Company Presentation February 2012

Company Presentation February 2012

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 doesnotendorseoracceptanyresponsibilityforthecontentortheuseofanysuchopinionorstatement. 2

AGENDA Our 2011 Achievements Our 5-Year Aspirations Appendix Zuma Restaurant at St. Regis Hotel, Bangkok 3

Our 2011 Achievements Anantara Kihavah, Maldives

PERFORMANCE TRACK RECORD Performance Recap MINT HAS CONSISTENTLY DELIVERED SOLID NET PROFIT GROWTH OF OVER 15% HISTORICALLY. THE HICCUP DURING 2009-2010 WAS ATTRIBUTABLE TO EXTERNAL FACTORS INCLUDING GLOBAL ECONOMIC CRISIS AND DOMESTIC POLITICAL UNREST. WE ARE NOW BACK ON TRACK WITH OVER 50% GROWTH IN CORE NET PROFIT IN 2011. THB million 3,000 2,500 +133% 2,000 +18% +55% 1,500 1,000 +49% +21% +26% -26% -12% 500 - +78% +32% +16% +27% +27% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Net Profit One-Time Items* * One-time items include gain from reclassification of investment in S&P, netted off with provision for investment in China 5

RESILIENCY OF THAILAND vs. MINT S RESPONSIVE STRATEGIES Overcoming Challenges SINCE 2000, THAILAND HAS GONE THROUGH SEVERAL CHALLENGES, DRIVEN BY BOTH DOMESTIC AND GLOBAL FACTORS. HOWEVER, PRIVATE CONSUMPTION AND TOURIST ARRIVAL SAW POSITIVE GROWTH IN MOST YEARS. FOR SOME OF THE YEARS WITH NEGATIVE GROWTH, STRONG AND RAPID REBOUND WAS SEEN WITHIN A YEAR. DIVERSIFICATION GEOGRAPHICALLY AND NEW INITIATIVES INCLUDING MIXED-USE DEVELOPMENT HAVE ALSO HELPED MINT MITIGATE THE RISKS AND THE COMPANY HAS ALL ALONG REPORTED PROFIT. 2000 2005 Acquired Minor Food Group Launched own Pizza brand, The Pizza Company Entered into a JV to operate 3 hotels in the Maldives Launched the first timeshare project in Asia with Marriott Opened TPC and SZ in China 2006 2008 Launched the first residential project, the Estates Samui Invested in S&P Thailand, Serendib Sri Lanka, Elewana Africa, The Coffee Club Australia and Thai Express Singapore Opened the first two purely managed hotels in Bali and Abu Dhabi 2009 2011 Acquired Minor Corporation Opened TPC & SW franchised outlets in South East Asia and India Invested in KaniLanka Sri Lanka, Oaks Hotels & Resorts and Ribs and Rumps Australia Launched Anantara Vacation Club, pointbased timeshare project, and the second residential project, St. Regis Residence 30% 4,000 15% SARS Tsunami Bangkok Coup Sub-prime Crisis Airport Closure Pattaya Riot Rajprasong Riot Flooding 3,000 2,000 1,000 0% - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (1,000) MINT's NPAT % Change in Private Consumption % Change in Tourist Arrival -15% (2,000) Source: Office of The National Economic and Social Development Board and Bank of Thailand MINT s Diversification Strategy 6

GEOGRAPHICAL DIVERSIFICATION Diversification GEOGRAPHICALLY DIVERSIFY THE GROUP S REVENUE SOURCE AND REDUCE RISK AND THE VOLATILITY OF CASH FLOW STREAM Revenue (THB million) Net Profit (THB million) 40% 51% 27,278* 19,089 25% 14,029 16,515 17,244 4% 13% 18% 16% 60% 75% 96% 87% 82% 84% 2007 2008 2009 2010 2011 2016F *Excluding gain from reclassification of S&P investment 1,611 1,892 1,919* 1,400 1,236 15% 49% 11% 1% 114% 101% 89% 99% 85% -14% -1% 2007 2008 2009 2010 2011 2016F * Excluding gain from reclassification of investment in S&P and provision for investment in China Number of Hotel Rooms 12,673 Number of Restaurant Outlets 2,188 4,114 3,553 2,700 2,363 28% 13% 16% 29% 87% 84% 71% 72% 9,821 75% 67% 1,257 1,112 1,148 1,043 676 33% 34% 34% 34% 7% 33% 25% 93% 67% 66% 66% 66% 43% 57% 2007 2008 2009 2010 2011 2016F Thailand Overseas 2007 2008 2009 2010 2011 2016F Thailand Overseas 7

2011 RECAP: FINANCIAL PERFORMANCE Performance Recap MINT S 2011 CORE PERFORMANCE INCREASED BY 55%, PRIMARILY ATTRIBUTABLE TO BETTER PERFORMANCE OF THE HOTEL BUSINESS, NAMELY THE RESIDENTIAL SALES AND ACQUISITION OF OAKS, AS WELL AS STRONG AND STEADY PERFORMANCE OF THE RESTAURANT BUSINESS. RETAIL TRADING REPORTED NET LOSS OF THB 110 MILLION AS A RESULT OF IMPACT FROM THE FLOODS. IF THERE WERE NO FLOODS, MINT WOULD HAVE REPORTED AN EVEN MORE SIGNIFICANT INCREASE FOR 2011 PERFORMANCE. Net Profit THB million 3,500 3,365 3,000 +132% 2,880 +172% +133% +133% 2,500 2,000 +54% +55% +55% 1,500 1,236 1,000 500-2010A Hotel & Mixed Use Food Retail Trading One-time Items* 2011A Write-offs & Additional Expenses Lost Opportunity 2011E If There Were No Floods Flood-Related * One-time items include gain from reclassification of investment in S&P, netted off with provision for investment in China 8

2011 RECAP: BUILDING FOR THE FUTURE Performance Recap THROUGHOUT 2011, MINT CONTINUED TO BUILD FOUNDATIONS FOR THE FUTURE THROUGH ITS NEW INITIATIVES AND ACQUISITIONS. ALTHOUGH 2011 CONTRIBUTIONS FROM MANY OF THESE TRANSACTIONS ARE NOT YET VISIBLE AS THEY CAME ONLINE SINCE JUNE 2011 ONWARDS, THE STRATEGIC MOVES WILL RESULT IN OVERALL HIGHER GROWTH OF MINT IN THE FUTURE. 2% Acquired 100% of Ribs and Rumps through The Coffee Club 22% 9% 26% Increased shareholding in S&P from 26% to 31% through voluntary tender offer Acquired additional 30% of Thai Express, resulting in an increase in shareholding to 100% Dec 2010 Mar-Jun 2011 Sep 2011 Oct 2011 Dec 2011 Launch of Anantara Vacation Club Acquired 100% of Oaks Launch of AVANI brand, with the first two hotels in Sri Lanka Opened the famous contemporary Japanese restaurant at St. Regis 9

