COMPANY PROFILE Information as at 2Q18 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

Acquired remaining 30% stake in

Increased stake Acquired to 31% in

in Acquired 35.6% stake in 50% stake in 50% stake in Launched

Thailand Launched Acquired additional Increased stake 70% stake in Launched Joint venture with stake from to 100% in

In African Assets in in Launched 50% stake in 49% Investment in Acquired remaining Founded Founded 100% stake in Acquired 75% & mixed use 7 hotels & brand stake in project in Maputo,

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

Founded RGR , MFG and M&A of Completed 49% stake in Acquired 7 hotels Acquired 74% MINOR listed RGR and MFG group stake in and became business restructuring; Delisted 11% stake in Invested in Converted loan to 70% equity of

Increased stake to 69.2% in

Acquired additional 20% stake in

Overview 3 MINT - CONSISTENT GROWTH

TOTAL REVENUES THB Million 60,000

40,000

20,000

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

ASSETS THB Million 120,000

90,000

60,000

30,000

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

MARKET CAP THB Million 250,000 200,000 150,000 100,000 50,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Overview 4 MINT - TODAY

MINOR HOTELS MINOR FOOD Hotel Casual Dining Restaurants • Equity-Owned • Equity-Owned • Hotel and Serviced Suites • Franchised Management Manufacturing • Spa • Cheese & Ice-cream Mixed-Use • Ice-cream Ingredients and • Plaza & Entertainment Toppings • Residential Development • Coffee Roasting • Point-Based Vacation Club

Shared Services

Overview 5 CONTRIBUTIONS BY BUSINESS GROUPS & GEOGRAPHIES

2017 REVENUE CONTRIBUTION 2017 EBITDA CONTRIBUTION 2017 NPAT CONTRIBUTION

Minor Lifestyle Minor Lifestyle Minor Lifestyle 7% 2% 3% Minor Food Minor Food Minor Food 40% 35% 35%

Minor Hotels Minor Hotels Minor Hotels 62% 53% 63%

2017 REVENUE CONTRIBUTION 2017 REVENUE CONTRIBUTION 2017 REVENUE CONTRIBUTION MINT MINOR HOTELS MINOR FOOD

Thailand Thailand 37% 51% Overseas 40%

Thailand Overseas Overseas 60% 49% 63%

Overview 6 MINT’S PRESENCE Enhance profile, reputation & recognition with 161 hotels and serviced suites, 2,130 restaurant outlets and 61 spas. With the recent investment in NH Hotel Group, MINT has expanded its operations to a total of 64 countries.

The Europe Africa Asia Pacific Canada Andorra India USA Austria Switzerland Egypt Argentina Belgium The Netherlands Korea Czech Republic UK Mozambique France Chile Colombia Germany Bahrain Cuba Hungary Myanmar Jordan Italy South Africa Ecuador Kuwait Pakistan Haití Luxemburg Lebanon Mexico Poland Asia Pacific Singapore República Dominicana Australia Uruguay Romania Saudi Arabia Thailand Venezuela Slovakia UAE

Minor Hotels NH Hotel Group Minor Food Minor Lifestyle MINT data as of Jul 2018 and NH Hotel Group data as of Jun 2018 Overview 7 MINOR HOTELS To be the Leading Hospitality Partner Maximizing Stakeholder Value

8 HOTEL PORTFOLIO – JULY 2018

THAILANDThailand OutsideOUTSIDE THAILANDThailand -

7 Anantara 3 Four Seasons 2 Oaks 6 Anantara 6 AVANI (Australia) (Maldives, Vietnam, (Sri Lanka, Vietnam,

OWNED Cambodia, Sri Lanka, Portugal, Botswana, Namibia MAJORITY Portugal & Zambia) & Zambia) 11 Tivoli 3 AVANI 1 JW Marriott 1 St. Regis (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 (Tanzania Peacock 1 Naladhu 2 Serendib 1 (Maldives) & Kenya) (Kenya) (Maldives) (Sri Lanka) (Mozambique)

