Company Presentation - Feb 2017 - SET

 
Company Presentation - Feb 2017 - SET
Company Presentation – Feb 2017
Company Presentation - Feb 2017 - SET
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
Company Presentation - Feb 2017 - SET
Agenda
2016 Performance Recap &
Recent Updates
Key Drivers of 2017
Minor Hotels
Minor Food
Minor Lifestyle
Corporate Information

            Anantara Al Jabal Al Akhdar, Oman
Company Presentation - Feb 2017 - SET
2016 Performance Recap &
Recent Updates
Company Presentation - Feb 2017 - SET
MINT REMAINED RESILIENT DESPITE MACRO CHALLENGE DURING YEAR-END
Excluding non-recurring items (detailed on page 39), 2016 core net profit decreased by only 3% due mainly to the impact of the
mourning period and flooding in Thailand during 4Q16, and the soft performance of AVC amidst its transformation into a new
business model, as well as some external challenges in MINT’s other key markets.
                                                           REVENUE
                                                                                                              +19%
                                                                                                         Exclspecialgains
     THB million                                                                                               +19%
                                                                                                              56,973
     60,000

                   48,014
     50,000

     40,000

     30,000

     20,000
                   2015           Minor Hotels      Minor Food         Minor Lifestyle   Special Gains         2016

                                                          NET PROFIT

     THB million                                                                                               -6%
                                                                                                         Exclspecialgains
      8,000                                                                                                    -3%
                   7,040
                                                                                                               6,590
      6,000

      4,000

      2,000
                   2015           Minor Hotels       Minor Food        Minor Lifestyle   Special Gains          2016

                                                     2016 PerformanceRecap                                                       5
Company Presentation - Feb 2017 - SET
INTERNATIONAL PRESENCE
With solid diversification strategy, MINT’s presence was in 32 countries at the end of 2016 across its hospitality and restaurant
businesses.
                REVENUE CONTRIBUTION
100%                                                                                                                   MinorHotels
            13%
 75%                   44%       50%    52%                                                                            MinorFood
                                                International
 50%                                            Thailand                                                               Combination
            87%
 25%                   56%       50%    48%

  0%
           2008        2015      2016   2021F
* Excludes non-recurring gains

                                                                MINT’s Footprint                                                     6
Company Presentation - Feb 2017 - SET
WHAT’S NEW IN 4Q16 TO DATE
                        MINOR HOTELS                                                               MINOR FOOD
Hotel Investment                                                         New Concept Launch
                   • Rebranded Pattaya Marriott Resort & Spa to               • Franchised and launched the first “Yentafo Kruengsonge
                     AVANI Pattaya Resort & Spa, effective                      by A. Mallika”, a Thai noodle concept in Singapore in
                     November 2016                                              November 2016
                   • Acquired Elements Boutique Resort & Spa in
                     Koh Samui, Thailand in October 2016 with plan
                     to re-open under AVANI brand in 2018
                   • Opened Oaks Bodgaya Hotel, a 25% joint-
                     venture property in Bihar, India in January 2017
Hotel Management
                   • Entered Oman with the launch of Anantara Al
                     Jabal Al Akhdar Resort in October 2016 and Al
                     Baleed Resort Salalah by Anantara in
                     November 2016                                                              MINOR LIFESTYLE

                                                                         New Brand Launches
Residential Development
                   • Completed the construction of all 44 units of            • Strategically launched two new
                     the Anantara Chiang Mai Serviced Suites                    brands to create additional revenue
                                                                                base and further diversify portfolio:
                   • Sold and transferred one penthouse unit of
                     Torres Rani project in Maputo, Mozambique                     − October 2016: Radley,
                                                                                     handbag and leather
AnantaraVacation Club                                                                accessories from London
                   • Added Chiang Mai as the 7th destination of                    − November 2016: Anello, bag
                     Anantara Vacation Club                                          packs and bags from Japan
                   • Added nine units (six in Phuket and three in        • Launched “Bemynt”,MINT’s own e-
                     Chiang Mai) to the inventory pool of Anantara         commerce platform for fashion and
                     Vacation Club                                         lifestyle brands

                                                          RecentDevelopment                                                              7
Company Presentation - Feb 2017 - SET
Key Drivers of 2017 and Beyond

                             Anantara Vilamoura Algarve Resort, Portugal
Company Presentation - Feb 2017 - SET
KEY DRIVERS OF 2017 AND BEYOND – MINOR HOTELS
    PORTUGAL -STRONGGROWTH TO                                                                                                       THAILAND-BACK IN FULL SWING
             CONTINUE
                                                                                                                            • Internationaltouristarrivalsto rise by at
• Solid demandgrowthfromshift of
                                                                                                                               least 9% in 2017 accordingto TAT
  Europeantourists towardsgeopolitical
  stableregions                                                                                                             • EncouragingJanuarydatawithinternational
                                                                                                                              touristgrowth of7% y-yin Jan17
• Increasedappealand affordabilityof
  Portugalwith weakeningof Euroagainst                                                                                      • Uplift in ADR and RevParfromroom
  USD                                                                                                                         renovations- e.g.AnantaraSiam Bangkok
                                                                                                                              (Phase2), AVANI Pattaya,AnantaraMai
• ADR Increasein timeforhighseason in
                                                                                                                              Khao PhuketVillasand Four Seasons Tented
  2Q17-3Q17 with renovationof Tivoli
                                                                                                                              Camp
  assets
• Higherratesandamplificationof MINT’s                                                                                        AUSTRALIA– MORE PROMISINGGROWTH
  brandswith the rebrandingto Anantara                                                                                                     OUTLOOK
  VilamouraAlgarveand AVANI Avenida                                                                                         • Robusttouristgrowth:international
  LiberdadeLisbon                                                                                                             primarilydrivenby Asian marketse.g.
                                                                                                                              Chinese and India;domesticfrom weakened
  AFRICA - POSITIVE GROWTHPROSPECTS                 MALDIVES- PROMOTINGRESILIENCYTHROUGHDIVERSIFICATION                       AUD
       FUELED BY ROBUSTDEMAND                    • Occupancyuplift throughtargetedand dynamicmarketingtactics               • FlourishingNew SouthWalesand Victoria
• Robusttouristdemanddrivenby                    • Reducedearningsvolatilityby diversifyingfeedermarketsbeyond key            marketsdue to resilienteconomic
  improvingeconomy,infrastructureand               existingmarketslikeChinaand Russiato, forinstance, MiddleEast              environments,whichwereless impactedby
  flightconnectivity                                                                                                          the slowdownof the miningindustry
                                                 • Improvedqualityof productand serviceto earn globalrecognitions
• Rampup ofprofitabilitythrough MINT’s                                                                                      • Strongerprofitabilityof recentlyadded
  globalplatformand operationalexcellence                           HOTELMANAGEMENTCONTRACT                                   propertiese.g.The MiltonBrisbaneand
                                                                                                                              Oaks Southbank, afterthe ramp-upstage
• Uplift of ADR andRevParwith room               • Over 20 managementcontractssignedand to be openedover next
  renovationof AVANI Gaboronein                                                                                             • Double-digitADR growthwith ongoing
                                                   three years(2017-2020)
  Botswana                                                                                                                    refurbishmentssuch as OaksCypress Lakes
                                                 • Over 100 hotelsundermanagementby 2021 from36 hotels currently
• Increasingdemandto visit theworld-                                                                                        • Continuedexpansionboth inits home
  renownedVictoriaFalls to benefitZambia         • Potentialrebrandingopportunitieswiththe strengtheningof MINT’s             marketand outsidee.g.Indiaand Middle
  hotels                                           owned brandsin the globalhospitalityindustry                               East

