COMPANY PRESENTATION – May 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

1Q19 Performance Recap

Minor Hotels

Minor Food

Minor Lifestyle

Corporate Information & Five-Year Strategy

PERFORMANCE RECAP

Tivoli Ecoresort Praia Do Forte Bahia, Brazil

1Q19 Performance Recap

5

1Q19 REVENUE CONTRIBUTIONREVENUE

NET PROFIT 1Q19 NET PROFIT CONTRIBUTION

In 1Q19, MINT reported core revenue of THB 28,848 million and core NPAT of THB 633 million, which are in line with its expectation for the quarter. Comparisons to MINT’s 1Q18 results are not meaningful as MINT began consolidating NH Hotel Group (NHH) in October 2018. With MINT’s additional exposure in Europe, the quarterly seasonality of the group has changed, with 1Q19 as the new base of the low European season going forward. Nevertheless, with the y-y improvement of NHH’s 1Q19 performance, MINT remains confident in the delivery of its full year performance.

10,000

20,000

30,000

1Q18 Minor HotelsPre-NHH

NHH Minor Food MinorLifestyle

1Q19 Core Non-coreItems

1Q19Reported

THB million

0

500

1,000

1,500

2,000

1Q18 Minor HotelsPre-NHH

NHH Minor Food MinorLifestyle

1Q19 Core Non-coreItems

1Q19Reported

THB million

Minor Lifestyle 4%

Minor Food22%

Minor Hotels74%

Minor Lifestyle5%

Minor Food75%

Minor Hotels20%

* Non-core items are detailed on page 39.

1,719

633 583

-63% y-y

16,145

+121 +182

+79% y-y

* Excludes non-core items

* Excludes non-core items

-235

+12,536 +282 28,848 29,030

-60-953

-73

+1

-50

Operational Performance Improvement

6

LIKE-FOR-LIKE CORE REVENUE COMPARISON

LIKE-FOR-LIKE CORE NET PROFIT COMPARISON

In order to fairly reflect the true operations of the group, the like-for-like (LFL) core revenue and core NPAT are compared, taking into account MINT & NHH performance for both 1Q18 & 1Q19. On a LFL basis, MINT’s revenue would have improved by 2% while NPAT would have increased by 20%, attributable to the favorable performance of NHH. The LFL comparison reiterates MINT’s business and geographical diversity and the long-term fundamentals of its businesses.

0

10,000

20,000

30,000

1Q18MINT

1Q18NHH

LFL 1Q18MINT + NHH

1Q19MINT

1Q19NHH excl FX

Impact

LFL 1Q19Core MINT

1Q19NHH FXImpact

1Q19Core MINT

THB million

0

500

1,000

1,500

THB million1,719

1,058

-462

+20% y-y

16,145

+485

-1,142

+2% y-y

13,193 29,338 +167 29,990 28,848

-836

884

-132

+307 +38

1Q18 MINT

1Q18 NHH @ 94.1%

LFL 1Q18 MINT + NHH

1Q19 MINT

1Q19 NHH @94.1%

excl FX & Acquisition Expenses

LFL 1Q19 Core MINT

1Q19 NHH FX Impact

1Q19 NHH

Acquisition Expenses

1Q19 Core MINT

633

-8% y-y +37% y-y

* NHH acquisition expenses include expenses related to fair value adjustment and interest expenses on the financing of the acquisition

+1% y-y +4% y-y

International Presence

7

With solid diversification strategy, MINT’s footprint was in 63 countries at the end of 1Q19 across its hospitality and restaurant businesses.

* Excludes non-core items

REVENUE CONTRIBUTION

87%

39% 31% 28%

13%

61% 69% 72%

0%

25%

50%

75%

100%

2008 2018* 1Q19* 2023F

International

Thailand

Minor Food

Combination

Minor Hotels

MINOR HOTELSAVANI+ Luang Prabang

Minor Hotels – Financial Highlights

9

The drastic change in revenue, EBITDA and NPAT of Minor Hotels in 1Q19 compared to 1Q18 is from the consolidation of NHH since October 2018. As a result, the comparison is not meaningful in terms of business operations. With first quarter as the lowest season for NHH’s European business, where historically NHH reported net losses, 1Q19 is the new base of Minor Hotels overall operations going forward.

Revenue

EBITDA

NPAT

THB million +138% y-y

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 39.

