Co Comp mpan any Pr Pres esenta entation tion Fe Feb 20 - - PowerPoint PPT Presentation

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Co Comp mpan any Pr Pres esenta entation tion – Fe

Feb 20 2015

Tivoli Cavoeiro, Portugal

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2 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.

FORWARD LOOKING STATEMENT

Disclaimer

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Ag Agenda enda

201 2014 Per erform

• rman

ance ce Rec Recap ap & Re Recen cent Up Upda date tes Ho Hote tel & Mi Mixed xed-Us Use Bus usin ines ess Res Resta taur uran ant Bus usin ines ess Oth ther er Im Import rtan ant In Inform rmatio tion

Banana Island Resort Doha by Anantara, Qatar

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201 2014 P Per erforma

• rmanc

nce Re Reca cap & & Re Rece cent nt Upd Update tes

First Coffee Club Outlet in Abu Dhabi

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5

CONTINUED GROWTH WITH DIVERSIFICATION

MINT reported 2014 net profit of THB 4.4 billion, a 7% increase y-y, thanks to MINT’s diversification and international expansion strategy, as strong performance of international operations mitigated the impact of political uncertainties in Thailand. Net profit growth was attributable primarily to hospitality business, followed by restaurant and retail trading businesses, together with the gain on fair value adjustment of investment in Serendib in Sri Lanka in 2Q14.

25,000 30,000 35,000 40,000 2013 Hotel & Mixed-Use Restaurant Retail Trading 2014 36,936 39,787 THB Million 2,500 3,000 3,500 4,000 4,500 2013 Hotel & Mixed-Use Restaurant Retail Trading 2014 THB Million 4,101 4,402 +7% y-y +8% y-y

REVENUES NET PROFIT

2014 Performance Recap

Excl one-time gain +6% y-y

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6

MINT’s Footprint

With solid diversification strategy, MINT’s presence was in 32 countries at the end of 2014 across its hospitality and restaurant

• businesses. By the end of February 2015 with the acquisition of Tivoli Hotels & Resorts and the opening of AVANI Seychelles

Barbarons, MINT’s presence is in 35 countries.

REVENUE CONTRIBUTION

87% 68% 65% 52% 13% 32% 35% 48% 0% 25% 50% 75% 100% 2008 2013 2014 2019F International Thailand Restaurant Combination Hotel & Spa

INTERNATIONAL PRESENCE

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7

WHAT’S NEW IN 4Q14 TO DATE

MINT continues to invest in its future, poised for solid growth going forward.

HOTEL & MIXED-USE RESTAURANT

Launched first The Coffee Club equity outlet in Yas Mall, Abu Dhabi, UAE, through the joint venture with Al Nasser Holdings Invested in convertible bond of Bangkok Living Ltd (‘BLL’), which owns and operates two Thai restaurants in London under the Grab brand name in the UK.

• Initial investment amount is GBP 600,000, with maximum

facility limit of GBP 1,100,000.

• This marks our initiation to explore the high potential Thai

food market in Europe with minimal investment and limited risk.

Recent Development

• Completed the acquisition of 6 hotels with over 1,000

rooms in Namibia, Botswana, Zambia and Lesotho from Sun International in Dec 2014.

* Note: the 40.5% investment in Royal Swazi Spa Valley and Ezuwini Sun (Lugogo Sun), Swaziland is pending the fulfillment

• f conditions precedent.

Essque Zalu Zanzibar (to be rebranded to Per AQUUM)

• Through Elewana, acquired Serengiti Pioneer

Camp, which is already being managed by Elewana. AVANI Seychelles Barbarons Banana Island Resort Doha by Anantara

• Announced the collaboration agreement with Destination Resorts & Hotels

(DRH), which was established by the Malaysian Khazanah Group, to develop an Anantara resort in Malaysia.

Hotel Investments Management Contracts Thai Food in Europe The Coffee Club in UAE

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WHAT’S NEW IN 4Q14 TO DATE – STRATEGIC MOVE INTO EUROPE AND SOUTH AMERICA

MINT continues to invest in its future, poised for solid growth going forward.

HOTEL INVESTMENT – TIVOLI HOTELS & RESORTS

Recent Development

Euro 168 million (THB 6.6 billion) Investment Size Over 1,600 keys hotel portfolio, consisting of:

• Two hotels, an operating platform and the Tivoli Hotels &

Resorts brand in Brazil, and

• Four hotel properties in Portugal (being leased and operated

under Tivoli brand) The Acquisition Investment Rationales The transaction has been closed in January 2015

• Strategic move into new territories – Europe and South

America – to become a more global company, and in line with MINT’s diversification strategy

• The acquisition of Tivoli brand in Brazil will strengthen MINT’s

hotel brand portfolio

• Immediate revenue and earnings contribution

Closing Going Forward

• The Brazilian portfolio will serve as platforms for potential

expansion of MINT’s Tivoli brand together with other brands and businesses into South America;

• The Portugal hotels will be MINT’s entry point to build a

strong business in Europe. Offers basic standard of service and comfort Brand Positioning More luxurious brand that offers more specialized service and more sophisticated lifestyle to guests Revenue Size Comparison

