AVANI Hua Hin Company Presentation – Nov 2017 FORWARD LOOKING STATEMENT

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.

Disclaimer 2 Agenda 9M17 Performance Recap & Recent Updates Minor Hotels Minor Food Minor Lifestyle Corporate Information

Tivoli Carvoeiro, Portugal 9M17 Performance Recap RESILIENT PERFORMANCE WITH QUICK TURNAROUND 9M17 net profit increased by 18% from 9M16 core net profit, due to the strong performance of all three businesses. The robust multi-brand portfolios, geographical diversification and business agility contributed to MINT’s growth.

REVENUE

THB million Excl special gains +7% y-y 45,000 42,570 43,066

40,000 40,410

35,000

30,000 9M16 Minor Hotels Minor Food Minor Lifestyle 9M17

NET PROFIT

THB million 6,000 5,297 Excl special gains +18% y-y

4,000 3,804

3,229 2,000

0 9M16 Minor Hotels Minor Food Minor Lifestyle 9M17

Non-recurring items as detailed on page 37

9M17 Performance Recap 5 INTERNATIONAL PRESENCE With solid diversification strategy, MINT’s presence was in 32 countries at the end of 9M17 across its hospitality and businesses. REVENUE CONTRIBUTION

100% Minor Hotels 13% 75% 50% 49% 52% International Minor Food 50% 87% Combination 25% 50% 51% 48%

0% 2008 2016 9M17 2021F * Excludes non-recurring gains

MINT’s Footprint 6 WHAT’S NEW IN 3Q17 TO DATE

MINOR HOTELS MINOR FOOD

Hotel Investment Overseas Expansion of The Company th • Entered into a strategic JV to strengthen the • The Pizza Company celebrated the opening of its 100 AVANI brand in Thailand with the launch of outlet outside of Thailand in 3Q17 AVANI Hua Hin in November 2017 CORPORATE / SUSTAINABILITY Bond Issuance Hotel Management • MINT successfully completed debentures issuance: - THB 2 billion in October 2017 (THB 1 billion, 7-yr @ • Debuted the Tivoli brand in the Middle East 2.91% & THB 1 billion, 15-yr @ 3.93%) with the opening of Souq Waqif Boutique - USD 50 million in July 2017 (10-yr @ 4.6%) Hotels by Tivoli in Doha, Qatar Warrant Conversion • Last conversion of warrants in November 2017 resulted in an increase in equity of THB 7,364 million, and dilution of only Management Letting Rights in Australia 4.6% (THB 7,899 million received for the whole program)

• Introduced the AVANI brand in New Zealand DJSI & FTSE4Good Inclusion with the launch of AVANI Metropolis Auckland Residences in November 2017 • MINT was included in the 2017 Dow Jones Sustainability Emerging Markets Index for the fourth consecutive year, and the 2017 FTSE4Good Emerging Index for the second consecutive year Anantara Vacation Club Cardamon Tented Camp • Added 5 units in Phuket to the inventory pool • As part of MINT’s sustainability initiative, Cardamom Tented of Anantara Vacation Club Camp was launched with the objective to help support eco- tourism and promote conservation efforts in

Recent Development 7 Minor Hotels

Anantara Siam FINANCIAL PERFORMANCE – MINOR HOTELS 9M17 revenues of Minor Hotels grew by 11%, primarily from owned hotels, Oaks and real estate business. 9M17 EBITDA increased by 9%, at a lower rate than revenue growth due to the pressure on profitability of the Tivoli hotels in Portugal because of the renovation and their re-launching expenses in 1H17. 9M17 net profit increased by 21%, from the higher operating leverage of organic operations with stable depreciation, together with the higher operating leverage nature of Anantara Vacation Club. +5% y-y +11% y-y KEY HIGHLIGHTS THB million 22,618 Owned hotels • 9M17 revenue grew by 8% y-y, from 8,388 20,414 both hotels in Thailand and overseas, 7,237 7,344 7,571 56% 7,078 6,659 together with the consolidation of 6,099 of 9M17 hospitality hotels in Zambia in 1H17 (organic Revenue revenue 9M17 RevPar was +8% y-y).

Oaks +7% y-y +9% y-y • 9M17 revenue increased by 4% y-y, primarily from the RevPar growth of 5,473 20% 5,014 4% (in THB term). of 9M17 hospitality 2,574 2,175 2,132 revenue EBITDA 1,723 1,836 1,117 1,063 Management contracts • Revenue increased by 2% in 9M17 EBITDA y-y, primarily attributable to Margin 30.7% 18.3% 23.8% 29.0% 30.7% 16.0% 24.2% 24.6% 24.2% 4% additional management fees from of 9M17 hospitality newly managed hotels (organic +20% y-y +21% y-y revenue 2,322 9M17 RevPar was -3% y-y). 1,922 1,361 • Revenue increased by 34% y-y in NPAT 1,124 Real estate 889 561 673 9M17 from strong performance of 237 287 17% residential sales in 1Q17 and Net of 9M17 hospitality Anantara Vacation Club in 9M17 after 15.9% 3.9% 7.8% 12.1% 16.2% 4.3% 8.9% 9.4% 10.3% Margin revenue the adjustment of its business 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17 model.

