FORWARD LOOKING STATEMENT

Company Presentation Nov 2018

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 9M18 Performance Recap & NH Hotel Group Minor Hotels Minor Food Minor Lifestyle Corporate Information & Five-Year Strategy

9M18 Performance Recap NH Collection Barcelona Gran Hotel Calderón, Spain

SNAPSHOT OF MINT S NINE MONTHS PERFORMANCE 9M18 revenue growth of 9% was driven by organic operations of Minor Hotels and Minor Lifestyle, together with dividend income from NH Hotel Group. However, net profit grew at a slower rate of 1% because of the margin pressure on AVC from the strengthening of the THB and lower operating leverage of restaurant business. REVENUE THB million 50,000 45,000 43,066 Excl special gain +9% y-y 47,095 46,974 Minor Lifestyle 7% Minor Food 38% 40,000 35,000 30,000 9M17 Minor Hotels Minor Food Minor Lifestyle 9M18 Minor Hotels 55% NET PROFIT THB million 5,000 4,000 3,000 3,804 Excl special gain +1% y-y 3,944 3,824 Minor Lifestyle 2% Minor Food 33% 2,000 1,000 0 9M17 Minor Hotels Minor Food Minor Lifestyle 9M18 Minor Hotels 65% Non-recurring gain from fair value adjustment on the investment in Benihana of THB 121 million in 2Q18 * 9M18 financials include contributions from NH Hotel Group: Revenue (dividend income) of THB 443 million, NPAT (dividend net of related expenses, financial costs and tax) of THB -25 million 9M18 Performance Recap 5

INTERNATIONAL PRESENCE With solid diversification strategy, at the end of October 2018 (after the completion of the tender offer of NH Hotel Group), MINT s footprint was in 64 countries across its hospitality and restaurant businesses. REVENUE CONTRIBUTION 100% 75% 50% 25% 13% 87% 49% 52% 50% 51% 48% 50% International Thailand 0% 2008 2017 9M18* 2022F * Excludes non-recurring gain from investment in Benihana, but includes NH Hotel Group Minor Hotels Minor Food Combination MINT s Footprint 6

A TRANSFORMATIONAL ACQUISITION NH HOTEL GROUP MINT completed the tender offer of NH Hotel Group on 31 Oct 2018. Total investment is EUR 2,327 million (approx. THB 87.9 billion) for 94.1% stake in NH Hotel Group. The acquisition has transformed MINT, both in terms of platform to become a global hospitality operator, as well as greater size financially with the contribution from NH Hotel Group. Bigger & Better Hospitality Platform Financially Accretive to MINT MINT MINT & NH Hotel Group THB million MINT MINT & NH Hotel Group Pro-forma Change No of hotels 164 548 Revenues 47,095 92,567 +97% No of keys 20,660 80,262 EBITDA 9,663 17,185 +78% No of key own hotel brands 5 8 NPAT (Recurring) 3,823 4,437 +16% No of countries 40 64 No of employees Over 66,000 Over 89,000 Key assumptions: The 94.1% acquisition of NH Hotel Group was completed on 1 Jan 2017 No fair value adjustment Borrowings from financial institutions and corporate bonds are calculated at 2.2% interest rate P&L does not include interest expenses on the THB 15 billion perpetual bond at 5.85% interest rate, as the amount is reflected directly in retained earnings. (Note that post-swap interest rate is 3.83%.) NH Hotel Group 7

NH HOTEL GROUP ACQUISITION IMMEDIATE PLANS Upon the completion of the tender offer, MINT has immediately started working on its medium-term plan. The key areas that have been identified are operational, accounting and balance sheet management issues. 4Q18 2019 2019 Goals Operations Support NHH management team to continue strong organic execution Drive integration plans for incremental revenue increase and higher customer satisfaction Unlock value-accretive and synergistic benefits Value creation for both companies Accounting Consolidate NH Hotel Group in 4Q18 Consolidate full-year financials of NHH Expected NPAT contribution in the high teens Balance Sheet Management Ensure that MINT complies with its debt covenant of 1.75x D/E ratio Fair value adjustment Focus on bringing the D/E ratio down to the internal policy D/E ratio down to 1.3x by YE2019 Perpetual bond issuance Financial co-investors / Asset rotation strategy NH Hotel Group 8

FINANCING PLAN OF THE ACQUISITION OF NH HOTEL GROUP The amount of debt related to the acquisition of NH Hotel Group corresponds with the accumulation of NH Hotel Group shares over the period of June to October 2018. Upon the completion of the acquisition, the bridging loan will be termed out and/or repaid over the next three to four quarters. The exact timing will depend on the market condition. 29.8% + 16.6% + 47.7% THB 28 bn THB 15 bn THB 45 bn 94.1% Shareholding THB 88 bn THB 70 bn Bridge Loan THB 3 bn Euro Bond THB 15 bn Perpetual Bond 2Q18 3Q18 4Q18 Funding @ acquisition The bridge loan has a maximum term of 18 months MINT is exploring a combination of funding plans, as follows: Corporate bonds Syndicate loans Perpetual bonds Possible repayment with proceeds from sale to coinvestors and/or asset rotation Bonds / loans in whatever currency will ultimately be swapped into Euros to close any FX mismatch Taking advantage of the low Euro interest rate, the swap will help target blended funding cost to be less than 3% NH Hotel Group 9