2014 2019F

100% MINT’s hotel & mixed-use revenues* 10% Tivoli 11% Tivoli 5% Sun Intl 5% Sun Intl 1% Rani 1% Rani 16% of MINT’s hotel & mixed-use revenues 17% of MINT’s hotel & mixed-use revenues 100% MINT’s hotel & mixed-use revenues*

The three recent acquisitions immediately contribute to MINT’s revenues and earnings, and will remain a meaningful contribution to hotel & mixed-use business going forward

* Notes:(1) MINT’s hotel & mixed-use revenues exclude revenues of the three recent acquisitions (2) Contribution from Tivoli is based on six acquired properties and does not take into account potential expansion opportunities going forward (3) Rani properties’ contribution is in the form of share of profit under equity method. Hence, their profit contribution is much larger than revenue contribution above

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WHAT’S NEW IN 4Q14 TO DATE – STRATEGIC MOVE INTO EUROPE AND SOUTH AMERICA

MINT continues to invest in its future, poised for solid growth going forward.

HOTEL INVESTMENT – TIVOLI HOTELS & RESORTS – CONT’D

Recent Development

Tivoli Ecoresort Praia Do Forte (287 Rooms)

Portugal

Tivoli Lisboa (306 Rooms) Lisbon Algarve Tivoli Marina Portimao (196 Rooms) Tivoli Carvoeiro (293 Rooms) Tivoli Marina Vilamoura (383 Rooms)

Portugal Lisbon, the capital city of Portugal, is one of the major economic centers in Europe, with a growing financial sector and one of the largest container ports on Europe's Atlantic coast. Algarve is the most popular tourist destination in Portugal, and

• ne of the most popular in Europe. In addition to the natural

beauties and beaches, Algarve is also well-known as one of the Europe's leading golf destinations. Brazil Sao Paulo, is the largest metropolis in South America. The city is the regional economic powerhouse, housing many South American headquarters of multinational corporations and financial

• institutions. It accommodates the largest stock exchange in Latin

America. Bahia, or Salvador da Bahia was the first capital of Brazil when the Portuguese seat of royal administration was placed there. Located

• n a small, roughly triangular peninsula that separates the Todos
• s Santos Bay (‘All Saints Bay’) from the open waters of the

Atlantic Ocean, the city of Salvador is Brazil’s main tourist destination after Rio de Janeiro.

Tivoli Sao Paulo – Mofarrej (220 Rooms)

Brazil

Bahia Sao Paulo

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AVANI Seychelles Barbarons

Ho Hote tel & Mi Mixe xed-Us Use Bus Busin iness ess

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FINANCIAL PERFORMANCE – HOTEL & MIXED-USE

2014 revenue of hotel & mixed-use business grew by 8%, primarily as a result of growth of management contract, Oaks, owned hotels and Anantara Vacation Club. 2014 EBITDA and net profit increased by the same rate, with slightly higher EBITDA and net profit margins over prior year.

Owned hotels: 41% of 2014 hotel and mixed-use revenues – saw revenue growth of 3% although system-wide 2014 RevPar dropped by 5% y-y (organic RevPar -3%); Oaks: 29% of 2014 hotel and mixed-use revenues – reported 2014 revenue growth of 16% while RevPar declined by 2% in THB terms; Management contracts: 7% of 2014 hotel and mixed-use revenues – reported increase in 2014 revenue by 143%, from the outstanding performance of the Maldives and Middle East hotels and the ramping up of the new hotels, with system-wide 2014 RevPar increase of 16% (organic RevPar increase of 12%); Real estate: 18% of 2014 hotel and mixed-use revenues – declined by 14% y-y because of lower residential sales, while Anantara Vacation Club continued to exhibit strong revenue growth of 15%; EBITDA and Net profit grew at the same rate of revenues, with slightly higher margins over previous year.

Key Highlights

Hotel Updates Revenue EBITDA NPAT EBITDA Margin Net Margin THB million 4,794 3,690 4,312 5,181 5,322 4,083 4,505 5,418 1,727 665 967 1,847 1,761 892 1,130 1,865 945 98 354 1,053 1,003 229 382 1,054 1Q13 19.7% 36.0% 18.0% 2Q13 2.7% 22.4% 8.2% 3Q13 35.7% 20.3% 4Q13 +5% y-y +1% y-y Flat y-y 1Q14 33.1% 18.8% 21.8% 2Q14 5.6% +8% y-y 17,977 19,328 +8% y-y 5,206 5,647 29.0% 29.2% 2,449 2,669 +9% y-y 2013 13.6% 2014 13.8% 25.1% 3Q14 8.5% 34.4% 19.5% 4Q14

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HOTEL REVENUE BREAKDOWN BY TYPE

MINT continues to drive higher-margin room revenue as reflected by the largest and rising contribution of room revenue as a % of total hotel revenue over the past five years. At the same time, MINT has been strengthening its culinary effort to drive F&B revenue to grow alongside its hotel expansion

Hotel Updates

TOTAL HOTEL REVENUE* ROOM REVENUE* F&B REVENUE* OTHER REVENUE*

THB million

• 6,000

12,000 18,000 2010 2011 2012 2013 2014 1,000 6,000 11,000 2010 2011 2012 2013 2014

52% 37% 12% 53% 35% 12% 53% 35% 12% 55% 34% 12% 56% 31% 12%

THB million

+29% +46% +19% +37%

1,000 3,000 5,000 7,000 2010 2011 2012 2013 2014 THB million

+22% +40% +14% +24%

500 1,500 2,500 3,500 2010 2011 2012 2013 2014 THB million

+27% +46% +14% +40% Room Revenue F&B Revenue Other Revenue

* Note: Based on total system revenue

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Hotel Updates Hubs

In recent years, MINT has implemented a solid diversification strategy. As at year end 2014, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 22 countries. By February 2015, MINT’s hospitality

• peration expanded to 25 countries, with another 7 countries in the pipeline over the next three years.

