COMPANY PRESENTATION – August 2020

Forward Looking Statement

2

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.

AGENDA

2Q20 in Review

Minor Hotels

Minor Food

Minor Lifestyle

Corporate Information

Response to COVID-19: Immediate & Long-term Plans

nhow Amsterdam RAI

2Q20 IN REVIEW

Recap – Impact from COVID-19

5

Since the outbreak of COVID-19, MINT’s business has been impacted globally. April has by far been the month with minimal operation across the three business units. Majority of the reopenings started in late May, and continued into June & July.

News of COVID-19

Wuhan / China lockdown

Italy lockdown, followed by other

European countries

Many countries under lockdown

globally

Many countries start to loosen lockdown

measures

Gradual border reopening of

some countries

535 536

247115 144

356 389

2,289 2,3491,947

1,5211,890 2,037

2,179

478 476

34 48

458 464 474

MINOR HOTELSNo of hotels in

operation

MINOR FOODNo of outlets in

operation

MINOR LIFESTYLENo of outlets in

operation

January February March April May June July

Further easing of lockdowns

2Q20 Performance Recap

6

NET PROFIT

In 2Q20, MINT’s core revenue declined by 79% y-y, as majority of all three business units were temporarily closed for at least two months in the quarter with many countries under lockdown because of the COVID-19 outbreak. MINT reported net loss both pre- and post- TFRS 16 in 2Q20. But with aggressive cost reduction of over 50% during the quarter, the severity has been alleviated with an improving m-m trend throughout the quarter.

* Non-core items are detailed on page 44.

* Excludes non-core items

2Q20 REVENUE CONTRIBUTION

-79% y-yMinor

Lifestyle 8% Minor

Food60%

Minor Hotels32%

REVENUE

THB 6,682

million

NM

0

10,000

20,000

30,000

40,000

2Q19Reported

Non-coreItems

2Q19Core

MinorHotels

excl NHH

NHH MinorFood

MinorLifestyle

2Q20Core

Pre-TFRS16

TFRS16Impact

excl NHH

TFRS16Impacton NHH

2Q20Core

Post-TFRS16

Non-coreItems

2Q20Reported

THB million

-9,000

-6,000

-3,000

0

3,000

2Q19 Reported

Non-core Items

2Q19 Core

Minor Hotels

excl NHH

NHH Minor Food

Minor Lifestyle

2Q20 Core

Pre-TFRS16

TFRS16 Impact

excl NHH

TFRS16 Impact on NHH

2Q20 Core

Post-TFRS16

Non-core Items

2Q20 Reported

THB million

1,786

-6,006

-1,285

31,455

-1,881

-

-62

31,393

-6,748

6,682 6,698

+315 2,101

-650 -97 -286

-549+17

-6,869 -7,162-8,448

6,682--15,534

-8

-2,216

MONTHLY NPAT TREND

-2.8 -2.4 -2.0

-4.0

-3.0

-2.0

-1.0

0.0

1.0

Apr-20 May-20 Jun-20

THB billion

* Core NPAT post-TFRS16

International Presence

7

With a solid diversification strategy implemented, MINT’s footprint was in 63 countries at the end of 2Q20 across its hospitality and restaurant businesses.

*Excludes non-core items

Minor Food

Combination

Minor Hotels

REVENUE CONTRIBUTION

57%

27% 38% 29%

43%

73% 62% 71%

0%

25%

50%

75%

100%

2014 2019* 1H20* 2024F

International

Thailand

MINOR HOTELS

Anantara Golden Triangle Elephant Camp & Resort

Minor Hotels – Financial Highlights

9

2Q20 revenue declined by 91% y-y, attributable to all businesses and geographies, with April and May being the hardest hit months by the COVID-19 pandemic. While Minor Hotels’ successful cost cutting initiatives (with cost reduction of almost 60% during the quarter) helped alleviate such adverse impact, EBITDA and NPAT pre-TFRS 16 turned negative in 2Q20 because of the revenue shortfall. NHH continues to be the biggest contributor to the loss, contributing over 70% of Minor Hotels’ net loss in 2Q20. Post-TFRS 16, Minor Hotels reported core net loss of THB 6.7 billion.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 44.

24,408

2,126 2,126

THB million

-91%

Revenue

5,282

-2,275 -5,094 1,825

-6,687 -6,397

NM NM

EBITDA NPAT

% Margin

21.6%7.5%

MINOR HOTELS – FINANCIAL PERFORMANCE

2Q19 2Q20 Pre-TFRS 16 2Q20 Post-TFRS 16

PERFORMANCE SNAPSHOT – BY BUSINESS

Owned & Leased

Management Letting Rights

Managed Hotels

Mixed-Use Business

2Q20 Revenue Change Y-Y (THB)

93%

67%

43%

79%

BUSINESS PERFORMANCE SNAPSHOT – BY GEOGRAPHY

2Q20 Revenue Change Y-Y

(THB)

Thailand EuropeAustralia &

New ZealandMaldives &

The Middle EastThe Americas

66%92% 93% 85% 102%

Minor Hotels – International Presence

10

In recent years, MINT has implemented a solid diversification strategy. Today, MINT operates hotels and spas under a combination of owned, leased and management business models in 55 countries. MINT also expects its diversification to positively help the recovery process from COVID-19.

