[PPT] - U CITY PCL 1Q 2020 EARNINGS PRESENTATION 20 MAY 2020 Vienna House PowerPoint Presentation

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Prepared by Investor Relations Department

U CITY PCL

1Q 2020 EARNINGS PRESENTATION

20 MAY 2020

U CITY PCL

Vienna House MQ Kronberg im Taunus

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Prepared by Investor Relations Department

U CITY PCL

Address: U City Public Company Limited IR Department 20th Floor, TST Tower, 21 Soi Choei Phuang, Viphavadi-Rangsit Rd. Chomphon, Chatuchak, Bangkok, Thailand 10900 Telephone: +66(0) 2273 8623 Fax: +66(0) 2273 8858 Email: ir@ucity.co.th Website: www.ucity.co.th

This document has been prepared and distributed by the Investor Relations Department of U City Public Company Limited (“U City”) solely for information

purposes. It does not represent or constitute an offer, invitation, recommendation or solicitation to trade shares in U City and should not be relied on as
such. Some of the information in this document has not been independently verified, and also includes information made available from public sources and other

third party opinion or analyst. U City does not monitor or control the content of third party opinion or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statements. Thus, U City assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the information described herein. None of U City or any of its agents, or all of their respective affiliates, or representatives shall have any liability (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. All information contained in this document is presented as of the date indicated within, and U City assumes no duty to confirm, revise or update the information. Certain statements in this document may be deemed to contain forward-looking statements, including the statements included or incorporated with 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. These forward-looking statements 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. Thus, U City assumes no responsibility and makes no representations with respect to the accuracy and/or completeness of the forward-looking statements. U City undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DISCLAIMER IR CONTACT

2

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U CITY PCL

CONTENTS

3 Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendices

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U CITY PCL

KEY HIGHLIGHTS 1Q 2020

4

The new opening of Vienna House MQ

Kronberg im Taunus hotel. The 96-key

perating leased hotel in Kronberg, Germany,

was fully launched on 13 February 2020 under Vienna House brand.

Termination of management contracts
f 2 managed hotels in Europe. EBITDA

up THB 57mn

Acquisition and disposal of the ordinary

shares with Sansiri. U City acquired all shares in BSH 15 and disposed its stakes in BSH20, BSH24, and BSH25.

Adoption of TFRS9 and TFRS16. As a

result, total assets and total liabilities surged by THB 11bn. Net profit diluted by the increase in depreciation and finance cost. D/E ratio and Net D/E ratio were amplified.

COVID-19
utbreak

significantly affects the Group’s business activities. 53 hotels out

f 57 hotels in the portfolios were closed

since the 2nd half of March 2020, and this is significantly impacting the Group’s financial performance at present, and is expected to do so in the future.

+222.5% YoY +42.0% YoY

Total Revenues

THB 1,992mn

Net Loss

(807)mn vs

Net D/E Ratio

0.98x vs

0.48x (31 Dec 2019) Total Assets

THB 66.2bn

+36.3% YoY

Key Developments in 1Q 2020

+23.7% from 31 Dec 2019

Section 1: Financial Performance

Vienna House MQ Kronberg im Taunus Vienna House MQ Kronberg im Taunus

(238)mn (1Q 2019)

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THB mn 1Q 2020 1Q 2019 % YoY 4Q 2019 % QoQ Total Revenues 1,992.4 1,461.9 36.3% 4,109.1 (51.5%) Operating Revenue 1,486.6 1,347.6 10.3% 2,205.3 (32.6%) Gross Operating Profit (GOP) 770.1 766.0 0.5% 1,267.5 (39.2%) SG&A (1) (743.8) (700.0) 6.3% (1,054.8) (29.5%) EBITDA 33.1 131.6 (74.9%) 2,116.5 (98.4%) Share of Profit (Loss) from JVs/Associates (238.4) (22.5) (962%) 99.4 n.a. Finance Cost (281.2) (193.6) 45.2% (194.2) 44.8% Net Profit (806.6) (238.4) (238%) 1,752.2 n.a. GOP Margin 51.8% 56.8% 57.5% Operating EBITDA Margin (1) 26.2% 12.3% 19.7% EBITDA Margin 1.7% 9.0% 51.5% Net Profit Margin (40.5%) (16.3%) 42.6%

Note: (1) Exclude FX gain/(loss), impairments and Gain from MCL divestment

FINANCIAL PERFORMANCE OVERVIEW

5

PROFIT & LOSS 1Q 2020 REVENUE GROWTH CONTRIBUTION 1Q 2020 REVENUE CONTRIBUTION BY SEGMENT

* Others Include interest income, FX gain, and others

THB mn Section 1: Financial Performance

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FINANCIAL PERFORMANCE OVERVIEW

6 Section 1: Financial Performance

JV Siri & Noble

211mn

UBM JV

19 mn

Others

8 mn

Vienna House SG&A 540mn (73%) Mainly unrealised loss from loan revaluation Vienna House GOP 544mn (71%) Thai hotels GOP 142mn (19%) (THB mn) Gain from sale of JVs 123mn Interest income 118mn Mgt contract termination (Net) 57mn Overseas loan 218mn Loan BTSG 63mn

