Huvafenfushi by Per Aquum, Maldives

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1 Huvafenfushi by Per Aquum, Maldives Company Presentation - August 2013

2 FORWARD LOOKING STATEMENT Disclaimer Statements included or incorporated in these materials that use 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, are "forward-looking statements" within the meaning 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. MINT undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. MINT makes no representation whatsoever about the opinion or statements of any analyst or other third party. MINT 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. 2

3 Agenda 1H13 Performance Recap Hotel & Mixed-Use Business Restaurant Business Other Important Information Anantara Al Yamm, UAE 3

4 1H13 Performance Recap Swensen s Chocolate Angel s Sundae 4

5 ANOTHER ROBUST GROWTH Performance Recap MINT REPORTED 1H13 NET PROFIT OF THB 1.8 BILLION, A 19% INCREASE YoY. EXCLUDING INSURANCE CLAIM RECEIVED IN 1Q12, NET PROFIT INCREASED BY 25% YoY, ATTRIBUTABLE TO IMPROVEMENT OF ALL THREE BUSINESS UNITS. Revenue THB Million 18,000 15,000 16, % YoY 17,888 12,000 9,000 1H12A Hotel & Mixed-Use Restaurant Retail Trading 1H13A NPAT THB Million 2,000 1,800 Excl insurance claim in 1Q12 +25% YoY +19% YoY 1,838 1,600 1,545 1,400 1H12A Hotel & Mixed-Use Restaurant Retail Trading 1H13A 5

6 Hotel & Mixed Use Business Sand River Masai Mara, Kenya 6

7 SYSTEM-WIDE HOTEL OPERATIONS Key Development OVERALL HOTEL STATISTICS SLIGHTLY DECLINED AS A RESULT OF ADDITION OF NEW HOTELS, IN PARTICULAR MANAGED HOTELS, TOGETHER WITH THE STRENGTHENING OF THAI BAHT, WHICH RESULTED IN DECLINE IN ADR S OF OVERSEAS HOTELS WHEN TRANSLATED INTO THAI BAHT. STRIPPING OUT THE EFFECT OF NEW HOTELS AND EXCHANGE RATE, REVPAR OF ORGANIC PORTFOLIO INCREASED BY 5% YoY. THB NUMBER OF HOTEL ROOMS ADR No of Rooms 12,000 9,707 9,838 10,082 10,348 10,606 9,000 6, % YoY 10,807 MLR / Oaks Managed THB 8,000 6,000 6,039 5,228 5,284 5,740 5,936 Organic excl FX Impact +1% YoY -4% YoY 4,998 3,000 Joint-venture Owned 4, Q12 2Q12 3Q12 4Q12 1Q13 2Q13 2,000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 OCCUPANCY REVPAR 90% 80% 70% 73% 66% 67% 71% 74% Organic +2% YoY Flat YoY 66% THB 5,000 4,000 3,000 4,417 3,430 3,553 4,075 Organic excl FX Impact +5% YoY 4,368-4% YoY 3,280 60% 2,000 50% 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 * Note: Hotel Statistics include Oaks Hotel & Resort 1,000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 7

8 OWNED-HOTELS OPERATIONS Key Development 1H13 REVENUE CONTRIBUTION 54% Other hotels & mixed use 46% Ownedhotels OWNED HOTELS, WHICH IS A MAJOR REVENUE DRIVER IN 1H13 WITH 46% REVENUE CONTRIBUTION OF HOTEL & MIXED-USE BUSINESS, SAW REVPAR INCREASE OF 10% SYSTEM-WIDE. THIS IS DRIVEN BY REVPAR IMPROVEMENT OF ALL BRANDS ANANTARA, FOUR SEASONS, MARRIOTT AND ST. REGIS. STRIPPING OUT THE EFFECT OF NEW HOTELS AND EXCHANGE RATE, REVPAR INCREASED BY 15% YoY. NUMBER OF HOTEL ROOMS ADR No of Rooms 3,000 2,000 - Hua Hin Marriott + Hoi An + Quy Nhon -6% YoY - Anantara Bophut Koh Samui (renovation) 2,554 2,554 2,335 2,335 2,494 2,388 THB 8,000 6,000 6,851 5,391 5,277 6,380 Organic excl FX Impact +6% YoY 7,275 +5% YoY 5,650 1,000 4, Q12 2Q12 3Q12 4Q12 1Q13 2Q13 2,000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 OCCUPANCY REVPAR 90% 80% 70% 60% 70% 58% 64% 72% 78% Organic +5% YoY +3% YoY 61% THB 6,000 4,000 2,000 4,776 3,139 3,388 4,563 Organic excl FX Impact +15% YoY 5, % YoY 3,446 50% 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 8

9 OWNED-HOTELS PORTFOLIO & PIPELINE Key Development MINT CONTINUES TO BUILD STRONG PIPELINE OF OWNED HOTELS OVER THE NEXT THREE YEARS, WITH PLAN TO GROW NUMBER OF ROOMS BY 10%+/- EVERY YEAR. EXPANSION CONTINUES TO BE IN MARKETS THAT MINT HAS HAD EXPERIENCE IN. NOTE THAT THE GROWTH FIGURES COULD BE HIGHER THAN THE CHART BELOW SUGGESTS IF MINT ACQUIRES MORE PROPERTIES. No of Rooms 4,000 3,000 2,000 2, % +6% +16% 3,146 2,714 2,571 Vietnam Existing Anantara Hoi An (96 Rooms) (1Q13) Qui Nhon To be rebranded into Avani (63 Rooms) 1, F 2014F 2015F Egypt Thailand Existing 12 hotels (2,152 Rooms) 2013 Anantara Layan (77 Rooms) 2015 Avani Bangkok (227 Rooms) Australia 2014 Grand Hotel, Gladstone (143 Rooms) Maldives Existing Anantara Kihavah (78 Rooms) Sri Lanka Existing Avani Kalutara (105 Rooms) 2015 Avani Ambalangoda (64 Rooms) Anantara Sri Lanka (141 Rooms) Note: Owned hotels include majority-owned hotels only 9

10 OAKS OPERATIONS Key Development 1H13 REVENUE CONTRIBUTION 27% 73% Oaks Other hotels & mixed use OAKS OPERATIONS PROVIDE THE HOTEL AND MIXED-USE BUSINESS WITH STABLE PERFORMANCE THROUGHOUT THE YEAR, COMPARED TO HOTEL BUSINESS WHICH IS MORE EXPOSED TO SEASONALITY. OAKS PERFORMANCE REMAINED STABLE IN ITS AUSTRALIAN DOLLAR MARKET, WHILE THE APPRECIATION OF THAI BAHT HAS RESULTED IN THE DECLINE IN REVPAR IN THAI BAHT TERM. THB NUMBER OF MANAGED ROOMS No of Rooms +4% YoY 6,000 5,163 5,137 5,259 5,180 5,176 5,323 4,000 2,000 THB 6,000 4,000 2,000 ADR THB -7% YoY ,244 4,980 5,249 5,156 4,898 4,635 AUD Flat YoY AUD Q12 2Q12 3Q12 4Q12 1Q13 2Q13 0 1Q12 1Q12 2Q12 2Q12 3Q12 3Q12 4Q12 4Q12 1Q13 1Q13 2Q13 2Q13 0 OCCUPANCY REVPAR 90% 80% 70% 79% 76% 76% 77% 78% -1% YoY 75% THB 5,000 4,000 3,000 4,119 THB -7% YoY ,982 3,983 3,760 3,825 3,498 AUD -1% YoY 90 AUD % 2,000 1, % 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 0 1Q12 1Q12 1Q12 2Q12 2Q12 3Q12 3Q12 4Q12 4Q12 1Q13 1Q13 1Q13 2Q13 2Q13 2Q