8,929 8,121 8,992

24,535 21,230

2,245 1,926 2,213

5,907

3,085

1,141 705 651

1,810

128

8,929

-235

+12,536 21,230

2,245

-99

+939 3,085

1,141

-60

-953

128

1Q191Q18 Minor Hotels Pre-NHH

NHH

+37% y-y

-89% y-y

Minor Hotels – Organic Performance

10

Organically (excluding NHH performance), 1Q19 revenue of Minor Hotels declined by 3%, primarily from management letting rights (MLR) portfolio in Australia and Anantara Vacation Club (AVC), although owned and managed hotels, together with residential development reported revenue increase. Consequently, 1Q19 EBITDA and NPAT declined by 4% and 5% respectively, from the lower flow-through of the MLR and AVC operations.

Revenue

EBITDA

NPAT

THB million

-5% y-y

-3% y-y

-4% y-y

EBITDA Margin

24.7%25.1%

NetMargin

1Q191Q18

12.4%12.8%

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 39.

KEY HIGHLIGHTS

Owned hotels (Minor Hotels pre-NHH)

26%of 1Q19 Minor Hotels’ revenue

Management letting rights

6% of 1Q19 Minor Hotels’ revenue

Management contracts

2%of 1Q19 Minor Hotels’ revenue

Mixed-use business

6% of 1Q19 Minor Hotels’ revenue

• Revenue (excluding NHH) grew by 1% y-y, as a result of:‒ Favorable performance of hotels in Portugal, the Maldives and Africa,

which helped offset‒ The soft performance of hotels in Thailand, especially those managed

by third-party (non-own branded hotels) and in Brazil.

• Revenue in THB term declined by 18% y-y, because of:‒ AUD RevPar down by 5%, primarily from pressure on room rate, and‒ Weakening of AUD by 9% during the quarter

• Revenue (excl NHH) increased by 14% y-y, primarily attributable to higher income of managed hotels, especially in the UAE and the Maldives, together with contribution of newly added hotels.

• Revenue declined by 4% y-y, from:‒ The decline in sales of Anantara Vacation Club, which was somewhat

mitigated by‒ Sales activities of residential development during the quarter.

8,929 8,694

2,245 2,146

1,141

1,081

Minor Hotels – NH Hotel Group Performance

11

NH Hotel Group reported recurring EBITDA of EUR 21 million in 1Q19, an increase of 33% y-y as a result of sound revenue growth and constant focus on efficiency. NHH reiterates on its full-year 2019 EBITDA & recurring NPAT guidance of EUR 285 million and EUR 100 million respectively (excluding IFRS 16 and IAS 29 accounting impacts).

Revenue

RecurringEBITDA

Reported NPAT

EUR million

EBITDA Margin

4.6% 5.9%

1Q18 1Q19excl IFRS 16 1Q19

7.5%

KEY HIGHLIGHTS

+37%y-y

+4% y-y

+33% y-y

12,536353340

2116

22NM

-15-23

Recurring NPAT

-12

Note: (1) As per NH Hotel Group’s report, the numbers include hyperinflation accounting effect (IAS 29) (implemented since 3Q 2018) but excludes IFRS 16, and (2) Recurring NPAT exclude capital gains and related taxes from asset rotation. (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

• 1Q19 revenue growth of 4%

‒ RevPar up 4.2% (Occupancy +1.1% & ADR +2.4%)

‒ Strong performance of Spain & Central Europe

• 1Q19 recurring EBITDA growth of 33%, with margin improvement of 1.3%

‒ 42% EBITDA conversion rate

‒ Effective cost control, both payroll and operating expenses

• 1Q19 recurring net loss after tax improved by EUR 8 million

‒ Business improvement

‒ Lower financial costs, from full redemption of convertible bond (June2018) and partial early redemption of 2023 bond (4Q18)

• 1Q19 reported net loss compared to 1Q18 NPAT, primarily because of netcapital gain from asset rotation amounting EUR 55 million (mainly from sale& leaseback of NH Collection Amsterdam Barbizon Palace Hotel) in 1Q18

• Low level of net debt of EUR 169 million maintained

‒ Nearly unchanged from year-end 2018

750

189 939

-953

-401 -462

-863

ConsolidationTHB million

Dividend • Dividend of EUR 0.15 per share for 2018 performance; 47% pay-out ratio

Acquisition Related Expenses

Acquisition Related Expenses

Accounting Standard Difference

-491

-462

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 investment, joint-venture and management business models in 54 countries.

