Symphony International : Shareholder Update

Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

Symphony International Holdings Limited

9 August 2018

Symphony International Holdings Limited ('Symphony', 'SIHL' or the 'Company') (LSE: SIHL.L), a leading investor in consumer-related businesses, primarily in the healthcare, hospitality and lifestyle sectors (including education and branded real estate developments) in the Asia-Pacific region, today issues the following Shareholder Update.

Highlights

· Symphony's unaudited Net Asset Value ('NAV') at 30 June 2018 was US$447,116,468 and NAV per share was US$0.9111. This compares to NAV and NAV per share at 31 March 2018 of US$591,445,058 and US$1.2114. On a fully-diluted basis (adjusting for in-the-money vested options), the NAV per share was US$0.8974 on the same date

· Excluding the impact of the dividend paid and exercise of 2.5 million options during Q2 2018, NAV and NAV per share would have been US$517,145,651 and US$1.0592, respectively

· Aside from dividends, the change in NAV was predominantly due to a decline in the share price of Minor International Pcl ('MINT'), which has since recovered (see section on MINT under Portfolio Developments for more details), a weakening of the Thai baht during the quarter, and other movements in the value of unlisted investments

· Symphony's share price continued to trade at a discount to NAV in 2Q18. At 30 June 2018, Symphony's share price was US$0.718, representing a discount to NAV per share of 21.2% which compares to 34.6% at 31 March 2018

· During the second quarter, Symphony sold 16.3 million shares of IHH which generated net proceeds approximately of US$25.2 million

· During Q2, Symphony paid a dividend distribution of approximately US$71.5 million (or 12.0¢ per share) in order to reward shareholders

Anil Thadani, Chairman of Symphony Asia Holdings Private Limited and a Director of Symphony, said:

'The markets faced headwinds from ongoing trade tensions, higher global interest rates, and a strong US dollar. During the second quarter we saw an opportunity to exit some of our investment in IHH through orderly sales in the market. Furthermore, during the second quarter, we paid a dividend of approximately US$71.5 million (comprising 12.0¢ per share). Since 2014 when we announced the initiation of our dividend program and the 2017 share buyback program, Symphony has returned approximately $286.1 million in capital to shareholders through the second quarter of 2018. During the first half of 2018, we have made further progress in enhancing the value of our investment portfolio by working with our partners on completing existing projects and initiating new projects and acquisitions.'

For further information:

For further information:

Symphony Asia Holdings Pte. Ltd.:

Anil Thadani +65 6536 6177

Dealing codes

The ISIN number of the Ordinary Shares is VGG548121059, the SEDOL code is B231M63 and the TIDM is SIHL.

The LEI number of the Company is 254900MQE84GV5DS6F03.

About Symphony

Symphony is a London listed strategic investment company that invests in consumer businesses in the healthcare, hospitality and lifestyle ('HH&L') sectors (including education and branded real estate developments), which are principally in Asia. It offers a way for investors to gain exposure to the rising disposable incomes and wealth in fast growing economies. Symphony's objective is to provide superior capital growth by investing in high quality companies and forming long-term business partnerships with talented entrepreneurs. Symphony is managed by Symphony Asia Holdings Private Limited, which has a team of investment professionals with a broad range of expertise - many of them have been working in Asia for more than 25 years. For more information, please visit our website atwww.symphonyasia.com

MARKET OVERVIEW

Global financial markets continued to experience market volatility during Q2 due to trade tensions, political uncertainty and tighter financial conditions. US trade protectionist policies have rattled financial markets, particularly in China. In addition, political uncertainty across Europe and tighter financial conditions in Emerging Markets also contributed to investor uncertainty. Nevertheless, the International Monetary Fund ('IMF') maintained its global economic outlook while the US continued to demonstrate its economy had achieved full employment and met core inflation targets.

With the notable exception of the US, financial markets in developed countries continued to weaken and emerging markets reversed gains made during the first quarter due to global trade tensions and increases in global interest rates. During the last week of June, investors withdrew the largest amount recorded from Asia equity funds since the beginning of the millennium, which supported an increase in the dollar index by 5.0% during the quarter but correspondingly provided some relief to Asian exports.

Trade tensions continued to increase during the quarter between the US, Europe, China, and India. The US has sought to protect domestic companies, including its steel and aluminum manufacturers, and their intellectual property by applying import tariffs across a range of goods. Europe, China, and India have retaliated with countermeasures, which have contributed to the prospects of a global trade war.

