COMPANY PRESENTATION – Mar 2020

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

2019 in Review

Minor Hotels

Minor Food

Minor Lifestyle

Corporate Information

2020 & Beyond

2019 IN REVIEW

nhow London

MINT’s 5-Year Performance Recap

5

MINT’s core revenue, EBITDA and NPAT showed a cumulative average growth rate (CAGR) of 25%, 21% and 10% respectively over the last five years.

4,705 4,576 5,415 5,7287,061

THB million

EBITDA Margin

Net Margin

45,678 54,285 58,644 78,499

123,385

9,573 11,256 12,273 15,901

22,634

21.0% 20.7% 20.9%

10.3% 8.4% 9.2%

20.3%

7.3%

5-year CAGR

20192015 20172016 2018(Restated)

18.3%

5.7%

MINT’S FIVE-YEAR PERFORMANCE

25%

21%

10%

23.1x 19.9x 21.3x 17.5x** 14.7x 13.2x

Core Revenue

CoreEBITDA

CoreNPAT

Share price as of 3 Mar 2020

* Share price as at end of the year** 2018 EV was calculated using average quarter-end data to reflect the increase in debt in 4Q18 from the acquisition of NH Hotel Group

EV/EBITDA*

2019 Performance Recap

6

NET PROFIT

In 2019, MINT’s core revenue increased by 57%, primarily from the consolidation of NH Hotel Group (NHH). Core NPAT increased by 23%, driven by both Minor Hotels’ organic operation and the consolidation of NHH.

* 2018 numbers have been restated, as detailed on page 46.** Non-core items are detailed on page 45.

* Excludes non-core items

* Excludes non-core items

2019 REVENUE CONTRIBUTION

2019 NET PROFIT CONTRIBUTION

50,000

75,000

100,000

125,000

150,000 +57%

123,385Minor Lifestyle

4% Minor Food20%

Minor Hotels76%

Minor Lifestyle1%

Minor Food17%

Minor Hotels82%

THB 7,061

million

2018 Reported Revenue

Non-core Previous

+ Adjusted

2018 Core

Revenue

Minor Hotels

Pre-NHH

NHH Minor Food

Minor Lifestyle

2019 Core

Revenue

Non-core Items

2019 Reported Revenue

78,620

-121

78,499 +968

+42,645 +750 +523 +6,504 129,889

REVENUE

THB million

THB 123,385 million

2018 Reported

NPAT

Non-core Previous

+ Adjusted

2018 Core NPAT

Minor Hotels

Pre-NHH

NHH Minor Food

Minor Lifestyle

2019 Core NPAT

Non-core Items

2019 Reported

NPAT

2,000

4,000

6,000

8,000

10,000

12,000

7,061

10,698+23%

4,5085,728 +530

+3,637

+1,220

+1,176

-311 -63

THB million

FX Headwinds & Lease Payment

7

2019 LFL NPAT

MINT’s financial performance was adversely impacted by the strengthening of the Thai Baht and the additional lease payment since July 2019 because of the sale & leaseback transaction of the 3 Tivoli hotels in Lisbon. Excluding both impacts, MINT’s like-for-like (LFL) NPAT would have increased by 32% in 2019.

THB million

0

2,000

4,000

6,000

8,000

2018 Restated

Core NPAT

Minor Hotels Minor Food Minor Lifestyle

Core 2019 NPAT @

Constant FX & excl Lease

FX Impact Leases 2019 Core NPAT

7,543 7,061

+32%

+2,194

-320-266 -113 -1635,728

+23%

International Presence

8

With a solid diversification strategy implemented, MINT’s footprint was in 65 countries at the end of 2019 across its hospitality and restaurant businesses.

*Excludes non-core items

Minor Food

Combination

Minor Hotels

REVENUE CONTRIBUTION

87%

39%27% 29%

13%

61%73% 71%

0%

25%

50%

75%

100%

2008 2018* 2019* 2024F

International

Thailand

2019 Key Milestones

9

MINT has embarked on many initiatives throughout 2019 in order to support growth and strengthen its balance sheet position. This includes Minor Hotels’ integration with NHH, Minor Food’s digital efforts and acquisition of Bonchon, the completion of loan term-out program, as well as asset rotation strategy.

CORPORATEMINOR HOTELS MINOR FOOD

1Q19

2Q19

3Q19

4Q19

• Issued THB debentures of THB 33 billion, of which was partially used to refinance bridge loans for the acquisition of NHH

• Completed the term-out of bridge loans, extending average maturity of debt related to the acquisition of NHH to over 6 years

• Obtained approval from bond holders to exclude TFRS 16 lease liabilities from the definition of “interest bearing debt” in the calculation of debt covenant

• Extended the treatment of perpetual bond as equity to end of 2022 by Federation of Accounting Profession

• Entered into sales & leaseback of 3 Tivoli hotels in Lisbon

• Announced that The Marker Dublin will be the first Anantara city hotel in Europe

• Successfully sold 3 joint-venture hotels in the Maldives: Anantara Veli, Anantara Dhigu and Naladhu Private Island while maintaining the management of the hotels

• Launched 1112 Delivery mobile app in Thailand

• Launched digital loyalty program & delivery service through Uber Eats in Australia

• Actively partnered with third-party aggregators in Thailand

• Launched digital loyalty program in China

• Acquired existing Bonchon outlets in Thailand

• Implemented food traceability project for Riverside brand in China

• Launched the first Anantara in Spain: Anantara Villa Pardierna Palace in Marbella

• Transferred operations of Tivoli in Europe to NHH

MINOR HOTELS

Anantara Desaru Coast

Minor Hotels – Financial Highlights

11

2019 revenue, EBITDA and NPAT of Minor Hotels grew by 86%, 57% and 42% respectively, primarily as a result of the full-year consolidation of NHH. The consolidation resulted in declining margins of Minor Hotels, both at EBITDA and net profit levels, principally from the lower profitability nature of the lease structure of NHH, together with additional financing costs of the acquisition.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 45.