11 OAKS PORTFOLIO & PIPELINE Key Development AS OAKS LOOKS FOR ADDITIONAL OPPORTUNIES OVER THE COMING YEARS, CURRENT PIPELINE IS ALREADY SHOWING HEALTHY EXPANSION. IN ADDITION TO EXPANSION THROUGH MANAGEMENT LETTING RIGHTS (MLR), OAKS IS ALSO LOOKING AT MAKING SELECTIVE INVESTMENTS IN AUSTRALIA AND EXPANDING OUTSIDE OF ITS HOME MARKETS THROUGH HOTEL MANAGEMENT CONTRACTS. No of Rooms 8,000 6,000 4,000 2, , % +5% +1% 5,703 5,977 6, F 2014F 2015F Egypt China 2013 Sanya (122 Rooms) Australia Properties (4,712 Rooms) 2013 William St., Melbourne (220 Rooms) Cypress Lakes Resort (127 Rooms) 2014 Carlyle (89 Rooms) Milton (185 Rooms) 2015 Radius (80 Rooms) Selective acquisitions: 100% stake in Tidal Swell, the owner of four properties already managed by Oaks Oasis Resort Caloundra, 158 hotel rooms and 9 apartments, together with MLR in Sunshine Coast Oaks Hyde Park Plaza, Sydney, 13 units UAE 2012 Dubai (165 Rooms) 2013 Liwa Suites, Abu Dhabi (54 Rooms) Thailand 2012 Bangkok (115 Rooms) New Zealand Properties (303 Rooms) 11

12 MANAGED-HOTELS OPERATIONS Key Development 1H13 REVENUE CONTRIBUTION 97% Other hotels & mixed use 3% Management contract REVPAR OF MANAGED HOTELS PORTFOLIO IS SLIGHTLY DOWN BECAUSE OF THE ADDITION OF NEW HOTELS, COUPLED WITH THE APPRECIATION OF THAI BAHT, WHILE ORGANIC REVPAR WITHOUT EXCHANGE RATE IMPACT SHOWED AN INCREASE OF 3% YoY. HOWEVER, THE INCREASE IN NUMBER OF ROOMS MORE THAN OFFSET THE DECLINE IN REVPAR, AS MANAGEMENT FEE INCREASED BY 14% IN 2Q13 YoY. NUMBER OF HOTEL ROOMS ADR No of Rooms 3,000 2,000 + Anantara Uluwatu + Anantara Eastern Mangroves, Abu Dhabi 1,257 1,556 + Anantara Sanya 1,678 + Avani Sepang Malaysia + Serengeti Pioneer Camp + Oaks Sathorn +37% YoY + Anantara Xisuangbanna 2,023 2,126 2,126 THB 6,000 4,000 5,139 4,752 4,379 5,953 Organic excl FX Impact -5% YoY 5,223-7% YoY 4,405 1,000 2, Q12 2Q12 3Q12 4Q12 1Q13 2Q13 0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 OCCUPANCY REVPAR 80% 70% 60% 50% 65% 50% 47% 56% 60% Organic +5% YoY +1% YoY 51% THB 4,000 3,000 2,000 3,323 2,364 2,063 3,308 Organic excl FX Impact +3% YoY 3,158-5% YoY 2,254 40% 1,000 30% 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 0 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 12

13 MANAGED-HOTELS PORTFOLIO & PIPELINE Key Development MINT HAS AN AGGRESSIVE EXPANSION PLAN FOR MANAGED HOTELS, BOTH IN EXISTING COUNTRIES OF OPERATION TO REFLECT THE CLUSTERING STRATEGY, AS WELL AS IN NEW MARKETS. China No of Rooms +66% +25% +43% Qatar UAE 6,000 4,000 2, , Anantara Doha Island (117 Rooms) Existing 3 hotels(492 Rooms) 2013 Anantara Palm Jumeirah (293 Rooms) + Anantara Residences (456 Units) Anantara Al Yamm (30 Rooms) Anantara Al Sahael (30 Rooms) Per Aquum Desert Palm (38 Rooms) Oman 2014 Anantara Al Madina (120 Rooms) 2015 Anantara Salalah (136 Rooms) Anantara Al Akhdar (123 Rooms) Tanzania 3,365 Egypt 4,206 6, F 2014F 2015F Existing Serengeti Pioneer Camp (10 Rooms) Mauritius 2014 Anantara La Chaland (160 Rooms) India Maldives 2013 Per Aquum Huvafenfushi (44 Rooms) Per Aquum Niyama (86 Rooms) 2014 Per Aquum Niyama Phase 2 (44 Rooms) 2014 Anantara Mahabalipuram (130 Rooms) 2015 Anantara Udaipur (70 Rooms) Anantara Wayanad (95 Rooms) Sri Lanka 2015 Anantara Tangalle (150 Rooms) Existing Anantara Sanya(122 Rooms) 1Q13 Anantara Xishuangbanna (103 Rooms) 2013 Anantara Chengdu (150 Rooms) 2014 Anantara Chongqing (150 Rooms) Anantara Qiandao Lake (120 Rooms) 2015 Anantara Dongguan (120 Rooms) Anantara Baoting (130 Rooms) Anantara Shanghai (300 Rooms) Laos 2015 Anantara Luang Prabang (115 Rooms) Vietnam Existing Anantara Mui Ne(89 Rooms) Thailand Existing 6 hotels (858 Rooms) 2013 Avani Atrium Bangkok (568 Rooms) Indonesia Existing Anantara Seminyak (60 Rooms) Anantara Uluwatu (77 Rooms) 2015 Avani Nusa Dua (590 Rooms) Malaysia Existing Avani Sepang (315 Rooms) 13