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BALANCE SHEET & CASH FLOW

7

CAPEX & PROPERTY INVESTMENTS 3M CASH FLOW

* Others includes translation adjustment and cash & cash equivalents of subsidiaries which classified as assets held for sale

Section 1: Financial Performance

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DEBT STRUCTURE

8

KEY RATIOS BREAKDOWN BY INTEREST BREAKDOWN BY CURRENCY

Section 1: Financial Performance Weighted Average Cost of Debt 4.2% Weighted Average Maturity of Debt 7.2 Years Current Debt Non-Current Debt THB 8,260mn THB 22,948mn Total Interest Bearing Debt 31 Mar 2020: 31,209mn 31 Dec 2019: 17,595mn D/E Ratio 31 Mar 2020: 1.05x 31 Dec 2019: 0.58x Net D/E Ratio 31 Mar 2020: 0.98x 31 Dec 2019: 0.48x

THB 48% EUR 51% GBP 1%

Fixed Rate 9% Floating Rate 91% Note: * Current and Non-current debt Include Lease liabilities

EUR 50% THB 49%

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CONTENTS

9 Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendices

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1. HOSPITALITY SEGMENT OVERVIEW

10 Section 2: Operational Performance

UPCOMING KEYS TIMELINE FROM 2020 TO 2024 BREAKDOWN OF REVENUE BY TYPE & SOURCE (%) OPERATING EBITDA (THB mn) & MARGIN (%) TOTAL HOTEL KEYS

( ) = no of hotels Note: All figures above, except for operating EBITDA are based on management accounts which haven’t been subject to eliminations and adjustments

Keys 10,076 9,579 9,875 9,915 11,707 11,717 11,749 11,084 16,229 15,583 17,122 16,419 18,508 18,916 20,037 19,941 26,305 25,162 26,997 26,334 30,215 30,636 31,786 31,025 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q'19 1Q '20 Operational Keys Pending Keys Type 2020 2021 2022 2024 Total Owned 521 (1) 521 (1) Leased 568 (3) 730 (2) 80 (1) 1,378 (6) Managed 2,718 (10) 8,479 (15) 6,845 (8) 18,042 (33) Total 2,718 (10) 9,047 (18) 8,096 (11) 80 (1) 19,941 (40) 66 95 132 105 59 88 119 60 267 357 123 80 320 288 216 120 333 452 255 185 379 376 335 180 21.7% 28.3% 16.0% 14.9% 19.8% 18.3% 16.2% 13.4% 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 Operating EBITDA Thailand Operating EBITDA Overseas Operating EBITDA Margin 59.8% 60.5% 58.2% 60.2% 44.5% 42.9% 42.9% 44.5% 28.9% 27.4% 29.5% 29.8% 45.5% 46.0% 46.8% 46.5% 11.3% 12.1% 12.3% 10.0% 9.9% 11.1% 10.3% 9.0% 19.3% 21.0% 23.6% 29.8% 15.0% 15.8% 18.3% 20.8% 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 Owned Operating lease Manange (including JV) Thai sourced revenue

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1.1 HOSPITALITY SEGMENT - OWNED AND OPERATING LEASED HOTELS OVERSEAS

11

REVENUE BREAKDOWN (THB mn) GROSS OPERATING PROFIT (THB mn) & MARGIN (%)

Note: All figures above are based on management accounts which haven’t been subject to eliminations and adjustments. Owned hotels include freehold & financial lease hotels

INDUSTRY OCCUPANCY RATES OF KEY EUROPEAN MARKETS (%)

Sources: Eurostat, STR

HOTEL ADR (THB), OCCUPANCY RATE (%) & REVPAR (THB)

Section 2: Operational Performance

45.3% 52.5% 64.3% 63.9% 61.2% 80.9% 73.8% 72.0% 42.4% 37.0% 47.0% 53.5% 51.5% 65.7% 73.9% 70.9% 70.2% 48.9% 34.3% 42.0% 49.4% 45.7% 61.6% 75.7% 70.2% 69.2% 45.3% 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q'19 1Q '20 Czech Republic Germany Poland

2,913 2,878 2,949 2,661 3,003 2,788 2,740 2,656 2,054 2,039 1,937 1,548 2,160 2,073 1,866 1,277 70.5% 70.9% 65.7% 58.2% 71.9% 74.4% 68.1% 48.06% 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q'19 1Q '20 ADR RevPar %OCC

296 307 298 159 279 290 269 94.00 166 141 172 109 352 350 320 101.00 462 448 470 268 630 640 589 195.00 40.2% 39.6% 40.1% 30.0% 38.5% 37.3% 34.3% 18% 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 2Q '19 4Q' 19 1Q '20 Owned Operating leased GOP Margin 722 721 707 527 695 693 664 425 429 409 466 369 941 1,023 1,053 679 1,151 1,130 1,173 896 1,636 1,717 1,717 1,104 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q'19 1Q '20 Owned Operating lease

