COMPANY PROFILE Information as at 3Q17 To be A Leading Hospitality, Restaurant Operator and Lifestyle VISION Brand Retailer through the delivery of branded products and services that provide 100% satisfaction to all stakeholders

Customer Result People Innovative Partnership Focus Oriented Development

Overview 2 MINT - KEY MILESTONES

25% Investment in Acquired 7

Acquired remaining 80% stake in Invested in 30% stake in

Increased stake 50% stake of Increased stake to 31% in to 69.2% in

Launched 11% stake in Acquired Oaks Increased stake Darwin to 85% in M&A of Completed group RGR and MFG business RGR , MFG and and became restructuring; 100% stake in Acquired Acquired additional Converted loan to Founded MINOR listed Delisted 20% stake in 70% equity of

1978 1980 1988-9 2000-1 2003 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Acquired Founded MFG launched 50% stake in Launched 49% stake in Acquired additional stake from in in hotels in 80% stake in 95% stake in 50% stake in Launched 70% stake in Acquired remaining 7 hotels & brand 50% stake in Joint venture with 80% stake in In African Assets 49% Investment in & mixed use project in Maputo, 25% Investment in Pemba, Matemo and Medjumbe

Overview 3 MINT - CONSISTENT GROWTH

TOTAL REVENUES THB Million 60,000

40,000

20,000

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

ASSETS THB Million 80,000

60,000

40,000

20,000

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

MARKET CAP THB Million 200,000

150,000

100,000

50,000

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

Overview 4 MINT - TODAY

MINOR HOTELS MINOR FOOD Hotel Casual Dining Restaurants • Equity-Owned • Equity-Owned • Hotel and Serviced Suites • Franchised Management Cheese & Ice-Cream Spa Manufacturing Plaza & Entertainment Residential Development Point-Based Vacation Club

Shared Services

Overview 5 CONTRIBUTIONS BY BUSINESS GROUPS & GEOGRAPHIES

2016 REVENUE CONTRIBUTION 2016 EBITDA CONTRIBUTION 2016 NPAT CONTRIBUTION

Minor Lifestyle Minor Lifestyle Minor Lifestyle 7% 2% 2% Minor Food Minor Food Minor Food 42% 34% 37%

Minor Hotels Minor Hotels Minor Hotels 51% 64% 61%

2016 REVENUE CONTRIBUTION 2016 REVENUE CONTRIBUTION 2016 REVENUE CONTRIBUTION MINT MINOR HOTELS MINOR FOOD

Thailand Thailand Thailand 50% 37% 59%

Overseas Overseas Overseas 50% 63% 41%

Note: Core operations, excluding non-recurring items Overview 6 MINT’S PRESENCE Enhance profile, reputation & recognition with 156 hotels and serviced suites, 2,042 restaurant outlets and 64 spas in 32 countries. Saudi Arabia Bahrain UAE

UK Korea

Egypt Myanmar

Kenya

Cambodia

Botswana Singapore

Namibia Australia

Maldives

Mozambique India As of Nov 2017 Overview 7 MINOR HOTELS To be the Leading Hospitality Partner Maximizing Stakeholder Value

8 HOTEL PORTFOLIO – Nov 2017

THAILANDThailand OutsideOUTSIDE THAILANDThailand -

7 Anantara 3 Four Seasons 2 Oaks (Australia) 6 Anantara 6 AVANI

OWNED (, Vietnam, (Sri Lanka, Vietnam, MAJORITY , Sri Lanka, Portugal, , 11 Tivoli 3 AVANI 1 JW Marriott 1 St. Regis Portugal & Zambia) & Zambia) (2 Brazil & 9 Portugal)

6 Anantara 5 AVANI 1 Oaks (2 Maldives, 3 Mozambique (1 Vietnam, 1 Sri Lanka, (India) & 1 Sri Lanka) 1 Mozambique & 2 Lesotho) 1 AVANI