* Excludes non-core items

Management

Combination

Investment

New Destinations in Pipeline

Hubs

REVENUE CONTRIBUTION

67%

14% 13% 12%

33%

86% 87% 88%

0%

25%

50%

75%

100%

2014 2019* 1H20* 2024F

International

Thailand

Owned & Leased

58%

Managed9%

MLR21%

Mixed-use12%

Minor Hotels’ Portfolio

11

In terms of business model, owned and leased business contribute 58% of Minor Hotels’ revenue in 2Q20, lower than normal, as majority of the hotels have been forced closed during the lockdown of many countries with the COVID-19 outbreak. In terms of geography, Europe is the major contributor with 52% of Minor Hotels’ revenue. Australia & New Zealand was the second largest contributor as all properties remained operational throughout the quarter.

SYSTEM-WIDE ROOM CONTRIBUTIONBy Ownership

SYSTEM-WIDE ROOM CONTRIBUTIONBy Geography

2Q20 REVENUE CONTRIBUTIONBy Business

2Q20 REVENUE CONTRIBUTIONBy Geography

Owned26%

Leased47%

JV 2%

Managed16%

MLR9%

75,187 Rooms*

THB 2,126

million

Thailand8%

Europe52%Americas

0%

Australia & New Zealand

22%

Maldives & Middle East

3%

Others15%

Asia11%

Europe63%

Americas11%

Oceania9%

Middle East & Africa 6%

75,187 Rooms*

* Entire portfolio including temporarily closed hotels

** As at end of June 2020

* Entire portfolio including temporarily closed hotels

** As at end of June 2020

Owned & Leased Hotels

12

Number of rooms of the entire owned & leased hotel portfolio increased by 2% y-y in 2Q20. However, RevPar declined by 95%, primarily because of decline in occupancy with temporary closure of the majority of hotels during the quarter because of the adverse impact of COVID-19. As a result, revenue of owned & leased hotels declined by 93% y-y in 2Q20. Minor Hotels’ business was most significantly impacted by the COVID-19 pandemic in April, with sales improvement in second half of May onwards, as hotels started to reopen.

System-wide-38%

Organic excl FX-37%

53,262 54,470

2Q19 2Q20

No of Rooms

74%

6% 6%

2Q19 2Q20

+2%

2Q19 2Q20

Occupancy

Organic-68%

System-wide-68%

4,109

2,577 2,563

2Q19 2Q202Q19 2Q20

ADR (THB)

QUARTERLY OPERATIONAL STATS*

System-wide-95%

Organic excl FX-95%

3,053

147 144

2Q19 2Q202Q19 2Q20

RevPar (THB)

1% -6% -70% -99% -98% -89% -72%

Organic RevPar Growth - THB (y-y)Jun

MONTHLY REVPAR TREND

Entire Portfolio Opened Hotels Only

Jan Feb Mar Apr May Jul

2% -5% -69% -96% -93% -84% -65%

Organic RevPar Growth - THB (y-y)JunJan Feb Mar Apr May Jul

* Entire portfolio including temporarily closed hotels

2% -4%-47% -36%-77% -66%-99% -100%-98% -95%-98% -92%-93% -82%

Monthly 2020 Bangkok RevPar Growth -THB (y-y)

Monthly 2020 Provinces RevPar Growth -THB (y-y)

Owned Hotels – Thailand & Maldives

13

The two largest geographies for Minor Hotels outside of Europe are Thailand and the Maldives. Hotels in Thailand gradually reopened since May, catering primarily to domestic tourists. As a result, RevPar started to improve in June onwards, especially in the provinces such as Hua Hin. Hotels in the Maldives were closed throughout 2Q20, and will remain so in 3Q20, with the plan to reopen in 4Q20, in time for its high season.

OPERATIONAL STATS – THAILAND (ORGANIC)

73%

2%

5,367

3,309

2Q19 2Q20

3,891

80

-71% -38% -98%

Jan Feb Jan FebMar Mar

Occupancy ADR (THB) RevPar (THB)

OPERATIONAL STATS – MALDIVES (ORGANIC)

57%

0%

374

-

2Q19 2Q20

214

-

-57% -100% -100%

Occupancy ADR (USD) RevPar (USD)

18%-20% -53% -100%-100% -100% -100%

Monthly 2020 Maldives RevPar Growth - USD (y-y)

Jan Feb MarApr May Apr May Apr MayJun Jun JunJul Jul Jul

Owned & Leased Hotels – Europe & The Americas

14

Hotels in Europe & the Americas are the largest contributor to owned & leased hotel portfolio. 2Q20 RevPar of Europe & the Americas portfolio declined by 95% in Euro term, from the temporary closure of the majority of hotels amidst COVID-19 situation. Hotels in Europe started to reopen since late May, as European countries relaxed their lockdown measures. As at end of June, approx. 65% of the hotels in Europe are open, with the target of 100% opened by end of September. For Latin America, most of the hotels remained closed as the situation is still fluid.

