Company Presentation Nov 2017

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 45,000 40,000 42,570 40,410 Excl special gains +7% y-y 43,066 35,000 30,000 9M16 Minor Hotels Minor Food Minor Lifestyle 9M17 NET PROFIT THB million 6,000 4,000 2,000 5,297 3,229 Excl special gains +18% y-y 3,804 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% 13% Minor Hotels 75% 50% 49% 52% International Minor Food 50% 87% Thailand 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 Hotel Investment Hotel Management Anantara Vacation Club MINOR HOTELS Entered into a strategic JV to strengthen the AVANI brand in Thailand with the launch of AVANI Hua Hin in November 2017 Debuted the Tivoli brand in the Middle East with the opening of Souq Waqif Boutique Hotels by Tivoli in Doha, Qatar Management Letting Rights in Australia Introduced the AVANI brand in New Zealand with the launch of AVANI Metropolis Auckland Residences in November 2017 Added 5 units in Phuket to the inventory pool of Anantara Vacation Club Overseas Expansion of The Pizza Company The Pizza Company celebrated the opening of its 100 th outlet outside of Thailand in 3Q17 Bond Issuance MINT successfully completed debentures issuance: - THB 2 billion in October 2017 (THB 1 billion, 7-yr @ 2.91% & THB 1 billion, 15-yr @ 3.93%) - USD 50 million in July 2017 (10-yr @ 4.6%) Warrant Conversion Last conversion of warrants in November 2017 resulted in an increase in equity of THB 7,364 million, and dilution of only 4.6% (THB 7,899 million received for the whole program) DJSI & FTSE4Good Inclusion 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 Cardamon Tented Camp MINOR FOOD CORPORATE / SUSTAINABILITY As part of MINT s sustainability initiative, Cardamom Tented Camp was launched with the objective to help support ecotourism and promote conservation efforts in Cambodia Recent Development 7

Anantara Siam Bangkok Minor Hotels

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. THB million Revenue 7,078 6,099 7,237 7,344 8,388 6,659 +5% y-y 7,571 20,414 +11% y-y 22,618 Owned hotels 56% of 9M17 hospitality revenue KEY HIGHLIGHTS 9M17 revenue grew by 8% y-y, from both hotels in Thailand and overseas, together with the consolidation of hotels in Zambia in 1H17 (organic 9M17 RevPar was +8% y-y). EBITDA EBITDA Margin NPAT Net Margin 2,175 1,117 1,723 2,132 2,574 30.7% 18.3% 23.8% 29.0% 30.7% 1,124 237 561 889 1,361 15.9% 3.9% 7.8% 12.1% 16.2% 1Q16 2Q16 3Q16 4Q16 1Q17 1,063 16.0% +7% y-y 1,836 * The financials above reflect performance from operation, and therefore exclude non-recurring items as detailed on page 37 287 4.3% 2Q17 24.2% +20% y-y 673 8.9% 3Q17 5,014 24.6% +9% y-y 5,473 24.2% +21% y-y 2,322 1,922 9.4% 10.3% 9M16 9M17 Minor Hotels Oaks 20% of 9M17 hospitality revenue Management contracts 4% of 9M17 hospitality revenue Real estate 17% of 9M17 hospitality revenue 9M17 revenue increased by 4% y-y, primarily from the RevPar growth of 4% (in THB term). Revenue increased by 2% in 9M17 y-y, primarily attributable to additional management fees from newly managed hotels (organic 9M17 RevPar was -3% y-y). Revenue increased by 34% y-y in 9M17 from strong performance of residential sales in 1Q17 and Anantara Vacation Club in 9M17 after the adjustment of its business model. 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% 50% 94% 63% 64% 68% International Thailand 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 No of Rooms 20,000 19,006 19,115 19,512 19,776 19,794 19,896 +2% y-y 19,860 THB 8,000 Organic excl FX +1% y-y System-wide +1% y-y 15,000 10,000 5,000 MLR / Oaks Managed Joint-venture Owned 6,000 4,000 6,431 5,198 5,410 5,963 6,3976,338 5,3375,207 5,443 5,444 0 2,000 OCCUPANCY REVPAR 90% 80% 70% 60% 67% 64% 70% 65% 70% 67% 66% 65% 71% 70% Organic +1% y-y System-wide Flat y-y THB 5,000 4,000 3,000 2,000 4,337 3,327 3,793 3,858 Organic excl FX System-wide +2% y-y Flat y-y 4,450 4,270 3,872 3,800 3,540 3,388 50% 1,000 Minor Hotels 11