8 Elewana 4 Cheli &

JOINT VENTURE JOINT 1 NIYAMA Private Island (Tanzania Peacock 1 Naladhu 2 Serendib 1 (Maldives) & ) (Kenya) (Maldives) (Sri Lanka) (Mozambique)

3 AVANI 2 Tivoli 6 Anantara 2 AVANI (Malaysia, UAE & Seychelles) (Portugal & Qatar) 15 Anantara

PURELY PURELY (2 Bali, 1 Vietnam, 3 China, MANAGED 2 Oman, 1 Qatar & 6 UAE) 2 Cheli & Peacock 2 Elewana 1 Oaks (Kenya) (Kenya) 1 Oaks (UAE)

MLR* 51 Oaks (47 Australia, 3 New Zealand & 1 Dubai) 1 AVANI (New Zealand) * MLR is Management Letting Rights (Management of Serviced Suites) Minor Hotels 9 HOTEL PORTFOLIO – 156 PROPERTIES WITH 20,056 ROOMS IN 24 COUNTRIES Hotel Name Country # Rooms Hotel Name Country # Rooms Hotel Name Country # Rooms Anantara Bophut Koh Samui Thailand 106 AVANI Hua Hin Thailand 196 Anantara Baan Rajprasong Thailand 97 Anantara Golden Triangle Elephant Camp Thailand 61 Oaks Bodhgaya India 78 Anantara Chiang Mai Thailand 84 Anantara Hua Hin Thailand 187 AfroChic Diani Beach Kenya 10 Anantara Lawana Koh Samui Thailand 122 Anantara Layan Phuket Thailand 77 Anantara Mai Khao Phuket Villas Thailand 83 Elephant Pepper Camp Masai Mara Kenya 10 Anantara Rasananda Koh Phangan Thailand 64 Anantara Riverside Bangkok Thailand 408 Elsa's Kopje Meru Kenya 11 Anantara Sathorn Bangkok Thailand 310 Anantara Siam Bangkok Thailand 354 Joy's Camp Shaba Kenya 10 Anantara Sikao Thailand 139 AVANI Pattaya Thailand 298 Sand River Masai Mara Kenya 16 AVANI Atrium Bangkok Thailand 568 AVANI Riverside Bangkok Thailand 248 Tortilis Camp Amboseli Kenya 18 AVANI Khon Kaen Thailand 196 Elements Boutique, Koh Samui (to be Thailand 34 AVANI Lesotho Lesotho 158 rebranded to AVANI in 2018) Oaks Bangkok Sathorn Thailand 115 Four Seasons Chiang Mai Thailand 76 AVANI Maseru Lesotho 105 Anantara Sanya China 122 Four Seasons Koh Samui Thailand 60 Anantara Dhigu Maldives Maldives 110 Anantara Xishuangbanna China 103 Four Seasons Tented Camp Golden Triangle Thailand 15 Anantara Veli Maldives Maldives 67 Anantara Guiyang China 218 JW Marriott Phuket Thailand 265 Naladhu Private Island Maldives Maldives 20 Anantara Seminyak Bali Indonesia 60 The St. Regis Bangkok Thailand 224 Niyama Private Islands Maldives Maldives 134 Oaks Elan Darwin Australia 301 Anantara Uluwatu Bali Indonesia 74 Anantara Bazaruto Island Mozambique 44 Oaks Grand