2012 GOALS 2012 Goals MINT S 2012 FINANCIAL IMPROVEMENTS WILL PRIMARILY BE DRIVEN BY HOTEL & MIXED-USE BUSINESS, NAMELY IMPROVED OCCUPANCY OF HOTEL BUSINESS AND PROFITABILITY OF OWNED HOTELS OPENED IN 2011, ANANTARA VACATION CLUB AND FULL YEAR CONSOLIDATION OF OAKS. RESTAURANT BUSINESS WILL CONTINUE TO SEE STRONG AND STEADY GROWTH FROM ORGANIC BUSINESSES WHILE CONTRIBUTION FROM 2011 ACQUISITIONS WILL BECOME MORE VISIBLE IN 2012. 2012 Net Profit Goals Expected Net Profit Contributions Restaurant 29% 2012F Retail Trading 2% Hotel & Mixed-Use 68% 2011A* 2011A Hotel & Mixed-Use Food Retail Trading 2012E Restaurant 46% Retail Trading -6% * 2011A excludes gain from reclassification of investment in S&P, netted off with provision for investment in China Hotel & Mixed-Use 60% 10

Our 5-Year Aspirations Ribs and Rumps, Australia 11

MINT S FIVE-YEAR STRATEGY 2011-2016 MINT: 5-Year Strategy MINT S FIVE-YEAR STRATEGY WAS FORMULATED MAINLY BASED ON THE FOLLOWING THREE KEY PILLARS, WITH THE SUPPORT OF THE COMPANY S ROBUST SET OF ORGANIZATIONAL CAPABILITIES, OPERATIONAL EXCELLENCE AND SYNERGY, AS WELL AS LONG-TERM SUSTAINABILITY PROGRAM Develop a Profitable Portfolio of Own Brands GOALS ROIC > 15% Continually Enhance Asset Productivity Franchising Management Contracts Mixed-Use NPAT ~15-20% CAGR Expand Internationally Through Strategic Investments & Acquisitions 12

HOTEL GROUP -FIVE-YEAR GROWTH DRIVERS Hotel: 5-Year Strategy HOTEL GROUP S REVENUE AND NET PROFIT GROWTH OVER THE NEXT FIVE YEARS WILL BE DELIVERED THROUGH BUILDING MULTI-BRAND PORTFOLIO WITH THE FOLLOWING GROWTH LEVERS Other Mixed Use (e.g. Residential) Other Hotel Brands in the Portfolio 2011 2016E 13

MINT S HOTEL STATISTICS Hotel: Existing Business DESPITE THE FLOODS IN 4Q11, 2011 HOTEL PERFORMANCE SIGNIFICANTLY IMPROVED OVER THE PAST TWO YEARS AS MINT CONTINUES TO EXPAND ITS HOTEL BUSINESS, BOTH ORGANICALLY ALONG SIDE IMPROVEMENT OF TOURISTS SENTIMENT, AND THROUGH THE ACQUISITION OF OAKS, WHICH WAS COMPLETED IN JUNE 2011. MINT IS WELL-POSITIONED TO CONTINUE TO GROW INTO THE FUTURE. THB 8,000 80% 6,000 72% 5,454 6,339 65% 5,880 5,695 5,385 65% 60% 52% 52% 4,000 3,951 4,142 3,076 2,976 3,479 40% 2,000 20% 0 2007 2008 2009 2010 2011 0% No of rooms 2,361 2,709 3,139 3,682 9,389 % Occupancy ADR Revpar * Note: Hotel Statistics include Oaks Hotel & Resort 14

MINT S HOTEL PORTFOLIO Hotel: Existing Business 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 AND OAKS, MORE EXPONENTIALLY THROUGH ASSET LIGHT MODEL (MANAGEMENT CONTRACTS), WITH GEOGRAPHICAL FOCUS OUTSIDE OF THAILAND. By Brand By Ownership By Location No of Rooms No of Rooms No of Rooms 14,000 14,000 14,000 12,000 12,266 6% 12,000 12,266 12,000 12,266 10,000 8,000 9,821 8% 45% 10,000 8,000 9,821 10,000 8,000 9,821 6,000 54% 2% 6,000 67% 70% 6,000 67% 75% 4,000 2,000-1% 2,169 38% 6% 24% 19% 20% 5% 4% 55% 8% 5% 2005 2011 2016F 4,000 2,000-2,169 7% 7% 8% 92% 26% 23% 2005 2011 2016F 4,000 2,000-2,169 8% 17% 12% 56% 36% 16% 13% 2005 3Q11 2016F Others Oaks Managed International Avani Four Seasons Anantara Marriott Joint Venture Own Equity Outside Bangkok Bangkok 15

AUSTRALIA S MACRO & INDUSTRY ENVIRONMENT REMAINS CONDUCIVE Oaks STRONG INVESTMENT AND EXPORTS, SUPPORTED BY THE MINING BOOM, TOGETHER WITH THE POSITIVE INCOME EFFECT OF HIGH TERMS OF TRADE, SHOULD OFFSET THE NEGATIVE IMPACT ON ACTIVITY OF A PERSISTENTLY STRONG EXCHANGE RATE AND FISCAL CONSOLIDATION. UNEMPLOYMENT IS EXPECTED TO REMAIN LOW AND UNDERLYING INFLATION CONTAINED. Real GDP Growth 5.0% 2.5% 3.4% 2.5% 4.7% 2.4% 1.5% 2.5% 1.8% 4.0% 3.2% 0.0% 2005 2006 2007 2008 2009 2010 2011 E 2012 E 2013 E Source: OECD Economic Outlook Accommodation demand will continue outstripping supply Demand Supply Total Serviced Apartments Total Serviced Apartments CAGR 01-07 CAGR 01-10 3.9% 2.8% 8.1% 6.2% N/A N/A 1.5% 5.0% 3-Yr Forecast 3-4% 1-2% Note: Demand was measured using number of room nights while supply was measured using room stock In general, supply is tight in Australia. Economic and regulatory factors have discouraged investment, together with a lack of available sites; There appears little immediate prospect of supply growth. Most forecasts indicate that a supply response is likely beyond 2014. In the interim, occupancies will likely rise; The outlook for domestic business travel, which primarily tracks business confidence and GDP, appears generally positive 16