* Excludes non-core items

REVENUE CONTRIBUTION

94%

22% 17% 11%

6%

78% 83% 89%

0%

25%

50%

75%

100%

2008 2018* 1Q19* 2023F

International

Thailand

Management

Combination

Investment

New Destinations in Pipeline

Hubs

0

20,000

40,000

60,000

80,000

1Q18 2Q18 3Q18 4Q18 1Q19

MLR / Oaks

Managed

Joint-venture

Owned & Leased

System-wide Hotel Portfolio

13

ADRNUMBER OF HOTEL ROOMS

OCCUPANCY REVPAR

+269% y-yNo of Rooms

THB

THB

OrganicFlat y-y

System-wide-2% y-y

Organic excl FX-1% y-y

System-wide-37% y-y

1Q18 2Q18 3Q18 4Q18 1Q19

System-wide-35% y-y

Organic excl FX-2% y-y

Excluding new hotels and FX impact, organic RevPar of the entire portfolio declined by 1% in 1Q19. The good performance of Minor Hotels’ organic overseas portfolio (excluding NHH) and managed hotels was offset by slow performance of Thailand and management letting rights portfolios. 1Q19 system-wide RevPar declined by 37%, primarily from the change in room type mix with the consolidation of the NHH portfolio.

75,241

20,379 20,385 20,660

75,288

68%66%

72%

69% 68%

66%

60%

70%

80%

1Q18 2Q18 3Q18 4Q18 1Q19

6,157

4,9835,293

4,207

6,055

4,021

2,000

4,000

6,000

8,000

4,204

3,2703,823

2,900

4,147

2,655

1,000

2,000

3,000

4,000

5,000

1Q18 2Q18 3Q18 4Q18 1Q19

60%64%

74%

62%

61%65%

40%

50%

60%

70%

80%

1Q18 2Q18 3Q18 4Q18 1Q19

7,063 7,063 7,063

0

5,000

10,000

15,000

20,000

1Q18 2Q18 3Q18 4Q18 1Q19

Owned & Leased Hotels

14

With the acquisition of NHH, owned & leased hotels is the major revenue contributor. 1Q19 organic RevParexcluding FX impact of owned & leased hotels declined by 2%, from the soft performance of Thailand hotels (especially externally-managed hotels). System-wide RevPar of owned & leased portfolio declined by 44%, 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 1Q19, primarily from the consolidation of NHH.

ADR

1Q19 MINOR HOTELS

REVENUE CONTRIBUTION

85% Owned & Leased

NUMBER OF HOTEL ROOMS

OCCUPANCY REVPAR

+650% y-yNo of Rooms

THB

THB

Organic+1% y-y

System-wide+5% y-y

Organic excl FX-2% y-y

System-wide-44% y-y

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

5,5566,152

3,985

7,072

3,748

2,000

4,000

6,000

8,000

1Q18 2Q18 3Q18 4Q18 1Q19

System-wide-49% y-y

Organic excl FX-3% y-y

4,4003,568

4,533

2,743

4,313

2,444

0

2,000

4,000

6,000

1Q18 2Q18 3Q18 4Q18 1Q19

RevPar Growth (y-y) +16% +6% +5% +6% -2%

Owned Hotels – Thailand

15

Thailand remained the largest single country contributor to Minor Hotels. The momentum of RevPargrowth of hotels in Thailand continued to slow in 1Q19 in the midst of competitive ADRs and soft China market. Nevertheless, Minor Hotels continues to believe that Thailand will remain an attractive destination for tourism with its diverse attractions, well-developed infrastructure and strategic location.

KEY HIGHLIGHTS

1Q19 OWNED HOTEL

REVENUE BY GEOGRAPHY

MLR

BANGKOK

THAILAND PROVINCES

THB

Organic

RevPar Growth (y-y) +12% -3% -3% -8% -9%

THB

Organic

RevParADR% Occupancy

Thailand

Bangkok

ThailandProvinces

• International tourist arrivals into Thailand grew by 1.8% in 1Q19.The slowdown of tourists from China and Europe was made up bythe growth of tourists from Malaysia, Japan, Korea, the US and India.

• Number of room nights in Thailand sold by Minor Hotels grew by 1%y-y in 1Q19, driven by Korea, US and India. Trend of tourists fromChina has improved from 2H18 with a decline of 2% in 1Q19.

• Organic RevPar of Minor Hotels’ owned Thailand portfolio declinedby 6% in 1Q19, especially the third party non-owned branded hotels.

• The 2% RevPar decline of owned hotels in Bangkok in 1Q19 wasprimarily from lower ADR, in an attempt to drive occupancy.However, soft China and Europe markets remained a challenge.

• Anantara Riverside Bangkok continued to report positive RevPargrowth during the quarter.

• RevPar of hotels in the provinces declined by 9% in 1Q19, from bothlower occupancy and ADR.

• Weak performance seen across all regions.