Gladstone Australia 144 Kitich Camp Mathews Forest Kenya 6 Anantara Matemo Island Mozambique 24 AVANI Gaborone Botswana 196 Lewa Safari Camp Kenya 13 Anantara Medjumbe Island Mozambique 12 Tivoli Ecoresort Praia do Forte Bahia Brazil 287 Loisaba Star Beds Kenya 4 Tivoli Mofarrej São Paulo Brazil 217 AVANI Pemba Beach Mozambique 185 Loisaba Tented Camp Kenya 12 Anantara Angkor Cambodia 39 The Radisson Blu Mozambique 154 AVANI Sepang Goldcoast Malaysia 315 Anantara Kihavah Maldives Villas Maldives 79 Anantara Peace Haven Tangalle Sri Lanka 152 AVANI Windhoek Namibia 173 Al Baleed Salalah by Anantara Oman 136 AVANI Bentota Sri Lanka 75 Anantara Vilamoura Algarve Portugal 280 Anantara Al Jabal Al Akhdar Oman 115 Club Hotel Dolphin Sri Lanka 154 AVANI Avenida Liberdade Lisbon Portugal 119 The Residences at Victoria (Tivoli) Portugal 93 Tivoli Carvoeiro Algarve Portugal 246 Hotel Sigiriya Sri Lanka 79 Banana Island Doha by Anantara Qatar 141 Tivoli Coimbra Portugal 100 Arusha Coffee Lodge Tanzania 30 Tivoli Lagos Algarve Portugal 324 Kilindi Zanzibar Tanzania 14 Souq Waqif Boutique by Tivoli Qatar 183 Tivoli Avenida Liberdade Lisboa Portugal 285 Serengeti Migration Camp Tanzania 20 AVANI Seychelles Barbarons Seychelles 124 Tivoli Marina Portimao Portugal 196 Serengeti Pioneer Camp Tanzania 12 Anantara Sir Bani Yas Island Al Sahel UAE 30 Tivoli Marina Vilamoura Algarve Portugal 383 Anantara Sir Bani Yas Island Al Yamm UAE 30 Tivoli Oriente Lisboa Portugal 279 Tarangire Treetops Tanzania 20 Anantara The Palm Dubai UAE 293 Tivoli Palacio de Seteais Sintra Portugal 30 The Manor at Ngorongoro Tanzania 20 Tivoli Sintra Portugal 77 AVANI Hai Phong Harbour View Vietnam 122 Eastern Mangroves by Anantara UAE 222 Anantara Kalutara Sri Lanka 141 Joint Venture 30 2,060 Desert Islands by Anantara UAE 64 AVANI Kalutara Sri Lanka 105 Australia 5846 Qasr Al Sarab Desert by Anantara UAE 206 Anantara Hoi An Vietnam 94 Oaks Hotels & Resorts New Zealand 262 AVANI Deira Dubai UAE 216 AVANI Quy Nhon Vietnam 63 Oaks Liwa Executive Suites UAE 54 Royal Livingstone by Anantara Zambia 173 UAE 168 AVANI Victoria Falls Zambia 212 AVANI New Zealand 62 Anantara Mui Ne Vietnam 90 Majority Owned 40 7,039 Management Letting Rights 52 6,338 Purely Managed 34 4,619 Minor Hotels 10 EXPANDING THE FOOTPRINT OF “ANANTARA”