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1.2 HOSPITALITY SEGMENT - OWNED AND OPERATING LEASED HOTELS IN THAILAND

12

REVENUE BREAKDOWN (THB mn)

Note: All figures above are based on management accounts which haven’t been subject to eliminations and adjustments. Owned hotels include freehold & financial lease hotels

GROSS OPERATING PROFIT (THB mn) & MARGIN (%) INDUSTRY OCCUPANCY RATES WITHIN THAILAND (%)

Source: Bank of Thailand

HOTEL ADR (THB), OCCUPANCY RATE (%) & REVPAR (THB)

Section 2: Operational Performance

81% 76% 73% 75% 83% 78% 71% 75% 52% 72% 60% 53% 68% 76% 56% 52% 69% 52% 77% 71% 65% 71% 81% 70% 64% 71% 52%

1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 Central North Overall

141 83 107 150 147 78 103 151 76

10 12 25 27 12 15 27 16

144 93 119 175 174 89 117 178 92 40.5% 28.9% 33.4% 40.6% 39.3% 27.4% 31.6% 40.4% 35.5%

1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 Owned Operating leased GOP Margin

3,556 2,884 3,170 3,842 3,667 2,594 2,521 3,047 3,020 2,971 2,160 2,562 2,946 2,852 1,841 2,076 2,436 1,766 82.9% 74.9% 80.8% 76.7% 77.8% 71.0% 82.3% 80.0% 58.5%

1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 ADR RevPar %OCC

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1.3 HOSPITALITY SEGMENT - VIENNA HOUSE MANAGEMENT PLATFORM

13

REVENUE BREAKDOWN (THB mn) KEY FACTORS

Management revenue decreased mainly from COVID-19 situation

OPERATING EBITDA (THB mn) & MARGIN (%)

Note: All figures above are based on management accounts which haven’t been subject to eliminations and adjustments. Owned hotels include freehold & financial lease hotels

HOTEL ADR (THB), OCCUPANCY RATE (%) & REVPAR (THB)

Section 2: Operational Performance

3,181 3,261 3,158 2,729 3,548 3,467 3,001 2,654 2,305 2,440 2,180 1,657 2,914 2,853 2,315 1,482 72.5% 74.8% 69.0% 60.7% 82.1% 82.3% 77.2% 55.8% 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q'19 1Q '20 ADR RevPar %OCC

109 119 117 73 134 139 144 64 5 3 15 9 3 2 5 2 74 84 93 67 79 121 99 75 188 206 224 149 216 261 248 141 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 Management Fee Technical Services Others

53 67 79 34 78 91 84 7

27.9% 32.4% 35.3% 22.9% 36.3% 34.9% 33.9% 5.0% 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 Operating EBITDA Operating EBITDA Margin

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2. OFFICE SEGMENT OVERVIEW

14

REVENUE BREAKDOWN BY BUILDING (THB mn) EBITDA (THB mn) & MARGIN (%) NET FLOOR AREA (SQM) & OCCUPANCY RATE (%)

TST TOWER

Gracechurch Noble Comm. Bldg. Underwood

Section 2: Operational Performance

30 59 39 42 44 63 69 46 74

63.8% 69.0% 57.4% 57.5% 62.9% 93.4% 76.2% 53.0% 83.1% 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q 20 EBITDA EBITDA Margin

39 57 38 41 39 34 45 41 40 2 1 3 6 28 30 32 30 30 31 30 31 3 15 15 15 47 85 68 73 70 67 90 88 89 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 Gracechurch Underwood TST Tower Noble Comm. Bldg

8,747 8,747 8,747 8,747 8,747 8,747 8,747 8,747 8,747 2,370 2,370 2,370 2,370 2,379 2,379 2,379 2,379 16,115 16,064 16,961 16,067 16,067 16,061 16,061 16,061 16,061 4,447 4,447 4,447 4,447 100.0% 100.0% 100.0% 99.0% 91.2% 92.4% 92.4% 93.6% 94.2% 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 Gracechurch Underwood TST Tower Noble %OCC 2,379

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15

3. RESIDENTIAL PROPERTY BUSINESS - SANSIRI JV

*Backlog as of 31 March 2020 (100% of JV performance)

Section 2: Operational Performance

PRESALES BACKLOG 2020

THB mn Projects Project Value (THB mn) The Monument Thonglor 413 THE LINE Wongsawang 332 THE LINE Sukhumvit 101 933 THE LINE Phahon Pradipat 1,213 THE BASE Petchkasem 29 401 KHUN By Yoo 568 THE BASE Sapaan Mai 424 Total 4,284

KHUN by Yoo The Monument Thonglor

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CONTENTS

16 Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendices

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Section 3: Business Updates

Note: Excludes managed hotels

17

VHE RAUNHEIM/DE 200 KEYS R.EVO MUNICH/DE 607 KEYS EASTIN GRAND PHAYATHAI/TH 521 KEYS

2024 2021 2022

VHE WROCLAW/PL 240 KEYS Vienna House Easy Mannheim 128 KEYS VHE GREIFWALD/DE 123 KEYS PROJECT ROI CHAK SAM/TH 80 KEYS