                                         • Strong pick-up of residential sales: The Residences by Anantara, Layan, Phuket (sold 2 in Jan17 with another one unit in the
                                           process of closing), Anantara Chiang Mai Serviced Suites (31 units pre-sold); Torres Rani (2 penthouse units deposited)
      REAL ESTATE BUSINESS
                                         • Turnaroundof AVC through enhanced product offerings, accelerated cash flow, strengthened risk management procedures and
                                           targeted sales and marketing strategy

                                                                             2017 and Beyond                                                                              9
Company Presentation - Feb 2017 - SET
KEY DRIVERS OF 2017 AND BEYOND – MINOR FOOD

              Thailand
                                                                                                Singapore                                Australia
                                                           China

                                                                                       PORTFOLIO RATIONALIZATION           STABLEOPERATIONS WITH FURTHER
 MAINTAININGLEADERSHIPPOSITION                   PROFITABLE EXPANSION
                                                                                                                                      GROWTH
• Recoveryof domesticconsumption,         • Productimprovementto capture           • New managementin placeto rebuild     • Expansionof coffeeroastingbusiness,
  supportedby increasedinfrastructure       risingmiddle-classconsumptionand         a strong foundationfor sustainable     the highermarginbusiness, to
  spending,higherfarm incomeand             urbanization                             growthin the long-term                 improveprofitability
  lowerhouseholddebt afterexpiryof        • Potentialstakeincreaseof Riverside     • Ongoingportfoliorationalizationto
  the first-carscheme                       based on the originalagreementwith       enhanceproductivity
• Strongbrandportfoliowith significant      the Founders to maximizeearnings       • StrengtheningThai foodportfolioand
  marketsharein most categories             potential                                adoptingeffectivesegmentation
• EncouragingJan17 data,withsame-         • Commitmentto operational                 strategyto bettercapture various
  store-salesgrowthof 2.4%, led by The      excellence,supplychainmanagement         marketsegments
                                            andnetworkplanningto drive                                                    • Strengtheningof franchise
  PizzaCompany, Swensen’s, The Coffee
                                            productivityimprovementand                                                      capabilitiesthroughleverageof
  Club, BreadTalk& BurgerKing
                                            profitableexpansion                                                             MINT’s operationalexcellenceand
• Ongoingproduct&                                                                                                           globalplatform
  serviceinnovations                      • Expandingdelivery channelto            • Preparingright products,brandsand
                                            capitalizeon food deliverytrend          platformto ridethe benefitwhen the   • Strongmomentumof The CoffeeClub
                                                                                     economyturns around                    brandwith promisingfranchising
                                                                                                                            opportunitiesboth in Australiaand
                                                                                   • SpearheadThai Express’sfranchise       oversease.g.MiddleEast, Thailand
                                                                                     expansionoutside of Singaporesuch      etc.
                                                                                     as Vietnamand Malaysia
• Leadingdigital strategyand
  strengtheningdeliveryplatformto         • Continueddevelopmentof Thai
  enhancecustomerexperiencee.g.             Expresswithfirst franchisedoutlet in
  TPC’s onlinedeliveryordercontribution     BeijingCapitalInternationalAirportin
  jumpednotablyfrom                         Jan17, withone moreto open in
  the teens to almost                       May17                                                                         • Improvingeconomicconditionin
  40% withinone year                                                                                                        2017 to helpupliftthe performance

                                                                          2017 and Beyond                                                                       10
Minor Hotels

AVANI Riverside Bangkok
FINANCIAL PERFORMANCE – MINOR HOTELS
 2016 core revenues of hotel & mixed-use business (excluding non-recurring items) grew by 18%, as a result of growth of owned
 hotel and Oaks operations, additional contribution of recently acquired hotels, as well as increased management income. 2016
 core EBITDA increased by 16%, while core net profit declined by 7%, attributable to lower profitability of Anantara Vacation Club
 amidst its transformation, together with high depreciation and effective tax rate from recent acquisitions.
                                                                                                                                KEY HIGHLIGHTS
 THB million                                                                          +18%
                                                                                      27,758         Owned hotels             • Revenue grew by 39%, as a result of
                                                                      23,547
                                                                                                                                improved overall operations, together
                                     17,977          19,243                                          57%                        with the incremental revenue from the
                     16,390                                                                          of 2016 hospitality        newly acquired hotels.
  Revenue                                                                                            revenue

                                                                                                     Oaks                     • Revenue increased by 11%, supported
                                                                                                                                by RevPar growth of 5% in AUD term
                                                                                      +16%           22%                        (7% in THB term), together with the
                                                                                      7,146          of 2016 hospitality        increase in room count.
                                                                      6,146                          revenue
                                      5,206            5,561
   EBITDA             4,535

                                                                                                     Managementcontracts • Revenue increased by 12%, primarily
  EBITDA                                                                                                                        attributable to strong performance of
  Margin             27.7%           29.0%            28.9%          26.1%           25.7%           4%                         hotels in Thailand and Seychelles,
                                                                                                     of 2016 hospitality
                                                                                       -7%                                      together with additional management
                                                                                                     revenue
                                                                                                                                fees from newly managed hotels.
                                                                      3,009           2,811
                                      2,449           2,600                                                                   • Revenue declined by 13% due to lower
    NPAT              1,940                                                                          Real estate
                                                                                                                                residential sales, part of which were
  Net
                                                                                                     14%                        delayed from 4Q16 to 1Q17 because of
                     11.8%           13.6%            13.5%          12.8%            10.1%
  Margin                                                                                             of 2016 hospitality        the mourning period in Thailand,
                                                                                                     revenue                    together with the rebasing year of AVC
                                                                                                                                revenue after the adjustment of its
                      2012            2013            2014            2015            2016                                      business model.