* The financials above reflect performance from operation, and therefore exclude non-recurring items as detailed on page 37 Minor Hotels 9 MINOR HOTELS - INTERNATIONAL PRESENCE In recent years, MINT has implemented a solid diversification strategy. At the end of 9M17, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 25 countries, with another 6 countries in the pipeline over the next three years. REVENUE CONTRIBUTION

100% 6% 75% 63% 64% 68% International Thailand 50% 94% 25% 37% 36% 32% 0% 2008 2016 9M17 2021F * Excludes non-recurring gains

Investment

Management

Combination

New Destinations in Pipeline

Hubs

Minor Hotels 10 SYSTEM-WIDE HOTEL OPERATIONS Excluding new hotels and impact from exchange rate, organic RevPar of the entire portfolio increased by 2% in 3Q17, driven primarily by owned hotels portfolio and Oaks. 3Q17 system-wide RevPar was flat compared to the same period last year, primarily from newly-added overseas hotels, which are still in their ramping up stage.

NUMBER OF HOTEL ROOMS ADR

+2% y-y No of Rooms THB Organic excl FX System-wide 19,776 19,794 19,896 19,860 20,000 19,006 19,115 19,512 8,000 +1% y-y +1% y-y

6,431 15,000 5,963 6,3976,338 6,000 5,444 MLR / Oaks 5,198 5,410 5,3375,2075,443 10,000 Managed Joint-venture 4,000 5,000 Owned

0 2,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

OCCUPANCY REVPAR

90% THB Organic excl FX System-wide +2% y-y Flat y-y 80% 5,000 Organic 4,337 4,450 4,270 70% 71% 70% +1% y-y 4,000 3,793 3,858 3,872 3,800 67% 66% 3,540 70% 64% 65% System-wide 3,327 3,388 70% Flat y-y 67% 3,000 65% 60% 2,000

50% 1,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

Minor Hotels 11 OWNED-HOTELS OPERATIONS

9M17 HOSPITALITY Owned hotels contribute over half of hotel & mixed-use revenues in 9M17. Organic RevPar of owned hotels REVENUE CONTRIBUTION portfolio grew by 5% y-y in 3Q17, driven primarily by Thailand hotels and Tivoli branded portfolio in Brazil 56% and Portugal. Consequently, revenue of owned hotels increased by 4% y-y in 3Q17. Owned- hotels

NUMBER OF HOTEL ROOMS ADR +Tivoli Victoria +Tivoli Palacio de Organic excl FX System-wide Sateais THB +Tivoli Jardin +Anantara Kalutara +9% y-y +9% y-y No of +Tivoli Lagos +Royal Livingstone by Anantara +Elements Rooms +Tivoli Sintra Boutique Flat y-y 8,000 +Tivoli Coimbra +AVANI Victoria Resort & Spa +AVANI Riverside Bkk Falls 6,733 6,863 6,791 8,000 6,143 6,096 6,095 7,084 7,118 7,118 7,050 7,039 6,000 5,572 5,568 5,519 7,000 6,566 6,566 5,009 6,000 4,000 5,000

4,000 2,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

OCCUPANCY REVPAR

THB Organic excl FX System-wide 90% Organic +5% y-y +4% y-y -3% y-y 6,000 80% 73% 70% 4,208 4,253 4,206 4,063 4,041 3,907 70% 63% 4,000 3,529 3,445 60% 62% 61% 3,114 3,445 56% 69% 60% 62% System-wide 58% 2,000 50% -4% y-y

40% 0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 * Change in 1Q16 & 2Q16 stats because of retroactive classification of hotels in Zambia from JV hotels to owned hotels as a result of change in investment status effective 3Q16. Minor Hotels 12 OWNED-HOTELS OPERATIONS – THAILAND

9M17 OWNED HOTEL REVENUE BY GEOGRAPHY Thailand hotels continue to be the largest contributor to the owned hotels segment, with Africa, 9% Others, 6% revenues accounting for almost half of owned hotels revenues in 9M17. Thailand will continue to , 6% Thailand, be an attractive destination for tourism with its diverse attractions, well-developed infrastructure 49% Brazil, 9% and strategic location.

Portugal, 21% BANGKOK KEY HIGHLIGHTS RevPar Growth Organic (y-y) -3% -8% +2% -3% +4% +21% +19% Thailand • International tourist arrivals into Thailand demonstrated consistent growth of 6% y-y in 3Q17. THB 6,000 • 5,178 5,103 5,048 Minor Hotels continued to grow with the industry, with 4,367 4,240 4,580 4,573 room nights growing at 4% y-y in 3Q17, driven by East 3,923 4,098 3,764 (, Korea and Japan) and Middle East. 4,000 3,173 3,596 2,717 3,294 76% 81% 82% • Performance of Minor Hotels’ portfolio in Thailand 62% 75% 70% 72% 2,000 maintained its strong momentum in 3Q17, with RevPar of owned hotels increasing by 11% y-y.