HOTEL & MIXED-USE - INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

94% 60% 56% 44% 6% 40% 44% 56% 0% 25% 50% 75% 100% 2008 2013 2014 2019F International Thailand Management Combination Investment New Destinations in Pipeline

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SYSTEM-WIDE HOTEL OPERATIONS

2014 system-wide RevPar was at its highest level in five years, despite the domestic political events and global economic

• slowdown. Although 2014 occupancy fell by 4%, primarily because of the political uncertainties’ impact on Bangkok hotels, the

ADR increase of 10% has resulted in 2014 system-wide RePar increase of 3%. Thanks to its diversification strategy, overseas hotels’ RevPar growth of 25% has mitigated the impact of decline in RevPar of Bangkok hotels.

THB Hotel Updates

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

+15% y-y No of Rooms * Note: Hotel Statistics include Oaks Hotel & Resort; and excludes Sun International hotels Organic excl FX Impact +3% y-y 3,000 6,000 9,000 12,000 15,000 2010 2011 2012 2013 2014 MLR Managed Joint-venture Owned

12,800 14,721 4,114 9,575 10,348

52% 65% 69% 70% 66% 40% 50% 60% 70% 80% 2010 2011 2012 2013 2014

5,695 5,385 5,589 5,573 6,110

2,000 4,000 6,000 2010 2011 2012 2013 2014

2,976 3,479 3,871 3,901 4,024

1,000 2,000 3,000 4,000 5,000 2010 2011 2012 2013 2014 +10% y-y

• 4% y-y

Organic

• 1% y-y

THB +3% y-y Organic excl FX Impact +2% y-y

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OWNED-HOTELS OPERATIONS

Owned hotels remained the major revenue contributor for the hospitality business in 2014 with 41%

• contribution. 2014 RevPar of owned hotels declined by 5%, primarily because of the domestic political

events which put pressure on Bangkok hotels’ occupancy. Partly due to the opening of Anantara Phuket Layan since the beginning of the year, 2014 revenues of owned hotels increased by 3%.

THB THB 41%

Owned- hotels 2014 HOSPITALITY REVENUE CONTRIBUTION

Hotel Updates

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

THB +16% y-y No of Rooms 2,258 2,554 2,335 2,676 3,112 1,000 2,000 3,000 2010 2011 2012 2013 2014 57% 58% 66% 68% 59% 40% 50% 60% 70% 80% 2010 2011 2012 2013 2014 4,735 5,377 6,035 6,385 7,028 4,000 5,000 6,000 7,000 2010 2011 2012 2013 2014 2,691 3,133 3,977 4,372 4,168 2,000 3,000 4,000 5,000 2010 2011 2012 2013 2014 Organic excl FX Impact +9% y-y +10% y-y

• 9% y-y

Organic

• 8% y-y
• 5% y-y

Organic excl FX Impact

• 4% y-y

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OWNED-HOTELS PERFORMANCE BY GEOGRAPHY – BANGKOK VS. OTHERS

Accounting for 11% of 2014 hospitality revenues (5% of total MINT revenues), Bangkok hotels portfolio exhibited RevPar growth for the first time in 4Q14, with the recovery of the tourism industry in Thailand, in particular in the month of December. Thailand provincial hotels saw a slight RevPar decline in 2014, primarily from the renovation of Anantara Hua Hin in the second half of the year. RevPar of the overseas portfolio increased by 8% because of Maldives hotels, together with the better performance of relatively newer hotels, Anantara Hoi An and Anantara Angkor.

THB THB Hotel Updates

THAILAND PROVINCES BANGKOK OVERSEAS

THB 14,676 10,040 8,340 11,746 15,289 10,981 8,987 12,562 10,396 5,356 5,380 7,145 11,058 5,989 5,108 7,703 71% 53% 65% 61% 72% 55% 57% 61% 4,000 8,000 12,000 16,000 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 THB 4,772 4,501 4,423 4,917 4,814 4,407 4,681 5,191 3,800 2,795 3,064 3,458 2,280 1,796 2,236 3,568 80% 62% 69% 70% 47% 41% 48% 69% 1,000 2,000 3,000 4,000 5,000 6,000 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 RevPar Growth (y-y)

• 40%
• 36%
• 27%

+3% 7,873 5,535 5,433 7,367 8,490 6,030 5,438 7,402 6,190 3,451 3,438 5,160 6,403 3,472 3,301 5,024 79% 62% 63% 70% 75% 58% 61% 68% 2,000 4,000 6,000 8,000 10,000 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14

RevPar ADR % Occupancy

MONTHLY 2014 REVPAR GROWTH TREND

RevPar Growth (y-y) +3% +1%

• 4%
• 3%

RevPar Growth (y-y) +6% +12%

• 5%

+8%

• 60%
• 40%
• 20%

0% 20% 40% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Bangkok Thailand Provinces Overseas Martial Law & Coup 11%

Bangkok hotels 2014 HOSPITALITY REVENUE CONTRIBUTION

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OAKS’ OPERATIONS

Oaks’ serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 29% revenue contribution in 2014. Oaks provides the hotel and mixed-use business with stable performance throughout the year, compared to hotel business which is more seasonal. Although Oaks’ RevPar was flattish in 2014 partly because of the new properties, Oaks’ revenues increased by 16% as a result of additional MLRs, yielding 6% room increase y-y.