50,577

94,189

THB million

+86%

Revenue

11,947

18,803

4,077 5,783

+57% +42%

EBITDA NPAT

2018 % Margin2019

23.6% 20.0% 8.1% 6.1%

MINOR HOTELS – FINANCIAL PERFORMANCE

33,966 34,934

THB million

+3%

Revenue

7,704 7,823

3,054 3,584

+2% +17%

EBITDA NPAT

2018 % Margin2019

22.7% 22.4%9.0% 10.3%

ORGANIC MINOR HOTELS – FINANCIAL PERFORMANCE (EXCL NHH)

16,611

59,255

THB million

Revenue

4,243

10,980

1,023

2,199

EBITDA NPAT

2018 % Margin2019

NM 18.5% NM 3.7%

NHH – CONTRIBUTION TO MINTOrganic Minor Hotels Performance

• Revenue & EBITDA increased by 3% and 2% respectively, primarily from mixed-use business

• NPAT increased at a higher rate of 17% from lower depreciation (sale of Tivoli hotels) and interest expenses (lower cost of fund)

NH Hotel Group: 2018 & 2019 not comparable in terms of performance

• NHH 2018 contribution is dividend received in 9M18 & NHH 4Q18 consolidation, net of financing costs

• NHH 2019 performance includes accounting difference adjustment and is net of acquisition related expenses (depreciation & financing cost)

Minor Hotels – International Presence

12

In recent years, MINT has implemented a solid diversification strategy. With the investment in NHH, MINT operates hotels and spas under a combination of owned, leased and management business models in 57 countries.

* Excludes non-core items

Management

Combination

Investment

New Destinations in Pipeline

Hubs

REVENUE CONTRIBUTION

94%

22% 14% 12%

6%

78% 86% 88%

0%

25%

50%

75%

100%

2008 2018* 2019* 2024F

International

Thailand

Owned & Leased Hotels

13

In terms of business model, owned and leased business contribute 86% of Minor Hotels’ revenue. In terms of geography, Europe is the major contributor with 64% of Minor Hotels’ revenue, and 58% of NPAT. Thailand and the Maldives are the second and third largest contributors in terms of NPAT.

SYSTEM-WIDE ROOM CONTRIBUTIONBy Ownership

SYSTEM-WIDE ROOM CONTRIBUTIONBy Geography

2019 REVENUE CONTRIBUTIONBy Business

2019 REVENUE CONTRIBUTIONBy Geography

2019 NPAT CONTRIBUTIONBy Geography

Owned25%

Leased44%

JV 3%

Managed19%

MLR9%

78,360 Rooms

THB 94,189 million

Owned & Leased

86%

Managed1%

MLR6%

Mixed-use7%

Thailand14%

Europe64%

Americas6%

Australia & New Zealand 6%

Maldives & Middle East 3%

Others7%

Thailand18%

Europe58%

Americas2%

Australia & New Zealand 1%

Maldives & Middle East 14%

Others7%

78,360 Rooms

Asia10%

Europe60%

Americas14%

Oceania10%

Middle East & Africa 6%

Owned & Leased Hotels

14

Number of rooms of owned & leased hotel portfolio increased by 2% in 2019. Organic RevPar excluding FX impact grew by 3%, driven by overseas hotel portfolio. System-wide RevPar of owned & leased portfolio declined by 14%, from the dilution of ADR with the consolidation of different room segment of NHH, and the strengthening of the Thai Baht. Revenue of owned & leased hotels grew 112% in 2019, primarily from the full-year consolidation of NHH in 2019 compared to three months consolidation in 2018.

System-wide-16%

Organic excl FX+4%

52,96954,255

2018 2019

No of Rooms

69% 69%71%

2018 2019

+2%

2018 2019

Occupancy

OrganicFlat

System-wide+2%

4,563 4,745 3,846

2018 20192018 2019

ADR (THB)

OPERATIONAL STATS

System-wide-14%

Organic excl FX+3%

3,169 3,277 2,729

2018 20192018 2019

RevPar (THB)

Owned Hotels – Thailand & Maldives

15

The two largest geographies for Minor Hotels outside of Europe are Thailand and the Maldives. While Thailand experienced softer tourist demand amidst the strengthening of the Thai Baht during the year, the Maldives held up well despite the increasing supply.