0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Bangkok • RevPar of owned hotels in Bangkok continued to show THAILAND PROVINCES strong performance with an increase of 19% y-y in 3Q17. RevPar Growth Organic (y-y) +11% +4% +6% +2% +1% +9% +5% • The RevPar growth was driven primarily by the ramping THB up of AVANI Riverside Bangkok, with its second year of 10,000 9,132 9,257 operation, and the double-digit increase in RevPar of 8,355 7,188 7,229 Anantara Siam Bangkok and The St. Regis Bangkok. 8,000 5,956 6,125 6,359 6,175 79% 5,582 78% 73% 6,000 67% 70% 67% 69% 4,311 4,370 4,535 4,000 4,015 Thailand • RevPar of hotels in the provinces increased by 5% y-y in 3Q17, attributable to hotels in Chiang Rai, Phuket, 2,000 Provinces Samui and Hua Hin. 0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 % Occupancy ADR RevPar Minor Hotels 13 OWNED-HOTELS OPERATIONS – OVERSEAS

9M17 OWNED HOTEL REVENUE BY GEOGRAPHY In 3Q17, RevPar of owned overseas hotels increased by 2% y-y, driven by hotels in Brazil and Africa, 9% Others, 6% Portugal. Maldives continued to be a fragile market, especially during its low season, while Maldives, 6% Thailand, hotel in Botswana, Africa went through its renovation program during the quarter. 49% Brazil, 9%

Portugal, 21%

OVERSEAS KEY MARKET HIGHLIGHTS RevPar Growth Organic • (y-y) -48% -18% +11% -35% +8% +11% +2% Portugal Overall hotels in Portugal saw consistent RevPar growth in 3Q17. THB 6,838 6,621 • Excluding the two rebranded hotels (Anantara 6,021 5,817 6,000 5,643 5,569 Vilamoura Algarve and AVANI Avenida Liberdade 4,875 4,217 4,311 Lisbon), hotels under the Tivoli brand in Portugal 2,952 72% 3,284 reported strong RevPar growth of 14% in 3Q17, driven 4,000 2,711 3,148 65% 2,903 61% 59% primarily by rate increases of the newly renovated 48% 48% 46% 2,000 hotels. Brazil • RevPar of hotels in Brazil continued to show double-digit 0 growth, driven by both occupancy (Tivoli Mofarrej Sao 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Paulo) and ADR (Tivoli Ecoresort Praia do Forte Bahia). % Occupancy ADR RevPar Maldives • Maldives portfolio was still fragile in the low season of QUARTERLY ORGANIC REVPAR GROWTH (Y-Y) 3Q17, with high competition resulting in pressure on ADR and weakening of USD against THB. Portugal Brazil Maldives Africa • 9M17 RevPar declined by 7%.

27% 25% Africa • RevPar of hotels in Africa declined by 4% in 3Q17 18% 22% because of the renovation of AVANI Gabarone in Botswana. 7% 6% 5% • -6% -5% -22% -14% -4% Hotels in Zambia and Namibia continued to report positive RevPar growth in the quarter.

*Change in 1Q16 & 2Q16 stats because of retroactive classification of hotels in Zambia from 1Q 2Q 3Q 1Q 2Q 3Q 1Q 2Q 3Q 1Q 2Q 3Q JV hotels to owned hotels as a result of change in investment status effective 3Q16. Minor Hotels 14 OAKS’ OPERATIONS

9M17 HOSPITALITY REVENUE CONTRIBUTION Oaks’ serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 20% revenue contribution in 9M17. Oaks continues to provide the hotel & mixed-use business with stable performance throughout the year, compared to hotel operations which is more seasonal. Oaks’ 3Q17 20% revenues in THB increased by 2%, primarily from the increase in RevPar of 4% y-y in THB term. Oaks

NUMBER OF MANAGED ROOMS ADR

No of THB AUD Rooms Flat y-y THB 6,000 +1% y-y 190 7,000 4,772 4,830 4,592 4,515 4,581 6,339 6,328 6,338 4,327 4,235 6,257 6,347 6,360 6,363 180 181 6,000 4,000 179 180 164 174 170 171 5,000 2,000 165 AUD 160 +2% y-y 4,000 0 150 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

OCCUPANCY REVPAR THB AUD 90% THB +2% y-y 5,000 +4% y-y 160 3,749 3,793 79% 80% 4,000 3,531 3,528 3,680 78% 79% 3,170 80% 77% 3,162 75% 140 73% 3,000 141 142 137 140 134 2,000 70% 123 120 1,000 120 AUD +5% y-y 60% 0 100 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

Minor Hotels 15 MANAGED-HOTELS OPERATIONS

9M17 HOSPITALITY In 9M17, managed hotels contributed 4% of hotel & mixed-use revenues. Organic RevPar excluding foreign REVENUE CONTRIBUTION exchange impact of managed hotels portfolio declined by 6% y-y in 3Q17, primarily attributable to hotels in 4% Bali (potential volcano eruption), UAE and the absence of management fees from Huvafen Fushi and Desert Management Palm following the sale of MINT’s 50% investment in PER AQUUM. As a result, 3Q17 revenue from Contracts management service declined by 10% y-y.