FUTURE PIPELINE – OWNED AND OPERATING LEASE HOTELS

A FURTHER 1,899 OWNED AND OPERATING LEASED KEYS, TO BE OPERATED BY 2024

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THE UNICORN, PHAYATHAI

18 Retail NFA: 2,816 sqm Hotel & Residence NFA: 28,274 sqm Office NFA: 22,499 sqm Project Details Section 3: Business Updates

51 levels of mixed-use building comprising retail, office, hotel and residence

Project value Approximately THB 9.3bn Land Area 7.3 Rai or 1.2 Ha (11,749.6 sqm) GFA 120,395 sqm Location Adjacent to 2 mass transit stations: BTS Phayathai Station and Airport Rail Link Status 14.23% Progress Project period Approximately 48 months Construction Period 3Q 2017 1Q 2022 Start Completion

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THE UNICORN, PHAYATHAI

0% 20% 40% 60% 80% 100%

2022

14.23%

Construction Progress

(as of 31 March 2020) 20 Section 3: Business Updates

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A 50:50 joint venture between U City and Hong Kong Corporation who has extensive experience in International School to provide educational services for up to 1,800 students from Pre-K to grade 12

VERSO INTERNATIONAL SCHOOL AT THANA CITY

20 Project Details

Project value Approximately THB 4.8bn Land Area 79.4 Rai or 12.7 Ha (127,065 sqm) Location Thana City Concept Providing unique learning experience and paring modern technology and contemporary teaching techniques Status 90% Progress Project period Approximately 39 months Construction period Opening Date August 2020 2017 2Q 2020 Start Completion

Section 3: Business Updates

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VERSO INTERNATIONAL SCHOOL

21 Section 3: Business Updates

Construction Progress

(as of 31 March 2020)

0% 20% 40% 60% 80% 100%

2020

90%

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Project Details Total Area NFA: 12,300 sqm World-Class Dining Experience 5-Star Luxurious Hotel

THE CUSTOMS HOUSE (ROI CHAK SAM)

22 Section 3: Business Updates

A luxurious 5-star hotel project in a rare, historic, colonial-era heritage building located along magnificent Chao Praya Riverside

Project value Approximately THB 4.6bn Land Area 5.15 Rai or 0.82 Ha (8,240 sqm) Location On the Chao Praya Riverside, Soi Charoenkrung 36, Bangrak, Bangkok Concept Focus on the harmony between the heritage custom house and new building Management Company Luxury hotel brand Status On the Fine Arts Department submission process for approval Project Period

6 years

Construction Period 4Q 2019 2025 Start Completion

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RESIDENTIAL PROPERTY BUSINESS –SANSIRI JV

23 PARTNERSHIP ROADMAP

2015 2016

50:50 JV to develop a targeted THB 100bn worth of condominiums along current and future mass transit lines through the JV with Sansiri PCL with an expected NPAT margin 12%

2018 2017

The LINE Wongsawang The LINE Sukhumvit 101 The LINE Jatujak-Mo Chit

Fully transferred

The LINE Sathorn

The LINE Jatujak – Mo Chit

Project value: THB 5,815mn

No. of units: 841
The LINE Sukhumvit 71

Project value: THB 1,967mn

No. of units: 291
The LINE Ratchathewi

Project value: THB 2,809mn

No. of units: 231
The BASE Phetkasem 29

Project value: THB 1,947mn

No. of units: 640
The MONUMENT Thong Lo

Project value: THB 6,232mn

No. of units: 127
The LINE Sathorn

Project value: THB 3,816mn

No. of units: 327
The LINE Asoke-Ratchada

Project value: THB 3,022mn

No. of units: 473
The BASE Garden Rama 9

Project value: THB 2,336mn

No. of units: 640
The LINE Phahon-Pradipat

Project value: THB 5,714mn

No. of units: 981
The LINE Sukhumvit 101

Project value: THB 4,552mn

No. of units: 778
KHUN BY YOO

Project value: THB 4,039mn

No. of units: 148
The LINE Wongsawang

Project value: THB 4,871mn

No. of units: 1,287
The BASE Saphanmai

Project value: THB 2,916mn

No. of units: 820
The LINE Phahonyothin Park

Project value: THB 4,751mn

No. of units: 880
The BASE Ratchada-

Thapra

Project value: THB 3,050mn

No. of units: 1,037

2022

The Line Rama9 Pung Muang

Project value: THB 1,842mn

No. of units: 315

2024

Section 3: Business Updates

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SANSIRI JV HIGHLIGHTS

24

The MONUMENT Thong Lo

Project value: THB 6,232mn
No. of units: 127

The LINE Wongsawang

Project value: THB 4,871mn
No. of units: 1,287

READY-TO-MOVE-IN PROJECTS

Project value: THB 1,947mn
No. of units: 640
Project value: THB 4,552mn
No. of units: 778

The BASE Phetkasem 29 KHUN by YOO The LINE Sukhumvit 101 The LINE Phahon-Pradipat