4 AVANI (Laos, Malaysia, UAE & 3 Tivoli 5 Anantara 2 AVANI Seychelles) (Portugal & Qatar) 15 Anantara

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

3 AVANI

MLR* 51 Oaks (47 Australia, 3 New Zealand & 1 Dubai) (Australia & New Zealand) * MLR is Management Letting Rights (Management of Serviced Suites) Minor Hotels 9 HOTEL PORTFOLIO – 161 PROPERTIES WITH 20,302 ROOMS IN 26 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 Elephant Pepper Camp Masai Mara Kenya 10 Anantara Rasananda KohPhangan Thailand 64 Anantara Mai Khao Phuket Villas Thailand 83 Elsa's Kopje Meru Kenya 11 Anantara Sathorn Bangkok Thailand 310 Anantara Riverside Bangkok Thailand 408 Joy's Camp Shaba Kenya 10 AVANI Atrium Bangkok Thailand 568 Anantara Siam Bangkok Thailand 354 AVANI Khon Kaen Thailand 196 AVANI Pattaya Thailand 298 Sand River Masai Mara Kenya 16 Oaks Bangkok Sathorn Thailand 115 AVANI Riverside Bangkok Thailand 248 Tortilis Camp Amboseli Kenya 18 Sunset Coast Samui managed by AVANI Thailand 58 AVANI Lesotho Lesotho 158 Anantara Sanya China 122 Four Seasons Chiang Mai Thailand 76 AVANI Maseru Lesotho 105 Anantara Xishuangbanna China 103 Four Seasons Koh Samui Thailand 60 Anantara Dhigu Maldives Maldives 110 Anantara Guiyang China 218 Four Seasons Tented Camp Golden Triangle Thailand 15 Anantara Veli Maldives Maldives 67 Anantara Seminyak Bali Indonesia 60 JW Marriott Phuket Thailand 265 Naladhu Private Island Maldives Maldives 20 Anantara Uluwatu Bali Indonesia 74 The St. Regis Bangkok Thailand 224 Niyama Private Islands Maldives Maldives 134 Kifaru House Kenya 5 Oaks Elan Darwin Australia 301 Anantara Bazaruto Island Mozambique 44 Kitich Camp Mathews Forest Kenya 6 Oaks Grand Gladstone Australia 144 Anantara Matemo Island Mozambique 24 Lewa Safari Camp Kenya 13 AVANI Gaborone Botswana 196 Loisaba Star Beds Kenya 4 Anantara Medjumbe Island Mozambique 12 Tivoli Ecoresort Praia do Forte Bahia Brazil 287 Loisaba Tented Camp Kenya 12 Tivoli Mofarrej São Paulo Brazil 217 AVANI Pemba Beach Mozambique 185 AVANI+ Luang Prabang Laos 53 Anantara Angkor Cambodia 39 Radisson Blu, Maputo Mozambique 154 AVANI Sepang Goldcoast Malaysia 315 Anantara Kihavah Maldives Villas Maldives 79 Anantara Peace Haven Tangalle Sri Lanka 152 Al Baleed Salalah by Anantara Oman 136 AVANI Windhoek Namibia 173 AVANI Bentota Sri Lanka 75 Anantara Al Jabal Al Akhdar Oman 115 Anantara Vilamoura Algarve Portugal 280 Club Hotel Dolphin Sri Lanka 154 The Residences at Victoria (Tivoli) Portugal 93 AVANI Avenida Liberdade Lisbon Portugal 119 Hotel Sigiriya Sri Lanka 79 Tivoli Carvoeiro Algarve Portugal 246 Tivoli Évora Portugal 56 Arusha Coffee Lodge Tanzania 30 Tivoli Coimbra Portugal 100 Banana Island Doha by Anantara Qatar 141 Kilindi Zanzibar Tanzania 14 Tivoli Lagos Algarve Portugal 324 Souq Waqif Boutique by Tivoli Qatar 183 Serengeti Migration Camp Tanzania 20 Tivoli Avenida Liberdade Lisboa Portugal 285 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 Tarangire Treetops Tanzania 20 Anantara Sir Bani Yas Island Al Yamm UAE 30 Tivoli Oriente Lisboa Portugal 279 The Manor at Ngorongoro Tanzania 20 Anantara The Palm Dubai UAE 293 Tivoli Palácio de Seteais Sintra Portugal 30 AVANI Hai Phong Harbour View Vietnam 122 Eastern Mangroves by Anantara UAE 222 Tivoli Sintra Portugal 77 Joint Venture 30 2,060 Desert Islands by Anantara UAE 64 Anantara Kalutara Sri Lanka 141 Australia 5,795 Qasr Al Sarab Desert by Anantara UAE 206 AVANI Kalutara Sri Lanka 105 Oaks Hotels & New Zealand 263 Anantara Hoi An Vietnam 94 AVANI Deira Dubai UAE 216 UAE 168 AVANI Quy Nhon Vietnam 63 Oaks Liwa Executive Suites UAE 54 Australia 205 Royal Livingstone by Anantara Zambia 173 AVANI Hotels & Resorts The Beaumont UK 73 AVANI Victoria Falls Zambia 212 New Zealand 81 Anantara Mui Ne Vietnam 90 Majority Owned 40 7,063 Management Letting Rights 54 6,512 Purely Managed 37 4,667 Minor Hotels 10 ANANTARA – LIFE IS A JOURNEY