* The financials above reflect performance from operation, and therefore exclude non-recurring gains as detailed on page 39

                                                                                             Minor Hotels                                                               12
MINOR HOTELS - INTERNATIONAL PRESENCE
In recent years, MINT has implemented a solid diversification strategy. At the end of 2016, MINT operates hotels and spas under
a combination of investment, joint-venture and management business models in 25 countries, with another 5 countries in the
pipeline over the next three years.
                  REVENUE CONTRIBUTION
100%         6%
 75%                   59%                      International
                                 63%    68%
 50%        94%                                 Thailand

 25%                   41%       37%    32%
   0%
            2008       2015      2016   2021F
* Excludes non-recurring gains

        Investment

        Management

        Combination

        New Destinationsin Pipeline

        Hubs

                                                                Minor Hotels                                                  13
SYSTEM-WIDE HOTEL OPERATIONS
Excluding new hotels, organic RevPar of the entire portfolio increased by 2% in 2016, driven by slight improvement in organic
ADR. However, 2016 system-wide RevPar decreased by 4%, primarily from newly added hotels in the overseas which are still in at
the ramping-up stage.

                      NUMBER OF HOTEL ROOMS                                                         ADR
No of Rooms                                     +12%
                                                                           THB
                                                                                                                    Organic   System-wide
                                                19,797                     8,000                                                  -1%
 20,000                                17,714                                                                        +2%
                              14,721                                                               6,110    5,830
 15,000              12,800                                                        5,589   5,573                        5,956 5,744
                                                         MLR               6,000
            10,348
 10,000                                                  Managed
                                                         Joint-venture     4,000
  5,000                                                  Owned

        0                                                                  2,000
              2012    2013     2014    2015     2016                               2012    2013    2014     2015              2016

                              OCCUPANCY                                                            REVPAR

  80%                                                                      THB
                                                                           5,000                                    Organic    System-wide
                                                                                                                     +2%           -4%

                                                                                                   4,024    3,964        4,051
                       70%                              Organic            4,000   3,871   3,901                                 3,821
              69%                                         flat
  70%                                  68%      68%
                               66%                    System-wide
                                                  67%     -1%              3,000

  60%                                                                      2,000
            2012     2013     2014     2015     2016                               2012    2013    2014     2015              2016

                                                                  Minor Hotels                                                           14
OWNED-HOTELS OPERATIONS
   2016 HOSPITALITY        Owned hotels contribute 57% of hotel & mixed-use revenues in 2016, an increase from the same period last
REVENUECONTRIBUTION
                           year, from stable operations of existing owned hotels and additional revenues of newly acquired hotels.
             57%           Excluding new hotels, 2016 organic RevPar was flat as soft performance of the Maldives and Brazil were offset
            Owned-
            hotels
                           by strong performance of Thailand, especially in the first ten months of the year.

                         NUMBER OF HOTEL ROOMS                                                                                      ADR
  No of
 Rooms                                                                     +32%
                                                                                             THB                                                          Organic    System-wide
  8,000
                                                                           7,118                                                                           +2%           -12%

 6,000                                                       5,387                          8,000                                 7,028          6,553         6,677
                                                                                                      6,035         6,385                                           5,788
                                                                                            6,000
 4,000                                        3,112
                              2,676
              2,335                                                                         4,000
 2,000
                                                                                            2,000
       0                                                                                          0
              2012            2013            2014           2015           2016                      2012           2013          2014          2015               2016

                                     OCCUPANCY                                                                                    REVPAR

                                                                                             THB                                                          Organic    System-wide
 80%
                                                                                                                                                            flat         -14%
                           68%                                             Organic          5,000
 70%         66%                                      66%                                                            4,372
                                                                     64%     -2%                                                                  4,293         4,292
                                                                                                      3,977                        4,168
                                        59%                              System-wide
 60%                                                                                        4,000                                                                       3,685
                                                                             -2%

 50%                                                                                        3,000

 40%                                                                                        2,000
            2012         2013          2014           2015          2016                              2012           2013          2014           2015              2016

* Changein2015 statsbecauseofretroactiveclassificationofhotelsinZambiafromJV hotelsto ownedhotelsasaresultofchangein investmentstatuseffective3Q16.
                                                                                   Minor Hotels                                                                                 15
OWNED-HOTELS ORGANIC OPERATIONS – THAILAND vs. OVERSEAS
   2016 HOSPITALITY       Thailand hotels continued to be the largest contributor to the hospitality business, with revenue of owned
REVENUECONTRIBUTION
           Thailand       hotels in Thailand accounting for almost 30% of hospitality revenue. With the acquisition of Tivoli hotels
           hotels
           29%            portfolio, overseas hotels contributed 28% of hospitality revenue.
     Overseas
     hotels28%

                                  BANGKOK                                                                                            OVERSEAS
RevPar Growth                                                           Organic            RevPar Growth                                                                          Organic
(y-y)     +36%             +13%        -25%              +40%            +5%               (y-y)      +99%        -44%         +8%                                -43%             -8%
 THB                                                                                        THB
                                                                                                    17,436
6,000
                                                                                          16,000
                                     4,830           4,943            4,967                                                 12,177
         4,589           4,662                                                                           12,246 11,151
                                                         70%                              12,000                                  7,452
                            70%                                          74%                                          6,903                                    7,265
4,000       63%                                                            3,653            8,000      70%                      61%                                       7,426
                                        51%                  3,473                                                62%                                             58%
                             3,278                                                                                                                                              52%
                 2,901                                                                                                                                              4,236        3,889
                                                                                           4,000
                                             2,473
2,000                                                                                            0
           2012            2013        2014            2015          2016 Organic                          2012              2013               2014              2015         2016 Organic

                           THAILAND PROVINCES                                                                                    KEY HIGHLIGHTS
RevPar Growth                                                           Organic           •   Bangkok: organic owned RevPar increase of 5% in 2016, driven by higher
(y-y)      +16%            +17%        -2%             +10%              +6%                  occupancy and ADR. Including the new AVANI hotel which is still at the
 THB                                                                                          ramping-up stage, system-wide owned RevPar declined by 4% in 2016.
 8,000                                                                7,443               •    Thailand provinces: resilient performance throughout the year with
                         6,686       6,937           7,060
         5,840                                                                                organic owned RevPar increase of 6% in 2016. Key tourist destinations in
                           69%        65%               70%              71%                  the North of Thailand, including Chiang Mai and Chiang Rai, achieved
 6,000      68%
                                                         4,974             5,272              impressive double-digit RevPar growth.
                             4,599       4,526
                 3,944
 4,000                                                                                    •   Overseas: decline in 2016 organic owned RevPar of 8% due to the
                                                                                              slowdown in the Maldives and Brazil. With the addition of new hotels
                                                                                              which commanded lower RevPar than the portfolio’s average, system-wide
 2,000
            2012           2013        2014            2015          2016 Organic             owned RevPar was down 23% in 2016.
                                                                                         * Change in 2015stats because of retroactive classification of hotels in Zambia from JV hotels to owned
                  % Occupancy                 ADR                    RevPar                hotels as a result of change in investment status effective 3Q16.

