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QUARTERLY UPDATE3Q2019

2

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.

1) What’s New in 3Q/19 to Date

2) Group Performance

Appendix:

▪ Company Profile

TABLE OF CONTENTS

What’s New in 3Q/19 to Date

5

Owned Brands

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

Key Highlights

Promotions / Events:

Grand Opening of Greyhound Café Siam Centerwith concept ‘New Charm of Bangkok’

What’s New in 3Q/19 to Date

Note: : * New store includes not only new outlet, but also new location of closed store (relocation store)

** 18 franchised stores & 1 owned-flagship store

Returning of ‘Heineken Hopstail’

with 0% Alcohol

(Available @ Now – January 2020)

Special Promotion Stamp Collection to be Membership

6

Owned Brands

• 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

Key Highlights

Promotions / Events:

• Professional cafeteria business & IPD food service

• Current operation at Ramkamheng Hospital since June 2015

What’s New in 3Q/19 to Date (cont’d)

‘Two is Better Than One’

Buy an AW19 item and get another item free,

only on 11.11

(Available @ Greyhound Original flagship stores)

New Collection

‘Beautiful Chaos’Greyhound Origianl in Elle Fashion Week 2019

7

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

8

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:

Note: * Exclude catering service

** 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)

Halloween DonutsNew Dunkin' Donuts Nom Sod Promotion ‘Buy 6 Get 6 Free’

9

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:

Note: * Exclude catering service

** New store includes not only new outlet, but also new location of closed store (relocation store)

ABP x Beanbag ‘The Superfood Power’

(Available @ every stores)

New Vegetarian Burger

(Available @ every stores)

What’s New in 3Q/19 to Date (cont’d)

‘ABP Renew Tote’

Made From Recycled Plastic Bottle

(Available @ every stores)

10

Master Franchises Key Highlights

• Total store: 30 stores (3Q/19)*/**

• Upcoming store: Negotiating on potential sites in Bangkok and Major provinces

Promotions / Events:

Note: * Exclude catering service

** Non-performing stores had been closed

New Sundae Ice Cream & Drink Menus

(Available @ every stores)

Special Promotion

Flavors of the month x Angry Birds

(Now – December 2019)

What’s New in 3Q/19 to Date (cont’d)

Catering Service

on Every Special Occasion

Group Performance

Mudman Group

12

77

54 56

22

72

199

150

0

50

100

150

200

250

Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 9M18 9M19

13

(17)

(9)

(37)

7 5

(39)(5 0)

(4 0)

(3 0)

(2 0)

(1 0)

-

10

20

Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 9M18 9M19

793 816 759 741 755

2,410 2,255

-

50 0

1,0 00

1,5 00

2,0 00

2,5 00

3,0 00

Q3/18 Q4/18 Q1/19 Q2/19 Q3/19 9M18 9M19

95%

5%

Key Takeaways

EBITDA

Net Profit

Mudman Group - Key Financial Performance

Revenues

THB mm

• 3Q/19 Revenues reported THB 7455mm or YoY

growth of (4.8%) and 9M/19 Revenues reported

THB 2,255 mm or YoY growth of (6.4%), mainly

due economic slowdown, lower consumer

spending, and intense industry competition

• EBITDA in 3Q/19 reported THB 72 mm (9.6%

margin) and 9M/19 reported THB 150 mm (6.6%

margin), mainly from lower revenues

• Net margin in 3Q/19 & 9M/19 recorded 0.9% &

(1.7%) respectively

• Going forward, MM is aiming not only to boost

revenues (i.e. menu restructuring), but also

create competitive advantage on costs &

expenses (i.e. lowering SG&A) to have better

margin and performance

Food & Beverage

Fashion Lifestyle

Revenues

Breakdown

(9M/2019)

Stores * 446 449 441 423 420

EBITDA margin 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%

- 4.8% YoY

+ 1.9% QoQ

Net margin 1.6% (2.1%) (1.2%) (5.0%) 0.9% 0.2% (1.7%)

Note: * Excluded international stores

** Excluded extra expenses of THB 16 mm in 4Q/18

- 6.4% YoY

13

2.0 2.3

2.4

3.3 3.1

-0 .2

0.8

1.8

2.8

3.8

4.8

Q3/18 Q4/18 Q1/19 Q2/19 Q3/19

1,575 1,513 1,465 1,470 1,474

2,804 2,788 2,777 2,688 2,686

0.6 0.5 0.5 0.5 0.5

-7.0

-6.0

-5.0

-4.0

-3.0

-2.0

-1.0

-

1.0

-5 00

50 0

1,5 00

2,5 00

3,5 00

4,5 00

5,5 00

6,5 00

Q3/18 Q4/18 Q1/19 Q2/19 Q3/19

Liabilities Equities D/E

(1.6%)

(9.1%) (9.8%)

(12.4%)

(8.5%)

7.7%

5.3%

(4.6%)

(9.5%)

(3.6%)

