Company any Prese senta ntation tion No Nov 2015 FORWARD - - PowerPoint PPT Presentation

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Company any Prese senta ntation tion – No

Nov 2015

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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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Agenda enda

9M15 Performance

• rmance

Re Recap & Re Recent ent Upda dates tes Ho Hotel tel & Mixed-Use Use Business ness Re Restaur taurant ant Business ness Other her Important

• rtant

Infor

• rma

matio tion

The Residences by Anantara, Layan, Phuket

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9M15 Performanc

• rmance

Recap & Recent Upd pdate tes

Renovated Thai Express Outlet at Plaza Singapura

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5

CONTINUED GROWTH WITH DIVERSIFICATION

MINT reported 9M15 net profit of THB 3.6 billion, a 30% increase y-y, primarily from the robust performance of hospitality business, together with net bargain purchase gains of THB 720 million relating to the acquisitions of Sun International hotels in Africa in 1Q15 and Oaks Elan Darwin in Australia in 3Q15. Excluding such gains, 9M15 core net profit increased by 7% y-y.

10,000 20,000 30,000 40,000 9M14 Hotel & Mixed-Use Restaurant Retail Trading 9M15 29,192 33,265 THB Million 1,000 2,000 3,000 4,000 9M14 Hotel & Mixed-Use Restaurant Retail Trading 9M15 THB Million 2,783 3,621 +30% y-y +14% y-y

REVENUES NET PROFIT

9M15 Performance Recap Excl extra gains +12% y-y Excl extra gains +7% y-y

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6

MINT’s Footprint

With solid diversification strategy, MINT’s presence was in 33 countries at the end of 3Q15 across its hospitality and restaurant businesses.

REVENUE CONTRIBUTION

87% 65% 56% 50% 13% 35% 44% 50% 0% 25% 50% 75% 100% 2008 2014 9M15 2020F International Thailand Restaurant Combination Hotel & Spa

INTERNATIONAL PRESENCE

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7

WHAT’S NEW IN 3Q15 TO DATE

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

Recent Development

HOTEL & MIXED-USE RESTAURANT

• Investment size: AUD 45 million (THB 1.16 billion)
• MINT’s shareholding in its Australia hub through Minor DKL

Australia increased from 50% to 70%

• Closing: 30 October 2015
• Investment rationales:

‐ Additional revenues and net profit from the consolidation

• f financial performance

‐ Minor DKL can achieve higher growth, leveraging on MINT’s

• perating platform and international capabilities
• The founding shareholders will retain the remaining 30% stake

and continue to serve as Board members.

Acquisition of Tivoli Oriente in Lisbon Additional Investment in Minor DKL Australia

• Investment size: Euro 38.5 million (THB 1.5 billion)
• The hotel:

‐ 279 rooms ‐ Located in Parque das Nações, the former Expo ‘98 site, overlooking the River Tagus in the Portuguese capital, and five minutes from Lisbon Portela Airport

• Tivoli Oriente joined MINT’s portfolio as its 5th hotel in Portugal
• The hotel continues to be leased and operated under Tivoli brand
• Closing: 1 October 2015
• This strategic asset investment follows MINT’s milestone acquisition in

early 2015 of four Tivoli hotels in Portugal and two Tivoli hotels, along with the Tivoli Hotels & Resorts brand, in Brazil

• There is still further upside with the potential acquisition of the

remaining 7 hotels, the operating platform and the Tivoli brand in Portugal

CORPORATE

MINT is included in the 2015 Dow Jones Sustainability Emerging Markets Index in the Consumer Services Sector (Hotels, Resorts & Cruise Lines) for the second consecutive year.

Dow Jones Sustainability Emerging Markets Index

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Hote

• tel

& Mi Mixed-Use se Bus usiness ness

Tivoli Oriente, Lisbon

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FINANCIAL PERFORMANCE – HOTEL & MIXED-USE

9M15 core revenues of hotel & mixed-use business (excluding gains in 3Q15, 1Q15 and 2Q14) grew by 19%, as a result of growth of

• wned hotels operations, addition of newly acquired hotels, and Anantara Vacation Club. 9M15 core EBITDA and net profit

increased by 6% and 8% respectively, lower than the revenue growth, attributable to the lower profitability of the plaza & entertainment business and the decline of the higher-margin hotel management business y-y.