14 REAL ESTATES BUSINESS RESIDENTIAL 1H13 REVENUE CONTRIBUTION 19% Real Estates 81% Other hotels & mixed use Existing Projects Pipeline Key Development RESIDENTIAL SALES, AS PART OF MINT S REAL ESTATES BUSINESS, CONTINUES TO BE A CONTRIBUTOR TO THE HOTEL & MIXED-USE BUSINESS. ST REGIS HAS COMPLETED THE SALES OF THE AVAILABLE UNITS, WITH REMAINING PROCEEDS AND REVENUE RECOGNITION EXPECTED IN 2H13. NEXT PROJECT IN THE PIPELINE IS THE FIRST ANANTARA ESTATES IN PHUKET, WHICH WILL BE LAUNCHED IN EARLY ADDITIONAL RESIDENTIAL PROJECTS NEXT TO ANY OF THE HOTEL PROPERTIES ARE BEING CONSIDERED TO ENSURE CORE PIPELINE OF MINT S REAL ESTATES BUSINESS. Sold 64% Inventory 36% Sold 79% Reserved inventory 10% Deposited & contract signed 11% Anantara Estates, Phuket Expected Launch Date 2H13 / early 2014, concurrent with the new Anantara Phuket Hotel Project Size 16 villas on 32 rais of land Project Details Reserved inventory Deposited & Contract signed 3-8 bedroom pool villas, with approximate size ranging from 700 1,800 sq.m. Naturally secluded, offering privacy and exclusivity, with its own private bay to date 14

15 REAL ESTATES BUSINESS ANANTARA VACATION CLUB Key Development 1H13 REVENUE CONTRIBUTION 19% Real Estates 81% Other hotels & mixed use ANOTHER PART OF REAL ESTATES BUSINESS, ANANTARA VACATION CLUB, LEVERAGING ON THE ANANTARA BRAND, IS GROWING TO BECOME ANOTHER SIGNIFICANT CONTRIBUTOR TO HOTEL AND MIXED-USE BUSINESS. THE CONSTRUCTION OF 100 UNITS OF INVENTORY IN PHUKET HAS BEEN COMPLETED, TO ACCOMMODATE SALES OF MEMBERSHIP IN THE COMING YEARS. Japan 2% THB million Performance to Date AVC Members Asians as Target UK 2% India 2% Australia 4% Malaysia 10% Others 15% Hong Kong 12% Thailand 20% China 16% Strong Quarterly Sales Singapore 17% As at June 2013 No of Units Going Forward Planned Pipeline of Inventories Bangkok, Samui, Phuket, Bali, Queenstown, Sanya Phuket inventory Destinations Q F Sales Office in Targeted Markets Bangkok Phuket Samui Bali Hong Kong Singapore China % Stable Revenue Stream Going Forward Q12 2Q12 3Q12 4Q12 1Q13 2Q F 2014F 2015F 2016F 2017F 15

16 Restaurant Business Burger King, The Coffee Club, and Thai Express outlets at Ibrahim Nasir International Airport, the Maldives 16

17 RESTAURANT PERFORMANCE Key Development RESTAURANT BUSINESS CONTINUES TO SEE STABLE TOTAL-SYSTEM-SALES GROWTH IN 2Q13. SAME-STORE-SALES GROWTH TEMPORARILY DROPPED IN 2Q13 AS THE PIZZA COMPANY HAS GONE THROUGH INTERNAL RESTRUCTURING OF ITS MENU STRATEGY. EXCLUDING THE PIZZA COMPANY, THE RESTAURANT PORTFOLIO S SAME-STORE-SALES GROWTH REMAINED STRONG AT 3.7% IN 2Q13. 20% 15% 10% 5% 16.0% 7.6% SSS & TSS Growth 13.6% 6.5% 12.5% 3.3% 11.4% 4.6% 14.6% 4.1% 13.9% Excluding The Pizza Company 3.7% Restaurant Outlets Breakdown by Geography International Thailand 558 7% 93% 1,381 34% 66% +11% YoY 1,419 34% 66% 2,749 36% 64% Q F Restaurant Outlets Breakdown by Ownership 0% 1.1% 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Franchised Owned +11% YoY 2,749 45% No. of Outlets 1,264 1,274 1,304 1,381 1,406 1,419 1,381 1,419 Same-Store-Sales Growth Total-System-Sales Growth % 86% 45% 55% 46% 54% 55% Q F 17

18 RESILIENT SAME-STORE-SALES GROWTH Key Development HISTORICALLY, TREND OF MINT S THAILAND SAME-STORE-SALES GROWTH CORRELATES WITH THE CHANGE IN THAILAND S CONSUMER CONFIDENCE INDEX. MINT S 2013 SAME-STORE-SALES APPEARS TO BE GROWING SLOWER THAN CCI ONLY BECAUSE MINT S 2012 SAME- STORE-SALES IS EXCEPTIONALLY AT MUCH HIGHER BASE. STATISTICS AS PER THE LOWER PGRAPHS BELOW PROVE THAT DEPENDING ON CERTAIN PERIOD, SAME-STORE-SALES GROWTH IS SUPPORTED BY BOTH CONSUMPTION OF BANGKOK AND UPCOUNTRY. 20% 15% 10% 5% 0% -5% -10% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Notes: Change in CCI MINT's Thailand SSS Growth Source of CCI: NESDB MINT s same-store-sales growth in 2Q13 excludes The Pizza Company s Same-Store-Sales Growth 1Q13 2Q13 1Q13 2Q13 1Q13 2Q13 1Q13 2Q13 Bangkok Upcountry 18

19 RESTAURANT HIGHLIGHTS Key Development MINT CONTINUES TO IMPROVE THE OPERATIONS OF ITS EXISTING FOOD BRANDS, WHILE LOOKING FOR OPPORTUNITIES TO ADD NEW BRANDS AND NEW CONCEPTS TO ITS ALREADY DIVERSE PORTFOLIO. Went through internal restructuring of menu strategy Successful Chocolate Angel s Sundae Promotion Successful launch of new menus for Xin Wang in 3Q12 and Thai Express in 1Q13 Expansion of The Coffee Club outside of its home country Launch of classic signature selection menu Continued expansion of domestic franchising Launch of BK Grill concept at all stores; Emphasis on premium beef burgers Integration and consolidation of Riverside with Minor Food Group in China 19

20 TURN-AROUND OF CHINA Key Development THE ACQUISITION OF RIVERSIDE RESULTED IN ECONOMIES OF SCALE OF BACK OFFICE. IN ADDITION, WITH THE CONSOLIDATION OF RIVERSIDE, TOGETHER WITH RATIONALIZATION OF THE PIZZA COMPANY OUTLETS IN CHINA, MINT S RESTAURANT BUSINESS IN CHINA STARTED TO SHOW BREAK-EVEN AT THE OPERATIONAL LEVEL SINCE 4Q12. Performance Progress Sizzler s performance continued to improve, with improving store contribution margin over the past two years. The Pizza Company started to report positive store contribution margin in March Since the consolidation of Riverside, China business broke-even at the operational level. Riverside s Plans Going Forward To improve R&D for development of new products To emphasize on service excellence, with standardized training program To adhere to financial discipline, with long term strategic plan and budget tracking system 20

21 Other Important Information 9M12 & 3Q12 Results Recap The Path to our 5-Year Aspirations New brand under Thai Express Concept 21

