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Company Presentation – Nov 2017 FORWARD LOOKING STATEMENT

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Company Presentation – Nov 2017 FORWARD LOOKING STATEMENT 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 restaurant businesses. REVENUE CONTRIBUTION 100% Minor Hotels 13% 75% 50% 49% 52% International Minor Food 50% Thailand 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 Pizza 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 Cambodia Recent Development 7 Minor Hotels Anantara Siam Bangkok 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.
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