COMPANY PRESENTATION – May 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

1Q20 in Review

Minor Hotels

Minor Food

Minor Lifestyle

Corporate Information

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

NH Collection Roma Fori Imperiali

1Q20 IN REVIEW

5M20 Recap – Impact from COVID-19

5

Since the outbreak of COVID-19, MINT’s business has been impacted globally. MINT continues to minimize costs and CAPEX in order to reduce negative flow-through, preserve cash and focus on liquidity, while preparing for the business re-opening.

Jan 2020 Feb 2020 Mar 2020 Apr 2020 May 2020

• 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

• Majority of food outlets in China closed

• Majority of food outlets in China reopened, performing better than “best case” expectation

• 2/3 of outlets in Thailand & Australia operational for delivery and takeaways

• Temporary closure of hotels in Europe, starting in Italy & Spain, and gradually extended to other European countries and Latin America

• Hotel closure in Thailand, Maldives and other countries. Those remained open are at minimal operation

• Over 90% of lifestyle outlets temporarily closed

• Gradual reopening of dine-in services

• Selective reopening of hotels such as in China & Vietnam.

• Reopening of restaurants in hotels in Bangkok

1Q20 Performance Recap

6

NET PROFIT

In 1Q20, MINT’s core revenue declined by 22% y-y, as all three business units have been impacted by the COVID-19 outbreak. Consequently, with the severe and sudden revenue decline while costs did not fall as fast, the compounding negative flow-through resulted in MINT’s net loss both pre-and post- TFRS 16 in the quarter.

* Non-core items are detailed on page 36.

* Excludes non-core items

1Q20 REVENUE CONTRIBUTION

-22% y-yMinor

Lifestyle 5% Minor

Food25%

Minor Hotels70%

REVENUE

THB 22,421 million

NM

10,000

20,000

30,000

1Q19Reported

Non-coreItems

1Q19Core

MinorHotels

excl NHH

NHH MinorFood

MinorLifestyle

1Q20Core

Pre-TFRS16

TFRS16Impact

excl NHH

TFRS16Impacton NHH

1Q20Core

Post-TFRS16

Non-coreItems

1Q20Reported

THB million

-4,000

-3,000

-2,000

-1,000

0

1,000

1Q19 Reported

Non-core Items

1Q19 Core

Minor Hotels

excl NHH

NHH Minor Food

Minor Lifestyle

1Q20 Core

Pre-TFRS16

TFRS16 Impact

excl NHH

TFRS16 Impact on NHH

1Q20 Core

Post-TFRS16

Non-core Items

1Q20 Reported

THB million

583

-1,272

+1,400

29,030

-703

--182

28,848

-2,433 22,421 22,533

+50 633

-557 -109-288

-265

+113

-2,834-3,173

-1,774

22,421--3,027

-51

-1,531

International Presence

7

With a solid diversification strategy implemented, MINT’s footprint was in 63 countries at the end of 1Q20 across its hospitality and restaurant businesses.

*Excludes non-core items

Minor Food

Combination

Minor Hotels

REVENUE CONTRIBUTION

57%

27% 33% 29%

43%

73% 67% 71%

0%

25%

50%

75%

100%

2014 2019* 1Q20* 2024F

International

Thailand

MINOR HOTELS

Avani+ Samui

Minor Hotels – Financial Highlights

9

1Q20 revenue declined by 26% y-y, attributable to most businesses and geographies, from the impact of the COVID-19 pandemic. Both EBITDA and NPAT pre-TFRS 16 were negative in 1Q20, predominantly starting from February. The negative flow-through with declining revenues was further dampened by the seasonally soft quarter and lease structure in Europe. As such, almost 80% of Minor Hotels’ net loss was attributable to NHH. Post-TFRS 16, Minor Hotels reported core net loss of THB 3 billion.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 36.

21,230

15,770 15,770

THB million

-26%

Revenue

3,085 2,070

-670 128 -2,998 -2,675

NM NM

EBITDA NPAT

% Margin

14.5% 13.1%

0.6%

MINOR HOTELS – FINANCIAL PERFORMANCE

1Q19 1Q20 Pre-TFRS 16 1Q20 Post-TFRS 16

PERFORMANCE SNAPSHOT – BY BUSINESS

Owned & Leased

Management Letting Rights

Managed Hotels

Mixed-Use Business

1Q20 Revenue Change Y-Y (THB)

26%

6%

34%

43%

BUSINESS PERFORMANCE SNAPSHOT – BY GEOGRAPHY

1Q20 Revenue Change Y-Y

(THB)

Thailand EuropeAustralia &

New ZealandMaldives &

The Middle EastThe Americas

6%38% 26% 26% 25%

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.