Owned hotels: 50% of 9M15 hotel & mixed- use revenues – saw revenue growth of 47% y-y, as a result of system-wide 9M15 RevPar increase of 9% y-y (organic RevPar +18%), together with the addition of newly acquired hotels; Oaks: 23% of 9M15 hotel & mixed-use revenues – reported revenue decline of 4% while RevPar declined by 13% in THB terms (9M15 revenue increased by 9% while RevPar was flat in AUD terms); Management contracts: 4% of 9M15 hotel & mixed-use revenues – reported decrease in revenue by 19%, to more normalized level as 1Q14 was an exceptional quarter for Maldives hotels, with the VIP guests. System-wide 9M15 RevPar increased by 21% (organic RevPar +12%); Real estate: 18% of 9M15 hotel & mixed-use revenues – increased by 21% y-y primarily because of increase in revenues of Anantara Vacation Club.

Key Highlights

Hotel Updates Revenue EBITDA NPAT EBITDA Margin Net Margin THB million 5,355 4,094 4,484 5,397 6,652 4,842 5,750 1,761 892 1,130 1,865 2,401 910 1,337 1,003 229 382 1,054 1,676 229 553 +28% y-y +18% y-y +45% y-y 1Q14 32.9% 18.7% 21.8% 2Q14 5.6% 25.2% 3Q14 8.5% 34.6% 19.5% 4Q14 1Q15 36.1% 25.2% +24% y-y 17,244 13,933 +23% y-y 4,648 3,782 27.1% 27.0% 2,459 1,615 +52% y-y 9M14 11.6% 9M15 14.3% 18.8% 2Q15 4.7% 20.1%* 26.7%* 23.8%* +6% y-y* 29.2%* +12% y-y* 4.0%* 11.2%* 10.5%* 17.1%*

* Excludes gains from revaluation of investments in Oaks Elan Darwin of THB 70 million in 3Q15, Sun International hotels of THB 650 million in 1Q15, and Serendib of THB 87 million (before tax) in 2Q14

+19% y-y* 23.2% 3Q15 9.6% +27% y-y* +12% y-y* 22.3%* +26% y-y* 8.5%*

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Hotel Updates Hubs

In recent years, MINT has implemented a solid diversification strategy. At the end of 3Q15, MINT operates hotels and spas under a combination of investment, joint-venture and management business models in 24 countries, with another 6 countries in the pipeline over the next three years.

HOTEL & MIXED-USE - INTERNATIONAL PRESENCE

REVENUE CONTRIBUTION

94% 56% 40% 34% 6% 44% 60% 66% 0% 25% 50% 75% 100% 2008 2014 9M15 2020F International Thailand Management Combination Investment New Destinations in Pipeline

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SYSTEM-WIDE HOTEL OPERATIONS

3Q15 system-wide RevPar increased by 5% y-y, attributable to the rise in occupancy, primarily because of recovery of hotels in Bangkok, together with the increase in ADR. Excluding new hotels and foreign exchange impact, organic RevPar of the entire portfolio increased at a higher rate of 11% y-y in 3Q15.

THB Hotel Updates

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

No of Rooms * Note: Hotel Statistics include Oaks Hotel & Resort Organic excl FX Impact +4% y-y +1% y-y THB +5% y-y Organic excl FX Impact +11% y-y 5,000 10,000 15,000 20,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 MLR / Oaks Managed Joint-venture Owned 14,721 13,128 13,179 13,465 +27% y-y 6,968 5,884 5,321 6,266 6,359 5,245 5,367 2,000 4,000 6,000 8,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 67% 60% 66% 70% 70% 65% 69% 50% 60% 70% 80% 90% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 +3% y-y Organic +5% y-y 4,673 3,546 3,486 4,409 4,431 3,409 3,678 1,000 2,000 3,000 4,000 5,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 16,872 16,774 17,076

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OWNED-HOTELS OPERATIONS

Owned hotels contribute about half of hotel & mixed-use revenues in 9M15, an increase from the same period last year, from improving operations of existing owned hotels and additional revenues of newly acquired hotels. 3Q15 RevPar of owned hotels was up 20% y-y. Occupancy improved significantly because of the recovery of Thailand hotels, particularly Bangkok, while ADR improved also from most hotels in Thailand, with larger magnitude seen in the provinces.