5,4694,538 4,610

5,208 5,2944,659

3,4863,941 4,342 4,587

85% 77%85% 83%

87%

0

2,000

4,000

6,000

1Q18 2Q18 3Q18 4Q18 1Q09

9,862

6,299 6,230

8,4339,437

8,080

4,251 4,377 5,7727,335

82%67% 70% 68%

78%

0

2,500

5,000

7,500

10,000

1Q18 2Q18 3Q18 4Q18 1Q19

Thailand, 15%

Overseas excl NHH,

15%NHH, 70%

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

Owned Hotels – Overseas (Excl NHH)

16

RevPar of owned overseas hotels (excl NHH) declined by 3% in 1Q19, primarily because of the weakening of currencies in some of Minor Hotels’ major markets, in particular EUR and BRL. Excluding FX impact, organic RevPar of owned overseas hotels increased by 6%. Favorable tourism environment in key markets, selective asset refreshments, together with Minor Hotels’ ongoing sales & marketing efforts, contributed to the good performance in local currencies.

KEY HIGHLIGHTS

MLR

OVERSEAS EXCL NHH

1Q19 ORGANIC REVPAR GROWTH (THB)

Organic

THB

RevParADR% Occupancy

Flat

-3%

Flat

7%

Portugal Brazil Maldives Africa

Portugal

• The Portugal portfolio’s RevPar was flat in THB (+8% in EUR), withthe weakening of the EUR by 7% during the quarter.

• RevPar of the Portugal portfolio was driven primarily byoccupancy in 1Q19. With the completion of the renovations in3Q18, the hotels have been successful in attracting more traffic.

Brazil

• Brazil’s RevPar declined by 3% in THB (+13% in BRL) with theweakening of the Brazilian real by 14%.

• RevPar of both hotels grew in double digit in BRL.

Maldives

• RevPar of the Maldives portfolio was flat in both THB and USDterms.

• The hotels were able to increase rate slightly, which resulted inslight slow down in traffic amidst the competitive environment.

Africa

• RevPar of the African portfolio increased by 7% in THB (+28% inlocal currencies).

• All hotels in Africa performed well, with hotels in Namibia andZambia having RevPar growth of 30% or over in local currencies.

1Q19 OWNED HOTEL

REVENUE BY GEOGRAPHY

Portugal, 20%

Brazil, 16%

Maldives, 16%

Africa, 12%

Others, 36%

6,9025,690

6,676 5,977 6,249

3,0983,380

4,756

3,185 3,00945% 59%

71%53%

48%

0

2,000

4,000

6,000

1Q18 2Q18 3Q18 4Q18 1Q19

Thailand, 15%

Overseas excl NHH,

15%NHH, 70%

OVERSEAS HOTEL (EXCL NHH)REVENUE CONTRIBUTION

IN LOCAL CURRENCIES+8% +13% Flat +28%

RevPar+4% y-y

Owned & Leased Hotels – NH Hotel Group

17

NHH was the largest contributor to the owned & leased hotel portfolio in 1Q19. RevPar of NHH increased by 4%, driven by all key markets. The RevPar increase in 1Q19 was both from occupancy (+1.1%, from Spain, Central Europe and Benelux) and ADR (+2.4%, from all regions, with Spain, Latin America and Central Europe as highlights).

KEY HIGHLIGHTS

MLR

NH HOTEL GROUP

1Q19 ORGANIC REVPAR GROWTH (EUR)

91 93

59 62

65% 66%

0

20

40

60

80

100

1Q18 1Q19

EUR

RevParADR% Occupancy

7%

1%1%

6%5%

Spain Italy Benelux CentralEurope

LatinAmerica

Spain

• RevPar improvement was driven more by ADR.

• Madrid performed well during the quarter.

• Barcelona sustained the recovery since 4Q18 with double-digitRevPar growth.

Italy• Rome continued to perform well.

• Milan experienced lesser trade fairs during the quarter.

Benelux

• Brussels recovery continued, and good performance inAmsterdam.

• Congress center hotels declined due to lower corporate eventsthat will recover during the following quarters.

Central Europe

• The majority of the RevPar increase was from higher ADR.

• Munich & Vienna drove the RevPar growth with favorable tradefair calendar.

* Notes:

(1) Stats are organic owned & leased hotels

(2) In THB term:• ADR THB 3,332 • RevPar THB 2,208

(3) For the time being, stats are given in EURs for performance comparisons.

Latin America

• RevPar up +18% in local currencies.

• Buenos Aires, Bogota and Chile were the key drivers of the RevPargrowth.

1Q19 OWNED HOTEL

REVENUE BY GEOGRAPHY

Spain , 28%

Italy, 17%Benelux , 21%

Central Europe, 25%

America, 9%

Thailand, 15%

Overseas excl NHH,

15%NHH, 70%

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)

NHH Integration & Synergies

18

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, which will yield benefits for both groups over the years.