FINANCIAL PERFORMANCE OF NH HOTEL GROUP NH Hotel Group reported recurring EBITDA of EUR 185 million in 9M18. With strong business fundamentals and favorable macro environment, together with positive contributions from asset rotation strategy and efficiency measures, NH Hotel Group reiterates its EUR 260 million EBITDA guidance for 2018. EUR million Revenue Recurring EBITDA EBITDA Margin Recurring NPAT Reported NPAT Net Margin 400 67 16.8% 18 28 4.2% 3Q17 +3% y-y 405 +8% y-y 72 17.6% +51% y-y 28 35 8.6% 3Q18 1,156 14.7% 2.1% 9M17 +3% y-y 1,190 +9% y-y 170 185 15.6% +88% y-y Recurring 4.6% 6.8% 2.3% 4.3% NPAT Margin +110% y-y NM 107 27 24 51 8.9% 9M18 Revenues Recurring EBITDA NPAT Leverage KEY HIGHLIGHTS 9M18 revenue growth of 3% RevPar up 2.0% (Occupancy + 0.4% & ADR +1.5%) Strong performance of Benelux and Italy Relative RevPar outperformed comp sets in top cities with focus on quality (measured through TripAdvisor and Google Reviews) 9M18 recurring EBITDA growth of 9%, higher than revenue growth, resulting in margin improvement of almost 1% 41% EBITDA conversion rate Effective cost control, both payroll and operating expenses 9M18 NPAT up significantly Business improvement Lower financial costs, from both refinancing and full redemption of corporate bond and convertible bond Higher contribution of net capital gains from asset rotation Successful debt reduction Decline in net financial debt to EUR 208 million as of 30 September 2018 from EUR 655 million as of year-end 2017 Early redemption of convertible bond (EUR 250 million) in June 2018 Note: (1) As per NH Hotel Group s report, 3Q18 numbers exclude hyperinflation accounting effect (IAS 29), while 9M18 numbers include hyperinflation accounting effect (implemented since 1 Jan 2018) and (2) Recurring NPAT exclude capital gains and related taxes from asset rotation. Source: NH Hotel Group s 9M18 Results Presentation & Sales and Results NH Hotel Group 10

Minor Hotels Souq Al Wakra Hotel Qatar by Tivoli

FINANCIAL PERFORMANCE MINOR HOTELS 9M18 revenue from existing operations of hotel & mixed-use business (excl. NH Hotel Group) grew by 13%, primarily driven by owned and managed hotels, together with consolidation of Corbin & King. 9M18 EBITDA and NPAT increased at a lower rate of 11% and 9%, respectively, primarily because of pressure on AVC s margin from strengthening of the THB. THB million Revenue 8,388 6,659 7,571 8,352 8,929 +18% y-y 8,907 7,762 +13% y-y 25,598 22,618 Owned hotels 63% of 9M18 hospitality revenue 9M18 KEY HIGHLIGHTS Revenue grew by 26% y-y, as a result of: organic revenue growth of 11% from improved operations, particularly in Thailand, Portugal and Maldives consolidation of Corbin & King EBITDA 2,574 1,063 1,836 2,201 2,245 +16% y-y 2,128 1,692 +11% y-y 6,065 5,473 Management letting rights 18% of 9M18 hospitality revenue Revenue increased by 5% y-y in AUD term, supported by 9M18 RevPar growth of 3% in AUD and the increase in number of rooms However, with the weakening of the AUD, revenue in THB was flat EBITDA Margin NPAT Net Margin 30.7% 16.1% 24.2% 26.4% 25.1% 1,361 1,053 1,141 287 673 16.2% 4.3% 8.9% 12.6% 12.8% 1Q17 2Q17 3Q17 4Q17 1Q18 21.8% 23.9% +32% y-y 891 490 6.3% 10.0% 2Q18 3Q18 24.2% 23.7% +9% y-y 2,522 2,322 10.3% 9.9% 9M17 9M18 Management contracts 3% of 9M18 hospitality revenue Mixed-use 15% of 9M18 hospitality revenue Revenue increased by 8% in 9M18. The increase was primarily because of new hotel additions, which was partially offset by weak performance of hotels in the UAE and Qatar in 3Q18 Revenue declined by 7% y-y, mainly from the mismatch in the timing of mixed-use activities and strengthening of the THB against USD in 1Q18 * 2Q18, 3Q18 and 9M18 financials exclude contributions from NH Hotel Group, detailed as follows: - Revenue (dividend income) of THB 359 million in 2Q18, THB 84 million in 3Q18, THB 443 million in 9M18 - EBITDA (dividend net of related expenses) of THB 234 million in 2Q18, THB 84 million in 3Q18, THB 318 million in 9M18 - Net profit (EBITDA net of financial costs and tax) of THB 215 million in 2Q18, THB -240 million in 3Q18, THB -25 million in 9M18 Minor Hotels 12

MINOR HOTELS - INTERNATIONAL PRESENCE In recent years, MINT has implemented a solid diversification strategy. After the completion of the tender offer in Oct 2018, MINT operates hotels under a combination of investment, joint-venture and management business models in 53 countries. REVENUE CONTRIBUTION 100% 6% 75% 50% 94% 63% 68% 71% International Thailand 25% 37% 32% 29% 0% 2008 2017 9M18 2022F * Includes NH Hotel Group Investment Management Combination New Destinations in Pipeline Hubs Minor Hotels 13