OWNED-HOTELS OPERATIONS 9M17 HOSPITALITY REVENUE CONTRIBUTION 56% Ownedhotels Owned hotels contribute over half of hotel & mixed-use revenues in 9M17. Organic RevPar of owned hotels portfolio grew by 5% y-y in 3Q17, driven primarily by Thailand hotels and Tivoli branded portfolio in Brazil and Portugal. Consequently, revenue of owned hotels increased by 4% y-y in 3Q17. +Tivoli Victoria +Tivoli Palacio de Sateais +Tivoli Jardin +Anantara Kalutara No of +Tivoli Lagos +Royal Livingstone Rooms +Tivoli Sintra by Anantara +Tivoli Coimbra +AVANI Victoria +AVANI Riverside Bkk Falls 8,000 7,000 6,000 5,000 4,000 6,566 6,566 NUMBER OF HOTEL ROOMS +Elements Boutique Resort & Spa OCCUPANCY Flat y-y 7,084 7,118 7,118 7,050 7,039 THB 8,000 6,000 4,000 2,000 6,733 5,009 5,572 ADR 6,143 REVPAR 6,863 Organic excl FX +9% y-y System-wide +9% y-y 6,791 6,096 6,095 5,568 5,519 90% 80% 70% 60% 50% 60% 62% 73% 56% 61% 58% 63% 62% Organic -3% y-y 70% 69% System-wide -4% y-y THB 6,000 4,000 2,000 4,063 3,114 4,041 3,445 Organic excl FX +5% y-y System-wide +4% y-y 4,208 3,907 4,253 4,206 3,529 3,445 40% 0 * 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 Africa, 9% Others, 6% Maldives, 6% Brazil, 9% Thailand, 49% Thailand hotels continue to be the largest contributor to the owned hotels segment, with revenues accounting for almost half of owned hotels revenues in 9M17. Thailand will continue to be an attractive destination for tourism with its diverse attractions, well-developed infrastructure and strategic location. Portugal, 21% BANGKOK RevPar Growth Organic (y-y) -3% -8% +2% -3% +4% +21% +19% THB 6,000 5,178 5,103 5,048 4,367 4,240 4,580 4,573 3,923 4,098 3,764 4,000 3,173 3,596 2,717 3,294 76% 81% 82% 62% 75% 70% 72% 2,000 KEY HIGHLIGHTS Thailand International tourist arrivals into Thailand demonstrated consistent growth of 6% y-y in 3Q17. Minor Hotels continued to grow with the industry, with room nights growing at 4% y-y in 3Q17, driven by East Asia (China, Korea and Japan) and Middle East. Performance of Minor Hotels portfolio in Thailand maintained its strong momentum in 3Q17, with RevPar of owned hotels increasing by 11% y-y. 0 THAILAND PROVINCES RevPar Growth Organic (y-y) +11% +4% +6% +2% +1% +9% +5% THB 10,000 9,132 9,257 8,355 7,188 7,229 8,000 5,956 6,125 6,359 6,175 79% 5,582 78% 67% 70% 67% 69% 73% 6,000 4,015 4,311 4,370 4,535 4,000 2,000 0 % Occupancy ADR RevPar Bangkok Thailand Provinces RevPar of owned hotels in Bangkok continued to show strong performance with an increase of 19% y-y in 3Q17. The RevPar growth was driven primarily by the ramping up of AVANI Riverside Bangkok, with its second year of operation, and the double-digit increase in RevPar of Anantara Siam Bangkok and The St. Regis Bangkok. RevPar of hotels in the provinces increased by 5% y-y in 3Q17, attributable to hotels in Chiang Rai, Phuket, Samui and Hua Hin. Minor Hotels 13