THB +6% y-y

No of Rooms

AUD

NUMBER OF MANAGED ROOMS ADR OCCUPANCY REVPAR

Hotel Updates THB AUD 29%

Oaks 2014 HOSPITALITY REVENUE CONTRIBUTION

5,040 5,180 5,897 6,223 3,000 4,000 5,000 6,000 2011 2012 2013 2014 79% 77% 78% 76% 60% 70% 80% 90% 2011 2012 2013 2014 3,917 3,962 3,730 3,643 124 123 126 124 110 120 130 140 150 1,000 2,000 3,000 4,000 5,000 2011 2012 2013 2014 4,977 5,160 4,788 4,795 157 160 162 164 150 160 170 180 2,000 4,000 6,000 2011 2012 2013 2014

• 2% y-y

THB Flat y-y AUD +2% y-y THB

• 2% y-y

AUD

• 1% y-y

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MANAGED-HOTELS OPERATIONS

In 2014, contribution of managed hotels increased to 7% of hotel and mixed-use revenues from 3% in 2013. System-wide RevPar of managed hotels portfolio increased by 16% in 2014, primarily from the ramping up

• f the relatively new overseas hotels, in particular in the UAE, China and Bali, together with the stable

performance of hotels in the Maldives and Thailand provincial hotels, Sikao and Samui. Together with the increase in number of rooms by 6%, 2014 revenue from management service increased by 143% y-y.

THB Hotel Updates

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

THB 1,123 1,257 2,023 3,254 3,453 1,000 2,000 3,000 4,000 2010 2011 2012 2013 2014 6,583 4,831 5,047 5,594 6,748 3,000 4,000 5,000 6,000 7,000 8,000 2010 2011 2012 2013 2014 39% 49% 54% 58% 55% 30% 40% 50% 60% 70% 80% 2010 2011 2012 2013 2014 2,545 2,375 2,748 3,227 3,737 2,000 2,500 3,000 3,500 4,000 2010 2011 2012 2013 2014 7%

Management Contracts 2014 HOSPITALITY REVENUE CONTRIBUTION

No of Rooms +6% y-y

• 3% y-y

21% y-y +16% y-y Organic excl FX Impact Flat y-y Organic +6% y-y Organic excl FX Impact +11% y-y

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HOTEL EXPANSION PIPELINE

Expansion inside and outside Thailand will contribute to revenue & profit in coming years.

Hotel Updates Total

* Note: Joint-ventured properties

Others

2015F 2016F

• Sanya, China

(122 rms)

• Carlyle (79 rms)
• Radius (80 rms)
• Milton (185 rms)
• Jimbaran,

Indonesia (180 rms)

• Bazaruto Island,

Mozambique* Phase 2 (75 rms)

• Kalutara,

Sri Lanka (143 rms)

21 Hotels / 3,850 Rooms 24 Hotels / 3,897 Rooms

• Barbarons,

Seychelles (124 rms)

• Royal

Livingstone, Zambia* (173 rms)

• Gaborone, Botswana

(196 rms)

• Windhoek, Namibia

(173 rms)

• Victoria Falls, Zambia*

(212 rms)

• Lesotho, Lesotho*

(158 rms)

• Maseru, Lesotho*

(105 rms)

• Royal Swazi, Swaziland*

(149 rms)

• Ezulwini, Swaziland*

(202 rms)

• Bangkok, Thailand

(249 rms)

• Niyama, Maldives*

Phase 2 (48 rms) (Per AQUUM)

• Serengeti Pioneer

Camp, Kenya* (12 rms) (Elewana)

• Tangalle, Sri

Lanka* (150 rms)

• Banana Island Doha, Qatar

(117 rms)

• Guiyang, China (218 rms)
• Jabal Al Akhdar, Oman

(115 rms)

• Al Baleed, Oman (136 rms)

2017F

• Chiang Mai,

Thailand (80 rms)

• Luang Prabang, Laos (101 rms)
• Qiandao Lake, China (120 rms)
• Dongguan, China (131 rms)
• Shanghai , China (260 rms)
• Mahabalipuram, India

(130 rms)

• Sifah, Oman (198 rms)
• Le Chaland, Mauritius

(160 rms)

• Tozeur, Tunisia (93 rms)
• Tivoli Sao Paulo

Mofarrej, Brazil (220rms)

• Tivoli Ecoresort

Praia do Forte, Brazil (287 rms)

• Tivoli Lisboa,

Portugal (306 rms)

• Tivoli Marina

Vilamoura, Portugal (383 rms)

• Tivoli Marina

Portimao, Portugal (196 rms)

• Tivoli Carvoeiro,

Portugal (293 rms)

• Abu Dhabi,

UAE (99 rms)

• Nusa Dua, Bali,

Indonesia (529 rms)

HOTEL INVESTMENT MANAGEMENT CONTRACTS

• Dubai Creek, UAE (290 rms)
• Al Madina A’Zarqua, Oman

(120 rms)

• Tangier, Morocco (230 rms)
• Malaysia

(120 rms)

2018F

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HOTEL EXPANSION PIPELINE

MINT continues to implement “Asset Right” strategy, which is a combination of “Asset Heavy” (owned & JV) and “Asset Light” (management contracts & MLRs), depending on the circumstances and opportunities. The below figures are based on current signed pipeline while the finalization of on-going due-diligence and new opportunities that come along in the future will certainly add to the below growth figures.