OAKS STRONG PERFORMANCE Oaks OAKS STRONG AND SIZABLE PERFORMANCE IS ONE OF THE SIGNIFICANT GROWTH DRIVERS OF MINT, ESPECIALLY IN 2011-2012, WITH ITS CONSOLIDATION SINCE JUNE 2011. AUD Million 70.9 74.0 Revenue 21.7 Improved financial performance: Lower interest cost as loan has been refinanced to long-term No burden of Dubai property rental as the amount has been provisioned EBITDA 19.1 EBITDA Margin 26.9% 29.3% Net Profit Margin 8.3% 15.0% 1H 1H FY11 FY12 ARR NPAT Occupancy RevPar 5.9 11.1 160 158 79.4% 79.3% 127 125 Set for expansion: Credit line has been secured for additional MLR acquisitions Oaks is used as vehicle for expansion in the region: Acquired 25% of Tidal Swell, the owner of four properties currently managed by Oaks Acquired Grand Hotel in Gladstone, to be transformed from a restaurant, pub and casino into a 140-room hotel (to be completed by 2013) Acquired additional MLR contracts in Australia: Broom (140 rooms) and Monkomo (56 rooms) Note: Oaks FY ending 30 June 17

ANANTARA VACATION CLUB STRONG BUSINESS MODEL Anantara Vacation Club ANANTARA VACATION CLUB S SOLID BUSINESS MODEL WILL NOT ONLY DRIVE REVENUE AND EARNINGS OF ITSELF BUT WILL ALSO ENHANCE VALUE PROPOSITION OF THE HOTEL GROUP AS A WHOLE. THE SYNERGISTIC BENEFITS OBTAINED ARE EXPECTED TO BE MUCH GREATER THAN SUM OF THE PARTS Key Success Factors To Contribute to Revenue and Earnings Growth Expansion of Footprint Alongside Anantara Hotels to Help Enhance Value Proposition of the Group as a Whole Experienced Management Strong Anantara Brand Affordability for Consumers vs. Pure Property Project China Middle East Thailand Sri Lanka Maldives Bali Mauritius Synergistic Opportunities with MINT s Hospitality Business Return Enhancement South Africa Australia New Zealand 18

ANANTARA VACATION CLUB STRONGER MOMENTUM EXPECTED IN 2012-16 Anantara Vacation Club PERFORMANCE OF AVC IN ITS FIRST YEAR OF OPERATION WAS MUCH STRONGER THAN WHAT WAS BUDGETED. MOMENTUM IS EXPECTED TO FURTHER PICK UP REMARKABLY IN 2012, WITH MORE INVENTORY COMING ON STREAM, SALES MORE THAN DOUBLING AND BOTTOM LINE STARTING TO CONTRIBUTE STRONGLY TO THE GROUP S PROFITABILITY 2011 Sales of THB 524 million over 50% above budget 100 purpose-built inventory in Phuket to be completed in 1Q13 Inventory to rise from 25 units at end-2011 to 360 units at end-2016 Singapore, 24% AVC Members Malaysia, 13% Hong Kong, 10% Effort to penetrate Chinese market through Telemarketing operation in Hong Kong Anantara Sathornto capture more Thai customers Set up of an upgrade sale team to up-sell products to existing customers Others, 25% UAE, 3% Thailand, 9% Australia, 7% China, 5% UK, 4% THB Million Quarterly sales showed improving momentum Annual sales growth is expected to pick up exponentially as more inventories in various destinations are coming on stream 300 200 100 0 1Q11 2Q11 3Q11 4Q11 2011 2012E 2013E 2014E 2015E 19

RESIDENTIAL PROPERTY DEVELOPMENT LEVERAGING ON HOTEL BRANDS Residential SALES OF ST. REGIS AND THE ESTATES SAMUI ARE EXPECTED TO CONTINUE THEIR IMPETUS IN 2012-13. MINT ALSO PLANS ADDITIONAL RESIDENTIAL PROJECTS IN THE PIPELINE, THE SELLING ACTIVITIES OF WHICH IS EXPECTED TO TAKE PLACE IN 2014. THE NEW PROJECTS WILL ALSO LEVERAGE ON STRONG HOTEL BRANDS IN THE PORTFOLIO Sold 56% Inventory 44% Sold 57% Inventory 43% MINT plans to launch additional residential projects between 2014-2016 2006 2007 2008 2009 2010 2011 2012 2012 2012 2012-13 At end-2011, 52% of the total sellable area has been sold & recognized At end-2011, 49% of the total sellable area has been sold & recognized Estates Samui Sold St. Regis Sold Pending Transfer St. Regis Potential Deposit Collected Remaining Inventory 20

RESTAURANT - FIVE-YEAR GROWTH DRIVERS Restaurant: 5-Year Strategy RESTAURANT BUSINESS REVENUE AND NET PROFIT GROWTH OVER THE NEXT FIVE YEARS WILL BE DELIVERED THROUGH EXPANDING BUSINESS INSIDE AND OUTSIDE THAILAND, LEVERAGING EXISTING MULTIPLE BRANDS IN THE PORTFOLIO AND LOOKING OUT FOR ACQUISITION OPPORTUNITY Internationalize Transform China Strategic Acquisition Thailand Business International Franchise 2011 2016E 21

MINT S BRAND PERFORMANCE Restaurant: Existing Business THE RECENT FLOODS HAVE NOT INTERRUPTED THE GROWTH MOMENTUM OF THE RESTAURANT BUSINESS IN 2011. MOST OF MINT S OWN BRANDS SEE IMPRESSIVE GROWTH. Overall SSS & TSS 20% 19.1% 15% 14.1% 11.9% 10% 9.8% 9.8% 9.0% 5% 3.9% 3.7% 0% -5% No. of Outlets -0.7% -2.7% 2007 2008 2009 2010 2011 676 1,043 1,112 1,148 1,257 Same Store Sales Growth Total System Sales Growth 22

MINT S OUTLET EXPANSION Restaurant: Existing Business: MINT EXPECTS TO DOUBLE ITS RESTAURANT OUTLETS, BOTH THROUGH FRANCHISED AND EQUITY-OWNED MODEL, AND BOTH DOMESTICALLY AND OVERSEAS IN FIVE YEARS. THE PROPORTION OF OVERSEAS OUTLETS IS EXPECTED TO INCREASE TO MORE THAN 40% OVER THE NEXT FIVE YEARS Restaurant Outlets Breakdown by Geography International Thailand 2,762 43% 558 7% 93% 1,148 34% 66% 1,257 34% 66% 57% 2005 2010 2011 2016F Restaurant Outlets Breakdown by Ownership Franchised Owned 2,762 53% 558 14% 86% 1,148 40% 60% 1,257 43% 57% 47% 2005 2010 2011 2016F 23