OWNED-HOTELS OPERATIONS OVERSEAS 9M17 OWNED HOTEL REVENUE BY GEOGRAPHY Africa, 9% Others, 6% Maldives, 6% Brazil, 9% Portugal, 21% Thailand, 49% In 3Q17, RevPar of owned overseas hotels increased by 2% y-y, driven by hotels in Brazil and Portugal. Maldives continued to be a fragile market, especially during its low season, while hotel in Botswana, Africa went through its renovation program during the quarter. OVERSEAS RevPar Growth Organic (y-y) -48% -18% +11% -35% +8% +11% +2% THB 6,000 4,000 2,000 0 6,021 2,903 48% 4,875 2,952 61% 5,817 4,217 72% 5,643 6,838 2,711 3,148 48% 46% 5,569 QUARTERLY ORGANIC REVPAR GROWTH (Y-Y) 3,284 59% Portugal Brazil Maldives Africa 6,621 4,311 65% % Occupancy ADR RevPar Portugal Brazil Maldives KEY MARKET HIGHLIGHTS Overall hotels in Portugal saw consistent RevPar growth in 3Q17. Excluding the two rebranded hotels (Anantara Vilamoura Algarve and AVANI Avenida Liberdade Lisbon), hotels under the Tivoli brand in Portugal reported strong RevPar growth of 14% in 3Q17, driven primarily by rate increases of the newly renovated hotels. RevPar of hotels in Brazil continued to show double-digit growth, driven by both occupancy (Tivoli Mofarrej Sao Paulo) and ADR (Tivoli Ecoresort Praia do Forte Bahia). Maldives portfolio was still fragile in the low season of 3Q17, with high competition resulting in pressure on ADR and weakening of USD against THB. 9M17 RevPar declined by 7%. -6% 7% 6% 27% 25% 18% 22% 5% -5% -22% -14% -4% Africa RevPar of hotels in Africa declined by 4% in 3Q17 because of the renovation of AVANI Gabarone in Botswana. Hotels in Zambia and Namibia continued to report positive RevPar growth in the quarter. 1Q 2Q 3Q 1Q 2Q 3Q 1Q 2Q 3Q 1Q 2Q 3Q *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 14

OAKS OPERATIONS 9M17 HOSPITALITY REVENUE CONTRIBUTION 20% Oaks Oaks serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 20% revenue contribution in 9M17. Oaks continues to provide the hotel & mixed-use business with stable performance throughout the year, compared to hotel operations which is more seasonal. Oaks 3Q17 revenues in THB increased by 2%, primarily from the increase in RevPar of 4% y-y in THB term. NUMBER OF MANAGED ROOMS ADR No of Rooms 7,000 6,000 5,000 4,000 Flat y-y 6,257 6,347 6,360 6,339 6,328 6,363 6,338 THB 6,000 4,000 2,000 0 4,592 179 4,327 4,515 165 171 4,772 4,830 180 181 4,235 THB +1% y-y 4,581 164 174 AUD +2% y-y AUD 190 180 170 160 150 OCCUPANCY REVPAR 90% 80% 70% 60% +2% y-y 77% 78% 79% 80% 79% 75% 73% THB 5,000 4,000 3,000 2,000 1,000 0 3,531 137 3,162 120 3,528 134 3,749 3,793 141 142 3,170 123 THB +4% y-y 3,680 140 AUD +5% y-y AUD 160 140 120 100 Minor Hotels 15

MANAGED-HOTELS OPERATIONS 9M17 HOSPITALITY REVENUE CONTRIBUTION 4% Management Contracts In 9M17, managed hotels contributed 4% of hotel & mixed-use revenues. Organic RevPar excluding foreign exchange impact of managed hotels portfolio declined by 6% y-y in 3Q17, primarily attributable to hotels in Bali (potential volcano eruption), UAE and the absence of management fees from Huvafen Fushi and Desert Palm following the sale of MINT s 50% investment in PER AQUUM. As a result, 3Q17 revenue from management service declined by 10% y-y. NUMBER OF HOTEL ROOMS ADR No of Rooms 5,000 4,000 +The Residences at Victoria, Tivoli +Loisaba Tented Camp +Loisaba Star Beds 3,998 4,017 +AVANI Khon Kaen +AVANI Deira Dubai 4,282 +Anantara Al Jabal Al Akhdar, Oman +Al Baleed Salalah by Anantara +Anantara Guiyang +8% y-y 4,533 4,484 4,619 4,619 THB 8,000 6,000 4,000 7,605 6,291 6,068 6,886 Organic excl FX -11% y-y System-wide -9% y-y 7,457 7,034 6,065 5,422 5,704 5,530 3,000 2,000 2,000 0 OCCUPANCY REVPAR 80% 70% 60% 50% 69% 59% 62% 62% 73% 70% 62% 60% Organic +4% y-y 66% 63% System-wide +1% y-y THB 6,000 4,000 2,000 0 5,280 3,741 3,788 4,244 5,416 4,952 Organic excl FX -6% y-y System-wide -9% y-y 3,757 3,558 3,417 3,460 Minor Hotels 16