-95% -97% -95% -91% -99%

Spain Italy Benelux Central Europe

Latin America

Spain 38%

Italy7%

Benelux 25%

Central Europe

30%

Americas0%

OPERATIONAL STATS – EUROPE & THE AMERICAS (ORGANIC)

75%

6%

110

73

2Q19 2Q20

82

4

-69% -34% -95%

Occupancy ADR (EUR) RevPar (EUR)

2Q20 y-y Organic RevPar Decline2Q20 Revenue Contribution

Note: Europe & the Americas include hotels under NHH portfolio and hotels in Portugal and Brazil

MONTHLY REVPAR TREND

9% 3% -70% -99% -98% -87% -71%

Europe & the Americas RevPar Growth - EUR (y-y)

Jan Feb Mar Apr May Jun

Entire Portfolio

Opened Hotels Only

Jul

10% 5% -70% -96% -94% -82% -63%

Europe & the Americas RevPar Growth - EUR (y-y)

Jan Feb Mar Apr May Jun Jul

Asset-Light Businesses

15

MINT’s asset light businesses include management letting rights (MLR) of serviced-suites primarily under the Oaks brand in Australia and New Zealand, together with the hotel management contracts under Minor Hotels’ brands. Even though management letting rights business remained operational, similar to others, both businesses were impacted by the COVID-19 outbreak, especially in April and May, with improvements since June onwards.

MANAGEMENT LETTING RIGHTS

111

38

2Q19 2Q20

2,673

831

-6% -66% -69%

No of Rooms RevPar (AUD) RevPar (THB)

6,989 6,572

MANAGED HOTELS

13,408 12,316

No of Rooms

-8%System-wide

-85%Organic excl FX

-82%

2,905

515 431

2Q19 2Q202Q19 2Q20

RevPar (THB)

4% -5% -37% -78% -70% -47% -35%

Monthly 2020 AUD RevPar Growth (y-y)

Jan Feb Mar

2Q19 2Q20

5% -11% -55% -92% -82% -72% -62%

Monthly 2020 THB excl FX RevPar Growth (y-y)

Jan Feb MarApr May Apr MayJun JunJul Jul

Hotel Expansion Pipeline – 73 Hotels; 14,194 Rooms

• Rome, Italy 238 rms• Budapest, Hungary 185 rms• Venice, Italy 64 rms• Florence, Italy 86 rms• Budapest, Hungary 138 rms• Prague, Czech Republic 152 rms

• Hannover, Germany 89 rms• Venice, Italy 100 rms

MA

NA

GED

/ M

LRS

• Frankfurt, Germany 428 rms• Monterrey, Mexico 120 rms• Cagliari, Italy 100 rms

• Frankfurt, Germany 375 rms

OW

NED

& L

EASE

D

50 Hotels / 10,165 Rooms

• Nanjing, China 120 rms• Ras Al Khaimah, UAE 174 rms• Doha, UAE 292 rms• Busan, Korea 570 rms• Cam Ranh, Vietnam 397 rms• Nha Trang, Vietnam 280 rms• Phnom Penh, Cambodia 35 rms• Ras Al Khaimah, UAE 225 rms• Muscat, Oman 206 rms• Nairobi, Kenya 120 rms

• Bahia, Brazil 50 rms

• Khon Kaen, Thailand 79 rms• Chengdu, China 202 rms• Lima, Peru 164 rms• Iquique, Chile 135 rms• Feira de Santana, Brazil 207 rms• Lima, Peru 265 rms• Santiago, Chile 146 rms

• Sharjah, UAE 233 rms• Jeddah, Saudi Arabia 328 rms

• Cam Ranh, Vietnam 324 rms• Ho Chi Minh City, Vietnam 217 rms

• Fortaleza, Brazil 130 rms

• Guadalajara, Mexico 120 rms• Aguascalientes, Mexico 105 rms• Mexico City, Mexico 144 rms• Panama, Panama 83 rms

• Zhuhai, China 100 rmsOthers

23 Hotels / 4,029 Rooms

• Bang Krachao, Thailand 62 rms

• Krabi, Thailand 83 rms• Dubai, UAE 527 rms

• Chengdu, China 201 rms

• Toowoomba, Australia 50 rms• Cairns Esplanade, Australia 60 rms• Hangzhou, China 132 rms

• Murano, Italy 104+38 rms• Doha, Qatar 228 rms

• Ubud, Bali, Indonesia* 71 rms

• Nice, France 152 rms

• Khao Lak, Thailand 328 rms

• Fares Island, Maldives* 200 rms

• Milan, Italy 185 rms• Santander, Spain 64 rms• Alicante, Spain 63 rms

• Copenhagen, Denmark 394 rms

• Milan, Italy 100 rms• Hamburg, Germany 261 rms

• Hamburg, Germany 136 rms

• Phi Phi Island, Thailand 107 rms• Riyadh, Saudi Arabia 163 rms

• Yangon, Myanmar 250 rms• Phan Thiet, Vietnam 516 rms• Ho Tram, Vietnam 410 rms• Savanne, Mauritius 156 rms• Sifah, Oman 300 rms• Kota Kinabalu, Malaysia 386 rms

• Hangzhou, China 166 rms

• Phuket, Thailand 500 rms• Yangon, Myanmar 221 rms

• Hangzhou, China 54 rms

Others

* Note: Joint-ventured properties

2020F 2021F 2022F 2023F-2024F

8 Hotels / 1,052 Rooms 11 Hotels / 1,954 Rooms 4 Hotels / 1,023 Rooms

10 Hotels / 1,485 Rooms 18 Hotels / 3,667 Rooms 10 Hotels / 1,784 Rooms 12 Hotels / 3,229 Rooms

16** MINT is in the process of reevaluating the opening dates of the hotels in the pipeline.

Others

Mixed-Use Business

Mixed-use business comprises residential development and Anantara Vacation Club. In addition to the current projects, MINT has a pipeline of branded residences for sale in order to ensure the continuity of revenue stream in the coming years. Anantara Vacation Club provides stable revenue growth driven by membership growth. In 2Q20, mixed-use revenue declined by 79%, from no activity of residential sales, as well as declining sales activities of Anantara Vacation Club as a result of the COVID-19 outbreak.