Hotel Updates

OWNED HOTELS MANAGED HOTELS OAKS JOINT VENTURE

2,753 5,056 > 5,199 > 5,319 2,000 3,000 4,000 5,000 6,000 2014 2015F 2016F 2017F +84% No of Rooms 6,223 6,855 > 6,855 > 6,855 4,000 5,000 6,000 7,000 2014 2015F 2016F 2017F No of Rooms +10% 3,453 4,153 > 5,974 > 6,054 2,000 3,000 4,000 5,000 6,000 7,000 2014 2015F 2016F 2017F No of Rooms +20% 1,275 2,484 > 2,559 > 2,559 1,000 2,000 3,000 2014 2015F 2016F 2017F No of Rooms +95%

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21 TOTAL NUMBER OF MEMBERS MEMBERS PRIMARILY IN ASIA INVENTORY TO ACCOMMODATE GROWING MEMBERS GROWTH TREND OF MEMBERS IN TOP THREE MARKETS

Part of the real estate business, Anantara Vacation Club is growing to become another significant contributor to the hotel and mixed-use business. Number of members have seen impressive growth trajectory over the past three years, primarily driven by the three main markets – China, Thailand and

• Singapore. The five-year plan calls for a total of 700 units of inventory across at least 10 destinations to

accommodate the members’ growth. In 2014, AVC sales grew by 15% y-y.

REAL ESTATE BUSINESS – ANANTARA VACATION CLUB

Real Estates Updates China 33% Thailand 14% Singapore 12% Hong Kong 10% Malaysia 9% Australia 3% Japan 2% Indonesia 2% UAE 1% UK 1% Others 13% As at Dec 2014 22 25 46 106 119 700 200 400 600 800 2010 2011 2012 2013 2014 2019F

• No. of Units

10 Destinations 18%

Real Estates 2014 HOSPITALITY REVENUE CONTRIBUTION

751 2,309 3,857 5,431 2,000 4,000 6,000 2011 2012 2013 2014

• No. of

Members 1,000 2,000 3,000 2011 2012 2013 2014

• No. of

Members 322 1,156 2,061 3,194 +107% +36% +12% +596% +23% +19% +428% +300% +111% China Thailand Singapore Growth (y-y) +207% +67% +41% 6 Destinations: Queenstown Bali Sanya Samui Phuket Bangkok

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REAL ESTATE BUSINESS - RESIDENTIAL

To ensure the revenue stream from residential sales, MINT has prepared residential projects in the pipeline, to be launched in 2015 in Phuket and Chiang Mai. The residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project.

Sold 94% Inventory* 6% Sold 79% Inventory 21%

THE RESIDENCES BY ANANTARA, LAYAN, PHUKET

Real Estates Updates 18%

Real Estates 2014 HOSPITALITY REVENUE CONTRIBUTION

ANANTARA CHIANG MAI SERVICED SUITES

15 uniquely designed pool villas 1,313 to 2,317 sq.m. of built-up area Due to be launched in 2015 Up to 8 bedrooms, each with 21 metre private infinity pool Situated on Layan beach on the preferred west coast of Phuket, each of the 15 individually designed residences benefits from one of Phuket’s most picturesque bays, and represents the most significant new luxury development in Phuket. A 50% joint-venture with Natural Park Pcl., the project is in the city center of Chiang Mai, across from Anantara Chiang Mai Resort & Spa, near Chiang Mai Night Bazaar and iconic Ping River. 44 units in 7-storey condominium building 65 to 162 sq.m. (one to three bedrooms) Completion expected in 2016

• ST. REGIS RESIDENCES

THE ESTATES SAMUI

* Note: Remaining inventory has been sold in Jan-Feb 2015

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Re Rest stau auran ant Bu Busi sines ness

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Key Highlights

FINANCIAL PERFORMANCE - RESTAURANT

1Q13 2Q13 3Q13 Net Margin THB million 4Q13 Restaurants Updates 1Q14 2Q14 2013 2014 3Q14 3,878 3,725 3,742 3,997 4,307 4,230 4,024 4,199 +5% y-y 15,343 16,760 +9% y-y Revenue EBITDA NPAT 716 634 648 761 708 725 622 762 18.5% 17.0% 17.3% EBITDA Margin Flat y-y 19.0% 16.4% 17.1% 2,759 2,817 +2% y-y 18.0% 16.8% 15.5% 18.1% 409 308 323 461 363 379 326 482 10.5% 8.3% 8.6% +5% y-y 11.5% 8.4% 9.0% 1,501 1,550 +3% y-y 9.8% 9.2% 8.1% 11.5% 4Q14

2014 revenues of the restaurant business increased by 9% y-y, mainly attributable to the outlet expansion of 11%. 2014 net profit grew by 3% y-y, a smaller magnitude than revenue increase primarily from an industry-wide slowdown in domestic consumption, resulting in lower operating leverage in 1Q14 in Thailand and 2H14 in Singapore.