THB THB 50%

Owned- hotels 9M15 HOSPITALITY REVENUE CONTRIBUTION

Hotel Updates

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

THB +86% y-y No of Rooms +20% y-y Organic excl FX Impact +28% y-y 2,753 2,753 2,753 3,122 4,807 4,807 5,108 1,000 2,000 3,000 4,000 5,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 8,581 6,301 5,717 7,227 7,550 5,709 5,815 2,000 4,000 6,000 8,000 10,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 64% 51% 55% 67% 72% 62% 65% 40% 50% 60% 70% 80% 90% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

5,498 3,199 3,159 4,859 5,460 3,521 3,804

2,000 4,000 6,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 +AVANI Gaborone & AVANI Windhoek (Sun Hotels) +Tivoli hotels Organic excl FX Impact +7% y-y +2% y-y +10% y-y Organic +11% y-y +Oaks Elan Darwin

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OWNED-HOTELS PERFORMANCE BY GEOGRAPHY

THB THB Hotel Updates

THAILAND PROVINCES BANGKOK OVERSEAS

THB 15,298 10,981 8,987 12,562 8,597 6,594 6,502 11,064 5,989 5,108 7,703 5,572 3,629 4,001 72% 55% 57% 61% 65% 55% 62% 4,000 8,000 12,000 16,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 THB 4,814 4,407 4,681 5,191 5,178 4,720 4,762 2,280 1,796 2,236 3,568 4,065 2,963 3,115 47% 41% 48% 69% 79% 63% 65% 2,000 4,000 6,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 RevPar Growth (y-y)

• 40%
• 36%
• 27%

+3% +78% +65% +39% 8,506 6,030 5,438 7,402 8,614 5,673 5,863 6,403 3,472 3,301 5,024 6,455 3,844 4,076 75% 58% 61% 68% 75% 68% 70% 2,000 4,000 6,000 8,000 10,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

RevPar ADR % Occupancy

3Q15 KEY HIGHLIGHTS

12%

Bangkok hotels 9M15 HOSPITALITY REVENUE CONTRIBUTION

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

• 5%

+8%

• 50%
• 39%
• 22%

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

• 4%
• 3%

+1% +11% +23%

• Bangkok: continued recovery despite Bangkok bombing incident

in mid-August

• Thailand provinces: improved performance in 3Q15, from all

regions

• Overseas: continued decline in system-wide owned RevPar but

improving trend in 3Q15. The decline is largely because of the addition of new AVANI hotels in Africa. Maldives hotels started to see positive RevPar growth in 3Q15. Organically, RevPar of

• verseas hotels rose 28% in 3Q15

Contribution of Bangkok hotels in 9M15 remained at around 12% of total hotel & mixed-use revenues (6% of total MINT revenues). The increase in RevPar of hotels in Bangkok (notwithstanding the Bangkok bombing incident) and Thailand provinces more than offset the decline in RevPar of overseas hotels.

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OAKS’ OPERATIONS

Oaks’ serviced-suites operation is the second largest segment in the hotel and mixed-use business, with 23% revenue contribution in 9M15. The y-y decline in contribution was primarily attributable to the weakening

• f the AUD y-y. Oaks continues to provide the hotel & mixed-use business with stable performance

throughout the year, compared to hotel operations which is more seasonal. With RevPar increase of 4% in AUD term and increase in number of rooms, Oaks’ 3Q15 revenues in AUD increased by 11% y-y.

THB +3% y-y

No of Rooms

NUMBER OF MANAGED ROOMS ADR OCCUPANCY REVPAR

Hotel Updates THB AUD 23%

Oaks 9M15 HOSPITALITY REVENUE CONTRIBUTION

5,855 5,906 6,045 6,223 6,330 6,232 6,208 4,000 5,000 6,000 7,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4,966 4,727 4,651 4,848 4,309 3,923 4,214 170 156 157 173 168 158 165 150 160 170 180 2,000 4,000 6,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 THB

• 9% y-y

AUD +5% y-y 76% 72% 79% 77% 75% 73% 79% 60% 70% 80% 90% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Flat y-y 3,777 3,388 3,692 3,715 3,245 2,844 3,331 129 112 124 132 126 110 130 100 110 120 130 140 150 1,000 2,000 3,000 4,000 5,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 AUD THB

• 10% y-y

AUD +4% y-y

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MANAGED-HOTELS OPERATIONS

In 9M15, managed hotels contributed 4% of hotel & mixed-use revenues. System-wide RevPar of managed hotels portfolio increased by 38% y-y in 9M15, primarily from the ramping up of the relatively new hotels in China and good performance of hotels in Thailand and UAE. As a result, 3Q15 revenue from management service increased by 12% y-y.