Enhanced Customer Base

• Access to Asian customers which has high growth potential

• Cross-selling between the two groups

• Loyalty program

Economies of Scale

• Improved pricing scheme, leveraging on the larger size with:

‐ Distribution partners & OTAs

‐ Suppliers

Cross-Expansion

• Growth in new geographies of all brands

• Rebranding opportunities

• New openings

Tivoli Integration • Efficiencies across the European platform, from sales & marketing to operations

Best Talent Pool• Talent exchange opportunities

• Mobility policies

78% 76%

82%79%

77%

60%

70%

80%

90%

1Q18 2Q18 3Q18 4Q18 1Q19

Management Letting Rights

19

Management letting rights (MLR) business which manages serviced-suites, mainly under the Oaks brand, is the second largest segment in the hotel and mixed-use business. RevPar of MLR declined by 5% in AUD term, as a result of higher competition in key markets. With the weakening of the AUD, RevPar in THB term declined by 12%. Consequently, Oaks’ revenue decline by 18% in THB term.

ADRNUMBER OF HOTEL ROOMS

OCCUPANCY REVPAR

+8% y-yNo of

Rooms THB -11% y-y

AUD -3% y-y

-1% y-yTHB

-12% y-y

AUD-5% y-y

THB

THB AUD

AUD

1Q19MINOR HOTELS

REVENUE CONTRIBUTION

6%MLR

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

4,000

5,000

6,000

7,000

1Q18 2Q18 3Q18 4Q18 1Q19

4,6213,999 4,240 4,332 4,124

189

166

176

185 183

160

170

180

190

200

0

2,000

4,000

6,000

1Q18 2Q18 3Q18 4Q18 1Q19

3,6243,052

3,480 3,411 3,188

148

126

144 145 142

110

130

150

170

0

1,000

2,000

3,000

4,000

5,000

1Q18 2Q18 3Q18 4Q18 1Q19

4,170

3,144 3,413 3,119

4,306

2,882

0

2,000

4,000

6,000

6,1035,375 5,459

4,824

6,231

4,535

0

2,000

4,000

6,000

8,000

68%

59%

63%65%

69%

64%

50%

60%

70%

80%

1Q18 2Q18 3Q18 4Q18 1Q19

2%

Managed Hotels

20

In 1Q19, managed hotels (excl NHH) contributed approximately 2% of hotel & mixed-use revenue. Organic RevParexcluding FX impact of managed hotels portfolio increased by 3%, primarily because of hotels in UAE, Oman, Seychelles and Indonesia. System-wide RevPar declined by 31%, with the addition of NHH portfolio. Revenue of managed hotels increased by 14%, mainly from hotels in UAE and the Maldives, together with the addition of new hotels.

ADR

Management Contracts

NUMBER OF HOTEL ROOMS

OCCUPANCY REVPAR

+180% y-yNo of

Rooms

THB

THB System-wide-26% y-y

Organic excl FX+2% y-y

Organic+1% y-y

System-wide-4% y-y

Organic excl FX+3% y-y

System-wide-31% y-y

1Q19MINOR HOTELS

REVENUE CONTRIBUTION

4,745 4,750 4,919

13,311 13,284

0

5,000

10,000

15,000

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

1Q18 2Q18 3Q18 4Q18 1Q19

Hotel Expansion Pipeline

* Note: Joint-ventured properties

2019F

MA

NA

GEM

ENT

CO

NTR

AC

TS /

MLR

S

• Khao Lak, Thailand 328 rms

• Frankfurt, Germany 428 rms

• Hamburg, Germany 261 rms

• Frankfurt, Germany 375 rms

HO

TEL

INV

ESTM

ENT • Fares Island, Maldives* 200 rms

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

• Bahia, Brazil 50 rms• Le Chaland, Mauritius 164 rms• Tozeur, Tunisia 93 rms• Victoria, Australia 170 rms• Angkor, Cambodia 80 rms• Seminyak, Bali, Indonesia 37 rms• Busan, Korea 289 rms & 570 rms• Bangkok, Thailand 382 rms• Krabi, Thailand 178 rms & 83 rms• Dubai, UAE 372 rms• Vũng Tàu, Vietnam 149 rms• Recife, Brazil 200 rms• Brasilia, Brazil 395 rms• Chengdu, China 230 rms• South Australia, Australia 278 rms• Hangzhou, China 132 rms• Busan, Korea 436 rms• Beirut, Lebanon 110 rms• Wellington, New Zealand 226 rms• Khon Kaen, Thailand 79 rms• Santiago, Chile 85 rms• Valencia, Spain 92 rms• Porto, Portugal 79 rms• Lima, Peru 265 rms• London, UK 190 rms• Laikipia, Kenya 7 rms

