Company Profile – 4Q18

Vision

2

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

Customer Focus

Result Oriented

People Development

Innovative Partnership

Overview

MINT’s Key Milestones

3

Joint venture with

in African Assets

Founded

RGR, MFG and MINOR

listed

M&A of RGR and MFG and became

Launched

Founded

50% stake in

70% stake in

Completed group

business restructuring;

Delisted

1978 1980 1982 1988-9 2000-1 2003 2008 2009 2010-11 2012-13 2014 2015 2016 2017 2018

100% stake in

Launched

Increased stake to 31% in

50% stake in

49% stake in

11% stake in

Increased stake to 100% in

49% investment in hotel & mixed use project in Maputo,

Mozambique

Acquired

in Australia

Acquired 7 hotels

Launched

Invested in

Increased stake to 69.2% in

Acquired additional 20% stake in

Acquired remaining 7

hotels & brand

Acquired additional stake from

in hotels in Africa

Acquired 74% stake in

Founded

Launched

75% stake in

Increased stake to 100% in

94.1% stake in

Overview

MINT – Consistent Growth

4

Total Revenues

0

20,000

40,000

60,000

80,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

THB Million

0

30,000

60,000

90,000

120,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

0

100,000

200,000

300,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

THB Million

THB Million

Assets

Market Cap

Overview

MINT – Today

5

Overview

Shared Services

Hotel

• Equity-Owned• Hotel and Serviced Suites

Management• Spa

Mixed-Use

• Plaza & Entertainment• Residential Development• Point-Based Vacation Club

Casual Dining Restaurants

• Equity-Owned• Franchised

Manufacturing

• Cheese & Ice-cream• Ice-cream Ingredients and

Toppings• Coffee Roasting

Minor Hotels Minor Food

MINT – Contributions by Business Groups & Geographies

6

Overview

2018 EBITDA Contribution 2018 NPAT Contribution

Minor Lifestyle 2%

Minor Food22%

Minor Hotels76%

Minor Lifestyle 2%

Minor Food26%

Minor Hotels72%

Thailand39%

Overseas61%

Thailand22%

Overseas78%

2018 Revenue ContributionMINT

2018 Revenue ContributionMinor Hotels

2018 Revenue ContributionMinor Food

Thailand65%

Overseas35%

2018 Revenue Contribution

Minor Lifestyle 6%

Minor Food30%

Minor Hotels64%

*Core operations, excluding non-recurring items

MINT’s Presence

7

Overview

Enhance profile, reputation & recognition with 513 hotels and serviced suites, 2,270 restaurant outlets and 61 spas. With the recent investment in NH Hotel Group, MINT has expanded its operations to a total of 62 countries.

AfricaBotswana

Egypt

Kenya

Lesotho

Mozambique

Namibia

Seychelles

Tanzania

South Africa

Zambia

Asia PacificAustralia

Cambodia

China

India

Indonesia

Korea

Laos

Malaysia

Maldives

Myanmar

New Zealand

Pakistan

Singapore

Sri Lanka

Thailand

Vietnam

The AmericasCanadaUSAArgentinaBrazilChileColombiaCubaDominican RepublicEcuadorHaitiMexicoUruguay

EuropeAustria

Belgium

Czech Republic

France

Germany

Hungary

Italy

Luxemburg

Poland

Portugal

Romania

Slovakia

Spain

Switzerland

The Netherlands

UK

Middle East

Bahrain Oman

Jordan Qatar

Kuwait Saudi Arabia

Lebanon UAE

Minor Hotels Minor Food Minor Lifestyle

To be a leading hospitality partner maximizing shareholder value

Minor Hotels

Hotel Portfolio – 513 Properties, 75,241 Rooms (1/2)