17

INVENTORY TO ACCOMMODATE GROWING MEMBERS

229 246

2Q19 2Q20 2024F

No of Units

QueenstownBali

SanyaSamuiPhuket

BangkokChiang Mai

>350

GROWING MEMBERSHIP

PIPELINE

CURRENT PROJECTS

Layan Residences by Anantara, Phuket

Avadina Hills by Anantara, Phuket

Anantara Chiang Mai Serviced Suites

Torres Rani, Maputo

15 luxury pool villas

16 luxury pool villas

44 units in 7-storey condominium building

181 keys for rent & 6 penthouses for sale; 21-storey office tower

100%-owned

50% JV

50% JV

49% JV

Anantara DesaruResidences, Malaysia

Anantara UbudResidences, Indonesia

Silom Office

20 residential villas

15 residential villas

60% JV

50% JV

40% JVNA

Launched 2015

Launched 2018

Launched 2016

Launched 2015

To launch 2020

To launch 2023

To launch 2020

RESIDENTIAL DEVELOPMENT ANANTARA VACATION CLUB

13,29614,671

2Q19 2Q20

+10%

No of Members

China40%

Thailand11%

Singapore8%

Hong Kong8%

Malaysia7%

Others26%

+7%

No of Units

* MINT is in the process of reevaluating the launch dates of the residential projects in the pipeline.

MINOR FOOD

Minor Food – Financial Highlights

19

2Q20 revenue of Minor Food declined by 32% y-y, with the temporary closure of stores and dine in business especially in April & May. On a like-for-like basis, EBITDA pre-TFRS 16 continued to be positive of THB 19 million, from the implementation of cost reduction initiatives. However, its bottom line turned to net loss pre-TFRS 16 of THB 381 million. Including TFRS 16, Minor Food reported net loss of THB 385 million in 2Q20.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 44.

5,865

3,985 3,985 THB

million

-32%

Revenue

FINANCIAL PERFORMANCE

879

478

19 269

-385 -381

-98% NM

EBITDA NPAT

2Q19 % Margin2Q20 Pre-TFRS 16

15.0% 12.0% 4.6%

OPERATIONAL STATS

-3.6% -23.0% 3.8% -36.8%

2,254 2,362 *

No of Outlets SSSG TSSG

2Q19 2Q20

+5%

3.5%

-8.0%

-25.0%

-25.6% -28.1%

-15.5% -12.9%

11.9%

-0.9%

-24.5%

-47.4%-37.8%

-24.5%-16.3%

Jan Feb Mar Apr May Jun Jul

TSSGSSSG

• Same-Store-Sales: SSSG started to see visible recovery in June, driven primarily by Thailand and Australia hubs as the countries’ lockdown started to ease.

• Outlet expansion: 2Q20 network growth of 5% y-y was a result of expansion primarily in Thailand, part of which is the addition of Bonchon outlets.

• Total-System-Sales: With the recovery of SSSG and the reopening of restaurants, TSS has seen an improving trend every month since April.

2Q20 Post-TFRS 16

0.5%

* Note that during the lockdown, approx only 77% were operational.

Minor Food – International Presence

20

MINT operates three restaurant hubs: Thailand, China and Australia. MINT’s restaurant presence is now in 26 countries across the region, operating owned and franchised business models. MINT continues to look for opportunities to expand, especially in these existing markets.

Hubs

Franchised

Combination

Owned

* Excludes non-core items

67% 65% 74% 64%

33% 35% 26%36%

0%

25%

50%

75%

100%

2014 2019* 1H20* 2024F

International

Thailand

REVENUE CONTRIBUTION

Minor Food Portfolio

21

Minor Food operates outlets that are 50% owned and 50% franchised, while owned outlets is the majority revenue contributor. In terms of geography, Thailand continues to be the most important market, followed by China and Australia hubs.

SYSTEM-WIDE OUTLET CONTRIBUTIONBy Ownership

2Q20 REVENUE CONTRIBUTIONBy Business

SYSTEM-WIDE OUTLET CONTRIBUTIONBy Geography

2Q20 REVENUE CONTRIBUTIONBy Geography

Thailand 72%

Australia8%

China16%

Others4%

Thailand75%

Australia15%

China4%

Others6%

2,363 OutletsOwned

50%

Franchised50%

Owned95%

Franchised5%

2,363 Outlets

THB 3,985

million

* As at end of June 2020 * As at end of June 2020

Operational Stats by Hub

22

Thailand & Australia hubs are seeing visible recovery since June with governments of various countries relaxing the lockdown. The performance of China hub improved consistently since the reopening in late February, but declined slightly in June because of the government’s precaution of the second wave in Beijing, but bounced back on track in July. Minor Food continues to focus on delivery service, both in terms of platform and promotional campaigns, across all hubs in order to help uplift sales momentum.