EFFECTIVE MANAGEMENT OF FOOD COSTS Restaurant Update 4Q11 FOOD AND PAPER COSTS AS A PERCENTAGE OF SALES HAS COME DOWN TO ITS LOWEST LEVEL IN SEVERAL 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% 31% 33.3% 33.2% 33.2% 33.0% 33.0% 32.7% 31.8% 31.7% 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 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 24

TRACKING INVESTMENTS: THE COFFEE CLUB AND THAI EXPRESS The Coffee Club & Thai Express Strengths The Coffee Club Australia's fastest growing and best known restaurant franchisors Superior profitability due to its asset-light model 2011 Updates Opened 32 restaurants in 2011; of which, 10 were international expansion Acquired Ribs and Rumps, a well-known steakhouse in Australia 2012 Prospects > 10% outlet expansion Full-year contribution of Ribs and Rumps Strengths Thai Express Singapore s largest chain of Thai restaurants, offering quality Thai food at competitive prices Strong concept to expand overseas 2011 Updates MINT acquired the remaining 30% stake in Thai Express Opened new restaurants in China, Philippines and Korea 2011 profit was under pressure due to the start-up expenses in new market, e.g. China and expenses relating to the discontinued non-core brands 2012 Prospects Improving same store sales of XinWang brand under new management Continued growth momentum of core Thai Express brand 294 345 7.5 99 8.9 8.3 193 215 47 69 75 1.9 # of outlets Total system sales Net profit 2008 2011 # of outlets Total system sales Net profit 25

CHINA IMPROVEMENT SEEN; MORE INITIATIVES TO EXPEDITE TURN-AROUND Restaurant Business: China CHINA OPERATION HAS SEEN IMPROVEMENT OVER THE PAST FEW YEARS WITH SAME STORE SALES GROWTH CLIMBING INTO POSITIVE TERRITORY ALONGSIDE IMPROVING BRAND AWARENESS. PROFITABILITY HAS ALSO PICKED UP WITH SIZZLER REACHING BREAK-EVEN POINT AT THE STORE CONTRIBUTION LEVEL AND THE PIZZA COMPANY ACHIEVING POSITIVE EBITDA AT STORE LEVEL IN 2011. FURTHER IMPROVEMENT WILL BE DRIVEN BY THE FOLLOWING TURN-AROUND LEVERS Growth Drivers Enablers Drive Growth of Existing Brands Contribution from New Brand Introduction Acquisition Cost Reduction & Strong Internal Control Strengthen Operational Excellence & Human Resource Capability 25% 15% Same-Store Sales Growth of Restaurants in China 5% -5% -15% -25% Jan-06 Mar-06 May-06 Jul-06 Sep-06 Nov-06 Jan-07 Mar-07 May-07 Jul-07 Sep-07 Nov-07 Jan-08 Mar-08 May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 26

MINT S RETAIL TRADING STATISTICS Retail Trading Update COMPARABLE SALES GROWTH AND TOTAL SALES GROWTH REMAINED STRONG FOR 2011, ALTHOUGH THE RETAIL TRADING BUSINESS WAS HIT BY THE FLOODS IN 4Q11. THE BUSINESS UNIT CONTINUES TO FOCUS ON IMPROVING GROWTH OF SALES PER SQ.M. THROUGH UPGRADES OF STORE CONCEPTS AND A MORE TARGETED PRODUCT OFFERING. 20% 16.8% 18.9% 14.4% 14.6% THB 120,000 10% 9.0% 5.5% 80,000 101,762 81,163 87,215 92,960 0% -10% 40,000-20% -16.5% -17.0% 2008 2009 2010 2011 0 2008 2009 2010 2011 No. of Outlets 311 No. of 292 258 247 311 292 258 247 Outlets Comparable Sales Growth Total Store Sales Growth Fashion & Cosmetic Sales per Sq.m. 27

FINANCING CAPEX WITH FINANCIAL DISCIPLINE CAPEX DISCIPLINED ACQUISITION(S) ON THE BACK OF STRINGENT INVESTMENT POLICY PROVIDES UPSIDE FOR GROWTH Committed CAPEX & Amount Set Aside for New Acquisition(s) Investment Criteria Sample Measurement & Metrics THB million 8,000 X 8.0 Minimum Size Revenue % of Group Revenue Profit % of Group Profit Cash Flow % of Group Cash Flow 6,000 4,000 6.0 4.0 Minimum Return IRR (WACC + Premium) ROIC in % within Certain Year Payback Period 2,000 2.0 Performance Profit Break-Even Point Cash Flow Break-Even Point - 2011 2012F 2013F 2014F 2015F 2016F - Balance Sheet Strength Credit Ratios Restaurant Hotel & Mixed-use Retail trading Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s) Strategic Position Brand Strength Quality of Management EBITDA coverage on committed CAPEX Potential to Expand Locally & Internationally Controlling Stake 28

BALANCE SHEET STRENGTH Financial Discipline LEVERAGE & COST OF CREDITS ARE UNDER CONTROL WHILE BACK-UP FUNDING FACILITIES HAVE BEEN SECURED. IN ADDITION, MINT HAS MAINTAINED INVESTMENT GRADE CREDIT RATING OF A BY TRIS X 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 Leverage Ratios 1.33 1.25 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity Internal Policy Borrowing Cost 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 MINT's Effective Interest Rate MLR 100% 80% 60% 50% Borrowing Structure 27% 28% 24% 16% 36% 35% 33% THB million 30,000 20,000 Equity Back-up Financing Equity* 40% 20% 50% 73% 72% 76% 84% 64% 65% 67% 10,000 Debt Debt 0% 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Floating Rate Fixed Rate 0 Outstanding Borrowing & Equity Un-Utilized Facility *Incremental capital increase from MINT W-4 exercise, assuming 100% MINT-W4 Conversion 29

GROWTH OF ALL BUSINESS UNITS ARE ON TRACK 5-Year Targets 2007 22 hotels 676 restaurants 316 retail stores (14,524 Sqm) 2007 2016F > 140 hotels + residences > 300 timeshare units > 2,700 restaurants > 300 retail stores (23,877 Sqm) 2011 2011 75 hotels 67 residences 25 timeshare units 1,257 restaurants 247 retail stores (17,579 Sqm) 2016F 30