2014 total-system-sales continued to grow by 13.1%, mainly attributable to the outlet expansion

• f 11% y-y;

Of all brands, Riverside, Ribs & Rumps, Burger King, Dairy Queen and The Coffee Club reported impressive total-system-sales growths in the range

• f 15% - 25% in 2014;

2014 same-store-sales was flat y-y as Thailand and Singapore Hubs experienced industry-wide softening consumption in 1Q14 and 2H14, respectively. However, Thailand Hub saw a turnaround since 2Q14 and Singapore Hub’s same-store-sales started to see a sign of rebound in 4Q14; Australia hub continued to demonstrate consistency in brand performance throughout the year; China Hub reported strongest total-system-sales growth of 22% in 2014, driven primarily by the continued expansion of Riverside outlets; EBITDA & net profit margins declined y-y in 2014, attributable to lower operating leverage resulting from negative same-store-sales growth, in particular for Thailand Hub in 1Q14 and Singapore Hub in 2H14.

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RESTAURANT INTERNATIONAL FOOTPRINT

Franchised Combination Owned

REVENUE CONTRIBUTION

Restaurants Updates Hub 81% 70% 67% 51% 19% 30% 33% 49% 0% 25% 50% 75% 100% 2008 2013 2014 2019F International Thailand

MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT’s restaurant presence is now in 21 countries across the region, operating owned, franchised and a combination of both business models. MINT continues to look for

• pportunities to expand, especially in these existing markets that MINT operates.

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RESTAURANT PERFORMANCE

Same-Store-Sales Growth Total-System-Sales Growth 53% 82% 59% Franchised Owned 50% International Thailand

SSS & TSS GROWTH

Restaurants Updates

RESTAURANT OUTLETS BY GEOGRAPHY RESTAURANT OUTLETS BY OWNERSHIP

3.7% 9.0% 5.5% 1.5% 0.4% 9.8% 14.1% 15.1% 13.8% 13.1% 0% 5% 10% 15% 20% 2010 2011 2012 2013 2014

• No. of

Outlets 1,148 1,257 1,381 1,544 1,708

2014 total-system-sales of the restaurant business maintained its y-y growth momentum at 13.1%, although 2014 same-store- sales grew marginally by 0.4% y-y as a result of same-store-sales decline in Singapore and China. During the year, number of

• utlets increased y-y by 11%, with a majority of expansion in Thailand, Australia and China.

2007 2013 2014 2019F 35% 65% 7% 93% 49% 51% 676 3,365 1,544 1,708 +11% y-y 37% 63% 2007 2013 2014 2019F 47% 53% 18% 82% 41% 59% 1,708 676 3,365 1,544 50% 50% +11% y-y

SLIDE 27

27

THAILAND HUB

Same-Store-Sales Growth Total-System-Sales Growth

THAILAND’S SSS & TSS GROWTH

Restaurants Updates

POISED FOR GROWTH

67%

Thailand 2014 RESTAURANT REVENUE CONTRIBUTION

Revenues from domestic operations still accounted for approximately two-thirds of total restaurant revenues in 2014. Same-store-sales growth showed a sign of y-y improvement. The recovery, together with solid outlet expansion, led to the y-y expansion of total-system-sales by 12% in 2014.

0% 5% 10% 15% 20% 2010 2011 2012 2013 2014

Same-store-sales growth showed a sign of recovery throughout the year after the decline in 1Q14, attributable to successful product innovation, proven marketing and technological initiatives, in the midst of continued recovery in macro-economic outlook. Strong domestic franchising business resulted in new outlet

• penings and total-system-sales growth of 12% in 4Q14.

MINT continued to introduce innovative products, enhance customer convenience through new store concepts and the utilization of technological advantages.

• The Pizza Company: Maximized the utilization of IT investment

and received over one-third of 4Q14 delivery sales from online

• rdering platform.
• Swensen’s: Successfully launched the first-ever Durian ice-cream

and achieved highest docket growth in 5 years with 16.4 million dockets in 2014.

• Sizzler: Piloted mobile Q-Happy platform to enhance customer

convenience, while improving operational efficiency.

• Dairy Queen: Expanded coverage in Thailand and surpassed THB

2-billion in sales, serving close to 50 million customers in 2014.

• Burger King: Successfully introduced the first drive-through

Burger King store in Thailand with sales almost doubling the pre-

• pening forecast.

SLIDE 28

28 SINGAPORE’S SSS & TSS GROWTH PROFITABILITY TO BE SUPPORTED BY:

SINGAPORE HUB

Restaurants Updates Same-Store-Sales Growth Total-System-Sales Growth 17%

Singapore 2014 RESTAURANT REVENUE CONTRIBUTION

Singapore Hub remains the second largest revenue and net profit contributor of the restaurant business in

• 2014. In the midst of challenging consumption environment and increased competition in Singapore, same-

store-sales of Singapore Hub was negative in 2014. However, same-store-sales growth trend improved q-q in 4Q14 with the strengthening of core brands, the launch of new concept and improved marketing initiatives.