NUMBER OF HOTEL ROOMS ADR

+8% y-y Organic excl FX System-wide +The +Loisaba +AVANI +Anantara Al Jabal No of Residences Tented Camp Khon Kaen Al Akhdar, Oman -11% y-y -9% y-y Rooms at Victoria, +Loisaba Star +AVANI +Al Baleed Salalah +Anantara THB Tivoli Beds Deira by Anantara Guiyang 8,000 7,605 7,4577,034 5,000 4,619 6,886 4,533 4,484 4,619 6,291 6,068 6,065 5,422 4,282 6,000 5,704 5,530 4,017 4,000 3,998 4,000 3,000 2,000

2,000 0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

OCCUPANCY REVPAR

80% Organic excl FX System-wide Organic THB -6% y-y -9% y-y 73% +4% y-y 69% 6,000 5,280 5,416 70% 4,952 66% 4,244 62% 62% 70% 62% 3,741 3,788 3,757 3,558 4,000 3,417 3,460 59% 60% 63% 60% 2,000 System-wide +1% y-y 50% 0 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

Minor Hotels 16 HOTEL EXPANSION PLAN Expansion inside and outside Thailand will contribute to revenue & profit in coming years. HOTEL INVESTMENT MANAGEMENT CONTRACTS

• Hua Hin, • Bodhgaya, India* • Guiyang, China (218 rms) • Auckland, New 2017F Thailand* (78 rms) Zealand (370 rms) (196 rms) • Quy Nhon, • Koh Samui, • Barra Grande, Brazil (50 rms) • Queensland, Australia • Brasilia, Brazil • Doha, Qatar (102 rms) (25 Thailand • , China (260 rms) (219 rms) (395 rms) • Beirut, Lebanon rms) (58 rms) • Qiandao Lake, China (120 rms) • Tunis, Tunisia (41 rms) • Doha, Qatar (110 rms) (150 rms) • Lijiang, China (678 rms) 2018F • Al Wakrah, • Luang Prabang, (53 rms) Qatar (101 rms) • Tozeur, Tunisia (93 rms)

• Desaru, • Fares Island, • Warangi, • Zhuhai, China (110 rms) • Zhuhai, China (300 • Recife, Brazil • Queensland, Maldives* Serengeti • Le Chaland, Mauritius (164 rms) rms) (200 rms) Australia (50 rms) (103 rms) (200 rms) National • Al Houara Tangier, Morocco • Busan, Korea (400 rms) • South Australia, Park, • Ubud, Bali, (150 rms) Chiang Mai, Thailand Australia (278 rms) Tanzania* • Indonesia* (49 rms) • Daegu, Korea 2019F (12 rms) • Sifah, Oman (198 rms) (70 rms) (144 rms) • Zanzibar, Tanzania (150 rms) • Jebel Dhanna, UAE (228 rms) • Jebel Dhanna, UAE (60 rms) • Dubai Creek, UAE (292 rms) • Ras Al Khaimah, UAE (306 rms) • Khao Lak, • , (328 rms) • Savanne, Mauritius • Fortaleza, • Zhuhai, China Thailand (130 rms) Brazil (130 rms) (100 rms) 2020F (327 rms) • Dubai, UAE (372 rms) • Busan, Korea • Ras Al Khaimah, UAE (150 rms) (200 rms) • Gammart, Tunisia 2021F (232 rms) Total 9 Hotels / 1,069 Rooms 39 Hotels / 7,681 Rooms * Note: Joint-ventured properties In addition to the current pipeline, MINT expects to sign 8 management contracts by the end of 2017, and is evaluating opportunities to manage another 14 hotels and management letting rights in Australia, Brazil, China, Cuba, Japan, Korea, New Zealand, Thailand and USA.

Minor Hotels 17 REAL ESTATE – EXISTING RESIDENTIAL PROJECTS 9M17 HOSPITALITY MINT’s residential projects are part of the real estate business, which is considered a part of Minor Hotels. REVENUE CONTRIBUTION The developments are next to MINT’s hotels and are usually branded MINT’s hotel brands. Below are the 17% current projects with inventories to be sold over the next several years. Real Estates

LAYAN RESIDENCES BY ANANTARA, PHUKET ANANTARA CHIANG MAI SERVICED SUITES THE ESTATES SAMUI

Above a secluded cove of powder-white sands and Inventory crystal-blue waters, The 21% Estates Samui offers 14 Sold luxury villas adjacent to 79% Four Seasons, Koh Samui.

TORRES RANI, MAPUTO The project is situated on Layan beach, one of the A 50% joint-venture with U City Pcl., the project most picturesque bays on west coast of Phuket. is in the city center of Chiang Mai, across from Anantara Chiang Mai Resort & Spa. 3 out of 6 ● 15 uniquely designed pool penthouse units villas 2% deposited & sold to date ● 44 units in 7-storey contract signed ● Up to 8 bedrooms, each condominium Inventory with 21 meter private Sold A 49% joint-venture with Rani Investment, the 38% building infinity pool 62% project is 5 minutes from Maputo CBD. ● 65 to 162 sq.m. (one Inventory ● 1,313 to 2,317 sq.m. of to three bedrooms) 34% ● 18-storey residential tower, comprising built-up area Sold 181 keys for rent and 6 penthouse units ● 29 units sold to date; 64% ● 9 units sold to date 1 unit reserved for sale ● 20,926 sq.m., 21-storey office tower

Minor Hotels 18 REAL ESTATE – PIPELINE OF RESIDENTIAL & OFFICE PROJECTS In order to ensure the continuity of revenue stream from residential sales in the coming years, MINT has prepared additional pipeline of residential and office projects. Other residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project.