HOTEL EXPANSION PLAN Expansion inside and outside Thailand will contribute to revenue & profit in coming years. HOTEL INVESTMENT MANAGEMENT CONTRACTS 2017F 2018F Quy Nhon, Vietnam (25 rms) Hua Hin, Thailand* (196 rms) Koh Samui, Thailand (58 rms) Bodhgaya, India* (78 rms) Guiyang, China (218 rms) Barra Grande, Brazil (50 rms) Shanghai, China (260 rms) Qiandao Lake, China (120 rms) Lijiang, China (678 rms) Luang Prabang, Laos (53 rms) Tozeur, Tunisia (93 rms) Auckland, New Zealand (370 rms) Queensland, Australia (219 rms) Tunis, Tunisia (41 rms) Brasilia, Brazil Doha, Qatar (102 rms) (395 rms) Beirut, Lebanon Doha, Qatar (110 rms) (150 rms) Al Wakrah, Qatar (101 rms) 2019F 2020F 2021F Total Desaru, Malaysia (103 rms) Ubud, Bali, Indonesia* (70 rms) Fares Island, Maldives* (200 rms) Khao Lak, Thailand (327 rms) * Note: Joint-ventured properties Warangi, Serengeti National Park, Tanzania* (12 rms) Zhuhai, China (110 rms) Le Chaland, Mauritius (164 rms) Al Houara Tangier, Morocco (150 rms) Sifah, Oman (198 rms) Zanzibar, Tanzania (150 rms) Jebel Dhanna, UAE (60 rms) Dubai Creek, UAE (292 rms) Ras Al Khaimah, UAE (306 rms) Jeddah, Saudi Arabia (328 rms) Zhuhai, China (300 rms) Busan, Korea (400 rms) Chiang Mai, Thailand (49 rms) Jebel Dhanna, UAE (228 rms) Savanne, Mauritius (130 rms) Dubai, UAE (372 rms) Ras Al Khaimah, UAE (200 rms) Gammart, Tunisia (232 rms) 9 Hotels / 1,069 Rooms 39 Hotels / 7,681 Rooms Recife, Brazil (200 rms) Fortaleza, Brazil (130 rms) Busan, Korea (150 rms) Queensland, Australia (50 rms) South Australia, Australia (278 rms) Daegu, Korea (144 rms) Zhuhai, China (100 rms) In addition to the current pipeline, MINT expects to sign 8 management contracts by the end of 2017, and is evaluating opportunities to manage another 14 hotels and management letting rights in Australia, Brazil, China, Cuba, Japan, Korea, New Zealand, Thailand and USA. Minor Hotels 17

REAL ESTATE EXISTING RESIDENTIAL PROJECTS 9M17 HOSPITALITY REVENUE CONTRIBUTION 17% Real Estates MINT s residential projects are part of the real estate business, which is considered a part of Minor Hotels. The developments are next to MINT s hotels and are usually branded MINT s hotel brands. Below are the current projects with inventories to be sold over the next several years. LAYAN RESIDENCES BY ANANTARA, PHUKET ANANTARA CHIANG MAI SERVICED SUITES THE ESTATES SAMUI Above a secluded cove of powder-white sands and crystal-blue waters, The Estates Samui offers 14 luxury villas adjacent to Four Seasons, Koh Samui. Sold 79% Inventory 21% 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 9 units sold to date Sold 62% Inventory 38% 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) 29 units sold to date; 1 unit reserved 2% deposited & contract signed Inventory 34% Sold 64% TORRES RANI, MAPUTO 3 out of 6 penthouse units sold to date A 49% joint-venture with Rani Investment, the project is 5 minutes from Maputo CBD. 18-storey residential tower, comprising 181 keys for rent and 6 penthouse units for sale 20,926 sq.m., 21-storey office tower Minor Hotels 18

REAL ESTATE PIPELINE OF RESIDENTIAL & OFFICE PROJECTS In order to ensure the continuity of revenue stream from residential sales in the coming years, MINT has prepared additional pipeline of residential and office projects. Other residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project. AVADINA HILLS BY ANANTARA, PHUKET 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 19

