QUARTERLY UPDATE 1Q2017 Disclaimer This presentation contains - PowerPoint PPT Presentation

QUARTERLY UPDATE 1Q2017

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/17 to Date 2) Group Performance Appendix:  Company Profile

What’s New in 1Q/17 to Date Complicated Noodle …. “You need to do a bit of work here but worth every bites” Tons of Crab with Fried Rice “Not Fried Rice with Crab but Reversing role between rice and crab and you get a wonderful twist of amazing tastes and textures” Salmon Sashimi with Thai Spicy Sauce “People always ask: Do you sell this sauce alone? I want to take it home” Grilled Meat on Skewer with Sticky Rice “One of Thailand’s popular street food breakfast”

What’s New in 1Q/17 to Date Owned Brands Key Highlights DOMESTIC (16 stores*): • New store: Another Hound Café - Central Embassy (Feb-17) Greyhound Café @ Bluport Hua Hin (Mar-17) • Upcoming store: 1 st store in Pattaya (2Q/17) INTERNATIONAL (14 stores*): • New store : Singapore: 1 st store (Dec-16) • Upcoming store : Franchising Model: - Malaysia: 2 nd store by 2Q/16 - Indonesia: 1 st store by 3Q/16 - Potential partners in various countries (i.e. Taiwan, Middle East and South Korea) Owned-Store Model: - London: 1 st Flagship store in 4Q/17 Promotions / Events: “Osaka with a Twist” Birthday Gift for Greyhound Members (May 1 – June 30, 2017) Note: : * As of 1Q17 5 ** New store includes not only new outlet, but also new location of closed store (relocation store)

What’s New in 1Q/17 to Date (cont’d) Owned Brands Key Highlights • Total store: 13 stores • New Business Concept: To leverage creativity & twist of Greyhound brands to create unique concepts & products Promotions / Events: Greyhound Life Juice Sand Bag Collection Smileyhound Collection @ GHC / AHC in BKK (Apr 1 – Jun 30, 2017) • Professional cafeteria business & IPD food service • Current operation at Ramkamheng Hospital since June 2015 6 Note: * New store includes not only new outlet, but also new location of closed store (relocation store)

What’s New in 1Q/17 to Date (cont’d) Master Franchises Key Highlights • Total store: 295 stores (1Q/17)* • New store**: Future Park, B Floor (Mar-17) • Upcoming store: The Little Walk Bangna (2Q/17) Cosmo Bazaar (2Q/17) Seacon Square (2Q/17) Promotions / Events: Buy 6 Get 6 FREE DD Beverages DD Card (6 th of every month) (Summer Refreshment) (Available @ every stores) Note: * Exclude catering service 7 ** New store includes not only new outlet, but also new location of closed store (relocation store)

What’s New in 1Q/17 to Date (cont’d) Master Franchises Key Highlights • Total store: 75 stores (1Q/17)* • New store**: The JAS Urban Srinakarin (Jan-17), Vejthani Hospital (Feb-17), Phayathai 3 Hospital (Mar-17), The Little Walk – Bangna (Mar-17) • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: ABP Summer Menus ABP Premium Catering Services 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/17 to Date (cont’d) Master Franchises Key Highlights • Total store: 33 stores (1Q/17)* • New Menus: Flavor of the month, Crepe, Waffle, Cold Brew Coffee, and more products • Upcoming store: Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: 31% Off Handpacks Mango Delight Cold Brew Coffee FLOAT (Available only on every 31 st @ every stores) Summer Menus (Available @ every stores) (Available @ selected stores) Note: * Exclude catering service 9

Group Performance Mudman Group Only @ Greyhound Café Hua Hin (Bluport)

Mudman Group - Key Financial Performance Key Takeaways THB mm + 0.1% YoY 762 765 - 2.3% QoQ • 1Q/17 revenues reported THB 738 mm or flat 760 755 Revenues growth YoY, mainly due to economic slowdown 755 750 and lower consumer spending 745 738 738 737 • 740 EBITDA in 1Q/17 reported THB 63 mm (8.6% 735 margin) which is lower from 1Q/16 (9.5% margin) 730 primarily due to higher SG&A in 1Q/17 (61.0%) 725 which mainly from staff expenses, rental & 720 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 services costs in accordance with expanding Stores * 406 411 425 441 433 number of stores EBITDA 70 80 68*** 63 59 • 59 Net margin in 1Q/17 and 1Q/16 recorded (2.1%) 60 and (0.8%) respectively, resulting from non-cash 40 items (Purchase Price Allocation) and high 20 industry competition 0 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 (20) • Going forward, MM will have no major concern on (40) the impairment of GHF and will continue to (60) (80) implement tactical strategies, marketing efforts (87) (100) and efficient cost control to ensure strong growth EBITDA margin 9.5% 8.1% 8.9%*** 7.8% 8.6% and healthy financial statement %SG&A/Revenues 58.8% 60.8% 58.4%*** 61.2% 61.0% - Net Profit (6) (8)*** (20) (14) (16) (17) 5% (40) (60) Revenues (80) Food & Beverage Breakdown (100) Fashion Lifestyle (1Q/17) (120) 95% (132) (140) Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Net margin (0.8%) (1.8%) (1.0%)*** (2.3%) (2.1%) Note: * Excluded international stores ** Allocating loss based on EBITDA contribution 11 *** Excluded impairment loss

Mudman Group - Key Financial Performance (cont’d) SSSG & TSSG Financial Position 6,500 2.00 11.2% 1.10 1.09 12% 0.90 0.86 0.86 5,500 1.00 6.4% 6.3% 8% 4,500 3,895 3,955 3,814 3,780 3,761 - 6.3% 3,500 4% 1.6% 2,138 2,124 1,815 -1.00 1,799 (0.2%) 1,993 2,500 0% -2.00 (0.2%) 1,500 (1.9%) 1,999 1,962 1,847 1,831 1,787 -4% (2.6%) (3.4%) -3.00 500 -8% Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 -500 -4.00 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Liabilities Equities D/E SSSG - F&B TSSG - F&B Net Debt / LTM EBITDA** • 1Q/17 same-store-sale-growth (SSSG)* of F&B decreased by (2.6%) YoY, attributable to deteriorating retail sector and economic downturn 5.8 4.7 • Total-system-sales-growth (TSSG)* of F&B reported +1.6% YoY, 4.8 4.1 3.9 3.9 primarily from the on-going store expansion at selective locations 3.6 3.8 • Debt-to-Equity is 1.09x as of Mar-17, slightly lower from 1.10x at the year-ended Dec-16 2.8 • Net debt / LTM EBITDA in 1Q/17 reported 4.7x higher from 3.9x at 1.8 Dec-16, primarily due to higher outstanding interest bearing debt (i.e. 0.8 loan for dividend payout which has been repaid by IPO proceed) -0.2 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 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 (without impairment loss in 3Q/16) 12