THAILAND CHINA AUSTRALIA

-5.6%-7.2%

0.8%

-21.8%

SSSG TSSG

2Q19 2Q20

-30%

-20%

-10%

0%

10%

20%

Jan Feb Mar Apr May Jun Jul

1.1%

-27.0%

15.8%

-28.9%

2Q19 2Q20

-100%

-80%

-60%

-40%

-20%

0%

Jan Feb Mar Apr May Jun Jul

-2.3%

-41.7%

-2.1%

-52.8%

2Q19 2Q20

SSSGTSSG*

SSSGTSSG*

-100%

-80%

-60%

-40%

-20%

0%

20%

Jan Feb Mar Apr May Jun Jul

SSSG TSSG SSSG TSSG

SSSGTSSG*

* Closure of dine-in restaurants in Apr & May * Closure of dine-in restaurants in Apr & May* Closure of restaurants in late Jan / Feb

MINOR LIFESTYLE

1,120

571 571

Minor Lifestyle

24

2Q20 revenue of Minor Lifestyle declined by 49% y-y, primarily from the soft retail trading business, especially the fashion business, as outlets were temporarily closed in April and part of May, although contract manufacturing sales was resilient from the sales of sanitizer and cleaning products. Consequently, both EBITDA and bottom line pre-TFRS 16 declined to a net loss of 47 million and 91 million respectively. Similar to other businesses, April was the worst month with improving trends in May & June.

THB million

Revenue

FINANCIAL PERFORMANCE

62

-29 -47 6 -90 -91

EBITDA NPAT

% Margin

5.5%0.5%

Retail Trading

58%

Contract Manufacturing

42%

• Retail trading: revenue declined by 64% y-y, attributable to all brands, from the temporary store closures amidst COVID-19.

• Contract manufacturing: revenue increased by 14% y-y because of strong sanitizer sales and high demand of cleaning products.

OPERATIONAL STATS

1.3%

-60.9%

11.4%

-63.0%

486 473 *

No of Shops SSSG TSSG

2Q19 2Q20

TSSGSSSG

-100%

-75%

-50%

-25%

0%

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

THB 571

million

2Q19 2Q20 Pre-TFRS 16 2Q20 Post-TFRS 16

-49% NM NM

* Note that during the lockdown, approx only 68% were operational.

CORPORATE INFORMATION

Elewana Loisaba Lodo Springs

CAPEX & Balance Sheet Strength

26

CAPEX plans includes maintenance, renovations and signed pipeline. MINT has suspended its CAPEX plan in 2020, and only continuing those that are necessary. With the increase in equity from the USD 300 million perpetual bond issuance, netted off with the adverse impact from the adoption of TFRS 16 and net loss in 1H20, interest bearing debt to equity ratio was at 1.63x at the end of 2Q20. Going into 3Q20, the successful rights offering will provide MINT with another THB 10 billion of equity, and MINT-W7 will further strengthen MINT’s balance sheet by another THB 5 billion of equity over the next three years. Covenant waiver throughout the rest of 2020 also provides more flexibility amidst uncertainty and fluid situation. MINT and its senior unsecured debentures have “A” rating by TRIS.

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity

Internal Policy

X

CAPEX PLANS LEVERAGE

BACK-UP FINANCINGTHB million

0

50,000

100,000

150,000

200,000

Outstanding Debt* & Equity Un-Utilized Facility

Debt31,619

Debt127,082

Note: Cash on hand as at end of 2Q20 is THB 19,514 million

Equity**9,926

* Outstanding debt exclude lease liabilities as per covenant calculation definition** Assume 100% conversion of MINT-W6 (at exercise price of THB 43 per share)

Equity77,9750

5,000

10,000

15,000

20,000

2019 2020F 2021F 2022F 2023F 2024F

THB million

Suspended / Delayed

Minor Food

Minor Hotels

Minor Lifestyle

1.38

1.63

0.75

1.00

1.25

1.50

1.75

1Q19 2Q19 3Q19 YE19 1Q20* 2Q20*

* Interest Bearing Debt excludes lease liabilities as per covenant calculation definition

* CAPEX plan for 2021F – 2024F is according to the original 5-year plan and has not been adjusted amidst the COVID-19 situation

RESPONSE TO COVID-19

Re-opening Progress

28

As the lockdown is being relaxed in various cities and countries, MINT is ready to resume operations in all of its businesses across geographies. Although visibility is still limited in terms of speed and magnitude of recovery, MINT will ensure that demand is sufficient to uplift its performance

before the reopenings.

MINOR HOTELS

MINOR FOOD

Reopening plans:

• Gradual reopening of remaining hotels, with the aim to open all hotels in the portfolio by year-end.

• Focus on domestic market, followed by regional and international markets as countries start to reopen their borders.

• Focus on hygiene and safety of customers and team members.

> 75% of hotels

opened

MINOR LIFESTYLE

> 90% of restaurants

fully opened

Almost 100% of outlets

opened

Europe Spain Italy Benelux Germany Euro Area

Domestic Demand c60% c50% c50% c70% 50-55%

EU Demand 75-80%

Corporate vs Leisure

B2B 30-40%

B2C 60-70%

Asia & Oceania Thailand Maldives Africa Middle East Australia

Domestic Demand 11% - na na 85%

Regional Demand 54% 36% 63% 44% 15%

Corporate 15% 2% 23% 14% 43%

Leisure 85% 98% 77% 86% 57%

* Data as of 2019

Minimizing Cash Outflow

29

Cost Reduction Initiatives

CAPEX Suspension

Dividend Cancellation

o Suspension of staff travels, advisory and training initiatives

o Reduction of marketing and advertising costs especially in low-activity businesses

o Cut of any other unnecessary costs

o Conversations with suppliers for discounts or better payment terms

o Optimization of full time & part time manning and workforce productivity.

o Reduction of salaries and deferral of salary merit increase, both for at least 3 months, across levels and geographies.

o Implementation of “temporary redundancy” scheme in Europe, in order to put some of the payroll on the government subsidy program.

o Application for government subsidies across all geographies.

o Negotiation with landlords globally to reduce or suspend rent payments

Un-prioritized Costs

Suppliers

Payroll

Rentals & Leases

o Drastic reduction of CAPEX, with the exception of:‒ Prior commitments: including the investments in second phase of Bonchon and BreadTalk

Singapore, and NHH’s Boscolo portfolio‒ Maintenance & ongoing projects, such as Avani Khao Lak and Anantara Desaru

o Omission of dividend payment for the year ended 2019, subject to shareholders’ approval

MINT continues to focus on cash preservation and liquidity management, with initiatives from all business units and across geographies. This is an on-going process with the objective to minimize cash outflows throughout business recovery process.