REAL ESTATE BUSINESS ANANTARA VACATION CLUB 9M17 HOSPITALITY REVENUE CONTRIBUTION 17% Real Estates Part of the real estate 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. With the change of the sales model since 2015 which resulted in smaller package, accelerated cash flow, as well as lower bad debt and cancellation rate, AVC is seeing the turnaround of its performance since 4Q16. In 3Q17, AVC revenues increased by 28% y-y. TOTAL NUMBER OF MEMBERS Growth (y-y) +67% +40% +28% +15% +25% No. of Members 10,000 9,594 8,000 8,000 6,928 6,000 5,431 4,000 3,857 2,000 0 2013 2014 2015 2016 9M17 US, 1% Philippines, 2% UAE, 2% Australia, 2% Taiwan, 3% Japan, 4% Malaysia, 8% MEMBERS PRIMARILY IN ASIA Others, 10% Singapore, 9% Hong Kong, 9% Thailand, 11% China, 39% As at Sep 2017 No. of Units 500 400 300 200 100 0 INVENTORY TO ACCOMMODATE GROWING MEMBERS 106 119 137 7 Destinations: Queenstown Bali Sanya Samui Phuket Bangkok Chiang Mai 160 179 10 Destinations >450 2013 2014 2015 2016 3Q17 2021F No. of Members 6,000 4,000 2,000 0 GROWTH DRIVEN BY FOUR MARKETS China Hong Kong Thailand 6,504 Singapore 5,553 4,896 +24% 3,731 +17% +48% 2,460 +111% +300% +35% +38% +11% +12% +39% +23% +19% +5% +7% +25% +36% +12% +10% +10% +14% 2013 2014 2015 2016 3Q17 Minor Hotels 20

Minor Food

FINANCIAL PERFORMANCE MINOR FOOD 9M17 revenue of Minor Food increased by 1%, attributable to the performance of Thailand and China hubs, together with smaller developing operations such as the Middle East and India. EBITDA and net profit grew by 9% and 12% respectively, primarily from the effective cost control of Thailand, China and Australia hubs, together with the increased shareholding in Riverside in China. THB million Revenue 5,841 5,766 5,794 5,621 6,028 5,809-2% y-y 5,693 17,401 +1% y-y 17,530 Total-system-sales growth of 5.7% in 9M17 KEY HIGHLIGHTS The Pizza Company, Burger King and BreadTalk (Thailand) were the top three brands with highest total-system-sales growth in 9M17. EBITDA EBITDA Margin 1,051 1,138 982 876 933 18.0% 15.2% 17.0% 16.6% 18.9% +4% y-y 1,012 1,018 17.4% 17.9% +9% y-y 2,910 3,167 16.7% 18.1% Outlet expansion of 6% in 9M17 In 3Q17, BreadTalk (Thailand), Burger King and The Pizza Company achieved the fastest outlet expansion y-y (in terms of percentage growth). In 9M17, Swensen s, Dairy Queen, Burger King, Riverside and BreadTalk (Thailand) reported positive same-store-sales growth. NPAT Net Margin 481 540 359 420 425 8.2% 6.2% 7.2% 7.6% 9.0% 1Q16 2Q16 3Q16 4Q16 1Q17 +5% y-y 431 442 7.4% 7.8% 2Q17 3Q17 +12% y-y 1,413 1,260 7.2% 8.1% 9M16 9M17 Same-store-sales growth of -0.8% in 9M17 The performance of Thai Express Group in Singapore continued to be soft amidst challenging macro condition and intensifying competition. The multi-brand portfolio, diversification strategy, operational excellence and disciplined cost control continued to help Minor Food weather the challenges in its key operating markets. * The financials above reflect performance from operation, and therefore exclude non-recurring items as detailed on page 37 Minor Food 22

MINOR FOOD - INTERNATIONAL PRESENCE MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT s restaurant presence is now in 18 countries across the region, operating owned, franchised and a combination of both business models. MINT continues to look for opportunities to expand, especially in these existing markets. REVENUE CONTRIBUTION 100% 75% 50% 25% 19% 81% 41% 38% 46% 59% 62% 54% International Thailand 0% 2008 2016 9M17 2021F * Excludes non-recurring gains Owned Franchised Combination Hub Minor Food 23

MINOR FOOD OPERATIONAL PERFORMANCE 3Q17 total-system-sales of Minor Food grew 3.2%, primarily from outlet expansion of 6%, mostly in Thailand and Vietnam, which was netted off by the closure of some outlets in Singapore. With the exception of China hub, all hubs reported soft samestore-sales in 3Q17, primarily from weak macro backdrop. SSS & TSS GROWTH RESTAURANT OUTLETS BY GEOGRAPHY 20% 15% 10% 5% 0% -5% No. of Outlets 11.3% 9.9% 8.8% 8.2% 6.4% 5.7% 2.3% 3.0% 3.2% 0.9% 1.3% -0.9% -1.0% -2.5% 1,859 1,883 1,928 1,996 2,017 2,037 2,042 Same-Store-Sales Growth Total-System-Sales Growth International 3,409 Thailand +6% y-y 39% 1,996 2,042 1,043 36% 36% 61% 33% 64% 64% 67% 2008 2016 3Q17 2021F RESTAURANT OUTLETS BY OWNERSHIP Franchised 3,409 Owned +6% y-y 49% 1,996 2,042 1,043 49% 49% 38% 51% 59% 82% 62% 51% 53% 50% 51% 2008 2016 3Q17 2021F Minor Food 24