9

Minor Hotels

Majority Owned Leased Joint-venture Managed MLR Total

# Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms

Asia 22 3,066 11 1,187 15 2,469 48 6,722

12 1,654 3 329 10 1,222 25 3,205

5 772 3 393 4 1,132 12 2,297

1 78 1 115 2 193

Others 5 640 4 387 9 1,027

Middle East 15 2,042 1 168 16 2,210

9 1,237 9 1,237

1 216 1 216

2 154 1 168 3 322

3 435 3 435

Oceania 2 445 56 6,767 58 7,212

3 360 3 360

2 445 53 6,407 55 6,852

Hotel Portfolio – 513 Properties, 75,241 Rooms (2/2) Minor Hotels

Majority Owned Leased Joint-venture Managed MLR Total

# Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms # Hotels # Rooms

Europe 65 11,298 202 30,891 33 4,060 300 46,249

1 280 1 280

1 119 1 119

7 1,305 41 6,522 7 1,177 55 9,004

47 7,674 158 23,541 22 2,439 227 33,654

3 828 1 150 4 978

9 1,920 2 149 11 2,069

Others 1 145 1 145

Americas 24 3,589 21 2,728 19 4,582 64 10,899

6 866 9 1,213 5 738 20 2,817

16 2,219 11 1,386 9 1,407 36 5,012

2 504 2 504

Others 1 129 5 2,437 6 2,566

Africa 4 754 1 198 17 839 5 158 27 1,949

1 173 2 56 3 229

3 581 3 448 1 124 7 1,153

1 198 1 198

Others 12 335 4 34 16 369

Grand Total 117 19,152 224 33,817 28 2,026 87 13,311 57 6,935 513 75,241

10

Anantara – Life is a Journey

11

Minor Hotels

A luxury brand for modern travelers, Anantara opens the door to unforgettable experiences in the world’s most exciting destinations.

AVANI – The Details That Matter

12

Minor Hotels

Blending modern lifestyle features, a passion for design and smooth seamless service, AVANI offers all the meaningful details that matter for a great stay.

Oaks – Welcome Home to Oaks

13

Minor Hotels

Spacious, contemporary serviced studios and suites. Offering peace of mind, effortless short or long stays, and essential comforts.

NH Hotel Group – A Leading European Hospitality

14

Minor Hotels

Mid- to upscale urban hotels for guests who demand excellent location and the best value for money Premium hotels in

exceptional places for extraordinary memories

Design hotels that are unconventional and

cosmopolitan14

Boutique Hotel Brands with Unique Luxury Experience

15

Minor Hotels

Experience MoreFrom thriving cities to beach paradises, a

diverse portfolio of hotels and resorts, welcoming guests with the exceptional

comfort and a sense of wellbeing.

The Ultimate African ExperienceAn unrivalled collection of luxury lodges,

camps and hotels in select locations chosen to give inside, privileged access

to the best of Kenya and Tanzania.

7,028 6,553 5,788 6,2284,5754,168 4,293

3,685 3,8653,117

59%66% 64% 62%

68%

0%

20%

40%

60%

80%

0

2,000

4,000

6,000

8,000

10,000

12,000

2014 2015 2016 2017 2018

Minor Hotels – Key Statistics

16

Minor Hotels

Anantara, 14%

AVANI, 5%

Oaks, 13%

Tivoli, 13%

NH Hotel Group, 35%

Others, 16%

Management fee, 3%

Management Letting Rights

*Core revenue, excluding mixed-use and non-recurring items

AUD Occupancy

THB Occupancy

THB Occupancy

2018 Revenue Breakdown By Brand*

Managed Hotels

Owned & Leased Hotels

RevParADROccupancy

164 166 174 177 179

124 127 133 138 141

76% 76% 77% 78% 79%

0%

20%

40%

60%

80%

0

50

100

150

200

250

2014 2015 2016 2017 2018

6,748 7,038 6,724 6,1085,309

3,7374,400 4,241 3,917 3,378

55%

63% 63% 64% 64%

0%

20%

40%

60%

0

2,000

4,000

6,000

8,000

10,000

2014 2015 2016 2017 2018

12% OF MINOR HOTELS REVENUES IN 2018

75% OF MINOR HOTELS REVENUE IN 2018

3% OF MINOR HOTELS REVENUES IN 2018

RevParADROccupancyRevParADROccupancy

Plaza & Entertainment

17

Minor Hotels

MINT owns and operates three shopping plazas:

Royal Garden Plaza Pattaya

Turtle VillagePhuket

Riverside PlazaBangkok

MINT also operates seven entertainment outlets

Anantara Vacation Club

18

Minor Hotels

MINT introduced “Anantara Vacation Club” (point-based vacation club project) in December 2010, withinventory in Samui, Phuket, Bangkok, Chiang Mai in Thailand, Bali in Indonesia, Queenstown in New Zealand andSanya in China. Additional destinations will be added to the inventory over the years.