* Excludes non-core items

Management

Combination

Investment

New Destinations in Pipeline

Hubs

REVENUE CONTRIBUTION

67%

14% 14% 12%

33%

86% 86% 88%

0%

25%

50%

75%

100%

2014 2019* 1Q20* 2024F

International

Thailand

Owned & Leased Hotels

11

In terms of business model, owned and leased business contribute 85% of Minor Hotels’ revenue. In terms of geography, Europe is the major contributor with 59% of Minor Hotels’ revenue. Thailand is the second largest contributor, followed by Australia & New Zealand.

SYSTEM-WIDE ROOM CONTRIBUTIONBy Ownership

SYSTEM-WIDE ROOM CONTRIBUTIONBy Geography

1Q20 REVENUE CONTRIBUTIONBy Business

1Q20 REVENUE CONTRIBUTIONBy Geography

Owned26%

Leased46%

JV 2%

Managed17%

MLR9%

76,320 Rooms

THB 15,770 million

Owned & Leased

85%

Managed2%

MLR8%

Mixed-use5%

Thailand14%

Europe59%

Americas7%

Australia & New Zealand 8%

Maldives & Middle East 4%

Others8%

Asia11%

Europe62%

Americas11%

Oceania10%

Middle East & Africa 6%

76,320 Rooms

Owned & Leased Hotels

12

Number of rooms of owned & leased hotel portfolio increased by 3% y-y in 1Q20. Organic RevPar excluding FX impact declined by 25%, driven purely by occupancy as a result of the adverse impact of COVID-19. System-wide RevPar of owned & leased portfolio declined further by 28%, from the addition of new hotels and slightly stronger Thai Baht during the quarter. As a result, revenue of owned & leased hotels declined by 26% y-y in 1Q20.

System-wide+2%

Organic excl FX+6%

52,97854,685

1Q19 1Q20

No of Rooms

65%

46% 46%

1Q19 1Q20

+3%

1Q19 1Q20

Occupancy

Organic-19%

System-wide-19%

3,748 3,970 3,810

1Q19 1Q201Q19 1Q20

ADR (THB)

OPERATIONAL STATS

System-wide-28%

Organic excl FX-25%

2,444 1,844 1,752

1Q19 1Q201Q19 1Q20

RevPar (THB)

Owned Hotels – Thailand & Maldives

13

The two largest geographies for Minor Hotels outside of Europe are Thailand and the Maldives. With Chinese tourists contributing over 20%, Thailand hotels saw RevPar declining since February. The outstanding performance of hotels in the Maldives in January was offset by the declining RevPar in February and March. Since the beginning of April, hotels in both Thailand and the Maldives have been temporarily closed.

OPERATIONAL STATS – THAILAND (ORGANIC)

82%

54%

7,301 7,325

1Q19 1Q20

5,951

3,948

-28% Flat -34%

2% -4%-47% -36%-77% -66%

Monthly 2020 Bangkok RevParGrowth - THB (y-y)

Monthly 2020 Provinces RevParGrowth - THB (y-y)

Jan Feb Jan FebMar Mar

Occupancy ADR (THB) RevPar (THB)

OPERATIONAL STATS – MALDIVES (ORGANIC)

73%60%

1,134 1,151

1Q19 1Q20

829 693

-13% +1% -16%

Occupancy ADR (USD) RevPar (USD)

18%

-20% -53%

Monthly 2020 Maldives RevParGrowth - USD (y-y)

Jan Feb Mar

Owned & Leased Hotels – Europe & The Americas

14

Hotels in Europe & the Americas are the largest contributor to owned & leased hotel portfolio. 1Q20 RevPar of Europe & the Americas portfolio declined by 24% in Euro term, primarily from the drop in occupancy amidst COVID-19 situation, with Italy and Spain being the hardest hit. Since early April, over 90% of the hotels in Europe and about 75% of the hotels in Latin America have been temporarily closed.