THB Hotel Updates

NUMBER OF HOTEL ROOMS ADR OCCUPANCY REVPAR

THB 4%

Management Contracts 9M15 HOSPITALITY REVENUE CONTRIBUTION

No of Rooms Organic excl FX Impact Flat y-y 3,404 3,404 3,404 3,453 3,703 3,703 3,727 1,000 2,000 3,000 4,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 7,537 6,719 5,459 7,141 7,424 6,356 6,461 2,000 4,000 6,000 8,000 10,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 +18% y-y 57% 50% 52% 63% 66% 61% 60% 40% 50% 60% 70% 80% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 +8% y-y Organic +10% y-y 4,264 3,351 2,824 4,517 4,910 3,849 3,892 1,000 2,000 3,000 4,000 5,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 +38% y-y Organic excl FX Impact +19% y-y +Essque Zalu Sanzibar (To be rebranded to PER AQUUM) +Banana Island Doha by Anantara +AVANI Seychelles Barbarons +Lewa Safari Camp & Kitich Camp (Cheli Peacock) +9% 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

2015F 2016F

• Carlyle

(79 rms)

• Radius

(80 rms)

• Milton

(185 rms)

• Tangalle,

Sri Lanka* (152 rms)

25 Hotels / 4,217 Rooms 23 Hotels / 3,483 Rooms

• Barbarons,

Seychelles (124 rms)

• Darwin,

Australia (301 rms)

• Gaborone,

Botswana (196 rms)

• Windhoek,

Namibia (173 rms)

• Victoria Falls,

Zambia* (212 rms)

• Lesotho, Lesotho*

(158 rms)

• Maseru, Lesotho*

(105 rms)

• Niyama, Maldives*

Phase 2 (48 rms) (Per AQUUM)

• Serengeti Pioneer

Camp, Kenya* (12 rms) (Elewana)

• Tortilis Camp ,

Kenya* (18 rms) (Cheli & Peacock)

• Elsa Kopje Camp,

Kenya* (11 rms) (Cheli & Peacock)

• Joys Camp, Kenya*

(10 rms) (Cheli & Peacock)

• Elephant Pepper

Camp, Kenya* (10 rms) (Cheli & Peacock)

• Royal

Livingstone, Zambia* (173 rms)

• Kalutara,

Sri Lanka (141 rms)

• Banana Island Doha, Qatar

(141 rms)

2017F

• Tivoli Sao Paulo

Mofarrej, Brazil (220 rms)

• 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)

• Tivoli Oriente,

Portugal (279 rms)

• Nusa Dua,

Bali, Indonesia (433 rms)

• Chiang Mai,

Thailand (70 rms)

HOTEL INVESTMENT

• Sifah, Oman (198 rms)
• Dubai Creek, UAE (290 rms)
• Durrat Al Bahrain, Bahrain

(180 rms)

• Desaru,

Malaysia* (103 rms)

2018F

• Luang Prabang, Laos

(101 rms)

• Qiandao Lake, China

(120 rms)

• Shanghai, China (260 rms)
• Tozeur, Tunisia (93 rms)
• Le Chaland, Mauritius

(176 rms)

• Lewa Safari

Camp, Kenya (13 rms)

• Kitich Camp,

Kenya (6 rms)

• Maputo,

Mozambique* (181 rms) (Radisson Blu)

• Queensland,

Australia (219 rms)

• Bangkok, Thailand

(249 rms)

• Nusa Dua,

Bali, Indonesia (96 rms)

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

(115 rms)

• Al Baleed, Oman (136 rms)
• Tangier, Morocco (150 rms)

MANAGEMENT CONTRACTS

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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

No of Rooms 6,223 6,473 > 6,473 > 6,473 4,000 5,000 6,000 7,000 8,000 2014 2015F 2016F 2017F No of Rooms +4% 3,453 3,727 > 4,346 > 5,695 2,000 3,000 4,000 5,000 6,000 7,000 2014 2015F 2016F 2017F No of Rooms +8% 1,275 2,033 > 2,366 > 2,366 1,000 2,000 3,000 2014 2015F 2016F 2017F No of Rooms +59% 2,753 5,528 > 5,777 > 5,880 2,000 3,000 4,000 5,000 6,000 2014 2015F 2016F 2017F +101%

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18 TOTAL NUMBER OF MEMBERS MEMBERS PRIMARILY IN ASIA INVENTORY TO ACCOMMODATE GROWING MEMBERS GROWTH TREND OF MEMBERS IN TOP FOUR 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 four main markets – China, Thailand, Hong Kong and Singapore. The five-year plan calls for a total of 450 units of inventory across 10 destinations to accommodate the members’

• growth. AVC sales grew by 19% y-y in 9M15, while net profit increased by over 80%, with its focus on

profitability improvement.