The IMF issued its outlook in July maintaining global GDP growth of 3.9% for both 2018 and 2019 and US growth at 2.9% and 2.7%, respectively. Emerging and Developing Asia had its 2018 forecast maintained at 6.5% and saw its 2019 forecast reduced to 6.5% from 6.6%. Emerging Asia is expected to remain the most important driver of global growth over the next two years due to strong economic performance and among the ASEAN-5, consumption remains healthy while exports continue to recover. China's growth projections were maintained for both 2018 and 2019 at 6.6% and 6.4%, and whereas India saw a reduction to 7.3% from 7.4% and 7.5% from 7.8%, respectively, for 2018 and 2019 due to anticipated negative effects from higher oil prices and monetary tightening due to faster inflation.

Symphony's portfolio is positioned to benefit from long term growth in Asia and withstand current economic headwinds. We continue to work with our investee companies to drive value in addition to seeking new opportunities to enhance our portfolio. During the second quarter, Symphony sold 16.3 million shares of IHH which generated net proceeds approximately of US$25.2 million. During Q2, Symphony announced a dividend distribution of approximately US$71.5 million (or 12.0¢ per share) in order to reward shareholders.

COMPANY UPDATE

Symphony's listed investments accounted for 57.0% of NAV at 30 June 2018 (or US$0.520 per share), which is down from 57.8% of NAV at 31 March 2018. The decline is predominantly due to a decline in share price of Minor International Pcl ('MINT'), weakening of the Thai baht, and sale of shares in IHH Healthcare Berhad ('IHH'). The value of Symphony's unlisted investments (including property) comprised a further 44.4% of Symphony's NAV (or US$0.404 per share), and (1.4%) of NAV (or US$(0.013) per share) was working capital and temporary investments.

Symphony's share price continued to trade at a discount to NAV in 2Q18. At 30 June 2018, Symphony's share price was US$0.718, representing a discount to NAV per share of 21.2% which compares to 34.6% at 31 March 2018.

As of 30 June 2018, the sum of Symphony's temporary investments (which includes cash net of working capital) and listed investments amounted to US$248.7 million, or US$0.507 per share. Symphony's share price on the same date represented a premium of 41.7% to temporary and listed investments.

PORTFOLIO DEVDELOPMENTS

Minor International Pcl ('MINT')is one of the largest hospitality and restaurant companies in the Asia Pacific region. MINT owns 70 hotels and manages 91 other hotels and serviced suites with 20,385 rooms. In addition to owning hotels under the Four Seasons, St. Regis and Marriott brands, MINT owns and manages hotels in 26 countries under its own brand names that include Anantara, Oaks, Elewana, AVANI, Per AQUUM and Tivoli. MINT also owns and operates 2,130 restaurants (comprising 1,089 equity-owned outlets and 1,041 franchised outlets) under brands that include The Pizza Company, Swensen's, Sizzler, Dairy Queen, Burger King, Beijing Riverside, Thai Express, The Coffee Club, Veneziano Coffee Roasters, and Breadtalk.

MINT's operations also include contract manufacturing and an international lifestyle consumer brand distribution business with 429 retail outlets focusing on fashion, cosmetics, wholesale and direct marketing channels under brands that include GAP, Esprit, Bossini, Red Earth, Zwilling J.A. Henckels and Bodum amongst others.

Update:MINT's core revenue, EBITDA, and net profit grew by 12%, 37% and 47%, respectively, year-over-year in Q2 2018. The growth was driven by the Hotel and Mixed-Use business, Retail Trading operations, contributions from Corbin & King and dividend income related to the recent investment in NH Hotel Group S.A. ('NH Group').

As a result of strong tourist flows, an attractive asset portfolio and successful marketing initiatives, MINT's owned hotel portfolio had a 7% increase in revenue per average room in Q2 2018 year-over-year (excluding foreign exchange movements). Residential sales and an increase in vacation club members also contributed to the strong performance of the Hotel and Mixed-Use business.

MINT continued to expand its restaurant business with the total number of outlets increasing to 2,130 at 30 June 2018. 19 of the 45 outlets added during the quarter are from the acquisition of a 75% interest in Benihana Holdings Pte. Ltd. ('Benihana'), the non-US portfolio of Benihana Group that operates across 12 countries. Benihana was founded in 1964 and is a Japanese-inspired teppanyaki restaurant chain.