OPERATIONAL STATS – THAILAND (ORGANIC)

77% 76% 6,307 6,137

2018 2019

4,872 4,663

-1% -3% -4%

-2% -9%

9%

-7% -10%-2% -6%

2019 Bangkok RevPar Growth 2019 Provinces RevPar Growth

1Q 2Q 1Q 2Q3Q 3Q

Flat

Occupancy ADR (THB) RevPar (THB)

4Q4Q

OPERATIONAL STATS – MALDIVES (ORGANIC)

69% 67% 683 712

2018 2019

474 475

-2% +4% Flat

Occupancy ADR (USD) RevPar (USD)

Thailand

• Thailand’s weak performance was primarily from provincial hotels, while Bangkok portfolio held up relatively better.

• Although rates declined in Thai Baht term, the USD rate showed an increase.

Maldives

• Hotels in the Maldives focused on rate increase during 2019, with the successful targeted marketing initiatives.

Owned & Leased Hotels – NH Hotel Group

16

NHH was the largest contributor to owned & leased hotel portfolio in 2019. 2019 RevPar of NHH increased by 5%, driven by all European regions, with Spain being the strongest driver for the year. The increase in RevPar was entirely attributable to ADR, where for the first time exceeded EUR 100, with occupancy remaining stable.

10%

3%4%

2%

-2%

Spain Italy Benelux Central Europe

Latin America

Spain

• Continued recovery in Barcelona from lower leisuredomestic market in 2018

• Excellent performance in Madrid with strong eventscalendar

Italy

• Strong performance of Milan with better trade fair calendarin second half of the year

• Good performance of Rome

Benelux

• Continued recovery in Brussels in 2018 and 2019

• Good performance of Amsterdam and congress centerhotels

Central Europe

• Good performance of Hamburg, German secondary citiesand Austria

• Frankfurt and Munich affected by negative trade faircalendar and higher supply in Frankfurt

Latin America

• RevPar declined mainly from ADR due to negative currencyevolution

Spain 29%

Italy18%

Benelux 23%

Central Europe

23%

America7%

OPERATIONAL STATS – NH HOTEL GROUP (ORGANIC)

72% 72% 98 102

2018 2019

70 74

+0.4% +4% +5%

Occupancy ADR (EUR) RevPar (EUR)

2019 Organic RevPar Growth2019 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)

KEY HIGHLIGHTS

NH Hotel Group – Financial Highlights

17

NHH reported recurring EBITDA of EUR 294 million and recurring NPAT of EUR 113 million in 2019, above its full-year guidance of EUR 285 million and EUR 100 million respectively (excluding IFRS 16 and IAS 29 accounting impacts and Tivoli integration).

1,620 1,718

EUR million

+6%

Revenue

263 294

70

113

+12% +63%

Recurring EBITDA Recurring NPAT

2018 % Margin2019

16.3% 17.1% 4.3% 6.6%

NHH – FINANCIAL PERFORMANCE

102 100

-2%

Reported NPAT

Notes: (1) As per NHH’s report, the numbers include hyperinflation accounting effect (IAS 29) (implemented since 3Q 2018) but excludes IFRS 16, (2) 2018 restated due to IAS 29 reclassification between financial expenses and equity(3) Recurring NPAT exclude mainly net capital gains from asset rotation, redundancy payments and accelerated depreciation due to refurbishments.

• Revenue growth of 6%, from organic RevPar growth, new hotel openings and Tivoli portfolio

• Recurring EBITDA growth of 12%, with margin improvement of 0.8% p.p., from effective cost control, resulting in 31% EBITDA conversion rate

• Recurring NPAT increase of 63% from business improvement and lower interest expense (full redemption of convertible bond in June 2018 and partial early redemption of 2023 bond in 4Q18) and lower corporate income tax

• Including non-recurring items, reported NPAT decreased by 2% in 2019, reflecting the lower contribution of –EUR 45 million of non-recurring activities compared to 2018.

• Net financial debt position of EUR 179 million

NHH Integration & Synergies Update

18

Integration with NHH has become an on-going medium term-plan. Potential synergies have been identified and are being worked on by both MINT and NHH. In addition to the sales & lease back transaction of the 3 Tivoli hotels in Lisbon and the transfer of Tivoli portfolio in Europe to NHH in mid-2019, both NHH and MINT have embarked on further cross brand global expansion.

OPPORTUNITIES

• Cross-selling between Asia & Europe & loyalty interface

• Rebranding / cross brand global expansion

• Price improvement with partners & suppliers through economies of scale

• Talent & learning development / workforce mobility

BOSCOLO PORTFOLIO IN EUROPE

NHH agreed with Covivio to operate 8 luxury & high-end hotels in Europe

• Prime locations in Rome, Florence, Venice, Nice, Prague and Budapest

• To be rebranded to Anantara & NH Collection following extensive renovation by Covivio(property owner)

• Lease tenure of 15 years, extendable at NHH option for not less than additional 15 years

• Sustainable variable lease contract with minimum guarantee and basket of losses

• Closing expected in 2Q20

NH COLLECTION IN THE MIDDLE EAST

Minor Hotels signed a management contract in Doha, Qatar

• The first NH Collection to be introduced in the Middle East

• The first hotel outside of the brand’s traditional areas of operation in Europe and Latin America

Asset-Light Businesses

19

MINT’s asset light businesses include management letting rights (MLR) of serviced-suites primarily under the Oaks brand in Australia and New Zealand, together with the hotel management contracts under Minor Hotels’ brands.