SYSTEM-WIDE HOTEL OPERATIONS Excluding new hotels and FX impact, organic RevPar of the entire portfolio increased by 7% in 3Q18, driven primarily by owned and joint-venture hotels portfolio. 3Q18 system-wide RevPar increased at a lower rate of 1% because of the addition of new hotels which are still in the ramping-up stage, together with the strengthening of the THB. NUMBER OF HOTEL ROOMS ADR No of Rooms 20,000 15,000 10,000 5,000 19,794 19,896 19,860 20,209 20,379 20,385 +4% y-y 20,660 MLR / Oaks Managed Joint-venture Owned THB 8,000 6,000 4,000 6,338 5,207 5,444 5,850 Organic excl FX +2% y-y System-wide -3% y-y 6,574 6,157 5,571 5,255 5,293 4,983 0 2,000 OCCUPANCY REVPAR 90% THB Organic excl FX +7% y-y System-wide +1% y-y 80% 70% 60% 67% 65% 70% 67% 69% 68% 66% 66% 73% 72% Organic +3% y-y System-wide +2% y-y 5,000 4,000 3,000 2,000 4,270 3,388 3,800 3,903 4,545 4,204 3,486 3,270 4,073 3,823 50% 1,000 Minor Hotels 14

OWNED-HOTELS OPERATIONS 9M18 HOSPITALITY REVENUE CONTRIBUTION* 63% Ownedhotels Owned hotels contributed over 60% of hotel & mixed-use revenue in 9M18. 3Q18 organic RevPar excluding FX impact of owned hotels increased by 13% primarily from the strong performance of overseas hotels. Revenue of owned hotels (excl NH Hotel Group) increased by 26% in 3Q18, from strong performance of organic operations and the consolidation of Corbin & King. * Contribution includes NH Hotel Group NUMBER OF HOTEL ROOMS ADR No of Rooms Flat y-y THB Organic excl FX +5% y-y System-wide +1% y-y 8,000 6,000 4,000 7,118 7,050 7,039 7,039 7,063 7,063 7,063 8,000 6,000 6,791 5,519 6,095 6,617 7,573 7,314 6,3976,152 5,731 5,556 2,000 4,000 0 2,000 OCCUPANCY REVPAR 90% 80% 70% 60% 50% 58% 62% 69% 59% 60% 60% 64% 64% Organic +5% y-y 74% 74% System-wide +5% y-y THB 6,000 4,000 2,000 3,907 3,445 4,206 3,881 4,566 Organic excl FX +13% y-y System-wide +8% y-y 4,733 4,400 4,533 3,695 3,568 40% 0 Minor Hotels 15

OWNED-HOTELS OPERATIONS THAILAND 9M18 OWNED HOTEL REVENUE BY GEOGRAPHY Others, 16% Spain & Others (NHH), 3% Thailand, Africa, 7% 41% Maldives, 6% BANGKOK RevPar Growth Organic (y-y) +2% +21% +19% +14% +16% +6% +5% THB 6,000 5,369 5,469 4,945 4,580 4,573 4,659 4,538 4,610 4,009 3,764 4,094 3,941 4,000 3,294 3,486 81% 72% 82% 85% 85% 76% 77% 2,000 0 THAILAND PROVINCES RevPar Growth Organic (y-y) +1% +9% +5% +13% +14% Flat -1% THB 10,000 9,257 9,903 8,357 8,224 8,000 7,229 6,359 6,175 6,286 83% 6,324 6,243 78% 69% 73% 75% 69% 72% 6,000 4,370 4,535 4,360 4,481 4,000 2,000 Brazil, 7% Portugal, 20% 0 % Occupancy Thailand hotels continued to be the largest contributor to the owned hotels segment. The momentum of the RevPar growth in 2Q18 and 3Q18 is slower than in 1Q18, partly from Thailand s low season, resulting in lower ability to command pricing power, and partly from the decline in Chinese tourists. Nevertheless, Thailand will remain an attractive destination for tourism with its diverse attractions, well-developed infrastructure and strategic location. ADR RevPar Thailand Bangkok Thailand Provinces KEY HIGHLIGHTS International tourist arrivals into Thailand grew by 3% in 3Q18. The slowdown in the growth rate was from decline of Chinese tourists by 9%. Number of room nights in Thailand sold by Minor Hotels grew by 3% y-y in 3Q18, in line with the industry. Organic RevPar of Minor Hotels owned Thailand portfolio grew by 1% y-y in 3Q18, driven by hotels in Bangkok. The RevPar growth of owned hotels in Bangkok of 5% in 3Q18 was primarily from higher occupancy. The Riverside hotels, both Anantara Riverside Bangkok and AVANI Riverside Bangkok continued to perform exceptionally well with double-digit RevPar growth during the quarter. RevPar of hotels in the provinces was down slightly in 3Q18, primarily from occupancy decline. While hotels under owned brand performed well in Phuket and Samui, the third-party hotel brands such as JW Marriott Phuket and Four Seasons Samui saw weak RevPar performance. Minor Hotels 16