Residential Property Development

19

Minor Hotels

Avadina Hills By Anantara, Phuket16 modern villas, forested hillsides above Layan Beach, adjacent to Anantara Layan Phuket Resort

Layan Residences by Anantara, Phuket15 uniquely designed pool villas adjacent to Anantara Layan Phuket Resort

The Estates Samui14 luxury villas adjacent to Four Seasons Resort Koh Samui

Anantara Chiang Mai Serviced Suites44 condominium units across from Anantara Chiang Mai Resort

Torres RaniOf the 187 luxury apartments in Maputo, Mozambique, 6 penthouses are for sale

Minor Hotels – Financial Performance

20

Minor Hotels

THB Million

Revenue

EBITDA

NPAT

EBITDA Margin

NetMargin

20172015

28.9% 25.7%

13.5% 10.1%

2014

19,243 23,547

27,758 30,970

50,577

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

12,290

2,600 3,009 2,811 3,375

4,307

2016

26.1%

12.8%

Note: Core operations, excluding non-recurring items

24.8%

10.9%

2018

24.3%

8.5%

To be a leading food operator maximizing stakeholders’ value

Minor Food

Minor Food Portfolio – 4Q18

22

Minor Food

THAILAND INTERNATIONAL

Brand No. of OutletsThailand International

Equity Franchise Equity Franchise

528 262 133 2 131

316 121 168 1 26

66 55 - 11 -

503 254 247 2 -

109 103 - 6 -

462 51 - 46 365

95 14 - 58 23

70 - - 70 -

20 - 3 2 15

Others 101 89 - 12 -

Total Equity 1,159 949 - 210 -

Total Franchise 1,111 - 551 - 560

Grand Total 2,270 1,500 770

Riverside

Manufacturing

23

Minor Food

Two manufacturing plants in Thailand producing over 20,000 tons of cheese and ice cream per annum

Coffee roasting factory in Australia

Manufacturing of ice-cream ingredients and toppings

Minor Food – Key Statistics

24

Minor Food

The Pizza Company, 21%

The Coffee Club, 14%

Sizzler, 13%Swensen's, 10%

Dairy Queen, 6%

Burger King, 7%

Thai Express, 8%

Riverside, 11%

Others, 10%

*Core revenue, excluding non-recurring items

Same-store-sales Growth

2018 Revenue Breakdown by Brand*

Total-system-sales Growth

No. of Outlets

1,708 1,851

1,996 2,064 2,270

500

1,000

1,500

2,000

2,500

2014 2015 2016 2017 2018

0.4%

-0.2%

1.3%

-0.8%

-3.3%-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

2014 2015 2016 2017 2018

13.1%

11.2%

9.1%

5.1%

0.2%0.0%

5.0%

10.0%

15.0%

2014 2015 2016 2017 2018

Minor Food Financial Performance

25

Minor Food

1,550 1,572 1,684 1,913 1,521

THB Million

EBITDA Margin

Net Margin

16,754 18,626

23,022 23,582 23,484

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

3,647

16.8% 16.7%

9.3% 7.3%

16.8%

8.4%

20162014 2015

Note: Core operations, excluding non-recurring items

2017

18.2%

8.1%

Revenue

EBITDA

NPAT

2018

6.5%

15.5%

Others – Minor Lifestyle Portfolio – 4Q18

26

Minor Lifestyle

# Outlets

31

-

Fashion

# Outlets

82

40

83

2

Total 409

9

27

# Outlets

32

119

29

Household

6

21

Total 81

9

Manufacturing of acid-based fast-moving consumer goods

100K Tons / Year

Contract Manufacturing

Lifestyle

Scomadi

Minor Lifestyle – Statistics & Financial Performance

27

Minor Lifestyle

THB Million

Revenue

EBITDA

NPAT

EBITDA Margin

NetMargin

Same-Store-Sales Growth

Total-System-Sales Growth

-8.1%-6.3%

-0.1%

2.3%

-3.9%

-10.0%

-5.0%

0.0%

5.0%

2014 2015 2016 2017 2018

3.8%

-3.3%

8.4%

19.3%

9.0%

-10.0%

0.0%

10.0%

20.0%

2014 2015 2016 2017 2018

183

124 81

127 130

2016

10.4% 7.6%

4.9% 2.3%

3,703 3,505 3,505

4,091 4,439

384 300 267 304 307

2014

8.6%

3.5%

2015

Financial Performance

7.4%

3.1%

2017 2018

2.9%

6.9%

Key Financial Highlights

Resiliency of Thailand vs. MINT’s Responsive Strategies

29

Since 2000, Thailand has gone through several challenges, driven by both domestic and global factors. Geographical diversification and new initiatives including mixed-use development have proven to mitigate the risks, with MINT reporting profit all along.