The Retail Trading operations benefited from an increase in the number of retail outlets by 13 and the launch of the Bodum brand in Bangkok during the quarter.

In May, MINT announced an acquisition of a stake in NH Group, which operates 382 hotels and 59,350 rooms in 30 markets across Europe, the Americas and Africa. NH Group is Europe's 6th largest hotel chain. Subject to shareholder approvals, MINT will increase its controlling equity interest to 44.0% and pursue a voluntary tender offer. It is envisaged that the transaction will be accretive.

Following the NH Group announcement and up to 30 June 2018, MINT's share price declined by 10.4%, bringing the total share price decline during the quarter to 15.1% from THB38.00 to THB32.25. Together with a 6.2% weakening of the onshore Thai baht, the value of Symphony's investment in MINT declined by US$60.9 million from US$303.3 million to US$242.4 million. As at market close on 8 August 2018, MINT's share price had recovered to THB38.75 and with exchange rates at the time, Symphony's interest was valued at US$290.5 million.

Minuet Limited ('Minuet')is a joint venture between Symphony and an established Thai partner. Symphony has a direct 49% interest in the venture and is considering several development and/or sale options for the land owned by Minuet, which is located in close proximity to central Bangkok, Thailand.

Update:The Company's investment cost (net of shareholder loan repayments) was approximately US$40.1 million at 30 June 2018. The fair value of Symphony's interest at 30 June 2018 was US$79.2 million based on an independent third party valuation. The change in value from US$86.8 million at 31 March 2018 is predominantly due to a shareholder loan repayment made by Minuet following the completion of the sale of land to L&H that was announced in early 2017. Symphony received US$7.1 million in shareholder loan repayments from Minuet during the quarter.

IHH Healthcare Berhad ('IHH')is one of the largest healthcare providers in the world by market capitalisation. Its portfolio of healthcare assets includes Parkway Holdings Limited, Pantai Holdings Berhad, International Medical University, and Acibadem Saglik Yatirimlari Holding A.S. ('Acibadem'). IHH has a broad footprint of assets in Asia as well as Turkey, Abu Dhabi, Central and Eastern Europe, that employ more than 35,000 people and operate over 10,000 licensed beds in 49 hospitals in 9 countries worldwide.

Update:IHH reported 1Q18 revenue and EBITDA growth of 6% and 8% to MYR2.9 billion and MYR0.6 billion, respectively, and core net profit decline of 40% to MYR0.1 billion excluding exceptional items compared to the same period a year earlier. The improvement in revenue is due to sustained organic growth at existing hospitals and contribution from two new hospitals in 2017. EBITDA grew due to stronger revenue performance, whereas core net profit decreased due to depreciation and finance costs for hospitals opened in 2017 and the strength of the US dollar.

In July 2018, IHH announced the acquisition of a controlling stake in Fortis Healthcare Limited ('Fortis') following a protracted takeover battle involving bidders that included TPG-Manipal Health and KKR-Radiant Life Care. IHH's investment will be through a primary equity infusion and secondary purchase from public shareholders. IHH will hold between 31.1% and 57.1% interest in Fortis following completion of the transaction. Fortis operates 34 hospitals across India and internationally with over 4,600 beds and 2,600 doctors.

At 30 June 2018, the fair value of Symphony's investment in IHH was US$12.7 million down from US$38.8 million at 31 March 2018. The change is primarily due to the sale of 16.3 million shares which generated proceeds (net of costs) of approximately US$25.2 million and a depreciation of the Malaysian ringgit by 4.5%.

Desaru Property Joint Venture in Malaysia:Symphony has a 49% interest in a property joint venture in Malaysia with an affiliate of Themed Attractions Resorts & Hotels Sdn Bhd, a hotel and destination resort investment subsidiary of Khazanah Nasional Berhad, the investment arm of the Government of Malaysia. The joint venture has developed a beachfront country club and private villas on the south-eastern coast of Malaysia.

The joint venture elected to switch brand and management operations from Amanresorts to One & Only Resorts based on its highly-lauded track record in managing ultra-luxury resorts and villas globally. One & Only is a wholly-owned subsidiary of Kerzner International and has a portfolio of eight existing resorts and hotels with five upcoming. Kerzner additionally owns two other brands: Atlantis (two existing resorts and two upcoming) and Mazagan (one resort in Morocco).