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

Minor Hotels 11 AVANI – THE DETAILS THAT MATTER

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

Minor Hotels 12 BOUTIQUE HOTEL BRANDS WITH UNIQUE LUXURY EXPERIENCE

EXPERIENCE MORE THE ULTIMATE AFRICAN EXPERIENCE From thriving cities to beach paradises, a diverse portfolio An unrivalled collection of luxury lodges, camps and hotels of hotels and resorts, welcoming guests with the in select locations chosen to give inside, privileged access exceptional comfort and a sense of wellbeing. to the best of Kenya and Tanzania.

Minor Hotels 13 OAKS – WELCOME HOME TO OAKS

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

Minor Hotels 14 NH Hotel Group NH Hotel Group is a leading European hotel operator with a diversified portfolio in the mid- to upscale segment across 30 countries in Europe, Americas and Africa.

PORTFOLIO OVERVIEW No. of Hotel Brands Brand Positioning Hotels* Rooms* Midscale to upscale, urban 287 41,220 hotels Upper upscale, premium hotels 78 12,344 located in capital cities Upper upscale, unconventional “design” hotels 4 978

Upscale, holiday hotels 9 2,429 Total 385 59,682

 6th largest hotel chain in Europe Revenue Breakdown Ownership Breakdown*

 Listed on the Stock Exchange with a market The Americas, 9% Managed, Owned, capitalization of EUR 2.4 billion (as of Jul 2018) Italy, 18% 23% 20%

Benelux,  Spain-based leading urban hotel operator with 385 22% 2017 No of Revenue: hotels and 59,682 keys in 30 countries Rooms: EUR 59,682 1,571m  Key operating markets include Spain, Germany, Italy Central and Benelux Europe, 25% Spain, 26% * As of Jun 2018 Leased, 57% Source: NH Hotel Group Investor Presentation Aug 2018 Minor Hotels 15 SPA PORTFOLIO – JULY 2018

No. Hotel Country No. Hotel Country 1 Anantara Bophut Koh Samui Thailand 31 AVANI+ Luang Prabang Laos 2 Anantara Chiang Mai Thailand 32 AVANI Sepang Goldcoast Malaysia Anantara Golden Triangle Elephant 33 Anantara Dhigu Maldives Maldives Spa portfolio consists of 3 Thailand Camp 61 spas in 19 countries 34 Anantara Kihavah Maldives Villas Maldives 4 Anantara Hua Hin Thailand 35 Anantara Veli Maldives Maldives 5 Anantara Lawana Koh Samui Thailand 36 Naladhu Private Island Maldives Maldives 6 Anantara Layan Phuket Thailand 37 NIYAMA Private Islands Maldives Maldives 7 Anantara Mai Khao Phuket Villas Thailand 38 Anantara Bazaruto Island Mozambique Anantara Rasananda Koh Phangan 8 Thailand 39 Anantara Medjumbe Island Mozambique 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 AVANI Hua Hin 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 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 The Royal Orchid Sheraton Bangkok Thailand 50 Anantara Kalutara Sri Lanka 19 Tivoli Ecoresort Praia Do Forte Bahia Brazil 51 Anantara Peace Haven Tangelle Sri Lanka 20 Tivoli Mofarrej São Paulo Brazil 52 Anantara Sir Bani Yas Island UAE 21 Anantara Angkor Cambodia 53 Anantara The Palm Dubai UAE 22 Anantara Guiyang China 54 Eastern Mangroves by Anantara UAE 23 Anantara Sanya China 55 Emirates Palace Abu Dhabi UAE 24 Anantara Xishuangbanna China 56 Qasr Al Sarab Desert by Anantara UAE 25 Sheraton Sanya China 57 Anantara Hoi An Vietnam 26 The Puli Hotel & Spa China 58 Anantara Mui Ne Vietnam 27 JW Marriott Cairo Egypt 59 AVANI Hai Phong Harbour View Vietnam 28 Anantara Seminyak Bali Indonesia 60 AVANI Quy Nhon Vietnam 29 Anantara Uluwatu Bali Indonesia The Royal Livingstone Victoria Falls 61 Zambia 30 Sheraton Seoul D Cube City Korea Zambia by Anantara