-26%

-36%

-24%-21% -20%

Spain Italy Benelux Central Europe

Latin America

Spain • Activities declined since the State of Emergency on 14 March

Italy• The operation was negatively impacted since mid-February,

although lockdown started 9 March

Benelux • Demand dropped with cancellation of events

Central Europe

• Business was weak

• Frankfurt was also impacted by the high supply

Latin America

• RevPar declined was from both occupancy and ADR

Spain 33%

Italy13%

Benelux 20%

Central Europe

23%

Americas11%

OPERATIONAL STATS – EUROPE & THE AMERICAS (ORGANIC)

65%

46%95

101

1Q19 1Q20

62 47

-19% +6% -24%

Occupancy ADR (EUR) RevPar (EUR)

1Q20 y-y Organic RevPar Decline1Q20 Revenue Contribution

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

KEY HIGHLIGHTS

9% 3% -70%

Monthly 2020 Europe & the AmericasRevPar Growth - EUR (y-y)

Jan Feb Mar

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.

MANAGEMENT LETTING RIGHTS

148 124

1Q19 1Q20

3,188 2,558

+3% -16% -20%

No of Rooms RevPar (AUD) RevPar (THB)

7,000 7,180

MANAGED HOTELS

13,284 12,626

No of Rooms

-5%System-wide

-30%Organic excl FX

-20%

3,172 2,552 2,234

1Q19 1Q201Q19 1Q20

RevPar (THB)

4% -5% -37%

Monthly 2020 AUD RevPar Growth (y-y)

Jan Feb Mar

1Q19 1Q20

5% -11% -55%

Monthly 2020 THB excl FX RevParGrowth (y-y)

Jan Feb Mar

1Q20 Stats y-y (AUD)

Occ -8%ADR -5%

1Q20 Stats y-y Organic (Excl FX)Occ -13%ADR +1%

Hotel Expansion Pipeline – 72 Hotels; 13,707 Rooms

• Ubud, Bali, Indonesia* 71 rms• Rome, Italy 238 rms• Budapest, Hungary 185 rms• Nice, France 152 rms

• Khao Lak, Thailand 328 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

• Warangi, Serengeti National Park, Tanzania* 12 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

49 Hotels / 10,060 Rooms

• Libo Country, China 173 rms• Nanjing, China 120 rms• Ras Al Khaimah, UAE 174 rms

• Busan, Korea 570 rms• Ras Al Khaimah, UAE 225 rms• Nha Trang, Vietnam 273 rms• Nairobi, Kenya 120 rms

• Fortaleza, Brazil 130 rms• Hangzhou, China 166 rms

• Phuket, Thailand 500 rms• Chengdu, China 202 rms

• Lima, Peru 164 rms• Iquique, Chile 135 rms

• Lima, Peru 265 rms• Santiago, Chile 146 rms

• Hangzhou, China 54 rms

• Phi Phi Island, Thailand 107 rms• Chengdu, China 150 rms• Sharjah, UAE 233 rms• Jeddah, Saudi Arabia 328 rms

• Savanne, Mauritius 156 rms• Sifah, Oman 300 rms• Kota Kinabalu, Malaysia 386 rms• Cam Ranh, Vietnam 595 rms• Ho Chi Minh City, Vietnam 217 rms

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

• Zhuhai, China 100 rmsOthers

23 Hotels / 3,647 Rooms

• Bang Krachao, Thailand 62 rms

• Krabi, Thailand 83 rms• Dubai, UAE 527 rms• Muscat, Oman 162 rms

• Chengdu, China 201 rms• Bahia, Brazil 50 rms

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

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

• Feira de Santana, Brazil 207 rms

• Fares Island, Maldives* 200 rms

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

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

• Hamburg, Germany 136 rms

• Accra, Ghana 155 rms• Riyadh, Saudi Arabia 163 rms

• Yangon, Myanmar 250 rms• Phan Thiet, Vietnam 516 rms• Ho Tram, Vietnam 410 rms

• Yangon, Myanmar 221 rms

Others

* Note: Joint-ventured properties

2020F 2021F 2022F 2023F

12 Hotels / 1,615 Rooms 7 Hotels / 1,009 Rooms 4 Hotels / 1,023 Rooms

13 Hotels / 1,904 Rooms 16 Hotels / 3,417 Rooms 14 Hotels / 3,024 Rooms 6 Hotels / 1,715 Rooms

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

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 1Q20, mixed-use revenue declined by 43%, from mismatched timing of residential sales, as well as declining sales activities of Anantara Vacation Club as a result of the COVID-19 outbreak, in particular with Chinese tourists as the major market. Anantara Vacation Club started to reopen its sales operations gradually in China and Taiwan.