MANAGEMENT LETTING RIGHTS

141 136

2018 2019

3,391 2,937

+1% -4% -13%

No of Rooms RevPar (AUD) RevPar (THB)

7,043 7,147

• RevPar of MLR in AUD declined primarily from lower occupancy amidst weak macro environment.

• RevPar in THB declined further by 13% in 2019 from the strengthening of the THB against AUD.

• As a result, MLR revenue in THB term declined by 9% in 2019.

MANAGED HOTELS

13,31115,129

No of Rooms

+14%System-wide

-16%Organic excl FX

+4%

3,361 3,488 2,823

2018 20192018 2019

RevPar (THB)

• Organic RevPar of managed hotels excluding FX impact increased by 4% in 2019, driven by hotels in the Middle East.

• System-wide RevPar declined by 16%, from the consolidation of NHH’s managed portfolio which has lower ADR, together with the strengthening of the Thai Baht.

• Management income in 2019 decreased by 4% primarily from the high base of the technical and termination fees received in 4Q18.

Hotel Expansion Pipeline – 73 Hotels; 14,357 Rooms

• Ubud, Bali, Indonesia* 71 rms• Khao Lak, Thailand 328 rms• Hannover, Germany 89 rms• Amsterdam, Netherlands 650 rms• Warangi, Serengeti

National Park, Tanzania* 12 rms• Venice, Italy 100 rms• Venice, Italy 64 rms• Florence, Italy 86 rms• Budapest, Hungary 138 rms• Prague, Czech Republic 152 rms• Rome, Italy 238 rms• Budapest, Hungary 185 rms• Nice, France 152 rms

MA

NA

GED

/ M

LRS

• Frankfurt, Germany 428 rms• Monterrey, Mexico 120 rms• Cagliari, Italy 100 rms• Frankfurt, Germany 375 rms

OW

NED

& L

EASE

D

49 Hotels / 10,060 Rooms

• Libo Country, China 173 rms• Nanjing, China 120 rms

• Ras Al Khaimah, UAE 174 rms

• Busan, Korea 570 rms• Ras Al Khaimah, UAE 225 rms• Nairobi, Kenya 120 rms

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

• Phuket, Thailand 500 rms

• Chengdu, China 202 rms

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

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

• Hangzhou, China 54 rms

• Phi Phi Island, Thailand 107 rms• Chengdu, China 150 rms• Sharjah, UAE 233 rms• Jeddah, Saudi Arabia 328 rms

• Savanne, Mauritius 156 rms• Sifah, Oman 300 rms• Kota Kinabalu, Malaysia 386 rms• Cam Ranh, Vietnam 595 rms• Ho Chi Minh City, Vietnam 217 rms

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

• Zhuhai, China 100 rmsOthers

24 Hotels / 4,297 Rooms

• Bang Krachao, Thailand 62 rms• Krabi, Thailand 83 rms• Nha Trang, Vietnam 273 rms• Dubai, UAE 527 rms• Muscat, Oman 162 rms• Chengdu, China 201 rms• Bahia, Brazil 50 rms

• Toowoomba, Australia 50 rms

• Cairns Esplanade, Australia 60 rms

• Hangzhou, China 132 rms

• Murano, Italy 104+38 rms

• Doha, Qatar 228 rms

• Feira de Santana, Brazil 207 rms

• Fares Island, Maldives* 200 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

• Accra, Ghana 155 rms• Riyadh, Saudi Arabia 163 rms• Yangon, Myanmar 250 rms• Phan Thiet, Vietnam 516 rms• Ho Tram, Vietnam 410 rms

• Yangon, Myanmar 221 rms

BoscoloPortfolio

Others

* Note: Joint-ventured properties

2020F 2021F 2022F 2023F

13 Hotels / 2,265 Rooms 7 Hotels / 1,009 Rooms 4 Hotels / 1,023 Rooms

14 Hotels / 2,177 Rooms 15 Hotels / 3,144 Rooms 14 Hotels / 3,024 Rooms 6 Hotels / 1,715 Rooms

20

Mixed-Use Business

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 2019, mixed-use revenue increased by 31%, from strong contributions of both real estates activities and Anantara Vacation Club.

21

INVENTORY TO ACCOMMODATE GROWING MEMBERS

229 239

2018 2019 2024F

No of Units

QueenstownBali

SanyaSamuiPhuket

BangkokChiang Mai

>350

GROWING MEMBERSHIP

PIPELINE

CURRENT PROJECTS

Layan Residences by Anantara, Phuket

Avadina Hills by Anantara, Phuket

Anantara Chiang Mai Serviced Suites

Torres Rani, Maputo

15 luxury pool villas

16 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

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 2016

Launched 2015

To launch 2020

To launch 2023

To launch 2020

RESIDENTIAL DEVELOPMENT ANANTARA VACATION CLUB

12,34714,535

2018 2019

+18%

No of Members

China39%

Thailand11%

Singapore8%

Hong Kong8%

Malaysia7%

Others27%

+4%

No of Units

MINOR FOOD

Minor Food – Financial Highlights

23

2019 revenue of Minor Food grew by 3%, primarily because of the outlet expansion, which offset the slowdown of the overall same-store-sales from the weak macro backdrop. EBITDA declined by 3% from lower operating leverage with the contraction of same-store-sales. Net profit declined further by 20% with investment and expenses in growing sales and strengthening of digital capabilities in Thailand. Nevertheless, Minor Food’s performance has improved significantly especially in 4Q19, with NPAT decline of 5% y-y.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 45.