AVADINA HILLS BY ANANTARA, PHUKET ANANTARA DESARU RESIDENCES

Located next to Layan A 60% joint-venture project Residences by Anantara, with Destination Resorts and Phuket, the project is a 50% Hotels Sdn Bhd, the project is joint-venture with Kajima situated on beachfront land in Corporation. the heart of Desaru Coast, ● 16 luxury pool villas Malaysia. ● 6-8 bedrooms ● 20 residential villas ● 2,158 to 3,251 sq.m. of ● 3-4 bedrooms built-up area ● 290 to 600 sq.m. of built- ● Expected launch in 2018 up area ● Expected launch in 2019

ANANTARA UBUD RESIDENCES SILOM OFFICE

A 50% joint-venture project The project is a 40% joint- with PT. Wijaya Karya Realty, venture with NYE Development. the project is on the edge of a The property is located on cliff with easy access to Silom Road, in the heart Ubud’s town center. Bangkok CBD and is intended to be used as Minor Group’s ● 15 residential villas head office. ● 1-2 bedrooms ● 9,668 sq.m. of retail space ● 165 to 252 sq.m. of built- Sold 56,699 sq.m. of office up area ● 55% space ● Expected launch in 2019 ● Expected launch in 2023

Minor Hotels 19 REAL ESTATE BUSINESS – ANANTARA VACATION CLUB 9M17 HOSPITALITY Part of the real estate business, Anantara Vacation Club is another important contributor to Minor Hotels. REVENUE CONTRIBUTION Growth of members are driven by four main markets – China, Thailand, Hong Kong and Singapore. With the 17% change of the sales model since 2015 which resulted in smaller package, accelerated cash flow, as well as Real Estates lower bad debt and cancellation rate, AVC is seeing the turnaround of its performance since 4Q16. In 3Q17, AVC revenues increased by 28% y-y.

TOTAL NUMBER OF MEMBERS MEMBERS PRIMARILY IN ASIA

Growth (y-y) +67% +40% +28% +15% +25% US, 1% Others, 10% No. of Philippines, 2% Members UAE, 2% Australia, 2% 9,594 China, 39% 10,000 Taiwan, 3% 8,000 8,000 Japan, 4% 6,928 6,000 5,431 Malaysia, 8% 3,857 4,000 Singapore, 2,000 9% Thailand, 0 Hong Kong, 11% 2013 2014 2015 2016 9M17 9% As at Sep 2017 INVENTORY TO ACCOMMODATE GROWING MEMBERS GROWTH DRIVEN BY FOUR MARKETS 7 Destinations: China No. of Units 10 Destinations No. of Queenstown Members Hong Kong Bali 6,504 500 Sanya >450 Thailand Samui 6,000 Singapore 5,553 400 Phuket 4,896 Bangkok +24% 300 Chiang Mai 4,000 3,731 +17% +48% 200 179 2,460 137 160 +111% 106 119 +300% +11% +12% 2,000 +35% +38% 100 +39% +25% +23% +19% +5% +7% +10% +10% +14% 0 0 +36% +12% 2013 2014 2015 2016 3Q17 2021F 2013 2014 2015 2016 3Q17

Minor Hotels 20 Minor Food FINANCIAL PERFORMANCE – MINOR FOOD 9M17 revenue of Minor Food increased by 1%, attributable to the performance of Thailand and China hubs, together with smaller developing operations such as the Middle East and India. EBITDA and net profit grew by 9% and 12% respectively, primarily from the effective cost control of Thailand, China and Australia hubs, together with the increased shareholding in Riverside in China.

-2% y-y +1% y-y KEY HIGHLIGHTS THB million 17,401 17,530 Total-system-sales • The Pizza Company, Burger King and 6,028 growth of BreadTalk (Thailand) were the top three 5,841 5,809 5,766 5,794 5,693 brands with highest total-system-sales Revenue 5,621 5.7% growth in 9M17. in 9M17

Outlet expansion • In 3Q17, BreadTalk (Thailand), Burger King of +4% y-y +9% y-y and The Pizza Company achieved the fastest outlet expansion y-y (in terms of 3,167 6% 2,910 percentage growth). 1,051 1,138 in 9M17 982 1,012 1,018 876 933 EBITDA • In 9M17, Swensen’s, Dairy Queen, Burger King, Riverside and BreadTalk (Thailand) reported positive same-store-sales EBITDA 18.0% 15.2% 17.0% 16.6% 18.9% 17.4% 17.9% 16.7% 18.1% Margin growth. +5% y-y +12% y-y Same-store-sales • The performance of Thai Express Group in 1,413 growth of Singapore continued to be soft amidst 1,260 challenging macro condition and -0.8% intensifying competition. NPAT 481 540 420 425 431 442 in 9M17 359 • The multi-brand portfolio, diversification strategy, operational excellence and Net disciplined cost control continued to help 8.2% 6.2% 7.2% 7.6% 9.0% 7.4% 7.8% 7.2% 8.1% Margin Minor Food weather the challenges in its 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17 key operating markets.