17

INVENTORY TO ACCOMMODATE GROWING MEMBERS

229 241

1Q19 1Q20 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

12,79614,835

1Q19 1Q20

+16%

No of Members

China39%

Thailand11%

Singapore8%

Hong Kong8%

Malaysia7%

Others27%

+5%

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

1Q20 revenue of Minor Food declined by 11% amidst the impact from COVID-19. On a like-for-like basis, EBITDA pre-TFRS 16 declined at a faster rate of 46%, while its bottom line turned to net loss pre-TFRS 16 of THB 82 million, solely from China hub, which posted net loss of THB 234 million, with temporarily closure of the majority of its outlets particularly in Feb. Including TFRS 16, Minor Food reported net loss of THB 97 million in 1Q20.

* The financials above reflect performance from operation, and therefore exclude non-core items as detailed on page 36.

6,367 5,664 5,664

THB million

-11%

Revenue

FINANCIAL PERFORMANCE

1,103 919

601 475

-97 -82

-46% NM

EBITDA NPAT

1Q19 % Margin1Q20 Pre-TFRS 16

17.3% 16.2% 5.7%

OPERATIONAL STATS

-4.0% -10.5%

5.3%

-5.8%

2,254 2,362

No of Outlets SSSG TSSG

1Q19 1Q20

+5%

3.5%

-8.0%

-25.0%

-25.6%

11.9%

-0.9%

-24.5%

-47.4%

Jan Feb Mar Apr

TSSG

SSSG

• Same-Store-Sales: SSSG was positive in Jan, attributable to Thailand & Australia hubs. However, SSSG was impacted by the COVID-19 outbreak in Feb & Mar, resulting in negative SSSG in 1Q20.

• Outlet expansion: Network growth of 5% y-y was a result of expansion primarily in Thailand and China, together with the addition of Bonchon outlets.

• Total-System-Sales: TSS declined in 1Q20, following the decline in SSS amidst the COVID-19 outbreak, together with temporary outlet closures in China in Feb, followed by dine-in outlet closures in Thailand and Australia in late March.

1Q20 Post-TFRS 16

10.6%

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% 75%64%

33% 35% 25%36%

0%

25%

50%

75%

100%

2014 2019* 1Q20* 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

1Q20 REVENUE CONTRIBUTIONBy Business

SYSTEM-WIDE OUTLET CONTRIBUTIONBy Geography

1Q20 REVENUE CONTRIBUTIONBy Geography

Thailand 75%

Australia9%

China6%

Others10%

Thailand74%

Australia16%

China4%

Others6%

2,362 Outlets

Owned50%

Franchised50%

Owned93%

Franchised7%

2,362 Outlets

THB 5,664

million

Operational Stats by Hub

22

Same-store-sales and total-system-sales growth of all three hubs have been impacted by the COVID-19 outbreak. Timely boost of the delivery service, both in terms of platform and promotional campaigns, has significantly helped Thailand’s sales momentum, especially in April when all dine-in outlets have been temporarily closed. China started to gradually open its outlets in March and is recovering better than originally expected. Australia hub has been the most impacted by COVID-19 outbreak.

THAILAND CHINA AUSTRALIA

-6.0% -6.9%

0.5%

5.5%

SSSG TSSG

1Q19 1Q20

-30%

-20%

-10%

0%

10%

20%

Jan-20 Feb-20 Mar-20 Apr-20

2.5%

-49.4%

21.6%

-59.1%

1Q19 1Q20

-100%

-80%

-60%

-40%

-20%

0%

Jan-20 Feb-20 Mar-20 Apr-20

-2.1%

-7.9%

-2.7%

-12.5%

1Q19 1Q20

SSSG

TSSG*

SSSGTSSG

-100%

-80%

-60%

-40%

-20%

0%

20%

Jan-20 Feb-20 Mar-20 Apr-20

SSSG TSSG SSSG TSSG

SSSG

TSSG*

* Closure of dine-in restaurants * Closure of dine-in restaurants

MINOR LIFESTYLE

1,251 986 986

Minor Lifestyle

24

1Q20 revenue of Minor Lifestyle declined by 21% y-y, primarily from the soft retail trading business, which was impacted by the COVID-19 outbreak, although contract manufacturing sales was resilient from the sales of sanitizer. Consequently, both EBITDA and bottom line pre-TFRS 16 declined to a net loss of 41 million and 78 million respectively. Situation in April deteriorated with over 95% of the outlets temporarily closed.