23,484 24,233

THB million

+3%

Revenue

FINANCIAL PERFORMANCE

3,647 3,527

1,521 1,210

-3% -20%

EBITDA NPAT

2018 % Margin2019

15.5% 14.6% 6.5% 5.0%

OPERATIONAL STATS

-3.3% -3.0%

0.2%

5.0%

2,270 2,377

No of Outlets SSSG TSSG

2018 2019

+5%

-4.0% -3.6% -3.7%

-0.8%

5.3%3.8% 3.7%

7.3%

1Q19 2Q19 3Q19 4Q19

TSSG

SSSG

• Same-Store-Sales: SSSG, although remained negative, showed an improving trend in 2019, especially in 4Q19. Thailand and Australia hubs were the key drivers.

• Outlet expansion: Network growth of 5% was a result of expansion primarily in Thailand and China.

• Total-System-Sales: As a result of outlet expansion and the acquisition of Bonchon, TSS expanded by 5.0% in 2019.

Minor Food – International Presence

24

MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 26 countries across the region, operating owned and franchised 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% 65% 64%

19%35% 35% 36%

0%

25%

50%

75%

100%

2008 2018* 2019* 2024F

International

Thailand

Minor Food Portfolio

25

Minor Food operates outlets that are 50% owned and 50% franchised, while owned outlets is the majority revenue contributor. In terms of geography, Thailand continues to be the most important market, followed by China and Australia hubs.

SYSTEM-WIDE OUTLET CONTRIBUTIONBy Ownership

2019 REVENUE CONTRIBUTIONBy Business

SYSTEM-WIDE OUTLET CONTRIBUTIONBy Geography

2019 REVENUE CONTRIBUTIONBy Geography

2019 NPAT CONTRIBUTIONBy Geography

Thailand 65%

Australia11%

China14%

Others10%

Thailand 78%

Australia11%

China11%

Thailand 74%

Australia16%

China4%

Others6%

2,377 Outlets

Owned50%

Franchised50%

Owned93%

Franchised7%

2,377 Outlets

THB 24,233 million

Operational Stats by Hub

26

The momentum of same-store-sales and total-system-sales growth improved in China and Australia in 2019, compared to 2018. For quarterly performance, Thailand and Australia hubs demonstrated improving trends throughout the four quarters, thanks to the continued focus on product innovations and brand revitalization, together with digital and delivery initiatives.

THAILAND CHINA AUSTRALIA

-3.1% -4.4%

5.4%2.7%

SSSG TSSG

2018 2019

-10%

-5%

0%

5%

10%

1Q19 2Q19 3Q19 4Q19

-5.9%

0.1%4.4%

14.7%

2018 2019

-10%

0%

10%

20%

30%

1Q19 2Q19 3Q19 4Q19

-2.6% -1.3%

-13.3%

-1.2%

2018 2019

SSSG

TSSG

SSSG

TSSG

-5%

0%

5%

1Q19 2Q19 3Q19 4Q19

SSSG TSSG SSSG TSSG

SSSG

TSSG

Bonchon Acquisition

27

With the completion of the acquisition of Bonchon, Minor Food now has the right to operate and expand Bonchon operations in Thailand. Bonchonwill be an important growth driver for Minor Food going forward.

TRANSACTION RECAP

Chicken Time

Spoonful SG

Spoonful TH

Nov 2019

Mar 2020

Minor Food’s Effective

Shareholding

100%

70%

70%

Operator of 42 existing Bonchon outlets in Thailand

Master franchise rights holder of Bonchon in Thailand

Operator of future Bonchon expansion in Thailand

THB 2,000 million

Investment Amount

THB 2,483 million

Entity

• Total investment for Bonchon Thailand is THB 4.5 billion.

• With the completion of the acquisition, MINT has effectively become theexclusive Bonchon master franchise licensee in the country with long-termexclusive territorial rights and ability to expand and sub-franchise.

• MINT reiterates that the entire acquisition is within the average transactioncomparables and trading comparables of F&B companies between 10 – 13xEV/EBITDA 2019.

INVESTMENT RATIONALES

7 3 4 4

24

10 6 9

2008 2018

Chicken

5284

111

2013 2018 2021F

10% CAGR over 5 years

10% CAGR over 3 years

Source: Euromonitor & company estimate

Burger Pizza Ice Cream

46 outlets* today

150 outlets in 5 years

Market SizeTHB

billion

Market Size THB

billion

Source: Euromonitor & company estimate

Sizable & High Growth Concept

High Growth Potential of Delivery Market

Significant Expansion Opportunities

Superior Performance & Scalability

• Bonchon’s best-in-class operational matrix, with lessthan one year payback period and superior store EBITDAmargin

• Ability to accelerate growth, leveraging on Minor Food’soperating platform; outlet and delivery

* 42 outlets operated by Chicken Time, and 4 operated by MINT’s airport operations

MINOR LIFESTYLE

4,439

4,962

Minor Lifestyle

29

2019 revenue of Minor Lifestyle was up 12%, driven by retail trading business. EBITDA declined by 1% because of the lower margin sales with discounts and promotional campaigns of retail trading business, and lower operating leverage of the contract manufacturing business. NPAT declined by 48% because of higher depreciation and taxes.

