QUARTERLY UPDATE 1Q2019 Disclaimer This presentation contains - PowerPoint PPT Presentation

QUARTERLY UPDATE 1Q2019

Disclaimer This presentation contains certain forward looking statements. Such forward looking statements (the words "believe“, "anticipate“, "estimate“, "target“, or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations) are not guarantees of future performances or events and involve risks and uncertainties, and actual results may differ from those in the forward looking statements as a result of various factors and circumstances. The views, analyses and opinions expressed herein contain some information derived from publicly available sources and third party information providers. Mudman Public Company Limited and its affiliates (“ Mudman ”) undertakes no representation or warranty is made as to the accuracy, completeness, or reliability of such information and no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Mudman makes no representation whatsoever about the opinion or statements of any analyst or other third party. Mudman 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. Nothing in this presentation should be construed as either an offer to sell, a solicitation of an offer to buy or sell shares or any type of securities in any jurisdiction. This presentation is not intended to be any type of investment advice and must not be relied upon as such. You must always seek the relevant professional advice before otherwise making any such financial, legal or commercial decisions. 2

TABLE OF CONTENTS 1) What’s New in 1Q/19 to Date 2) Group Performance Appendix: Company Profile 

What’s New in 1Q/19 to Date

What’s New in 1Q/19 to Date Owned Brands Key Highlights DOMESTIC (19 stores*): • New store : Nang Linchee / Icon Siam • Upcoming store : Negotiating on potential sites in Bangkok and Major provinces INTERNATIONAL (19 stores**): • New store : Hong Kong – Element ….. Franchised store Hong Kong - Tseung Kwan O (Popcorn) ….. Franchised store • Upcoming store : Negotiating with potential partners in major countries / cities Promotions / Events: Special Menu (Northern & Southern Menus) Customized Highball Drink Workshop 15 Feb 2019 – 15 May 2019 Note: : * New store includes not only new outlet, but also new location of closed store (relocation store) ** 18 franchised stores & 1 owned-flagship store 5

What’s New in 1Q/19 to Date (cont’d) Owned Brands Key Highlights • Total store: 11 stores (Fashion Lifestyle) & 1 store (Cafe Concept) • New Business Concept: To leverage creativity & twist of Greyhound brands to create unique concepts & products Promotions / Events: Wall Street Collage Collection Greyhound Original Flagship Store Smileyhound Collection Central Lardprao 2 Fl. • Professional cafeteria business & IPD food service • Current operation at Ramkamheng Hospital since June 2015 6

What’s New in 1Q/19 to Date (cont’d) Owned Brands Key Highlights • Total store: 1 stores • A gastronomical restaurant in Paris (2-Michellin stars) with more than 200 years • New Business Concept: MM and chef Guy Martin are studying on potential locations and developing new concepts 7

What’s New in 1Q/19 to Date (cont’d) Master Franchises Key Highlights • Total store: 297 stores (1Q/19)* • New store**: Pantip Chiang Mai (Nov-18) Suan Nongnooch Pattaya (Dec-18) Lotus Borabue Maha Sarakham (Dec-18) Metro Mall Chatuchak (Jan-19) • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: Special Promotions DD Card (Available @ Every Stores) (Member Card) Note: * Exclude catering service 8 ** New store includes not only new outlet, but also new location of closed store (relocation store)

What’s New in 1Q/19 to Date (cont’d) Master Franchises Key Highlights • Total store: 78 stores (1Q/19)* • New store : Metro Mall Chatuchak (Jan-19) Bumrungrad Hospital – New Building (Mar-19) • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: BON to GO Special Menu : Summer Blast Salad Box (Available @ every stores) (Available @ Metro Mall MRT Chatujak) Note: * Exclude catering service 9 ** New store includes not only new outlet, but also new location of closed store (relocation store)

What’s New in 1Q/19 to Date (cont’d) Master Franchises Key Highlights • Total store: 32 stores (1Q/19)* / ** • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: Special Menu New Flavor of the month Special Promotion Little Mermaid Sundae & Little Mermaid Blast (Only 69 Baht) (Available @ every stores) (Available @ every stores) Note: * Exclude catering service 10 ** Non-performing stores had been closed