REAL ESTATE BUSINESS – ANANTARA VACATION CLUB

Real Estates Updates As at Sep 2015

• No. of Units

10 Destinations 18%

Real Estates 9M15 HOSPITALITY REVENUE CONTRIBUTION

751 2,309 3,857 5,431 6,637 2,000 4,000 6,000 2011 2012 2013 2014 3Q15

• No. of

Members 1,000 2,000 3,000 4,000 5,000 2011 2012 2013 2014 3Q14 3Q15

• No. of

Members 407 1,444 2,460 3,731

+107% +36% +12% +596% +23% +19% +428% +300% +111%

China Thailand Singapore Growth (y-y) +207% +67% +41% +33% 6 Destinations: Queenstown Bali Sanya Samui Phuket Bangkok 3,433 4,690

+13% +8% +64%

China, 37% Thailand, 12% Hong Kong, 11% Singapore, 11% Malaysia, 9% Australia, 3% Japan, 2% Indonesia, 1% US, 1% UAE, 1% Korea, 1% Others, 11% 25 46 106 119 137 450 100 200 300 400 500 2011 2012 2013 2014 3Q15 2020F

+239% +39% +35% +27%

Hong Kong

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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 Phuket and Chiang Mai. Four units of The Residences by Anantara, Layan, Phuket are now complete and available for sale. Other residential projects will be selectively considered in various hotel destinations in order to increase returns of the overall project.

Sold 79% Inventory 21%

THE RESIDENCES BY ANANTARA, LAYAN, PHUKET

Real Estates Updates 18%

Real Estates 9M15 HOSPITALITY REVENUE CONTRIBUTION

ANANTARA CHIANG MAI SERVICED SUITES

15 uniquely designed pool villas 1,313 to 2,317 sq.m. of built-up area Launched in 2H15 Up to 8 bedrooms, each with 21 metre private infinity pool Situated on Layan beach, one of Phuket’s most picturesque bays on west coast of Phuket, the project is one

• f the most significant new luxury

development in Phuket. A 50% joint-venture with U City Pcl. (formerly Natural Park) , the project is in the city center of Chiang Mai, across from Anantara Chiang Mai Resort & Spa. 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

Above a secluded cove of powder- white sands and crystal-blue waters, The Estates Samui provide complete privacy and spectacular panoramic views with its own stretch of beach.

TORRES RANI, MAPUTO

A 49% joint-venture with Rani Investment, the project is 5 minutes from Maputo CBD. 187-key, 18-storey residential tower 20,926 sq.m., 21- storey office tower The project will be completed by 2016

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Rest staur aurant nt Bus usiness iness

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Key Highlights

FINANCIAL PERFORMANCE - RESTAURANT

Net Margin THB million Restaurants Updates 1Q14 2Q14 3Q14 4,297 4,233 4,030 4,194 4,579 4,335 4,517 +12% y-y Revenue EBITDA NPAT 708 725 622 762 838 678 748 EBITDA Margin +20% y-y 16.5% 17.1% 15.4% 18.2% 363 379 326 482 431 296 360 +10% y-y 8.5% 9.0% 8.1% 11.5% 4Q14

9M15 revenues of the restaurant business increased by 7% y-y, attributable to outlet expansion of 8%. 9M15 net profit increased by 2% y-y, at a lower rate than the increase in revenues, as margins of Singapore hub continued to be under pressure, with key Thai Express outlets temporarily closed for renovation.