22 RETAIL TRADING & CONTRACT MANUFACTURING Key Development SAME-STORE-SALES GROWTH OF RETAIL TRADING SOFTENED IN 2Q13 AS DISCRETIONARY GOODS HAVE BEEN IMPACTED BY THE SLOWER DOMESTIC CONSUMPTION IN THE QUARTER. NEVERTHELESS, THE OVERALL MARGIN OF RETAIL TRADING AND CONTRACT MANUFACTURING BUSINESS IMPROVED IN 2Q13 YoY BECAUSE OF IMPROVED REVENUE OF HIGHER-MARGIN FASHION BUSINESS. SSS & TSS SALES PER SQ.M. 40% THB 40, % 24.2% 23.0% 20% 5.0% 16.3% 7.2% 10.3% 1.0% 30,000 26,316 25,057 27,155 25,870 28,717 24,607 0% 20, % -4.4% -10.1% -4.0% -20% No. of Shops 10,000 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1Q12 2Q12 3Q12 4Q12 1Q13 2Q No. of Shops Note: No. of shops include Laneige, Smashbox and Bloom which were closed in 1Q12, 3Q12 and 4Q12 respectively Same-Store-Sales Growth Total-System-Sales Growth Fashion & Cosmetic Sales per Sq.m. 22

23 CAPEX & BALANCE SHEET STRENGTH Going Forward IN ADDITION TO COMMITTED CAPEX, MINT ALSO SET ASIDE ADDITIONAL CAPEX FOR FUTURE ACQUISITIONS AND NEW INITIATIVES. LEVERAGE RATIO IS NOW WELL BELOW THE INTERNAL POLICY. WITH ITS BALANCE SHEET STRENGTH, MINT WILL BE ABLE TO FINANCE ITS CAPEX REQUIREMENTS GOING FORWARD. THB million 10,000 8,000 6,000 4,000 2,000 Committed CAPEX & New Opportunities X X Leverage Ratios 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity Back-up Financing Internal Policy Interest Bearing Debt to Net Replacement Value F 2014F 2015F 2016F 2017F Restaurant Hotel & Mixed-use Retail Trading Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s) - THB million 50,000 40,000 30,000 20,000 10,000 Shareholders Equity Debt Debt EBITDA coverage on committed CAPEX 0 Outstanding Borrowing & Equity Un-Utilized Facility 23

24 FIVE-YEAR ASPIRATIONS Going Forward 2017F hotels 676 restaurants 316 retail shops & POS (14,524 Sqm) 1H13 86 hotels 63 residences built to date 67 timeshare units 1,419 restaurants 247 retail shops & POS (20,666 Sqm) > 140 hotels > 200 residences built to date > 400 timeshare units > 2,700 restaurants > 260 retail shops & POS (>23,000 Sqm) NPAT (THB) 1.6bn bn 1.6bn

25 MINT S FIVE-YEAR STRATEGY Going Forward MINT S FIVE-YEAR STRATEGY WAS FORMULATED MAINLY BASED ON THE FOLLOWING THREE KEY PILLARS, WITH CLEAR GOALS AS WELL AS MEASUREMENTS Goals NPAT growth of ~15-20% CAGR ROIC of >15% Growth Pillars Drive Profitable Portfolio of Own Brands Continually Enhance Asset Productivity Assetlight Model Mixeduse Initiatives Expand Internationally Through Strategic Investments & Acquisitions Measurements Total-system-sales growth of over 15% Revenues growth of over 10% Improvement of margins Revenues from overseas of over 40% Net profit from overseas of 50% 25

26 Appendix Opening of The Coffee Club in Donmuang Airport 26

27 1H13 REVENUE & EBITDA INCREASE OF 10% 1H13 Results MINT REPORTED 1H13 REVENUE AND EBITDA INCREASE OF 10% YoY. THE REVENUE GROWTH WAS ATTRIBUTABLE TO STRONG PERFORMANCE OF ALL THREE BUSINESS UNITS. EBITDA IMPROVEMENT WAS A RESULT OF OPERATING LEVERAGE OF RESTAURANT BUSINESS, GROWTH OF ASSET LIGHT BUSINESSES, TURNAROUND OF RESTAURANT BUSINESS IN CHINA AND IMPROVEMENT IN HIGHER- MARGIN FASION BUSINESS. Revenues THB million 20,000 15,000 10,000 5, % YoY 17,888 16, % YoY 8,768 7,524 7,842 8,859 9,636 8,252 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1H12 1H13 Hotel & Mixed-Use 47% Retail Trading 10% Restaurant 43% EBITDA THB million 5,000 4,000 3, % YoY 3,915 Retail Trading 4% 3,000 2,000 1,000-2,245 2,550 2,021 +4% YoY 1,311 1,486 1,364 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1H12 1H13 Hotel & Mixed-Use 61% Restaurant 34% EBITDA Margin 25.6% 17.4% 18.9% 22.8% 26.5% 16.5% 21.8% 21.9% Restaurant Hotel & Mixed-Use Retail Trading 27

28 1H13 NET PROFIT INCREASE OF 19% YoY 1H13 Results 1H13 NET PROFIT ROSE 19% YoY AS A RESULT OF INCREASE IN NET PROFIT OF ALL THREE BUSINESSES. EXCLUDING INSURANCE CLAIM RECEIVED IN 1Q12, 1H13 NET PROFIT INCREASED MORE SIGNIFICANTLY BY 25% YoY. THB million 2, % YoY 1,838 1,500 1,297 1,164 1,409 1,545 Retail Trading 4% 1, % YoY 429 Hotel & Mixed-Use 57% Restaurant 39% - Net Margin 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1H12 1H % 4.6% 6.9% 13.1% 14.6% 5.2% 9.5% 10.3% Restaurant Hotel & Mixed-Use Retail Trading Note: Net profit in 2012 has been restated per the new accounting policy on current and deferred income taxes (IAS 12) 28

29 FINANCIAL PERFORMANCE HOTEL & MIXED-USE Hotel Updates HOTEL & MIXED-USE BUSINESS SAW MODERATE GROWTH OF 1H13 REVENUES AND EBITDA YoY, WHILE NET PROFIT GREW AT A FASTER RATE BECAUSE OF NORMALIZED EFFECTIVE TAX RATE IN 1H13 COMPARED TO UNUSUALLY HIGH TAX RATE IN 1H12, WITH OAKS ONE-TIME TAX ADJUSTMENT. THB million Revenue 4,527 3,480 3,834 4,549 4,794 +6% YoY 3,690 8,007 +6% YoY 8,484 Key Highlights Owned hotels, accounting for 46% of hotel and mixeduse revenues in 1H13, saw strong RevPar increase of 15% YoY; Oaks s RevPar declined by 7%, primarily from the appreciation of Thai Baht against Australian dollar. Oaks contributes 27% of hotel and mixed-use revenues; EBITDA 1, ,360 1,727-8% YoY 666 2,285 +5% YoY 2,393 Revenue of management contracts in 1H13 increased by 37%, from the increase in number of rooms by 37% YoY, despite the decline in 1H13 RevPar of 5%, together with the initial technical advisory services fees of newly signed management contracts received in 1Q13. Management contract is 3% of hotel and mixed-use revenues in 1H13; EBITDA Margin NPAT Net Margin 34.4% % 1Q % % 2Q % % 3Q % % 4Q % % 1Q % +16% YoY Note: Net profit in 2012 has been restated per the new accounting policy on current and deferred income taxes (IAS 12) % 2Q % 28.2% % 1H12 +16% YoY 1, % 1H13 Real estates business is 19% of hotel and mixed-use revenues in 1H13. Revenues from real estates business increased by 12% in 1H13 because of 54% sales growth of Anantara Vacation Club; The strong hotel and mixed-use performance is slightly offset by closure of two hotels, Anantara Bophut Samui and Anantara Veli Maldives, and Royal Garden Plaza Bangkok which are under renovation, together with the permanent closure of Hua Hin Marriott since July EBITDA margin remained stable in 1H13 despite the closure of two hotels and one plaza. 29