                                                                                  Minor Hotels                                                                                                     16
OWNED-HOTELS OPERATIONS BY KEY MARKETS
   2016 HOSPITALITY             In 2016, owned hotels in Thailand, Portugal and Africa led the overall RevPar performance of the owned
REVENUECONTRIBUTION
                                hotel portfolio and helped offset the softness of hospitality industry in Brazil and the Maldives.
             57%
             Owned-
             hotels

                2016 REVENUE CONTRIBUTION
              OF OWNED HOTELS BY GEOGRAPHY                                                  KEY MARKET HIGHLIGHTS
                        Others, 5%
                                                                 Thailand    • Thailand hotels benefited from strong international tourist arrivals,
                Africa,8%                                                      which grew by 9% in 2016, led by tourists from China, Russia, India
          Maldives,7%                                                          and US.

           Brazil,8%
                                                                             • Excluding new hotels, organic RevPar of Thailand owned hotels
                                                Thailand, 50%                  increased by 5% in 2016 despite the mourning period in 4Q16.
                                                                             • 2016 system-wide RevPar of Thailand owned hotels was flat due to
                                                                               additions of new hotels.
               Portugal,21%
                                                                 Portugal    • Tivoli hotels in Portugal benefited from the demand shift of European
* Exclude non-recurring items
                                                                               tourists from other Mediterranean destinations, which are still facing
                                                                               geopolitical risks.
            2016 ORGANIC REVPAR GROWTH (Y-Y)                                 • The portfolio reported impressive RevPar growth of 18% in THB term
                                                                               in 2016.
                      18%
                                                                 Africa      • Performance of African operations continued to improve, led by the
                                                                               hotels in Zambia and Namibia, which reported double-digit RevPar
                                                        9%
                                                                               growth in 2016.
        5%
                                                                 Brazil      • RevPar of hotels in Brazil declined due to the temporary impact of the
                                                                               hotels renovation and lower demand from challenging macro
                                                                               conditions.
                                                                             • The completed renovation led to double-digit ADR growth and
                                            -13%                               improving RevPar trend since the second half of 2016.
                                  -15%
     Thailand      Portugal      Maldives   Brazil     Africa    Maldives    • Maldives portfolio was challenged by high competition from new
                                                                               hotel openings, which put pressure on rates and RevPar performance.

                                                                     Minor Hotels                                                                       17
OAKS’ OPERATIONS
   2016 HOSPITALITY   Oaks’ serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 22%
REVENUECONTRIBUTION
                      revenue contribution in 2016. Oaks continues to provide the hotel & mixed-use business with stable
                      performance throughout the year, compared to hotel operations which is more seasonal. Oaks’ 2016
    22%               revenues in THB increased by 11%, from increase in RevPar and the additional number of rooms.
    Oaks

                    NUMBER OF MANAGED ROOMS                                                         ADR
                                                                        THB                                          THB     AUD
   No of                                               +2%                                                           +7%
  Rooms                                                                6,000       5,160                                     200
                                   6,223    6,232      6,339                               4,788    4,795           4,557
                        5,897                                                                               4,271            190
  6,000
            5,180                                                      4,000
                                                                                                                             180
  5,000
                                                                                                                     174     170
                                                                       2,000
  4,000                                                                                                      166     AUD
                                                                                                     164                     160
                                                                                            162                      +5%
                                                                                    160
  3,000                                                                       0                                              150
             2012       2013       2014     2015       2016                        2012    2013     2014    2015    2016

                              OCCUPANCY                                                            REVPAR

 90%                                                                    THB                                                  AUD
                                                                                                                      THB
                                                        +1%            5,000                                          +7%    150
                                                                                  3,962             3,643
                                                                                           3,730                    3,495
                        78%                                            4,000
 80%       77%                                                                                              3,258            140
                                   76%        76%       77%
                                                                       3,000
                                                                                                                     133     130
 70%                                                                   2,000
                                                                                            126              127
                                                                                                                     AUD     120
                                                                       1,000       123               124             +5%

 60%                                                                          0                                              110
           2012        2013        2014      2015       2016                       2012    2013     2014    2015    2016

                                                               Minor Hotels                                                        18
MANAGED-HOTELS OPERATIONS
   2016 HOSPITALITY     In 2016, managed hotels contributed 4% of hotel & mixed-use revenues. Organic RevPar of managed hotels
REVENUECONTRIBUTION
                        portfolio was up 2%, primarily from increase in occupancy of managed hotels in Thailand, Seychelles and
                        Qatar. With the increase in room counts, 2016 revenue from management service increased by 12%.
      4%
      Management
      Contracts

                      NUMBER OF HOTEL ROOMS                                                                      ADR
 No of                                                               +16%                THB
Rooms                                                                                                                            Organic     System-wide
                                                                                                                                  -2%            -4%
5,000                                                                4,533
                                                                                        8,000
                                                          3,910
4,000                                      3,453                                                                         7,038       6,921
                        3,254                                                                                   6,748                        6,724
3,000
             2,023                                                                      6,000           5,594
2,000                                                                                           5,047
1,000

      0                                                                                 4,000
             2012           2013           2014           2015       2016                       2012    2013     2014    2015              2016

                                   OCCUPANCY                                                                    REVPAR

80%                                                                                      THB                                     Organic     System-wide
                                                                                                                                  +2%            -4%
                                                                    Organic
70%                                               63%         65%    +2%
                      58%                                                               5,000
                                                              64% System-wide                                            4,400       4,470 4,241
60%        54%                      55%
                                                                      +1%                                        3,737
                                                                                                        3,227
50%                                                                                     3,000   2,748

40%
           2012      2013           2014           2015      2016                       1,000
                                                                                                2012    2013     2014    2015              2016

                                                                              Minor Hotels                                                            19
HOTEL EXPANSION PIPELINE
 Expansion inside and outside Thailand will contribute to revenue & profit in coming years.
                                  HOTEL INVESTMENT                                                        MANAGEMENT CONTRACTS