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

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

• Hangzhou, China 166 rms

• Queensland, Australia 50 rms• Chengdu, China 200 rms• Daegu, Korea 144 rms

• Venice, Italy 150 rms

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

• Santiago, Chile 146 rms

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

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

• Fortaleza, Brazil 130 rms

• Phuket, Thailand 500 rms

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

2020F 2021F 2022F-2023F

63 Hotels / 12,620 Rooms

• Desaru, Malaysia 103 rms• Ubud, Bali, Indonesia* 71 rms• Marbella, Spain 130 rms• Antwerp, Belgium 180 rms

• Leipzig, Germany 197 rms

• Warangi, Serengeti National Park, Tanzania* 12 rms

• Sifah, Oman 198 rms• Riyadh, Saudi Arabia 160 rms

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

• Guadalajara, Mexico 120 rms• Panama 83 rms

Others

18 Hotels / 3,633 Rooms

6 Hotels / 693 Rooms 8 Hotels / 1,548 Rooms 4 Hotels / 1,392 Rooms

28 Hotels / 5,421 Rooms 14 Hotels / 2,472 Rooms 15 Hotels / 3,563 Rooms 6 Hotels / 1,164 Rooms

21

6%

Mixed-use Business – Residential

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

Mixed-use

CURRENT PROJECTS

Layan Residences by Anantara,

Phuket

Avadina Hills by Anantara,

Phuket

The Estates Samui

Anantara Chiang Mai Serviced

Suites

Torres Rani, Maputo

Anantara DesaruResidences,

Malaysia

Anantara UbudResidences, Indonesia

Silom Office

22

15 luxury pool villas

16 luxury pool villas

14 luxury pool villas

44 units in 7-storey

condominium building

181 keys for rent & 6 penthouses

for sale;

21-storey office tower

20 residential villas

15 residential villas

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

PIPELINE PROJECTS

NA

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

1Q19 MINOR HOTELS

REVENUE CONTRIBUTION

Mixed-Use Business – Anantara Vacation Club

23

Part of the mixed-use business, Anantara Vacation Club is another important contributor to Minor Hotels. Growth of members are driven by four main markets – China, Thailand, Hong Kong and Singapore. In 1Q19, AVC revenue declined by 14% in THB term, as the price increase implemented in December 2018 temporarily impacted the number of points sold amidst the Chinese economic slowdown.

MEMBERS PRIMARILY IN ASIATOTAL NUMBER OF MEMBERS

GROWTH DRIVEN BY FOUR MARKETSINVENTORY TO ACCOMMODATE GROWING MEMBERS

6,9288,000

10,19312,347 12,796

0

4,000

8,000

12,000

2015 2016 2017 2018 1Q19

No. of Members

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

137160 186

229 229

500

0

100

200

300

400

500

2015 2016 2017 2018 1Q19 2023F

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

Samui,Phuket, Bangkok

Chiang Mai

>

As at Mar 2019

China, 38%

Thailand, 12%Hong Kong, 8%

Singapore, 8%

Malaysia, 7%

Japan, 4%

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

USA, 2%

Korea, 1% Others, 12%

41%

18% 21%

12%

29% 26%

13% 11%

China Thailand Hong Kong Singapore

2018 Growth Y-YCAGR 2013-2018

6%Mixed-use

1Q19 MINOR HOTELS

REVENUE CONTRIBUTION

MINOR FOOD

Minor Food – Financial Highlights

25

1Q19 revenue of Minor Food grew by 5% y-y, primarily because of the outlet expansion, which offset the slowdown of the overall same-store-sales from the weak macro backdrop. Despite improving margin trend in 1Q19 compared to previous quarters, EBITDA and net profit declined y-y by 2% and 13% respectively. The improved profitability of the China hub was not sufficient to offset the margin pressure of other hubs, which resulted from the contraction of same-store-sales and spending on the promotional campaigns to drive traffic primarily in Thailand.

Revenue

EBITDA

NPAT

THB million

-13% y-y

+5% y-y

-2% y-y

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

5.3%in 1Q19

• The Pizza Company, Burger King, Dairy Queen, 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 quarter with the accelerated expansion in China and Thailand.

Outlet expansion

8% in 1Q19

• The drivers of outlet expansion during the past 12 months were The Pizza Company, Dairy Queen, Burger King, The Coffee Club, Riverside and Benihana through the acquisition in April 2018.

Same-store-salesgrowth of

-4.0% in 1Q19

• SSSG of China hub turned positive in 1Q19, but 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, both through physical stores and online channel.

* The financials above reflect performance from operation, and therefore exclude non-core items in as detailed on page 39.