THB million

+12%

Revenue

FINANCIAL PERFORMANCE

307 304 130

67

-1% -48%

EBITDA NPAT

2018 % Margin2019

6.9% 6.1%2.9% 1.4%

Retail Trading

81%

Contract Manufacturing

19%

• Retail trading: revenue increased by 17%, from Anello, OVS, Radley, Bossini, Charles & Keith Bodum, Henckels and Joseph Joseph.

• Contract manufacturing: revenue decreased by 5%, because of the slow retail environment.

OPERATIONAL STATS

-3.9%

5.6%9.0%

15.4%490 485

No of Shops SSSG TSSG

2018 2019

TSSG

SSSG

-1.3%1.3%

6.1%

14.9%

8.0%11.4%

20.1%21.7%

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

CORPORATE INFORMATION

Oaks Wellington

CAPEX & Balance Sheet Strength

31

CAPEX plans includes maintenance, renovations and signed pipeline. Renovation and pipeline investments will allow MINT to grow above market. With the successful asset rotation strategy, together with 2019 net profit contribution, interest bearing debt to equity ratio declined to MINT’s internal policy of 1.3x. MINT and its senior unsecured debentures have “A” rating by TRIS. Going forward, source of fund for the CAPEX deployment will primarily be internal cash flow.

EBITDA coverage on CAPEX

Minor Food Minor Hotels Minor Lifestyle

1.15

1.31

0.8

1.0

1.2

1.4

1.6

2015 2016 2017 2018 2019

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity

Internal Policy

X

CAPEX PLANS LEVERAGE

BACK-UP FINANCING

THB million

0

50,000

100,000

150,000

200,000

Outstanding Borrowing & Equity Un-Utilized Facility

Debt38,451

Debt112,373

Note: Cash on hand as at end of 2019 is THB 13,331 million

Equity*9,927

* Assume 100% conversion of MINT-W6

Equity85,8680.0

1.0

2.0

3.0

4.0

5.0

6.0

0

5,000

10,000

15,000

20,000

2019 2020F 2021F 2022F 2023F 2024F

THB million X

2020 & BEYOND

MINT’s Five-Year Strategy 2019-2024

33

Vision

Core Values

To be a leader in delivering exceptional experiences that anticipate and satisfy customers’ aspirations and positively impact stakeholders.

Customer-Focused Result-Oriented People Development Innovative Partnership

Financial Aspiration

Core Revenue Growth > 8% CAGR

Core NPAT Growth 15-20% CAGR

Core ROIC 11% Premium to 1Q of SET50 Multiple

Non-Financial Aspirations

Industry Leader Employer of Choice Sustainable Business

DifferentiatorsInternational Player

Diversified Portfolio Balance

Financial Discipline

Intellectual Property

New Innovative Initiatives & Acquisition

Strategic Pillars

Winning Brand Portfolio

Value Capture & Productivity

Investments, Partnerships & Acquisitions

Innovation & Digital

Empowered People & Teams

Sustainability Framework

1 2 3 4 5 6

MINT’s Five-Year Strategy 2019-2024 – Strategic Pillars

34

Winning Brand Portfolio

• Cross-Brand Expansion

• Brand Revitalization

• New Concepts

1

Winning Brand Portfolio

• Cross-Brand Expansion

• Brand Revitalization

• New Concepts

1

Investments, Partnerships & Acquisitions

• Opportunistic

• Portfolio expansion & development

1

Winning Brand Portfolio

• Cross-brand expansion

• Brand revitalization

• New concepts

1

Value Capture & Productivity

• Minor Hotels /NHH integration

• Asset rotation strategy

• Back-office transformation

2 3

Winning Brand Portfolio

• Cross-Brand Expansion

• Brand Revitalization

• New Concepts

1

Winning Brand Portfolio

• Cross-Brand Expansion

• Brand Revitalization

• New Concepts

1

Sustainability Framework

• Commitment to sustainability

• Strong corporate governance

1

Innovation & Digital

• Digital transformation

• Loyalty & delivery

• Data analytics

• Product innovation

4

Empowered People & Teams

• Leadership streamlining

• New way of work / new office

• New capabilities

5 6

Commitment to Maximize Return and Minimize Risk

35

MAXIMIZE STAKEHOLDER RETURN

• Continue to drive growth from organic and inorganic operations

• Maintain valuation premium to peers and top quartile of SET50

• Build a purpose led, agile, healthy and future ready workplace and workforce

• Elevate the capabilities and well-being of our people and communities, the sustainability of our value chain and the protection of our planet

MINIMIZE STAKEHOLDER RISK

• Diversify portfolio to reduce the volatility of revenue and earnings, especially in difficult years

• Maintain solid balance sheet and cash flows through financial discipline

• Strengthen organization by maintaining and building management depth and preparing solid bench strength through succession planning

• Ensure risk management policy and procedure is in place and being followed by all business units periodically evaluate all associated risk factors and effectiveness of risk mitigation