Project value: THB 4,039mn
No. of units: 148
Project value: THB 5,714mn
No. of units: 981

Section 3: Business Updates

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25 Section 3: Business Updates

ASSETS DISPOSAL

ASSETS TYPE AGREED PRICE (THB MN) AVANI KHON KHAEN HOTEL 960.0 ANANTARA CHIANG MAI HOTEL 240.0* ANANTARA SERVICED SUITES SERVICED APARTMENT 110.0 KORAT LAND 690.0 CHARANSANITWONG LAND 510.0 CHONBURI LAND 7.0 PARK RAMINDRA CONDOMINIUM 330.0 PARK ARAN BOULEVARD COMMERCIAL 154.6 TOTAL 3,001.6 TOTAL STILL UNSOLD 2,337.0

Asset Disposed in 1Q 2018

* Excludes outstanding debts and interest owed that will also be acquired by the purchaser

Sales & Purchase Agreement signed

PROGRESS OF ASSETS TO BE DISPOSED

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CONTENTS

26 Section 1 Financial Performance Section 2 Operational Performance Section 3 Business Updates Section 4 Appendices

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Hotel RevPAR 1Q 2020 YoY % Change in Euros

Source: STR

Paris (20.8)% Berlin (26.8)% Prague (36.1)% Warsaw (29.3)% Bucharest (37.7)%

RevPAR (24.7)% RevPAR (38.3)% RevPAR (17.1)% RevPAR (24.5)% RevPAR (21.0)% RevPAR (19.0)% RevPAR (18.0)% RevPAR (22.3)% 27

Bratislava (23.3)%

Europe Asia Pacific North America South America Middle East Northern Africa Southern Africa Australia & Oceania Eastern Europe

RevPAR (21.5)%

Northern Europe

RevPAR (21.2)%

Southern Europe

RevPAR (29.3)%

Western Europe

RevPAR (25.9)%

Czech Republic

RevPAR (33.1)%

Germany

RevPAR (29.4)%

Poland

RevPAR (25.6)%

Romania

RevPAR (34.8)%

Slovakia

RevPAR (22.0)% Section 4: Appendices

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28

OUR HOTEL PORTFOLIO

Operational Hotels

Section 4: Appendices

No. Hotel Name Country

No. of Keys

Status Close as of Expect reopen (1) Owned and financial lease hotels 1 Vienna House Amber Baltic Miedzyzdroje Poland 192 Closed 17-Mar-20 18-May-20 2 Vienna House Andel's Lodz Poland 277 Closed 17-Mar-20 1-Jun-20 3 Vienna House Diplomat Prague Czech Republic 398 Closed 29-Mar-20 25-May-20 4 Vienna House Easy Airport Bucharest Romania 176 Closed 18-Mar-20 8-Jun-20 5 Vienna House Easy Amberg Germany 110 Closed 3-Apr-20 8-Jun-20 6 Vienna House Easy Katowice Poland 203 Closed 17-Mar-20 18-May-20 7 Vienna House Easy Bad Oeynhausen Germany 146 Closed 18-Mar-20 30-May-20 8 Vienna House Easy Bratislava Slovakia 167 Closed 16-Mar-20 8-Jun-20 9 Vienna House Easy Braunschweig Germany 176 Closed 16-Mar-20 30-Jun-20 10 Vienna House Easy Castrop-Rauxel Germany 84 Closed 20-Mar-20 8-Jun-20 11 Vienna House Easy Coburg Germany 123 Closed 18-Mar-20 8-Jun-20 12 Vienna House Easy Cracow Poland 220 Closed 17-Mar-20 8-Jun-20 13 Vienna House Easy Günzburg Germany 100 Closed 3-Apr-20 30-May-20 14 Vienna House Easy Landsberg Germany 103 Closed 20-Mar-20 8-Jun-20 15 Vienna House Easy Limburg Germany 99 Closed 20-Mar-20 8-Jun-20 16 Vienna House Easy Neckarsulm Germany 95 Closed 20-Mar-20 8-Jun-20 17 Vienna House Easy Pilsen Czech Republic 144 Open

18

Vienna House Easy Trier Germany 105 Closed 26-Mar-20 29-May-20 19 Vienna House Easy Wuppertal Germany 130 Closed 20-Mar-20 8-Jun-20 Vienna House 19 hotels 3,048 20 Eastin Grand Hotel Sathorn Thailand 390 Closed 3-Apr-20 12-Jun-20 21 Eastin Thana City Golf Resort Thailand 194 Closed 1-Apr-20 12-Jun-20 22 U Inchantree Kanchanaburi Thailand 50 Closed 27-Mar-20 12-Jun-20 23 Anantara Chiang Mai Thailand 84 Closed 1-Apr-20 1-Jun-20 24 Avani Khon Kaen Thailand 195 Closed 7-Apr-20 1-Jun-20 Others 5 hotels 913 Subtotal - owned and finance lease hotel 24 hotels 3,961