Appendix 31

2011 REVENUE INCREASE OF 48% 4Q11 & 2011 Results MINT REPORTED 2011 REVENUE INCREASE OF 48% YoY, ATTRIBUTABLE TO GROWTH IN ALL EXISTING BUSINESSES, ADDITIONAL REVENUE SOURCES FROM NEW INITIATIVES OF THE HOTEL AND MIXED-USE BUSINESS, AND GAIN ON RECLASSIFICATION OF INVESTMENT IN S&P. +48% YoY THB million THB million 30,000 25,000 28,332 10,000 +39% YoY 20,000 19,089 8,000 6,000 4,000 2,000-8,030 7,345 6,686 6,278 5,326 5,296 4,412 4,055 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Restaurant Hotel & Mixed-Use Retail Trading Gain on Reclassification of Investment in S&P 15,000 10,000 5,000-2010 2011 Restaurant Hotel & Mixed-Use Retail Trading Gain on Reclassification of Investment in S&P 2011 revenue increased by 48% YoY, as a result of: Improvement of hotel business, especially hotels outside of Bangkok and overseas throughout the year; Recognition of sales of real estates including St. Regis Residences and Anantara Vacation Club; Consolidation of Oaks Hotels & Resorts, Australia; Strong performance of restaurant business, despite the floods; Gain on reclassification of investment in S&P; Strong growth of retail trading business and resumption of contract manufacturing orders in the first nine months of 2011 32

2011 EBITDA INCREASE OF 71% 4Q11 & 2011 Results 2011 EBITDA INCREASED BY 71% YoYPRIMARILY PROPELLED BY THE NEW INITIATIVES OF HOTEL AND MIXED-USE BUSINESS AND GAIN ON RECLASSIFICATION OF INVESTMENT IN S&P, WHILE EBITDA MARGIN SLIGHTLY DECLINED, OWING MAINLY TO WRITE OFFS AND EXPENSES RELATED TO FLOODS IN 4Q11 AND EXPENSES OF TWO NEW HOTELS AND ANANTARA VACATION CLUB. THB million 2,400 2,000 1,600 1,200 1,270 1,506 1,056 1,072 2,253 +30% YoY 1,369 THB million 7,000 6,000 5,000 4,000 3,000 2,000 1,000-3,633 +71% YoYinclgain on investment in S&P +42% YoYexcl gain on investment in S&P 6,201 Restaurant Hotel & Mixed-Use Retail Trading Gain on Reclassification of Investment in S&P 800 617 690 EBITDA Margin 2010 2011 19.3% 18.2%* * Excludes gain on reclassification of investments in S&P 400 - -400 EBITDA Margin 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 23.8% 15.2% 15.6% 19.9% 22.6% 17.1% 17.2%* 18.6% * Excludes gain on reclassification of investments in S&P Restaurant Hotel & Mixed-Use Retail Trading Gain on Reclassification of Investment in S&P 2011 EBITDA increased by 71% YoY, as a result of: New sources of EBITDA from new initiatives -St. Regis Residences and Oaks -helped increase the hotel EBITDA despite increased expenses from two new hotels, AnantaraKihavahand St. Regis Hotel; Steady growth of restaurant business; Gain on reclassification of investment in S&P; EBITDA of retail trading business was flat as it was hit by write offs and expenses related to floods in 4Q11 33

2011 NET PROFIT INCREASE OF 133% 4Q11 & 2011 Results 2011 NET PROFIT, INCLUDING GAIN ON INVESTMENT IN S&P ROSE 133% YoY. EVEN EXCLUDING GAIN ON INVESTMENT RECLASSIFICATION AND PROVISION FOR CHINA INVESTMENT, NET PROFIT EXPANDED 55%, AS PERFORMANCE OF HOTEL AND RESTAURANT BUSINESSES IMPROVED, TOGETHER WITH CONTRIBUTION FROM NEW INITIATIVES UNDER THE MIXED-USE BUSINESS. THB million 1,000 800 600 400 200 599 79 126 432 823 280 1,306 +9% YoY 472 THB million 3,000 2,500 2,000 1,500 1,000 500 - -500 1,236 +133% YoY for reported net profit +55% YoY for core profit (excl gain on investment in S&P & provision for China) 2,880 2010 2011 Net Margin 5.8% 6.8%* Restaurant Hotel & Mixed-Use Retail Trading Gain on Reclassification of Investment in S&P * Excludes gain on reclassification of investments in S&P - -200 Net Margin 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 11.2% 1.9% 2.9% 8.2% 12.3% 4.5% 3.6%* 6.4% * Excludes gain on reclassification of investments in S&P Restaurant Hotel & Mixed-Use Retail Trading Gain on Reclassification of Investment in S&P 2011 net profit increased by 133% YoY, as a result of: Improvement in hotel and mixed-use net profit primarily as a result of diversification into new initiatives: St. Regis Residences sales and Oaks consolidation, despite higher expenses of the two newly opened hotels; Gain on reclassification of investment in S&P; Improvement in restaurant net profit (excluding provision of investment in China) of 24%; 34

FINANCIAL PERFORMANCE - RESTAURANT Restaurant Update 2011 REVENUE FROM THE RESTAURANT BUSINESS EXHIBITED STRONG GROWTH OF 11% WHILE 2011 NET PROFIT EXCLUDING PROVISION FOR GOODWILL IN CHINA INVESTMENT IN 3Q11 GREW BY 24% THB million Revenue EBITDA EBITDA Margin NPAT Net Margin 2,765 471 438 2,519 2,551 388 2,704 1Q10 2Q10 3Q10 4Q10 2,963 2,901 2,880 449 467 483 17.0% 17.4% 15.2% 16.6% 15.8% 190 167 166 182 205 218 6.9% 6.6% 6.5% 6.7% 6.9% 1Q11 16.6% 7.5% 2Q11 389 13.5% 131 4.5% 3Q11 2,954 492 16.7% 225 7.6% 4Q11 10,540 11,697 1,746 1,830 16.6% 15.6% 704 779 6.7% 6.7% 2010 2011 Key Highlights Most brands recorded strong and positive same store sales growth throughout the year despite the floods in 4Q11, from increase in both revenue per customer and number of customers; Together with outlet expansion, total system sales was as high as 14% in 2011; Excluding impairment of investment in China of THB 93 million in 3Q11, 2011 EBITDA increased by 10% and 2011 EBITDA margin would be 16.3%; The restaurant business continued its international expansion in 2011 with the opening of its first equity Thai Express restaurant in China and first franchise outlets in many countries including The Pizza Company in Vietnam, Swensen s in the Philippines, Thai Express in Korea, XinWang in the Philippines and The Coffee Club in China and New Caledonia. 35