Minor Hotels 16 MINOR HOTELS – KEY STATISTICS

2017 REVENUE BREAKDOWN BY BRAND* OWNED HOTELS 56% OF MINOR HOTELS REVENUES IN 2017 Management fee, 5% THB Occupancy

Anantara, 23% 12,000 68% 66% Others, 18% 64% 62% 10,000 59% 60%

8,000 6,385 7,028 6,553 6,228 40% 6,000 5,788 4,293 4,372 4,168 3,865 AVANI, 9% 4,000 3,685 20% Tivoli, 20% 2,000

Oaks, 25% 0 0% 2013 2014 2015 2016 2017

*Audited revenue excluding mixed-use Occupancy ADR RevPar OAKS MANAGED HOTELS 20% OF MINOR HOTELS REVENUES IN 2017 4% OF MINOR HOTELS REVENUES IN 2017

AUD Occupancy THB Occupancy 250 63% 63% 64% 80% 10,000 60% 78% 76% 77% 78% 58% 200 76% 55% 174 177 161 164 166 8,000 6,748 60% 7,038 6,724 150 133 138 5,594 6,108 40% 126 124 127 6,000 40% 4,400 4,241 100 3,737 3,917 4,000 3,227 20% 50 20% 2,000

0 0% 0 0% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Occupancy ADR RevPar Occupancy ADR RevPar

Minor Hotels 17 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 18 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 19 RESIDENTIAL PROPERTY DEVELOPMENT

LAYAN RESIDENCES BY ANANTARA, PHUKET THE ESTATES SAMUI 15 uniquely designed pool villas adjacent to 14 luxury villas adjacent to Four Seasons Resort Koh Anantara Layan Phuket Resort Samui

ANANTARA CHIANG MAI SERVICED SUITES TORRES RANI 44 units in 7-storey condominium building across from Of the 187 luxury apartments in Maputo, Mozambique, Anantara Chiang Mai Resort 6 penthouses are for sale

Minor Hotels 20 MINOR HOTELS – FINANCIAL PERFORMANCE

THB Million 30,970 27,758 23,547 17,977 19,243 Revenue

7,685 7,146 6,146 5,206 5,561

EBITDA

EBITDA 29.0% 28.9% 26.1% 25.7% 24.8% Margin

3,375 3,009 2,811 2,449 2,600

NPAT

Net 13.6% 13.5% 12.8% 10.1% 10.9% Margin 2013 2014 2015 2016 2017

Note: Core operations, excluding non-recurring items

Minor Hotels 21 MINOR FOOD To be a global food service operator that provides 100% satisfaction to customers and other stakeholders 22 MINOR FOOD PORTFOLIO – 2Q18 # OF OUTLETS THAILANDThailand INTERNATIONALInternational Brand No. of Outlet Equity Franchise Equity Franchise 474 254 103 2 115

322 121 167 9 25

65 53 - 12 -

459 231 226 2 -

95 89 - 6 -

443 37 - 41 365

91 8 - 60 23

60 - - 60 - Riverside

49 49 - - - Thailand

19 - 3 2 14

Others 53 39 - 14 -

Total Equity 1,089 881 - 208 -

Total Franchise 1,041 - 499 - 542

Grand Total 2,130 1,380 750

Minor Food 23 MANUFACTURING

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 24 MINOR FOOD – KEY STATISTICS

2017 REVENUE BREAKDOWN BY BRAND* NUMBER OF OUTLETS

Others, 13% 2,064 The Pizza 1,996 Company, 20% 2,000 1,851 1,708 Riverside, 11% 1,544 1,500 Swensen's, Thai Express, 10% 9% 1,000

Sizzler, 11% The Coffee 500 , Dairy Queen, Club, 14% 2013 2014 2015 2016 2017 *Audited revenue 7% 5%