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OUR HOTEL PORTFOLIO

Operational Hotels

Section 4: Appendices

No. Hotel Name Country

No. of Keys

Status Close as of Expect reopen (2) Operating lease hotels 1 Vienna House Andel's Berlin Germany 557 Open

2

Vienna House Andel's Cracow Poland 159 Closed 17-Mar-20 18-May-20 3 Vienna House Easy Berlin Germany 152 Closed 16-Mar-20 8-Jun-20 4 Vienna House Easy Leipzig Germany 205 Closed 23-Mar-20 29-May-20 5 Vienna House QF Dresden Germany 95 Closed 20-Mar-20 29-May-20 6 Vienna House MQ Kronberg im Taunus Germany 96 Closed 20-Mar-20 8-Jun-20 7 Vienna House Mokotow Warsaw Poland 164 Closed 17-Mar-20 1-Jun-20 8 Vienna House Sonne Rostock Germany 119 Closed 20-Mar-20 29-May-20 9 Vienna House Stadt Hamburg Wismar Germany 103 Closed 20-Mar-20 11-Jun-20 10 Vienna House Remarque Osnabrück Germany 156 Closed 22-Mar-20 8-Jun-20 11 Steigenberger Parkhotel Braunschweig Germany 180 Closed 20-Mar-20 8-Jun-20 12 Vienna House Thüringer Hof Eisenach Germany 127 Closed 20-Mar-20 29-May-20 13 Vienna House Easy Mo. Stuttgart Germany 131 Closed 24-Mar-20 8-Jun-20 14 Vienna House Easy Potsdam Germany 123 Closed 19-Mar-20 8-Jun-20 15 Vienna House Baltic Stralsund Germany 132 Closed 20-Mar-20 29-May-20 16 Vienna House Easy Osnabrück Germany 108 Closed 18-Mar-20 8-Jun-20 17 Vienna House Ernst Leitz Wetzlar Germany 129 Closed 19-Mar-20 8-Jun-20 18 Vienna Townhouse Batschari Baden-Baden Germany 69 Closed 18-Mar-20 29-May-20 19 Vienna Townhouse Bach Leipzig Germany 52 Closed 18-Mar-20 8-Jun-20 20 Vienna Townhouse Goethe Berlin Germany 47 Closed 1-Apr-20 8-Jun-20 21 Vienna House Easy München Germany 94 Closed 20-Mar-20 30-May-20 22 Vienna House zur Bleiche Schaffhausen Switzerland 130 Closed 17-Mar-20 8-Jun-20 23 Vienna House Easy Rostock Germany 48 Closed 16-Mar-20 8-Jun-20 24 Vienna House Easy Bremen Germany 44 Closed 20-Mar-20 8-Jun-20 Vienna House 24 hotels 3,220 25 U Chiang Mai Thailand 41 Closed 1-Apr-20 1-Aug-20 26 U Sathorn Thailand 86 Open

Others

2 hotels 127 Subtotal - operating lease hotels 26 hotels 3,347

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30

OUR HOTEL PORTFOLIO (CONT’D)

Operational Hotels

Section 4: Appendices

79 hotels, totaling 11,869 keys are in operations

No. of

Hotels

No. of

Keys Operating hotels by

wnership

Owned and financial lease 24 3,961 Operating lease 26 3,347 Managed 27 4,075 JV 2 486 Total hotels in operation 79 11,869

No. Hotel Name Country

No. of Keys

Status Close as of Expect reopen (3) Managed hotels 1 Angelo by Vienna House Ekaterinburg Russia 211 Open

2

Angelo by Vienna House Prague Czech Republic 168 Closed 16-Mar-20 25-May-20 3 Liner Airport Hotel Ekaterinburg Russia 152 Closed 25-Mar-20 30-Jun-20 4 Marriott Minsk Hotel Belarus 217

5

Vienna House Andel's Prague Czech Republic 290 Closed 16-Mar-20 25-May-20 6 Vienna House Martinspark Dornbirn Austria 98 Closed 16-Mar-20 8-Jun-20 7 Vienna House Dream Castle Paris* France 397

8

Vienna House Magic Circus Paris* France 396

Vienna House

8 hotels 1,929 9 Eastin Ashta Resort Canguu Bali Indonesia 130

10 Eastin Easy Aishwarya Talegaon

India 90

11 Eastin Grand Hotel Saigon

Vietnam 268

12 Eastin Hotel Makkasan

Thailand 280

13 Eastin Hotel Tan Chiang Mai

Thailand 130

14 Eastin Residences Muscat

Oman 50

15 Eastin Residences Vadodara

India 44

16 Mountain Lodge By U

Thailand 7

17 Travelodge Pattaya Central

Thailand 164

18 Travelodge Sukhumvit 11

Thailand 224

19 U Janevalla Bandung

Indonesia 119

20 U Jomtien

Thailand 64

21 U Khao Yai

Thailand 63

22 U Nimman Chiang Mai

Thailand 150

23 U Pattaya

Thailand 44

24 U Sukhumvit

Thailand 82

25 U Tropicana Alibaug

India 88

26 U Zenmaya Phuket

Thailand 50

27 U Paasha Seminyal Bali

Indonesia 99

Others

19 hotels 2,146 Subtotal - managed hotels 27 hotels 4,075

(4)JV 1 Holiday Inn Munich Leuchtenbergring Germany 279 Closed 19-Mar-20 8-Jun-20 2 Holiday Inn Munich Westpark Germany 207 Closed 19-Mar-20 8-Jun-20 JV 2 hotels 486 Subtotal - JV & managed hotels 29 hotels 4,561