Indigenous Discovery Grounded Expertise

Minor Hotels 11 A CONTEMPORARY HOTEL BRAND OF “AVANI”

AVANI Hotels & Resorts offers all the meaningful details that matter for a great stay anywhere, from city to resort destinations.

Minor Hotels 12 ADDING OTHER LUXURY BOUTIQUE HOTEL BRANDS

Much More than Just a Promise Inspired by a New Attitude

Lodges, Camps & Hotels in Harmony with Africa

Minor Hotels 13 OAKS HOTELS & RESORTS

Oaks is one of the largest hotel and resort operators in Australia, with over 50 properties and 6,300 rooms under management throughout Australia, NZ, Thailand, UAE and India.

Darwin Port Douglas Townsville Oaks Elan Darwin Oaks Lagoons Oaks Gateway on Palmer Oaks M on Palmer Australia Broome Mackay Brisbane Oaks Broome Oaks Rivermarque Oaks iStay River City Oaks Cable Beach Sanctuary Oaks Carlyle Oaks 212 Margaret Moranbah Gladstone Oaks Aurora Oaks Moranbah Oaks Grand Gladstone Oaks Casino Towers Sunshine Coast Oaks Charlotte Towers Adelaide Middlemount Oaks Seaforth Resort Oaks Felix Oaks Embassy Oaks Middlemount Redcliffe Oaks Festival Towers Oaks Horizons Caloundra Oaks Mon Komo Oaks Lexicon Apartments Oaks Precinct Oaks Oasis Oaks Mews Ipswich Goldcoast Oaks The Milton Brisbane Oaks Aspire Apartments Oaks Calypso Plaza Oaks Woolloongabba Port Stephens Glenelg Oaks Pacific Blue Resort Auckland Oaks Liberty Towers Oaks Lure Auckland Harbour Oaks Oaks Plaza Pier The Entrance Melbourne Oaks Waterfront Resort Oaks on Collins Hunter Valley Oaks on Lonsdale Sydney Oaks Cypress Lakes Resort Oaks on Market New Zealand Oaks Goldsbrough Apartments Oaks on William Oaks Castlereagh Queenstown Oaks South Yarra Oaks Hyde Park Plaza Oaks Club Resort Oaks WRAP on Southbank Oaks Trafalgar Oaks Shores Oaks Southbank Oaks Harmony Oaks Grand Apartment Dubai India Oaks Liwa Heights UAE Oaks Bodhgaya Abu Dhabi Thailand Oaks Liwa Executive Suites Bangkok Oaks Bangkok Sathorn

Minor Hotels 14 MINOR HOTELS – KEY STATISTICS

2016 REVENUE BREAKDOWN BY BRAND* OWNED HOTELS 57% OF MINOR HOTELS REVENUES IN 2016 Management fee, 5% THB Occupancy Anantara, 24% 10,000 80% Others, 18% 66% 68% 66% 64% 8,000 59% 60% 7,028 6,035 6,385 6,553 6,000 5,788 40% Avani, 6% 4,372 4,168 4,293 3,977 4,000 3,685 20% Tivoli, 21% Oaks, 26% 2,000 0% 2012 2013 2014 2015 2016

*Audited revenue excluding mixed-use; core operations, excluding non-recurring items Occupancy ADR RevPar

OAKS MANAGED HOTELS 22% OF MINOR HOTELS REVENUES IN 2016 4% OF MINOR HOTELS REVENUES IN 2016

AUD Occupancy THB Occupancy 250 10,000 80% 63% 64% 77% 78% 76% 76% 77% 60% 200 8,000 58% 55% 174 54% 7,038 160 164 166 6,748 6,724 161 60% 5,594 150 133 6,000 5,047 123 126 124 127 40% 4,400 4,241 40% 3,737 100 4,000 3,227 2,748 20% 50 20% 2,000

0 0% 0 0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 Occupancy ADR RevPar Occupancy ADR RevPar Minor Hotels 15 PLAZA & ENTERTAINMENT

MINT owns and operates three shopping plazas:

Riverside Plaza Royal Garden Plaza Turtle Village Bangkok Pattaya Phuket

MINT also operates seven entertainment outlets

Minor Hotels 16 SPA PORTFOLIO – 3Q17

No. Hotel Country No. Hotel Country Spa portfolio consists of 1 Anantara Bophut Koh Samui Thailand 33 Anantara Dhigu Maldives Maldives 2 Anantara Chiang Mai Thailand 34 Anantara Kihavah Maldives Villas Maldives 64 spas in 19 countries Anantara Golden Triangle 3 Thailand 35 Anantara Veli Maldives Maldives Elephant Camp 36 Naladhu Private Island Maldives Maldives 4 Anantara Hua Hin Thailand 37 NIYAMA Private Islands Maldives Maldives 5 Anantara Lawana Koh Samui Thailand 38 Anantara Bazaruto Island Mozambique 6 Anantara Layan Phuket Thailand 7 Anantara Mai Khao Phuket Villas Thailand 39 Anantara Medjumbe Island Mozambique Anantara Rasananda Koh 8 Thailand Phangan Villas 40 AVANI Pemba Beach Mozambique 9 Anantara Riverside Bangkok Thailand 41 Al Baleed Salalah Anantara Oman 10 Anantara Sathorn Bangkok Thailand 42 Anantara Al Jabal Al Akhdar Oman 11 Anantara Siam Bangkok Thailand 43 Tivoli Marina Vilamoura Algarve Portugal 12 Anantara Sikao Thailand 44 Tivoli Avenida Liberdade Lisboa Portugal 13 AVANI Khon Kaen Thailand 45 Tivoli Carvoeiro Algarve Portugal 14 AVANI Pattaya Thailand 46 Tivoli Palacio de Seteais Sintra Portugal 15 AVANI Riverside Bangkok Thailand 47 Banana Island Doha by Anantara Qatar 16 JW Marriott Phuket Thailand 48 Souq Waqif Boutique by Tivoli Qatar 17 The St. Regis Bangkok Thailand 49 AVANI Seychelles Barbarons Seychelles 18 Dusit Thani Krabi Beach Thailand 50 Anantara Kalutara Sri Lanka The Royal Orchid Sheraton 19 Thailand 51 Anantara Peace Haven Tangelle Sri Lanka Bangkok 52 Regency Dar es Salaam Tanzania Tivoli Ecoresort Praia Do Forte 20 Brazil 53 Meliá Zanzibar Tanzania Bahia 21 Tivoli Mofarrej São Paulo Brazil 54 Park Hyatt Zanzibar Tanzania 22 Anantara Angkor Cambodia 55 Anantara Sir Bani Yas Island UAE 23 Anantara Guiyang China 56 Anantara The Palm Dubai UAE 24 Anantara Sanya China 57 Eastern Mangroves by Anantara UAE 25 Anantara Xishuangbanna China 58 Emirates Palace Abu Dhabi UAE 26 Sheraton Sanya Resort China 59 Qasr Al Sarab Desert by Anantara UAE 27 The Puli Hotel & Spa China 60 Anantara Hoi An Vietnam 28 JW Marriott Cairo Egypt 61 Anantara Mui Ne Vietnam 29 Anantara Seminyak Bali Indonesia 62 AVANI Hai Phong Harbour View Vietnam 30 Anantara Uluwatu Bali Indonesia 63 AVANI Quy Nhon Vietnam 31 Sheraton Seoul D Cube City Korea The Royal Livingstone Victoria 64 Zambia 32 AVANI Sepang Goldcoast Malaysia Falls Zambia by Anantara Minor Hotels 17 ANANTARA VACATION CLUB

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

Minor Hotels 18 RESIDENTIAL PROPERTY DEVELOPMENT

LAYAN RESIDENCES BY ANANTARA, PHUKET ANANTARA CHIANG MAI SERVICED SUITES 15 uniquely designed pool villas adjacent to 44 units in 7-storey condominium building across from Anantara Layan Phuket Resort Anantara Chiang Mai Resort

TORRES RANI THE ESTATES SAMUI Of the 187 luxury apartments in Maputo, Mozambique, 6 14 luxury villas adjacent to Four Seasons Resort Koh Samui penthouses are for sale Minor Hotels 19 MINOR HOTELS – FINANCIAL PERFORMANCE

THB Million 27,758 23,547 17,977 19,243 16,390 Revenue

7,146 6,146 5,206 5,561 4,535

EBITDA

EBITDA 27.7% 29.0% 28.9% 26.1% 25.7% Margin

3,009 2,811 2,449 2,600 1,940 NPAT

Net 11.8% 13.6% 13.5% 12.8% 10.1% Margin 2012 2013 2014 2015 2016

Note: Core operations, excluding non-recurring items Minor Hotels 20 MINOR FOOD To be A Global Food Service Operator of Leading Brands that provide 100% satisfaction to all stakeholders MINOR FOOD PORTFOLIO – 3Q17 # OF OUTLETS THAILAND INTERNATIONAL Thailand International Brand No. of Outlet Equity Franchise Equity Franchise