OWNED-HOTELS OPERATIONS OVERSEAS 9M18 OWNED HOTEL REVENUE BY GEOGRAPHY Others, 16% Spain & Others (NHH), 3% Thailand, Africa, 7% 41% Maldives, 6% THB OVERSEAS RevPar Growth Organic (y-y) -7% +8% Flat +12% +14% +6% +12% 6,000 4,000 2,000 Brazil, 7% Portugal, 20% 0 6,430 2,713 42% 5,560 % Occupancy 6,607 3,200 4,229 58% 64% 2018 QUARTERLY ORGANIC Y-Y REVPAR GROWTH (THB) 45% In 3Q18, RevPar of owned overseas hotels increased by 12%, driven by hotels in all key markets. Excluding FX impact, organic RevPar of owned overseas hotels increased by even higher rate of 19%. Improving global economy, favorable tourism environment in key markets, selective asset refreshments, together with Minor Hotels ongoing sales & marketing efforts, contributed to the strong performance. 6,365 ADR 6,902 3,036 3,098 48% 45% 5,690 3,380 59% RevPar 6,676 4,756 71% Portugal Brazil Maldives Africa Portugal Brazil Maldives KEY HIGHLIGHTS The Portugal portfolio s RevPar increased by 12% in THB (15% in EUR). Hotel renovations were completed in 2Q18, in time for the high season. The RevPar increase was from both occupancy and rate. Whereas previous RevPar increases have been from rate, third quarter was the first time since acquisition that Portugal portfolio saw occupancy increase, signifying the traction of the hotels operating performance. Brazil s RevPar increased by 9% in THB (37% in local currency) with the weakening of the Brazilian real. Both hotels performed well. The Maldives portfolio performed well, with RevPar growth of 10% in THB (+11% in USD). The RevPar growth was driven by occupancy increase, from the continued targeted marketing efforts. 1Q 15% 11% 12% 15% 9% 10% 7% 6% 1% 1% -7% 2Q 3Q 1Q 2Q 3Q 1Q 2Q 3Q 1Q 2Q 3Q Africa RevPar of the African portfolio increased by 15% in THB (29% in local currencies). Hotels in Botswana and Zambia saw RevPar growth of over 30% in local currencies. Minor Hotels 17

MANAGEMENT LETTING RIGHTS 9M18 HOSPITALITY REVENUE CONTRIBUTION 18% MLR Management letting rights (MLR) business which manages serviced-suites, mainly under the Oaks brand, is the second largest segment in the hotel and mixed-use business. MLR provides Minor Hotels with stable performance throughout the year, compared to hotel operations which are more seasonal. While 3Q18 MLR s revenue increased by 3% in AUD term, primarily from the increase in RevPar, revenue in THB term decreased by 4% because of the weakening of the AUD. NUMBER OF MANAGED ROOMS ADR No of Rooms 7,000 6,000 5,000 6,328 6,363 6,338 +4% y-y 6,418 6,511 6,512 6,618 THB 6,000 4,000 2,000 4,830 181 4,235 4,581 4,689 4,621 174 185 189 THB -7% y-y 3,999 4,240 AUD +1% y-y 176 AUD 200 190 180 170 4,000 0 164 166 160 OCCUPANCY REVPAR 90% 80% 70% 60% +2% y-y 82% 79% 80% 80% 78% 75% 76% THB 5,000 4,000 3,000 2,000 1,000 0 3,793 142 3,170 123 3,680 3,740 3,624 140 148 148 3,052 126 THB -5% y-y 3,480 144 AUD +3% y-y AUD 170 150 130 110 Minor Hotels 18

MANAGED-HOTELS OPERATIONS 9M18 HOSPITALITY REVENUE CONTRIBUTION 3% Management Contracts In 9M18, managed hotels contributed 3% of hotel & mixed-use revenue. Organic RevPar excluding FX impact of managed hotels portfolio increased by 4%, driven by hotels in Thailand, Indonesia and China. System-wide RevPar in THB term declined by 1% y-y, primarily from the ramping up of the newly opened hotels. Because of the soft performance of hotels in UAE and Qatar, 3Q18 revenue from management service declined by 10%. No of Rooms 5,000 4,000 4,484 +Anantara Guiyang NUMBER OF HOTEL ROOMS 4,619 4,619 4,692 4,745 4,750 +6% y-y +Tivoli Evora +Souq Al Wakra THB +The +AVANI+ +Kifaru Qatar by Tivoli Beaumont Luang House, +Al Najada 8,000 Prabang Kenya Doha by Tivoli 7,034 4,919 6,000 4,000 ADR 5,704 5,530 6,075 Organic excl FX Flat y-y System-wide -1% y-y 6,575 6,103 5,706 5,375 5,5375,459 3,000 2,000 2,000 0 OCCUPANCY REVPAR 80% 70% 60% 50% 70% 60% 63% 64% 71% 68% 60% 59% Organic +2% y-y 65% 63% System-wide Flat y-y THB 6,000 4,000 2,000 0 4,952 3,417 3,460 3,876 Organic excl FX +4% y-y System-wide -1% y-y 4,678 4,170 3,414 3,583 3,413 3,144 Minor Hotels 19