CAPEX cancellation THB 7-10 billion

Cash saving THB 2.3 billion

Cost savings is still on-going. As of today, estimated at:

nearly 25% of 2019 costs & expenses*

nearly 30% of 2020 budget cost & expenses*

* Excl depreciation, interest and taxes

Payroll35%

Leases15%

Supply chain17%

Other Opex32%

2019Actual

CostSavings

2020Budget

2019Actual

CostSavings

2020Budget

24% 26%

19% 24%20% 26%

24% 30%

Cost Saving Initiatives

30

With the effort across business units and across geographies, MINT has been able to reduce costs of up to 25-30% in the four categories, both against actual 2019 and budget 2020 costs & expenses. The initiatives are ongoing as MINT continues to look for further potential cost reductions.

THB million

0

10,000

20,000

30,000

40,000

2019Actual

CostSavings

2020Budget

2019Actual

CostSavings

2020Budget

PAYROLL RENTAL & LEASESSUPPLIERS OTHER COSTS

20,000

40,000

60,000

80,000

Total before COVID Part-Time Reduction PermanentRedundancy

TemporaryRedundancy

Total after Reduction

-28%

-14%

-17%

• Headcount was reduced by approximately 60% during COVID

• In addition, executives at management level have taken up to 60% pay cuts and see other benefits reduced

Minor Hotels (Ex. NH)

9%

NH49%

Minor Food38%

Minor Lifestyle4%

Lease & Rental Saving

Movement of Free Cash Flow – Cash Burn Easing After Lock-Down Peak

With the national lock-downs during the pandemic, adjusted free cash flow turned negative from February onwards. Operating cash outflow peaked in May during the worst months of the pandemic. With cost-cutting measures and CAPEX suspension taking effect, cash burn rate improved from June onwards. The increased business activities, together with cost-cutting initiatives and CAPEX suspension will lead to further free cash flow recovery in the second half of the year.

14.7

-3.8

11.0

2.10.0 -0.2

-1.2-2.9

-0.5-1.3 -1.1 -0.9-0.5

-0.5

-0.8-1.0 -0.8

-3.2 -1.3

-0.3

-0.9

1.9

-4.5-3.3

-1.8-5.0

-2.4

-6.4 -0.2 -1.9 -4.3 -3.0

2019 1Q20 Jan 20 Feb 20 Mar 20 Apr 20

Free CF (after Repayment of Lease Liabilities)

Operating CF

Net CAPEX

Net of Tivoli & Maldivian Asset

Sales

Repayment of Lease Liabilities

-8.7

2Q20

-3.6 -2.1

May 20 Jun 20

Before After

52% - 63%38% - 46%

Before After

43% - 53%32% - 39%

Cost Cutting Helps Reduce Indicative Breakeven Points

With effective cost cutting initiatives implemented on a firm-wide basis, the indicative pre-TFRS16 EBITDA breakeven points of all businesses have declined significantly, resulting in breakeven timelines accelerated to earlier than originally planned.

Before After

49% - 59%

34% - 42%

Minor Hotels – Breakeven Occupancy Breakeven Occupancy – NH Hotel Group

Before After

40% - 48%22% - 27%

Thailand, Asia, Middle East & Africa

Minor Food – Breakeven Sales Level

82%

69%

Before After

Europe & Americas Australia & New Zealand

10,826 keys / 15% of total system 46,164 keys / 65% of total system 7,201 keys / 10% of total system

Hotels breakeven occupancy ranges are indicative and calculated based on EBITDA post charging of rental expenses (with impact of TFRS16 neutralized) but before charging corporate overheads; ADR simulated 10-15% down to budget as a central case with occupancy ranges based on variations of +/-10% around the central case; breakeven after cost cutting is with reference to H2 2020 and applies latest forecast cost structure; breakeven before cost cutting is with reference to FY 2020 (Europe & Americas with reference to H2 2020) and is based on the cost of the 2020 budget; perimeter of breakeven analysis covers c.90% of system keys and is considered by management to be representative of the total system; the c.10% of system keys not covered in the analysis comprises hotels under third-party and JV brands in Thailand and Africa, the hotel management contract portfolio of NH, and certain Tivoli properties in Portugal.

Indicative % at Property Level Indicative % Pre-COVID Sales Level

63%

72%68% 69%

53%57%

51%

64%

53%59%

75%

62%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Minor Hotels: Base-Case Occupancy Recovery & Breakeven

As the lock-down has been eased, Minor Hotels began to re-open its hotels at the end of May, with occupancy expected to gradually recover throughout the remainder of the year. With successful cost-cutting effort and with the re-opening plan focusing mainly around hotels with cash positive potentials, Minor Hotels expects to see breakeven point in 3Q20 under its base-case scenario.