-3,000

-1,500

0

1,500

3,000

4,500

6,000

-15%

0%

15%

30%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

MINT's NPAT % Change in Private Consumption % Change in Tourist Arrival

Source: Office of The National Economic and Social Development Board and Bank of Thailand

MINT’s Diversification Strategy

2000 – 2005

• Acquired Minor Food Group

• Launched own Pizza brand, The Pizza Company and opened TPC and SZ in China

• Launched own hotel brand, Anantara

• Entered into a JV to operate 3 hotels in the Maldives

• Launched the first timeshare project in Asia with Marriott

2006 – 2009

• Acquired Minor Corporation

• Invested in S&P Thailand, The Coffee Club Australia and Thai Express Singapore

• Entered into a JV with Serendib Sri Lanka and Elewana Africa

• Launched the first residential project, the Estates Samui

• Opened the first two overseas purely managed hotels in Bali and Abu Dhabi

2010 – 2018

• Invested in Beijing Riverside & Courtyard China, VGC in Australia, Corbin & King in the UK and non-US operations of Benihana

• Invested in hotels in Sri Lanka, Phuket, Vietnam, Cambodia, Zambia, Namibia, Botswana, Lesotho and Mozambique, in Oaks Hotels & Resorts in Australia, in Tivoli Hotels & Resorts in Portugal and Brazil and in NH Hotel Group in Spain

• Launched AVANI brand, Anantara Vacation Club, and the new residential projects, Layan Residences by Anantara, Avadina Hills by Anantara and Anantara Chiang Mai Serviced Suites

