QUARTERLY UPDATE 3Q2019 Disclaimer This presentation contains - PowerPoint PPT Presentation

QUARTERLY UPDATE 3Q2019

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 3Q/19 to Date 2) Group Performance Appendix: Company Profile ▪

What’s New in 3Q/19 to Date

What’s New in 3Q/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**): • Upcoming store : Negotiating with potential partners in major countries / cities Promotions / Events: Returning of ‘Heineken Hopstail ’ Grand Opening of Greyhound Café Siam Center Special Promotion with concept ‘New Charm of Bangkok’ Stamp Collection to be Membership with 0% Alcohol (Available @ Now – January 2020) Note: : * New store includes not only new outlet, but also new location of closed store (relocation store) 5 ** 18 franchised stores & 1 owned-flagship store

What’s New in 3Q/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: ‘Two is Better Than One’ New Collection Greyhound Origianl in Elle Fashion Week 2019 ‘Beautiful Chaos’ Buy an AW19 item and get another item free, only on 11.11 (Available @ Greyhound Original flagship stores) • Professional cafeteria business & IPD food service • Current operation at Ramkamheng Hospital since June 2015 6

What’s New in 3Q/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 3Q/19 to Date (cont’d) Master Franchises Key Highlights • Total store: 293 stores (3Q/19)* • New store**: Makro Lardkrabang (Jul-19) Big C Sukhapiban 5 (Jul-19) Harbourland Gateway Bang Sue (Aug-19) Makro Charansanitwong (Sep-19) • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: Promotion ‘Buy 6 Get 6 Free’ New Dunkin' Donuts Nom Sod Halloween Donuts 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 3Q/19 to Date (cont’d) Master Franchises Key Highlights • Total store: 74 stores (3Q/19)* • New store : Metro Mall Chatuchak (Jan-19) Bumrungrad Hospital – New Building (Mar-19) Sikarin Hospital (May-19) Little Walk Pattaya (Jun-19) • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: ABP x Beanbag ‘The Superfood Power’ ‘ABP Renew Tote’ New Vegetarian Burger (Available @ every stores) (Available @ every stores) Made From Recycled Plastic Bottle (Available @ every stores) 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 3Q/19 to Date (cont’d) Master Franchises Key Highlights • Total store: 30 stores (3Q/19)* / ** • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: New Sundae Ice Cream & Drink Menus Special Promotion Catering Service Flavors of the month x Angry Birds on Every Special Occasion (Available @ every stores) (Now – December 2019) Note: * Exclude catering service 10 ** Non-performing stores had been closed

Group Performance Mudman Group

Mudman Group - Key Financial Performance THB mm - 6.4% YoY Key Takeaways Revenues 3,0 00 • 2,410 3Q/19 Revenues reported THB 7455mm or YoY 2,255 2,5 00 - 4.8% YoY growth of (4.8%) and 9M/19 Revenues reported + 1.9% QoQ 2,0 00 THB 2,255 mm or YoY growth of (6.4%), mainly 1,5 00 due economic slowdown, lower consumer 816 793 759 755 741 1,0 00 spending, and intense industry competition 50 0 • - EBITDA in 3Q/19 reported THB 72 mm (9.6% Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 9M18 9M19 margin) and 9M/19 reported THB 150 mm (6.6% Stores * 446 449 441 423 420 250 margin), mainly from lower revenues 199 EBITDA 200 150 • Net margin in 3Q/19 & 9M/19 recorded 0.9% & 150 (1.7%) respectively 100 77 72 56 54 • Going forward, MM is aiming not only to boost 50 22 revenues (i.e. menu restructuring), but also 0 create competitive advantage on costs & Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 9M18 9M19 EBITDA margin expenses (i.e. lowering SG&A) to have better 9.6% 6.6% 7.4% 3.0% 9.6% 8.2% 6.6% %SG&A/Revenues 58.8% 60.6%** 60.7% 65.6% 57.6% 59.6% 61.3% margin and performance Net Profit 20 13 7 10 5 5% - (1 0) (9) (2 0) Revenues (17) Food & Beverage Breakdown (3 0) Fashion Lifestyle (9M/2019) (4 0) (37) (39) 95% (5 0) Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 9M18 9M19 Net margin 1.6% (2.1%) (1.2%) (5.0%) 0.9% 0.2% (1.7%) 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 12% 0.6 0.5 0.5 0.5 0.5 7.7% 6,5 00 1.0 5.3% 8% - 5,5 00 4% 4,301 4,379 4,242 -1.0 4,160 4,158 4,5 00 0% -2.0 (3.6%) (4.6%) 3,5 00 (1.6%) -4 % 2,804 2,788 -3.0 2,777 2,688 2,686 (9.5%) 2,5 00 -8 % -4.0 (8.5%) (9.1%) 1,5 00 (9.8%) -5.0 -1 2% 1,575 1,513 1,474 1,465 1,470 (12.4%) 50 0 -6.0 -1 6% Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 -7.0 -5 00 SSSG - F&B TSSG - F&B Liabilities Equities D/E • 3Q/19 SSSG* of F&B decreased by 8.5% YoY, attributable from lower Net Debt / LTM EBITDA** consumer spending and intense competitions 4.8 • 3Q/19 TSSG of F&B reported (3.6%) YoY, primarily from high competitions 3.8 3.3 3.1 • Debt-to-Equity was 0.5x as of Sep-19 2.4 2.8 2.3 2.0 • Net debt / LTM EBITDA in 3Q/19 reported 3.1x which was slightly 1.8 decrease from 3.3x in 2Q/19 due mainly to lower debt in 3Q/19 0.8 -0 .2 Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 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