*Contract terminated end of 1Q 2020

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31

OUR HOTEL PORTFOLIO (CONT’D)

Hotels in Pipeline Within 2024, no. of hotels and no. of keys will increase by 40 hotels and 19,941 keys to 119 hotels and 31,810 keys

No. Hotel Name

Expected Opening Year Country

No. of

Keys (1) Owned and finance lease hotels 1 Eastin Grand Hotel Phayathai 2022 Thailand 521 Subtotal pipeline - owned and finance lease 1 hotel 521 (2) Operating lease hotels 1 Vienna House Easy Raunheim 2021 Germany 200 2 Vienna House Easy Wroclaw 2021 Poland 240 3 Vienna House Easy Mannheim 2021 Germany 128 4 Revo Munich 2022 Germany 607 5 Vienna House Easy Greifswald 2022 Germany 123 6 Project Roi Chak Sam 2024 Thailand 80 Subtotal pipeline - operating lease 6 hotels 1,378 (3) Managed hotels 1 Travelodge Phuket Town 2020 Thailand 180 2 U Samui 2020 Thailand 60 3 Eastin Phat Linh Hotel Halong 2020 Vietnam 334 4 Eastin Hotel & Residences Hanoi 2020 Vietnam 200 5 Eastin Grand Hotel Nha Trang 2020 Vietnam 1,056 6 Eastin Hotel Harbour Bangkok 2020 Thailand 456 7 Eastin Hotel Nha Trang 2020 Vietnam 180 8 Eastin Easy Vita 2020 India 50 9 U Pravo Hong Kong 2020 Hong Kong 92 10 U Lombok 2020 Indonesia 110 11 U Manado 2021 Indonesia 120 12 U North Pattaya 2021 Thailand 270 13 Skye By Travelodge Nha Trang 2021 Vietnam 4,300 14 U Danang 2021 Vietnam 125 15 U Riverside Hoi An 2021 Vietnam 150 16 U Mui Ne 2021 Vietnam 108 17 U Phu Quoc 2021 Vietnam 150 18 Eastin Easy Pen 2021 India 350

No. Hotel Name

Expected Opening Year Country

No. of

Keys (3) Managed Hotels 19 Travelodge Nimman Chiang Mai 2021 Thailand 406 20 Travelodge Jomtien 2021 Thailand 150 21 Eastin Resort & Residences Rayong 2021 Thailand 150 22 U Sochi 2021 Russia 600 23 U Gelendzhik 2021 Russia 600 24 U Crimea 2021 Russia 700 25 U Saint Petersburg 2021 Russia 300 26 Eastin Residences Sri Racha 2022 Thailand 180 27 Travelodge Bangsean 2022 Thailand 160 28 Travelodge Krabi 2022 Thailand 150 29 Eastin Hotel Lang Hai Hanoi 2022 Vietnam 200 30 Eastin Grand Hotel Vung Tau 2022 Vietnam 4,000 31 Eastin Grand Hotel Hong Van Hotel Halong 2022 Vietnam 380 32 Eastin Grand Resort Danang 2022 Vietnam 1,000 33 Vienna House Vung Tau 2022 Vietnam 775 Subtotal pipeline - managed hotel 33 hotels 18,042

Section 4: Appendices

No. of hotels
No. of Keys

Summary Hotel in Pipeline by opening year Opening in 2020 10 2,718 Opening in 2021 18 9,047 Opening in 2022 11 8,096 Opening in 2024 1 80 Total hotels in pipeline 40 19,941

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994 1,040 1,088 1,134 1,184 1,235 1,322 1,401 1,485 2011 2012 2013 2014 2015 2016 2017 2018 2019

GLOBAL HOSPITALITY INDUSTRY OVERVIEW

Consistent Multi-Year Growth

32

GLOBAL INTERNATIONAL TOURIST ARRIVALS GLOBAL FOREIGN VISITOR EXPORTS GLOBAL CAPITAL INVESTMENT IN TRAVEL & TOURISM TOURISM TOTAL CONTRIBUTION TO GLOBAL GDP (%)

Source: UNWTO Source: World Travel & Tourism Council Source: World Travel & Tourism Council Source: World Travel & Tourism Council

Millions of persons USD bn USD bn

Section 4: Appendices

10.2% 10.4% 10.4% 10.8% 11.5% 2016 2017 2018 2019 2029F

1,174 1,214 1,251 1,302 1,356 1,402 1,494 1,643 1,739 2011 2012 2013 2014 2015 2016 2017 2018 2019 672 693 705 743 786 807 882 941 997 2011 2012 2013 2014 2015 2016 2017 2018 2019