THB million

Revenue

FINANCIAL PERFORMANCE

84

-7 -41 31

-78 -78

EBITDA NPAT

% Margin

6.7%2.4%

Retail Trading

70%

Contract Manufacturing

30%

• Retail trading: revenue declined by 27% y-y, attributable to all brands, from the falling foot traffic and store closures later in March amidst COVID-19.

• Contract manufacturing: revenue declined only slightly by 1% y-y, supported by strong sanitizer sales and high demand of cleaning products in March.

OPERATIONAL STATS

-1.3%

-32.0%

8.0%

-29.5%

486 473

No of Shops SSSG TSSG

1Q19 1Q20

TSSGSSSG-100%

-75%

-50%

-25%

0%

Jan-20 Feb-20 Mar-20 Apr-20

THB 986

million

1Q19 1Q20 Pre-TFRS 16 1Q20 Post-TFRS 16

-21% NM NM

CORPORATE INFORMATION

The Residences at Victoria Algarve

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 adverse impact on equity base from the adoption of TFRS 16, together with the net loss in 1Q20, interest bearing debt to equity ratio rose to 1.61x. 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 FINANCING

THB million

0

50,000

100,000

150,000

200,000

Outstanding Borrowing* & Equity Un-Utilized Facility

Debt31,619

Debt129,512

Note: Cash on hand as at end of 1Q20 is THB 20,712 million

Equity**9,926

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

Equity80,235

0

5,000

10,000

15,000

20,000

2019 2020F 2021F 2022F 2023F 2024F

THB million

Suspended / Delayed

Minor Food

Minor Hotels

Minor Lifestyle

1.36

1.61

0.75

1.00

1.25

1.50

1.75

1Q19 2Q19 3Q19 YE19 1Q20*

* 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

2020 & BEYOND

RESPONSE TO COVID-19

Recovery Case Study – Minor Food’s China Hub

28

01-Feb-20 16-Feb-20 02-Mar-20 17-Mar-20 01-Apr-20 16-Apr-20 01-May-20 16-May-20 31-May-20 15-Jun-20

China is an example of quick recovery after the COVID-19 situation improves. Since the stores started to reopen again in March, sales continue to improve week on week, tracking ahead of best case scenario projected in February. Furthermore, China hub’s operation turned profitable at the store contribution level in April, two months ahead of the original projection. With the current momentum, China hub anticipates the trend to continue and will recover to pre-COVID level by June.

Ensure Business Continuity

Accelerate Business Recovery

30 Days 30 Days 30 Days

• Strict adherence & embed safety standards to epidemic prevention policy

• Reopen stores & grow delivery revenue

• Secure loan facility

• Cost reduction: payroll & rental

• Recover business volume

• Secure government subsidies

• Target for all employees on temporary redundancy to resume work

• Upgrade CRM & loyalty program

• Acquire new A+ locations in key markets

• Develop Panda delivery menu from all Riverside stores • Roll out of Riverside new menu

• Launch Panda delivery menu nationwide

• Complete store renovations

• Restart all digital initiatives

Average daily sales pre-COVID

Daily sales

No of outlets in operation

Priorities

Re-opening Strategy

29

Europe Spain Italy Benelux Germany Euro Area

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

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%

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 will be sufficient to uplift its performance before progressively reopen its hotels, restaurants and lifestyle outlets.

MINOR HOTELS MINOR FOOD

Reopening plans:

• Extend the service to dine-in for outlets that are already opened for delivery and takeaways

• Reevaluate and reforecast the performance of each outlet that remain closed, to ensure that only outlets with positive cash flow will reopen.

• Adjust store operating hours according to the rules and regulations.

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

• Hotels in China and Vietnam have reopened and have successfully captured domestic demand.

• Selective restaurants in hotels in Bangkok have reopened according to the social-distancing guidelines.

• The recovery of demand will be different in each country and region.

Recovery plans:

• Drive revenue through online channel

• Plan store opening hours to allow for cleaning and sterilization to protect customers and team members

MINOR LIFESTYLE

* Data as of 2019

Minimizing Cash Outflow

30

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

Payroll 35%

Leases15%

Supply chain17%

Other Opex32%

Covenant Waiver

Debt Maturing in

2020

Liquidity Management

Credit Rating

Liquidity & Debt Management

31

With the impact from COVID-19, MINT is proactively managing its cash position and debt funding, both outstanding facilities and credit lines to ensure liquidity in the coming quarters.