STAKE IN THAI EXPRESS INCREASED TO 100% IN DEC 2011 Restaurant Update MINT ANNOUNCED THE ACQUSITION OF THE REMAINING 30% OF THAI EXPRESS IN DEC 2011 FOR SD 16.8 MILLION. AS A RESULT, MINT NOW OWNS 100% OF THAI EXPRESS. 80% 60% 40% 20% 68.8% 38.4% Total System Sales Growth Same Store Sales Growth Thai Express reported net profit of SD 8 million in 2011 despite negative same store sales growth as some of the brands in the group are going through rationalization Thai Express flagship brand has always exhibited positive same store sales growth 0% -20% No of Outlets 4.5% -1.0% 0.9% -1.6% -5.3% -16.9% 2008 2009 2010 2011 61 78 71 66 XinWang Hong Kong Café, the second biggest brand, experienced negative same store sales growth in 2H11. The brand is being completely revamped with a new management team. Significant improvements are expected from 2Q12 onwards with new launch of menu SD million 100 Revenue Net Profit 80 60 40 20 0 2008* 2009 2010 2011 * 2008 financials are since 70% acquisition: May Dec 2008 Thai Express continues to look to expand outside of its home country: Beijing: Equity Thai Express outlet opened in 4Q11 Korea: Franchise Thai Express outlet opened in 3Q11, with 2 nd outlet already opened in 4Q11 The Philippines: XinWang outlet opened in 4Q11 Australia: Thai Express outlets to open in 2012 through The Coffee Club 36

CONTINUED & STRENGTHENING PARTNERSHIP WITH S&P Restaurant Update S&P OPERATES A CHAIN OF RESTAURANTS AND BAKERY SHOPS WITH OVER 350 OUTLETS IN 7 COUNTRIES PRODUCING AND DISTRIBUTING FOOD AND BAKERY PRODUCTS UNDER THE S&P BRAND. GOING FORWARD, S&P S PERFORMANCE WILL BE RECOGNIZED THROUGH EQUITY ACCOUNTING METHOD Shareholding Structure 100% 80% 60% 40% 35% 30% 26% 5% 31% Others MINT Sila-on & Riva Families THB million Revenue 4,437 4,764 5,340 3,804 4,277 20% 39% 39% 0% THB million 3,000 2,500 2,000 1,500 1,000 500 0-500 Pre-Tender Offer Post-Tender Offer MINT s Investment in S&P Investment Cost Unrealized gain (loss) Gain from investment reclassification % shareholding 26.3% 19.0% 20.8% 22.9% 26.3% 1,805 1,805 31.3% 2,151 1,054 1,054 1,054 4.8% 617 744 61-313 55 356 46 562 683 751 751 267 487 1,097 (131) 2006 2007 2008 2009 2010 3Q11 4Q11 40% 30% 20% 10% 0% -10% EBITDA EBITDA Margin NPAT Net Margin 812 583 677 13.1% 14.2% 15.2% 293 382 225 617 5.1% 6.2% 7.2% 2008 2009 2010 572 657 15.0% 15.4% 266 294 7.0% 6.9% 9M10 9M11 37

FINANCIAL PERFORMANCE HOTEL & MIXED-USE Hotel Updates 2011 REVENUE AND PROFIT FROM THE HOTEL & MIXED-USE MORE THAN DOUBLED YoYWITH IMPROVED NET MARGIN AS A RESULT OF THE HIGHER-MARGIN NATURE OF THE MIXED-USE BUSINESS. THB Million Revenue EBITDA EBITDA Margin NPAT Net Margin 2,876 1,866 1,853 962 1,189 975 761 553 265 156 40.8% 16.2% 22.3% 29.8% 33.9% 586 397 225-88 -48 21.3% -9.2% -4.1% 12.1% 20.4% 2,598 533 20.5% 38 1.5% 3,308 755 22.8% 101 3.0% 3,875 1,050 27.1% 433 11.2% 12,657 5,870 3,313 1,735 29.6% 26.2% 1,158 485 8.3% 9.1% Key Highlights Consolidation of Oaks performance since June 2011; Momentum of the sale of real estate business, both St. Regis Residences and Anantara Vacation Club, continued to be strong throughout 2011; Hotel business outside of Bangkok and overseas continued to see occupancy improvement, however expenses of the two new hotels resulted in decline in EBITDA margin; However, 2011 net margin increased as a result of better net margins contributed by the real estate business, namely the sale of St. Regis Residences, and Oaks 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 2010 2011 38

MINT S FEEDER MARKETS Hotel Updates MINT CONTINUES TO SEE IMPROVEMENTS ACROSS ALL OF ITS FEEDER MARKETS, WITH A 29% YoYINCREASE IN 2011 OVERALL ROOMNIGHTS COMPARED TO INCREASE IN THAILAND S TOURIST ARRIVALS OF 20% YoY. Number of Room Nights 300,000 250,000 200,000 150,000 100,000 50,000 0 33% China +98% Hong Kong +32% Japan +38% Singapore +63% Korea +58% 55% UK +12% Russia +38% 13% 29% 2,000,000 1,600,000 1,200,000 India +25% 800,000 400,000 21% MINT s 2011 Feeder Markets Australia +30% 31% UAE +34% 44% 2010 2011 Thailand East Asia Europe The Americas South Asia Oceania Middle East Africa & Others * Note: MINT s feeder market excludes Oaks MINT s 2011 Feeder Markets Oceania, 5% South Asia, 3% The Americas, 11% Middle East, 8% Africa & Others, 2% Thailand, 12% East Asia, 28% Number of Tourists 57% -19% Thailand s Top 5 Feeder Markets 13% 26% 2010 2011 57% 21% Europe, 32% 0 China Japan* Korea Russia India * Despite earthquake and Tsunami in March 2011 39

EUROPE & US TOURISTS Hotel Updates THAILAND HAS BEEN RESILIENT TO SEVERAL GLOBAL CRISIS OVER THE YEARS, AS EVIDENCED BY THE INCREASED EUROPEAN ARRIVALS. THAILAND HOTEL RATES REMAIN COMPETITIVE COMPARED TO THE REGION. Number of Tourists 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 Europe US Financial Crisis 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Dot com 911 SARS Tsunami London Bangkok bubble bomb Coup Bird Flu Airport Closure Pattaya Riot Ratchprasong Riot USD / Night 600 500 400 300 200 100 0 Hong Kong Tokyo Singapore Mumbai Sydney Shanghai Bangkok Jakarta * Note: Rate of one night at Four Seasons on Sept 1, 2011 for a standard room Number of tourists from Europe still held up during the crisis Thailand hotel rates remain competitive in the region 40