MANAGEMENT CONTRACTS HOTEL INVESTMENT HOTEL EXPANSION PIPELINE Expansion inside and outside Thailand will contribute to revenue & profit in coming years. 2018F 2019F 2020F 2021-2022F Quy Nhon, Vietnam Koh Samui, Thailand 25 rms 58 rms Desaru, Malaysia Ubud, Bali, Indonesia* Warangi, Serengeti National Park, Tanzania* 103 rms 70 rms 12 rms Fares Island, Maldives* 200 rms 2021F Khao Lak, Thailand 328 rms 2 Hotels / 83 Rooms 3 Hotels / 185 Rooms 1 Hotel / 200 Rooms 1 Hotel / 328 Rooms * Note: Joint-ventured properties Barra Grande, Brazil 50 rms Victoria, Australia 456 rms Luang Prabang, Laos 53 rms Tunis, Tunisia 41 rms E-vora, Portugal 56 rms Recife, Brazil 200 rms Doha, Qatar 151 rms Al Wakrah, Qatar 101 rms New South Wales, Australia 114 rms Queensland, Australia 78 rms Doha, Qatar 100 rms Beirut, Lebanon 110 rms Lewa, Kenya 5 rms Shanghai, China 260 rms Qiandao Lake, China 120 rms Lijiang, China 607 rms Yu Ping, China 173 rms Le Chaland, Mauritius 164 rms Al Houara Tangier, Morocco 150 rms Sifah, Oman 198 rms Tozeur, Tunisia 93 rms Jebel Dhanna, UAE 60 rms Victoria, Australia 170 rms Busan, Korea 289 rms Bangkok, Thailand 385 rms Jebel Dhanna, UAE 228 rms Brasilia, Brazil 395 rms Queensland, Australia 102 rms South Australia, Australia 278 rms Bahia, Brazil 207 rms Hangzhou, China 132 rms Daegu, Korea 144 rms Wellington, New Zealand 226 rms Laikipia, Kenya 7 rms 7 Hotels / 796 Rooms Nanjing, China Zhuhai, China Jeddah, Saudi Arabia Zanzibar, Tanzania Phi Phi Islands, Thailand Ras Al Khaimah, UAE Zhuhai, China Savanne, Mauritius Muscat, Oman Ras Al Khaimah, UAE Dubai, UAE Dubai, UAE Cam Ranh Bay, Vietnam Fortaleza, Brazil Hangzhou, China Busan, Korea Zhuhai, China 120 rms 160 rms 328 rms 150 rms 107 rms 306 rms 300 rms 156 rms 150 rms 255 rms 372 rms 528 rms 595 rms 130 rms 166 rms 150 rms 100 rms 2021F Chengdu, China Accra, Ghana Sharjah, UAE Kota Kinabalu, Malaysia Gammart, Tunisia Dubai, UAE 2022F Hangzhou, China 150 rms 155 rms 233 rms 386 rms 232 rms 528 rms 54 rms 13 Hotels / 1,515 Rooms 21 Hotels / 4,388 Rooms 17 Hotel / 4,073 Rooms 7 Hotel / 1,738 Rooms 58 Hotels / 11,714 Rooms In addition to the current pipeline, MINT is evaluating opportunities to manage another 10 hotels and management letting rights in Australia, Japan, Kenya, Lebanon, Myanmar, Philippines and Saudi Arabia. Others Minor Hotels 20

MIXED-USE BUSINESS RESIDENTIAL 9M18 HOSPITALITY REVENUE CONTRIBUTION 15% Mixed-use MINT s residential projects are part of the mixed-use business, which is under Minor Hotels. The developments are next to MINT s hotels and are usually branded MINT s hotel brands. Below are the current projects. LAYAN RESIDENCES BY ANANTARA, PHUKET THE ESTATES SAMUI ANANTARA CHIANG MAI SERVICED SUITES The project is situated on Layan beach, one of the most picturesque bays on west coast of Phuket. 15 uniquely designed pool villas Up to 8 bedrooms, each with 21 meter private infinity pool 1,313 to 2,317 sq.m. of built-up area TORRES RANI, MAPUTO The villas are on a cliff, above powder-white sands and crystal-blue waters. 14 villas, with 2-5 bedrooms Sold 42% A 50% joint-venture with U City Pcl., the project is in the city center of Chiang Mai, across from Anantara Chiang Mai Resort & Spa. 44 units in 7-storey condominium building 65 to 162 sq.m. (one to three bedrooms) A 49% joint-venture with Rani Investment, the project is 5 minutes from Maputo CBD. 18-storey residential tower; 181 keys for rent and 6 penthouse units for sale 20,926 sq.m., 21- storey office tower Minor Hotels 21

MIXED-USE BUSINESS 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 Located next to Layan Residences by Anantara, Phuket, the project is a 50% joint-venture with Kajima Corporation. 16 luxury pool villas 6-8 bedrooms 2,158 to 3,251 sq.m. of built-up area Expected launch in 2018 ANANTARA DESARU RESIDENCES A 60% joint-venture project with Destination Resorts and Hotels Sdn Bhd, the project is situated on beachfront land in the heart of Desaru Coast, Malaysia. 20 residential villas 3-4 bedrooms 290 to 600 sq.m. of builtup area Expected launch in 2019 ANANTARA UBUD RESIDENCES SILOM OFFICE A 50% joint-venture project with PT. Wijaya Karya Realty, the project is on the edge of a cliff with easy access to Ubud s town center. 15 residential villas 1-2 bedrooms 165 to 252 sq.m. of builtup area Expected launch in 2019 Sold 55% The project is a 40% jointventure with NYE Development. The property is located on Silom Road, in the heart Bangkok CBD and is intended to be used as Minor Group s head office. 9,668 sq.m. of retail space 56,699 sq.m. of office space Expected launch in 2023 Minor Hotels 22