Pattaya Riot

AirportClosure

Tsunami RajprasongRiot

Bangkok Coup

FloodingSARS Sub-primeCrisis

Bangkok Shutdown Coup

THB Million

ErawanBombing

Mourning

Phuket Boat Incident

Financial Highlights

MINT Financial Highlights

30

Financial Highlights

THB Million THB Million

THB Million THB Million

Total Assets

Total Revenue

Total Equity

Net Profit

74,279 98,382 108,453 119,100

267,700

0

50,000

100,000

150,000

200,000

250,000

300,000

2014 2015 2016 2017 2018

30,024 36,711

40,797 50,504

83,074

0

15,000

30,000

45,000

60,000

75,000

90,000

2014 2015 2016 2017 2018

39,70045,678

54,285

78,499

39,78748,014

56,973 58,644

79,328

0

15,000

30,000

45,000

60,000

75,000

90,000

2014 2015 2016 2017 2018

4,3334,705 4,576

5,957

4,402

7,0406,590

5,415 5,445

0

2,000

4,000

6,000

8,000

2014 2015 2016 2017 2018

Core operation Reported Core operation Reported

MINT Financial Highlights

31

Financial Highlights

Return On Assets

EBITDA Margin

Return On Equity

Net Margin

22.1%21.0% 20.7% 20.9% 20.7%

22.2% 24.8%23.2%

19.8%

0%

10%

20%

30%

2014 2015 2016 2017 2018

10.9% 10.3%8.4% 9.2%

7.6%

11.1%

14.7%

11.6%

6.9%

0%

5%

10%

15%

2014 2015 2016 2017 2018

6.4%5.4%

4.4%4.8%

3.1%

6.6%

8.2%

6.4%

2.8%

0%

2%

4%

6%

8%

10%

2014 2015 2016 2017 2018

15.2%14.1%

11.8% 11.9%

8.9%

15.5%

21.1%

17.0%

8.2%

0%

5%

10%

15%

20%

25%

2014 2015 2016 2017 2018

Core operation Reported

MINT Financial Highlights - Others

32

Financial Highlights

Current Ratio

Interest-Bearing D/E

Dividend Per Share And Payout Ratio

Interest Coverage

0.25 0.35 0.35 0.40 0.40

0.10 35.6% 32.8% 33.7% 32.8% 31.0%*

0%

20%

40%

60%

0.00

0.10

0.20

0.30

0.40

2014 2015 2016 2017 2018

Cash Stock Payout Ratio

x x

x THB

1.11.2 1.2

1.0

1.5

0.0

0.5

1.0

1.5

2014 2015 2016 2017 2018

5.55.2

5.75.1

4.0

0.0

2.0

4.0

6.0

8.0

2014 2015 2016 2017 2018

1.0

1.5

0.9

1.3

0.9

0.0

0.4

0.8

1.2

1.6

2014 2015 2016 2017 2018

***

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

Other Corporate Information

Minor Group34%

Foreign Institutions27%

Osathanugrah Group10%

Thai Institutions 18%

Royal Family3%

Others8%

Shareholders & Management

34

Corporate Information

0

10

20

30

40

50

2001Investment

CashDividend

StockDividend

Warrants Capital Gain YTD Value

Shareholding Structure

Shareholders’ ReturnTHB

Management Structure

1. William E. Heinecke Chairman and Group Chief Executive Officer

2. Paul Charles Kenny Chief Executive Officer of Minor Food

3. Dillip Rajakarier Chief Operating Officer of Minor International Chief Executive Officer of Minor Hotels

4. Patamawalai Ratanapol Chief People Officer of Minor International

5. James Richard AmatavivadhanaChief Executive Officer of Minor Lifestyle

6. Brian James DelaneyCorporate Chief Financial Officer

7. Stephen ChojnackiChief Commercial Officer and General Counsel

8. John Scott Heinecke Chief Operating Officer - Hot Chain of Minor FoodAs of Dec 2018

34 1 26 75 8

As of Jan 2019

Sustainability Development

35

Corporate Information

Drive for Empowerment

Driving People DevelopmentWe focus our efforts in developing people, from grassroots to leaders, with education, skills and life-long learning, empowering them to achieve their highest potential

Drive for Shared Success

Engaging in End-to-End Customer ExperienceWe strive to enrich our customers’ experiences through end-to-end engagement and by delivering the best products and services that provide 100% satisfaction

Committing to Long-term and Sustainable PartnershipsWe foster long-term relationships with our partners along the value chain to achieve mutual sustainable benefits

Drive for Good Governance

Managing Environmental ImpactWe commit to produce a positive environmental and social impact in the locations where we operate

Fostering Social Responsibility MindsetWe encourage and foster a social responsibility mindset among our employees and with our partners

Practicing Good Corporate GovernanceWe build a strong platform for sustainable organization by practicing good corporate governance in all business operations

Drive for Harmony

Recent Awards

36

Corporate Information

2018 All-Asia Executive Team Rankings: Honored Company in the Emerging Markets – Country Winner, Institutional Investor

2018 All-Asia Executive Team Rankings: Top 3 Thailand's Best CEO, Institutional Investor

2018 All-Asia Executive Team Rankings: Top 3 Thailand's Best IR Professional, Institutional Investor

Best SET Sustainability Awards 2018 (SET Market Capitalization of Over THB100bn), Stock Exchange of Thailand

Included in Dow Jones Sustainability Emerging Markets Index (DJSI) 2018 in Hotels, Resorts and Cruise Lines Industry (fifth consecutive year), S&P Dow Jones Indices and RobecoSAM

Included in FTSE4Good Emerging Index 2018 (third consecutive year), FTSE Russell

2018 Conde Nast Traveler Readers’ Choice Awards

o Naladhu Private Island – No. 1 Best Resort in the Indian Ocean

o Qasr al Sarab Desert by Anantara – No. 1 Best Resort in Middle East

Anantara Hotels & Resorts

o No. 9 World's Greatest Hotel Group, The Telegraph (UK)

o World's Best Awards: No. 13 Top Hotel Brands, Travel+Leisure (USA)

o Gold Stevie® Winner, The International Business Awards

o Readers’ Choice Awards: No. 4 Best Hotel Brand for Leisure, DestinAsian

Minor Food – Thailand’s Top Corporate Brand Values 2018 in F&B Sector, The Stock Exchange of Thailand & Chulalongkorn Business School

First Runner Up in Top Curl Award 2018, International Dairy Queen

Overall Performance & Corporate

Minor Hotels

Minor FoodMinor Food – Thailand’s Top Corporate

Brand Values 2018 in F&B Sector, The Stock Exchange of Thailand & Chulalongkorn

Business School

Naladhu Private Island – No. 1 Best Resort in the Indian Ocean, by Conde Nast Traveler