429 241 87 1 100

328 123 167 13 25

63 50 - 13 -

437 222 213 2 -

84 80 - 4 -

458 33 - 34 391

91 6 - 61 24

57 - - 57 - Riverside

42 42 - - -

Others 53 39 - 14 -

Total Equity 1,035 836 - 199 -

Total Franchise 1,007 - 467 - 540

Grand Total 2,042 1,303 739

Minor Food 22 CHEESE & ICE-CREAM MANUFACTURING Two manufacturing plants producing over 20,000 tons of cheese and ice-cream per annum

Minor Food 23 MINOR FOOD – KEY STATISTICS

2016 REVENUE BREAKDOWN BY BRAND* NUMBER OF OUTLETS

Others, 5% 1,996 The Pizza 2,000 1,851 Riverside, 12% Company, 21% 1,708 1,544 1,500 1,381 Thai Express, 11% Swensen's, 11% 1,000

The Coffee Club, 16% Sizzler, 12% 500 Dairy Queen, 6% Burger King, 6% 2012 2013 2014 2015 2016 * Audited revenue

SAME-STORE-SALES GROWTH TOTAL-SYSTEM-SALES2013 GROWTH REVENUE CONTRIBUTION

6.0% 5.5% 20.0%

15.1% 13.8% 15.0% 13.1% 4.0% 11.2% 10.0% 9.1%

2.0% 1.5% 1.3% 5.0% 0.4% -0.2% 0.0% 0.0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Minor Food 24 MINOR FOOD – FINANCIAL PERFORMANCE

THB Million 23,022 18,626 16,754 15,343 13,192 Revenue

3,843 3,127 EBITDA 2,759 2,817 2,238

EBITDA 17.0% 18.0% 16.8% 16.8% 16.7% Margin

1,684 1,501 1,550 1,572 1,180 NPAT

Net 8.9% 9.8% 9.3% 8.4% 7.3% Margin 2012 2013 2014 2015 2016

Note: Core operations, excluding non-recurring items

Minor Food 25 OTHERS – MINOR LIFESTYLE PORTFOLIO – 3Q17

FASHION # Outlets # Outlets 82 84

6 21

6 15

33 15

5 60

TOTAL 327

HOUSEHOLD CONTRACT MANUFACTURING # Outlets 20 Manufacturing of acid-based 7 fast-moving consumer goods

- 100K Tons / Year

Minor Lifestyle 26 MINOR LIFESTYLE – STATISTICS & FINANCIAL PERFORMANCE

SAME-STORE-SALES GROWTH FINANCIAL PERFORMANCE THB Million 5.0% 3,703 3,412 3,616 3,505 3,505 0.3% 0.0% Revenue -0.1% -2.1% -5.0% -6.3% -8.1% -10.0% 2012 2013 2014 2015 2016 338 384 289 300 267 TOTAL-SYSTEM-SALES GROWTH EBITDA

20.0% EBITDA 8.5% 9.3% 10.4% 8.6% 7.6% 14.6% Margin 11.9% 8.4% 183 10.0% 151 3.8% 123 124 81 0.0% NPAT

-3.3% -10.0% Net 3.6% 4.2% 4.9% 3.5% 2.3% Margin 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Minor Lifestyle 27 KEY FINANCIAL HIGHLIGHTS RESILIENCY OF THAILAND vs. MINT’S RESPONSIVE STRATEGIES 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.