                                                            • Bodhgaya,India*    • Guiyang,China                               • Brasilia,Brazil   • Doha, Qatar
                                                             (78 rms)              (218 rms)                                     (395 rms)          (102 rms)
2017F                                                                                                                          • Doha, Qatar
                                                                                                                                 (150 rms)
                                                                                                                               • Al Wakrah,
                                                                                                                                 Qatar (101 rms)
        • Quy Nhon, Vietnam                                                      • Shanghai,China             • Queensland,
          (25 rms)                                                                 (260 rms)                   Australia
                                                                                 • QiandaoLake, China          (219 rms)
2018F                                                                              (120 rms)
                                                                                 • Lijiang,China(678 rms)
                                                                                 • Tozeur, Tunisia (93 rms)
        • Desaru, Malaysia                                                       • Zhuhai,China (110 rms) • Zhuhai,China
          (103 rms)                                                              • Le Chaland,Mauritius     (300 rms)
        • Ubud,Bali,                                                               (164 rms)              • Jebel Dhanna,
          Indonesia*                                                             • Al Houara Tangier,       UAE
          (80 rms)                                                                 Morocco (150 rms)           (228 rms)
                                                                                 • Oman (198 rms)             • Busan, Korea
2019F                                                                            • Zanzibar, Tanzania          (400 rms)
                                                                                   (150 rms)
                                                                                 • Jebel Dhanna, UAE
                                                                                   (60 rms)
                                                                                 • Dubai Creek, UAE
                                                                                   (292 rms)
                                                                                 • Ras Al Khaimah, UAE
                                                                                   (306 rms)
                                     • Khao Lak, Thailand                        • Jeddah, Saudi Arabia       • Dubai, UAE
2020F                                     (327 rms)                                (328 rms)                    (372 rms)
Total                              5 Hotels / 613 Rooms                                                         23 Hotels / 5,394 Rooms
        * Note:Joint-venturedproperties

                                                                            Minor Hotels                                                                        20
REAL ESTATE BUSINESS - RESIDENTIAL
   2016 HOSPITALITY    In addition to the Residences by Anantara, Layan, Phuket, Anantara Chiang Mai Serviced Suites and Torres
REVENUECONTRIBUTION
                       Rani, Maputo, the two joint-venture projects, have also been launched. To ensure the revenue stream from
     14%RealEstates    residential sales in the coming years, MINT has additional residential projects in the pipeline, including
                       Desaru in Malaysia and Ubud in Indonesia. Other residential projects will be selectively considered in various
                       hotel destinations in order to increase returns of the overall project.

THE RESIDENCES BY ANANTARA, LAYAN, PHUKET               ANANTARA CHIANG MAI SERVICED SUITES                           THE ESTATES SAMUI

                                                                                                            Above a secludedcove of
                                                                                                                                                 Inventory
                                                                                                            powder-whitesands and
                                                                                                                                                    21%
                                                                                                            crystal-bluewaters, The
                                                                                                            Estates Samui offers 14       Sold
                                                                                                            luxury villasadjacent to      79%
                                                                                                            Four Seasons, Koh Samui.

                                                                                                                    TORRES RANI, MAPUTO
The project is situatedon Layan beach, one of the       A 50% joint-venture withU CityPcl., the project
most picturesquebays on westcoast of Phuket.            is inthe city center of ChiangMai, across from
                                11% sold       9% in
  ● 15 uniquelydesignedpooltransferred
                                and           process   Anantara ChiangMai Resort & Spa.                                                   1 out of 6
                                                 of                                                                                    penthouse units
     villas                          in Jan17 closing
                                                          ● 44 units in 7-storey            &
                                                                                                    Deposited                            soldto date*;
                                                           condominiumbuilding          contract                                       2 units deposited
  ● Up to 8 bedrooms, each                                ● 65 to 162 sq.m.(one          signed
   with 21 meter private                                   to three bedrooms) Inventory 19%                A 49% joint-venture withRani Investment,the
   infinitypool                                                                                            project is5 minutesfrom Maputo CBD.
                                            Inventory     ● 23 units soldin 4Q16; 32%                         ● 18-storey residentialtower, comprising
  ● 1,313 to 2,317 sq.m.of                     38%
                                                             8 unitsreserved and               Sold             181 keysfor rent and 6 penthouseunits
   built-uparea                             Sold
                                                             expected to be                      49%            for sale
  ● Constructionof the project        42%
                                                                                                              ● 20,926 sq.m.,21-storey office tower
   is completed                                              transferred in 1Q17

                                                                     Minor Hotels                                                                        21
REAL ESTATE BUSINESS – ANANTARA VACATION CLUB
   2016 HOSPITALITY                Part of the real estate business, Anantara Vacation Club is another important contributor to Minor Hotels.
REVENUECONTRIBUTION
                                   Growth of members are driven by four main markets – China, Thailand, Hong Kong and Singapore. AVC sales
         14%RealEstates            and profitability were temporarily put under pressure in the first nine months of 2016 because of the change
                                   in business model which resulted in smaller package, cash flow acceleration, as well as lower bad debt and
                                   cancellation rate. The benefit of such change started to materialize with improving operational performance
                                   since the end of 2016.
                             TOTAL NUMBER OF MEMBERS                                                                    MEMBERS PRIMARILY IN ASIA
                                                                                                                             Others,10%
 Growth (y-y) +207%                 +67%        +41%             +28%        +15%                                   US, 1%
                                                                                                         Philippines,1%
 No. of                                                                                                       Taiwan,1%
Members                                                                      8,000                               UAE,2%
 8,000                                                           6,928                                       Japan,4%                                China,39%
                                                                                                        Australia,3%
   6,000                                       5,431
                                                                                                        Malaysia,8%
   4,000                            3,857
                    2,309
   2,000
                                                                                                        Singapore,10%
         0                                                                                                       HongKong,10%
                    2012             2013      2014              2015        2016                                                           Thailand,11%         As at Dec 2016

             INVENTORY TO ACCOMMODATE GROWING MEMBERS                                                             GROWTH DRIVEN BY FOUR MARKETS
No. of Units                                         7 Destinations:                          No. of                  China
                                                                         10 Destinations
  500                                                 Queenstown                             Members                  Hong Kong
                                                           Bali               450             6,000                   Thailand                                      5,553
                                                         Sanya
   400                                                                                                                Singapore                        4,896
                                                         Samui
                                                         Phuket
   300                                                  Bangkok                                4,000                                      3,731                      +17%
                                                       ChiangMai                                                                                       +48%
   200                                                     160                                                               2,460        +111%
                                      119     137                                              2,000                         +300%                                   +11%
                            106                                                                              1,444                        +35%         +38%
   100                                                                                                                       +39%                                    +7%
               46                                                                                                            +23%         +19%             +5%
                                                                                                                             +36%         +12%         +10%          +10%
     0                                                                                              0
              2012          2013      2014    2015        2016               2021F                           2012            2013         2014         2015          2016