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

2.0% 15.0% 13.8% 13.1% 1.5% 11.2% 1.3% 10.0% 9.1%

1.0% 5.1% 5.0% 0.4%

-0.2% -0.8% 0.0% 0.0% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Minor Food 25 MINOR FOOD – FINANCIAL PERFORMANCE

THB Million 23,022 23,582 18,626 16,754 15,343 Revenue

3,843 4,285 3,127 EBITDA 2,759 2,817

EBITDA Margin 18.0% 16.8% 16.8% 16.7% 18.2%

1,913 1,501 1,550 1,572 1,684 NPAT

Net 9.8% 9.3% 8.4% 7.3% 8.1% Margin 2013 2014 2015 2016 2017

Note: Core operations, excluding non-recurring items

Minor Food 26 OTHERS – MINOR LIFESTYLE PORTFOLIO – 2Q18

FASHION # Outlets # Outlets 79 81

2 4 6 20 3 25 36 112 5 TOTAL 373

HOUSEHOLD CONTRACT MANUFACTURING # Outlets 23

19 Manufacturing of acid-based 14 fast-moving consumer goods - TOTAL 56 100K Tons / Year

Minor Lifestyle 27 MINOR LIFESTYLE – STATISTICS & FINANCIAL PERFORMANCE

SAME-STORE-SALES GROWTH FINANCIAL PERFORMANCE THB Million 5.0% 2.3% 4,091 3,616 3,703 0.3% 3,505 3,505 0.0% -0.1% Revenue

-5.0%

-6.3% -8.1% -10.0% 2013 2014 2015 2016 2017 384 338 300 267 304 TOTAL-SYSTEM-SALES GROWTH EBITDA

20.0% 19.3% EBITDA 9.3% 10.4% 8.6% 7.6% 7.4% Margin 11.9% 8.4% 10.0% 183 3.8% 151 124 127 NPAT 81 0.0%

-3.3% Net 4.2% 4.9% 3.5% 2.3% 3.1% -10.0% Margin 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Minor Lifestyle 28 KEY FINANCIAL HIGHLIGHTS

29 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 – 2018 • Acquired Minor Food Group • Acquired Minor Corporation • Invested in Beijing Riverside & Courtyard China, VGC in • Launched own Pizza brand, The Pizza • Invested in S&P Thailand, The Australia, Corbin & King in the UK and non-US operations Company and opened TPC and SZ in Coffee Club Australia and Thai of Benihana China Express Singapore • Invested in hotels in Sri Lanka, Phuket, Vietnam, • Launched own hotel brand, Anantara • Entered into a JV with Serendib Cambodia, Zambia, Namibia, Botswana, Lesotho and Mozambique, in Oaks Hotels & Resorts Australia, in Tivoli • Entered into a JV to operate 3 hotels in Sri Lanka and Elewana Africa Hotels & Resorts in Portugal and Brazil and in NH Hotel the Maldives • Launched the first residential Group in Spain • Launched the first timeshare project in project, the Estates Samui • Launched AVANI brand, Anantara Vacation Club, and the Asia with Marriott • Opened the first two overseas new residential projects, Layan Residences by Anantara, purely managed hotels in Bali Phuket and Anantara Chiang Mai Serviced Suites and Abu Dhabi

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

0% 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -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 30 MINT FINANCIAL HIGHLIGHTS - SIZE

TOTAL REVENUE NET PROFIT

THB Million THB Million 8,000 60,000 56,973 58,644 7,040 6,590 48,014 6,000 2,335 5,415 45,000 39,787 2,014 36,936 4,402 4,101 69 30,000 4,000

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

0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

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

TOTAL ASSETS TOTAL EQUITY THB Million THB Million 118,444 120,000 108,453 50,021 50,000 98,382 40,797 90,000 40,000 36,711 74,279 30,024 60,124 30,000 26,875 60,000 20,000 30,000 10,000

0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Financial Highlights 31 MINT FINANCIAL HIGHLIGHTS - PROFITABILITY

EBITDA MARGIN NET MARGIN

30% 24.8% 14.7% 22.5% 22.1%22.2% 23.2% 15% 21.0% 20.7% 20.9% 11.6% 20% 11.1% 10.9%11.1% 10.3% 10% 8.4% 9.2%