MIXED-USE BUSINESS ANANTARA VACATION CLUB 9M18 HOSPITALITY REVENUE CONTRIBUTION 15% Mixed-use Part of the mixed-use business, Anantara Vacation Club is another important contributor to Minor Hotels. Growth of members are driven by four main markets China, Thailand, Hong Kong and Singapore. In 3Q18, AVC revenue increased by 4% in THB term. TOTAL NUMBER OF MEMBERS Growth (y-y) +41% +28% +15% +27% +23% No. of Members 12,000 11,813 10,193 9,000 8,000 6,928 6,000 5,431 3,000 0 2014 2015 2016 2017 3Q18 USA, 2% Philippines, 2% Australia, 2% Taiwan, 3% Japan, 4% Malaysia, 7% Singapore, 8% MEMBERS PRIMARILY IN ASIA UAE, 2% Others, 12% Hong Kong, 9% Thailand, 11% China, 38% As at Sept 2018 No. of Units 500 400 300 200 100 0 INVENTORY TO ACCOMMODATE GROWING MEMBERS 119 137 160 186 7 Destinations: Queenstown, Bali, Sanya, Samui, Phuket, Bangkok Chiang Mai 224 >12 Destinations > 500 2014 2015 2016 2017 3Q18 2022F No. of Members 8,000 6,000 4,000 2,000 0 GROWTH DRIVEN BY FOUR MARKETS China Hong Kong 7,845 Thailand 6,896 Singapore 5,553 4,896 +22% +28% 3,731 +17% +48% +111% +13% +12% +35% +38% +11% +29% +19% +5% +7% +33% +12% +10% +10% +15% +11% 2014 2015 2016 2017 3Q18 Minor Hotels 23

Minor Food

FINANCIAL PERFORMANCE MINOR FOOD 9M18 revenue of Minor Food increased by 1% y-y. The increase in revenue from Thailand hub was offset mainly by the decline in revenue from Singapore and Australia hubs. Although Minor Food was successful in driving customer traffic through promotional campaigns, EBITDA and NPAT margins were temporarily put under pressure, resulting in y-y decline in EBITDA and NPAT in 9M18. THB million Revenue EBITDA EBITDA Margin NPAT Net Margin 6,028 1,138 5,823 5,693 1,012 1,018 6,053 6,085 1,118 1,123 18.9% 17.4% 17.9% 18.5% 18.5% 540 9.0% 1Q17 431 442 7.4% 2Q17 7.8% 3Q17 500 548 8.3% 4Q17 9.0% 1Q18 +3% y-y 5,806 5,836-10% y-y 903 911 15.6% -21% y-y 350 350 6.0% 2Q18 15.6% 6.0% 3Q18 9M17 +1% y-y 17,530 17,728 3,167 18.1% -7% y-y -12% y-y 1,413 1,248 8.1% 9M18 Total-system-sales growth of -0.6% in 9M18 Outlet expansion of 6% in 9M18 Same-store-sales growth of -2.9% in 9M18 KEY HIGHLIGHTS Burger King, The Pizza Company, Dairy Queen, Sizzler and BreadTalk reported positive total-system-sales growth as the brands continued to open new outlets. While total-system-sales growth turned positive in Aug-Sept with the accelerated expansion in China and Thailand, the 9M18 growth was pulled down earlier in the year because of the outlet rationalization in Singapore and Australia and divestment of The Groove Train portfolio in late 2017. The drivers of outlet expansion during the year were The Pizza Company, Dairy Queen, The Coffee Club and Thai Express (Thailand). Soft macro conditions in countries that the four hubs operate continued to put pressure on the group s same-store-sales growth. Minor Food will continue to strengthen its multi-brand portfolio through product innovations and operational excellence, together with diversification strategy in order to maintain its competitiveness. * The financials above reflect performance from operation, and therefore exclude non-recurring gain from fair value adjustment on the investment in Benihana of THB 121 million in 2Q18 2,938 16.6% 7.0% Minor Food 25

MINOR FOOD - INTERNATIONAL PRESENCE MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT s restaurant presence is now in 27 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. Owned Franchised Combination Hub REVENUE CONTRIBUTION 100% 75% 50% 25% 19% 81% 40% 36% 34% 60% 64% 66% International Thailand 0% 2008 2017 9M18* 2022F * Excludes non-recurring gains Minor Food 26

MINOR FOOD OPERATIONAL PERFORMANCE While total-system-sales showed an improving trend from its lowest point in 1Q18, same-store-sales had a declining trend throughout 2018. The positive total-system-sales growth of Thailand and China hubs were offset by the continued rationalization of Singapore hub and the sale of The Groove Train brand of the Australia hub since late 2017. SSS & TSS GROWTH RESTAURANT OUTLETS BY GEOGRAPHY 20% 15% 10% 5% 8.2% 5.7% 3.2% 3.2% International 3,458 Thailand +6% y-y 45% 2,064 2,174 35% 35% 1,043 33% 65% 65% 55% 67% 2008 2017 3Q18 2022F 0% -5% No. of Outlets 1.3% -1.0% -1.1% -1.7% -0.7% 0.7% -2.5% -1.8% -3.1% -3.8% 2,017 2,037 2,042 2,064 2,085 2,130 2,174 Same-Store-Sales Growth Total-System-Sales Growth RESTAURANT OUTLETS BY OWNERSHIP Franchised Owned +6% y-y 2,064 2,174 48% 49% 1,043 38% 82% 62% 52% 53% 50% 51% 3,458 47% 53% 59% 2008 2017 3Q18 2022F Minor Food 27

