Company Profile – 3Q19

Vision

2

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

Customer Focus

Result Oriented

People Development

Innovative Partnership

MINT’s Key Milestones

3

Joint venture with

in African Assets

Founded

RGR, MFG and MINOR

listed

M&A of RGR and MFG and became

Launched

Founded

50% stake in

70% stake in

Completed group

business restructuring;

Delisted

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

100% stake in

Launched

Increased stake to 31% in

50% stake in

49% stake in

11% stake in

Increased stake to 100% in

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

Mozambique

Acquired

in Australia

Acquired 7 hotels

Launched

Invested in

Increased stake to 69.2% in

Acquired additional 20% stake in

Acquired remaining 7

hotels & brand

Acquired additional stake from

in hotels in Africa

Acquired 74% stake in

Founded

Launched

75% stake in

Increased stake to 100% in

94.1% stake in

2019

100% stake in

Thailand

MINT – Consistent Growth

4

Total Revenues

0

20,000

40,000

60,000

80,000

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

THB million

0

30,000

60,000

90,000

120,000

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

0

100,000

200,000

300,000

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

THB million

THB million

Assets

Market Cap

MINT – Today

5

Shared Services

Hotel

• Equity-Owned• Hotel and Serviced Suites

Management• Spa

Mixed-Use

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

Casual Dining Restaurants

• Equity-Owned• Franchised

Manufacturing

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

Toppings• Coffee Roasting

Minor Hotels Minor Food

MINT – Contributions by Business Groups & Geographies

6

9M19 EBITDA Contribution 9M19 NPAT Contribution

Minor Lifestyle 1%

Minor Food17%

Minor Hotels82%

Minor Lifestyle 1%

Minor Food23%

Minor Hotels76%

Thailand25%

Overseas75%

9M19 Revenue Contribution

9M19 Revenue Contribution

Minor Lifestyle 4%

Minor Food20%

Minor Hotels76%

*Core operations, excluding non-recurring items

Thailand29%

Overseas71%

9M19 NPAT Contribution

MINT’s Presence

7

Enhance profile, reputation & recognition with 529 hotels and serviced suites, 2,297 restaurant outlets and 61 spas. With the recent investment in NH Hotel Group, MINT has expanded its operations to a total of 63 countries.

AfricaBotswana

Egypt

Kenya

Lesotho

Mozambique

Namibia

Seychelles

Tanzania

Tunisia

South Africa

Zambia

Mauritius

Asia PacificAustralia

Cambodia

China

India

Indonesia

Korea

Laos

Malaysia

Maldives

Myanmar

New Zealand

Pakistan

Singapore

Sri Lanka

Thailand

Vietnam

The AmericasCanadaUSAArgentinaBrazilChileColombiaCubaDominican RepublicEcuadorHaitiMexicoUruguay

EuropeAustria

Belgium

Czech Republic

France

Germany

Hungary

Italy

Luxemburg

Poland

Portugal

Romania

Slovakia

Spain

Switzerland

The Netherlands

UK

Andorra

Middle East

Bahrain Oman

Saudi Arabia Qatar

Kuwait UAE

Lebanon

Minor Hotels Minor Food Minor Lifestyle

To be a leading hospitality partner maximizing shareholder value

Minor Hotels

Hotel Portfolio – 529 Properties; 76,967 Rooms

9

* MLR is management letting rights (management of serviced suites)** No of rooms as at end of Sept 2019

System-wide Room ContributionBy Ownership

System-wide Room ContributionBy Geography

System-wide Room ContributionBy Brand

Others7%

7%

4%

50%

18%

10%5%

Owned25%

Leased44%

JV 3%

Managed19%

MLR9%

Asia10%

Europe61%

Middle East & Africa 6%

Oceania9%

Americas14%

Minor Hotels has a very diversified hotel portfolio, in terms of brands, ownership structure and geography. Over 90% of the rooms today are under MINT’s own brands.

Minor Hotels Portfolio

10

* MLR is management letting rights (management of serviced suites)** Maldives & Middle East contribute 2% of Minor Hotels’ revenue but 17% of NPAT because majority of the hotels in the Maldives and the Middle East are joint-venture and

managed hotels.

9M19 Revenue ContributionBy Geography

9M19 NPAT ContributionBy Geography

9M19 Revenue ContributionBy Business

Owned & Leased

87%

MLR 6%

Management 2%Mixed-use 5% Thailand

12%

Europe66%

Americas6%

Australia & New Zealand 6%

Maldives & Middle East 2%

Others8%

Minor Hotels is positioned as a real estate company with the ability to grow in the hospitality industry.

Thailand13%

Europe60%

Americas3%

Maldives & Middle East

17%

Others7%

• While owned & leased hotel portfolio is the main driver of Minor Hotels, the management letting rights (MLR) business model provides stable growth, and management contracts and mixed-use business helps with the overall profitability.