THAILAND HUB 9M17 RESTAURANT REVENUE CONTRIBUTION 62% Thailand Revenues from domestic operations remained the biggest contributor of Minor Food, accounting for 62% of total restaurant revenue in 9M17. Diversification, product innovation and effective marketing strategy afforded Minor Food to remain resilient amidst the domestic consumption slowdown, particularly during the mourning period. 20% 15% 10% THAILAND S SSS & TSS GROWTH Same-store-sales of Thailand hub slowed down temporarily in 3Q17 amidst the soft domestic consumption environment, together with exceptionally good performance in 3Q16 (SSSG of 5.8%). Nevertheless, September 2017 monthly trend is already showing positive same-store-sales growth. With continued outlet expansion, total-system-sales growth of Thailand hub was of 7.6% in 3Q17. RESILIENT OPERATIONS Continued to improve customers online ordering experience across all channels easy-to-use web page, live chat on both PC and mobile, Facebook ordering. Effectively used online/digital advertising to partially replace some of the TV commercials. As a result, marketing expenses declined by 8% y-y in 3Q17. Captured wider range of customers with the launch of Asian Twist Menus Honey Teriyaki Chicken Steak and Pork Steak with Jaew Sauce. Successfully launched Durian Blizzard for the first time, which resulted in double-digit same-store-sales growth in September 2017. 5% 0% -5% Same-Store-Sales Growth Total-System-Sales Growth Minor Food Successfully introduced premium Black Truffle Double Mushroom Swiss, resulting in improving same-store-sales growth in September. Consistently opened new outlets as part of the brand s expansion plan. Strategically expanded network of outlets, especially in serviced apartments and hotels (doubled the number of outlets in apartments and hotels in 9M17). 25

CHINA HUB 9M17 RESTAURANT REVENUE CONTRIBUTION 14% China China hub remains one of MINT s growth drivers as MINT is confident in the long-term prospects of the country, supported by growing middle class and increased urbanization trend. With its recent increase in shareholding of Riverside to 85%, together with the focus on increasing the scale, while instilling productivity and efficiency in the everyday operations of all brands, MINT expects its China hub to yield a meaningful contribution in the future. 25% 20% 15% 10% CHINA S SSS & TSS GROWTH Same-store-sales of China operations showed an improving trend in 3Q17, with monthly improvement in performance of Sizzler and Thai Express, while Riverside continued to demonstrate positive same-store-sales growth. Total-system-sales was slightly negative in 3Q17, primarily due to temporary impact from relocation of some of Riverside outlets during the lease-end period. DRIVING GROWTH AND PRODUCTIVITY China hub is leveraging on technology by installing self-ordering and self-payment apps, which will ultimately help improve sales and operational efficiency, as well as reduce human errors and labor costs. Partnership with third-party service providers will enable the China hub to use big data to analyze consumer behavior and gain insight on network planning, as well as targeted marketing campaigns and communications. New generation of Thai Express and Sizzler outlets will be launched to better cater to the local taste and consumer behavior. The hub will continue to expand outlets under the Riverside brand. 5% 0% -5% Same-Store-Sales Growth Total-System-Sales Growth Minor Food 26

AUSTRALIA HUB 9M17 RESTAURANT REVENUE CONTRIBUTION 14% Australia Australia hub s revenue contributed 14% of total restaurant business in 9M17. Australia hub has provided Minor Food with stable profitability performance. Despite the temporary sales impact from the slowdown of the domestic economy, stronger contribution from Veneziano, the coffee roasting business, helped drive profitability of Australia hub in 9M17. 10.0% 5.0% 0.0% AUSTRALIA S SSS & TSS GROWTH Same-store-sales of Australia hub slightly declined in 3Q17 as the overall macro environment in Australia remained fragile. Total-system-sales declined at the same rate as same-store-sales as Australia hub had minimal net outlet openings in 3Q17 compared to 3Q16. STABLE PERFORMANCE The Coffee Club in Australia has the strategy to improve its products: o Focus on new product development especially the healthy food category; o Improve coffee offerings, from use of new machines, enhanced barista training and trials of new coffee blends. Australia hub will continue to expand its high-margin Veneziano Coffee Roaster. As Australian economy remains fragile, the hub will continue to expand The Coffee Club internationally, especially in Thailand and the Middle East. -5.0% -10.0% Same-Store-Sales Growth Total-System-Sales Growth Minor Food 27