TOURIST ARRIVAL TO THAILAND Hotel Updates HOTEL INDUSTRY OUTLOOK IS EXPECTED TO GRADUALLY RECOVER ON THE BACK OF INCREASING TOURIST ARRIVAL. Million 25 Tourists Arrival to Thailand Yearly Trend 30% 20 15 10 5 20% 10% 0% 0 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012F -10% Tourist Arrival % Change Million 2.0 1.5 1.0 0.5 Tourist Arrival to Thailand Monthly Trend 80% 60% 40% 20% 0% -20% The 4Q11 tourist sentiment, especially in Nov, was impacted by the flooding situation in Thailand 0.0 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11-40% Source: Tourism Authority of Thailand and Bank of Thailand 41

MINT S HOTEL EXPANSION PLANS Hotel: Existing Business EXPANSION INTO MARKETS INSIDE AND OUTSIDE THAILAND WILL CONTRIBUTE WELL TO REVENUE & PROFIT IN COMING YEARS. Investment Hotel Management Contract 2012 MasaiMara Camp, Kenya (16 Rooms) Amboseli Camp, Kenya (16 Rooms) Xishuangbanna, China (103 Rooms) Sanya, China (122 Rooms) Uluwatu, Bali (77 Rooms) Al Yamm, UAE (30 Rooms) Al Sahel, UAE (30 Rooms) Eastern Mangroves, UAE (222 Rooms) Broome, Australia (140 Rooms) Monkomo, Queensland Australia (56 Rooms) 2013 Sri Lanka Phase 1 (80 Rooms) Serengeti, Grand Hotel, Tanzania (20 Rooms) Meru, Kenya (16 Rooms) Gladstone Australia (143 Rooms) Chengdu, China (150 Rooms) Chongqing, China (150 Rooms) Mahabalipuram, India (130 Rooms) LuangPrabang, Laos (105 Rooms) La Chaland, Mauritius (160 Rooms) Wayanad, India (95 Rooms) Al Baleed, Oman (136 Rooms) Al Madina, Oman (120 Rooms) 2014 Sri Lanka Phase 2 (70 Rooms) Bangkok (200 Rooms) Al Akhdar, Oman (134 Rooms) Baoting, China (130 Rooms) Qiandao Lake, China (104 Rooms) Total 8 Hotels / 561 Rooms 19 Hotels & Properties / 2,194 Rooms 42

LUXURY HOTEL SUPPLY IN BANGKOK Hotel Updates BANGKOK HAS SEEN NEW SUPPLY IN RECENT YEARS AND WILL SEE MORE ESPECIALLY IN 2012 Number of Rooms 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2011A No. of Rooms 2012F No. of Rooms Aloft Bangkok Sukhumvit 11 297 Sofitel Bangkok, Sukhumvit 13 345 Park Plaza Bangkok Asoke 120 Crowne Plaza Sukhumvit 342 Four Points by Sheraton, Sukhumvit 436 Hotel Okura Bangkok 242 St Regis Bangkok 227 W Hotel Bangkok 403 Le Meridien Suvarnabhumi Golf Resort and Spa 214 Hilton Sukhumvit Bangkok 287 DoubleTree by Hilton, Sukhumvit Bangkok 182 2013F The Langham Sukhumvit Bangkok 230 Source: HVS Reseach 43

INTRODUCING THE NEW AVANI BRAND Hotel Updates MINT ANNOUNCED THE LAUNCH OF THE AVANI BRAND, WHICH WILL HELP THE COMPANY PENETRATE INTO ANOTHER MARKET SEGMENT, IN ADDITION TO THE EXISTING FIVE-STAR ANANTARA BRAND 2011 2014 2011-2016 AvaniBentotaResort & Spa, Sri Lanka, was a rebrand of Serendib. The resort is located some 64km south of the capital Colombo AvaniKalutaraResort, Sri Lanka, was a rebrand of KaniLanka. The hotel is at the tip of the Kalu Ganga river mouth in Kalutara with 105 rooms Avaniin Bangkok will be a part of the extension of Anantara Bangkok Riverside Resort & Spa MINT expects to grow Avanibeyond Sri Lanka and Bangkok with an aim of having approximately 6 Avanihotels in the next five years Avani Kalutara, Sri Lanka 44

OAKS HOTELS & RESORTS Hotel Updates MINT COMPLETED 100% ACQUISITION OF OAKS IN JULY 2011. OAKS UNIQUE PORTFOLIO IS A VALUABLE ADDITION TO MINT S EXPANDING RESORT AND HOTEL PORTFOLIO, PROVIDING MINT WITH THE OPPORTUNITY TO EXPAND ITS EXTENSIVE HOTEL & SERVICED SUITES FOOTPRINT TO THE AUSTRALIAN AND NEW ZEALAND MARKETS Oaks is one of Australia s largest hotel and resort operators; operating in the 4-5 star accommodation segment; Founded in 1991 and listed on ASX in January 2006, Oaks has consolidated a market-leading position in the Australian Management Letting Rights ( MLR ) business; MLR are rights that allow Oaks to operate and rent residential condominium units in a rental pool as a hotel/serviced suites; As at end of 2011, Oaks managed 38 properties with an inventory of over 5,000 rental units located throughout Australia, New Zealand and Dubai. Oaks property portfolio includes CBD properties, resorts overlooking beaches and ski resorts; Australia Broome Oaks Broome Adelaide Oaks Embassy Oaks Horizons Oaks Precinct Glenelg Oaks Liberty Towers Oaks Plaza Pier Port Douglas Oaks Lagoons Ipswich Oaks Aspire Apartments Melbourne Oaks on Collins Oaks on Lonsdale Oaks on Market Townsville Oaks Gateway on Palmer Oaks M on Palmer Sunshine Coast Oaks Seaforth Resort Redcliffe Oaks Mon Komo Goldcoast Oaks Calypso Plaza Tea Gardens Oaks Boathouse Sydney Oaks Goldsbrough Apartments Oaks Harmony Oaks Hyde Park Plaza Oaks Maestri Towers Oaks Trafalgar Dubai The Entrance Oaks Waterfront Resort Dubai Oaks Liwa Heights Queenstown Oaks Club Resort Oaks Shores Brisbane istay River City Oaks 212 Margaret Oaks Aurora Oaks Casino Towers Oaks Charlotte Towers Oaks Felix Oaks Festival Towers Oaks Lexicon Apartments Auckland Oaks istay Residences Christchurch Oaks istay on Cashel New Zealand 45