* The financials above reflect performance from operation, and therefore exclude non-recurring items as detailed on page 37

Minor Food 22 MINOR FOOD - INTERNATIONAL PRESENCE MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT’s restaurant presence is now in 18 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. REVENUE CONTRIBUTION

100% 19% 75% 41% 38% 46% International 50% 81% Thailand 25% 59% 62% 54%

0% 2008 2016 9M17 2021F * Excludes non-recurring gains

Owned

Franchised

Combination

Hub

Minor Food 23 MINOR FOOD – OPERATIONAL PERFORMANCE

3Q17 total-system-sales of Minor Food grew 3.2%, primarily from outlet expansion of 6%, mostly in Thailand and Vietnam, which was netted off by the closure of some outlets in Singapore. With the exception of China hub, all hubs reported soft same- store-sales in 3Q17, primarily from weak macro backdrop.

SSS & TSS GROWTH RESTAURANT OUTLETS BY GEOGRAPHY

International 3,409 20% Thailand +6% y-y 39% 15% 1,996 2,042 11.3% 36% 36% 1,043 9.9% 61% 10% 8.8% 33% 8.2% 64% 64% 67% 6.4% 5.7% 2008 2016 3Q17 2021F 5% 3.0% 2.3% 3.2% 1.3% 0.9% RESTAURANT OUTLETS BY OWNERSHIP -0.9% 0% -1.0% -2.5% Franchised 3,409 Owned +6% y-y -5% 49% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1,996 2,042 No. of 1,859 1,883 1,928 1,996 2,017 2,037 2,042 Outlets 1,043 49% 49% 38% 51%59% 53% 50% Same-Store-Sales Growth Total-System-Sales Growth 82%62% 51% 51%

2008 2016 3Q17 2021F

Minor Food 24 THAILAND HUB

9M17 RESTAURANT REVENUE CONTRIBUTION Revenues from domestic operations remained the biggest contributor of Minor Food, accounting for 62% of total restaurant revenue in 9M17. Diversification, product innovation and effective marketing strategy 62% afforded Minor Food to remain resilient amidst the domestic consumption slowdown, particularly during Thailand the mourning period.

THAILAND’S SSS & TSS GROWTH RESILIENT OPERATIONS  Same-store-sales of Thailand hub slowed down temporarily in Continued to improve customers’ online ordering 3Q17 amidst the soft domestic consumption environment, experience across all channels – easy-to-use web page, live together with exceptionally good performance in 3Q16 (SSSG of chat on both PC and mobile, Facebook ordering. 5.8%). Nevertheless, September 2017 monthly trend is already showing positive same-store-sales growth. Effectively used online/digital advertising to partially replace some of the TV commercials. As a result, marketing  With continued outlet expansion, total-system-sales growth of expenses declined by 8% y-y in 3Q17. Thailand hub was of 7.6% in 3Q17. Captured wider range of customers with the launch of 20% Asian Twist Menus – Honey Teriyaki Chicken Steak and Pork Steak with Jaew Sauce.

15% Successfully launched Durian Blizzard for the first time, which resulted in double-digit same-store-sales growth in 10% September 2017.

Successfully introduced premium “Black Truffle Double 5% Mushroom Swiss”, resulting in improving same-store-sales growth in September. 0% Consistently opened new outlets as part of the brand’s -5% expansion plan. 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 Strategically expanded network of outlets, especially in Same-Store-Sales Growth Total-System-Sales Growth serviced apartments and hotels (doubled the number of outlets in apartments and hotels in 9M17).

Minor Food 25 CHINA HUB

9M17 RESTAURANT REVENUE CONTRIBUTION China hub remains one of MINT’s growth drivers as MINT is confident in the long-term prospects of the 14% country, supported by growing middle class and increased urbanization trend. With its recent increase in China shareholding of Riverside to 85%, together with the focus on increasing the scale, while instilling productivity and efficiency in the everyday operations of all brands, MINT expects its China hub to yield a meaningful contribution in the future.

CHINA’S SSS & TSS GROWTH DRIVING GROWTH AND PRODUCTIVITY Same-store-sales of China operations showed an improving trend  China hub is leveraging on technology by installing self-ordering  in 3Q17, with monthly improvement in performance of Sizzler and and self-payment apps, which will ultimately help improve sales Thai Express, while Riverside continued to demonstrate positive and operational efficiency, as well as reduce human errors and same-store-sales growth. labor costs.  Total-system-sales was slightly negative in 3Q17, primarily due to  Partnership with third-party service providers will enable the temporary impact from relocation of some of Riverside outlets China hub to use big data to analyze consumer behavior and gain during the lease-end period. insight on network planning, as well as targeted marketing campaigns and communications. 25%  New generation of Thai Express and Sizzler outlets will be 20% launched to better cater to the local taste and consumer behavior. 15%  The hub will continue to expand outlets under the Riverside brand. 10%

5%

0%

-5% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

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

Minor Food 26 AUSTRALIA HUB

9M17 RESTAURANT REVENUE CONTRIBUTION Australia hub’s revenue contributed 14% of total restaurant business in 9M17. Australia hub has provided Minor Food with stable profitability performance. Despite the temporary sales impact from the slowdown of the domestic economy, stronger contribution from Veneziano, the coffee roasting business, helped drive 14% Australia profitability of Australia hub in 9M17.