• In terms of geography, Europe is the major contributor with 66% of Minor Hotels’ revenue, and about 60% of NPAT. For the full year, Europe contribution is expected to decline as Thailand and Maldives enter high season in the forth quarter.

Anantara – Life is a Journey

11

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

Contemporary Accommodation for All Occasions

12

The Details That MatterBlending modern lifestyle features, a

passion for design and smooth seamless service, AVANI offers all the meaningful

details that matter for a great stay.

Welcome Home to OaksSpacious, contemporary serviced studios

and suites. Offering peace of mind, effortless short or long stays, and

essential comforts.

NH Hotel Group – A Leading European Hospitality

13

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

exceptional places for extraordinary memories

Design hotels that are unconventional and

cosmopolitan13

Boutique Hotel Brands with Unique Luxury Experience

14

Experience MoreFrom thriving cities to beach paradises, a

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

comfort and a sense of wellbeing.

The Ultimate African ExperienceAn unrivalled collection of luxury lodges,

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

to the best of Kenya and Tanzania.

15

Exponential Portfolio Expansion

Over the past 8 years, number of rooms in Minor Hotels’ portfolio jumped by over 18x, through both acquisition and organic expansion. Going forward, Minor Hotels will continue to drive growth through portfolio expansion.

No. of Rooms

4,114

17,714

75,241

-

20,000

40,000

60,000

80,000

2010 2015 2018

No of Rooms

CAGR +34%

CAGR +62%

7%6%

4%

52%

17%

10%5%

Owned25%

Leased45%

JV3%

Managed18%

MLR9%

Asia9%

Europe61%

Middle East & Africa 5%

Oceania10%

Americas14%

Others 8%

11%

4%

45%

18%

10%5%

Owned22%

Leased41%

JV3%

Managed27%

MLR8%

Asia14%

Europe55%

Middle East & Africa 8%

Oceania9%

Americas14%

Others

2018 2023F*

75,241 Rooms 90,053 Rooms

* The number of rooms in 2023 only reflects those that have been signed, and will likely increase as more hotels are added to the pipeline.

16

RevPar Maximization for Owned & Lease Hotel Portfolio

Minor Hotels focuses on driving RevPar growth in each of its key markets. System-wide RevPar, however, declined over the past two years, primarily as a result of the change of mix of the type of hotels, especially with the addition of the hotels under NH Hotel Group.

4,334 4,872

1,000

2,000

3,000

4,000

5,000

2016 2018

CAGR +6%

THB

RevPar of Key Markets

Thailand Maldives Africa

Portugal Brazil NHH

System-wide RevPar

3,685

3,117

-

1,000

2,000

3,000

4,000

2016 2018

THB CAGR -8%656

829

400

600

800

1,000

2016 2018

CAGR +12%

USD

62

81

50

60

70

80

90

2016 2018

CAGR +14%

USD

73

102

70

80

90

100

110

2016 2018

CAGR +18%

EUR

399

602

300

400

500

600

700

2016 2018

CAGR +23%

BRL

71

50

60

70

80

2016 2018

EUR

17

Support from Asset Light Portfolio

Although owned and leased portfolio is Minor Hotels’ key growth driver, management letting rights portfolio provides Minor Hotels with stable growth, while management contracts offer higher profitability with minimal capital investment.

Management Letting Rights

4,570

6,935

-

2,000

4,000

6,000

8,000

2011 2018

Management Contracts

1,123

3,910

5,425

-

2,000

4,000

6,000

2010 2015 2018

No of Rooms CAGR +6%

124 141

50

100

150

2011 2018

RevPar(AUD)

CAGR +2%

2,897

6,160

-

2,000

4,000

6,000

8,000

2011 2018

Revenue (THB million)

CAGR +11%

No of Rooms

CAGR +28%

CAGR +12%

246

984

1,396

-

500

1,000

1,500

2010 2015 2018

CAGR +32%

CAGR +12%

* Management contracts exclude NHH’s portfolio

Revenue (THB million)

Case Study – Tivoli Portfolio, a Value Creation Story

18

THAILAND INTERNATIONALMinor Hotels invested in a portfolio of 14 hotels in Portugal and Brazil under the Tivoli brand in 2015-2016. Subsequently, after asset refresh and operational improvement, in July 2019, MINT entered into a sales & leaseback transaction for three of the hotel properties in Lisbon, Portugal.