9M15 total-system-sales grew by 12.5%, mainly attributable to outlet expansion of 8% y-y; Of all brands, Riverside, The Coffee Club and Burger King reported impressive total-system- sales growths of over 20% in 9M15; 9M15 same-store-sales was stable y-y. Positive same-store-sales growths of The Pizza Company, Sizzler, Burger King and Dairy Queen were offset by the soft performance of Swensen’s, Ribs and Rumps, Riverside and Thai Express, primarily because of the challenging macro economic environment in Singapore, and active outlet expansion of Riverside in China. 9M15 EBITDA increased by 10%, faster than the increase in revenues, primarily attributable to Thailand hub. 9M15 net profit increased at a slower rate of 2% y-y because

• f the increase in depreciation from the
• pening of new outlets.

1Q15 18.3% 9.4% +7% y-y 12,560 13,430 15.6% +10% y-y 2,055 2,263 16.4% 16.9% 2Q15 6.8% +2% y-y 1,069 1,086 9M14 8.5% 9M15 8.1% 16.6% 3Q15 8.0%

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RESTAURANT INTERNATIONAL FOOTPRINT

Franchised Combination Owned

REVENUE CONTRIBUTION

Restaurants Updates Hub 81% 67% 68% 58% 19% 33% 32% 42% 0% 25% 50% 75% 100% 2008 2014 9M15 2020F International Thailand

MINT operates four restaurant hubs: Thailand, Singapore, Australia and China. MINT’s restaurant presence is now in 20 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

• No. of

Outlets 1,708

3Q15 total-system-sales of the restaurant business grew 12.9% y-y, primarily from the outlet expansion of 8%, mostly in Thailand, Australia and China. Same-store-sales growth improved and was flat in 3Q15, attributable to the positive same-store- sales growth of Thailand and the improvement of Singapore hub.

2008 2014 3Q15 2020F 37% 63% 67% 33% 39% 61% 1,043 3,139 1,787 1,708 +8% y-y 37% 63% 2008 2014 3Q15 2020F 38% 62% 50% 50% 3,139 51% 49% +8% y-y

• 1.8%

1.5% 1.2% 0.4% 0.6%

• 1.6%
• 0.2%

9.4% 12.4% 13.9% 16.5% 17.9% 11.1% 12.9%

• 5%

0% 5% 10% 15% 20% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 1,568 1,592 1,648 1,727

1,043 1,787 1,708 50% 50%

1,747 1,787

SLIDE 24

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THAILAND HUB

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

THAILAND’S SSS & TSS GROWTH

Restaurants Updates

POISED FOR GROWTH

68%

Thailand 9M15 RESTAURANT REVENUE CONTRIBUTION

Revenues from domestic operations still accounted for over two-thirds of total restaurant revenues in 9M15. All brands of Thailand hub saw improvement in same-store-sales growth in 3Q15, notably The Pizza Company, Sizzler and Burger King.

Thailand hub’s same-store-sales improved to 2.5% in 3Q15 y-y, on the back of successful new strategies such as Burger King targeting the local market, continued product innovations, together with effective marketing and promotional campaigns. With consistent outlet expansion, Thailand hub saw total-system- sales growth of 13% in 3Q15. Successfully launched new product – Crispy Thin Pizza. The new and easy-to-use phone app has also been established. Continued to receive strong participation on social media with over 1.2 million facebook interactions in 3Q15. Effectively executed customer targeting and product

• ffering which resulted in traffic increase of over 7%.

Increases are from all regions of Thailand. Expanded number of outlets to almost 400, already exceeding the 2017 target as agreed with DQ International. Continued to open new outlets in local-driven locations (4

• utlets in 3Q15), primarily in the suburbs of Bangkok,

resulting in higher traffic of local customers.

• 5%

0% 5% 10% 15% 20% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

SLIDE 25

25 SINGAPORE’S SSS & TSS GROWTH TIME FOR A REFRESH

SINGAPORE HUB

Restaurants Updates Same-Store-Sales Growth Total-System-Sales Growth 14%

Singapore 9M15 RESTAURANT REVENUE CONTRIBUTION

With the gradual opening of newly renovated Thai Express outlets, together with the menu improvement of Xin Wang Hong Kong Café, both same-store-sales and total-system-sales improved in 3Q15, compared to

• 2Q15. Although Singapore hub continued to report a decline in both revenue and net profit in 3Q15, the

magnitude of the decline was less than in 2Q15.

3Q15 same-store-sales growth of Singapore hub improved because

• f both key brands - Thai Express and Xin Wang Hong Kong Café.