                                                                                     Minor Hotels                                                                            22
Minor Food
FINANCIAL PERFORMANCE – MINOR FOOD
2016 revenue of Minor Food increased by 24%, attributable to total-system-sales growth of 9.1%, together with the consolidation
of Australia hub in November 2015. EBITDA grew 23%, while net profit grew at a slower rate of 7%, primarily from the increase in
minority interest from the Minor DKL consolidation, together with the slowdown in 4Q16 amidst the mourning period in Thailand.
                                                                                                                                 KEY HIGHLIGHTS
THB million                                                                             +24%
                                                                                       23,022           Total-system-sales    • The Pizza Company, Burger King, Riverside
                                                     16,754
                                                                       18,626                           growth of               and BreadTalk (Thailand) reported strong
                                    15,343                                                                                      double-digit total-system-sales growth in
                   13,192
  Revenue                                                                                               9.1%                    2016.
                                                                                                        In 2016

                                                                                                        Outlet expansion      • In 2016, Burger King, BreadTalk (Thailand)
                                                                                                        of                      and SSP (restaurants in airports) achieved
                                                                                        +23%                                    the fastest outlet expansion y-y (in terms
                                                                                                        8%                      of percentage growth).
                                                                                                        in 2016
                                                                                        3,843
                                                      2,817            3,127
                                     2,759
   EBITDA          2,238                                                                                                      • Positive same-store-sales growth in 2016
                                                                                                                                was led by The Pizza Company, Burger King,
 EBITDA            17.0%            18.0%            16.8%
                                                                                                                                Riverside in China and BreadTalk (Thailand).
                                                                       16.8%            16.7%
 Margin
                                                                                                                              • Thai Express Group in Singapore continued
                                                                                        +7%             Same-store-sales        to be soft amidst challenging macro
                                                                                                        growth of               condition and intensifying competition in
                                     1,501            1,550            1,572            1,684                                    Singapore.
    NPAT            1,180                                                                               1.3%
                                                                                                        in 2016               • Despite challenges in Minor Food’s key
                                                                                                                                operating markets, the strength of its multi-
 Net
                                                                                                                                brand portfolio, its diversification strategy
 Margin              8.9%             9.8%             9.3%            8.4%              7.3%                                   and operational excellence enabled Minor
                                                                                                                                Food to maintain resilience and weather
                    2012             2013             2014             2015             2016                                    through the difficult time.
* The financials above reflect performance from operation, and therefore exclude non-recurring items as detailed on page 39

                                                                                          Minor Food                                                                         24
MINOR FOOD - INTERNATIONAL PRESENCE
MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT’s restaurant presence is now in 19 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%
             19%
                        34%       41%   46%
  75%
                                                International
  50%
             81%                                Thailand
                        66%       59%
  25%                                   54%

   0%
            2008       2015      2016   2021F
* Excludes nonrecurring gains

                    Owned

                    Franchised

                    Combination

                    Hub

                                                                Minor Food                                                   25
MINOR FOOD – OPERATIONAL PERFORMANCE
2016 total-system-sales of the restaurant business grew 9.1%, primarily from same-store-sales growth of 1.3% and outlet
expansion of 8%, mostly in Thailand and China. Thailand and China hubs achieved robust operational performance, which
helped offset negative same-store-sales growth of Singapore hub in 2016.

                         SSS & TSS GROWTH                                                RESTAURANT OUTLETS BY GEOGRAPHY

20%                                                                             International                              3,409
                                                                                Thailand
                                                                                                           +8%             39%
          15.1%
15%                    13.8%        13.1%                                                                  1,996
                                                                                                  1,851
                                                 11.2%                                             36%     36%
                                                                               1,043
                                                               9.1%                                                        61%
10%                                                                            33%
                                                                                                   64%     64%
                                                                               67%
          5.5%
 5%                                                                            2008               2015     2016            2021F

                       1.5%                                     1.3%
                                      0.4%                                               RESTAURANT OUTLETS BY OWNERSHIP
                                                  -0.2%
 0%
                                                                                Franchised                                 3,409
                                                                                Owned
                                                                                                           +8%             49%
 -5%
          2012         2013         2014          2015          2016                                       1,996
                                                                                                  1,851
No. of    1,381       1,544         1,708       1,851          1,996
                                                                                                  48%      49%
Outlets                                                                        1,043
                                                                               38%                                         51%
                                                                                                                           59%

           Same-Store-SalesGrowth            Total-System-SalesGrowth                             53%
                                                                                                  52%      50%
                                                                                                           51%
                                                                               82%
                                                                               62%

                                                                               2008               2015     2016            2021F

                                                                  Minor Food                                                       26
THAILAND HUB
  2016 RESTAURANT
REVENUECONTRIBUTION    Revenues from domestic operations accounted for almost 60% of total restaurant revenue in 2016. The Pizza
                       Company, Burger King and BreadTalk (Thailand) achieved positive same-store-sales growth, demonstrating
                       Thailand hub’s ability to maintain resilience and stay ahead of competition.
          59%
         Thailand

                    THAILAND’S SSS & TSS GROWTH                                           RESILIENT OPERATIONS
    Thailand hub’s same-store-sales growth was 3.3% in 2016, despite          Drove constant innovation of products and service across
    temporary drop of domestic consumption from the national                  all sales channels, including exclusive menus for dine-in,
    mourning period in 4Q16. The resiliency was attributable to ongoing       the new delivery unit with seats for takeaway and
    product and service innovation, together with effective marketing         enhanced digital delivery platform for delivery segment.
    and promotional campaigns.
    With consistent outlet expansion, Thailand hub saw total-system-          Launched new ice cream flavors and festive menus, as well
    sales growth of 14.8% in 2016.                                            as enhanced product presentation style to generate
                                                                              excitement and attract customer traffic.
 20%                                                                          Strengthened product offerings by reinforcing high quality
                                                                              and premium ingredients such as premium beef and
                                                                              seafood items, while driving targeted digital marketing to
 15%                                                                          strengthen customer engagement.

                                                                              Strengthened cake segment by offering more variety and
 10%                                                                          design, as well as delivery service to expand the customer
                                                                              base.

  5%                                                                          Continued expansion of both tourist & domestic market
                                                                              with localized product offerings and new store openings
                                                                              emphasizing on store visibility and accessibility.
  0%
          2012          2013       2014         2015         2016             Launched innovative products and new store formats,
                                                                              which helped increased customer traffic and revenue per
          Same-Store-SalesGrowth            Total-System-SalesGrowth          outlet.

                                                                 Minor Food                                                                27
CHINA HUB
   2016RESTAURANT
REVENUECONTRIBUTION     China hub maintained strong growth momentum and reported positive same-store-sales growth for the
     14%                fourth consecutive quarters throughout 2016. MINT is confident in the strong growth prospect of the
        China           country, supported by growing middle class and increased urbanization trend. With its 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.