• 15%
• 10%
• 5%

0% 5% 10% 15% 20% 2010 2011 2012 2013 2014

Although same-store-sales growth was still negative in 4Q14 but it showed a sign of rebound compared to the previous quarter. Singapore Hub has become more selective in its new-store

• development. As a result, total-system-sales grew only by 1.8% in

2014. Strengthen ThaiExpress brand as the World’s largest chain of modern Thai restaurants by selective store relocation to increase visibility and introduce new exquisite menu. Minor Food Group Singapore is taking the opportunity of economic slowdown to do major renovation on décor and design of ThaiExpress’s existing outlets, with the objective of enhancing customers’ dining experience and attract more traffic. Reinforce the concept of comfort food for Xin Wang as well as increase different dayparts and traffics from healthy breakfast to late-night meal at 2am.

In addition to the restored growth in Singapore, ThaiExpress will continue to selectively expand the Thai cuisine concept in Malaysia and other international markets.

SLIDE 29

29 AUSTRALIA’S SSS & TSS GROWTH EXPANSION INTACT

AUSTRALIA HUB

Restaurants Updates Same-Store-Sales Growth Total-System-Sales Growth

Thailand

1%

2014 RESTAURANT REVENUE CONTRIBUTION Australia

Although Australia Hub contributes only 1% to the restaurant business’s revenues in 2014, its contribution to net profit is much higher as the Australia Hub’s performance is recognized as share of profit from investments in joint venture under equity accounting. Australia Hub is therefore the third largest profit contributor to the restaurant business.

0% 10% 20% 30% 2010 2011 2012 2013 2014

Australia Hub has delivered satisfactory same-store-sales and total-system-sales growths of 1.7% and 15.8% in 2014, respectively. Australia hub continued to demonstrate consistency in brand performance throughout 2014, primarily on the back of established Coffee Club brand and its strong franchise system in Australia. Total-system-sales of 15.8% in 2014 was partly attributable to the contribution from three new brands, i.e. Veneziano, Groove Train and Coffee Hit, which were acquired in 3Q14. The Coffee Club in Middle East and North Africa (“MENA”) opened its first outlet in Abu Dhabi, United Arab Emirates in December

• 2014. The second outlet is planned for the upcoming Wasl Vita

Mall in Dubai.

SLIDE 30

30 CHINA’S SSS & TSS GROWTH GROWTH PLANS IN PLACE

CHINA HUB

Same-Store-Sales Growth Total-System-Sales Growth Restaurants Updates 13%

China 2014 RESTAURANT REVENUE CONTRIBUTION

After achieving break-even point in 2013, China Hub continued to show improvement in its performance. With the extensive progress in existing operations as well as aggressive outlet expansion of Riverside, China Hub reported net profit in 2014. MINT still projects its China hub to yield a meaningful contribution in the future.

Total-system-sales of China operations reported a strong growth of 22% in 2014. Active outlet expansion of the Riverside brand since MINT’s acquisition at the end of 2012 more than offset negative same-store-sales growth effect.

• 50%

0% 50% 100% 150% 200% 250% 300% 350% 2010 2011 2012 2013 2014 Acquisition of Riverside

MFG China hub opened a total of 15 outlets (a 32% growth y-y), while closing down 1 outlet in 2014. The majority of new outlets was attributable to the expansion under Riverside brand, which continued to establish its footprint in Beijing, Shanghai and surrounding cities. Apart from the expansion of Riverside, ThaiExpress also successfully re-launched two of its stores in Beijing.

Existing Cities prior to 2014 New Cities in 2014

Riverside Expansion in 2014

SLIDE 31

Ot Othe her Imp Import

• rtant

ant In Informa

• rmatio

tion

SLIDE 32

32

FINANCIAL PERFORMANCE – RETAIL TRADING & CONTRACT MANUFACTURING

1Q13 2Q13 3Q13

Key Highlights

Revenue EBITDA NPAT EBITDA Margin Net Margin THB million Retail Trading Updates 4Q13 1Q14 2Q14 2013 2014 3Q14 965 836 900 915 1,001 810 889 999 9% y-y 3,616 3,699 2% y-y 107 64 76 90 107 50 82 146 11.1% 7.7% 8.5% +62% y-y 9.8% 10.6% 6.2% 338 14% y-y 9.3% 10.4% 9.2% 14.6% 384 56 23 30 43 54 8 38 83 5.8% 2.8% 3.3% +92% y-y 4.7% 5.4% 1.0% 151 183 21% y-y 4.2% 4.9% 8.3% 4.3% 4Q14

2014 revenue from retail trading increased by 6% y-y, despite the softening of domestic consumption which affected industry-wide discretionary spending. The revenue increase was primarily attributable to the expansion of points of sale by 8% y-y; 2014 revenue from contract manufacturing decreased by 5% y-y, from delayed orders from NMT’s key customers amidst consumption slowdown. However, contract manufacturing business started to see a recovery from partial re-ordering from some key customers in 4Q14; EBITDA and EBITDA margin, together with net profit and net profit margin, increased in 2014 because of the faster increase of the retail trading business which had higher margin in nature and saw cost efficiency improvement, as well as the recovery of the contract manufacturing business in 4Q14.