Total-system-sales growth continued to be negative because of the pause in outlet expansion and temporary closure of some key Thai Express outlets for renovation. Singapore has seen its F&B Services Index of the restaurant segment drop y-y every month since April of this year, with the August Index declining by 8%. MINT’s Singapore hub is taking the opportunity to do major refreshment of seven key Thai Express outlets, including new décor, ambiance and menus as well as service and quality improvement to enhance customers’ dining experience. Renovations have been completed for three outlets; i.e. 2 in August and 1 in October. Plaza Singapura, which re-opened in August, reported traffic increase of 10%. The project to renovate all of the seven key outlets is expected to be completed by early 2016.

• 15%
• 10%
• 5%

0% 5% 10% 15% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

SLIDE 26

26 AUSTRALIA’S SSS & TSS GROWTH INCREASED EXPOSURE

AUSTRALIA HUB

Restaurants Updates Total-System-Sales Growth

Thailand

1%

9M15 RESTAURANT REVENUE CONTRIBUTION Australia

Today, Australia hub contributes only 1% to the restaurant business’s revenues as the performance is recognized as share of profit from investments in joint venture under equity accounting. However, with the increased shareholding from 50% to 70% in October 2015, MINT will consolidate Australia hub’s performance from November 2015 onwards.

Australia hub remained resilient, reporting flat same-store-sales growth in 3Q15 in the midst of soft economy in Australia. Total-system-sales continued to grow by 15% because of outlet expansion, together with the addition of Veneziano Group acquired in September 2014.

• 10%

0% 10% 20% 30% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

To complete the post-integration process with Veneziano in 4Q15, where The Coffee Club will be supplied with the award-winning Veneziano coffee. Increased MINT’s shareholding in the Australia hub from 50% to 70% in October 2015. This will allow the Australia hub to leverage

• n MINT’s strengths, including:

‐ global operating platform; ‐ operational excellence system; ‐ supply chain management; ‐ product development; and ‐ international franchise experience.

Same-Store-Sales Growth

SLIDE 27

27 CHINA’S SSS & TSS GROWTH SUCCESSFUL EXECUTION OF GROWTH PLANS

CHINA HUB

Same-Store-Sales Growth Total-System-Sales Growth Restaurants Updates 15%

China 9M15 RESTAURANT REVENUE CONTRIBUTION

China hub continued to show improvement in its performance since the acquisition of Riverside at the end

• f 2012. With its immediate focus on increasing the scale, MINT expects its China hub to yield a meaningful

contribution in the future.

Same-store-sales of China operations remained relatively consistent in 3Q15, from both Sizzler and Riverside brands. Total-system-sales continued to report a strong growth of 29% in 3Q15, as a result of active expansion of the Riverside outlets (5

• utlets or 11% growth q-q / 17 outlets or 49% growth y-y).
• 20%

0% 20% 40% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Riverside expects to open another 5 new outlets in 4Q15. SSS is expected to be slightly negative with cannibalization from

• utlet expansion in the same cities. However, Riverside will see

margin improvement with the outlet cluster strategy. Riverside branding initiatives to position the brand as the authentic grilled fish with 10 years heritage is in progress till December

SLIDE 28

Ot Other er Impo portant rtant Informa mation tion

SLIDE 29

29

FINANCIAL PERFORMANCE – RETAIL TRADING & CONTRACT MANUFACTURING

Key Highlights

Revenue EBITDA NPAT EBITDA Margin Net Margin THB million Retail Trading Updates 1Q14 2Q14 3Q14 1,001 810 889 999 923 813 856

• 4% y-y

107 50 82 146 98 58 44

• 46% y-y

10.6% 6.2% 9.2% 14.6%

54 8 38 83 50 16 10

• 72% y-y

5.4% 1.0% 8.3% 4.3% 4Q14

9M15 revenue from retail trading decreased by 3% y-y, because of the weak domestic consumption which continued to affect industry-wide discretionary spending, and the Bangkok bombing incident in August which temporarily impacted the high-traffic outlets in the area; 9M15 revenue from contract manufacturing decreased by 5% y-y, from delayed orders from NMT’s key customers in 1Q15. Revenue from contract manufacturing was flat y-y in 3Q15; 9M15 EBITDA declined by 16% while net profit dropped by 24% because of the lower operating leverage with the declining

• sales. As a result, EBITDA margin and net

profit margin declined to 7.7% and 2.9% respectively.