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3 MONTHS ADVANCE BOOKING RATE (%) THAI BAHT PERFORMANCE TO MAJOR CURRENCIES INTERNATIONAL TOURIST ARRIVALS IN THAILAND BANGKOK HOTEL PERFORMANCE METRICS (THB,%)

Source: Department of Tourism, Ministry of Sports and Tourism Source: Bank of Thailand Source: Bank of Thailand Source: Bloomberg

THAI HOSPITALITY INDUSTRY OVERVIEW

Soften Tourism Market

33

Millions of persons

Section 4: Appendices

19.2 22.4 26.5 24.8 29.9 32.5 35.6 38.3 39.8 2011 2012 2013 2014 2015 2016 2017 2018 2019

0.15 0.16 0.17 0.18 0.19 0.20 0.21 0.22 0.23 0.24 0.020 0.022 0.024 0.026 0.028 0.030 0.032 0.034 0.036 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 THBUSD THBEUR THBCNY (RHS)

1,829 1,715 1,619 1,767 1,648 78.6% 70.8% 64.0% 71.3% 51.5% 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 ADR Occupancy 36.0% 30.4% 26.7% 33.0% 2.2% 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20

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Source: Knight Frank Research

LONDON OFFICE INDUSTRY OVERVIEW

Lower New Office Supply and Slightly Higher Vacancy Rate

34

LONDON OFFICE SPACE TAKE-UP LONDON OFFICE INVESTMENT TURNOVER OFFICE PROPERTIES VACANCY RATE IN LONDON (%) LONDON OFFICE SUPPLY UNDER CONSTRUCTION

Source: Knight Frank Research

Millions of sqf Millions of sqf £ bn

Source: Knight Frank Research Source: Knight Frank Research

Section 4: Appendices

13.1 13.4 12.6 13.0 11.3 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 5.3% 4.6% 4.6% 4.4% 5.7% 2016 2017 2018 2019 1Q '20 1.3 1.1 1.0 1.5 0.6 1.4 1.6 2.0 1.6 1.3 0.2 0.5 0.4 0.3 0.1 2.9 3.1 3.4 3.4 2.0 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 West End City Docklands Total London

2.8 0.9 0.6 1.5 1.1 1.0 0.8 1.8 3.1 1.5 1.3 0.0 0.0 0.1 0.0 5.0 1.7 2.4 4.6 2.6 1Q '19 2Q '19 3Q '19 4Q '19 1Q '20 West End City Docklands Total London

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BANGKOK OFFICE INUSTRY OVERVIEW

Rising Rents but Stable Occupancy

35

AVERAGE ASKING RENT BY GRADE BANGKOK OFFICE FUTURE SUPPLY DISTRIBUTION* TOTAL SUPPLY AND OCCUPANCY RATE OCCUPANCY RATE BY GRADE (%)

Source: Knight Frank Research Source: Knight Frank Research Source: Knight Frank Research Source: Knight Frank Research

Millions of sqm, % sqm

Section 4: Appendices

4.41 4.54 4.53 4.56 4.66 4.75 4.90 5.00 5.02 5.12 86% 85% 88% 91% 92% 93% 92% 92% 92% 91% 4Q '10 4Q '11 4Q '12 4Q '13 4Q '14 4Q '15 4Q '16 4Q '17 4Q '18 4Q '19 Total Supply Occupancy Rate 95% 96% 95% 93% 94% 93% 93% 93% 93% 93% 88% 88% 87% 88% 86% 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 A B C

734 736 752 834 865 943 957 1,025 1,122 1,135 560 562 569 603 635 653 695 736 804 811 369 372 376 369 428 425 447 457 494 489 4Q '10 4Q '11 4Q '12 4Q '13 4Q '14 4Q '15 4Q '16 4Q '17 4Q '18 4Q '19 A B C

NON-CBD, 548,180 CBD, 687,889

THB, sqm, month

*Information as of 4Q 2019

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Units

NEWLY LAUNCH CONDOMINIUM BY SELLING PRICE BANGKOK AVERAGE MONTHLY WAGE (THB) BANGKOK CONDOMINIUM LAUNCHES NEWLY LAUNCHED BY LOCATION (THB)

Source: Colliers Source: Bank of Thailand

THAI CONDOMINIUM MARKET OVERVIEW

Moderate Growth in New Launches with Focus on Lower to Mid-End Segment

36

Source: Colliers Source: Colliers

Section 4: Appendices

14,050 8,511 22,579 20,881 8,953 9,632 11,059 14,789 1Q '18 2Q '18 3Q '18 4Q '18 1Q '19 2Q '19 3Q '19 4Q '19 15% 11% 32% 3% 4% 6% 29% CBD Eastern Frienge Northern Fringe Southern Fringe Outer City East Outer City West Outer City 54% 26% 19% 1% 50,001 - 100, 000 100,001 - 150,000 150,001 - 200,000 200,001 - 250,000 %, THB per sqm 19,642 20,211 19,628 20,102 20,934 21,260 2015 2016 2017 2018 2019 1Q '20