Today’s Priority #1 – Transformation into an Agile Company

Group CEO MINTDillip Rajakarier

ChairmanWilliam E. Heinecke

BUSINESS & RESULTS

CEO Minor HotelsDillip Rajakarier

CEO Minor FoodPaul Kenny

CEO Minor LifestyleJames Amatavivadhana

CEO NH Hotel GroupRamón Aragonés

GROWTH

Chief Financial OfficerBrian Delaney

Executive Managing Director of Finance & Administration NH Hotel GroupBeatriz Puente

Chief Commercial OfficerStephen Chojnacki

Chief Investment OfficerKosin Chantikul

TRANSFORMATION

Chief Information OfficerSteve Herndon

Chief Strategy OfficerChaiyapat Paitoon

Chief Sustainability OfficerJohn Heinecke

Chief People OfficerKulshaan Singh

With today’s world changing rapidly, MINT has restructured its organization and formulated a Management Committee with the objective to maintain competitiveness and sustainable success.

Financial commitments, operational effectiveness and team motivation

Opportunities to grow beyond financial commitments and plans, long-term shareholder value creation

Relevance and leadership in a disruptive world while creating a competitive advantage.

36

Today’s Priority #2 – Synergies Through Business Integration

37

NH HOTEL GROUP BONCHON

• Cross-selling & loyalty program

• Cross-brand expansion

• Negotiations with suppliers & business partners

• People mobility

• Expansion of the Bonchon’s delivery service through Minor Food’s platform, whether in terms of cloud kitchen or delivery channels, including apps and call centers

• Leverage on Minor Food’s supply chain, not only for cost efficiency but also on quality, consistency and availability

• Leverage on Minor food’s network team for store expansion

MINT continues to look for synergies, with new acquisitions, and across existing business units, to improve its overall performance.

CROSS-BUSINESSES

• Working on global business solutions – operating systems and structures to accommodate the global operation

• Evaluate technologies such as blockchain for procure-to-pay process, first with Minor Food domestic suppliers and then expand to other businesses

• Studying opportunities for group-wide data management.

• Opportunities for innovations and digital disruptions.

Today’s Priority #3 – Minor Food’s Transformation

38

ORGANIZATIONAL TRANSFORMATION DIGITAL TRANSFORMATION OPERATIONAL IMPROVEMENT

Senior Management Positions

Minor Food is making changes to key senior positions, including C-Level Suites.

Collaboration for Customer-Centric Culture

• Objective is to realize synergies across brands, hubs, levels and function

• Minor Food will make investments to allow people to connect, communicate and operate from anywhere.

Digital Team

• The team has been set up

• Key positions have been filled

Digital Roadmap has been formulated:

Delivery Platform being strengthened:

Brand Revitalization

Store Optimization

• Down size / right size• Brand co-location / co-cloud kitchen• New store format

-

In response to the changing business landscape, Minor Food is going through a transformation, not only on the digital front, but organization-wide.

Data Analytics

Personalized Marketing

Reward & Loyalty

Program

Owned app Third-party aggregators

+

Ex: Sizzler as a healthy brand

Ex: Sizzler To Go

Today’s Priority #4 – Portfolio Reevaluation to Maximize Return

39

Business Expansion

Acquisitions

Portfolio Streamlining

Divestments

Asset Rotation

535 hotels in 2019

> 750 hotels in 2024

2,377 outlets in 2019

> 3,700 outlets in 2024

485 points of sale in 2019

> 560 points of sale in 2024

• Minor Hotels acquired NH Hotel Group

• Minor Food acquired Bonchon

• Minor Lifestyle acquired Scomadi

In the process of restructuring shareholding in BreadTalk to focus on long-term growth potential

• Minor Food divested Ribs & Rumps in Australia and Grab Food in the UK

• Minor Lifestyle divested Save My Bag

• Sale & leaseback of Tivolihotels in Lisbon

• Sale of hotels in the Maldives

MINT consistently evaluates its portfolio in order to maximize the overall returns. These are some of the recent examples from which MINT will realize the benefits over the next few years.

Return Maximization

Today’s Priority #5 – Balance Sheet Management

40

Long Term Loans41%

Corporate Bonds43%

Perpetual Bonds16%

Fixed49%

Float51%

AUD6%

EUR64%

THB19%

USD9%

Others2%

AUD7% RMB

3%

EUR49%

THB27%

USD2%

Others12%

As MINT grows, it ensures its growth is balanced with the quality of its balance sheet. Apart from compliance of debt covenants, MINT ensures debt quality in terms of maturity profile, as well as optimal cost of funds. MINT has also implemented natural hedging policy for its currencies exposure to the extent possible.

BALANCE SHEET POSITION CAPITAL STRUCTURE OPTIMIZATION CURRENCY MANAGEMENT

D/E Ratio

• MINT will maintain D/E ratio within:

‒ Financial covenant 1.75x

‒ Internal policy 1.3x

• Approvals have been obtained from creditors and bondholders to exclude lease liabilities from the definition of interest bearing debt.

• Perpetual bonds will be treated as equity until end of 2022 as per the ruling of The Federation of Accounting Professions.

Debt Mix

Interest Rate Mix & Trend

2.0

3.0

4.0

1Q17 3Q17 1Q18 3Q18 1Q19 3Q19

%

Interest rate has come down to less than 3%

Debt by Currency

Revenue by Currency

Five-Year Aspiration

41

2013REVENUE THB 37 bn

2019

REVENUE THB 123 bn

2024

2024F• > 750 hotels• > 250 residences built• > 350 vacation club units• > 3,700 restaurants• > 560 retail shops & POS

(>32,000 sq.m.)