2000 – 2005 2006 – 2009 2010 – 2016 • Acquired Minor Food Group • Acquired Minor Corporation • Invested in Beijing Riverside & Courtyard China and • Launched own Pizza brand, The Pizza • Invested in S&P Thailand, The VGC in Australia Company and opened TPC and SZ in Coffee Club Australia and Thai • Invested in hotels in Sri Lanka, Phuket, Vietnam, China Express Singapore Cambodia, Zambia, Namibia, Botswana, Lesotho • Launched own hotel brand, Anantara • Entered into a JV with Serendib and Mozambique, in Oaks Hotels & Resorts Australia, in Tivoli Hotels & Resorts in Portugal and • Entered into a JV to operate 3 hotels in Sri Lanka and Elewana Africa Brazil the Maldives • Launched the first residential • Launched AVANI brand, Anantara Vacation Club, • Launched the first timeshare project in project, the Estates Samui and the new residential projects, Layan Residences Asia with Marriott • Opened the first two overseas by Anantara, Phuket and Anantara Chiang Mai purely managed hotels in Bali Serviced Suites and Abu Dhabi

THB Million 30% MINT’s Diversification Strategy Erawan 6,000 Bombing Bangkok Bangkok Mourning Coup Coup Shutdown 4,500 Tsunami Airport Rajprasong Closure Riot 15% Sub-prime 3,000 Flooding SARS Crisis Pattaya Riot 1,500

0% - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 (1,500)

MINT's NPAT % Change in Private Consumption % Change in Tourist Arrival -15% (3,000) Source: Office of The National Economic and Social Development Board and Bank of Thailand

Financial Highlights 29 MINT FINANCIAL HIGHLIGHTS - SIZE

TOTAL REVENUE NET PROFIT

THB Million THB Million 60,000 56,973 8,000 7,040 48,014 6,590 45,000 6,000 39,787 2,335 2,014 36,936 4,402 32,994 4,101 30,000 69 4,000 3,243

15,000 2,000 4,333 4,705 4,576

- - 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Core operations Non-recurring items Core operations Non-recurring items

TOTAL ASSETS TOTAL EQUITY

THB Million THB Million 120,000 108,453 50,000 98,382 40,797 40,000 36,711 90,000 74,279 30,024 60,124 30,000 26,875 60,000 51,721 19,062 20,000 30,000 10,000

- - 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Financial Highlights 30 MINT FINANCIAL HIGHLIGHTS - PROFITABILITY

EBITDA MARGIN NET MARGIN

30% 24.8% 23.2% 14.7% 21.4% 22.5% 22.1%22.2% 15% 21.0% 20.7% 20% 11.1% 10.9%11.1% 11.6% 9.8% 10.3% 10% 8.4%

10% 5%

0% 0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

RETURN ON ASSETS RETURN ON EQUITY 10% 25% 21.1% 8.2% 19.1% 8% 7.3% 20% 17.9% 6.9% 17.0% 6.4% 6.6% 6.4% 15.2% 15.5% 6% 5.4% 15% 14.1% 4.4% 11.8% 4% 10%

2% 5%

0% 0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

Core operations Reported

Financial Highlights 31 MINT FINANCIAL HIGHLIGHTS - OTHERS

INTEREST-BEARING D/E INTEREST COVERAGE

x x 1.5 1.3 8.0 1.2 1.2 6.7 1.2 1.1 5.7 6.0 5.2 5.5 0.9 5.2 0.9 4.0 0.6

0.3 2.0

0.0 0.0 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

CURRENT RATIO DIVIDEND PER SHARE AND PAYOUT RATIO

x THB Cash Stock Payout Ratio 1.6 1.5 0.40 60%

1.1 1.2 0.30 0.10 1.0 1.0 0.9 40% 0.8 0.20 35.6% * 32.0% 33.5% 32.7%* 33.7% 20% 0.4 0.10 0.30 0.35 0.25 0.35 0.35