SINGAPORE HUB 9M17 RESTAURANT REVENUE CONTRIBUTION 8% Singapore Like many other F&B operators in the market, Singapore hub has been impacted by the economic slowdown and increased competition. While short-term focus is on cost efficiency and productivity, longer term strategy is to improve its product offerings and implement effective customer segmentation in order to prepare for the economic turnaround. The hub is also expanding the Thai Express brand overseas. SINGAPORE S SSS & TSS GROWTH Same-store-sales of Singapore hub remained weak amidst the challenging industry conditions. Total-system-sales declined at a faster rate, as Singapore hub is in the process of closing down non-performing outlets with an aim to improve profitability (10 outlets in Singapore closed, or -15% y-y). 0% -5% -10% STRENGTHENING OF THAI FOOD PORTFOLIO Singapore operations will grow its delivery business through partnerships with various third-party delivery operators, such as Deliveroo, Food Panda, Uber Eats and Honest Bee. Singapore hub will continue to focus on profitability improvement. Initiatives include: o Implementation of technology and automated workflow and processes, such as e-menus, automation of bank reconciliation and sales recording from POS; o Evaluation and selective closure of non-performing stores. Thai Express franchising platform will be strengthened in order to accelerate potential growth, especially outside of Singapore, primarily in China and Vietnam. -15% Same-Store-Sales Growth Total-System-Sales Growth Minor Food 28

Minor Lifestyle

FINANCIAL PERFORMANCE MINOR LIFESTYLE 9M17 revenue of Minor Lifestyle was up 12% y-y, primarily attributable to the retail trading business. EBITDA grew at a lower rate of 7% y-y because of margin pressure from the contract manufacturing business and the ramping up of the recently launched brands earlier in 2017. 9M17 net profit increased at a faster rate of 46% y-y, at a higher rate than the revenue and EBITDA growth, because of the higher operating leverage gained from the stable level of depreciation. THB million Revenue 964 794 836 910 963 919 +24% y-y 1,037 2,595 +12% y-y 2,918 Total-system-sales growth of 15.9% in 9M17 KEY HIGHLIGHTS Total-system-sales growth was primarily attributable to Charles & Keith and Brooks Brothers, together with the additional sales from new brands (Etam, Radley, Anello and Joseph Joseph). EBITDA EBITDA Margin NPAT Net Margin 85 91 65 52 40 8.8% 5.1% 6.2% 10.0% 6.7% 38 34 24 1 9 3.9% 0.1% 1.1% 3.7% 2.5% 1Q16 2Q16 3Q16 4Q16 1Q17 +36% y-y +7% y-y 176 189 54 70 5.9% 6.8% 6.8% 6.5% +203% y-y +46% y-y 69 47 27 18 2.0% 2.6% 1.8% 2.4% 2Q17 3Q17 9M16 9M17 Same-store-sales growth of -1.4% in 9M17 Retail trading 76% of 9M17 Minor Lifestyle revenue Contract manufacturing 24% of 9M17 Minor Lifestyle revenue Charles & Keith and Pedro were the two brands in the portfolio that reported positive same-store-sales growth in 9M17. 9M17 revenue from retail trading increased by 18%, mainly from Charles & Keith and Brooks Brothers, together with additional sales from new brands. 9M17 revenue from contract manufacturing declined by 3%, from soft performance of its key customers in 1Q17. However, its performance showed improvements in 2Q17 and 3Q17. Minor Lifestyle 30

MINOR LIFESTYLE OPERATIONAL PERFORMANCE The performance of Minor Lifestyle continues to show recovery, with same-store-sales growth of 4.3% in 3Q17, driven by Charles & Keith. With store expansion of 21% y-y, primarily from the new additions Etam, Radley, Anello and Joseph Joseph, totalsystem-sales grew by 25.2% in 3Q17. Sales per sq.m. is seeing an improving trend y-y, signifying the higher efficiency of the business. SSS & TSS GROWTH SALES PER SQ. M. THB 30% 25.2% 35,000 20% 16.4% 19.4% 30,000 10% 4.2% 8.8% 3.2% 6.5% 5.7% 1.1% 4.3% 25,000 20,000 23,850 20,893 20,699 24,259 25,238 24,141 26,014 0% -0.1% 0.4% -3.4% -8.5% 15,000-10% No. of Shops 10,000 307 300 292 327 329 339 354 No. of Shops 307 300 292 327 329 339 354 Same-Store-Sales Growth Total-System-Sales Growth Fashion & Home & Kitchenware Sales per Sq.m. * Note: sales per sq.m. was restated to exclude sales of contract manufacturing. Minor Lifestyle 31