                       CHINA’S SSS& TSS GROWTH                                               DRIVING GROWTH AND PRODUCTIVITY

   Same-store-sales of China operations were positive throughout the               With increased food delivery trend, Riverside has revamped its
   year in 2016 as a result of robust operational performance of all               menu format and rolled out its delivery service across most of
   three brands.                                                                   its outlet since November 2016.
   Total-system-sales growth in 2016 was 17.4%, from the strong                    Sizzler continue to strengthen its product offerings and pricing
   same-store-sales growth and disciplined outlet expansion of the                 strategy, including Salad to Go, beef menu and food delivery, to
   Riverside outlets (+9%).                                                        grow its customer base.
                       Acquisitionof                                               Thai Express is in the process of strengthen its supply chain
                         Riverside                                                 practice and operations to ensure product consistency and
 300%                                                                              profitable expansion going forward.
                                                                                   Minor food is planning to increase stake in Riverside based on
                                                                                   the original agreement with the Founders to capture the strong
                                                                                   growth prospect of the brand.
  30%
  20%
  10%
   0%
 -10%
 -20%
                2012       2013        2014      2015          2016

            Same-Store-SalesGrowth            Total-System-SalesGrowth

                                                                      Minor Food                                                                      28
AUSTRALIA HUB
   2016RESTAURANT          In 2016, Australia hub’s contribution to total restaurant business significantly increased to 15% with the
REVENUECONTRIBUTION
                           consolidation of the Australian performance, as opposed to the recognition of equity income in previous
                           years, after the increase in MINT’s shareholding from 50% to 70% in November 2015.
   15%
       Australia

                     AUSTRALIA’S SSS & TSS GROWTH                                      STABLE PERFORMANCE WITH BRIGHTER OUTLOOK

       Australia hub remained resilient, reporting flat same-store-sales           The Coffee Club, the largest contributor to the hub, performed
       growth in 2016 amidst the sluggish economy in Australia.                    well in 2016 with positive same-store-sales growth.
       Total-system-sales continued to grow by 1.9%, as Australia hub
                                                                                   The Coffee Club in the Middle East, although remain relatively
       remains cautious in expanding its outlets in the midst of
                                                                                   small, is gaining traction and achieved over 30% same-store-sales
       challenging economic environment.
                                                                                   growth in 2016.
25%
                                                                                   Veneziano Group reported solid operational performance with
                                                                                   impressive volume growth of its Veneziano coffee roasting by
20%                                                                                over 90%.

15%                                                                                Australia hub will remain cautious in outlet expansion with focus
                                                                                   on store renovation to strengthen its performance when the
                                                                                   economic condition turns around.
10%

 5%

 0%

 -5%
             2012         2013         2014       2015         2016

              Same-Store-SalesGrowth           Total-System-SalesGrowth

                                                                      Minor Food                                                                       29
SINGAPORE HUB
  2016 RESTAURANT
REVENUECONTRIBUTION      Like many other F&B operators in the market, our Singapore hub has been affected by the economic
                         slowdown and increased competition for the past two years. While still profitable, the hub is strengthening
                         its operations, including the appointment of new management, its product offerings, effective customer
       Singapore         segmentation, brand portfolio and operating platform to prepare for the economic turnaround.
       11%

                                                                                          DOMINANCE IN THAI CUISINE SEGMENT
                    SINGAPORE’S SSS& TSS GROWTH
   Same-store-sales growth of Singapore hub remained negative, but               With the aim to lead the Thai cuisine segment in Singapore, Minor
   showed an improving trend in 2016, mainly due to both key brands              Food is in the process of restructuring its Thai food brand
   - Thai Express and Xin Wang Hong Kong Café.                                   portfolio and selectively changing the concept of existing stores.
   Similarly, total-system-sales growth is seeing an improving trend in          Apart from Singapore, Thai Express is looking to expand its
   2016, although continued to be negative because of the closure of             franchise operations in Southeast Asia and elsewhere. Its
   non-performing outlets as part of its effort to rationalize its               franchise operation in Vietnam, for example, has proven to be
   portfolio.                                                                    very successful with solid same-store-sales growth in 2016.
20%

15%

10%

 5%

 0%

 -5%

-10%

-15%
             2012        2013         2014      2015         2016

             Same-Store-SalesGrowth          Total-System-SalesGrowth

                                                                    Minor Food                                                                    30
Minor Lifestyle
FINANCIAL PERFORMANCE – MINOR LIFESTYLE
2016 revenues of Minor Lifestyle was flat. The revenue increase of retail trading business was offset by the soft performance of
contract manufacturing business which faced pressure from sluggish performance of its key customers. Net profit declined by
34%, at a higher rate than the decline in revenues, because of the promotional discounts early in the year, pre-opening expenses
of the new brands and lower operating leverage of the contract manufacturing business.
                                                                                                KEY HIGHLIGHTS
                                                        flat
THB million
                        3,616     3,703      3,505      3,505
              3,412                                                  Total-system-sales        • Total-system-sales growth was primarily
 Revenue                                                             growth of                   attributable to Charles & Keith, Bossini, and
                                                                                                 Banana Republic, together with the
                                                                     8.4%                        additional sales from new brands.
                                                                     in 2016

                                                                     Same-store-sales          • Charles & Keith and Bossini reported
                                                       -11%          growth of                   positive same-store-sales growth in 2016.

                        338
                                   384                               -0.1%
              289                             300        267         in 2016
  EBITDA

                                                                     Retail trading            • 2016 revenue from retail trading
 EBITDA       8.5%      9.3%      10.4%      8.6%       7.6%                                     increased by 4%, mainly from Charles &
 Margin                                                              73%                         Keith, Banana Republic and Zwilling J.A.
                                                        -34%         of 2016 Minor Lifestyle     Henckels, together with additional sales
                                   183                               revenue                          from new brands.
                         151
              123                             124
                                                         81
  NPAT                                                               Contractmanufacturing • 2016     revenue         from     contract
                                                                                             manufacturing declined by 9% from soft
 Net
 Margin
              3.6%      4.2%      4.9%       3.5%       2.3%         27%                     performance of its key customers.
              2012      2013      2014       2015       2016
                                                                     of 2016 Minor Lifestyle
                                                                     Revenue

                                                         Minor Lifestyle                                                                    32
MINOR LIFESTYLE – OPERATIONAL PERFORMANCE
Retail trading business showed improvement of same-store-sales performance in 2016. The outlet expansion and launch of new
brands resulted in total-system-sales growth of 8.4%. However, sales per sq.m. declined due to the lower sales per sq.m. than
the average of newly launched brands, including Brooks Brothers, Etam, Radley and Anello, which are still at their ramping-up
stage.

                       SSS & TSS GROWTH                                                                          SALES PER SQ. M.