- - 0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

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

Financial Highlights 32 OTHER CORPORATE INFORMATION SHAREHOLDERS & MANAGEMENT

SHAREHOLDING STRUCTURE MANAGEMENT STRUCTURE

Others Royal Family 7% 4% Minor Group Thai Fund 34% 17%

Osathanugrah Group 9%

Foreign Fund 29% 6 5 4 1 3 2 7 8 As of Oct 2017 1. William E. Heinecke SHAREHOLDERS’ RETURN Chairman and Group Chief Executive Officer 2. Paul Charles Kenny Chief Executive Officer of Minor Food THB 3. Dillip Rajakarier Chief Operating Officer of 60 Chief Executive Officer of Minor Hotels 50 4. Patamawalai Ratanapol 40 Chief People Officer of Minor International 30 5. James Richard Amatavivadhana Chief Executive Officer of Minor Lifestyle 20 6. Brian James Delaney 10 Corporate Chief Financial Officer 0 7. Stephen Chojnacki 2000 Cash Stock Warrants Capital Gain YTD Value Chief Commercial Officer and General Counsel Investment Dividend Dividend 8. John Scott Heinecke As of Sep 2017 Chief Operating Officer / Hot Chain of Minor Food

Corporate Information 34 SUSTAINABILITY DEVELOPMENT

Managing Environmental Impact Journey to Harmony We aim to produce a positive impact on the environment and communities where our operations are located

Engaging in End-to-End Customer Experience Our aspiration is to create a memorable experience for our customers, by delivering our best products and Journey to services that provide 100% satisfaction Shared Success Committing to Long-term and Sustainable Partnerships We focus on value-adding collaboration by committing to long-term and sustainable partnerships that generate positive economic and social impact

Empowering People Journey to We create a better and brighter future for our Empowerment employees, local youth and children by developing and harnessing their human capital potential

Fostering Social Responsibility Mindset We foster a social responsibility mindset amongst our employees, who would also exemplify our Drive Culture Journey to with their contributions to society Excellence Practicing Good Corporate Governance We cultivate a corporate culture that practices good governance to ensure the company’s long-term growth and sustainability

Corporate Information 35 RECENT AWARDS

Overall Performance & Corporate . No. 2 Best Managed Companies in Thailand, FinanceAsia 2017 . Top 3 Best CEO and Best Investor Relations Program in the Consumer/Discretionary Sector by Sell-Side Analysts, Institutional Investor 2017 . Included in Dow Jones Sustainability Emerging Market Index (DJSI) 2017 in the Consumer Services sector for the 4th consecutive year . Included in 2017 FTSE4GOOD Emerging Index for two consecutive years . Included in the ESG100, ThaiPat Institute 2017 . Outstanding Investor Relations Awards (SET Market Capitalization of Over THB100bln), SET Awards 2016 Anantara Hua Hin Resort: . Best Investor Relations Company (Thailand) 2016, Corporate Governance Asia “No. 1 Resort in Asia” Minor Hotels by Conde Nast Traveler, 2017 . 2017 Conde Nast Traveler Readers’ Choice Awards o Naladhu Private Island – No. 1 Best Resort in the World and No.1 Resort in the o Anantara Hua Hin – No. 1 Resort in Asia and No. 9 Best Resorts in the World o Qasr al Sarab Desert by Anantara – No. 2 Resort in o Anantara Vilamoura Algarve – No. 5 Resort in . Anantara Hotels & Resorts – Readers' Choice Awards 2016: Best Hotel Brands, Conde Nast Traveler China 2016 . The Residences by Anantara Layan, Phuket – 2016 Best Residential Development Thailand, Asia Pacific Property Awards Minor Food . Minor Food – Top Corporate Brand Success Valuation in Sector: Consumer The Pizza Company: Overall Winner of International Discretionary and Consumer Staples, Thailand’s Top Corporate Brands 2016 Franchisor of the Year 2016 from Franchising and Licensing Association Singapore . The Pizza Company – Overall Winner of International Franchisor of the Year 2016, Franchising and Licensing Association Singapore

Corporate Information 36