Minor Hotels

Breakeven Occupancy:

Before

After

Last Year

This Year Actual

Thailand, Asia, ME &

Africa

Breakeven Occupancy:

Before

After

Last Year

This Year Actual

This Year Forecast

This Year Forecast

61%

69%71% 73% 72% 73%

71% 69%

74% 75% 75%

62%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

49-59%

34-42%

40-48%

22-27%

Projected occupancies to September are an indicative scenario due to highly fluid business on-the-books situation and should not be construed as forward guidance; breakeven occupancy ranges are indicative and calculated based on EBITDA post charging of rental expenses (with impact of TFRS16 neutralized) but before charging corporate overheads; ADR simulated 10-15% down to budget as a central case with occupancy ranges based on variations of +/-10% around the central case; breakeven after cost cutting is with reference to H2 2020 and applies latest forecast cost structure; breakeven before cost cutting is with reference to FY 2020 (Europe & Americas with reference to H2 2020) and is based on the cost of the 2020 budget; perimeter of breakeven analysis covers c.90% of system keys and is considered by management to be representative of the total system; the c.10% of system keys not covered in the analysis comprises hotels under third-party and JV brands in Thailand and Africa, the hotel management contract portfolio of NH, and certain Tivoli properties in Portugal.

74%80% 79% 77%

73%71%

82% 81%78%

81% 81%

72%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

59%

66%71% 73%

76% 77%74%

68%

79% 78%75%

61%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Minor Hotels: Base-Case Occupancy Recovery & Breakeven

As the lock-down has been eased, Minor Hotels began to re-open its hotels at the end of May, with occupancy expected to gradually recover throughout the remainder of the year. With successful cost-cutting effort and with the re-opening plan focusing mainly around hotels with cash positive potentials, Minor Hotels expects to see breakeven point in 3Q20 under its base-case scenario.

Europe & Americas

Australia & New Zealand

Breakeven Occupancy:

Before

After

Last Year

This Year Actual

Breakeven Occupancy:

Before

After

Last Year

This Year Actual

This Year Forecast

This Year Forecast

52-63%

38-46%

43-53%

32-39%

Projected occupancies to September are an indicative scenario due to highly fluid business on-the-books situation and should not be construed as forward guidance; breakeven occupancy ranges are indicative and calculated based on EBITDA post charging of rental expenses (with impact of TFRS16 neutralized) but before charging corporate overheads; ADR simulated 10-15% down to budget as a central case with occupancy ranges based on variations of +/-10% around the central case; breakeven after cost cutting is with reference to H2 2020 and applies latest forecast cost structure; breakeven before cost cutting is with reference to FY 2020 (Europe & Americas with reference to H2 2020) and is based on the cost of the 2020 budget; perimeter of breakeven analysis covers c.90% of system keys and is considered by management to be representative of the total system; the c.10% of system keys not covered in the analysis comprises hotels under third-party and JV brands in Thailand and Africa, the hotel management contract portfolio of NH, and certain Tivoli properties in Portugal.

0

500

1,000

1,500

2,000

2,500

Minor Food: Re-Opening Plan & Indicative Monthly Sales

Number of Operating

Outlets

Total System Sales

(THB mn)

Minor Food

Thailand Hub

Australia Hub

China Hub

Thailand Hub

Australia Hub

China Hub

Indicative EBITDA Pre-TFRS16 Breakeven before Cost Cutting

Indicative EBITDA Pre-TFRS16 Breakeven after Cost Cutting

Over 30% of total outlets were closed during the peak of the lock-down, while remaining outlets continued serving delivery and takeaway. Minor Food is gradually opening its dine-in outlets from May onwards, with social distancing practice implemented and gradually eased as per government directives. Total system sales are expected to recover to reach pre-crisis level at year-end.

Minor Food’s total system sales are indicative and should not be construed as forward guidance. Breakeven is calculated based on non-variable financial obligations and profitability margins, post-cost cutting with reference to latest forecast of cost structure applied for H2 2020. The impact of TFRS16 is neutralized in the calculation.

Indicative

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20

Minor Food

Indicative

0

200

400

600

800

1,000

1,200

Minor Food Capitalizes on Strong Delivery PlatformDuring the lock-down period, delivery sales more than doubled from the prior-year period. Strong delivery sales growth on the back of own solid delivery platform has alleviated adverse impact on dine-in sales. Since dine-in sales came in stronger than originally anticipated due to faster reopening & faster easing of social distancing rule, delivery sales in June & July therefore came in below base-case forecasts with conservative dine-in assumptions.

Delivery Sales

(THB mn)

Total Delivery

SalesGrowth

(%)

0%

100%

200%

Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20

Minor Food

Thailand Hub

Australia Hub

China Hub

Indicative

Indicative

Minor Food’s total system sales are indicative and should not be construed as forward guidance.

Liquidity & Debt Management

37

With the impact from COVID-19, MINT has successfully managed its cash position and debt funding, both outstanding facilities and credit lines, in order to ensure sufficient liquidity in the coming quarters.