Update:Symphony invested a total of US$34.0 million as at 30 June 2018. Symphony's interest in the joint venture at 30 June 2018 was valued at US$32.4 million which compares to US$32.7 million at 31 March 2018. The change in value is due to 4.5% depreciation in the Malaysian ringgit offset by an increase in the value of the development site based on an independent third party valuation. Operator design enhancements, rectification works, and interior design are now progressing and the resort is expected to formally open in 1Q19.

SG Land Co. Ltd ('SG Land')is a joint venture company that owns the leasehold rights for two office buildings in downtown Bangkok - SG Tower and Millenia Tower. The two buildings in SG Land's portfolio have high occupancy rates and offer attractive rental yields. Symphony holds 49.9% of the venture.

Update:SG Land continues to generate stable rental income on its two office towers. The fair value of SG Land at 30 June 2018 was US$10.3 million based on an independent third party valuation. The change in value from US$11.2 million at 31 March 2018 is due to a reduced lease term, used to derive fair value, and a weakening of the Thai baht by 6.0% during the quarter.

Liaigre Group ('Liaigre'):Symphony announced in May 2016 that it acquired, as part of a consortium, Financier CL SAS, the holding company of the Liaigre Group ('Liaigre'). The Liaigre brand is synonymous with discreet luxury, and has become one of the most sought-after luxury furniture brands. Liaigre has a strong intellectual property portfolio and offers a range of bespoke furniture, lighting, fabric & leather, and accessories through a network of 25 showrooms in 11 countries across Europe, the US and Asia. In addition, Liaigre also undertakes exclusive interior architecture projects for select yachts, hotels, restaurants and private residences.

Update:Order intake year-to-date has been higher than the prior year, but lower than expectations. Although there has been an outperformance from the design architectural business, the orders at certain showrooms in Europe and the US remained weak. We expect some catch-up in sales during the second half of 2018 following the completion of delayed deliveries. Liaigre continues to work on an increasing number of yacht related projects and during the second quarter, a motor yacht with interiors designed by Liaigre and Sinot won the World Superyacht Awards 2018 in its category. Liaigre recently opened its second New York showroom on Madison Avenue and will be opening its flagship showroom on Rue de Faubourg Saint-Honorè during the second half of 2018.

Property Joint Venture in Japan:Property Joint Venture in Japan: Symphony invested in a property development venture that has acquired two hotels in Niseko, Hokkaido, Japan. Symphony has a 37.5% interest in the property development venture.

Update:The property is located in the Hirafu area of Niseko which continues to gain traction as a premium winter sports destination and for its popularity as an off-ski season activity destination. Growing direct connectivity to more cities across Asia is fueling double digit growth in visitors to Niseko, which accommodated over 400,000 foreign visitors in the year ended March 2018. The continued growth in visitors is fueling higher land prices in area. We continue to evaluate the advantages of a development versus a sale of the properties.

C Larsen Singapore Pte Limited ('C Larsen')is a luxury hospitality company which primarily sells several high-end U.S. and European furniture brands and is based in Thailand. The current portfolio of furniture brands includes Christian Liaigre, Barbara Barry, Baker, Thomasville, Herman Miller, Minotti, Bulthaup kitchens, Puiforcat, and St. Louis. It also provides FF&E solutions to drive additional furniture sales to various real estate and hotel projects. C Larsen also has the franchise to operate the Clinton Street Baking Company ('CSB') F&B outlets in selected Asian markets.

Update:The first half of 2018 was weaker than anticipated primarily due to corporate clients delaying delivery of their orders, setup costs during fit-out at two showrooms in central Bangkok, and customer-related inventory holding costs. Mitigating this weakness, C Larsen reports that its order book continues to be strong and is expected to convert into revenue during the second half. CSB Singapore is now reporting consistent positive cashflow and a search is underway for an additional site. CSB Bangkok continues to undergo enhancements. The home automation division is being reorganized to better dovetail with the core business. C Larsen is also planning to selectively recruit sales and project management executives to support the anticipated growth of its business.