Corporate Information

CAPEX & BALANCE SHEET STRENGTH In addition to committed CAPEX, MINT also set aside additional CAPEX for future investments and new opportunities in the pipeline. MINT s leverage ratio is in line with its internal policy and is expected to come down with increasing contribution from both organic operation and recent acquisitions, together with new equity from warrant exercise. With its solid balance sheet, MINT will mainly use its internal cash flow and debt financing to fund its CAPEX requirements going forward. MINT and its senior debenture have A+ rating by TRIS. THB million 15,000 12,000 CAPEX PLANS COMMITTED & NEW OPPORTUNITIES X 6.0 5.0 X 1.4 1.2 1.0 LEVERAGE RATIOS 1.30xInternal Policy 1.19x 9,000 4.0 0.8 0.6 6,000 3.0 2.0 0.4 Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity 3,000-2016A 2017F 2018F 2019F 2020F 2021F Minor Food Minor Hotels Minor Lifestyle Additional CAPEX (non-committed average per annum) for New Investments/Opportunities EBITDA coverage on committed CAPEX * 2016 committed CAPEX includes the final stage of Tivoli acquisition and increased shareholding in the hotel portfolio in Africa, while 2017 committed CAPEX includes increased shareholding in Riverside and Avadina Hills by Anantara project 1.0 - THB million 100,000 80,000 60,000 40,000 20,000 0 BACK-UP FINANCING Shareholders Equity 41,675 Debt 54,018 Outstanding Borrowing & Equity Note: Cash on hand as at end of 3Q17 was THB 4,305 million Equity* 7,364 Debt 25,856 Un-Utilized Facility * Actual amount received upon the last conversion of MINT-W5 in Nov 2017 (Total amount received of THB 7,899 million for the entire program) Corporate Information 33

FIVE-YEAR ASPIRATIONS 2021F 2009 30 hotels 1,112 restaurants 292 retail shops & POS (14,275 Sqm) 3Q17 155 hotels 132 residences built to date 179 timeshare units 2,042 restaurants 354 retail shops & POS (28,472 Sqm) > 250 hotels > 300 residences built > 450 timeshare units > 3,400 restaurants > 500 retail shops & POS (> 39,000 Sqm) 6.6bn 2021F NPAT (THB) 1.4bn 2009 2016 Corporate Information 34

MINT S FIVE-YEAR STRATEGY 2017-2021 Five-year strategy consists of the following three key pillars, with clear goals and measurements. 2021 Goals NPAT growth of 15-20% CAGR ROIC of >14% Growth Pillars Drive a Portfolio of Own Brands, With Additional Contribution From Selected International Brands Maximize Asset Value and Productivity Strengthening of Hub / Cluster System Expand Through Existing and Future Strategic Investments & Acquisitions Asset-light Model Mixed-use Initiatives 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 50% Corporate Information 35

Appendix Benihana, AVANI Atrium Bangkok

NON-RECURRING ITEMS - 2016 MINT reported non-recurring items in 2016 as detailed below TIMELINE 4Q16 AMOUNT (THB MILLION) NON-RECURRING ITEMS 490 Gain from bargain purchase of hotels in Zambia 38 Gain from bargain purchase of Tivoli hotels in Portugal -359 Anantara Vacation Club s (AVC) provision of doubtful account (recorded in SG&A), which is part of MINT s prudent measures to conservatively provide for potential bad debts which may arise from the accounts receivable of Phase I, which was sold during 2010-2015 -223 Oaks general administrative expenses and provision (recorded in SG&A) 3Q16 92-136 Gain from changing status of investment in some of the Oaks properties, which were offset by; Impairment charges of certain Oaks properties (recorded in SG&A, pre-tax), resulting in no material impact post-tax on core net profit in 3Q16 2Q16 136 Gain from changing status of investment in BreadTalk Group in Singapore, from available-for-sale investment to investment in associate 1Q16 1,932 Gain from bargain purchase of the Tivoli Hotels & Resorts Corporate Information 37