30 HOTEL PERFORMANCE BY BRAND 2Q13 Hotel Updates Systemwide Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 2Q13 2Q12 Chg 2Q13 2Q12 %Chg 2Q13 2Q12 Chg Anantara 52% 51% 1% 5,951 5,995-1% 3,074 3,046 1% Marriott 74% 66% 8% 3,548 3,462 2% 2,612 2,276 15% Four Seasons 63% 59% 4% 7,959 7,568 5% 4,997 4,444 12% Oaks 75% 76% 0% 4,565 4,980-8% 3,442 3,760-8% Others 53% 49% 4% 4,622 5,980-23% 2,446 2,954-17% Average (incl. Oaks) 66% 66% 0% 4,998 5,228-4% 3,280 3,430-4% Average (excl. Oaks) 56% 55% 2% 5,464 5,611-3% 3,071 3,063 0% Avg - Thailand 62% 58% 5% 4,479 4,409 2% 2,784 2,537 10% Avg - Overseas (incl. Oaks) 67% 70% -3% 5,220 5,618-7% 3,508 3,949-11% Avg - Overseas (excl. Oaks) 47% 44% 2% 7,568 11,012-31% 3,531 4,886-28% Organic Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 2Q13 2Q12 Chg 2Q13 2Q12 %Chg 2Q13 2Q12 Chg Anantara 56% 50% 5% 6,148 6,041 2% 3,426 3,035 13% Marriott 74% 66% 8% 3,548 3,462 2% 2,612 2,276 15% Four Seasons 63% 59% 4% 7,959 7,568 5% 4,997 4,444 12% Oaks 75% 76% 0% 4,565 4,980-8% 3,442 3,760-8% Others 52% 49% 3% 5,529 5,980-8% 2,888 2,954-2% Average (incl. Oaks) 68% 66% 2% 5,053 5,220-3% 3,446 3,437 0% Average (excl. Oaks) 59% 54% 5% 5,693 5,611 1% 3,384 3,057 11% Avg - Thailand 62% 57% 5% 4,483 4,447 1% 2,785 2,526 10% Avg - Overseas (incl. Oaks) 71% 71% 0% 5,321 5,574-5% 3,804 3,959-4% Avg - Overseas (excl. Oaks) 50% 46% 5% 10,780 11,165-3% 5,427 5,093 7% 30

31 HOTEL PERFORMANCE BY OWNERSHIP 2Q13 Hotel Updates Systemwide Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 2Q13 2Q12 Chg 2Q13 2Q12 %Chg 2Q13 2Q12 Chg Owned - Total 61% 58% 3% 5,650 5,391 5% 3,446 3,139 10% Joint Venture 52% 44% 8% 11,895 11,913 0% 6,178 5,250 18% Managed 51% 50% 1% 4,405 4,752-7% 2,254 2,364-5% MLR 75% 76% 0% 4,635 4,980-7% 3,498 3,760-7% Average (incl. Oaks) 66% 66% 0% 4,998 5,228-4% 3,280 3,430-4% Average (excl. Oaks) 56% 55% 2% 5,464 5,611-3% 3,071 3,063 0% Avg - Thailand 62% 58% 5% 4,479 4,409 2% 2,784 2,537 10% Avg - Overseas (incl. Oaks) 67% 70% -3% 5,220 5,618-7% 3,508 3,949-11% Avg - Overseas (excl. Oaks) 47% 44% 2% 7,568 11,012-31% 3,531 4,886-28% Organic Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 2Q13 2Q12 Chg 2Q13 2Q12 %Chg 2Q13 2Q12 Chg Owned - Total 62% 57% 5% 5,798 5,499 5% 3,589 3,153 14% Joint Venture 52% 39% 13% 11,792 12,451-5% 6,082 4,838 26% Managed 57% 52% 5% 4,386 4,752-8% 2,485 2,472 1% MLR 75% 76% 0% 4,635 4,980-7% 3,498 3,760-7% Average (incl. Oaks) 68% 66% 2% 5,053 5,220-3% 3,446 3,437 0% Average (excl. Oaks) 59% 54% 5% 5,693 5,611 1% 3,384 3,057 11% Avg - Thailand 62% 57% 5% 4,483 4,447 1% 2,785 2,526 10% Avg - Overseas (incl. Oaks) 71% 71% 0% 5,321 5,574-5% 3,804 3,959-4% Avg - Overseas (excl. Oaks) 50% 46% 5% 10,780 11,165-3% 5,427 5,093 7% 31

32 HOTEL PERFORMANCE BY BRAND 1H13 Hotel Updates Systemwide Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 1H13 1H12 Chg 1H13 1H12 %Chg 1H13 1H12 Chg Anantara 59% 58% 1% 6,889 6,960-1% 4,081 4,026 1% Marriott 80% 73% 7% 4,599 4,203 9% 3,694 3,065 21% Four Seasons 70% 61% 8% 8,919 8,496 5% 6,215 5,206 19% Oaks 77% 77% 0% 4,696 5,115-8% 3,604 3,941-9% Others 55% 54% 1% 5,011 6,133-18% 2,770 3,311-16% Average (incl. Oaks) 70% 69% 0% 5,494 5,657-3% 3,819 3,926-3% Average (excl. Oaks) 63% 61% 2% 6,345 6,428-1% 3,968 3,909 2% Avg - Thailand 70% 63% 7% 5,136 4,909 5% 3,608 3,089 17% Avg - Overseas (incl. Oaks) 69% 73% -4% 5,663 6,027-6% 3,917 4,407-11% Avg - Overseas (excl. Oaks) 50% 54% -4% 9,154 12,576-27% 4,563 6,731-32% Organic Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 1H13 1H12 Chg 1H13 1H12 %Chg 1H13 1H12 Chg Marriott 64% 58% 6% 7,046 7,027 0% 4,539 4,070 12% Anantara 80% 73% 7% 4,599 4,203 9% 3,694 3,065 21% Four Seasons 70% 61% 8% 8,919 8,496 5% 6,215 5,206 19% Oaks 77% 77% 0% 4,696 5,115-8% 3,604 3,941-9% Other 54% 54% 0% 6,150 6,133 0% 3,349 3,311 1% Average (incl. Oaks) 72% 70% 3% 5,544 5,658-2% 3,997 3,936 2% Average (excl. Oaks) 67% 61% 6% 6,605 6,449 2% 4,396 3,930 12% Avg - Thailand 70% 63% 8% 5,140 4,937 4% 3,610 3,093 17% Avg - Overseas (incl. Oaks) 73% 74% 0% 5,755 6,008-4% 4,208 4,417-5% Avg - Overseas (excl. Oaks) 54% 55% -1% 12,988 12,704 2% 7,032 6,950 1% 32