AUSTRALIA’S SSS & TSS GROWTH STABLE PERFORMANCE  Same-store-sales of Australia hub slightly declined in 3Q17 as the  The Coffee Club in Australia has the strategy to improve its overall macro environment in Australia remained fragile. products:  Total-system-sales declined at the same rate as same-store-sales o Focus on new product development especially the healthy as Australia hub had minimal net outlet openings in 3Q17 food category; compared to 3Q16. o Improve coffee offerings, from use of new machines, enhanced barista training and trials of new coffee blends.

10.0%  Australia hub will continue to expand its high-margin Veneziano Coffee Roaster.  As Australian economy remains fragile, the hub will continue to 5.0% expand The Coffee Club internationally, especially in Thailand and the Middle East. 0.0%

-5.0%

-10.0% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

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

Minor Food 27 SINGAPORE HUB

9M17 RESTAURANT REVENUE CONTRIBUTION Like many other F&B operators in the market, Singapore hub has been impacted by the economic slowdown and increased competition. While short-term focus is on cost efficiency and productivity, longer term strategy is to improve its product offerings and implement effective customer segmentation in order to prepare for 8% the economic turnaround. The hub is also expanding the Thai Express brand overseas. Singapore

SINGAPORE’S SSS & TSS GROWTH STRENGTHENING OF THAI FOOD PORTFOLIO  Same-store-sales of Singapore hub remained weak amidst the  Singapore operations will grow its delivery business through challenging industry conditions. partnerships with various third-party delivery operators, such as  Total-system-sales declined at a faster rate, as Singapore hub is in Deliveroo, Food Panda, Uber Eats and Honest Bee. the process of closing down non-performing outlets with an aim Singapore hub will continue to focus on profitability improvement. to improve profitability (10 outlets in Singapore closed, or -15%  Initiatives include: y-y). o Implementation of technology and automated workflow and 0% processes, such as e-menus, automation of bank reconciliation and sales recording from POS;

o Evaluation and selective closure of non-performing stores. -5%  Thai Express franchising platform will be strengthened in order to accelerate potential growth, especially outside of Singapore, primarily in China and Vietnam. -10%

-15% 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

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

Minor Food 28 Minor Lifestyle FINANCIAL PERFORMANCE – MINOR LIFESTYLE

9M17 revenue of Minor Lifestyle was up 12% y-y, primarily attributable to the retail trading business. EBITDA grew at a lower rate of 7% y-y because of margin pressure from the contract manufacturing business and the ramping up of the recently launched brands earlier in 2017. 9M17 net profit increased at a faster rate of 46% y-y, at a higher rate than the revenue and EBITDA growth, because of the higher operating leverage gained from the stable level of depreciation.

KEY HIGHLIGHTS +24% y-y +12% y-y THB million Total-system-sales • Total-system-sales growth was primarily 2,918 2,595 growth of attributable to Charles & Keith and Revenue 1,037 964 963 919 Brooks Brothers, together with the 794 836 910 15.9% additional sales from new brands (Etam, in 9M17 Radley, Anello and Joseph Joseph).

Same-store-sales • Charles & Keith and Pedro were the two growth of brands in the portfolio that reported +36% y-y +7% y-y positive same-store-sales growth in -1.4% 9M17. 176 189 85 91 in 9M17 EBITDA 65 70 52 54 40 Retail trading • 9M17 revenue from retail trading increased by 18%, mainly from Charles & EBITDA 8.8% 5.1% 6.2% 10.0% 6.7% 5.9% 6.8% 6.8% 6.5% 76% Keith and Brooks Brothers, together with Margin of 9M17 Minor Lifestyle additional sales from new brands. +203% y-y +46% y-y revenue 69 38 34 47 • 9M17 revenue from contract 24 27 Contract manufacturing NPAT 18 manufacturing declined by 3%, from soft 9 1 24% performance of its key customers in Net of 9M17 Minor Lifestyle 1Q17. However, its performance Margin 3.9% 0.1% 1.1% 3.7% 2.5% 2.0% 2.6% 1.8% 2.4% revenue showed improvements in 2Q17 and 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 9M16 9M17 3Q17.

Minor Lifestyle 30 MINOR LIFESTYLE – OPERATIONAL PERFORMANCE

The performance of Minor Lifestyle continues to show recovery, with same-store-sales growth of 4.3% in 3Q17, driven by Charles & Keith. With store expansion of 21% y-y, primarily from the new additions – Etam, Radley, Anello and Joseph Joseph, total- system-sales grew by 25.2% in 3Q17. Sales per sq.m. is seeing an improving trend y-y, signifying the higher efficiency of the business. SSS & TSS GROWTH SALES PER SQ. M.