2014 revenue of retail trading & contract manufacturing increased by 2% y-y because of increased revenue from fashion business, especially Charles & Keith, Tumi, Henckels and Pedro. Net profit grew by a larger degree of 21% y-y from higher growth of the higher-operating leverage retail trading business, together with its effective cost-saving measures.

SLIDE 33

33

RETAIL TRADING & CONTRACT MANUFACTURING

Same-Store-Sales Growth Total-System-Sales Growth Fashion & Cosmetic Sales per Sq.m.

SSS & TSS GROWTH SALES PER SQ. M.

Retail Trading Updates 14.4% 14.6%

• 2.1%

0.3%

• 8.1%

16.8% 18.9% 14.6% 12.0% 3.8%

• 10%

0% 10% 20% 30% 2010 2011 2012 2013 2014

• No. of

Shops 258 246 235 Note: No. of shops include Laneige, Smashbox and Bloom which were closed in 1Q12, 3Q12 and 4Q12 respectively THB 88,390 94,002 102,333 94,860 105,248 70,000 80,000 90,000 100,000 110,000 120,000 2010 2011 2012 2013 2014

• No. of

Shops 276 297 258 246 235 276 297

2014 total-system-sales of retail trading grew by 4% y-y, as a result of outlet expansion of 8% y-y. Same-store-sales growth was negative throughout 2014, as sales of discretionary goods have been impacted by the industry-wide slowdown.

SLIDE 34

34 BACK-UP FINANCING

CAPEX & BALANCE SHEET STRENGTH

X 0.4 0.6 0.8 1.0 1.2 1.4 2010 2011 2012 2013 2014 Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity Internal Policy X THB million THB million

CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS

CAPEX & Balance Sheet Strength 0.96x 1.14x

• 1.0

2.0 3.0 4.0 5.0 6.0

• 4,000

8,000 12,000 16,000 2013 2014 2015F 2016F 2017F 2018F 2019F Restaurant Hotel & Mixed-use Retail Trading Additional CAPEX (non-committed average per annum) for New Opportunity/Acquisition(s) EBITDA coverage on committed CAPEX

* Incremental capital increase from MINT-W5 exercise, assuming 100% MINT-W5 conversion

20,000 40,000 60,000 Outstanding Borrowing & Equity Un-Utilized Facility Debt 21,794 Debt 34,059 Shareholders’ Equity 30,024 Equity* 8,003

In addition to committed CAPEX, MINT also set aside additional CAPEX for future acquisitions and new initiatives. Even with recent acquisitions, leverage ratio remains below the internal policy. With its solid balance sheet, MINT will be able to primarily use its internal cash flow and debt financing to fund its CAPEX requirements going forward. In addition, in April 2014, TRIS rating has upgraded MINT and its senior debenture rating to “A+”, from “A”.

* 2015 committed CAPEX includes Tivoli acquisition which was completed in Jan 2015

Note: Cash on hand as at end of 2014 is THB 5,372 million

SLIDE 35

35

FX Impact

THB 64% SGD 7% AUD 15% RMB 6% USD 6% Others 2%

6% of MINT’s Revenue

US Dollar

6% of MINT’s Revenue

Renminbi

15% of MINT’s Revenue

Australian Dollar

7% of MINT’s Revenue

Singapore Dollar

IMPACT FROM FOREIGN EXCHANGE RATE

24.6 25.6 2013 2014

+4%

29.7 29.3 2013 2014

• 1%

5.0 5.3 2013 2014

+5%

30.7 32.5 2013 2014

+6%

As MINT’s effort is to implement natural hedge where possible, the impact from foreign exchange rate is primarily the translation impact on its P&L. The major currencies for MINT are AUD, SGD, RMB and USD.

2014 MINT’S REVENUE BREAKDOWN BY CURRENCY

AUD/THB SGD/THB RMB/THB USD/THB

SLIDE 36

36

Going Forward

FIVE-YEAR ASPIRATIONS

2019F

2014

• > 190 hotels
• > 400 residences built to

date

• > 700 timeshare units
• > 3,300 restaurants
• > 360 retail shops & POS

(> 37,000 Sqm)

NPAT (THB)

1.4bn

2009

4.4bn

2019F 2014

• 119 hotels
• 67 residences built to

date

• 119 timeshare units
• 1,708 restaurants
• 297 retail shops & POS

(22,538 Sqm)

2009

• 30 hotels
• 1,112 restaurants
• 292 retail shops & POS

(14,275 Sqm)

SLIDE 37

37

Five-year strategy consists of the following three key pillars, with clear goals and measurements.

Summary of Five-Year Plan

MINT’S FIVE-YEAR STRATEGY 2015-2019

NPAT growth of 15-20% CAGR ROIC of >15% Growth Pillars Measure- ments

Drive a Portfolio of Own Brands, With Additional Contribution From Selected International Brands Maximize Asset Value and Productivity Expand Through Strategic Investments & Acquisitions Asset- light Model Mixed- use Initiatives

Total-system-sales growth

• f over 15%

Revenues growth

• f over 10%

Improvement of margins Revenues from overseas

• f over 40%

Net profit from overseas

• f 50%

2019 Goals