Covenant WaiverCreditors (both bondholders and banks) have approved:o Waiver of covenant testing (Gross IBD to equity < 1.75x) for the next

3 quarters (until YE20);o With additional negative covenants (until YE20):

MINT’s Credit Rating by TRISo Company rating & existing senior unsecured

debentures reaffirmed at “A”o Subordinated perpetual debentures at “BBB+” o “Negative” outlook assigned to the ratings amidst

COVID-19 situation

USD Perpetual Bondso Ratings of “Baa2” by Moody’s and “BBB” by Fitch

Ratings

Due 2H20o THB 3.5 billion Term Loans in various currencies:

‒ THB 2.2 billion equivalent to be repaid with proceeds from rights offering

‒ The rest to be rolled-over

Due 1H21o THB 4.3 billion THB Bonds

* As at end of July 2020

‒ No M&A cumulatively of over 3% of total assets (excluding lease obligations)

‒ Total debts of not more than THB 150 billion at end of any quarter

‒ No dividend payment

Cash on Hand THB 36 billion

+

Working Cap Facilities THB 26 billion

Covenant Waiver

Debt Maturing

over Next 12 Months

Liquidity Management

Credit Rating

Strengthening of Equity Base

38

MINT has successfully completed its comprehensive capital structure plan, resulting in the strengthening of its balance sheet. Post-transactions & post-conversion, MINT’s pro-forma D/E ratio is close to its internal policy of 1.3x, and well within its financial covenant of 1.75x. Such solid balance sheet will be the foundation for MINT to further build on its first-class quality assets and grow its business sustainably in the long term.

INTEREST BEARING DEBT*

0

50,000

100,000

150,000

2Q20 Short-TermDebt

2Q20 Long-Term Debt 2Q20 OutstandingDebt

2Q20 Shareholders'Equity

Rights Offering(3Q20)

Post-Rights OfferingEquity

MINT-W7 Proceeds(3Q20-3Q23)

Post-Righst OfferingPost-Conversion

Equity

THB million

8,223

118,858 127,082

77,975

EQUITY

+9,858 87,833 +5,088 92,921

D/E: 1.63x D/E: 1.45x D/E: 1.37x

Completion of Comprehensive Capital Raising Plan

of approx THB 25 billion

Perpetual Bonds(USD 300 mn)

Rights Offering Warrants

• 3.1% interest rate

• 3-years non-call feature

• Guaranteed by BBL

• Ratings of Baa2 by Moody’s and BBB by Fitch Ratings

• RO ratio of 8.2 existing shares to 1 new share

• RO price at THB 17.50

• 563,293,156 shares issued

• Warrant ratio of 22 ordinary shares to 1 warrant

• Warrant offering price: free

• Warrant term of 3 years

• Warrant exercise ratio of 1 warrant to 1 share

• Exercise price at THB 21.60

*Excludes lease liabilities

Other trends and business initiatives are being assessed in order to respond to the post-COVID lifestyle.

Medium to Long-term Roadmap - Business Beyond COVID

With the changing of the consumer behavior amidst the COVID-19 situation, MINT will have to adjust its businesses to better serve the customers in the medium to long term. MINT has launched the project Business Beyond COVID with all the business units to craft the recovery path amidst the “new normal” way of living.

39

MINOR HOTELS

Increased reliability of the brands

Hotel sanitary standards over Airbnb

Leisure travel opportunities with working remotely behavior

More cautious consumer spending over next 3-9 months

Increasingly remote-working/VDO conferencing

Business lunches into the office, hotel catering services

Real estate locations/properties undervalued

Real-time demand tracking & revenue optimization

Growing concern over labor costs

Emerging Trends Examples of Immediate Responses

Heightened cleaning & hygiene measures in collaboration with

industry experts

o Anantara: “Peace of Mind”

o NHH: “Feel Safe at NH”

o Avani: “AvaniSHIELD”

o Oaks: “SureStay”

Emphasis on wellness & medi-spa in

partnership with specialists

Anantara & Verita

o Anantara Siam: to focus on boosting immunity

o Anantara Riverside: to focus on longevity & diagnostics

St Regis & Clinique la Prairie Aesthetics & Medical Spa

Focus on keeping the brand on top of mind

of customers

Aspirational campaigns:

o #AnantaraEscapism campaign

o Dare to Dream with Avani

Other trends and business initiatives are being assessed in

order to respond to the post-COVID lifestyle.

Medium to Long-term Roadmap - Business Beyond COVID (Cont’d)

With the changing of the consumer behavior amidst the COVID-19 situation, MINT will have to adjust its businesses to better serve the customers in the medium to long term. MINT has launched the project Business Beyond COVID with all the business units to craft the recovery path amidst the “new normal” way of living.

40

MINOR FOOD

Emerging Trends Examples of Immediate Responses

o All hubs to build on sales momentum of delivery service

o Continue to focus on health and hygiene of employees and customers through “Zero Touch Delivery” program, and adhere to relevant regulations

o Accelerate corporate transformation process, in areas of digital, supply chain, organization and innovation, taking into consideration the “new normal” lifestyle

Rising Home occasion (cooking, digital screens)

Booming of Celebratory emotional needs

Heightened food safety and nutrition concerns

Higher sourcing standards

Expansion of Online grocery retailer

Growing delivery, drive-thru & pick-upbusinesses

MINOR LIFESTYLE

More cautious consumer spending over next 3-9 months

Emerging product demand – “Health is Wealth”, e.g. sanitizing and immune-boosting products

Accelerated shift to digital sales channels

New contingency considerations in lease agreement, e.g. hardship funds, rental adjustment, rate holidays

Emerging Trends Examples of Immediate Responses

Other trends and business initiatives are being assessed in

order to respond to the post-COVID lifestyle.

o Shifted to online channel to boost fashion and household sales

o Focus on the manufacturing of hand sanitizer and other cleaning products