MINT is in discussion with creditors (both bondholders and banks) on:o Waiver of covenant testing (Gross IBD to equity < 1.75x) for the next

3 quarters (until YE20);o With additional negative covenants until end of 2020:

MINT’s Ratingo Rating reaffirmed at A by TRISo Outlook revised down to negative amidst the

COVID-19 situation.

USD Perpetual Bondo Rating downgraded to BBB by Fitch Ratingso This was a result of the downgrade of BBL’s (the

guarantor’s) Long Term Issuer Default Ratingo No impact on MINT’s rating

Due 2Q20o THB 2 billion Term Loan: paid by short-term loan,

with target to refinance to long-term loan by Juneo THB 4 billion Bonds: to be refinanced into long-

term EUR loan at the end of May

Due 2H20o THB 3.6 billion Loans in various currencies: in

advanced discussion with banks to extend / refinance the loans

Cash on Hand + Working Cap Facilities

THB 22.2 billion + THB 27 billion

o In addition, NHH has already secured EUR 250 million 3-year syndicated loan in May

o MINT is in the process of acquiring additional facilities to ensure liquidity of the company

* As at end of Apr 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* Note: these terms and conditions are being discussed and may

change as the conversation evolves

Strengthening of Equity Base

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MINT has announced the comprehensive capital structure plan, taking a proactive approach to ensure its ability to service the obligations and to maintain its commitment on the quality of the balance sheet. The 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. The plan will result in the increase in shareholders’ equity over the one to three years period.

2Q20 3Q20 4Q20 2021 2022 2023

Perpetual Bonds• Onshore/offshore equity-accounted perpetual

bonds

Rights Offering (RO)1

• With oversubscription mechanism• RO ratio of not lower than 6.45 existing shares

to 1 new share1

• RO price at a discount of no more than 15% to the Market Price1,2,3

Warrants (W7)1

• Eligible for shareholders after RO• Warrant offering price: free• Warrant ratio of 17 ordinary shares (post-RO)

to 1 new warrant1

• Warrant exercise ratio of 1 warrant to 1 share• Exercise price at a premium of no more than

10% to the Market Price1,4

• Warrant term of 3 years

THB 10 billion

THB 10 billion

THB 5 billion

1 Capital increases are subject to shareholders’ approval at the AGM to be held on 19 June 2020; preliminary details of instruments can be found in SET disclosure dated 19 May 2020; final details of both RO and W7 to be determined by Board of Directorsor persons as assigned by the Board.

2 Market Price to determine rights offering price is the volume weighted average price of MINT for 7-15 consecutive trading days prior to the date where offer price and other details with regards to the RO are determined.3 The Company may adjust or modify, either by increasing or reducing, the announced offering price if it is deemed appropriate for the success of the RO, taking into account the relevant market conditions, provided that the offering price adjustment shall

be no more than 10% of the announced Offering Price. 4 Market Price to determine warrant exercise price is the volume weighted average price of MINT for 7-15 consecutive trading days prior to the date where the Exercise Price and details with regards to the W7 are determined.

Instrument Target

1

2

3

• To be issued within 3Q20

• 19 Jun: AGM to approve capital increase• Before record date: announcement of RO price & other details; announcement of rights

adjustment of MINT-W6• 9 Jul: record date to determine eligible shareholders• 29 Jul – 4 Aug: RO subscription period• Mid-Aug: new shares registration; trading of new shares

Indicative Timeline

• 19 Jun: AGM to approve capital increase

• 3Q: BOD meeting to determine and announce exercise price & other details, and set record date to determine eligible shareholdersNote that W7 exercise price is not indicative of MINT future share price, but was set on the basis as a reward for existing shareholders

• 3Q: W7 issuance and trading • 3Q23: Last day of W7 exercise

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.

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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

#AnantaraEscapism campaign

o Sharing aspirational contents & tips for staying well and healthy at home

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.

34

MINOR FOOD

Emerging Trends Examples of Immediate Responses

o Thailand hub:

‒ focused on 1112 Delivery app, resulting in delivery sales almost tripling in Apr vs Jan 2020

‒ launched “Zero Touch Delivery” program

o China hub debuted Panda Delivery

o Australia hub launched “The Coffee Club Pantry” and “The Coffee Club @ Home”, delivering groceries and coffee bean

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