33 HOTEL PERFORMANCE BY OWNERSHIP 1H13 Hotel Updates Systemwide Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 1H13 1H12 Chg 1H13 1H12 %Chg 1H13 1H12 Chg Owned 70% 64% 6% 6,562 6,197 6% 4,566 3,969 15% Joint Venture 54% 49% 5% 15,232 15,650-3% 8,221 7,624 8% Managed 55% 57% -2% 4,843 4,964-2% 2,685 2,828-5% MLR 77% 77% 0% 4,769 5,115-7% 3,662 3,941-7% Average (incl. Oaks) 70% 69% 0% 5,494 5,657-4% 3,819 3,926-4% Average (excl. Oaks) 63% 61% 2% 6,345 6,428-1% 3,968 3,909 2% Avg - Thailand 70% 63% 7% 5,136 4,909 5% 3,608 3,089 17% Avg - Overseas (incl. Oaks) 69% 73% -4% 5,663 6,027-6% 3,917 4,407-11% Avg - Overseas (excl. Oaks) 50% 54% -4% 9,154 12,576-27% 4,563 6,731-32% Organic Hotel Occupancy (%) ARR (Bt/night) RevPar (Bt/night) 1H13 1H12 Chg 1H13 1H12 %Chg 1H13 1H12 Chg Owned 70% 64% 7% 6,713 6,265 7% 4,724 3,993 18% Joint Venture 54% 47% 7% 15,223 16,361-7% 8,193 7,652 7% Managed 62% 58% 4% 4,743 4,966-4% 2,961 2,895 2% MLR 77% 77% 0% 4,769 5,115-7% 3,662 3,941-7% Average (incl. Oaks) 72% 70% 3% 5,544 5,658-2% 3,997 3,936 2% Average (excl. Oaks) 67% 61% 6% 6,605 6,449 2% 4,396 3,930 12% Avg - Thailand 70% 63% 8% 5,140 4,937 4% 3,610 3,093 17% Avg - Overseas (incl. Oaks) 73% 74% 0% 5,755 6,008-4% 4,208 4,417-5% Avg - Overseas (excl. Oaks) 54% 55% -1% 12,988 12,704 2% 7,032 6,950 1% 33

34 MINT S HOTEL EXPANSION PLANS Going Forward EXPANSION INTO MARKETS INSIDE AND OUTSIDE THAILAND WILL CONTRIBUTE WELL TO REVENUE & PROFIT IN COMING YEARS. Hotel Investment Management Contract 2013 Layan, Phuket (Previously Bundarika) (77 Rms) Hoi An, Vietnam Sand River Masai Mara, Kenya (16 Rms) Amboseli Camp, Kenya (16 Rms) Quy Nhon, Vietnam (63 Rms) Xishuangbanna, China (103 Rms) Chengdu, China (150 Rms) Palm Jumeirah, UAE (293 Rms) Al Yamm, UAE (30 Rms) Al Sahael, UAE (30 Rms) Huvafenfushi, Maldives (44 Rms) Niyama, Maldives (86 Rms) Desert Palm, UAE (38 Rms) Sanya, China (122 Rms) Liwa Suites, Abu Dhabi (54 Rms) William St., Atrium, Bangkok (568 Rms) (96 Rms) Melbourne (220 Rms) Cypress Lakes (127 Rms) 2014 Grand Hotel, Gladstone Australia (143 Rms) Chongqing, China (150 Rms) Qiandao Lake, China (120 Rms) Al Madina, Oman (120 Rms) Doha, Qatar (117 Rms) Mahabalipuram, India (130 Rms) La Chaland, Mauritius (160 Rms) Niyama, Maldives, Phase 2 (44 Rms) Carlyle (89 Rms) Milton (185 Rms) 2015 Sri Lanka (141 Rms) Ambalangoda, Sri Lanka (64 Rms) Bangkok (227 Rms) Tangalle, Sri Lanka (150 Rms) Dongguan, China (120 Rms) Baoting, China (130 Rms) Shanghai, China (300 Rms) Udaipur, India (70 Rms) Wayanad, India (95 Rms) Salalah, Oman (136 Rms) Al Akhdar, Oman (123 Rms) Luang Prabang, Laos (115 Rms) Radius (80 Rms) Avani Nusa Dua, Bali (590 Rms) Total 9 Hotels / 843 Rooms 32 Hotels & Properties / 4,889 Rooms 34

35 MINT S HOTEL PORTFOLIO Hotel Updates MINT S COMPOSITION OF HOTEL ROOMS ARE EXPECTED TO CHANGE OVER THE NEXT FIVE YEARS. MINT WILL FOCUS ON THE EXPANSION OF OUR OWN BRANDS, ANANTARA, OAKS AND AVANI, MORE EXPONENTIALLY THROUGH ASSET LIGHT MODEL (MANAGEMENT CONTRACTS), WITH GEOGRAPHICAL FOCUS OUTSIDE OF THAILAND. By Brand By Ownership By Location No of rooms 18,000 16,000 16,472 7% No of rooms 18,000 16,000 16,472 No of rooms 18,000 16,000 16,472 14,000 14,000 14,000 12,000 10,000 10,807 9% 41% 12,000 10,000 10,807 76% 12,000 10,000 10,807 8,000 51% 12% 8,000 69% 8,000 72% 76% 6,000 6,000 6,000 4,000 2,000-5% 2,169 33% 6% 26% 19% 20% 55% 5% 3% 5% 3% H F 4,000 2,000-5% 2,169 7% 8% 19% 92% 24% H F 4,000 2,000-2,169 10% 8% 14% 56% 36% 14% 14% H F Others Oaks Managed International Avani Four Seasons Anantara Marriott Joint Venture Own Equity Outside Bangkok Bangkok 35

36 TOURIST ARRIVAL TO THAILAND Hotel Updates HOTEL INDUSTRY OUTLOOK IS EXPECTED TO REMAIN STRONG ON THE BACK OF INCREASING TOURIST ARRIVAL. Million Tourists Arrival to Thailand Yearly Trend F 30% 20% 10% 0% -10% Tourist Arrival % Change Million Tourist Arrival to Thailand Monthly Trend 80% 60% 40% 20% 0% -20% 0.0 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13-40% Source: Tourism Authority of Thailand and Bank of Thailand 36

37 MINT S FEEDER MARKETS Hotel Updates MINT CONTINUES TO SEE IMPROVEMENTS ACROSS ALL OF ITS FEEDER MARKETS, WITH A 19% YoY INCREASE IN 1H13 OVERALL ROOMNIGHTS COMPARED TO INCREASE IN THAILAND S TOURIST ARRIVALS OF 20% YoY. No of room nights 200,000 China +124% Hong Kong +14% Japan +9% Taiwan +202% 48% UK +16% France +23% 10% MINT s 1H12 Feeder Markets MINT s 1H13 Feeder Markets 1H12 1H13 150, ,000 50,000-6% 8% India +4% 7% Australia +20% 19% 42% UAE +40% -38% 0 Thailand East Asia Europe The Americas South Asia Oceania Middle East Africa & Others * Note: MINT s feeder market excludes Oaks MINT s 1H13 Feeder Markets Thailand s Top 5 Feeder Markets Middle East, 8% Oceania, 5% South Asia, 3% The Americas, 10% Africa & Others, 1% Thailand, 9% East Asia, 33% No of tourists 2,400,000 2,000,000 1,600,000 1,200, ,000 95% 36% 17% 1H12 14% 1H13 5% 400,000 Europe, 30% 0 China Russia Japan Korea India 37