Group Performance Mudman Group

Mudman Group - Key Financial Performance THB mm Key Takeaways 830 816 Revenues 814 820 806 • 1Q/19 Revenues reported THB 759 mm or YoY 810 - 5.8% YoY 795 800 - 7.0% QoQ growth of -5.8%, mainly due economic slowdown, 790 lower consumer spending, and intense industry 780 770 competition 759 760 750 • EBITDA (Normal Operation) in 1Q/19 reported 740 THB 56 mm (7.4% margin) which is slightly lower 730 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 than 1Q/18 (7.6% margin) Stores * 432 441 446 449 441 90 77 EBITDA 80 • Net margin in 1Q/19 recorded (1.2%) 70 61 61 56 54 60 • Net margin (Normal Operation) in 4Q/18 recorded 50 THB (1.0) mm or NPM of (0.2%) 40 30 20 • Going forward, MM is aiming not only to boost 10 revenues (i.e. menu restructuring), but also 0 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 create competitive advantage on costs & EBITDA margin 7.6% 7.5% 9.6% 6.6% 7.4% expenses (i.e. lowering SG&A) %SG&A/Revenues 59.6% 58.4% 58.8% 60.6%** 60.7% 13 15 Net Profit 10 5 5% - (0) (5) Revenues Food & Beverage Breakdown (8) (10) (9) Fashion Lifestyle (1Q/2019) (15) 95% (17) (20) Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Net margin (1.0%) (0.0%) 1.6% (2.1%) (1.2%) Note: * Excluded international stores 12 ** Excluded extra expenses of THB 16 mm in 4Q/18

Mudman Group - Key Financial Performance (cont’d) SSSG & TSSG Financial Position 0.6 0.5 0.5 0.5 0.5 6,500 1.0 20% 16.4% - 16% 5,500 9.3% 12% 4,379 -1.0 4,256 4,301 7.7% 4,236 4,242 4,500 5.3% 8% -2.0 3,500 4% 2,804 2,788 -3.0 2,791 2,777 2,837 3.5% 0% 2,500 (4.6%) -4.0 (2.4%) (1.6%) -4% 1,500 -5.0 -8% 1,575 1,513 1,465 1,465 1,399 500 (9.1%) -6.0 -12% (9.8%) Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 -500 -7.0 SSSG - F&B TSSG - F&B Liabilities Equities D/E • 1Q/19 SSSG* of F&B decreased by 9.8% YoY, attributable from lower Net Debt / LTM EBITDA** consumer spending and intense competitions 4.8 • 1Q/18 TSSG of F&B reported (4.6%) YoY, primarily from high 3.8 competitions 2.4 • 2.8 Debt-to-Equity was 0.5x as of Mar-19 2.3 2.2 2.2 2.0 • Net debt / LTM EBITDA in 1Q/19 reported 2.4x with range of 2.0x – 1.8 2.3x in 2018 0.8 -0.2 Q1/18 Q2/18 Q3/18 Q4/18 Q1/19 Note: * SSSG is calculated based on operating stores in the same comparing period (i.e. exclude stores operating only two months in comparing quarter) ** Last-twelve-month EBITDA 13

Mudman Group - Key Financial Performance (cont’d) 1Q/18 2Q/18 3Q/18 4Q/18 1Q/19 Key Takeaways Net sales 768.5 782.9 757.5 770.9 726.5 • Purchase Price allocation (PPA) is an COGS (321.8) (330.5) (305.3) (312.5) (296.1) amortization of identifiable intangible assets Gross profit 446.7 452.4 452.2 458.4 430.4 (foreseeable useful life) at fair value after the GPM 58.1% 57.8% 59.7% 59.5% 59.2% acquisition • For example, trademark, franchise agreement, Selling exp (389.0) (387.6) (417.2) (410.8) (382.0) contractual agreement and order backlog Administrative exp (91.0) (87.4) (50.0) (84.0) (79.0) Other inc / (exp) 37.3 30.7 37.4 45.4 33.0 • There are three brands associating with PPA: Extra items - - - (16.0) - - Dunkin’ Donuts EBIT 4.1 8.0 22.5 (6.9) 2.3 - Au Bon Pain Interest exp (7.5) (7.2) (9.4) (9.4) (9.3) - Greyhound Cafe EBT (3.4) 0.8 13.1 (16.3) (7.0) • PPA is an accounting impact only on “Consolidated” financial statement Tax (4.4) (0.8) 0.0 (1.0) (2.0) Net profit (7.8) (0.0) 13.1 (17.4) (9.0) • Without PPA impact, net profit would turn NPM (1.0%) (0.0%) 1.6% (2.1%) (1.2%) to positive with NPM of 1% - 3% PPA 11.9 12.0 12.0 12.0 12.2 Net profit - excl PPA 4.1 11.9 25.1 (5.4) 3.2 PPA Implication to Our Brands NPM - excl PPA 0.5% 1.5% 3.2% (0.7%) 0.4% EBITDA 61.3 60.8 76.5 53.9 55.8 EBITDA margin 7.6% 7.5% 9.6% 6.6% 7.4% Note: (1) The different classification of cost structure is assumed for comparison perspective 14 (2) Disregard tax implication in calculating net profit - excl PPA