-1 6%

-1 2%

-8 %

-4 %

0%

4%

8%

12%

Q3/18 Q4/18 Q1/19 Q2/19 Q3/19

SSSG - F&B TSSG - F&B

SSSG & TSSG

Mudman Group - Key Financial Performance (cont’d)

• 3Q/19 SSSG* of F&B decreased by 8.5% YoY, attributable from lower

consumer spending and intense competitions

• 3Q/19 TSSG of F&B reported (3.6%) YoY, primarily from high

competitions

• Debt-to-Equity was 0.5x as of Sep-19

• Net debt / LTM EBITDA in 3Q/19 reported 3.1x which was slightly

decrease from 3.3x in 2Q/19 due mainly to lower debt in 3Q/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

Net Debt / LTM EBITDA**

Financial Position

4,379 4,301 4,242 4,158 4,160

14

3Q/18 4Q/18 1Q/19 2Q/19 3Q/19 9M18 9M19

Net sales 755.5 770.9 726.5 707.9 720.1 2,305.1 2,154.5

COGS (296.7) (312.5) (296.1) (288.4) (299.6) (939.5) (884.1)

Gross profit 458.8 458.4 430.4 419.5 420.5 1,365.7 1,270.5

GPM 60.7% 59.5% 59.2% 59.3% 58.4% 59.2% 59.0%

Selling exp (384.2) (410.8) (382.0) (382.4) (355.4) (1,176.8) (1,119.8)

Administrative exp (89.5) (84.0) (79.0) (103.8) (79.4) (259.6) (262.2)

Other inc / (exp) 37.4 45.4 33.0 32.8 34.8 105.4 100.6

Extra items - (16.0) - - (1.0) - (1.0)

EBIT 22.5 (6.9) 2.3 (33.9) 19.5 34.6 (12.0)

Interest exp (9.4) (9.4) (9.3) (9.5) (9.7) (24.1) (28.5)

EBT 13.1 (16.3) (7.0) (43.4) 9.9 10.4 (40.5)

Tax 0.0 (1.0) (2.0) 6.3 (2.7) (5.2) 1.6

Net profit 13.1 (17.4) (9.0) (37.1) 7.1 5.2 (39.0)

NPM 1.6% (2.1%) (1.2%) (5.0%) 0.9% 0.2% (1.7%)

PPA 12.0 12.0 12.2 12.2 11.7 35.9 36.1

Net profit - excl PPA 25.1 (5.4) 3.2 (24.8) 18.8 41.1 (2.9)

NPM - excl PPA 3.2% (0.7%) 0.4% (3.4%) 2.5% 1.7% (0.1%)

EBITDA 76.5 53.9 55.8 21.9 72.1 198.6 149.9

EBITDA margin 9.6% 6.6% 7.4% 3.0% 9.6% 8.2% 6.6%

EBITDA - operating 76.5 69.9 55.8 21.9 73.2 198.6 150.9

EBITDA margin 9.6% 8.6% 7.4% 3.0% 9.7% 8.2% 6.7%

Mudman Group - Key Financial Performance (cont’d)

• Purchase Price allocation (PPA) is an

amortization of identifiable intangible assets

(foreseeable useful life) at fair value after the

acquisition

• For example, trademark, franchise agreement,

contractual agreement and order backlog

• There are three brands associating with PPA:

- Dunkin’ Donuts

- Au Bon Pain

- Greyhound Cafe

• PPA is an accounting impact only on

“Consolidated” financial statement

• Without PPA impact, net profit would turn

to positive with NPM of 1% - 3% in normal

business

Key Takeaways

PPA Implication to Our Brands

Note: (1) The different classification of cost structure is assumed for comparison perspective(2) Disregard tax implication in calculating net profit - excl PPA

15

Impact of Purchase Price Allocation (PPA) on Income Statement

• PPA will have an accounting impact on future cost and profit recognition on Mudman’s performance on the consolidated financial

statements

• Mudman will have the amortization on PPA of ~THB 44 - 45 mm per year

• However, it will not affect ability to pay dividend as those expenses does not affect separated financial statement

THB mm 2018 2019 2020 2021 2022

Total 45 44 44 44 44

25 25 25 25 25

7 7 7 7 7

13 12 12 12 12

2025

2027

2030

Note : GHF has impaired most of goodwill and intangible assets in 3Q2016; thus, there will be minimal possibility of PPA amortization for GHF in the future

Company Profile - Appendix

17

Overview

To be great, enduring company, with appealing food & lifestyle brands,

proving a healthy and quality work environment

Successful International Food & Lifestyle Brands

Trend SettersDeveloping & Caring for

Our People

18

Key Milestones

2007 - 20112006 2015201420132012

Sub Sri Thai PCL acquired

100% stakes in Mudman

Acquisition of

Thailand operation

of Baskin Robbins

Khon Kaen Sugar Industry

PCL subscript capital

increase (9.3% stake)

Capital increase

to THB 843 mm

Capital increase

to THB 525 mmCompany registration

Sub Sri Thai PCL (SST)