38 STRENGTHENING OF HOTEL S NON-TRADITIONNAL MARKETS Hotel Updates ALTHOUGH CHINA AND RUSSIA REPRESENTED ONLY 10% OF MINT S TOTAL FEEDER MARKETS BASED ON ROOM NIGHTS IN 2012, THE YIELDS THEY GENERATED WERE RELATIVELY MUCH HIGHER AS THEY MOSTLY STAYED AT HIGHER-ROOM-RATE HOTELS, E.G. IN MALDIVES AND PHUKET. MINT s 2012 Feeder Markets China 6% Russia 4% Average ADR: Bt 5,589 Others 90% Average ADR*: Bt 10,058 Average ADR*: Bt 15,929 Others 51% Maldives Hotels 19% Four Seasons Group 17% St. Regis 5% Anantara & JW Marriott Phuket 8% Others 36% St. Regis 1% Four Seasons Group 3% Maldives Hotels 26% Anantara & JW Marriott Phuket 34% * The pie charts include total room nights of MINT hotel portfolio (excluding Oaks), while average daily rates of China and Russia markets are calculated from Maldives hotels, Anantara Phuket, JW Marriott Phuket, Four Seasons group and St. Regis (excluding others) 38

39 LUXURY HOTEL SUPPLY IN BANGKOK Hotel Updates BANGKOK HAS SEEN AGGRESSIVE INCREASE IN NEW SUPPLY DURING , BUT THE RATE IS EXPECTED TO SLOW DOWN IN THE NEXT FEW YEARS. No of rooms 20,000 15,000 10,000 5, No. of Rooms 2013F No. of Rooms Sofitel Bangkok, Sukhumvit 13 W Hotel Bangkok Hotel Okura Bangkok Hansar Bangkok Hotel Sofitel So Bangkok The Siam, Bangkok The Langham Sukhumvit Bangkok Langham Place, Phayathai, Bangkok 2014F Jumeirah Bangkok Park Hyatt Bangkok Surya by Supatra 68 Source: HVS Reseach 39

40 DIVERSIFICATION OUTSIDE BANGKOK Hotel Updates WITH ITS EXPANSION OUTSIDE OF THAILAND AS WELL AS INCREASING CONTRIBUTION FROM MIXED USE BUSINESSES, MINT IS LESS DEPENDENT ON ITS BANGKOK HOTEL PORTFOLIO. NEVERTHELESS, DESPITE THE OVERSUPPLY OF HOTELS IN BANGKOK, MINT S BANGKOK HOTEL PORTFOLIO IS STILL SEEING SIGNIFICANT IMPROVEMENT IN REVPAR OF 40% YoY. Number of hotel rooms in Bangkok doubled over the past 5 years However, the contribution in terms of number of rooms in Bangkok significantly declined as the expansion is faster outside of Bangkok No of rooms 1,500 1, ,518 1,518 1, Managed Owned 100% 75% 50% 25% 0% 75% 76% 68% 84% 85% 25% 24% 32% 16% 15% Outside Bangkok Bangkok Despite the oversupply of hotels in Bangkok, MINT s Bangkok hotel portfolio improves significantly, with 2012 revpar increase of 40% YoY THB 8,000 6,000 4,000 2, % 5,097 3,389 56% 4,255 51% 51% 3,951 3,542 2,394 2,025 1,788 65% 3,857 Occupancy 2,499 80% 60% 40% 20% 0% 100% The revenue contribution also significantly declined over the five years, in line with the contribution from number of rooms 75% 50% 25% 0% 74% 72% 75% 26% 28% 25% 86% 86% 14% 14% Other Hotel & Mixed Use Bangkok % Occupancy ADR Revpar 40

41 FINANCIAL PERFORMANCE - RESTAURANT Restaurant Update 1H13 PERFORMANCE OF THE RESTAURANT BUSINESS CONTINUED TO EXHIBIT STRONG AND STABLE GROWTH, WITH REVENUE GROWTH OF 14% AND NET PROFIT GROWTH OF 21% YoY THB million Revenue 3,451 3,237 3,097 3, % YoY 3,878 3,725 6, % YoY 7,603 Key Highlights Most brands continued to exhibit strong and positive same-store-sales growth in 1H13, from successful marketing strategies; EBITDA % YoY 634 1, % YoY 1,350 The Pizza Company went through restructuring of its menu strategy and marketing plans to increase traffic in 2Q13, resulting in temporary negative samestore-sales growth in 2Q13; Same-store-sales growth of 2.6% in 1H13, together with outlet expansion of 11%, resulted in strong total-system-sales growth of 13.8% in 1H13; EBITDA Margin 16.9% 17.0% 16.6% 17.4% 18.5% 17.0% 16.9% 17.8% % YoY 716 With the consolidation of Riverside, the food concept acquired in December 2012, the China business has turned around and became profitable at the operation level in 1H13; NPAT Net Margin % % 8.9% 9.1% % +17% YoY % 8.8% 9.4% EBITDA & net profit margin expanded, attributable to operating leverage, increasing franchise fees and positive EBITDA of China business in 1H13 compared to negative EBITDA in 1H12. 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1H12 1H13 Note: Net profit in 2012 has been restated per the new accounting policy on current and deferred income taxes (IAS 12) 41

42 EFFECTIVE MANAGEMENT OF FOOD COSTS Restaurant Update FOOD AND PAPER COSTS AS A PERCENTAGE OF SALES HAS COME DOWN OVER THE PAST FIVE YEARS AS A RESULT OF CONTINUED EFFECTIVE COST MANAGEMENT PROGRAM. % of Food & Paper Costs to Sales 36% 35% 35.9% 34.9% 35.2% 35.2% 34.5% 34% 34.1% 33.9% 34.0% 33% 32% 33.3% 33.0% 33.2% 33.2% 33.0% 32.7% 32.0% 31.7% 31.5% 31% 31.8% 31.7% 31.5% 30.9% 30.7% 30% 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 Note: Food and paper costs as a percentage of sales rose in first quarter of every year as a result of Buy-one-get-one-free promotional campaign launched in March of every year to celebrate the anniversary of The Pizza Company Strategy Fixed Long- Term Contract Prices Pro-Active Inventory Management Menu-Mix Re-Engineering Supply Chain Management Maximization of FTA Benefit 42