OAKS IS ONE OF AUSTRALIA S LARGEST HOTEL AND RESORT OPERATORS Hotel Updates OAKS SERVICES THE SHORT-TO-MEDIUM STAY CORPORATE AND LEISURE MARKETS. JUDGING BY THE NUMBER OF ROOMS, OAKS IS CURRENTLY THE THIRD LARGEST SERVICED SUITES OPERATOR IN AUSTRALIA. Serviced Suites Brand Positioning Matrix Major Australian Serviced Suites Operators Source: CBRE Hotels As of August 2009, based on number of rooms Brisbane 1,263 Rooms Sydney 626 Rooms Melbourne 701 Rooms Adelaide 430 Rooms Regional Corporate 591 Rooms Regional Leisure 898 Rooms New Zealand 419 Rooms Dubai 165 Rooms 46

OAKS HOTELS & RESORTS BUSINESS MODEL Hotel Updates OAKS SOURCES OF REVENUES ARE PRIMARILY MANAGEMENT LETTING FEE AND SERVICE CHARGES. OAK S MAJOR CUSTOMERS ARE DOMESTIC BUSINESS TRAVELORS RATHER THAN INBOUND TOURISTS. Revenue Contribution Customer Mix of Major Australian Serviced Suites Operators Other sale revenue 16% International Ancillary guest services 8% Letting fees 37% Service charges 39% Source: Oaks financial statements; info as at FY2011 (ending June 2011) Source: CBRE Hotels 47

FINANCIAL PERFORMANCE RETAIL TRADING & CONTRACT MANUFACTURING 2,680 2,923 Retail Trading Update 2011 REVENUE OF RETAIL TRADING & CONTRACT MANUFACTURING INCREASED BY 9% WHILE THE BUSINESS UNIT REPORTED NET LOSS OF THB 110 MILLION IN 2011 AS A RESULT OF THE WRITE-OFF AND EXPENSES RELATED TO FLOODS IN 4Q11. THB million Revenue 696 574 672 739 840 779 789 516 Key Highlights Despite the floods in 4Q11, 2011 revenue from retail trading increased by 9%, attributable to higher same store sales growth as a result of successful effort to increase sales per sq.m; EBITDA 152 2011 retail trading bottom line was negative primarily because of damaged inventory writeoffs; EBITDA Margin NPAT 38 23 36 55 64 57 56 5.5% 4.0% 5.4% 7.4% 7.6% 7.3% 7.2% 13 0.3 9 25 32 23 21-173 -33.5% 4 5.7% 0.2% 47 2011 manufacturing bottom line was also negative as the factory in NavanakornIndustrial Estate was temporarily shut down due to severe flooding in the area; In Nov 2011, retail trading group launched thailsale.co.th, a new on-line shopping club, offering fashion products ranging from mid-priced brands to luxury brands Net Margin 1.8% 0.1% 1.3% 3.4% 3.8% 1Q10 2Q10 3Q10 4Q10 1Q11 3.0% 2Q11 2.6% 3Q11-186 -36.2% 4Q11 1.1% 2010-110 -3.8% 2011 48

HOTEL PERFORMANCE Hotel Occupancy Rate (%) ADR (Bt/night) RevPar(Bt/night) 4Q11 4Q10 4Q11 %Chg 4Q11 %Chg Marriott 65% 65% 4,029 4% 2,614 3% Anantara 58% 53% 7,239-9% 4,178-1% Four Seasons 42% 55% 9,970 22% 4,197-7% Others 44% 55% 5,302 34% 2,335 7% Average 56% 58% 6,456 7% 3,602 3% Oaks 79% n/a 4,880 n/a 3,856 n/a Avg. Overall 68% 58% 5,483-9% 3,737 7% Avg. Thailand 54% 58% 4,808-5% 2,595-11% Hotel Occupancy Rate (%) ADR (Bt/night) RevPar (Bt/night) 2011 2010 2011 %Chg 2011 %Chg Marriott 67% 63% 3,643-2% 2,450 5% Anantara 52% 47% 6,829-6% 3,526 5% Four Seasons 50% 45% 8,660 4% 4,325 16% Others 45% 44% 4,925-3% 2,193-3% Average 65% 52% 5,772 1% 3,186 7% Oaks 79% n/a 4,977 n/a 3,917 n/a Avg. Overall 65% 52% 5,385-5% 3,479 17% Avg. Thailand 56% 54% 4,640-2% 2,575 1% 49

RESTAURANT PERFORMANCE Brand SSS (%) TSS (%) 4Q11 4Q10 4Q11 4Q10 The Pizza Company 11.3% 8.6% 18.2% 11.8% Swensen s -0.3% 1.7% 8.6% 6.0% Sizzler 5.0% 4.3% 8.3% 12.0% Dairy Queen 20.7% 11.7% 30.8% 16.0% Burger King 16.9% 1.4% 6.9% 4.5% The Coffee Club 5.5% 9.8% 13.7% 17.9% Thai Express -3.7% 1.6% -0.3% 1.4% Average 6.5% 6.8% 12.7% 11.8% Average Thailand 9.3% 5.9% 15.3% 10.4% 50

RESTAURANT PERFORMANCE Brand SSS (%) TSS (%) 2011 2010 2011 2010 The Pizza Company 11.7% 4.0% 15.6% 5.9% Swensen s 3.6% 2.6% 11.8% 3.9% Sizzler 11.8% 5.7% 14.5% 15.0% Dairy Queen 16.7% 7.5% 23.8% 12.5% Burger King 21.8% 3.7% 17.1% 6.6% The Coffee Club 8.8% 5.7% 15.8% 16.7% Thai Express -1.6% -5.3% 0.9% -1.0% Average 9.0% 3.7% 14.1% 9.8% Average Thailand 11.8% 4.6% 16.9% 8.1% 51

RESTAURANT OUTLETS 4Q11 Brand No. of outlets No. of outlets Equity Franchise Thailand International Total The Pizza Company 189 88 235 42 277 Swensen s 118 149 246 21 267 Sizzler 45-39 6 45 Dairy Queen 237 26 263-263 Burger King 27-27 - 27 The Coffee Club 26 268 6 288 294 Thai Express 54 15-69 69 Others 15-15 - 15 Total 711 546 831 426 1,257 52