9M15 revenues of retail trading & contract manufacturing business declined by 4% y-y from soft performance of both fashion and manufacturing businesses as a result of the slowdown of the domestic economy. Net profit declined by 24%, at a higher rate than the decline in revenues, because of the lower operating leverage.

1Q15 10.7% 5.4% 7.1% 2Q15 1.9%

• 4% y-y

2,700 2,591

• 16% y-y

238 200

• 24% y-y

100 76 8.8% 7.7% 9M14 3.7% 9M15 2.9% 5.2% 3Q15 1.2%

SLIDE 30

30

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

• No. of

Shops THB 297

3Q15 total-system-sales of retail trading declined by 2.7% y-y, while same-store-sales declined by 9.7% because of soft domestic consumption, together with the impact of the Bangkok bombing on the surrounding high-traffic outlets. In 3Q15, number of

• utlets declined by 1% y-y as a result of outlet consolidation of some brands and the closure of Tumi outlets.
• 10.0%
• 5.9%
• 3.6%
• 3.4%
• 2.2%
• 5.7%
• 9.7%

3.0% 6.0% 3.0% 4.0% 0.4%

• 2.5%
• 2.7%
• 15%
• 10%
• 5%

0% 5% 10% 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 278 281 288 298 25,620 23,996 24,220 30,133 27,101 33,830 34,246 10,000 20,000 30,000 40,000 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

• No. of

Shops 297 278 281 288 298 287 287 284 284

SLIDE 31

31 BACK-UP FINANCING

CAPEX & BALANCE SHEET STRENGTH

Interest Bearing Debt to Equity Net Interest Bearing Debt to Equity THB million THB million

CAPEX PLANS – COMMITTED & NEW OPPORTUNITIES LEVERAGE RATIOS

CAPEX & Balance Sheet Strength 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 80,000 Outstanding Borrowing & Equity Un-Utilized Facility Debt 25,954 Debt 41,668 Shareholders’ Equity 32,267 Equity* 7,981

In addition to committed CAPEX, MINT also set aside additional CAPEX for future investments and new opportunities. 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, MINT and its senior debenture have “A+” rating by TRIS.

Note: Cash on hand as at end of 3Q15 is THB 4,067 million 0.4 0.6 0.8 1.0 1.2 1.4 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 1.17x 1.29x X Internal Policy X

• 1.0

2.0 3.0 4.0 5.0 6.0

• 4,000

8,000 12,000 16,000 20,000 2014 2015F* 2016F 2017F 2018F 2019F 2020F

* 2015 committed CAPEX includes Tivoli and Oaks Elan Darwin acquisitions

SLIDE 32

32

Others 14% TH 56% SGD 6% AUD 13% RMB 6% USD 5%

FX Impact

5% of MINT’s Revenue

US Dollar

6% of MINT’s Revenue

Renminbi

13% of MINT’s Revenue

Australian Dollar

6% of MINT’s Revenue

Singapore Dollar

IMPACT FROM FOREIGN EXCHANGE RATE

25.8 24.7 9M14 9M15

• 4%

29.7 25.7 9M14 9M15

• 14%

5.3 5.4 9M14 9M15

3%

32.4 33.7 9M14 9M15

4%

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.

9M15 MINT’S REVENUE* BREAKDOWN BY CURRENCY

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

* MINT’s revenue excluded net bargain purchase gain from business acquisition in Oaks Elan Darwin in Australia and Sun International hotels in Africa

Source: Bank of Thailand

SLIDE 33

33

Going Forward

FIVE-YEAR ASPIRATIONS

2020F

3Q15

• > 210 hotels
• > 500 residences built to

date

• > 450 timeshare units
• > 3,100 restaurants
• > 360 retail shops & POS

(> 29,000 Sqm)

NPAT (THB) 1.4bn

2009

4.4bn

2020F 2014

• 134 hotels
• 71 residences built to

date

• 137 timeshare units
• 1,787 restaurants
• 284 retail shops & POS

(23,475 Sqm)

2009

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

(14,275 Sqm)

SLIDE 34

34

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 2016-2020

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 Existing and Future Strategic Investments & Acquisitions

Asset-light Model Mixed-use Initiatives

Total-system-sales growth

• f 15%

Revenues growth

• f over 10%

Improvement of margins Revenues from overseas

• f 50%

Net profit from overseas

• f over 55%

2020 Goals

Strengthening of Hub / Cluster System