1)

On-The-Book (“OTB”) Room RevenueHighlights

1Q19 vs 1Q18:

� Thailand � 13%.

� Non-Thailand � 8%.

� Overall � 10%.

1. Same Store Concept excludes all new resorts opened/rebranded in the past 2 years as they take on an average two years to stabilize.

18

No. of Keys

No. of Hotels: 81 10039 41 47 54 6429 32 34 35 3719 22 2517

706 798 1,100 1,436 1,698 1,897 2,116 2,284 2,405 2,338 2,547 2,794 2,911 3,300 3,481

4,638

442 859 475

998

1,618 1,746

1,827 2,220 2,226

1,699 1,699

2,113

3,353 3,380

4,068

4,419

229

229 285

486

486 486

868

1,168

--

516 516

714

714

1,517

3,017

3,957

112 112 112

112

112 112

112

112 112 187

112

437

437

651

651

651

1,260 1,769 1,687

2,546

3,428 3,755

4,055 4,616

4,972 4,969 5,159

6,544

7,901

9,334

12,085

14,833

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

2007A 2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019E 2020E 2021E 2022E

Banyan Tree Angsana Cassia Dhawa Others

CAGR 2018 - 2022 = 23%

Past Current Future

(2007) (2018) (2022)

67% 27% 15%

33% 73% 85%

Owned Hotels %

Managed Hotels %

Hotel Business – Projected GrowthSteady Pipeline Growth

Number of keys1Highlights

1. Based on contracts that were already signed.

� CAGR of 23% based on contracts completion dates.

� 53 hotels to be opened in next 4 years.

� Room keys estimated to grow by 127% from about 6,500 keys in 2018 to about 15,000 keys in 2022.

� Additional keys are largely managed without any equity interest.

19

Property Business

20

4.2

1.1

2.9

5.5

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

4Q17 4Q18 FY17 FY18

S$'M YTDQTD

���� 3.1m

���� 2.6m

Property Business – Financial Performance

Operating Profit1 Highlights

QTD:

� � cost of properties recognised.

� � sales commission.

� Partially cushioned by �revenue recognition.

� 41 units (4Q18) vs. 31 units in 4Q17 (4Q17).

YTD:

� � revenue recognition from higher value of properties although lower units recognised.

� 128 units (FY18) vs. 139 units (FY17).

1. Based on completed contract method of revenue recognition.

21

$63.6

$37.2

$137.8 $125.6

101

57

195 211

$-

$15

$30

$45

$60

$75

$90

$105

$120

$135

$150

0

20

40

60

80

100

120

140

160

180

200

220

4Q17 4Q18 FY17 FY18

Gross Sales (Value) Gross Sales (Qty)

Unit S$'MQTD YTD

Property Business – Financial Performance

Sales Progress Highlights

YTD:

� 211 units sold (S$125.6m) vs. 195 units (S$137.8m) in FY17.

� Unrecognised Revenue at S$190 million; 40% to be recognised in FY19.

units

units

units units

Recognised in Year S$'M

2019 74.6

2020 70.3

2021 45.0

Unrecognised Revenue

as at 31.12.2018: S$189.9m

22

Property Business - Outlook

Encouraging property sales momentum in Phuket

� Continuing strong response for Cassia Phuket and Laguna Park Phuket.

� Cassia Phuket (Ph. 3) launched end 2017 well received; 73% (out of 193 units) sold to date.

� In FY18, 144 units with total value of S$62 million sold for both properties; � 26% (units) & �

24% (value).

� Newly launched Banyan Tree 3 Bed Pool Villas (8 units amounting to S$15.9 million) fully sold byyear end.

S$190 million of unrecognised revenue, ���� 14% vs FY17.

� About 40% to be recognised in 2019, remaining in 2020 - 2021.

Redoubling of outreach effort and making our products and pricing more appealing amidstglobal slow down.

23

Future Plans

24

Brand HMA MOU

Banyan Tree 6 13

Angsana 10 10

Cassia 2 3

Dhawa 10 15

Total 28 41*

Future Plans – New Hotels Contracts Signed in 2018 - YTD

* Include 21 Accor / Vanke leads.

25

2020

2021

202210 new hotelsBT = 4

AN = 3

DH = 3

17 new hotelsBT = 4

AN = 5

CA = 2

DH = 6

19 new hotelsBT = 12

AN = 2

CA = 1

DH = 4

2019

7 new hotelsBT= 1

AN = 6

Future Plans – 53 Hotels to be opened

26

Future Plans – Property Sales

Existing Land Bank

Land size (Hectares) 120

Gross Development Value (S$’Billion) 2.3

2019: Projects activated for development

No. of Projects 5

Land size (Hectares) 9

Gross Development Value (S$’Billion) 0.3

Percentage of land bank to be utilized (Land size) 8%

27

Mission Statement

“ We want to build globally recognised brands

which by inspiring exceptional experiences among

our guests, instilling pride and integrity in our

associates and enhancing both the physical and

human environment in which we operate, will

deliver attractive returns to our shareholders. ”

28

Thank You