Assets & Investments

313

294 98

- 100 200 300 400

2019

2015-2018

Investment CAPEX & Renovations

Gross Selling Price

Total Investment for 14 HotelsEUR 392 million

(EUR million)

Sales of 3 HotelsEUR 313 million

3 years

Operational Stats & Performance

79 96

-

20

40

60

80

100

2016 2018

RevPar (EUR)

2016 2018

EBITDA (EUR)

o The selling price of the 3 hotels is 80% of total investment amount in 14 hotels.

o The transaction implies EV/EBITDA of approx. 19x (vs. EV/EBITDA of 9.6x at the time of the purchase in 2016).

o With the transaction, the internal rate of return of the entire project has been elevated to over 20%.

o With the sales and leaseback (through NHH), MINT retains about 75% of the EBITDA of the 14 hotels portfolio.

o MINT maintains the ownership of the Tivoli brand and its operating platform in Portugal and Brazil.

o MINT will realize net gain on sale of investment of approx. EUR 62 million in 3Q19, and the proceeds have been used to pay down debt.

Mixed-use Business

Plaza & EntertainmentAnantara Vacation ClubResidential Property Development

19

Ensuring Pipeline to Accommodate Growth

20

The Estates Samui

Launched 2 AVC

Destinations Bali, Bangkok

Layan Residences

by Anantara, Phuket

St. Regis Residences

Bangkok

Torres Rani, Maputo

Launched 1 AVC

Destination Chiang Mai

2006 2010 2011 2012 2013 2015 2016 2018 2020 2023

Avadina Hills by Anantara,

Phuket

AnantaraUbud

Residences, Indonesia

Anantara Desaru

Residences, Malaysia

Launched 1 AVC

Destination Sanya

Launched 3 AVC

DestinationsSamui, Phuket,

Queenstown

Anantara Chiang Mai

Serviced Suites

Silom Office, Bangkok

An

anta

raV

acat

ion

Clu

bR

esi

de

nti

al D

eve

lop

me

nt

To launch another 5 AVC destinations

Minor Hotels – Financial Performance

21

THB million

Revenue

EBITDA

NPAT

EBITDA Margin

NetMargin

20172015

28.9% 25.7%

13.5% 10.1%

2014

19,243 23,547

27,758 30,970

50,577

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

12,290

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

4,307

2016

26.1%

12.8%

Note: Core operations, excluding non-recurring items

24.8%

10.9%

2018

24.3%

8.5%

To be a leading food operator maximizing stakeholders’ value

Minor Food

Restaurant Portfolio – 2,297 Outlets

23

* No of outlets as at end of 3Q19

System-wide Outlet ContributionBy Ownership

System-wide Outlet ContributionBy Hub

System-wide Outlet ContributionBy Brand

24%

14%

3%23%

5%

21%

4%4% 1% 2%

Equity50%

Franchised50%

Thailand 73%

Australia17%

China 4%Others 6%

Minor Food’s restaurant portfolio is well-diversified, both in terms of brands and ownership. Its three main hubs are Thailand, Australia and China.

Others

21%

10%

11%

6%9%

14%

7%

10%

1%12%

Minor Food’s Performance Breakdown

24

9M19 Revenue ContributionBy Geography

9M19 NPAT ContributionBy Geography

9M19 Revenue ContributionBy Brand

Minor Food’s revenue is well distributed among its brands. Its business is primarily in Thailand, with China as a potential growth driver and Australia as the hub with stable operations.

Thailand 63%

Australia11%

China15%

Others11%

Thailand 77%

Australia10%

China13%

Others

Minor Food Brands

25

THAILAND INTERNATIONAL

Minor Food Brands

26

THAILAND INTERNATIONAL

Manufacturing

27

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

28

Growth Driven by Selective Expansion

Minor Food continues to grow its number of outlets, keeping a well-balanced mix of brands, ownership and geographies.