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

6,367

1,123 903 911

710

1,103

548

350 350 273

475

Minor Food – International Presence

26

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

Hubs

Franchised

Combination

Owned

* Excludes non-core items

REVENUE CONTRIBUTION

81%65% 65% 60%

19%35% 35% 40%

0%

25%

50%

75%

100%

2008 2018* 1Q19* 2023F

International

Thailand

Minor Food – Operational Performance

27

1Q19 total-system-sales of the restaurant business grew by 5.3%, driven by outlet increase of 8%, primarily from China, Thailand and developing hubs. While China’s same-store-sales growth was positive, others remained negative, resulting in same-store-sales decline of 4% in 1Q19. Thailand and Australia hubs continued to experience weak macro backdrop during the quarter.

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 1Q19 2023F

34%

66%67%33%

37%

63%1,043

4,462

2,270 2,254

+8% y-y

34%

66%

53%82%

59%

Franchised

Owned

50%

2008 2018 1Q19 2023F

38%

62%

51%

49%

4,462

49%

51%

+8% y-y

1,043

2,270 2,254

50%

50%

-1.8%-3.1%

-3.8% -4.3% -4.0%

-1.7%-0.7%

0.7%

2.8%

5.3%

-5%

0%

5%

10%

1Q18 2Q18 3Q18 4Q18 1Q19

Minor Food – Thailand Hub

28

Revenue from domestic operations accounted for over 60% of total restaurant revenue in 1Q19. The Pizza Company, Dairy Queen, Burger King, The Coffee Club and Thai Express expanded the number of outlets, which resulted in positive total-system-sales growth in 1Q19.

KEY HIGHLIGHTSTHAILAND’S SSS & TSS GROWTH

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

Thailand

1Q19 MINOR FOOD

REVENUE CONTRIBUTION

• Same-store-sales: Thailand’s SSS declined by 6.0% in 1Q19:

‒ Consumer confidence remained challenging during the quarter. Upcountry SSS performance remained weaker than Bangkok, with farm income growth turning negative in the first four months of 2019; and

‒ Bangkok continued to be impacted by high competition and delivery service disruption.

• Total-system-sales:

‒ Thailand hub selectively expanded its network of outlets, taking into careful consideration the brands, location and format;

‒ With outlet expansion of 10% in 1Q19, Thailand’s TSSG was 0.5%.

• 2019 Strategies:

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

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

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

65%Thailand

-10%

-5%

0%

5%

10%

1Q18 2Q18 3Q18 4Q18 1Q19

• Same-store-sales: China’s SSS improved to the positive territory of +2.5% in 1Q19, as the outlet restructuring strategy started to pay off.

• Total-system-sales: With rapid outlet expansion of 17%, the TSSG was 21.6% in 1Q19, where improving monthly trend continued.

• 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 to increase sales.

Minor Food – China Hub

29

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

KEY HIGHLIGHTSCHINA’S SSS & TSS GROWTH

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

-15%

-5%

5%

15%

25%

Jan-18 Apr-18 Jul-18 Oct-18 Jan-19

TSSG

SSSG

1Q19 MINOR FOOD

REVENUE CONTRIBUTION

14%China

-10%

-5%

0%

5%

10%

15%

20%

25%

1Q18 2Q18 3Q18 4Q18 1Q19

Minor Food – Australia Hub

30

In 1Q19, Australia hub’s revenue contributed 10% of total restaurant business. Although revenue increased in AUD term, revenue in THB term declined by 3% because of the weakening of the AUD.

KEY HIGHLIGHTSAUSTRALIA’S SSS & TSS GROWTH

Same-Store-Sales Growth Total-System-Sales Growth• Same-store-sales: Australia’s SSS declined by 2.1% in 1Q19, in line with the

drop in foot traffic into shopping malls.

• Total-system-sales: The trend of TSSG improved to -2.7%, but still steeper decline than SSS as The Coffee Club Australia continued to undergo rationalization of nonperforming outlets.

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

o brand relevance, such as convenience through delivery channel (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.

1Q19 MINOR FOOD

REVENUE CONTRIBUTION

10%

Australia

-15.0%

-10.0%

-5.0%

0.0%

5.0%

1Q18 2Q18 3Q18 4Q18 1Q19

MINOR LIFESTYLE

30 30 19

51 31

Minor Lifestyle – Financial Highlights

32

1Q19 revenue of Minor Lifestyle was up 11%, driven by both retail trading and contract manufacturing businesses. EBITDA increased by 17% because of higher revenue and cost savings related to operating and rental expenses. Net profit increased at a slower rate as a result of higher interest costs for business expansion and taxes.

Revenue

EBITDA

NPAT

THB million

+2% y-y

+11% y-y

+17% y-y

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

76%of 1Q19 Minor Lifestyle revenue

Contract manufacturing

24% of 1Q19 Minor Lifestyle revenue

• 1Q19 revenue from retail trading increased by 10%, mainly from Charles & Keith, Anello, OVS, Bossini, Henckels and Joseph Joseph, together with sales from recently-added brands, Bodum and Save My Bag.