THAILAND HUB 9M18 RESTAURANT REVENUE CONTRIBUTION 64% Thailand Revenue from domestic operations accounted for over 60% of total restaurant revenue in 9M18. While The Pizza Company, Sizzler and Burger King continued to expand the number of outlets, which resulted in positive total-store-sales growth in 3Q18, other brands remained conservative amidst the continued soft domestic consumption. The provincial areas of Thailand demonstrated weaker consumption compared to Bangkok. 20% 15% 10% THAILAND S SSS & TSS GROWTH Thailand hub s same-store-sales declined by 4.4% in 3Q18, primarily because of the weak domestic consumption throughout the quarter, especially in the rural areas, and slowdown of Burger King and The Coffee Club in the south of Thailand in September because of the decline in Chinese tourists. Thailand hub continued to expand its number of outlets, resulting in total-system-sales growth of 4.7% in 3Q18. 5% MARKET LEADER The Pizza Company continued to focus on new product development, and launched various new, innovative products including Black Volcano Pizza and Durian Pizza. The launch of new premium products selectively in highspending stores, such as Thai custard toasts, sizzling plates and affograto in Central World, Siam Square, Emquartier and Siam Paragon has been successful in attracting customers. Sizzler renovated stores to improve customers experience, and to add more seats to reduce customers waiting time. The successful co-promotional campaigns with partners helped improve traffic and bring new customers to Dairy Queen stores. 0% -5% Same-Store-Sales Growth Total-System-Sales Growth As part of the sustainability initiative, Burger King launched Say No to Plastic campaign, where straws are provided upon request. The Coffee Club Thailand continued with its expansion plan, with the addition of 9 stores, or 27% increase over the past 12 months. Minor Food 28

CHINA HUB 9M18 RESTAURANT REVENUE CONTRIBUTION 13% China China hub remained one of MINT s growth drivers as MINT is confident in the strong growth prospect of the country, supported by growing middle class and increased urbanization trend. Riverside continues to be the main driver of China hub. CHINA S SSS & TSS GROWTH China hub reported consistent improvement in the same-storesales trend, with negative growth of 4.7% in 3Q18. The decline was primarily from outlets in tier-2 cities, which suffered from increased competition and lower store traffic Total-system-sales growth of 8.7% in 3Q18 was a result of rapid but disciplined outlet expansion of the Riverside brand by 12% y-y. 20% 15% 10% 5% 0% -5% -10% RIVERSIDE AS KEY GROWTH DRIVER China Hub s focus is on the expansion of Riverside stores. In 3Q18, China hub opened four Riverside stores. Its same-store-sales showed improving trend every month during 3Q18. China Hub s revenue increased by 2% in 3Q18, as a result of the proactive marketing campaigns and rapid outlet expansion during the quarter. 4Q18 Initiatives: Accelerate the expansion of Riverside outlets with the target of at least 80 outlets by year-end. Put in place the strategy to drive same-store-sales from existing dinein business, as well as potential delivery business, e.g. the launch of delivery-only products. Same-Store-Sales Growth Total-System-Sales Growth Minor Food 29

AUSTRALIA HUB 9M18 RESTAURANT REVENUE CONTRIBUTION 12% Australia In 9M18, Australia hub s revenue contributed 12% of total restaurant business. Overall 3Q18 revenue of the Australia hub increased slightly by 2% in local currency, at a moderate rate because of the divestment of The Groove Train portfolio in late 2017. However, the revenue in THB term declined by 9% because of the weakening of the AUD. AUSTRALIA S SSS & TSS GROWTH Same-store-sales of the Australia hub reported a decline of 2.3% in 3Q18 amidst the continued weakness of the economy, especially in Queensland. Total-system-sales declined at a faster rate of 12.6%, with the decline in net number of outlets from the store rationalization and the strategic divestment of The Groove Train portfolio since end of 2017. 10.0% 5.0% 0.0% -5.0% IMPROVING DOMESTIC EFFICIENCY & INTL EXPANSION While domestic operations of the Australia hub continued to be slow because of the weak consumption environment, international operations reported same-store-sales growth of 6% in 3Q18. 4Q18 Initiatives: Drive customer traffic with effective promotions and new store concepts in order to improve profitability. Improve performance and profitability of franchised outlets for sustainable growth. Focus on B2B coffee sales through Nomad (previously VGC Coffee Roasters). Further expand international presence in new territories, an example is the recent expansion to Vietnam through a jointventure. -10.0% -15.0% Same-Store-Sales Growth Total-System-Sales Growth Minor Food 30

SINGAPORE HUB 9M18 RESTAURANT REVENUE CONTRIBUTION 7% Singapore Like many other F&B operators in the market, Singapore hub has been impacted by the economic slowdown and increased competition over the past few years. With the closure of non-performing outlets throughout 2017, revenue of the Singapore hub continued to decline in 3Q18. SINGAPORE S SSS & TSS GROWTH Singapore hub reported same-store-sales decline of 8.3% in 3Q18 with an improving monthly trend. With the continued selective closure of non-performing outlets, Singapore hub s total-system-sales declined at a faster rate than same-store-sales, at almost 20%. 0% 4Q18 initiatives: ADAPTING TO THE MACRO ENVIRONMENT Rejuvenate existing brands to recapture market share, Convert non-performing stores to other potential brands, such as Chill Gen (hot pot) and Sanook Kitchen (Thai concept), Enter quality sites with proven track record of high sales and profitability, and Potentially franchise new brands to cater to changing taste, to capture wider market segments. -10% -20% -30% -40% Same-Store-Sales Growth Total-System-Sales Growth Minor Food 31