WCIB International Co. Ltd. ('WCIB'): Symphony announced in January 2017 that it entered into a joint venture, WCIB International Co. Ltd. ('WCIB'), that will build and operate Wellington College International Bangkok, the fifth international addition to the Wellington College family of schools. WCIB will operate a co-educational school that will cater to over 1,500 students aged 2-18 years of age when fully complete.

Update:Phase 1 of Wellington College International Bangkok is on schedule and academic classes will commence on 23 August 2018 and will initially cater to students in Nursery to Year 6 (ages 2 to 11 years). As at 30 June 2018, the school buildings are 99% complete and the premises including roads, fencing, sports fields, and athletic tracks will be completed by mid-August. All senior management and administrative teams are now in place and working on-site in Bangkok. Teaching staff will be in-place by the first week of August for pre-opening orientation and training and starting enrollment is expected to be 150 students. WCIB's website can be found at www.wellingtoncollege.in.th.

Wine Connection Group ('WCG'): At the end of April 2014, Symphony invested in the Wine Connection Group ('WCG'), Southeast Asia's leading wine themed Food and Beverage chain with currently 77 outlets in Singapore, Thailand, and Malaysia.

Update:The management team has been successful in rationalizing costs and improving operational efficiency, which has contributed to double digit EBITDA growth over the past year. The team continues to focus on growing revenues and increasing WCG's footprint in the region.

Structured Transaction: In February 2014, Symphony completed a structured transaction, which provides a minimum return of 15% per annum. The amount outstanding is approximately 1% of NAV.

Global Listed Portfolio: ​​ ​​The portfolio was 85% in equities with the remainder in cash at the second quarter of 2018. It is expected to be fully invested by the end of the third quarter of 2018.

SUBSEQUENT EVENTS

Subsequent to quarter end, Symphony announced that 82,782,691 unlisted share options exercisable at US$1.00 per share on or before 2 August 2018 have lapsed unexercised and cannot be reissued to the Investment Manager.

In July 2018, Symphony's wholly owned subsidiary, Thai Education Holdings Pte. Ltd., made a follow-on investment in WCIB International Co. Ltd as part of the funding plan for this investment. The cost for this follow-on investment was less than 1% of NAV.

OUTLOOK

Symphony's portfolio is positioned to benefit from long term growth in Asia and withstand current economic headwinds. We continue to work with our investee companies to drive value in addition to seeking new opportunities to enhance our portfolio.

IMPORTANT INFORMATION

A more detailed Shareholder Update is available on request from the Company and can be accessed viawww.symphonyasia.com.

This document is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States or any other jurisdiction into which the publication or distribution would be unlawful. These materials do not constitute an offer to sell or issue or the solicitation of an offer to buy or acquire securities in the United States or any other jurisdiction in which such offer or solicitation would be unlawful. THE securities referred to in this document have not been and will not be registered under the securities laws of such jurisdictions and may not be sold, resold, taken up, transferred, delivered or distributed, directly or indirectly, within such jurisdictions.

No representation or warranty is made by the Company or its Investment Manager as to the accuracy or completeness of the information contained in this document and no liability will be accepted for any loss whatsoever arising in connection with such information.

This Document contains (or may contain) certain forward-looking statements with respect to certain of the Company's current expectations and projections about future events. These statements, which sometimes use words such as 'anticipate', 'believe', 'could', 'estimate', 'expect', 'intend', 'may', 'plan', 'potential', 'should', 'will' and 'would' or the negative of those terms or other comparable terminology, are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to it at the date of this document. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company at the date of this announcement or are within its control. If a change occurs, the Company's business, financial condition and results of operations may vary materially from those expressed in its forward-looking statements. Neither the Company nor its Investment Manager undertake to update any such forward looking statements

Statements contained in this DOCUMENT regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The information contained in this document is subject to change without notice and, except as required by applicable law, neither the Company nor THE INVESTMENT MANAGER assumes any responsibility or obligation to update publicly or review any of the forward-looking statements contained herein. You should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.

This document is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Company in any jurisdiction. All investments are subject to risk. Past performance is no guarantee of future returns. Shareholders and prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

This DOCUMENTis not an offer of securities for sale into the United States. The Company's securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this DOCUMENT.

The Company and the Investment Manager are not associated or affiliated with any other fund managers whose names include 'Symphony', including, without limitation, Symphony Financial Partners Co., Ltd.

End of Announcement