• 1Q19 revenue from contract manufacturing increased by 13% from increased sales to existing and new customers.

No. of Shops 452 490 486416 429

SSS & TSS GROWTH

TSSG

SSSG

3.1%

-2.5%

-8.1% -8.3%

-1.3%

19.4%

12.4%

3.9% 2.4%

8.0%

1Q18 2Q18 3Q18 4Q18 1Q19

1,130 1,014 1,062

1,234 1,251

72 83

67 85 84

Corporate Information& Five-Year Plan

1.37 x

1.54 x

0.8

1.0

1.2

1.4

1.6

1.8

1Q18 2Q18 3Q18 4Q18 1Q19 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

34

CAPEX plans include committed CAPEX of projects in the pipeline. Following the acquisition of NHH, 1Q19 interest bearing debt to equity ratio rose to 1.54x, which is within its debt covenant of 1.75x. MINT and its senior unsecured debentures have “A” rating by TRIS. MINT plans to bring the debt to equity ratio down to its internal policy of 1.3x by the end of 2019. Going forward, source of fund for the committed CAPEX requirement will primarily be internal cash flow and debt financing.

LEVERAGE RATIOS

BACK-UP FINANCING

CAPEX PLANS

THB million

EBITDA coverage on committed CAPEX

Minor Food Minor Hotels Minor Lifestyle

100,000

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

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

Debt42,367

Debt126,894

Shareholders’ Equity83,074

Note: Cash on hand as at end of 1Q19 is THB 13,724 million

X

1.30x

Target

Equity*9,931

* Assume 100% conversion of MINT-W6

Refinance & Balance Sheet Management Plans

35

MINT is on track with its plan to refinance the bridge loans to long-term bonds and/or loans within 2019, with about 80% of the investment amount completed. In addition, MINT maintains its target to bring the debt-to-equity ratio back down to the internal policy of 1.3x by the end of 2019, and is well advanced in its strategic asset rotation initiatives.

BALANCE SHEET MANAGEMENTREFINANCING PLANS

Acquisition Funding

THB 15 bn

THB 45 bn

THB 28 bn

THB 88 bn94.1% stake

16.6% stakeAug 2018

47.7% stakeOct 2018

29.8% stakeJun 2018

THB 12 bn

THB 15 bn

THB 10 bn

THB 5 bn

18-mths bridge loans to be:• refinanced and/or • partially repaid with

proceeds from asset rotation

THB 15 bn5-yr callable perpetual bonds

USD 300 mn3-yr callable perpetual bonds

THB 88 bnAll funding swapped to EUR

Target blended financing cost < 3%

EUR 80 mn15-yr corporate bonds

EUR 139 mn5-yr loans

1Q19 Performance

• 1Q19 net profit has contributed to the equity base.

Issuance of THB Bonds

• MINT successfully issued THB bond in the amount of THB 33 billion on 29 March 2019, in series with maturities of 2-15 years, of which THB 24 billion used to refinance bridge loan associated with NHH acquisition.

2019 Performance

• 2Q19-4Q19 net profit, which is expected to be stronger, will further add to the equity base.

Loan Syndication

• In April, syndicated loans of EUR 329 million have been drawn down to repay bridge loans.

Asset Rotation Strategy

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

• MINT is in the process of talking to investors for sales-and-leaseback of selected Tivoli assets.

1Q19

DE = 1.54x

YE19Plan

DE >= 1.3x

THB 24 bn

THB 24 bnSeries of 2-15 yr THB bonds

THB 18 bn

EUR 329 mn5-yr syndicated loans

THB 3 bn

MINT’s Five-Year Strategy

36

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

37

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.)

1Q19• 516 hotels• 132 residences built to date• 229 vacation club units• 2,254 restaurants• 486 retail shops & POS

(31,901 sq.m.)

APPENDIX

Non-Core Items

39

PERIODAMOUNT

(THB million) BUSINESS UNIT NON-CORE ITEMS

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

4Q18

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

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

• Impairment charge of investment in Oaks GladstoneMinor Hotels-96

• Impairment of investment in Rani (Mozambique)Minor Hotels-280 pre-tax-232 post-tax

• Impairment of investment in GrabThai in UKMinor Food-125

2Q18 • Gain on fair value adjustment of investment in BenihanaMinor Food121

1Q19

• Gain from the divestment of Bread Talk ThailandMinor Food50

• Capital gain from asset rotation of NH Hotel GroupMinor Hotels

• FX loss on unmatched USD cross-currency swapMinor Hotels-191

132 pre-tax91 post-tax