THB 30% 25.2% 35,000

19.4% 20% 30,000 16.4%

26,014 25,000 25,238 8.8% 24,141 10% 23,850 24,259 6.5% 4.2% 5.7% 4.3% 20,699 3.2% 20,000 20,893 1.1%

0% -3.4% 0.4% -0.1% 15,000 -8.5%

-10% 10,000 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 No. of No. of Shops 307 300 292 327 329 339 354 Shops 307 300 292 327 329 339 354

Same-Store-Sales Growth Total-System-Sales Growth Fashion & Home & Kitchenware Sales per Sq.m.

* Note: sales per sq.m. was restated to exclude sales of contract manufacturing.

Minor Lifestyle 31 Corporate Information CAPEX & BALANCE SHEET STRENGTH In addition to committed CAPEX, MINT also set aside additional CAPEX for future investments and new opportunities in the pipeline. MINT’s leverage ratio is in line with its internal policy and is expected to come down with increasing contribution from both organic operation and recent acquisitions, together with new equity from warrant exercise. With its solid balance sheet, MINT will mainly use its internal cash flow and debt financing to fund its CAPEX requirements going forward. MINT and its senior debenture have “A+” rating by TRIS. CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS

THB million X X 15,000 6.0 1.4 1.30xInternal Policy 1.2 1.19x 5.0 12,000 1.0 0.8 4.0 9,000 0.6

3.0 0.4 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 6,000 Interest Bearing Debt Net Interest Bearing 2.0 to Equity Debt to Equity

3,000 BACK-UP FINANCING 1.0 THB million Note: Cash on hand as at end of 3Q17 100,000 was THB 4,305 million

- - 80,000 Shareholders’ 2016A 2017F 2018F 2019F 2020F 2021F Equity 60,000 41,675 Minor Food Minor Hotels Minor Lifestyle 40,000 Equity* Additional CAPEX (non-committed average per annum) Debt 7,364 for New Investments/Opportunities 20,000 54,018 Debt 25,856 EBITDA coverage on committed CAPEX 0 * 2016 committed CAPEX includes the final stage of Tivoli acquisition and increased Outstanding Borrowing & Equity Un-Utilized Facility shareholding in the hotel portfolio in Africa, while 2017 committed CAPEX includes * Actual amount received upon the last conversion of MINT-W5 in Nov 2017 (Total amount increased shareholding in Riverside and Avadina Hills by Anantara project received of THB 7,899 million for the entire program)

Corporate Information 33 FIVE-YEAR ASPIRATIONS

2021F

. > 250 hotels . > 300 residences built 3Q17 . > 450 timeshare units . > 3,400 . 155 hotels . > 500 retail shops & POS 2009 . 132 residences built to (> 39,000 Sqm) date . 179 timeshare units . 30 hotels . 2,042 restaurants . 1,112 restaurants . 354 retail shops & POS . 292 retail shops & POS (28,472 Sqm) (14,275 Sqm)

6.6bn 2021F

NPAT 2016 (THB) 1.4bn 2009

Corporate Information 34 MINT’S FIVE-YEAR STRATEGY 2017-2021

Five-year strategy consists of the following three key pillars, with clear goals and measurements.

2021 NPAT growth of 15-20% CAGR ROIC of >14% Goals

Drive a Portfolio of Own Expand Through Existing and Brands, With Additional Maximize Asset Value Future Strategic Investments & Contribution From Selected and Productivity Acquisitions International Brands Growth Pillars Strengthening of Hub / Cluster System

Asset-light Mixed-use Model Initiatives

Total-system-sales growth Revenue from overseas of of 15% 50% Measure- Improvement of margins ments Revenue growth Net profit from overseas of over 10% of 50%

Corporate Information 35 Appendix

Benihana, AVANI Atrium Bangkok NON-RECURRING ITEMS - 2016 MINT reported non-recurring items in 2016 as detailed below

AMOUNT TIMELINE NON-RECURRING ITEMS (THB MILLION) 490 • Gain from bargain purchase of hotels in Zambia 38 • Gain from bargain purchase of Tivoli hotels in Portugal • Anantara Vacation Club’s (AVC) provision of doubtful account (recorded in SG&A), which is part of MINT’s prudent measures to conservatively provide for potential bad 4Q16 -359 debts which may arise from the accounts receivable of Phase I, which was sold during 2010-2015 -223 • Oaks’ general administrative expenses and provision (recorded in SG&A) • Gain from changing status of investment in some of the Oaks properties, which were 92 offset by; 3Q16 • Impairment charges of certain Oaks properties (recorded in SG&A, pre-tax), resulting -136 in no material impact post-tax on core net profit in 3Q16 • Gain from changing status of investment in BreadTalk Group in Singapore, from 2Q16 136 available-for-sale investment to investment in associate 1Q16 1,932 • Gain from bargain purchase of the Tivoli Hotels & Resorts

Corporate Information 37