10% 5%

0% 0% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

RETURN ON ASSETS RETURN ON EQUITY 10% 25% 8.2% 21.1% 8% 20% 17.9% 7.3% 17.0% 6.4%6.6% 6.4% 15.2%15.5% 6% 5.4% 15% 14.1% 4.8% 11.8% 11.9% 4.4% 4% 10%

2% 5%

0% 0% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

Core operations Reported

Financial Highlights 32 MINT FINANCIAL HIGHLIGHTS - OTHERS

INTEREST-BEARING D/E INTEREST COVERAGE

x x

1.5 8.0 1.2 1.2 6.7 1.2 1.1 1.0 6.0 5.5 5.7 0.9 5.2 5.1 0.9 4.0 0.6

0.3 2.0

0.0 0.0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017

CURRENT RATIO DIVIDEND PER SHARE AND PAYOUT RATIO

x THB Cash Stock Payout Ratio 1.6 1.5 0.40 60% 1.3

1.2 0.30 0.10 1.0 1.0 0.9 33.5% 33.7% 32.8% 40% 35.6%* 32.8% 0.8 0.20 * * 0.40 20% 0.4 0.10 0.35 0.25 0.35 0.35

- - 0% 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 * EPS calculation based on core operations, excluding non-recurring items

Financial Highlights 33 OTHER CORPORATE INFORMATION SHAREHOLDERS & MANAGEMENT

SHAREHOLDING STRUCTURE MANAGEMENT STRUCTURE

Others Royal Family 9% 4%

Domestic Minor Group Institutional 34% Investors 17%

Osathanugrah Group 9% Foreign Fund 27% 6 5 4 1 3 2 7 8 As of Jul 2018 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 60 Chief Operating Officer of 50 Chief Executive Officer of Minor Hotels 40 4. Patamawalai Ratanapol Chief People Officer of Minor International 30 5. James Richard Amatavivadhana 20 Chief Executive Officer of Minor Lifestyle 10 6. Brian James Delaney 0 Corporate Chief Financial Officer 2001 Cash Stock Warrants Capital Gain YTD Value 7. Stephen Chojnacki Investment Dividend Dividend Chief Commercial Officer and General Counsel 8. John Scott Heinecke As of Jul 2018 Chief Operating Officer - Hot Chain of Minor Food

Corporate Information 35 SUSTAINABILITY DEVELOPMENT

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

Engaging in End-to-End Customer Experience We strive to enrich our customers’ experiences through end-to-end engagement and by delivering the best Drive for Shared products and services that provide 100% satisfaction Success Committing to Long-term and Sustainable Partnerships We foster long-term relationships with our partners along the value chain to achieve mutual sustainable benefits

Managing Environmental Impact We commit to produce a positive environmental and Drive for social impact in the locations where we operate Harmony Fostering Social Responsibility Mindset We encourage and foster a social responsibility mindset among our employees and with our partners

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

Corporate Information 36 RECENT AWARDS

Overall Performance & Corporate . Thailand’s Most Honored Company, Institutional Investor’s All-Asia Executive Team 2018 Rankings . Outstanding Investor Relations Awards 2017 (SET Market Capitalization of Over THB100bn), Stock Exchange of Thailand . No. 2 Best Managed Companies in Thailand 2017, FinanceAsia . Outstanding SET Sustainability Awards 2017 (SET Market Capitalization of Over THB100bn), Stock Exchange of Thailand . Included in Dow Jones Sustainability Emerging Market Index (DJSI) 2017 in the Consumer Services sector and 2017 FTSE4GOOD Emerging Index . Included in the SET Thailand Sustainability Investment Index (SETTHSI) 2018, Stock Anantara Hua Hin Resort: Exchange of Thailand “No. 1 Resort in Asia” by Conde Nast Traveler, 2017 Minor Hotels . 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 Middle East o Anantara Vilamoura Algarve – No. 5 Resort in Europe . Minor Hotels – Runner-Up in Overall Brand Performance 2017, Minor Food . Minor Food – Thailand’s Top Corporate Brand Values 2017 in F&B Sector, The Stock Exchange of Thailand & Chulalongkorn Business School . The Pizza Company – National Winner for Marketing 3.0 Award – Country Level, The Pizza Company: National Winner for Marketing 2017 Asia Marketing Excellence Awards 3.0 Award – Country Level, 2017 Asia Marketing Excellence Awards . Dairy Queen – 2017 International Dairy Queen Franchisee Mission Vision and Value (MVV) Award, International Dairy Queen Corporation Corporate Information 37