Minor Lifestyle

FINANCIAL PERFORMANCE MINOR LIFESTYLE 9M18 revenue of Minor Lifestyle was up 10% y-y, driven by the retail trading business. EBITDA and net profit increased at a faster rate than revenue growth, as many fashion brands reported higher profitability especially in 1H18. The softer revenue growth and pressure on margin in 3Q18 was due to the higher end-of-season sale discounts which resulted from subdued domestic consumption. THB million Revenue 963 919 1,037 1,173 1,130 +2% y-y 1,014 1,062 2,918 +10% y-y 3,205 Total-system-sales growth of 11.8% in 9M18 KEY HIGHLIGHTS Total-system-sales growth was primarily attributable to the recentlylaunched fashion brands (Anello, Radley, Etam, OVS), and the household brands (Joseph Joseph, Bodum). EBITDA 65 54 70 115 72 83-5% y-y 67 189 +17% y-y 221 Same-store-sales growth of -2.2% in 9M18 Same-store-sales growth turned negative because of the slowdown in domestic consumption. The positive same-store-sales growth of Esprit, Charles & Keith, Radley and the household brands were offset by slower performance of other brands. EBITDA Margin NPAT Net Margin 6.7% 5.9% 6.8% 9.8% 6.3% 8.2% 6.3% -30% y-y 58 24 18 27 30 30 19 2.5% 2.0% 2.6% 5.0% 2.7% 3.0% 1.8% 6.5% 6.9% +14% y-y 69 79 2.4% 2.5% 9M17 9M18 Retail trading 78% of 9M18 Minor Lifestyle revenue Contract manufacturing 22% of 9M18 Minor Lifestyle revenue 9M18 revenue from retail trading increased by 13% y-y, mainly from Charles & Keith, Anello, Etam, Radley, Henckels and Joseph Joseph, together with sales from recently-added brands, OVS and Bodum. 9M18 revenue from contract manufacturing was flat y-y as a result of subdued consumption environment. Minor Lifestyle 33

MINOR LIFESTYLE OPERATIONAL PERFORMANCE Total-system-sales of retail trading business grew by 3.9% in 3Q18, a declining trend because of the declining same-store-sales trend, as the fashion business experienced soft domestic consumption. 3Q18 sales per sq.m. declined from 3Q17 because of the rapid store expansion of recently launched brands, while sales is still in the ramping up stage. SSS & TSS GROWTH SALES PER SQ. M. THB 30% 25.2% 27.5% 35,000 20% 10% 0% 5.7% 19.4% 1.1% 4.3% 12.7% 19.4% 3.1% 12.4% -2.5% 3.9% 30,000 25,000 20,000 15,000 25,238 24,141 26,014 27,285 25,238 24,972 23,844-8.5% -8.1% -10% No. of Shops 10,000 329 339 354 398 416 429 452 No. of Shops 329 339 354 398 416 429 452 Same-Store-Sales Growth Total-System-Sales Growth Fashion Sales per Sq. m. Minor Lifestyle 34

Corporate Information & Five-Year Strategy

CAPEX & BALANCE SHEET STRENGTH CAPEX include committed CAPEX of existing projects and potential CAPEX on new projects in the pipeline. At the end of 3Q18, the issuance of THB 15 billion perpetual bond brought down the interest bearing debt to equity ratio to 1.23x. With proactive capital structure management and funding plan post acquisition of NH Hotel Group, MINT is confident that leverage ratio will be within the debt covenant of 1.75x interest bearing debt to equity at the end of 2018. MINT and its senior unsecured debentures have A rating by TRIS. CAPEX PLANS LEVERAGE RATIOS THB million X X 100,000 25,000 6.0 1.8 20,000 15,000 5.0 4.0 1.5 1.2 0.9 0.6 Internal 1.23x Policy 1.15x 10,000 5,000 3.0 2.0 1.0 0.3 Interest Bearing Debt to Equity BACK-UP FINANCING Net Interest Bearing Debt to Equity 0 2017A 2018F 2019F 2020F 2021F 2022F Minor Food Minor Hotels Minor Lifestyle Additional CAPEX (non-committed average per annum) for new projects in the pipeline EBITDA coverage on committed CAPEX * 2018 committed CAPEX includes investments in Benihana, Riverside, Food Theory and 94.1% in NH Hotel Group. 0.0 THB million 150,000 120,000 90,000 60,000 30,000 0 Shareholders Equity 63,498 Debt 77,851 Outstanding Borrowing & Equity Note: Cash on hand as at end of 3Q18 is THB 4,587 million Debt 28,482 Un-Utilized Facility Corporate Information 36

FIVE-YEAR ASPIRATIONS 2022F* 2009 30 hotels 1,112 restaurants 292 retail shops & POS (14,275 Sqm) 3Q18 164 hotels + NH portfolio of 384 hotels 132 residences built to date 224 timeshare units 2,174 restaurants 452 retail shops & POS (31,155 Sqm) > 270 hotels > 300 residences built > 500 timeshare units > 3,400 restaurants > 600 retail shops & POS (> 44,000 Sqm) 5.4bn 2022F NPAT (THB) 1.4bn 2009 2017 * With the acquisition of NH Hotel Group, the five-year plan will be revisited and new targets are expected to be announced in the beginning of 2019. Five-Year Strategy 37

MINT S FIVE-YEAR STRATEGY 2018-2022 Five-year strategy consists of the following three key pillars, with clear goals and measurements. With the acquisition of NH Hotel Group, the five-year plan will be revisited and new plan is targeted to be announced in the beginning of 2019. 2022 Goals NPAT growth of 15-20% CAGR ROIC of > 13% Growth Pillars Drive Growth of Multi-Brand Portfolio Through Brand Value Enhancement & Distribution Optimization Maximize Asset Value and Productivity Asset-Right Strategy Mixed-use Initiatives Expand Through Strategic Investments, JV Partnerships & Acquisitions Vertical Integration Funding Source Optimization Measurements Total-system-sales growth of 15% Revenue growth of over 10% Improvement of margins Revenue from overseas of 50% Net profit from overseas of over 50% Five-Year Strategy 38