A documentary/goods storage service provider with attractive cash flow

streams enabling SST to continuously raise fund via property funds/REIT

to fuel growth with market capitalization of ~THB 2,000 mm

Khon Kaen Sugar Industry PCL (KSL)

One of the largest Thailand’s sugar producers with vision to diversify into

many business ventures with market capitalization of ~THB 11,000 mm

Capital increase

to THB 300 mm

Create catering services

at Ramkamheng hospital

(cafeteria and IPD)

Open in Mar 2015

Acquisition of

Greyhound Original

& Cafe

2016

Public

Conversion

2017

Capital increase

to THB 1,055 mm

Acquisition of

Le Grand Vefour

2018

Bond issuance of

THB 497 mm

Master franchisee of

Dunkin Donuts (1981)

Au Bon Pain (1996)

19

799 857987 1,036

1,150

1,421

1,627

1,855

2,235

2,8892,992 2,970

3,233

170 188 207 224 240 258 301 349 370 389 441 433 447

98 92

104 109

135

192

224 232

216

253 255

238 253

-50

-

50

100

150

200

250

300

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Total Revenues (THB mm) No. of Stores EBITDA (THB mm)

Solid Operational Platform & Strong Growth Capabilities

Acquisition of

Thailand operation

of Baskin Robbins

ORGANIC INORGANIC

Global Brand Acquisition

Selective International

Franchising

Operational Excellence

Consolidation of Systems

and Infrastructures

Intensive International

Expansion

Create catering services

at Ramkamheng hospital

(cafeteria and IPD)

Note: (1) Excluded international stores & some types of local stores (catering / booth / convention stores)

(2) Included Greyhound in 2014 onward

Acquisition of

Greyhound

Original & Cafe

Acquisition of

Le Grand Vefour

Master franchisee of

Dunkin Donuts (1981)

Au Bon Pain (1996)

20

64.3%

7.5%

28.3%Others

Mudman at a Glance

Shareholding Structure

Business Overview

Note: As of Mar 2019

Food & Beverage

Ow

ned

bra

nd

Maste

r F

ran

ch

isee

Premier Asian Player

Lifestyle

Nadim Xavier Salhani

CEO

• A proven track record of successful turnaround

• Over 15 years experience in Food & Beverage retail

business with leading international brands including

Starbucks, Auntie Anne’s Pretzel, Au Bon Pain and

Dunkin Donuts

• Joined Mudman Group in 2003

Hansa Sermsri

CFO

• Over 20 years in accounting and finance

• Joined Mudman Group in 2006

• Previously with Excel Distribution, Motorola, Taylor

Nelson Sofres

Wimonrat Asawachavisit

VP - Supply Chain

• Over 19 years solid experience in supply chain

management

• Joined Mudman Group in 1996

• Previously with Asia Food & Machinery

Lapaporn Tiasakul

Managing Director

• Au Bon Pain

• Over 18 years in F&B retail business

• Joined Mudman Group in 2003

• Previously with Starbucks, Auntie Anne’s Pretzel,

The Brooker Group and IMRS

Management Team

1

2

4

3

32 41

21

Mudman at a Glance (cont’d)

Golden Donut (Thailand) Co.,Ltd.

ABP Café (Thailand)

Co.,Ltd.Greyhound Co.,Ltd.Golden Scoop

Co.,Ltd.

100% 100% 100% 100% 100%

Greyhound Café Co.,Ltd.

GHC Café (UK) Co.,Ltd.

100%

100%

SLVH SAS*

Mudman International Co.,Ltd.

100%

Note : * Societe Langonnaise des Vins et Hotelleries SAS (SLVH)

22

Mudman at a Glance (cont’d)

Brands Key ConceptsOutlets

(3Q/19)

Ow

ned

Bra

nd

s

Fashion café in a stylish casual dining experience with food concept ….

“Basic with a Creative Twist”

Thailand (19)

Hong Kong (10)

China (4)

Malaysia (2)

Singapore (1)

Indonesia (1)

London (1)

A gastronomical restaurant in Paris ….. Jewel of the 18th century "art

décoratif" Le Grand Véfour has been the finest gourmet rendez-vous of the

Parisian political, artistic and literary society for more than 200 years

1

Catering services business with current operation at Ramkamheng hospital

(cafeteria and IPD)1

Liftstyle brand with “Stylish + Sophisticate + Creative + Contemporary”

concepts …. Simple, but Never Boring

Lifestyle Fashion (11)

Coffee Café (1)

Ma

ste

r F

ran

chis

ee Premium imported ice-cream from the USA 30

“Healthy café bakery” in premier locations of leading department stores,

hospital and office/residential buildings74

“Enjoy Your Moment” with a leading American coffee & donut from numerous

stores nationwide293

Mudman Public Company Limited

33/4 The 9th Towers Grand Rama 9, 18th Fl., Tower A, Rama 9 Road, Huaykwang, Huaykwang, Bangkok 10310, Thailand

Tel: +662 079 9765

Fax: +662 079 9755

Website: www.mudman.co.th

Email: IR@mudman.co.th