43 RESTAURANT PERFORMANCE Restaurant Update Brand SSS (%) TSS (%) 2Q13 2Q12 1H13 1H12 2Q13 2Q12 1H13 1H12 The Pizza Company -10.3% 14.9% -2.6% 10.7% -7.1% 25.3% 0.7% 21.5% Swensen s 6.8% 10.9% 8.1% 12.1% 12.7% 21.2% 14.0% 22.9% Sizzler 1.2% 0.8% 1.8% 3.1% 6.3% 2.7% 4.6% 6.6% Dairy Queen 1.5% 20.8% 0.9% 25.9% 19.8% 29.7% 18.7% 36.1% Burger King 8.7% 9.6% 9.1% 7.8% 15.4% 9.7% 14.0% 8.5% The Coffee Club 3.2% 2.7% 3.2% 3.5% 11.9% 10.1% 11.2% 11.5% Ribs & Rumps -7.9% N/A -7.3% N/A 21.6% N/A 16.8% N/A Thai Express 8.0% -8.4% 6.8% -3.0% 17.1% 0.8% 13.3% -2.3% Average 1.1% 6.5% 2.6% 7.1% 13.9% 13.6% 13.8% 14.0% Average Thailand -1.5% 12.5% 2.2% 11.7% 5.2% 19.8% 8.1% 20.0% 43

44 RESTAURANT OUTLETS 1H13 Restaurant Update Brand No. of outlets No. of outlets Equity Franchise Thailand International Total The Pizza Company Swensen s Sizzler Dairy Queen Burger King The Coffee Club Ribs & Rumbs Thai Express Riverside Others Total ,419 44

45 CONTINUED & STRENGTHENING PARTNERSHIP WITH S&P Restaurant Update S&P OPERATES A CHAIN OF RESTAURANTS AND BAKERY SHOPS WITH OVER 400 OUTLETS IN 7 COUNTRIES PRODUCING AND DISTRIBUTING FOOD AND BAKERY PRODUCTS UNDER THE S&P BRAND. SINCE 3Q11, S&P S PERFORMANCE HAS BEEN RECOGNIZED THROUGH EQUITY ACCOUNTING METHOD. S&P S 1Q13 MARGINS HAVE BEEN PRESSURED FROM INCREASED RAW MATERIALS, LABOR COSTS, RENTAL AND ADVERTISING EXPENSES. Shareholding Structure +12% YoY +8% YoY Sila-on & Riva Families 39% MINT 31% THB million Revenue 4,437 4,761 5,340 5,941 6,653 3,018 3,248 Others 30% MINT s Investment in S&P EBITDA % YoY 1, % YoY 235 THB million 3,000 2,500 2,000 1,500 1, Gain from investment reclassification Unrealized gain (loss) Investment Cost % shareholding 26.3% 19.0% 20.8% 22.9% 1,805 1, % 31.3% 2,151 2,151 1,054 1, % ,097 1, (131) % 30% 20% 10% 0% -10% EBITDA Margin NPAT Net Margin 13.1% 14.2% 15.3% % 6.2% 7.2% % % % +56% YoY % % 13.7% -15% YoY % 7.5% 1H12 1H13 45

46 BEIJING RIVERSIDE & COURTYARD Key Development AS PART OF MINT S FIVE-YEAR STRATEGY, IN ADDITION TO ORGANIC GROWTH, MINT ALSO LOOKS FOR ACQUISITION OPPORTUNITIES. MINT ACQUIRED BEIJING RIVERSIDE AT THE END OF 2012 WITH PLANS TO EXPAND BOTH IN ITS HOME COUNTRY, CHINA, AND POTENTIALLY INTO OTHER COUNTRIES. Basic Information Established in 2005 Distinctive chain of casual-concept restaurants in China, specializing in Sichuan barbecue fish 23 restaurants across Beijing and Shanghai Ownership Initial 49% stake, with MINT holding the majority of the Board seats Another 11-30% stake in Riverside in two years, subject to a performance hurdle The remaining shares of Riverside will continue to be held by the original founders 2012 Comparative Revenues Although contribution from Riverside is small initially, it is expected to become more meaningful as aggressive pace of growth is expected THB Million 13,192 MINT Restaurant Revenues % of Riverside Investment Rationales China is a country of vast opportunities that arise from its rapidly growing middle class, accumulation of wealth, and increasing domestic consumption Riverside is already profitable, and therefore will bring in immediate earnings contribution to MINT Back office of the China operations will be combined for higher efficiency The acquisition will be a turning point MINT s China food business operationally and financially in

47 INVESTMENT IN BREADTALK Key Development MINT INCREASED ITS INVESTMENT IN BREADTALK TO 10% AS AT END OF 1Q13. TOTAL INVESTMENT AMOUNT IS SGD 19.6 MILLION, WITH AVERAGE COST PER SHARE OF SGD APART FROM UNREALIZED CAPITAL GAIN, MINT IS NOW ENTITLED TO DIVIDEND FROM BREADTALK GOING FORWARD. Basic Profile A premier lifestyle brand in the region, headquartered in Singapore. Breadtalk was founded in 2000 and was listed on SGX in bakery outlets 47 food atria 30 restaurants Hong Kong 9% China 32% Revenues (SGD Million) Revenue Contribution Rest of World 8% Food 212 Singapore 51% Bakery 52% Financial Performance Atrium 25% Restaurant 23% CAGR 20% 15 Countries China (48 cities), Singapore, Indonesia, Philippines, Thailand, Hong Kong, Malaysia, India, Vietnam, Kuwait, Bahrain, Sri Lanka, Jordan, Oman, Taiwan, Profit before tax (SGD Million) CAGR 13% Staff of over 7,

48 FINANCIAL PERFORMANCE RETAIL TRADING & CONTRACT MANUFACTURING Retail Trading Update 1H13 REVENUE OF RETAIL TRADING & CONTRACT MANUFACTURING INCREASED BY 13% YoY DUE PARTLY TO THE IMPROVED HIGHER-MARGIN FASION BUSINESS AND PARTLY TO THE LOW-BASED COMPARISON IN 1H12 OF CONTRACT MANUFACTURING BUSINESS BECAUSE OF THE FLOODS. EXCLUDING INSURANCE CLAIMS FROM FLOOD RECEIVED IN 1Q12, 1H13 NET PROFIT INCREASED SIGNIFICANTLY BY OVER 10 TIMES. THB million Revenue % YoY 836 1, % YoY 1,801 Key Highlights 1H13 revenue from retail trading increased by 11% YoY, primarily from the higher-margin fashion business; EBITDA EBITDA Margin NPAT % % % 7.6% % % YoY % YoY % 8.7% 9.5% +49% YoY 79 NM H13 revenue from contract manufacturing increased by 16% YoY, as the NMT plant was fully operational in 1H13 compared to partially operational in 1H12 because of the flood in late 2011; As a result, EBITDA and net profit of retail trading & contract manufacturing business increased significantly in 1H13. Excluding insurance claim received in 1H12, EBITDA increased by 84% and net profit increased at higher rate by over 10 times YoY. Net Margin 6.7% % 3.5% 4.2% 5.8% 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 1H12 1H13 Note: Net profit in 2012 has been restated per the new accounting policy on current and deferred income taxes (IAS 12) 2.8% 3.3% 4.4% 48

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