  30%                                                                           THB
                                                                              140,000

  20%
         14.6%                                                                120,000
                      12.0%
  10%                                                          8.4%                                                               105,248
                                                                              100,000           102,333
                                  3.8%                                                                          94,860
                                                                                                                                                    88,457
                                                  -3.3%                                                                                                         86,804
   0%                                                                          80,000
                    0.3%                                       -0.1%
         -2.1%                    -8.1%

 -10%                                             -6.3%                        60,000
          2012        2013        2014           2015          2016                             2012             2013              2014             2015        2016

 No.of                                                                         No.of            235              276               297              307          327
          235          276         297           307           327
 Shops                                                                         Shops

         Same-Store-SalesGrowth           Total-System-SalesGrowth                                             Fashion & CosmeticSales perSq. m.

                                                                             * Note: sales per sq.m. was restated to exclude sales of contract manufacturing.

                                                                 Minor Lifestyle                                                                                         33
Corporate Information

                        Royal Pavilion Villas by Qasr Al Sarab, UAE
CAPEX & BALANCE SHEET STRENGTH
In addition to committed CAPEX, MINT also set aside additional CAPEX for future investments and new opportunities in the
pipeline. Even with recent acquisitions, leverage ratio remains below the internal policy. With its solid balance sheet, MINT will
be able to primarily use its internal cash flow and debt financing to fund its CAPEX requirements going forward. In addition,
MINT and its senior debenture have “A+” rating by TRIS.
           CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES                                                                   LEVERAGE RATIOS
THB million                                                                     X         X
                                                                                                                                                                          Internal
 15,000                                                                         6.0      1.3                                                                               Policy
                                                                                         1.1                                                                      1.22x
                                                                                                                                                                  1.11x
                                                                                5.0      0.9
 12,000
                                                                                         0.7
                                                                                4.0      0.5
  9,000                                                                                               2012        2013          2014          2015*           2016

                                                                                3.0                      InterestBearingDebt               Net Interest Bearing
                                                                                                         to Equity                         Debt to Equity
  6,000                                                                                * 2015ratioswere restatedas a resultof additionalinformationrelatedto business
                                                                                2.0      acquisitionsof TivoliandMinor DKL groups

                                                                                                                      BACK-UP FINANCING
  3,000
                                                                                1.0
                                                                                          THB million                                   Note: Cash on handas at end of2016
                                                                                                                                              is THB 4,399 million
       -                                                                        -           80,000             Shareholders’
              2016A     2017F      2018F       2019F      2020F      2021F                                        Equity
                                                                                            60,000                40,797
                MinorFood              MinorHotels            MinorLifestyle                40,000                                                  Equity*
                                                                                                                    Debt                             7,688
              AdditionalCAPEX(non-committedaverageper annum)                                20,000                 49,832                            Debt
              forNew Opportunity/Acquisition(s)                                                                                                     29,281
                                                                                                  0
              EBITDAcoverageon committedCAPEX                                                          Outstanding Borrowing & Equity         Un-Utilized Facility
   * 2016committedCAPEXincludesthefinalstageof Tivoliacquisitionand increased
     shareholdingin thehotelportfolioin Africa                                         * IncrementalcapitalincreasefromMINT-W5exercise,assuming100%MINT-W5conversion

                                                                         CorporateInformation                                                                                   35
FIVE-YEAR ASPIRATIONS

                                                                2021F
                                                           > 250 hotels
                                                           > 300 residences built
                                     2016                  > 450 timeshare units
                                                           > 3,400 restaurants
                              155 hotels                   > 500 retail shops & POS
                              132 residences built to      (> 39,000 Sqm)
           2009               date
                              160 timeshare units
    30 hotels                 1,996 restaurants
    1,112 restaurants         327 retail shops & POS
    292 retail shops & POS    (27,507 Sqm)
    (14,275 Sqm)

                                                6.6bn                   2021F

NPAT                                                2016
(THB)   1.4bn
        2009

                             CorporateInformation                                     36
MINT’S FIVE-YEAR STRATEGY 2017-2021
Five-year strategy consists of the following three key pillars, with clear goals and measurements.

     2021
                          NPAT growth of 15-20% CAGR                                        ROIC of >14%
     Goals

                       Drive a Portfolio of Own
                       Brands, With Additional                 Maximize Asset Value             Expand Through Existing and
                      Contribution From Selected                 and Productivity              Future Strategic Investments &
                                                                                                        Acquisitions
                         International Brands
   Growth
                                                                 Strengthening of Hub /
   Pillars                                                           Cluster System

                                                              Asset-light     Mixed-use
                                                                Model         Initiatives

                     Total-system-sales growth                                                  Revenue from overseas of
                               of 15%                                                                     50%
  Measure-                                                 Improvement of margins
   ments                   Revenue growth                                                        Net profit from overseas
                             of over 10%                                                                  of 50%

                                                      CorporateInformation                                                      37
Appendix
NON-RECURRING ITEMS
MINT reported non-recurring items during 2014-2016 as detailed below

                          AMOUNT
          TIMELINE                                                     NON-RECURRINGITEMS
                        (THBMILLION)
                             490         •GainfrombargainpurchaseofhotelsinZambia
                             38          •GainfrombargainpurchaseofTivolihotelsinPortugal
                                         •AnantaraVacationClub’s(AVC)provisionofdoubtfulaccount(recordedinSG&A),
                                         whichispartofMINT’sprudentmeasurestoconservativelyprovideforpotentialbad
                            -359
                                         debtswhichmayarisefromtheaccountsreceivableofPhaseI,whichwassoldduring
                                         2010-2015

            4Q16            -223         •Oaks’generaladministrativeexpensesandprovision(recordedinSG&A)

                                         •GainfromchangingstatusofinvestmentinsomeoftheOaksproperties,whichwere
                             92
                                         offsetby;
                                         •ImpairmentchargesofcertainOaksproperties(recordedinSG&A,pre-tax),resulting
                            -136
            3Q16                         innomaterialimpactpost-taxoncorenetprofitin3Q16

                                         •GainfromchangingstatusofinvestmentinBreadTalkGroupinSingapore,from
            2Q16             136
                                         available-for-saleinvestmenttoinvestmentinassociate
            1Q16            1,932        •GainfrombargainpurchaseoftheTivoliHotels&Resorts
            4Q15                         •GainonfairvalueadjustmentofchangeinstatusofinvestmentsinMinorDKL,netted
                            1,665
                                         offwith;
                             -49         •ReductionofgainfrombargainpurchaseofOaksElanDarwinrecordedin3Q15
            3Q15             70          •GainfrombargainpurchaseofOaksElanDarwin
            1Q15             650         •GainfrombargainpurchaseofSunInternationalhotelsinAfrica
                        87(pre-tax)and   •GainfromchangingstatusofinvestmentsinSeredibHotelsPLC,fromavailable-for-
            2Q14
                        69(nettax)       saleinvestmenttoinvestmentinassociate

                                                     CorporateInformation                                              39
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