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

(14,275 sq.m.)

2019• 535 hotels• 132 residences built to date• 239 vacation club units• 2,377 restaurants• 485 retail shops & POS

(31,398 sq.m.)

2020 Issues – COVID-19

42

MINT is closely monitoring the COVID-19 situation, with the primary objective to ensure the safety of guests, customers and team members. MINT believes the impact will be temporary, and will yet again be able to maneuver through the challenge and emerge as a stronger company, as it has done in the past.

MINOR HOTELS MINOR FOOD

Revenue Maximization

• Minimize cancellations by allowing for postponement of bookings.

• Promote domestic travels in countries that are impacted by COVID-19. The biggest impact today continues to be Thailand.

• Drive revenue in less impacted regions.

Cost Savings Initiatives

• Labor cost control: such as adjustment to back-of-house hours to ensure quality of services, leave without pay options, deferred partial salary payment of senior executives.

• Proactive discussion with suppliers on cost reduction possibilities.

• Cost savings are being implemented across properties and across geographies, while maintaining readiness for the recovery.

Thailand

Revenue Initiatives

• Focus on delivery business by adjusting delivery hours in key areas.

Cost Savings Initiatives

• Proactive supply chain management for efficient sourcing; negotiating for better payment terms with suppliers.

• Reevaluate store openings especially in tourist areas.

• Rental relief negotiation with landlords.

China

Revenue Initiatives

• Focused on delivery in February, as over 50% of the stores were closed.

• Most of the outlets reopened in the beginning of March.

Strict Cost Control

• Food costs: tight control on planning, ordering and waste control.

• Minimize labor costs, such as implementation of temporary redundancy according to the government directions.

• Rental relief by landlords.

With its footprint spanning across the globe, MINT is well-positioned to capitalize on the eventual rebound of the business.

2020 Issues – TFRS 16 Impact

43

MINT adopted TFRS 16 on 1 January 2020, where operating leases is brought on-balance sheet, impacting MINT’s balance sheet and P&L. MINT is adopting modified retrospective method. Note that this is only change in accounting treatment, with no impact on MINT’s business fundamentals or the ability to generate cashflows.

MINT’s Lease Contracts

NHH’s Lease Contracts

Present value of future lease assets discounted back to start

date of contract

Present value of future lease assets discounted back to

acquisition date

Present value of future operating lease liabilities back

to initial application date

Present value of future operating lease liabilities back

to initial application date

ASSETS LIABILITIES EQUITY

THB 80 billion* THB 83 billion* THB 3 billion*Balance Sheet

Impact 1 Jan 2020

2020F P&L Impact

(Before Taxes)

Foregone rental expenses

Higher depreciation & higher interest expenses

EBITDA

Profit before taxTHB 1.7 billion*

* Numbers are preliminary estimates using information as of the end of 2019, and are subject to with the change in lease portfolio.

Note: Negative impact on P&L from the current lease portfolio will be reduced progressively in the coming periods.

Rental Expenses

Depreciation

Interest

APPENDIX

Anantara Golden Triangle Elephant Camp

Non-Core Items

45

Period Amount (THB million) Business Unit Non-recurring Items

4Q19

1,350 revenue

935 net profitMinor Hotels Gain from Maldives asset sales

131 revenue

55 net profitMinor Hotels Non-recurring items of NH Hotel Group

-131 Minor Hotels Foreign exchange loss on unmatched USD Cross-Currency Swap

3Q19

4,743 revenue3,512 net profit

Minor Hotels Gain from Tivoli asset sales

35 revenue-1 net profit

Minor Hotels Non-recurring revenue and expenses of NH

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

-322Minor Hotels /

Minor FoodExpenses 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 revenue44 net profit

Minor 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-tax91 post-tax

Minor Hotels Capital gain from asset rotation of NH Hotel Group

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

4Q18

708 Reported in 4Q180 Restated

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-tax

Minor 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

2018 Restatement

46

NET PROFIT

2018 revenue and NPAT have been restated for (1) NHH’s adjustment of hyperinflation (core item, from financial expenses to equity) and (2) adjustment to the purchase price of NHH (non-core item, within one year after the acquisition as per accounting standard).

* Non-core items are detailed on page 45.

70,000

72,500

75,000

77,500

80,00078,499

-708

79,328

0

2018 Core

Revenue

Non-core Items

2018 Reported Revenue

Non-core (NHH

Purchase Price)

Core (NHH

Hyper-inflation)

2018 Restated Reported Revenue

Non-core Previous

+ Adjusted

2018 Restated

Core Revenue

As Previously Reported Adjustments Restated

+82978,620

-121

78,499

REVENUE

THB million

THB million

3,000

4,000

5,000

6,0005,957

-229

4,508

5,728

-512

-708

5,445 +1,220

2018 Core NPAT

Non-core Items

2018 Reported

NPAT

Non-core (NHH

Purchase Price)

Core (NHH

Hyper-inflation)

2018 Restated Reported

NPAT

Non-core Previous

+ Adjusted

2018 Restated

Core NPAT

As Previously Reported Adjustments Restated