No. of Outlets

1,148

1,851

2,270

-

500

1,000

1,500

2,000

2,500

2010 2015 2018

No of Outlets

CAGR +10%

CAGR +7%

Equity51%

Franchise49%

Thailand73%

Australia17%

China 4%Others 6%

Equity49%

Franchise51%

Thailand63%

Australia19%

China 10%Others 9%

2018 2023F*

2,270 Outlets 4,462 Outlets

24%

14%

3%23%

5%

21%

4%3%

1%2%Others

22%

9%

3%

14%4%

24%

7%

7%1%10%

Others

* Number of outlets in 2023 as per 5-year plan

Minor Food Financial Performance

29

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

THB million

EBITDA Margin

Net Margin

16,754 18,626

23,022 23,582 23,484

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

3,647

16.8% 16.7%

9.3% 7.3%

16.8%

8.4%

20162014 2015

Note: Core operations, excluding non-recurring items

2017

18.2%

8.1%

Revenue

EBITDA

NPAT

2018

6.5%

15.5%

Others – Minor Lifestyle Portfolio – 3Q19

30

# Outlets

27

-

Fashion

# Outlets

85

43

80

Total 410

6

28

# Outlets

28

122

26

Household

4

23

Total 76

14

Manufacturing of acid-based fast-moving consumer goods

100K Tons / Year

Contract Manufacturing

Lifestyle

Scomadi

Others

Key Financial Highlights

Resiliency of Thailand vs. MINT’s Responsive Strategies

32

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

-3,000

-1,500

0

1,500

3,000

4,500

6,000

-15%

0%

15%

30%

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

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

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

MINT’s Diversification Strategy

2000 – 2005

• Acquired Minor Food Group

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

• Launched own hotel brand, Anantara

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

• Launched the first timeshare project in Asia with Marriott

2006 – 2009

• Acquired Minor Corporation

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

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

• Launched the first residential project, the Estates Samui

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

2010 – 2018

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

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

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

Pattaya Riot

AirportClosure

Tsunami RajprasongRiot

Bangkok Coup

FloodingSARS Sub-primeCrisis

Bangkok Shutdown Coup

THB million

ErawanBombing

Mourning

Phuket Boat Incident

MINT Financial Highlights

33

Revenue

EBITDA

NPAT

THB million

EBITDA Margin

NetMargin

22.1% 21.0% 20.7% 20.9%

10.9% 10.3% 8.4% 9.2%

20.7%

7.6%

20182014 20162015 2017

39,700 45,678

54,285 58,644

78,499

8,762 9,573 11,256 12,273

16,245

4,333 4,705 4,576 5,415 5,957

* The financials above reflect performance from operations, and therefore exclude non-recurring items.

MINT Financial Highlights

34

Interest-Bearing D/E Dividend Per Share & Payout Ratio

0.25 0.35 0.35 0.40 0.40

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

0%

20%

40%

60%

0.00

0.10

0.20

0.30

0.40

2014 2015 2016 2017 2018

Cash Stock Payout Ratiox THB

1.11.2 1.2

1.0

1.5

0.0

0.5

1.0

1.5

2014 2015 2016 2017 2018

***

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

THB million THB million

Total Assets Total Equity

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

267,700

0

100,000

200,000

300,000

2014 2015 2016 2017 2018

30,024 36,711 40,797

50,504

83,074

0

20,000

40,000

60,000

80,000

100,000

2014 2015 2016 2017 2018

Other Corporate Information

0

15

30

45

60

2001Investment

CashDividend

StockDividend

Warrants Capital Gain YTD Value

Minor Group34%

Foreign Institutions29%

Osathanugrah Group10%

Thai Institutions17%

Royal Family3%

Others7%

Shareholders & Management

36

Shareholding Structure

Shareholders’ Return

THB

Management Structure

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

2. Dillip RajakarierChief Operating Officer of Minor International Chief Executive Officer of Minor Hotels

3. Paul Charles KennyChief Executive Officer of Minor Food

4. James Richard AmatavivadhanaChief Executive Officer of Minor Lifestyle

5. Brian James DelaneyCorporate Chief Financial Officer

6. Stephen ChojnackiChief Commercial Officer and General Counsel

7. Kulshaan SinghChief People Officer of Minor International

8. John Scott Heinecke Chief Operating Officer of Minor FoodAs of Nov 2019

18 634 27 5

As of Oct 2019

Sustainability Development

37

Elevating People Development

Driving People DevelopmentWe focus our efforts in developing people, from grassroots to leaders, with education, skills and life-long learning, empowering them to achieve their highest potential.Fostering Social Responsibility MindsetWe encourage and foster a social responsibility mindset among our employees and with our partners.

Elevating Sustainable Value

Chain

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

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

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

Elevating Good Governance

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

Elevating Environmental

Protection

Recent Awards

38

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

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

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

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

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

Included in FTSE4Good Emerging Index 2019 (fourth consecutive year), FTSE Russell

Included in MSCI ESG Leaders Indexes (February 2019), MSCI*

Board Of The Year Awards 2018 (July 2019), Thai Institute of Directors

Anantara Hotels & Resorts

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

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

o Gold Stevie® Winner, The International Business Awards

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

US 2019 Travel & Leisure World’s Best Awards

o Tivoli Palacio De Seteais Sintra Hotel – No. 1 Best Resort in Spain & Portugal

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

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

Overall Performance & Corporate

Minor Hotels

Minor Food

Minor Food – Thailand’s Top Corporate Brand Values 2018 in F&B Sector, The Stock

Exchange of Thailand & ChulalongkornBusiness School

Tivoli Palacio De Seteais Sintra Hotel – No. 1 Best Resort in Spain & Portugal, by US 2019

Travel & Leisure World’s Best Awards

*Disclaimer: The inclusion of Minor International Pcl. in any MSCI Index and the use of MSCI logos, trademarks, service marks or index names herein, Do not

constitute a sponsorship, endorsement or promotion of Minor International Pcl. by MSCI or any of its affiliates. The MSCI Indexes are the exclusive property of

MSCI. MSCI and the MSCI Index names and logos are trademarks or service Marks of MSCI or its affiliates.